Virg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his state, making a state-owned Bank of Michigan a real possibility. Bernero is one of at least a dozen candidates promoting that solution to the states’ economic woes. It is an innovative idea, with little precedent in the United...
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Thamizarasi does not know job safety or regular income. Work comes and goes for this 40-something agri-labourer in Alakudi, a village in Thanjavur district in Tamil Nadu. This month, for instance, farm owners did not need labourers like her because the local dam was yet to release water to irrigate their fields. During such...
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While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs. Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host...
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The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let’s get some analysis with economist and author William Engdahl. Source.
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Goldman climbed into bed with New Century Financial Corp’s unreviewed and off shore deals. Goldman Sachs was among the last Wall Street giants to enter the lucrative world of subprime mortgages, but it didn’t take long before the elite investment house was cutting deals with firms whose reputations would soon be tarnished, at best...
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A special focus on the International Monetary Fund and whether it is suited for its purpose. There were violent protests on the streets of Istanbul as the IMF held its annual meeting. We look at whether recession-hit Turkey can actually live without the IMF. We also ask if the IMF has lived up to...
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Companies from US, UK and Australia have the most concentrated financial power. A recent analysis of the 2007 financial markets of 48 countries has revealed that the world’s finances are in the hands of just a few mutual funds, banks, and corporations. This is the first clear picture of the global concentration of financial...
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The Bush administration has tried everything to drive a wedge between Iran and Russia – to no avail. The Obama administration now has to deal with some pretty established facts on the ground. In the first part of this report, Pepe Escobar analyzes the implications of the complex relationship between close allies Iran and...
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Entering the Greatest Depression in History Introduction While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which...
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Bankrupt US Financial System: The Bubble Bursts and the Economy goes into a Tailspin. We’re making this way too complicated. It’s simple really. The Fed has only one tool at its disposal; to create more money. Typically, the way the Fed adds to the money supply is by lowering interest rates. When the Fed...
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In the wake of the failure of the Icelandic banks Messrs Brown, Barroso and Strauss-Kahn prove that they have understood nothing From G8 to G20, many heads of state and government seem to delight in repeating that nothing will ever be the same again. The world is changing, to the point of being turned...
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Stealing the Indigenous area of Northern Great Turtle Island More colonial subterfuge! Canada, US, Russia, Norway, Denmark and other imperialist entities are trying to steal the Indigenous area of northern Great Turtle Island. Climate change is causing the ice to recede. They all want to cart away our minerals, oil and gas. Ruskie and...
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Continuing the pattern by top Canadian federal officials over the past year of issuing blunt and bravado statements aimed at Russia over the Arctic, on August 1 Defence Minister Peter MacKay was paraphrased as “warn Russia that Canuck fighter jets will scramble to meet any unauthorized aircraft” as a mainstream Canadian news agency less...
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In the real economy, unemployment is at Depression-era levels (see this, this and this). In the real economy, bank loan loss rates will be higher than the Depression. In the real economy, government revenue is at its lowest level since the Depression, and most states are on the verge of bankruptcy. In the real...
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On its July 18, 2009, edition The Economist on article on Bolivia (“Bolivia’s divisive president. The Permanent Campaign”, July 18), asserted that “Venezuelan troops helped quell a rebellion centred on the airport at Santa Cruz in the east in 2007.” The article did not bother to substantiate such a serious charge against Venezuela and is...
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Fed Chairman Ben Bernanke is a man who knows how Washington works and uses that knowledge to great effect. His appearances on Capital Hill are always worth watching. He sits politely with his hands folded in front of him playing the bashful professor while one one preening congressman after another makes a fool out...
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Alan G. Philips is an attorney with the following credentials: – he’s one of the few American lawyers whose practice includes vaccine exemption and waiver issues; – he advises other attorneys seeking help for their own clients on vaccine exemptions; – he co-founded Citizens for Healthcare Freedom (CHF) as “a grassroots, nonprofit organization supporting...
