Welcome login | signup
Language en es fr
OccupyForum

Forum Post: "The Plague of Wall Street Banking", by Kevin Zeese, JD and Margaret Flowers, MD.

Posted 1 year ago on March 21, 2013, 6:22 p.m. EST by shadz66 (19985)
This content is user submitted and not an official statement

"The Plague of Wall Street Banking",

by Kevin Zeese and Margaret Flowers.

The economic news this week highlights what happens when governments are unable to confront the root cause of the financial collapse – the risky speculation and securities fraud of the big banks. What happens? They blame the people, cut their benefits, tax their savings and demand they work harder for less money.

In the United States there have been no criminal prosecutions for securities fraud in the big banks. Just as the Justice Department has made it clear that the big banks are too big to jail because doing so jeopardizes the stability of the banking system; financial fraud investigator Bill Black points out that the SEC cannot institute fines that are too big for the same reason. “The art is to make the number sound large to fool the rubes, but to insure that the fine poses only a modest inconvenience to our ‘most reputable’ fraudulent banks.” So, the SEC trumpets “more than 150 firms and individuals, with sanctions totaling $2.7 billion.” Black points out that this number sounds big, but it isn’t compared to the losses caused by the fraud epidemic in the US which are well in excess of $15 trillion. A trillion is a thousand billion. Are we, ‘the rubes’ or do we know that our government is in cahoots with big finance?

In fact, the big banks have been engaged in all sorts of nefarious activity for a long time, as Washington’s Blog points out with this jaw-dropping list of crimes, and are rife with fraud. And, this week the biggest of the too big to prosecute, JP Morgan, had its financial fraud and disrespect for government on display when the Senate Banking Committee issued a massive 300 page indictment, errr report, documenting the $6.2 billion “London Whale” scandal. The report traces the scandal right to the top, CEO Jamie Dimon, and shows how the bank lied to bank examiners and investors. Experts state the obvious from this evident fraud; investigations and fines, and possibly a large monetary settlement are possible but a prosecution by DOJ remains unlikely. Obvious because everyone knows the game in Washington is one of no criminal prosecutions.

Although, another too big to jail bank, Goldman Sachs did have a loss in court this week, when the US Supreme Court refused to overturn a Court of Appeals decision requiring the bank to defend a civil suit by investors claiming securities fraud. There are lots of hurdles ahead, but this provides a glimmer of hope.

This week our too big to prosecute philosophy of the (lack of) Justice Department was shown to apply to foreign banks as well. The second largest bank in Germany got a pass when it offered a job to an IRS agent who cut its tax burden. Again, the rubes were told that Commerzbank paid $210 million in tax liability, sounds good, but it was only 62% of what it owed. The day after the agreement the IRS officer was offered a job at Commerzbank. The agent pled guilty to charges this week, but the bank and the officers involved were not prosecuted.

Europe is showing us what happens when government fails to confront the big banks – the people pay and the economy collapses into depression. Is this our future?

The horror story of the week for struggling workers and poor countries has to be Cyprus. The country was being built up as a big banking area but when it all went sour, they went to the EU for a bailout. The EU hemmed and hawed and finally agreed, but with a very big requirement which takes structural adjustment to a new level of abuse – they required “a one-off 10 percent tax on savings over €100,000 and a 6.75 percent tax on small depositors. Senior bank bondholders and investors in Cyprus’ sovereign debt will be left untouched.” [See update below.]

This is causing a run on the banks in Cyprus, but is also raising red flags in many other struggling Euro countries. Can bank accounts in Greece, Italy, Spain, Portugal or any other country in Europe be safe? Are more and more people going to take their money out of the banks and keep it under their mattress? It may seem like the sane thing to do but a run on the banks will just weaken shaky banks further.

This is causing a run on the banks in Cyprus, but is also raising red flags in many other struggling Euro countries. Can bank accounts in Greece, Italy, Spain, Portugal or any other country in Europe be safe? Are more and more people going to take their money out of the banks and keep it under their mattress? It may seem like the sane thing to do but a run on the banks will just weaken shaky banks further.

Leaders of the EU, IMF and Germany are all staying with their demand for more austerity and greater productivity (i.e. lower wages for greater output). At the same time they are urging bailout of the banking system which remains weak. This same leadership recognizes their approach may lead to a “social explosion” and Standard & Poors is also warning that the situation is socially explosive. The reality is that southern Europe is essentially in a depression and Germany, EU and IMF are demanding that they squeeze more money out of impoverished people.

In Washington, DC, the two Wall Street parties keep talking about cuts to the budget – austerity measures that will hurt the old, the poor, the young and working class – and disregard the fact that government spending is actually not the problem. While they push austerity, they remain silent as big business interests go into their sixth year of big tax avoidance. Paul Buchheit summarizes “For over 20 years, from 1987 to 2008, corporations paid an average of 22.5 percent in federal taxes. Since the recession, this has dropped to 10 percent – even though their profits have doubled in less than ten years.” He highlights the worst of the worst. On top was Obama’s jobs czar, General Electric.

There is some sanity, but not much, among the US financial elite. Dallas Fed Chairman Richard Fisher told the Conservative Political Action Conference that it was time to break up the big banks and end the crony capitalism that protects them. Liberal Democrat Sherrod Brown has introduced a bill to do just that. Of course, it is opposed by the administration so it will probably not go anywhere.

Instead, President Obama is pushing the anti-democratic Trans Pacific Partnership which is a gift to the big banks and other transnational corporate interests. For the big banks it will require countries to let capital flow in and out without restriction, not allow the banning or regulation of risky investments like derivatives and credit-default swaps and will prevent the formation of much-needed public banks. Our Wall Street government continues to serve Wall Street first at the expense of the people’s necessities.

All of this shows it is time to remake the banking system: hold security fraud violators criminally accountable, break up the too big to jail banks, support community banks and credit unions and create public banks at least at the state and local level; and make the Fed transparent and accountable to democracy. This would be a transformed banking system that would serve the people and the economy, move toward economic democracy and take power away from corrupt Wall Street. Failure to confront and remove the plague of Wall Street-centered banking will continue to infect the entire economy. Is Cyprus in our future? It doesn’t have to be.

Update : On Tuesday, March 19, the Parliament in Cyprus rejected the tax on bank accounts after mass protests by the people. This leaves Cyprus in a mess with no bailout and no money to contribute to a bailout. Will Russia invest in future oil found recently off the coast of Cyprus in return for the Parliament protecting $30 billion in Russian deposits that are in Cyprus banks? Will Germany and the EU bend, not requiring Cyprus to raise money for the bailout? Will Cyprus leave the EU? Lots of questions without answers right now, but the banks in the country will remain closed until they figure it out.

~

radix omnium malorum est cupiditas ...

~

Kevin Zeese, JD and Margaret Flowers, MD co-host Clearing the FOG on We Act Radio 1480 AM Washington ( https://www.facebook.com/ClearingtheFogRadioShow?ref=ts&fref=ts ) , DC, co-direct Its Our Economy { http://itsoureconomy.us/ } and are organizers of the Occupation of Washington, DC [ http://october2011.org/ ]

[Article posted under "Fair Use" from http://www.informationclearinghouse.info/article34360.htm & please use this url to access all corroborating embedded links on underlined text.]

112 Comments

112 Comments


Read the Rules
[-] 6 points by Renneye (3959) 1 year ago

Thanks Shadz...for this astute overview. One of my all time favourite firebrand activists is Margaret Flowers...she's integrity+.

Further on Cyprus...

