If there is one story that encapsulates the corruption of public life at every level, it is the latest revelations about HSBC’s Swiss bank helping thousands of clients evade tax. Some £78 billion was stashed away, out of sight of the tax authorities of various countries.
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.
In this sedition we look at the economic clusterfuck enveloping the globe, the mega drop in oil prices and the Greek political party that has the left screaming like Justin Bieber fans, plus some uplifting hip hop to help you pull through from your shitty situation.
In May of 2014, financial firm Credit Suisse AG pled guilty to serious criminal charges. The giant bank aided and assisted approximately 22,000 wealthy U.S. taxpayers (whose names Credit Suisse AG escaped having to send to the Justice Department for law enforcement) for over a decade in filing false income tax returns and other documents with the Internal Revenue Service (IRS).
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.”
Historic outcomes of pivotal events often dangled on threads of various possibilities. As they were outnumbered by more than two to one, an early morning fog enabled America’s future first President, George Washington with his command, to escape death or capture by British troops on Long Island, New York in 1776. As the last of 9000 men to board one of the transport boats, it’s unlikely Washington would have safely made the East River crossing without the fog’s appearance. Subsequent U.S.
The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.
November 18, 2014: it’s a day that should live forever in history. On that day, in the city of Yiwu in China’s Zhejiang province, 300 kilometers south of Shanghai, the first train carrying 82 containers of export goods weighing more than 1,000 tons left a massive warehouse complex heading for Madrid. It arrived on December 9.
A dangerous new trend is the successful manipulation of the financial markets by the Federal Reserve, other central banks, private banks, and the US Treasury. The Federal Reserve reduced real interest rates on US government debt obligations first to zero and then pushed real interest rates into negative territory. Today the government charges you for the privilege of purchasing its bonds.
On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses.
