(WashingtonsBlog) – Joseph Stiglitz – former head economist at the International Monetary Fund (IMF) and a nobel-prize winner – said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is “corrupt” and undermines democracy. Continue reading
Alex welcomes back to the show Paul Craig Roberts, economist and a nationally syndicated columnist who served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the “Father of Reaganomics.” He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. Roberts is the author of The Tyranny of Good Intentions: How Prosecutors and Bureaucrats Are Trampling the Constitution in the Name of Justice, and How the Economy Was Lost: The War of the Worlds. Continue reading
(Examiner) – Nobel economist Paul Krugman wrote the US economy is “doomed,” Obama “clueless,” and summarizes his analysis of President Obama’s economic leadership with simply:
“Oh. My. God.”
(Examiner) – Joseph Stiglitz understands half the US economic disaster when he explains current policy is “no way to run an economy that’s going to work,” “there’s moral hazard everywhere,” and newly-invented and unregulated financial markets have only increased risk, not decreased it. Read More Here
(C4L) – CIt must be really painful to be an economist of the mainstream today — at least, it should smart to some extent. In a financial and economic calamity of the current scale, people naturally want to know who issued the warnings about the real-estate bubble and its likely aftermath. Continue reading
(ABC) – Police are still looking for clues after a prominent economist was shot in the garage of his upscale home. Continue reading
I refuse to accept the Unconstitutional and Fascist Government put into power by the FASCIST INSURRECTION and will resist these Traitorous Usurpers who make War on us in every possible way. Continue reading
(BobChapman) – Nearly half the nation’s 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren’t counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year. Continue reading
We’ve all been taught that banks first build up deposits, and then extend credit and loan out their excess reserves.
But critics of the current banking system claim that this is not true, and that the order is actually reversed.
Sounds crazy, right? Continue reading
“Dress Rehearsal For Debt Peonage” with economist Dr. Michael Hudson on why the banks are returning the bailout money; bank fees and penalties; banks prefer default to foreclosure; debt as wealth; Obama’s Financial Regulatory Reform Proposal and its six major flaws; the deregulation-by centralization ploy; failure to reform the economy will lead to debt peonage. Continue reading
(BusinessInsider) – Another happy forecast from Elliot Wave gury Bob Prechter (who may waste his time staring at charts most of the day, but also talks fundamentals): Continue reading
Bernanke, Summers and Geithner say that we can’t let the giant banks fail, because – without them – the economy will be starved of credit and we will be plunged into a depression.
This isn’t true. Continue reading
The World Bank – IMF is owned and controlled by NM Rothschild and 30 to 40 of the wealthiest people in the world. For over 150 years they have planned to take the world over through money. Continue reading
The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday. Continue reading
Some have called this “socialism with American characteristics”. But socialism is concerned about ordinary individuals. By contrast, the US has provided little help for the millions of its people who are losing their homes. Continue reading
Dean Baker of the Center for Economic Policy Research appeared on Fox Business’ Cavuto to call for an audit of the Federal Reserve. Continue reading
It has been more than 100 days of Barack Obama in office. Reviewing his policy, the election honeymoon was not that sweet to begin with and many in the US seem disappointed. Prominent economist Paul Craig Roberts is among those. Continue reading
Nouriel Roubini, the so-called “arch bear” economist who predicted the current financial crisis in 2006, added further gloom yesterday after he wrote off recent rises in global stock markets as no more than a dead cat bounce. Continue reading
Peter Schiff talks about the markets and takes on the Keynesian Harvard professor and “economist” Greg Mankiw, who wrote a crazy op-ed for the New York Times. This is the April 20, 2009 edition of The Schiff Report. Continue reading
In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance. Continue reading
Nobel economists Paul Krugman and Joseph Stiglitz slammed Obama’s economic policy this week. Continue reading
Radio Interview with Michel Chossudovsky Continue reading
The number of Americans drawing unemployment benefit has risen to a 32-year high, underlining the need for President Barack Obama’s $789bn (£554bn) fiscal stimulus package. Continue reading
Publication admits that characteristics of economic slowdown resembles 1930’s
Renowned financial publication The Economist reports that, based on the characteristics of the current financial crisis, the U.S. is in a depression, not a recession.
The admission marks the first time that a major international financial news outlet has acknowledged that the scale of the economic mess is unlike anything seen in recent decades.