"The Rape Of Cyprus By The European Union & The IMF"

http://www.informationclearinghouse.info/article34330.htm

"Please note that until yesterday all depositors in Cypriot banks were insured up to the value of €100,000 with any one bank. Today that solemn governmental promise has been shown for what it is; a lie. Worse and actually far worse and quite scary in fact is that the European Union and the European Central Bank and the IMF has not just allowed violation of the deposit insurance but demanded it. One thing is certain here; if they can void deposit insurance in Cyprus then they can void it in any country in Europe. Further; if they can void deposit insurance then they can void bond covenants with the scratch of a pen on paper. Nothing now; Nothing is safe!

Pay attention please. The European Union and the European Central Bank and the IMF have just advocated the confiscation of private property for their own indulgence. Bank accounts are not bonds or stocks or some other form of investments. It is private property like your house or your car. Germany, France et al came in and said, "We want it and we are taking it and it is necessary for our government." These countries did not demand it, yet, from their own citizens though they might soon but they demanded it from the citizens of Cyprus in exchange for funds. This is not a European Union this is a European Fourth Reich!"

Strong and terse, but appropriate.

[-] 5 points by Middleaged (5140) 1 year ago

Wow, Private Bank Accounts are Private Property and are under Attack ... it is like the "Rape of Libor", ... it is like the "Rape of Retirement & Pension Funds in the 2008 Financial Crisis" (which didn't effect me), ... It is like the Rape of Accounts by MF Global, It is like the Rape of Accounts by Peregrine Financial....

https://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Impacts

https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008#Effects_on_the_global_economy
https://en.wikipedia.org/wiki/Accounting_scandals#List_of_major_accounting_scandals https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008
https://en.wikipedia.org/wiki/Shadow_banking_system

https://en.wikipedia.org/wiki/2010_United_States_foreclosure_crisis

[-] 0 points by shadz66 (19985) 1 year ago

"A Safe and a Shotgun or Publicly-owned Banks? The Battle of Cyprus", by Ellen Brown :

"The push to confiscate the savings of hard-working Cypriot citizens is a shot across the bow for every working person in the world, a wake-up call to the perils of a system in which tiny cadres of elites call the shots and the rest of us pay the price. When we finally pull back the veils of power to expose the men pulling the levers in an age-old game they devised, we'll see that prosperity is possible for all."

Many thanx to you 'Ma' and to Renneye for the excellent links above.

fiat lux ...

[-] 2 points by Middleaged (5140) 1 year ago

Yes, thanx, Ellen Brown does a good job.

[-] -2 points by shadz66 (19985) 1 year ago

"It Can Happen Here : The Confiscation Scheme Planned for US and UK Depositors" :

"President Obama acknowledged that bank nationalization had worked in Sweden, and that the course pursued by the US Fed had not worked in Japan, which wound up instead in a “lost decade.” But Obama opted for the Japanese approach because, according to Ed Harrison, “Americans will not tolerate nationalization.” - But that was four years ago. When Americans realize that the alternative is to have their ready cash transformed into “bank stock” of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal."

omnia causa fiunt ...

[-] 4 points by Middleaged (5140) 1 year ago

I have been in contact with banking confidants over the last year through an Economics Network. Ellen Brown is correct about our banking deposits being more like an IOU or a promise to pay. US Banking and US Bank Deposits are really not what most US People think they are. This touches on the idea that we don't owe anything to banks. We are lending money to banks for a return of interest. You money is not in your account. The bank takes your money and puts it to work immediately. Deposits become a form of Asset to the bank, and then the bank can lend more money or invest more money using deposits as collateral or assets.

So if we are getting an IOU for deposits in the hope of security and Interest... we are the authority of our bank deposits. We should be treated as king. We should be the respected customer of the bank.

Instead... I drive up in my old truck .. and I spy a pissed off banker looking over in my direction since I look poor. No Dignity. No Respect.

[-] 1 points by shadz66 (19985) 1 year ago

Re. Bank Deposits, you're spot on and Ellen Brown is second to none on the matter of 'Finance Crime Crapitalism' and on a par with Matt Taibbi, Prof. Wm. K. Black, Prof. Michael Hudson and Max Keiser, imho & thus I append some relevant links re. Ellen Brown :

Finally, I really think that you need to read this link - courtesy of 'bw' on this thread :

The facts in this link confirm all our worst fears re. The Wall Street High-Finance Criminals and their ilk.

fiat justitia ruat coelum ...

[-] 6 points by Middleaged (5140) 1 year ago

Federal Spending Sequester Crushes Jobs- Biggest Jump in Unemployment For This Week Since 1996, March 28, 2013 By Lee Adler

While the fiscal cliff tax increases at the beginning of the year had no noticeable negative impact on the trend, the current number suggests that the Federal spending sequester that went into effect on March 1 is beginning to have an impact.

http://wallstreetexaminer.com/2013/03/28/federal-spending-sequester-crushes-jobs-biggest-jump-in-unemployment-for-this-week-since-1996/

Thanks, Shadz66, I am just opening your links and wanted to forward the last link in an email.

[-] 2 points by shadz66 (19985) 1 year ago

God Damn the Criminal Wall Street mthrfkrs and their enablers & I forego future karma to curse the greedy, psychopathic parasites !!! It has been 24 hours plus since this story, brought to us by 'bw' on this thread, was first reported by Reuters & tho' HufPo put it up, I've yet to see it elsewhere ergo I have got to lay this shit down in its entirety here :

  • "Judge Dismisses Most Claims In Libor Lawsuits, Ruling In Favor Of Big Banks"

A judge on Friday dismissed a "substantial portion" of claims facing a number of banks in a barrage of lawsuits accusing them of interest-rate rigging.

U.S. District Judge Naomi Reice Buchwald in Manhattan ruled for the banks, which include Bank of America Corp , JPMorgan Chase & Co and others, of allegedly manipulating the London Interbank Offered Rate, commonly known as Libor.

The judge granted the banks' motion to dismiss the plaintiffs' federal antitrust claims and partially dismissed their claims of commodities manipulation. She also dismissed racketeering and state-law claims.

The decision is a significant setback for private plaintiffs, whose lawsuits had been consolidated before the New York judge as part of a multidistrict litigation proceeding.

In a 161-page opinion, Buchwald said she recognized her ruling might be "unexpected," since several defendants had paid billions of dollars in penalties to government regulatory agencies.

But she said unlike government agencies, private plaintiffs needed to meet many requirements under the statutes to bring a case.

"Therefore, although we are fully cognizant of the settlements that several of the defendants here have entered into with government regulators, we find that only some of the claims that plaintiffs have asserted may properly proceed," she wrote.

The lead lawyers for the plaintiffs, Bill Carmody of Susman Godfrey and Michael Hausfeld of Hausfeld LLP, did not immediately respond to requests for comment.

More than a dozen banks and brokerages are under investigation by regulators worldwide for manipulating benchmark rates such as Libor, which have been the basis for more than $550 trillion in financial products.

Three banks have reached settlements with authorities to date. Most recently, Royal Bank of Scotland Group PLC agreed to pay $612 million to U.S. and British authorities. UBS AG agreed in December to pay $1.5 billion. Barclays agreed to pay $453 million in June.

Other defendants facing private lawsuits included Citigroup Inc , Credit Suisse Group AG , Deutsche Bank AG , HSBC Holdings PLC , Royal Bank of Scotland, WestLB AG, and Royal Bank of Canada , among others.

Representatives for the various banks either did not immediately respond to requests for comment or had no immediate comment.

~

radix omnium malorum est cupiditas ...

~

(The cases are In Re: Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court for the Southern District of NYC, No.11-md-2262.)

