‘Reforming Global Finance’
News, opinion, proposals for reforming finance at global and national levels. Tracks new laws to curb speculative finance, transaction taxes and how financiers caused the collapse of 2008-9. News on monetary-systems reform of the Federal Reserve, IMF, World Bank, BIS and central banks.
Relates to: SRI, Transforming Finance, Beyond GDP, Community Development Solutions, Reports You Need, EthicalMarkets.tv
Joint Declaration Concerning the G20 Summit in Seoul
The economic crisis that struck the world in 2007-2009 is evidence of the failure of neoliberal financial globalisation, which has dominated the world for the last several decades, propelling financialisation, labour flexibalisation, market liberalisation, free trade, and privatisation. Large-scale financial capital has using speculation and [...]
‘Robin Hood’ Tax on Bankers Could Raise as Much as UK Aid Budget
New research published today by the Institute of Development Studies (IDS) finds that a worldwide financial transaction tax (FTT) on foreign exchange transactions could raise US$26 billion (£17.6 billion). In the UK alone it could raise US$11 billion (£7.7 billion), roughly the same as the entire UK aid budget. But the evidence does not [...]
G-210 Needs to Move on Phasing out Subsidies on Fossil Fuels
Dear all, In less than 2 weeks’ time, the next G-20 Leaders’ Summit will kick-off in Seoul, 11-12 November. The summit provides an opportunity for G-20 members to continue progress towards their commitment to phase out and rationalize subsidies for fossil fuels, first announced in Pittsburgh, September 2009. Reform of fossil-fuel [...]
Foreign Money, National Security, And The Midterm Elections
Foreign Money, National Security, And The Midterm Elections By Simon Johnson Campaign contributions by non-citizens are a huge issue lurking behind the midterm elections; they will be even more important in 2012. Think about the economic dynamics: Americans have a long-standing and well-founded aversion to foreign involvement in their [...]
Stiglitz Joins Galbraith in Calling for Criminal Prosecution of Bankers
November 6, 2010 In July, James Galbraith called for the criminal prosecution of the bankers, presumably thousands, whose frauds brought about the Global Financial Collapse. He said: What to do? To restore the rule of law means first a rigorous audit of the banks and of the Federal Reserve. This means investigations—Representative Marcy [...]
REAL ECONOMIES AND THE ILLUSIONS OF ABSTRACTION
World Affairs: The Journal of International Issues, Vol. 15 No. 1 Winter Hazel Henderson © 2010 The yawning gap between the real world and the discipline and profession of economics has never been wider. The ever-increasing abstractions in finance and its models based on "efficient markets" and "rational actors": capital asset pricing, [...]
Nagoya Conference: Valuing Natural Capital is a Central Challenge
PRESS RELEASE London and Brussels, 20 October 2010 Valuing Natural Capital is a Central Challenge for the Nagoya Conference, Major Report Says It is essential to value “natural capital” if we are to avert a crisis in biodiversity, warns Patrick ten Brink of the Institute for European Environmental Policy (IEEP) , co-author of the TEEB [...]
China’s Creative Accounting: How It Buried Its Debt and Forged Ahead with Stimulus
Ellen Brown October 28, 2010 www.webofdebt.com/articles China may be as heavily in debt as we are. It just has a different way of keeping its books -- which makes a high-profile political ad sponsored by Citizens Against Government Waste, a fiscally conservative think tank, particularly ironic. Set in a lecture hall in China in 2030, the [...]
Naked Capitalism: More Useful Info on Foreclosure Fraud from Yves Smith
More on Why the PIMCO, BlackRock, Freddie, NY Fed Letter to Countrywide on Putbacks Is Way Overhyped Most readers were not happy when I didn’t buy into the mainstream presentation of a the widespread news reports that a letter sent on behalf of a group of investors constituting approximately $16.5 billion (per the Wall Street Journal) of $47 [...]
Naked Capitalism: SIGTARP – HAMP Servicing Abuses Led to Unwarranted Foreclosures
SIGTARP: HAMP Servicing Abuses Led to Unwarranted Foreclosures The latest SIGTARP (Special Inspector General of the Troubled Asset Relief Program) report is, if such a thing is possible, even more damning than its previous quarterly reports. It slams the Treasury for abject failure to meet the program’s own objectives, its lack of proper [...]
