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Index December 2010

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2010-12-01: Financial Meltdown on Wall Street;
2010-12-02: The EU and the Hedge Funds: regulation or the relinquishment of European sovereignty?
2010-12-03: The Federal Reserve Has too Much Power;
2010-12-04: Corporate Profits Set Records;
2010-12-05: TSA is a far greater threat to Americans than are terrorists;
2010-12-06: Book review: Them and Us, by Will Hutton;
2010-12-06: WikiLeaks’ next target: A big U.S. bank;
2010-12-07: How Corporate America Is Pushing Us All Off a Cliff;
2010-12-08: Full reserve banking;
2010-12-09: Crisis Economics: A Crash Course in the Future of Finance;
2010-12-10: RIZ KHAN: Are we living in the end times?
2010-12-11: Be prepared to use force in China, Kevin Rudd told the US: WikiLeaks;
2010-12-12: Power shift – France loses ground to Germany;
2010-12-13: Executive summary – EU-Russia 2015 seminar;
2010-12-14: Seven Myths of Slums – Challenging Popular Prejudices About Urban Poverty;
2010-12-15: Meanwhile, in Europe … ;
2010-12-16: World economy – the Three-way split;
2010-12-17: US: The Deafening Silence About the War in the Deficit;
2010-12-18: Class Warfare or Financial Narcissism?
2010-12-18: Explosion of the Western Public Debt Bubble;
2010-12-19: IEIF France and European Property Prices – November 2010;
2010-12-20: Western Civilization and Classical Economics: The Immorality of Austerity;
2010-12-21: Do You Know the Cost of War?
2010-12-22: Prosecuting Wall Street Fraud: The US Economy is A Giant Ponzi Scheme;
2010-12-23: Dude, Where’s My Mortgage?
2010-12-24: Shocking ‘Aftershock’ at top of must-reads;
2010-12-25: Dubious assumptions of the theory of comparative advantage;
2010-12-26: Globalising economic apartheid;
2010-12-27: Tajikistan: Community Agriculture in Tajikistan;
2010-12-28: Insider Reveals Diabolical Secrets Of The Rand Corporation;
2010-12-28: Voters Say Election Full of Misleading and False Information;
2010-12-29: Who Wrecked the Balkans, Holbrooke or Milosevic?
2010-12-29: The Other Face of the Global Economic Crisis: Debt Driven Suicides in India;
2010-12-30: Goldman Officers to Reap $111 Million Payout From 2007, 2009;
2010-12-30: Economics Is Simple … ;
2010-12-31: European Monetary Union: Muddling Through, Falling Apart, Going Where?


See also our pages:

European Monetary Union: Muddling Through, Falling Apart, Going Where?

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Published on Global, by Ingo Schmidt, December 21, 2010.

… Austerity and Alternatives:

Fiscal stimulus and almost unlimited injections of liquidity from the ECB, alongside similar measures by central banks and governments in other parts of the world, helped to contain the recession of 2008-09. At that point, Europe’s ruling classes considered the violation of the neoliberal principles enshrined in the ECB-constitution and the EU’s Stability and Growth Pact a price worth paying to save European capitalism. Since then the ECB has paid lip service to its principles, but its actual monetary policies have remained fairly loose. European governments, however, turned to austerity. Some, like the Germans, have done so voluntarily; others, like the Irish and the Greek, involuntarily, and under pressure from the ECB and the Germans. Whether expansionary macroeconomic policies offer a long-term solution to today’s economic problems is questionable.  Continue Reading…

Economics Is Simple …

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… The Fat Cats Just Want You to Think It’s Complicated So That You Won’t Demand Change – Published on Global, by Washington’s Blog, December 23, 2010.

… The White House and Congress (having received a lot of contributions from the big water companies), and the Federal Water Reserve – a quasi-governmental agency owned entirely by the big 5 water companies – decide not to crack down on the big 5 water companies. Instead, they exempt them from pollution laws by relaxing reporting requirements so that the companies don’t have to report how much oil and gas pollution has really gotten into the aquifiers. Indeed, the government let’s the big companies write the rules for a series of highly-publicized “stress tests” which are simply a P.R. ploy to reassure the public that the water is safe and the companies sound, even though neither is true.  Continue Reading…

Goldman Officers to Reap $111 Million Payout From 2007, 2009

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Published on Bloomberg, by Michael J. Moore and Christine Harper, Dec. 16, 2010.