{The reporting here is by Nate Raymond in New York, additional reporting by Luciana Lopez and the editing by Leslie Gevirtz and G Crosse}

[Item copied verbatim under ''Fair Use' from : http://www.huffingtonpost.com/2013/03/29/libor-lawsuits-claims-dismissed_n_2981513.html ]

Thanx for your link 'Ma' which I recommend to all readers here and which goes to clearly show that 'Their' stats and numbers can NOT be believed. Inflation is really higher than 'They' report, as are the true employment / unemployment / under-employment numbers and as for the true levels of spending on the military & private war-contractors ... whereTF do we even start with that ?!!!

fiat lux ...

[-] 4 points by Middleaged (5140) 1 year ago

Thanx. The comments on Bloomberg seem to agree with you completely.

http://www.bloomberg.com/news/2013-03-29/banks-win-dismissal-of-substantial-portion-of-libor-sui.html

[-] 0 points by shadz66 (19985) 1 year ago

Thanx for the strong link and as you summised, the comments after the item were very telling. Also fyi :

Appending the second link for ''Easter / Eostre' and excerpting with :"Was Jesus killed by the Romans as an insurrectionist because he favored political and economic justice for the poor and acted out his outrage by overturning money-changing tables at the Temple ? Or did he die as a sacrifice to atone for the sins of mankind in the eyes of God ?"

sic transit gloria mundi ...

[-] 3 points by Middleaged (5140) 1 year ago

Shadz66, I like that Jesus idea. An Enlightened man is a threat to governments and systems. A thinking man is Subversive as Chris Hedges would say.

[-] -2 points by shadz66 (19985) 1 year ago

Bless your ever loving heart 'Ma'. I love that Hedges quote and as you said to 'Odin' on the News-Post re. 'The Triangle Shirtwaist Fire' :

  • "Chris Hedges points out that when we learn to think for ourselves we become subversive. The systems are not just and the mass of people don't really think straight. Leaders have always twisted our minds with their words and their manipulations. They even manipulated the meaning of Jesus in that most people don't try to live like Jesus, act like Jesus, or talk like Jesus."

As such, with your words resonating this 'Eostre' and though somewhat at a tangent to the matter in hand - I nevertheless append an article which would probably not survive being a standard forum-post :

from which : "Coinciding with the formerly pagan celebration of New Life, at Easter time the Christian world pauses to consider the Passion of Christ and the story of His crucifixion and resurrection. Mainstream media will cover this major annual religious event but will largely ignore a crucial message of the Passion story – our critical obligation to bear witness and speak out against evil."

Solidarity @ The 99%, wherever we may be.

pax, amor et lux ; hic, ubique et semper ...

[-] 0 points by LeoYo (5844) 1 year ago

The primary problem with the "The Two Views of Jesus’s Murder" article is that it confines the views to only two within Christianity when there are plenty more. For example, the introductory sentence states "Christianity has two conflicting views of Jesus’s Crucifixion, that God sacrificed his Son to atone for mankind’s sins, or that Jesus demanded economic and political justice for the poor and was killed by Jerusalem’s power structure." For one, this is clearly false. There is no conflicting view within Christianity on this matter. The very essence of Christianity is the notion that "God sacrificed his Son to atone for mankind’s sins". The notion that "Jesus demanded economic and political justice for the poor and was killed by Jerusalem’s power structure." is a modern non-religious interpretation of the gospel accounts that selectively mixes historical perspectives with aspects of the gospel stories. If reliance upon historical assessment without uncritical appeal to the stories is pursued, a totally different picture emerges that has little to do with the either/or scenario set up by Rev. Howard Bess. It is the picture of a wealthy carpenter named Y'shw from the city of Capernaum who had been a follower of 'John the Baptist' and therefore a believer in the imminent restoration of the kingdom of Israel which would take place in the year 34 CE, the year of the Jubilee. Upon that basis, John had probably declared Y'shw to have been the messiah before his own untimely demise which in turn had led Y'shw to lead a band of armed bandits (as such were called) to take control of the Temple at Passover believing the power of god to be on his side. This had nothing to do with political or economic justice for the poor. He was, afterall, attempting to establish his own monarchy based upon a religious interpretation of the time at hand. Naturally, he had failed and was crucified by the Romans for insurrection. Apart from Pontius Pilate, the Jerusalem power structure wouldn't have even been involved. The historical Y'shw behind the character of Jesus was not a teacher with disciples or known for any sayings. Such notions had only arisen 50 years later after the next Jubilee when the belief in a resurrected Y'shw/Iesus to finish the restoration he had previously failed at had also failed to come about. It is only after this time that such belivers were cursed in the synagogues resulting in the split between Judaism and Christianity and the subsequent creation of gospel accounts that had attributed non-historical words and deeds to a now fictional character.

[-] 3 points by Middleaged (5140) 1 year ago

I'm not knowledgeable in this history at all, so I am attaching a link to allow you to follow my train of thought about Nicaean Convention:

https://en.wikipedia.org/wiki/First_Council_of_Nicaea

Eastern Orthodox icon depicting the First Council of Nicea The First Council of Nicaea was the first ecumenical council of the Church. Most significantly, it resulted in the first, uniform Christian doctrine, called the Creed of Nicaea. With the creation of the creed, a precedent was established for subsequent local and regional councils of Bishops (Synods) to create statements of belief and canons of doctrinal orthodoxy— the intent being to define unity of beliefs for the whole of Christendom.(From Wikipedia)

My thought is that Christians all learn to Debate the Doctrine since this was formalized in a phase of the Religion to deal with heterodoxy. Bishops saw the need for an Orthodoxy, so they called a Council of Nicaea. ...All my life Christians have been repeating the Doctrine as they have been trained. I suppose this is normal, rational, and to be expected for any group that wants to remain relevant. To really spread the word of Christianity, it helps to teach followers or members to debate and to win arguments through a kind of dialectic.

But I am following my own kind of logic not history and not out of education at all.

[-] -1 points by shadz66 (19985) 1 year ago

Have you heard of 'Arianism' ( http://en.wikipedia.org/wiki/Arianism ) ?

I think that you'll find the link and the whole matter rather interesting !

multum in parvo ...

[-] 3 points by Middleaged (5140) 1 year ago

Yes, I pulled some of this up on New Years Day. This whole thing about Heretics and Orthodox and the Nicaea Councils is interesting. But Jesus never criticized anyone for being a heretic.. he was a teacher, he was here to teach and heal and guide...

These days many people think Judging others is a virtue.

[-] -3 points by shadz66 (19985) 1 year ago

A compelling comment. Your extremely interesting intervention here 'LeoYo' was well worth the read of your dizzying, monolithic block of text and so please don't forget that paragraphing can be your friend ;-)

You seem to allude to a Davidic Lineage of a titular Priest/King who would have been a clear threat to the Roman Imperial Hegemony as well as the local collaborationist, religio-political establishment. The man known by history as 'Jesus' was therefore a practising Jew, of a lineage alluded to by three of the four gospels (which start off with genealogies), a 'radical' and a political threat to TPTB and this sure puts a different light upon 'INRI', allegedly a sarcastic joke by Pilate but maybe closer to 'the truth' !!!

I really could not help myself but to join you in this apparent digression from topic and indeed, it was my link ( http://www.informationclearinghouse.info/article34462.htm ) which initially elicited your interesting comment. I am thus also going to try drag us back to topic by cross referencing and linking here to your excellent recent thread on 'Socialist Banking in North Dakota' :

I wholeheartedly recommend your thread to ALL readers. Thanx again 'Leo' & one for later consideration:

e tenebris lux ...