Speaking in front of members of Congress on Tuesday, economist Peter Morici, a professor at the University of Maryland, said the job loss experienced in November “was much worse than was expected … The threat of a widespread depression is now real and present.” Continue reading
Renowned economist Khazin predicted U.S. financial crisis in 2000
November 10, 2008 – Five years ago, I ran the cultural section at Komsomolskaya Pravda. Publishing houses used to send me their new releases now and again for review. One day, after digging through the latest shipment of such literature, I stumbled upon a book titled, “Sunset of the Dollar Empire and the End of the Pax Americana.” Continue reading
The financial system is blowing up. Don’t listen to the experts; just look at the numbers. Last week, according to Reuters, “U.S. banks borrowed a record amount from the Federal Reserve nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.” The Fed opened the various “auction facilities” to create the appearance that insolvent banks were thriving businesses, but they are not. They’re dead; their liabilities exceed their assets. Now the Fed is desperate because the hundreds of billions of dollars of mortgage-backed securities (MBS) in the banks vaults have bankrupt the entire system and the Fed’s balance sheet is ballooning by the day. The market for MBS will not bounce back in the foreseeable future and the banks are unable to roll-over their short term debt. Game over. The Federal Reserve itself is in danger. So, it’s on to Plan B; which is to dump all the toxic sludge on the taxpayer before he realizes that the whole system is cratering and his life is about to change forever. It’s called the Paulson Plan, a $700 billion boondoggle which has already been disparaged by every economist of merit in the country. Continue reading
The events of the last ten days on Wall Street represent a new and more destabilizing phase of the turmoil gripping financial institutions and markets in the U.S. A financial crisis has been unfolding for more than a year. It is now the most serious financial crisis of U.S. capitalism since the Great Depression of the 1930s. And it is by no means contained or under control. Continue reading
To the Speaker of the House of Representatives and the President pro tempore of the Senate:
As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan: Continue reading
Afshin Rattansi in Tehran talks to Max Keiser in Paris about the end of Wall Street, dollars and toilet paper – and Morgan Stanley and Goldman Sachs no longer being investment banks. Continue reading
It certainly pays to be Treasury Secretary if your former firm is a brokerage house, a new study says.
Goldman Sachs Group — formerly run by Treasury Secretary Henry Paulson, and Morgan Stanley, stand to be among the biggest beneficiaries of a $700 billion US bailout. Continue reading
Back in June, I wrote: “First, they [the power elite] always take advantage of crisis to make a [power and money]grab…Taking advantage of crisis and making things complex is how the elite play. The current crisis is the mortgage crisis. They are taking advantage of the crisis to sweep up and buy into banks on the cheap, and they are sitting in a conference room with the Fed to create regulations so onerous that only the elite will be able to play.”
Treasury Secretary Henry Paulson and Goldman Sachs, this weekend, have gone overboard in proving my point. Continue reading
Not completely, but it doesn’t mean they aren’t trying. It seems that, literally, only flesh eating bacteria can stop these guys.
The Canadian dollar breaks above parity and, lo and behold, last Thursday, a Goldman managing director, Mark Carney is named governor of the Bank of Canada.
Mario Draghi, governor of the Bank of Italy, is also a former Goldman managing director.
Then, of course, there is U.S. Treasury Secretary, Hank Paulson, who was Chairman and Chief Executive Officer of Goldman. Continue reading
What nobody in the corporate media is mentioning amid all the blather about the $700-billion Paulson bailout proposal is the impact it will have on the US dollar.
We are told that this huge gift to the financial sector—the assumption, at top dollar, of all the bad debt they’ve piled up–will be at taxpayer expense, but that’s only the half of it. (Really only the quarter of it because since the US government is technically bankrupt already, spending more than it takes in each year, all that money will be borrowed, and will be added to the national debt, meaning that just as the real cost of the $500-billion Iraq War is closer to $2 trillion, the real cost of the $700 billion bailout will be more like $1.5-2.5 trillion.) Continue reading
‘Paulson’ Scheme Tears Up The U.S. Constitution, Legitimising Financial Fraud
It’s As Though The Organized Crime Control Act Of 1970 Doesn’t Exist
A U.S. ‘Coup D’Etat By Installments’, Like Germany In 1933
Greenspan’s $14 Trillion Reported Lie To CNBC’S Leesman On 22nd September:
US sources inform the Editor that the CNBC’s financial reporter Steve Leesman stated that Greenspan told him that on Thursday 18th September 2008, the United States ‘almost went bankrupt because there was NO CASH available’.
What Greenspan did NOT tell the CNBC’s Leesman is that Citibank currently holds $14 trillion which Greenspan, ‘Paulson’, Cheney, Bush Sr., Bush Jr., Clinton 42, Hillary Clinton, Robert Rubin and other organised crime operatives posturing as responsible holders of high office, have hijacked and systematically prevented from being mobilised for the Settlements. Continue reading