Goldman Sachs Group Inc.’s top executives will get about $111.3 million in stock next month in a delayed payout from last year and their record-setting 2007 awards, even as Wall Street prepares for lower bonuses.

Chief Executive Officer Lloyd C. Blankfein, 56, is poised to receive about $24.3 million in January, based on the closing share price on Dec. 14, while President Gary D. Cohn, 50, will get about $24 million, company filings show. The payouts, just a portion of the $67.9 million bonus awarded to Blankfein for 2007 and the $66.9 million paid to Cohn, reflect a 24 percent decline in the stock’s value since it was granted at $218.86.   Continue Reading…

The Other Face of the Global Economic Crisis: Debt Driven Suicides in India

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Published on Global, by Kavaljit Singh, December 23, 2010.

The recent suicides by over 60 poor borrowers in the Indian state of Andhra Pradesh have brought the operations of microfinance institutions (MFIs) under public scrutiny. It is well documented by both print and electronic media that these debt-driven suicides were due to coercive methods of loan recovery used by commercial MFIs. The commercial MFIs operate as profit-making non-banking financial corporations (NBFCs) in India.  Continue Reading…

Who Wrecked the Balkans, Holbrooke or Milosevic?

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Published on Global, by Diana Johnstone, December 21, 2010.

… This was rank ingratitude, considering that Holbrooke owed his greatest career success – the 1995 Dayton Accords that ended the civil war in Bosnia-Herzegovina – almost entirely to Milosevic. This was made quite clear in his memoir To End a War (Random House, 1998).

But Holbrooke’s greatest skill, made possible by media complicity, was to dress up reality in a costume favorable to himself.

The Dayton Peace Accords were presented as a heroic victory for peace extracted by the brilliant Holbrooke from a reluctant Milosevic, who had to be “bombed to the negotiating table” by the United States. In reality, the U.S. government was fully aware that Milosevic was eager for peace in Bosnia to free Serbia from crippling economic sanctions. It was the Bosnian Muslim leader Alija Izetbegovic who wanted to keep the war going, with U.S. military help.  Continue Reading…

Voters Say Election Full of Misleading and False Information

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Poll Also Finds Voters Were Misinformed on Key Issues – Linked with World Public

Published on World Public , December 9, 2010.

Following the first election since the Supreme Court has struck down limits on election-related advertising, a new poll finds that 9 in 10 voters said that in the 2010 election they encountered information they believed was misleading or false, with 56% saying this occurred frequently. Fifty-four percent said that it had been more frequent than usual, while just three percent said it was less frequent than usual, according to the poll conducted by, based at the University of Maryland, and Knowledge Networks … //   Continue Reading…

Insider Reveals Diabolical Secrets Of The Rand Corporation

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Alex Abella on how mad men and a technocratic elite are intent on starting World War III – Published on Global, by Paul Joseph Watson, December 20, 2010.

RAND’s ultimate goal was to have technocrats running every aspect of society in pursuit of a one world government that would be administered under “the rule of reason,” a ruthless world where efficiency was king and men were little more than machines, which is why RAND studied the social sciences because they were at a loss to work out how to deal with people and how human beings did not always act in their own predictable self-interests. There is no place for love, empathy or selflessness in the new world order that RAND and the Ford Foundation are working to create, and patriotism and altruism are adversarial to their aims.  Continue Reading…

Tajikistan: Community Agriculture in Tajikistan

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Published on Global Food Security Crisis, August 17, 2010.

A Video report, 3.31 min: Farmers who once relied on food aid, and were too poor to buy seeds, are once again farming remote parts of Tajikistan. Ten years ago, the Red River watershed and its people were ravaged by a brutal civil war and the collapse of the Soviet agrarian system … (full text).

More videos on Global Food Security Crisis.

Globalising economic apartheid

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Published on Pambazuka News, by Khadija Sharife, December 15, 2010.

Sanctions-busting was a game perfected by the apartheid regime, but modern-day corporates are also adept at finding ways to exploit Africa’s minerals, writes Khadija Sharife.

Collective-security organisations such as the United Nations depend on sanctions as political tools designed to bring deviant regimes to heel, providing incentive through non-military means a return to international frameworks. Yet the presence of tax havens, whether specialising in corporate or maritime services, consistently undermines national and international rule-of-law. Continue Reading…

Dubious assumptions of the theory of comparative advantage

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Published on the RWER Blog, by Ian Flechter [U.S Business and Industry Council, USA], December 17, 2010.