[-] 3 points by LeoYo (5844) 1 year ago

No, I make no allusion to what's stated above pertaining to lineage. Whether or not Y'shw had been of royal descent is unknown. The two gospel genealogies are fabrications that, even if they had been authentic, would have disqualified a person from being messiah. A messiah had been required for the apocolyptic belief that had been held and if Y'shw hadn't have been selected for it, someone else surely would have leading to the very same historical results.

Thanks for the cross reference to my post and It's always great to read your posts.

[-] -1 points by shadz66 (19985) 1 year ago

I accept that it was more my inference than your allusion re. "Y'shw", however how this 'messiah creed' and "apocalyptical belief" rooted in Judaism, later became The State Religion of Imperial Rome under Constantine and his successors, makes for some very interesting history.

Thanx again for your interesting comment and your gracious words & with an eye to matters of relevant interest AND because even a broken clock can be right twice a day lol, I append fyi :

"The elites in the EU and IMF failed to learn their lesson from the popular backlash to these tax proposals, and have openly talked about using Cyprus as a template for future bank bailouts. This raises the prospect of raids on bank accounts, pension funds, and any investments the government can get its hands on. In other words, no one’s money is safe in any financial institution in Europe. Bank runs are now a certainty in future crises, as the people realize that they do not really own the money in their accounts. How long before bureaucrat and banker try that here?"

Finally, I again cite and recommend your very important thread :

pax et lux ...

[-] 1 points by grapes (3250) 1 year ago

Japan's lack of resolve to unwind its de-facto failed mega-banks ushered in the 'lost decade' which has actually lasted more like TWO decades and is still on-going. To apply Obama's phrase in a more appropriate context, Japan is a 'small and stunted' country incapable of licking clean its own anus to move on. The U.S. embarked on the same course by Obama and our political leaders' choice. Do you really think that I would keep my money in our mega-banks? Ellen Brown's article has a point about the size of the so-called assets of the mega-banks.

[-] -2 points by shadz66 (19985) 1 year ago

I don't know anything about you or your money mate !!! You seem to have taken my posting of what I just thought was a good piece by the ever insightful Ellen Brown rather personally !! So one question in return to you ... WTF ?! LOL & did the piece make you nervous ? Anyway, I re-submit and also further append fyi :

The 'Public Banking Conference' (June 2-4) alluded to in my last link ...

  • @ 'PUBLIC BANKING 2013, FUNDING THE NEW ECONOMY CO-HOSTED BY DOMINICAN UNIVERSITY, GREEN MBA PROGRAM ANGELICO HALL, 50 ACACIA AVENUE, SAN RAFAEL, CA' ...

... is The Most Important Thing To Make A Mental Note Of Here !! I do hope O.W.S. 'LiveStreams' it !

caveat depositor ...

[-] 1 points by grapes (3250) 1 year ago

I was nervous before reading the piece because I earned a graduate degree from the School of Hard Knocks of IOU. Germany was showing its gold bars in a press conference and calling them home from no less than Big Brother the U.S. On the average, the hitherto unnamed mega-banks were each more than $11 billions in the hole according to the new Basel standard which was 'wisely' deferred for a few more years and shaky sovereign debts such as Cyprus' were to be counted as 'reserves'. I KNOW about 'reserves' -- I have a graduate degree from IOU and lived through the decades when the MBAs were just potentialities of testosterone and estrogen!

I am pretty sure that the Bank of America and JP Morgan Chase were included in these global mega-banks except that they were probably the more secure of the bunch (which by the way is NOT an endorsement).

[-] -1 points by shadz66 (19985) 1 year ago

Hmmmm. Re. JPMorgan, BoA et al, please also consider :

'Money' is going to move out of Capital Markets into something else. What that 'something' else is, remains to be seen.

multum in parvo ...

[-] 1 points by grapes (3250) 1 year ago

Okay, so we all live in 'The Matrix'. Now what? Experience showed that 'money' moving out of Capital Markets could well find a good home in that 'something' which is family and excellent health. Matthew 6:19-21 talk about Jesus' idea of a Christian treasure preservation plan which makes sense.

[-] -1 points by shadz66 (19985) 1 year ago

Aye, but even momentarily glimpsing for a mere moment beyond the .. Mesmeric, Mysterious, Magical, Mythical Money Matrix is liberating in and of itself - no matter how transient and elusive that feeling may be !!! Further consider :

radix omnium malorum est cupiditas ...

[-] 1 points by shadz66 (19985) 1 year ago

"TransPacific Partnership Will Undermine Democracy, Empower Transnational Corporations", by Margaret Flowers and Kevin Zeese :

Thanx for your powerful link [ http://www.informationclearinghouse.info/article34330.htm ]

caveat - fallaces sunt rerum species ...

[-] 2 points by Renneye (3959) 1 year ago

Excellent article on the TPP...and a must read for all ows members. We are under attack, and this article dissects very well how humanity is being undermined by a few at the top. Thanks.

When I first brought TPP to the forum, it was considered CT. I wish they had been right.

Excerpts;

"Thus, the TPP and other corporate trade agreements will undermine the ability of governments to regulate health, safety, labor, environment and finance. The 600 corporate advisers to the TPP see this as an opportunity to do an end-run around laws and policies that they have been unable to put into effect through the normal democratic process. This is why the TPP is being called a global corporate coup that makes corporations more powerful than governments."

"Using the Obama administration's net exports-to-jobs ratio, the FTA trade deficit surge means the loss of nearly one million American jobs."

"The TPP is much broader than the usual trade agreement and will impact many aspects of society from the Internet to health care to regulation of risky bank speculation. For this reason alone, it is especially important to have a transparent, public debate on the agreement. The TPP contains 26 chapters, but only five of them concern traditional trade issues."

Jag är under inga illusioner - Jag tar mina chanser

[-] 1 points by shadz66 (19985) 1 year ago

That "the TPP is being called a global corporate coup that makes corporations more powerful than governments" is probably sadly very accurate. Thanx for the strong excerpts and indeed 'we are under no illusions as we take our chances' & I append the following article which struck me as particularly poignant :

Somewhat more prosaically and pertinently to the thread, I also append :

per aspera ad astra ...

[-] 4 points by gsw (2697) 1 year ago

Sad TRUTHs found in articles, similar excerpts... http://www.truth-out.org/news/item/15353-transpacific-partnership-will-undermine-democracy-empower-transnational-corporations

Despite NAFTA’s failures, corporations are arm-twisting the federal government to pursue trade agreements as inevitable and necessary for economic progress. But 26 of the 28 chapters of this agreement have nothing to do with trade. TPP was drafted with the oversight of 600 representatives of multi-national corporations, who essentially gave themselves whatever they wanted; the environment, public health, worker safety, further domestic job losses be damned.

Residents of the West should be particularly alarmed. TPP would allow plunder of our natural resources by foreign corporations allowed to bypass US law. Disputes over Western land contracts for mining and timber for example would be settled by international tribunals. Even If you are oblivious to environmental concerns you should be outraged at the total circumvention of national sovereignty. Foreign investors could bypass our legal framework, take any dispute to an international tribunal and pursue compensation for being denied access to our resources at fire sale prices–and much of the West on fire as we speak.

It gets worse. Those tribunals would be staffed by private sector lawyers that rotate between acting as ‘judges’ and as advocates for the corporations suing the governments. American taxpayers could be forced to pay those corporations virtually unlimited compensation for trying protect our air, land and water from much looser standards than current US law allows.

Go team Obama, congress, senate. Just go ....maybe to "the ninth circle"

Are not these our resources, timber, minerals being given to foreign business?

