Banks

The Australian banker is a smug species, arguably more than his international peers.  Caught off guard by the financial disasters of the late 1980s and early 1990s, the Australian banking system has become an expression of a classic oligopoly, manipulating prices and squeezing customers.  Such an Australian banker is perky as well, self-assured that any inappropriate — let alone illegal — behaviour might be passed off as an effort to do better, to buck trends, to be audacious.

The Fundamentals of Exchange

How Do You Tackle a Big Idea?
It has long been believed that Capitalism is the last economic system. It has triumphed over its rivals, socialism and communism, and has now come to define modern society. Many believe that the religion of Adam Smith was the culmination of all of our economic experiments. To many, not only is Capitalism the best economic system that humanity has ever devised, it is the best that it will ever devise.

Illinois is teetering on bankruptcy and other states are not far behind, largely due to unfunded pension liabilities; but there are solutions. The Federal Reserve could do a round of “QE for Munis.” Or the state could turn its sizable pension fund into a self-sustaining public bank.
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It was recently reported that Hawaii may be the first US state to introduce Universal Basic Income (UBI). Given that it’s generally a good idea to be deeply suspicious of anything that any capitalist government does, perhaps this piece of news is not quite as hopeful as it may appear.

Qatar has been making waves for some weeks now, and in the deluge, it has also strung along a few companions. One is the UK bank Barclays, which prided itself for having avoided a government bailout in the financial crisis of 2008.  In the ensuing chest thumping, executives could claim to have spared the British taxpayer the need to fork out for private deals gone wrong.

Higher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating from the wrong model.

A recent photo in French daily Liberation hints at the Canadian Imperial Bank of Commerce’s role in facilitating tax avoidance, which is partly an outgrowth of Canadian banking prowess in the Caribbean and Ottawa’s role in shaping the region’s unsavoury financial sector.

May 15th-19th has been designated “National Infrastructure Week” by the US Chambers of Commerce, the American Society of Civil Engineers (ASCE), and over 150 affiliates. Their message: “It’s time to rebuild.” Ever since ASCE began issuing its “National Infrastructure Report Card” in 1998, the nation has gotten a dismal grade of D or D+. In the meantime, the estimated cost of fixing its infrastructure has gone up from $1.3 trillion to $4.6 trillion.

Barack Obama’s ascendancy to the presidency was a curse on black America’s political heritage.
— Margaret Kimberley, Black Agenda Report