Review of the theory:

To understand comparative advantage, it is best to start with its simpler cousin absolute advantage. The concept of absolute advantage simply says that if some foreign nation is a more efficient producer of some product than we are, then free trade will cause us to import that product from them, and that this is good for both nations. It is good for us because we get the product for less money than it would have cost us to make it ourselves. It is good for the foreign nation because it gets a market for its goods. And it is good for the world economy as a whole because it causes production to come from the most efficient producer, maximizing world output … (full text).

The whole of this paper may be downloaded at rwer no. 54, 12 pdf-pages.


real-world economic review, issue no 55, an email-delivered pdf economics journal, Subscribers: 11,928  from over 150 countries. Download issue no 55, 126 pdf-pages, 17. december 2010;

former issues;

subscribe for free;

pae movement.

Shocking ‘Aftershock’ at top of must-reads

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Published on Fresno Bee, by Donald Munro, December 16, 2010.

… I plowed through a lot of books since my last post, and a few titles really stand out for me. One is Robert Reich’s “Aftershock,” a political/economics commentary that hit the bestseller list, and I’m going to start with that at the top of my list. The upshot of this extremely depressing book: The inequity of income levels between the rich and poor in this country has reached its widest point since right before the Great Depression.   Continue Reading…

Dude, Where’s My Mortgage?

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How an Obscure Outfit Called MERS Is Subverting Our Entire System of Property Rights – Mortgage Electronic Registration Systems MERS on wikipedia

Published on AlterNet, by Yasha Levine, December 16, 2010.

  • Banks have scrambled America’s system of private property ownership to the point that no one knows who owns what.
  • “For the first time in the nation’s history, there is no longer an authoritative, public record of who owns land in each county.” (University of Utah law professor Christopher Peterson)

There is an unbelievable scandal in the making that threatens to subvert our four-century-old method for guaranteeing a fundamental building block of the American republic—property ownership. The biggest reason why you probably haven’t heard much about it is that it involves one of the most generic and boring company names imaginable: Mortgage Electronic Registration Systems, Inc., or MERS.  Continue Reading…

Prosecuting Wall Street Fraud: The US Economy is A Giant Ponzi Scheme

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Published on Global, by Washington’s Blog, December 14, 2010.

Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky and the Wall Street Journal all say that the U.S. economy is a giant Ponzi scheme (see also Charles Ponzi)  … //

Fraud Causes Growing Inequality, Which Undermines the Economy:

Growing inequality is very harmful to our economy. Indeed, if wealth is concentrated in too few hands, the “poker game” ends, as only too few fat cats are left with all of the chips. See this, this, this and this. Continue Reading…

Do You Know the Cost of War?

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Published on The Total Collaps, by the blog owner, December 13, 2010.

Have you ever wondered what the International community could achieve if funding for war was diverted to urgent humanitarian needs? This eye opening cost calculator shows what could be bought instead of arms and military equipment. The Cost of a Single B-2 Stealth Bomber Is $1,000,000,000. This could provide ‘Any One’ of the following resources:

2,564,102,564 Meals For Starving People
1,150,510 Clean Water Wells.
31,446,541 Adult Cataract Operations. Restoring sight to the blind.  Continue Reading…

Western Civilization and Classical Economics: The Immorality of Austerity

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Published on Global, by Prof. John Kozy, Dec. 12, 2010.

When a civilization abandons its morality, no rationalization can be devised to justify its continued existence. It is likely that many reasons can be given for this abandonment in the Western world, although I am convinced that one predominates—the expansion of law. Law once governed various kinds of behavior. It has now encroached upon various kinds of speech and is even being applied to the realm of belief. When someone is accused of having done something wrong, the reply offered usually is something like, “What was done complied with all legal requirements.” But “right” has never been defined as “conforms to law,” because thoughtful people have long noticed that the law itself can be a great crime, and the worst criminals in a culture can be its lawgivers, as the people of Ireland, Portugal, France, Spain, Greece, and Great Britain are now finding out. Americans will soon find it out too … //  Continue Reading…

IEIF France and European Property Prices – November 2010

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Published on Paper Economy, Dec. 10, 2010.

One of the most interesting and damming bits of evidence that tipped many off to the existence of a significant real estate bubble during the early 2000s was the fact that dramatically increasing property prices were occurring in most industrialized nations.