[-] 0 points by shadz66 (19985) 1 year ago

So, exactly WTF is going on in USA ?! Please excuse my apoplexy but I'm having trouble getting my head around the following :

"A judge on Friday (March 29th '13) dismissed a 'substantial portion' of claims facing a number of banks in a barrage of lawsuits accusing them of interest-rate rigging.

"U.S. District Judge Naomi Reice Buchwald in Manhattan ruled for the banks, which include Bank of America Corp , JPMorgan Chase & Co and others, of allegedly manipulating the London Interbank Offered Rate, commonly known as Libor.

"The judge granted the banks' motion to dismiss the plaintiffs' federal antitrust claims and partially dismissed their claims of commodities manipulation. She also dismissed racketeering and state-law claims.

"The decision is a significant setback for private plaintiffs, whose lawsuits had been consolidated before the New York judge as part of a multidistrict litigation proceeding.

"In a 161-page opinion, Buchwald said she recognized her ruling might be "unexpected," since several defendants had paid billions of dollars in penalties to government regulatory agencies.

"But she said unlike government agencies, private plaintiffs needed to meet many requirements under the statutes to bring a case."

Many thanx for your powerful 'TPP' link 'gsw' and in reply, I excerpt the above from this equally powerful and highly recommended link, brought to us courtesy of 'bw' on this thread who was incidentally stinkled off 'Best Comments Today' for her efforts :

e tenebris, lux ...

[-] 3 points by gsw (2697) 1 year ago

it is the 1 percent conspiracy all over the world. those who have power make the rules

it is like the history, magna carta, never happened

we're back in the 1300s

http://occupywallst.org/forum/initiatives-amendment-let-us-begin-direct-democrac/#comment-952984

those who do not know of their history shall be doomed to repeat it

[-] -1 points by shadz66 (19985) 1 year ago

I'm not into guns but pitchforks, mattocks and large knobbly sticks are perfectly in order now !!!

'Keep On Keeping On' brothers and sisters - the bastards are soon gonna be putting way too many of us in a position where we are without anything to lose ... so let the chips fall where they may !!

per aspera ad astra ...

[-] -1 points by Builder (4202) 1 year ago

If you're going to buy the POTUS, I guess the SCOTUS is part of the package.

I notice there's a mention of "billions of dollars in penalties", which is an admission of guilt. I see no mention of the profit line of this LIBOR scandal, that was mooted as the biggest scandal in the history of banking.

Hypocrisy has found a new parameter, and yet the people look the other way.

[-] -1 points by shadz66 (19985) 1 year ago

Occupy The SCOTUS re. CU 'ffs' !!! & re.'The LIBOR Scandal & Extreme Bankster Larceny', please also see these three excellent explanatory links :

I'm so sick of this shit 'B'. Good honest, decent people are on the back-foot and going backwards - the world over, dodging beamers and bouncers trying to raise families and just to live and the Fkng 0.01% Parasites are gorging on us & the planet in their purely psychopathic pursuit of personal, private profit ! 'Parasites' is too good a word for them !! The Sleepers MUST WTFU !!!

e tenebris ...

[-] 0 points by Builder (4202) 1 year ago

Revolution seems to be the only option available.

Thanks for the links, and Happy Ishtar to you and yours Shadz.

We can only keep hammering away, and hope they all wake up sooner, rather than later.

[-] -1 points by shadz66 (19985) 1 year ago

A "Happy Ishtar" / Eostre ( http://en.wikipedia.org/wiki/%C4%92ostre ) & here's one for you 'B' :

Solidarity to you, yours, the chucks, 'pork bone puppy' et al & wishing you a good macadamia harvest as you approach your antipodean autumn & yep, "Revolution seems to be the only option available" !!!

pax, amor et lux ...

[-] 1 points by Renneye (3959) 1 year ago

Very, very moving, indeed. Every poetic paragraph worthy of an excerpt. Divergent of me then, but for the purposes of OWS, I picked the most pragmatic of them, from the article...

~ "Adam W. Parsons (“Why We Should All Be Talking About Global Sharing.” Dissident Voice: 11/7/2012) attempts to outline a new foresight to make sharing – a global phenomenon:

It’s as if the age-old practice of sharing is being recollected, re-learned and re-invented in innovative new ways to deal with the multiple crises of the 21st Century. Far from being a primitive behavior practiced only in traditional societies, sharing presents a new field of study and a new way of life as well as being a simple, everyday practice among families and friends. There is much talk now of the exciting promise of the gift economy, barter systems, mutual aid societies, time banks and many other modes of exchange that are outside of the mainstream monetary system……… a wealth of literature has recently emerged that emphasizes how human beings are hardwired to cooperate and share, with far-reaching implications for how we organize our political and economic systems. Together, these findings challenge many of the core assumptions of classical economic theory, in particular, the firmly-held notion that people are inherently selfish, competitive, acquisitive and individualistic by nature – assumptions that have long been used to justify an unfair economic system. Meanwhile, the resurgence of scholarly and public interest in ‘the commons’ is helping to design new systems for sharing and conserving the resources of both society and nature, including natural resources, cultural traditions and knowledge. As many people from all of these diverse fields are saying, the principle of sharing is a concept around which we can restructure our societies and use to help guide us in the urgent process of world rehabilitation." ~

"Man and Humanity in Search of Peace and New Future"

http://www.informationclearinghouse.info/article34447.htm

This excerpt is very 'solutions oriented' and reminded me of the 'Co-operatives' threads that have been on the forum.

I may take this (as a consciousness piece), and/or the previously linked 'TPP' article to the main forum, if you don't mind. We'll see what kind of time I have to dedicate.

Thanks kindly, for this thought provoking piece.

[-] -1 points by shadz66 (19985) 1 year ago

Thanx for the excellent excerpt and no I certainly don't mind your use of the article and here I append an article that also rather moved me recently : http://www.informationclearinghouse.info/article34477.htm .

fiat lux ...

[-] 3 points by Renneye (3959) 1 year ago

~ Eloquent...Heartrending ~ Thanks

This should, by all rights, be a main forum post...but alas, it has the 'Z' word in it. Sighhhh

[-] -1 points by shadz66 (19985) 1 year ago

Indeed and back on point to the matter in hand :

credo quia absurdum est ...

[-] 3 points by Renneye (3959) 1 year ago

I about fell off my chair from fits of cynical laughter. Each farcical fact more preposterous than the last. We are truly living in bizarro world.

Lol!!! The best oxymoron I've heard in a while..."SEC Ethics Office." About as good as "United Nations Peacekeeping".

I must say, Tom Burghardt must have the most interesting of connections.

And so, courtesy of ZenDog, and in the interest of universal wavelength, perhaps one good cachinnate deserves another...

http://www.lilith-ezine.com/glowmaid/georgewcunt.html

[-] -2 points by shadz66 (19985) 1 year ago

Thanx for your cachinnate which I used in reply earlier today elsewhere & somewhat less humorously but a propos to the forum-post :

caveat ...

[-] 4 points by Mattyroc (4) 1 year ago

It is time to Occupy Wall Street again!!!! The bankers are so comfortable about being corrupt, their not even trying to hide it!!! Holder needs to be held accountable as this nations top cop!!!!

[-] 0 points by shadz66 (19985) 1 year ago

Occupy Wall Street & here's why, damn it :

After reading this simply amazing yet utterly infuriating link (courtesy of 'bw' on this thread), I'd defy any sane, rational person to not froth at the mouth and wish to start reaching for pitchforks and mattocks !!!

multum in parvo ...