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“Blowing Bubbles” and “Using Palliatives” which “Make Things Worse” BIS Slammed Federal Reserve and Other Central Banks for Blowing Bubbles and then “Using Gimmicks and Palliatives” which “Will Only Make Things Worse” If you have any doubt that the Fed and other central banks should have known that a crash was coming, all you...
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At the start of this week, German-based Deutsche Bank announced a huge increase in its profits. The bank reported a net profit of €1.1 billion in the second quarter of this year, nearly doubling its earnings over the same period last year (€645 million). The massive increase in Deutsche Bank’s profits follows record earnings...
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International media attention is focused this week on the visit of the US Secretary of State, Hilary Clinton, to seven countries in Africa. Judging by the behaviour of representatives of many African governments, there are great expectations that this visit – following so closely after President Obama’s two earlier visits to Egypt and Ghana...
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A senior OECD official says the global financial crisis is far from over and the world faces a serious risk of another credit crunch and a double dip recession. Adrian Blundell-Wignall is the deputy director of financial and enterprise affairs at the Organisation for Economic Cooperation and Development (OECD). In an interview with ABC...
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William White predicted the approaching financial crisis years before 2007′s subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy. William White had a pretty clear idea of what he wanted to do with his life after shedding his pinstriped suit and...
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Barack Opharma issues the ultimate bad news during his weekly Friday night bad news dump: Legal immunity set for swine flu vaccine makers 17 Jul 2009 The last time the government embarked on a major vaccine campaign against a new swine flu, thousands filed claims contending they suffered side effects from the...
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President Obama has repeated his call for a public option in health care, in order to create some competition for the insurance companies and keep them honest. We the people need to call for a public option in banking, in order to create some competition for the private banks and keep them honest. In...
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“The empire of the dollar is crashing.” Hugo Chavez, Venezuelan President “The U.S. dollar is a worthless piece of paper.” Mahmoud Ahmadinejad, Iranian President “losing its status as the world currency.” Xu Jian, vice director, People’s Bank of China, “It is the policy of the United States and it will...
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Upswing in stocks comes from profits due to cutbacks and concessions, worse is yet to come
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Scientific Tests Must Be Approved by Industry First One of the great mysteries surrounding the spread of GMO plants around the world since the first commercial crops were released in the early 1990’s in the USA and Argentina has been the absence of independent scientific studies of possible long-term effects of a diet of...
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For over 30 years, F. William Engdahl has been a leading researcher, economist, and analyst of the New World Order with extensive writing to his credit on energy, politics, and economics. His newest book is titled “Full Strectrum Dominance: Totalitarian Democracy in the New World Order.” Part I was reviewed earlier. Part II continues...
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The Case of British Columbia Remember when they called it “swine flu”? The first pandemic flu in 41 years was quickly renamed “H1N1” in its early days after the pig industry, in damage-control mode, proclaimed loudly that people couldn’t get sick from eating pork. And they said that it looked like the flu was...
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The US Secretary of Health and Human Services, Kathleen Sebelius, has just signed a decree granting vaccine makers total legal immunity from any lawsuits that result from any new “Swine Flu” vaccine. Moreover, the $7 billion US Government fast-track program to rush vaccines onto the market in time for the Autumn flu season is...
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Details emerge of how the Fed secretly doled out trillions of dollars during the financial crisis The Federal Reserve is one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. But now, as details emerge of how the Fed secretly doled out more than a trillion dollars...
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Many of the banks receiving billions of dollars in federal aid owned or bankrolled subprime lenders that directly contributed to the unraveling of the global economy, according to a new report. While many of these banks have portrayed themselves as unwitting victims of the subprime mortgage meltdown, they also enabled that kind of lending...
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Twenty years after its bicentenary, the French Revolution is once again breaking through the surface of public speech. The President of the Republic acknowledges that it’s not easy to govern a “regicide country.” Alain Minc warns his “friends in the ruling class” by reminding them that 1789 began in 1788 and that they must...
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