The U.S., U.K., France, Ireland, most of continental Europe, Canada, Australia and elsewhere were all simultaneously experiencing significant property booms thereby thwarting, more or less, many of the “limited supply” and “Superstar Cities” arguments that sought to justify individual regions explosive appreciation. Continue Reading…

Explosion of the Western Public Debt Bubble

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… Financial Shocks in Europe and AmericaPublished on Global, by Global Europe Anticipation Bulletin,  December 17, 2010.

… In this issue, we have chosen to present an excerpt of the forecast on the explosion of the Western public debt bubble. Thus, the Western public debt crisis is growing very rapidly under the pressure of four increasingly strong limitations:

  • the absence of economic recovery in the United States which strangles all public bodies (including the federal state (10)) accustomed to an easy flow of debt and significant tax revenues in recent decades (11)   Continue Reading…

Class Warfare or Financial Narcissism?

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Published on Dissident Voice, by Jeff Gates, December 9, 2010.

Is America the target of class warfare? That claim, though widely made, misses the point. The problem is more serious and the long-term effects far more troubling. Though the facts are compelling, that conclusion is misleading … //

… Exaggerated Authority:

The origins of this mindset recede into the mists of time. Yet its lineage traces to those who honed the skill sets used to excel in global trade and finance.  Continue Reading…

US: The Deafening Silence About the War in the Deficit

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Published on Political Affairs pa, by Dan Kovalik, December 9 2010.

… No matter how you count, it is clear that the current Af-Pak and Iraq wars will cost this country well over $1 trillion. A modest proposal for cutting the deficit would be to start there, and to try at all costs to spare social spending for the growing needy in our country.

As Noam Chomsky explains, the reason the war is not up for debate is the fact that there has been a political consensus between the two parties since World War II that the U.S. economy would continue to be primed through military spending rather than social spending — social spending having the disadvantage, from the point of view of those who rule this country, of distributing wealth downward rather than upward.  Continue Reading…

World economy – the Three-way split

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America, the euro zone and the emerging world are heading in different directions – Published on The Economist, Dec 9th 2010.

THIS year has turned out to be a surprisingly good one for the world economy. Global output has probably risen by close to 5%, well above its trend rate and a lot faster than forecasters were expecting 12 months ago. Most of the dangers that frightened financial markets during the year have failed to materialise. China’s economy has not suffered a hard landing. America’s mid-year slowdown did not become a double-dip recession. Granted, the troubles of the euro area’s peripheral economies have proved all too real. Yet the euro zone as a whole has grown at a decent rate for an ageing continent, thanks to oomph from Germany, the fastest-growing big rich economy in 2010 … //

… Reach for the stretch pants, Barack:  Continue Reading…

Meanwhile, in Europe …

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Published on Real-World Economics Review Blog, by Merijn Knibbe, December 5, 2010.

As we all know, Europe consists of the five following regions:

  • 1. Austeristia, consisting of countries with a negative current account, a high government deficit and mostly high unemployment due to exploded real estate bubbles: Greece, Portugal, Spain, Ireland, the United Kingdom.
  • 2. Greater Germania, consisting of countries with a positive current account, medium or low government deficits, medium to high unemployment and either no bubbles or exploding real estate bubbles: Germany, Denmark, Belgium, Austria, the Netherlands, the Czech republic … //  Continue Reading…

Seven Myths of Slums – Challenging Popular Prejudices About Urban Poverty

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New report – Article published on STWR (download the report by clicking on their internal link), 9th December 2010, download the report, 39 pdf pages.

… For anyone who takes an interest in the problem of slums, a few basic facts will soon become clear. Firstly, the locus of global poverty is moving from rural areas to the cities, and more than half the world population now lives in urban areas for the first time in human history. Secondly, most of the world’s urban population, most of its largest cities and most of its urban poverty is now located in Africa, Asia and Latin America – the so-called developing world. Thirdly, the growth in slums since the 1980s is both formidable and unprecedented (even though urban slums have existed in Europe since the Industrial Revolution), and the number of slum-dwellers worldwide is expected to continually increase in the decades ahead … //

… Myth 5: The free market can end slums:   Continue Reading…

Executive summary – EU-Russia 2015 seminar

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Nice, September 23-24, 2010 – Published on Europe 2020, Dec. 2, 2010.