[-] 4 points by PeterKropotkin (1050) from Oakland, CA 1 year ago

If me and some friends of mine got together and started defrauding people and swindling money we would be hit with RICO. These guys are the ultimate gangsters. They go to schools like Harvard and Yale which it turns out produces the most successful gangsters

[-] 3 points by Middleaged (5140) 1 year ago

OG - Original Gangsters.

[-] -3 points by shadz66 (19985) 1 year ago

"Incomes of bottom 90 percent grew $59 in 40 years - During the same period, average income for the top 10 percent of Americans rose by $116,071", by Natasha Lennard :

Pulitzer Prize-winner David Cay Johnston has highlighted yet more statistics that illuminate the spike in income inequality in the U.S. in recent decades. Flagging Johnston’s analysis, HuffPo noted Monday, “Incomes for the bottom 90 percent of Americans only grew by $59 on average between 1966 and 2011 (when you adjust those incomes for inflation)… During the same period, the average income for the top 10 percent of Americans rose by $116,071.”

Johnston offered a visual analogy for the disparity in a column for Tax Analysts last month :

The vast majority averaged a mere $59 more in 2011 than in 1966. For the top 10 percent, by the same measures, average income rose by $116,071 to $254,864, an increase of 84 percent over 1966.

Plot those numbers on a chart, with one inch for $59, and the top 10 percent’s line would extend more than 163 feet.

Now compare the vast majority’s $59 with the top 1 percent, and that line extends for 884 feet. The top 1 percent of the top 1 percent, whose 2011 average income of $23.7 million was $18.4 million more per taxpayer than in 1966, would require a line nearly five miles long.

~

veritas vos liberabit ...

~

Natasha Lennard is an assistant news editor at Salon, covering non-electoral politics, general news and rabble-rousing. Follow her on Twitter @natashalennard, email nlennard@salon.com. Item copied under ''Fair Use'' from : http://www.informationclearinghouse.info/article34436.htm & thanx for your the words.

[-] 3 points by REX (8) 1 year ago

Good post shadz,

US gov (and some others) are nothing more than criminal organizations.

[-] 1 points by shadz66 (19985) 1 year ago

"Last week, JPMorgan Chase, the nation’s biggest bank, was found to have misled its shareholders and the public about its $6 billion “London Whale” losses in 2012.

"This is the same JPMorgan that’s lead the charge against the Dodd-Frank Act, designed to protect the public from another Wall Street meltdown and taxpayer-funded bailout.

"Lobbyists for the giant banks have been systematically taking the teeth out of Dodd-Frank, leaving nothing but the gums.

"The so-called “Volcker Rule,” intended to prevent the banks from making risky bets with federally-insured commercial deposits – itself a watered-down version of the old Glass-Steagall Act – still hasn’t seen the light of day.

"Last week, Republicans and Democrats on the House Agriculture Committee passed bills to weaken Dodd-Frank – expanding exemptions and allowing banks that do their derivative trading in other countries (i.e., JPMorgan) to avoid the new rules altogether.

"Meanwhile, House Republicans voted to repeal the Dodd-Frank Act in its entirety, as part of their budget plan.

"And still no major Wall Street executives have been held accountable for the wild betting that led to the near meltdown in 2008. Attorney General Eric Holder says the big banks are too big to prosecute."

e tenebris, lux ...

[-] 2 points by inclusionman (7064) 1 year ago

Excellent article!

[-] -1 points by shadz66 (19985) 1 year ago

"The Magic Of The Market Subprime Banking Mess", (Humor - Video) :

Comedians John Bird and John Fortune ('The Long Johns') brilliantly and accurately describing the mindset of the investment banking community in this satirical interview.

verum ex absurdo ...

[-] 2 points by inclusionman (7064) 1 year ago

That was funny. & spot on. Not familiar with those British comedians. Are they big in England.?

[-] -2 points by shadz66 (19985) 1 year ago

Big ... ish but not huge - unlike 'Monty Python', here on 'Merchant Bankers' :

credo quia absurdum est ...

[-] 2 points by inclusionman (7064) 1 year ago

But excellent.

Thx

[-] 1 points by TheRoot (94) from New York, NY 1 year ago

please note, when your efforts at work are deposited into your checking account by your company, your paycheck transfers by law into the property of the bank. with your deposit, your paycheck is legally their asset. you get an IOU from the Bank. As a creditor of the Bank, you'll have to stand in line w/other creditors if and when they fail.

how do you propose to break their strangle hold? keep it simple for me, please.

[-] -1 points by beautifulworld (21296) 1 year ago

Do you know what fractional reserve banking is? Fractional reserve banking is the reason why your money is not in the bank when you go to retrieve it. Break the strangle hold - end fractional reserve banking.

[-] 1 points by TheRoot (94) from New York, NY 1 year ago

yep, i do know what Fractional Reserve Banking is. ending it presupposes a beginning to its end. what would you propose as the beginning to its end.

[-] 2 points by beautifulworld (21296) 1 year ago

Start by requiring banks to retain a greater portion of the funds on deposit as readily available reserves.

[-] 1 points by TheRoot (94) from New York, NY 1 year ago

I want my checking to be 100% on reserve but some of my savings to be lent out. The key though is that it is my money not the Bank's.

[-] 1 points by beautifulworld (21296) 1 year ago

Evidently, sadly, the plague won't be ending anytime soon, not unless the people rise up to defend their rights. Surprise, surprise, "Judge Dismisses Most Claims In Libor Lawsuits, Ruling In Favor Of Big Banks."

http://www.huffingtonpost.com/2013/03/29/libor-lawsuits-claims-dismissed_n_2981513.html

[-] 4 points by jrhirsch (4714) from Sun City, CA 1 year ago

That story deserves it's own post.

One standard of justice for the government, and another one for the people.

[-] 2 points by beautifulworld (21296) 1 year ago

What's more outrageous? That this crap goes on or that the American people are asleep?

[-] 1 points by shadz66 (19985) 1 year ago

For Easter Sunday - "The Two Views of Jesus’s Murder", by the Rev. Howard Bess :

"Christianity has two conflicting views of Jesus’s Crucifixion, that God sacrificed his Son to atone for mankind’s sins, or that Jesus demanded economic and political justice for the poor and was killed by Jerusalem’s power structure. The two interpretations lead in very different directions".

"What's more outrageous" - what you said or that you were targeted for stinkling ?! I get that I'm getting more animated by this than you but as per your simple and true comment, it bugs me that some folk would rather 'Americanians' stayed "asleep" !!

fiat lux ...

[-] -2 points by beautifulworld (21296) 1 year ago

I have never understood the sacrificial death though explained to me many times. That he died for the rights of people. Now that I can understand! Very interesting.

Thanks for the article and the solidarity. Your work here is unmatched, Shadz.

[-] -2 points by shadz66 (19985) 1 year ago

Alas, pedestals are only good for falling off I fear but before I do, I'll thnk u fr yr gracious words and thoughtful comment. In truth, u r unmatched bw and n'er was a moniker more well chosen. Many do good work here and you're no slouch, lol. Together we are stronger :-) Gushing solidarity aside, I am earnestly recommending and appending herewith :

pax, amor et lux ...

[-] -2 points by beautifulworld (21296) 1 year ago

" Most of the world's people are decent, honest and kind. Most of those who dominate us are inveterate bastards."

"So the age-old question comes knocking: why does the decent majority allow itself to be governed by a brutal, antisocial minority?"

"...most of the world's people live with the legacy of slavery. Even in a nominal democracy like the United Kingdom, most people were more or less in bondage until little more than a century ago..."

"Any movement that seeks to challenge the power of the elite needs to ask itself what it takes to shake people out of this state. And the answer seems inescapable – hope."

