If the City Police need to get free advice from RBS on financial crime, then things have truly sunk to a level from which there will be no good outcomes in the foreseeable future, and the City Police should be ashamed of themselves for even contemplating such a move.
The post A mad, mad world, my masters! 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.
“The only way you’re going to do effective journalism is to be truly independent,” Webb once said. “It’s a difficult thing to do, but [investigative journalists] George Seldes and I.F. Stone did it. There’s no reason modern-day journalists can’t do it too. You don’t get 401-Ks and health benefits, but at least you get to tell the truth.”
The post “Dark Alliance”: The Story Behind the Crack Cocaine Explosion appeared first on BSNEWS.
Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits.
The post Building an Ark: How to Protect Public Revenues from the Next Meltdown appeared first on BSNEWS.
By Moon of Alabama During the last years U.S. president Obama talked a lot about energy independence: In his fifth State of the Union address on Tuesday, President Barack Obama celebrated the efforts his administration has made to cut greenhouse gas emissions, while also praising recent increases in domestic oil and gas production.Obama said early in his address that there […]
Martin Wolf, Chief Economics Commentator of Financial Times speaks at the event “Does Money Grow on Trees?” at the hall of the Institute for Chartered Accountants on 9th September 2014.
The post Martin Wolf, Financial Times: Stop Banks from Creating Money (Video) appeared first on BSNEWS.
From Tom Woods’ October 7, 2014 podcast, Austrian economist takes on bestselling college text, chapter by chapter, I noted that there was no challenge mentioned of mainstream economics textbooks advocating governments borrowing from private banks to pay for their legitimate government services rather instead of issuing the money directly, interest-free.
A senior London banker has become the first person to be prosecuted for fixing the London interbank offered rate (Libor), a scandal that resulted in billions worth of losses for savers as banks fraudulently boosted their profits.
The banker, who has not been named for legal reasons, faces up to 10 years in jail after being charged with fixing the inter-lending rate by the Serious Fraud Office (SFO).
The price of an education is quickly becoming too heavy a burden for far too many people, and it’s a burden that’s staying with them forever. College debt looms large as the most difficult debt to get rid of, and these numbers paint a startling picture of exactly how big a toll it’s taking on people as they age. For many, student debt is following them from the cradle to the grave – they’re condemned to a lifetime of payments that stagnant wages and mounting economic insecurity make it nearly impossible to manage.
I listened to all of Tom Woods’ September 24, 2014 half hour presentation on the depreciation of the Revolutionary War-era Continental currency, fully expecting him to never mention the massive British counterfeiting, and true to my expectations, he didn’t! This is yet another example of why I am critical of the Austrian School of Economics […]