During two days, French and Russian academics and experts met in the framework of the EU-Russia 2015 seminar on the topic « What can be the contribution of Franco-Russian relations to EU-Russia strategic partnership and the holding of a BRIC-EU meeting by 2015? » jointly organised by the Laboratoire Européen d’Anticipation Politique (LEAP), the Institute of European Studies of Moscow’s State Institute of International Relations (MGIMO) and the University of Nice/Sophia-Antipolis, in partnership with the Europe 2020 network, the Peoples’ Friendship University of Russia and the network of Jean Monnet Chairs … //

… Russia-Euroland : A self-imposing strategic partnership:   Continue Reading…

Power shift – France loses ground to Germany

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The euro crisis shows starkly that power in the European Union has shifted from France to Germany

Published on The Economist, Dec. 9, 2010.

WHEN the financial crisis erupted in September 2008 President Nicolas Sarkozy was quick to seize the European lead. He summoned Britain’s Gordon Brown to emergency talks in Paris. He urged Europeans to stimulate their economies. He taunted Germany’s Angela Merkel for hesitating over a stimulus plan, declaring that “France is working on it; Germany is thinking about it.” The French counted at least as much as the Germans—indeed, they were setting the pace (in part fortuitously, as France held the European Union presidency at the time).  Continue Reading…

Be prepared to use force in China, Kevin Rudd told the US: WikiLeaks

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Published on Daily News Abalysis DNA, by Melbourne Agency /PTI , Dec. 6, 2010.

According to a secret cable written by a US diplomat, Rudd told US secretary of state Hillary Clinton last year that Australia and the US should work to integrate China into the international community but be prepared to “deploy force if everything goes wrong”.

Rudd also said his vision for an Asia-Pacific Community was primarily an attempt to contain Chinese influence … //  Continue Reading…

RIZ KHAN: Are we living in the end times?

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Slavoj Zizek, the philosopher and cultural critic, on the collapse of society and the failure of capitalism

Watch this video, published on Al Jazeera, 22.08 min, by Riz,  12 Nov. 2010.

… According to renowned philosopher Slavoj Zizek the capitalist system is pushing us all towards an apocalyptic doomsday. He points to the faltering economy, global warming and deteriorating ethnic relations as evidence.

On Thursday’s Riz Khan we speak with Zizek, who has been called the “most dangerous philosopher in the West”, about his controversial theories and prognosis for the future … (full text).

Crisis Economics: A Crash Course in the Future of Finance

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(Part 2) – Published on Current Concerns no. 19, by Werner Wüthrich, november 2010.

Increasing numbers of soup kitchens – However, there are other statistics as well. Two examples:

  • 1. The number of Americans living on food vouchers rose by 7 million last year. More than 40 million US-Americans rely on this federal support, which is today´s equivalent of soup kitchens. (That was how communities and private organizations had eased the misery of Americans during the Great Depression in the 1930ies.)
  • 2. Despite economic growth only few jobs are created. Why? Another example for illustration. The US company Apple has made record profits in the last three months. Business ran better than ever before – China and other Asian countries is where production takes place. Rescuing efforts of governments and reserve banks have led into absurd situations.

Some more examples for that: Continue Reading…

Full reserve banking

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Linked on our blogs with Meine Frage vom 28. Juni 2010, with Verleih und Rückzahlung von Krediten – meine Gretchenfrage, with About democracy and development, with Geld, Gier und Grössenwahn, with Edward Griffin’s view on the FED and its video: Creature From Jekyll Island, a second look at the FED, 42.15 min, with Confessions of an Economic Hit Man, with … and specially this publication, with and with It’s a strange system, and it’s not in our best interests.

Published on openEconomy, by Sylvia Rowley, 30 November 2010.

Banks make money. That’s their business. But should it be allowed? Right libertarians, greens and Islamists join in thinking not … //

… How to make money from nothing:  Continue Reading…

How Corporate America Is Pushing Us All Off a Cliff

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Published on Global, by Michael Moore, November 21, 2010.

When someone talks about pushing you off a cliff, it’s just human nature to be curious about them. Who are these people, you wonder, and why would they want to do such a thing?

That’s what I was thinking when corporate whistleblower Wendell Potter revealed that, when “Sicko” was being released in 2007, the health insurance industry’s PR firm, APCO Worldwide, discussed their Plan B: “Pushing Michael Moore off a cliff.”