Thank you for this profound George Monbiot piece. And, thanks for the kind words, :). The past year and a half here has been more than fulfilling.

[-] -2 points by shadz66 (19985) 1 year ago

Seeds have been planted this last 18 months or so that will hopefully germinate, bloom, bear fruit and flourish for many many decades to come. The 99% Struggle is generational and international and I append for you and others, a serious article for these serious times, for later cool consideration :

From which, I briefly excerpt : "Class struggle from above and the outside is waged in boardrooms, stock markets, Central Banks, executive branches of government, parliaments and Congresses. Decision makers are drawn from the ruling class and are ‘in their confidence’. Most strategic decisions are taken by non-elected officials and increasingly located in financial institutions (like the International Monetary Fund, European Central Bank and the European Commission) acting on behalf of creditors, bondholders and big banks.

"Class struggle from above is directed at enhancing the concentration of wealth in the ruling class, increasing regressive taxes on workers and reducing taxes on corporations, selectively enforcing regulations, which facilitate financial speculation and lowering social expenditures for pensions, health and education for workers families. In addition, class struggle from above is directed at maximizing the collective power of capital via restrictive laws on labor organizations, social movements and public workers’ collective bargaining rights.

"The future lies in building bridges within and between the millions of exploited, excluded and dispossessed who have lost everything and have finally recognized that only via the class struggle can they recover their humanity and a dignified standard of living."

per aspera ad astra ...

[-] -1 points by beautifulworld (21296) 1 year ago

"Taking up class struggle from above and the outside as their main strategic weapon, the ruling classes have launched the most comprehensive, intensive assault on the working class in modern history. They have reversed decades of social legislation and wage and employment gains. They have dramatically lowered living standards and established a new framework to perpetuate and deepen the transfer of wealth for decades to come."

Therefore:

"The future lies in building bridges within and between the millions of exploited, excluded and dispossessed who have lost everything and have finally recognized that only via the class struggle can they recover their humanity and a dignified standard of living."

This is a very profound article and thesis. The ones waging class warfare in the 21st century are the wealthy. Will there be a price to pay? Will those suffering economically rise up against the wealthy greedy grubbers or will they shun them and strike out a new path?

[-] -3 points by shadz66 (19985) 1 year ago

That "the ones waging class warfare in the 21st century are the wealthy" is The Core Realisation & in reply to your closing good questions after your excellent excerpts, for now I'll simply append :

"The important points to emphasize are three : [1] There is openness in the public, and especially among a much, much broader group than many think, to discussing these issues - including even the word "socialism;" [2] It is accordingly time to get very serious about some of the challenging substantive and theoretical issues involved; and [3] There are also many on-the-ground experiments, and projects and developments that suggest practical directions that are under way, but also that a new politics (whatever it is called) might begin to build upon them if it got serious."

veritas vos liberabit ...

[-] 0 points by beautifulworld (21296) 1 year ago

That is a brilliant article by Alperovitz. Isn't that just it? We need a new way forward. Having 400 people own as much wealth as the bottom 180 million is not the answer (what we have now). Having the government own everything (pure socialism) is not necessarily the answer. We need a new way and we must be open to new ideas for a new economy that will work with the new global and technological world that we find ourselves in.

[-] -3 points by shadz66 (19985) 1 year ago

"Despite the phony wars between Democrats and Republicans, there is consistency at the top. Ever since the Ronald Reagan presidency Democrats and Republicans have done their best to put and keep the malefactors of great wealth, the 0.1%, on top. Barack Obama has done nothing to alter this awful trend. Like all of his predecessors he would never have become president if he hadn’t sided with the ruling classes.

"That simple fact explains everything the president has done to date and eliminates any pretense of mystery surrounding his actions regarding budget negotiations. His decisions to convene a deficit cutting cat food commission and to propose austerity measures including cuts to Social Security and Medicare are easily understood when the foundations of our system are understood." Excerpted, in reply to your excellent comment, from this essential article :

Yes - "We need a new way and we must be open to new ideas for a new economy that will work with the new global and technological world that we find ourselves in" & it is NOT beyond our wits to do so.

I'll end here by again quoting from the linked article : "Yes, there is a ruling class and they will tell this president what to do before they choose the next one. It is time for everyone to decide where they stand, with the rulers or with the ruled." !!

per aspera ad astra ...

[-] 2 points by beautifulworld (21296) 1 year ago

"The fight against our own demise is not a hopeless one but it does require a level of analysis that is foreign to most people. Our system will always produce political leaders who work against our interests. It should be obvious that supporting the Democratic Party is to act against oneself. When a Democrat gets away with austerity and wars of aggression it is truly time to admit that a new paradigm is needed. The plea to stick with the Democrats should by now be completely discredited." - From the Kimberley article. Pretty much says it all.

[-] -1 points by shadz66 (19985) 1 year ago

"Everything Is Rigged : The Biggest Price-Fixing Scandal Ever", by Matt Taibbi :

"You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

"That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

"Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget."

Finally, the "system will always produce political leaders who work against our interests. It should be obvious that supporting the Democratic Party is to act against oneself. When a Democrat gets away with austerity and wars of aggression it is truly time to admit that a new paradigm is needed" & thanx for your very pertinent excerpt, which bore repeating for obvious reasons.

radix omnia malorum est cupiditas ...

[-] 3 points by gsw (2697) 1 year ago

It's amazing how private banks create money freely, at our expense, making us debt slaves from birth,

http://www.youtube.com/watch?v=XcGh1Dex4Yo&feature=youtube_gdata_player

Most of you have seen this video, "97% OWNED" ...serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central Banks and the Money creation process. When money drives almost all activity on the planet, it's essential that we understand it. Yet simple questions often get overlooked, questions like; where does money come from? Who creates it? Who decides how it gets used? And what does this mean for the millions of ordinary people who suffer when the monetary, and financial system, breaks down? Produced by Queuepolitely and featuring Ben Dyson of Positive Money, Josh Ryan-Collins of The New Economics Foundation, Ann Pettifor, the "HBOS Whistleblower" Paul Moore, Simon Dixon of Bank to the Future and Nick Dearden from the Jubliee Debt Campaign.

[-] 2 points by gsw (2697) 1 year ago

No replies...MSM doesn't want us to worry over anything. It could affect their corporate advertisers/owners bottom line.

Just turn on your own personal religion or boobtube

[-] 1 points by beautifulworld (21296) 1 year ago

It is truly incredible how this is absent from MSM.

"After scandals involving libor and, perhaps, ISDAfix, the question that should have everyone freaked out is this: What other markets out there carry the same potential for manipulation? The answer to that question is far from reassuring, because the potential is almost everywhere. From gold to gas to swaps to interest rates, prices all over the world are dependent upon little private cabals of cigar-chomping insiders we're forced to trust."

We should be worried. We should be worried because the law does not prevent this stuff and the pain and suffering caused to average people is enormous.

Our government fails again to promote the general welfare of the people while it promotes the general welfare of the rich and greedy using complex and esoteric financial methods that the masses simply cannot understand, let alone fight against.

[-] 1 points by Builder (4202) 1 year ago

We were assured that banksters were more than capable of self-regulation. Weren't we? How'd that work out for us all?

[-] 0 points by frovikleka (2563) from Island Heights, NJ 1 year ago

The degree to which corruption has been made legal is fucking crazy

These are the people that should be filling our prisons

At some point, people will wake up to it all

~Odin~

[-] 1 points by frovikleka (2563) from Island Heights, NJ 1 year ago

The courts have turned into a joke. They have become just another branch of the pervasive corrupt neoliberal politics that plagues the whole rotten system

~Odin~

[-] -1 points by shadz66 (19985) 1 year ago

Thank you very much for your excellent but apoplexy inducing link !!! You were on +5 and on 'BCT' but your consistent poke in the eye to TPTB gets you stinkled off I think. Consider it a compliment and ...

