Tim Geithner is seated at Charlie Rose’s exclusive Table Ronde, his fashionable curly locks carefully askew on his lofty forehead, his hands expressively illustrating his financial competence. He has published a book destined for stardom, Stress Test, and he confronts Charlie who loves to flog best sellers before they are.
Under the TPP, could the US government be sued and be held liable if it decided to stop issuing Treasury debt and financed deficit spending in some other way (perhaps by quantitative easing or by issuing trillion dollar coins)? Why not, since some private companies would lose profits as a result?
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It’s very reassuring that more people are slowly learning how our monetary system really works: if you want to fix something, you need to know a bit about it. The indefatigable Ellen Brown has been hugely helpful in this regard with her regular well-informed and easy-to-read articles that relentlessly confront the myths of capitalist monetary theory.
Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts.
The post Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bonds appeared first on BSNEWS.
Public banks in North Dakota, Germany and Switzerland have been shown to outperform their private counterparts. Under the TPP and TTIP, however, publicly-owned banks on both sides of the oceans might wind up getting sued for unfair competition because they have advantages not available to private banks.
The post Why Public Banks Outperform Private Banks: Unfair Competition or a Better Mousetrap? appeared first on BSNEWS.
Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday” if they “vote wrong.” But they have been bullied for too long and are saying “no more.”
The post EU Showdown: Greece Takes on the Vampire Squid appeared first on BSNEWS.
It seems the world’s bankers have executed a bloodless coup and now represent all of the people in the world. . . . President Obama agreed at the G20 meeting in London to create an international board with authority to intervene in U.S. corporations by dictating executive compensation and approving or disapproving business management decisions. Under the new Financial Stability Board, the United States has only one vote. In other words, the group will be largely controlled by European central bankers.
All this fancy footwork is to prevent a run on the TBTF banks, in order to keep their derivatives casino going with our money. Warren Buffett called derivatives “weapons of financial mass destruction,” and many commentators warn that they are a time bomb waiting to explode. When that happens, our deposits, our pensions, and our public investment funds will all be subject to confiscation in a “bail in.” Perhaps it is time to pull our money out of Wall Street and set up our own banks – banks that will serve the people because they are owned by the people.
That is how the Wall Street-owned media routinely write off the exceptional record of this lone publicly-owned bank, crediting it to the success of the private oil industry. But the boom did not make the fortunes of the bank. It would be more accurate to say that the bank made the boom.
The post Wall Street Journal Reports: Bank of North Dakota Outperforms Wall Street appeared first on BSNEWS.
The reality of how money is created today differs from the description found in some economics textbooks: Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.
. . . Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.
The post Why Do Banks Want Our Deposits? Hint: It’s Not to Make Loans appeared first on BSNEWS.