But after looking into it, it turns out it’s nothing personal! APCO wants to push everyone off a cliff … //  Continue Reading…

WikiLeaks’ next target: A big U.S. bank

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Published on Economic News, by Azeglio Calabresi, Dec. 5, 2010.

Inconveniently, he didn’t say which one, specifying only that it is “a big U.S. bank.” Assange also didn’t say just what sort of information he has that would be so damaging.

With Wall Street already up to its ears in scandal, market watchers reacted with a shrug.

“We already know the banks are grossly incompetent, can’t manage risk and would be dead without taxpayer support,” said Barry Ritholtz, a Wall Street money manager who rails on the bankers at his Big Picture blog (see also about). “What are we going to find in these leaks — that free checking isn’t really free?”  Continue Reading…

Book review: Them and Us by Will Hutton

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Published on openDemocracy Economy, by William Davies, November 3, 2010.

Will Hutton’s latest book on British political economy is uncannily of its time.  In arguing that ‘fairness’ should be the measure of all political and economic relations, writes William Davies, he has performed a crucial service in erecting some principles by which the ‘fairness’ of coalition policies might be judged. (Will Hutton, Them and Us: Changing Britain – Why We Need a Fair Society, Littlebrown, £20).

Every orthodox economics education begins with a lie. This is that, in the vernacular of neo-classical economics, we can and must split questions of ‘equity’ from those of ‘efficiency’. To put this another way, economics begins by ignoring moral philosophy, arguing that it is still possible to analyse, model and criticise social and economic relations without resorting to the language of values or justice.   Continue Reading…

TSA is a far greater threat to Americans than are terrorists

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Linked with Paul Craig Roberts – USA. – Published on Online Journal, by Paul Craig Roberts, Nov 24, 2010.

It doesn’t take a bureaucrat long to create an empire. John Pistole, the FBI agent who took over the Transportation Security Administration on July 1, told USA Today 16 days later that protecting trains and subways from terrorist attacks will be as high a priority for him as air travel.

It is difficult to imagine New Yorkers being porno-screened and sexually groped on crowed subway platforms or showing up an hour or two in advance for clearance for a 15-minute subway ride, but once bureaucrats get the bit in their teeth they take absurdity to its logical conclusion. Continue Reading…

Corporate Profits Set Records

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… as Wall Streets Wallows In Greed While Main Street Reels From Recession

Linked with – Published on, by mark karlin, Nov. 25, 2010.

Corporate profits in the US hit their highest in history in the third quarter of 2010, according to The New York Times NYT (Corporate Profits Were the Highest on Record Last Quarter, by CATHERINE RAMPELL). Meanwhile, in Washington, Republicans and conservative Democrats prepare to leave unemployed Americans without benefits at the same time that they will try to extend hundreds of billions of dollars in tax cuts to the wealthy. Continue Reading…

The Federal Reserve Has too Much Power

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Published on Global, by Washington’s Blog, November 25, 2010.

The Question Isn’t Whether the Fed Should Be Stripped of Its Mandate to Maximize Employment … The Question Is Whether the Fed Has too Much Power

The Fed says that unemployment will remain high for years … //

… Specifically, the Fed’s dual mandate was created more than 30 years ago, in 1978.  Continue Reading…

The EU and the Hedge Funds: regulation or the relinquishment of European sovereignty?

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Published on, by Jean-Claude Paye, 22 November 2010.

In a blaze of publicity, the European Union has just adopted a regulatory code for hedge funds to manage the systemic risk that they impart to the general economy. In reality, observes Jean-Claude Paye, the new directive is a sieve which will have an effect contrary to that announced. Its real objective is to summarily control the European funds, while opening the door to U.S. funds which will be able to speculate without restriction at the expense of Europeans.

Unlike the financial institutions, banks, insurance companies, investment banks which draw on savings, the hedge funds have no designated regulators. They are able to fully utilise the exemptions allowed by the relevant statutes.  Continue Reading…

Financial Meltdown on Wall Street

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Published on Global, by Michel Chossudovsky, Nov. 24, 2010.

… The Nature of the Economic Crisis:

In contrast to Roosevelt’s New Deal, adopted at the height of the Great Depression, the macroeconomic policy agenda of the Obama administration does not constitute a solution to the crisis. In fact, quite the opposite: it directly contributes to the concentration and centralization of financial wealth, which in turn undermines the real economy.   Continue Reading…