'jrhirsch' is right to say as he does & u owe me some ant-acid & some valium due to your link btw {:-p)

ne quid nimis ...

[-] 2 points by beautifulworld (21296) 1 year ago

It is always better to laugh than cry. Thanks. :)

[-] 0 points by shadz66 (19985) 1 year ago

Yep, fun in the face of fatuous finance fuckwittery is fair enuf. Thus, please consider :

Also fyi - you had two comments on this thread on BCT just now (8.30 EST, Easter Sunday '13) but were concertedly stinkled off, lol !!

castigat ridendo mores ...

[-] -1 points by beautifulworld (21296) 1 year ago

LOL! The genius analysis of bankers: "Shall I jump out of the window? Sell, sell, sell!" So funny. "I think we're rich, we're rich, we're rich. Buy, buy, buy." Market "sentiment." Very funny, if only it didn't truly affect so many people.

[-] -1 points by shadz66 (19985) 1 year ago

LOL ! & in a similar vein, 'Monty Python - on 'Merchant Bankers' :

Also "Very funny, if only it didn't truly affect so many people.", sigh.

verum ex absurdo ...

[-] 1 points by beautifulworld (21296) 1 year ago

"I do earn the most startling quantities of cash" said the Merchant Banker. LOL. Leave it to Monty Python to make greed funny.

[-] 0 points by shadz66 (19985) 1 year ago

Instantly 'stinkled' I see ! By who and for what ends ?!! Et cui bono ?!!! The mind boggles, lol ~{:-)

Please accept my twinkle with my thanx & a little more prosaically, for your later consideration :

omnia causa fiunt ...

[-] -1 points by beautifulworld (21296) 1 year ago

I suppose there are some people who take greed very seriously and find it quite unfunny. It is a way of life for some people.

[-] -3 points by shadz66 (19985) 1 year ago

A deep, dark and troubling truth and apparently "its a rich man's world" :

But thoughts of 'camels and eyes of needles' do readily come to mind !!

ne quid nimis ...

[-] 0 points by beautifulworld (21296) 1 year ago

"America's on a fast track to full-blown tyranny. It's a hair's breath away. Preventing it is top priority. It begins with knowledge. It involves knowing what's at stake." Amen.

And, that was a very funny tune. Thanks. :)

[Removed]

[-] -3 points by shadz66 (19985) 1 year ago

Fascism’s principles are wafting in the air today, surreptitiously masquerading as something else, challenging everything we stand for.

caveat ...

[-] -2 points by beautifulworld (21296) 1 year ago

Common threads of fascism, from the Britt article:

  1. Powerful and continuing expressions of nationalism.
  2. Disdain for the importance of human rights.
  3. Identification of enemies/scapegoats as a unifying cause.
  4. The supremacy of the military/avid militarism.
  5. Rampant sexism.
  6. A controlled mass media.
  7. Obsession with national security.
  8. Religion and ruling elite tied together.
  9. Power of corporations protected.
  10. Power of labor suppressed or eliminated.
[-] -3 points by shadz66 (19985) 1 year ago

And so, a final word on the ''Milk Snatcher'' :

"She didn't save Britain or turn the economy round. We need to break with her failed model to escape its baleful consequences."

spero meliora ...

[-] 3 points by beautifulworld (21296) 1 year ago

"Far from saving Britain, Thatcher's government delivered rampant inequality, social breakdown, disastrous financial deregulation, pulverising deindustrialisation and mass unemployment. A North Sea oil bonanza was frittered away on tax cuts for the wealthy and a swollen benefits bill as public services were run down, child poverty escalated and social mobility ground to a halt."

And, today, we're living with the consequences.

[-] -3 points by shadz66 (19985) 1 year ago

Re. Fascism, Americans need to take note just how close they are walking the line that separates them from Full Blown Fascism and deeply question their whole political m.o. For some historical context to the mess we are all in, please also consider :

respice, adspice, prospice ...

[-] 1 points by beautifulworld (21296) 1 year ago

"When Mrs. Thatcher took power, 1 in 7 of the England’s children lived in poverty. By the end of her reforms that number had risen to 1 in 3."

Wow, that's some legacy. Sad.

[+] -4 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

It is a way of life for some people.

I'm pretty sure you meant - Greed = affliction/disease/mental-illness.

[-] -2 points by beautifulworld (21296) 1 year ago

Well said.

[-] -3 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

Thx - now time for an intervention - Hey?

[-] -2 points by beautifulworld (21296) 1 year ago

I'm awaiting the intervention and will join you if one ever forms. Let me know.

[-] -2 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

If it happens ( when it happens ) - I think it will raise a very loud cry of RELIEF - so Loud - that it will be heard around the world.

[-] -1 points by beautifulworld (21296) 1 year ago

The world depends on it, acutally.

[-] -3 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

Yes - the world does depend on it. So it must happen. The sooner the better - for - ALL.


[-] 2 points by beautifulworld (12609) 0 minutes ago

The world depends on it, acutally. ↥twinkle ↧stinkle permalink

[-] -1 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

Not surprised - Not - At - ALL. The common individual/society at large has a long long way to go - to begin to see sanity.

Fundamental change for the better for ALL - will come through the involvement and actions of the people.

PEOPLE - GET IT TOGETHER - NOW

[-] 1 points by beautifulworld (21296) 1 year ago

Where are the people?

[-] 1 points by shadz66 (19985) 1 year ago

And where are the twinkles & how come the stinkles, lol ? Also, more relevantly, please consider :

"David Harvey looks beyond capitalism towards a new social order. Can we find a more responsible, just, and humane economic system ?"

spero meliora ...

[-] -3 points by DKAtoday (26867) from Coon Rapids, MN 1 year ago

Good question - some have risen. Others have yet to awaken.

[-] 1 points by Builder (4202) 1 year ago

Excellent article, Shadz.

I fear that there's been so many under-the-table deals going on, right up to the IRS and the prez himself, that convictions anywhere along the chain will be quashed for fear of exposure of the whole pyramid ponzi scheme.

[-] 3 points by shadz66 (19985) 1 year ago

"Pyramid Ponzi Scheme" just about sums it up and I append the following by way of corroborative evidence :

"The debacle in Cyprus is far from over, but it's already taught us some very important lessons. We've seen, for example, that the world's financial leaders insist on clinging to the principles of austerity economics even after they've failed over and over again. They don't seem very interested in learning from experience. They don't seem to be all that interested in principles of national sovereignty, either. The world's economy isn't run by some secret organization - unless it's very secret - but its financial leaders do form a loosely affiliated elite of banking executives, elected officials, influential advisers, and power brokers. The Cyprus mess has their fingerprints all over it."

quis custodiet ipsos custodes ?

[-] 0 points by GirlFriday (17435) 1 year ago

What is this? A conveniently ignored thread?

[-] 4 points by Renneye (3959) 1 year ago

Thanks GF, I was trying to figure out a way to quickly bump this thread. Now why didn't I think of that.Lol!!

[-] 2 points by shadz66 (19985) 1 year ago

"Confucius said that the beginning of wisdom was learning to call things by their proper names. The time is long past to kid ourselves about the nature of the ruling class in America and start describing it accurately, as an oligarchy." from :

Thanx to you both for inconveniently (for 'Them' ! The Parasitic 0.01% !!) NOT ignoring this thread !!!

ipsa scientia potestas est ...