‘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.
Guest Post: Yet Another Reason To Break Up The Big Banks Strategic defaults increase consumer spending Senator Lincoln Proposed Segregating Derivatives Units of Commercial Banks Doth Magnetar Speak With Forked Tongue?
Download a new publication by the Halifax Initiative : "Fifteen years is enough: What's changed in the international financial system and its institutions, what hasn't and what needs to" with contributions from individuals from •ActionAid International •Centre National de Coopération au Développement – 11.11.11. •Christian [...]
By Lester R. Brown One way to correct market failures is tax shifting—raising taxes on activities that harm the environment so that their prices begin to reflect their true cost and offsetting this with a reduction in income taxes. A complimentary way to achieve this goal is subsidy shifting. Each year the world's taxpayers provide at least [...]
Posted: 10 Apr 2010 12:46 AM PDT By Simon Johnson At the heart of the currently proposed legislation on financial reform (e.g., the Dodd bill and what we are expecting on derivatives from the Senate Agriculture committee), there is a simple premise: Key decisions about exact rules going forward must be made by regulators, not Congress. This [...]
Pop quiz: what do all of these problems have in common? Wildly volatile food and energy prices The failure of AIG, Lehman Brothers and Bear Stearns The collapse of our financial markets The loss of trillions of dollars of wealth by investors Give up? They can all be traced to unregulated, non-transparent "derivatives" markets on Wall [...]
Lowering Income Taxes While Raising Pollution Taxes Reaps Great Returns www.earthpolicy.org/index.php?/book_bytes/2010/pb4ch10_ss2 By Lester R. Brown Earth Policy Release Book Byte April 7, 2010 As economic decisionmakers—whether consumers, corporate planners, government policymakers, or investment bankers—we all depend on the [...]
The Financial Crisis Inquiry Commission hearings are getting deeper into the causes of the crisis yet are not being covered in depth by mainstream media. The Commission's chair is Phil Angelides, former State Treasurer of California (who is featured on our TV series), and is composed of a balanced group of Republicans and Democrats, including [...]
The Most Dangerous Man in America: Jamie Dimon Posted: 03 Apr 2010 04:15 AM PDT By Simon Johnson There are two kinds of bankers to fear. The first is incompetent and runs a big bank. This includes such people as Chuck Prince (formerly of Citigroup) and Ken Lewis (Bank of America). These people run their banks onto the rocks – and end up [...]
Contradicting Secretary Geithner Posted: 02 Apr 2010 03:58 AM PDT By Simon Johnson Speaking Thursday morning on the Today show, Treasury Secretary Tim Geithner insisted on two points: 1. If the bank rescue of 2008-09 had been handled in any other way – for example, being tougher on bankers – the costs to the real economy would have [...]
Robin Hood Tax (RHT) Campaign – post-budget Update Hi One and All Following the ‘Sachs-in-the-City’ update that related the amazing few days of Jeff Sachs’ whirlwind visit when we met with Alastair Darling, George Osbourne and Vince Cable, culminating in the Archbishop of Canterbury coming out in favour of the campaign, this [...]