‘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
IMF-Style Austerity Measures Come to America: What “Fiscal Responsibility” Means To You
Ellen Brown, March 1st, 2010 http://www.webofdebt.com/articles/fiscal_responsibility.php In addition to mandatory private health insurance premiums, we may soon be hit with a “mandatory savings” tax and other belt-tightening measures urged by the President’s new budget task force. These radical austerity measures are not only unnecessary [...]
Make Markets Be Markets, Why a Consumer Protection Agency Is Necessary
The best advice on Reforming Finance yet from inside The Economics Box. - Hazel Henderson, Editor Make Markets Be Markets Posted: 03 Mar 2010 07:30 AM PST I somehow got myself invited to this conference called Make Markets Be Markets. Its a stellar line up of speakers: Elizabeth Warren, Simon Johnson, Frank Partnoy, George Soros, [...]
The Two Economies
By Michael Hudson Mr. Obama’s most dangerous belief is the myth that the economy needs the financial sector to lead its recovery by providing credit. Every economy needs a means of payment, which is why Wall Street has been able to threaten to wreck the economy if the government does not give in to its demands. But the monetary function [...]
The Value of the “Too Big to Fail” Big Bank Subsidy
One outcome of the TARP and other bank rescue efforts following the collapse of Lehman Brothers in September of 2008 is that the United States has essentially formalized a commitment to a “too big to fail” (TBTF) policy for major banks. This paper uses data from the Federal Deposit Insurance Corporation (FDIC) on the relative cost of funds [...]
Volcker Rule Being Deep Sixed
As readers may recall, we had argued over a series of posts that the proposed Volcker rule, to bar proprietary trading at commercial banks, did not go far enough in reducing systemic risk. While the concept was so sketchy that it was difficult to be certain what it meant, it appeared to have two serious flaws. First, it defined proprietary trading [...]
Greenspan wins Dynamite Prize in Economics
New Prize in Economics to Greenspan, Summers for Dynamiting the Global Economy! Sent by our good friend Patrick Bond. - Editor For Immediate Release 22 February 2010 *Alan Greenspan *has been judged the economist most responsible for causing the Global Financial Crisis. He and 2^nd and 3rd place finishers *Milton Friedman *and *Larry [...]
A GROWING NUMBER OF CANDIDATES CAMPAIGN FOR STATE-OWNED BANKS
Ellen Brown February 17, 2010 www.webofdebt.com/articles While bank bailouts fatten Wall Street, states continue to battle the credit crisis. In the search for innovative solutions, some political candidates are proposing that states generate their own credit by setting up their own banks. (more…)
The Baseline Scenario: Fear Mongering, Wall Street Style
What happened to the global economy and what we can do about it By James Kwak Jason Paez points out this Reuters story on the claim that new banking regulations will require an additional $221 billion of capital in the industry as a whole. I would take this a little more seriously if the source for the estimate were someone other than JPMorgan [...]
Naked Capitalism: Your Humble Blogger is on FoxBusiness
At last, we see Yves Smith in this interview on TV! Watch for her new book coming soon and my review. - Ed. You can view the clip here. Enjoy!
ITUC OnLine – 2nd World Day of Social Justice
Brussels, 19 February 2010: (ITUC OnLine): In marking the 2nd World Day of Social Justice (on 20 February), the ITUC is calling for an end to the prevailing neo-liberal model of economic globalization, which has brought about the worst economic downturn since the great depression. It has denied social justice to millions of men and women hit by [...]
More invaluable advice from Robert A. G. Monks, analyzing the new breed of dysfunctional “drone corporations.” He calls out the most influential trustees of pension funds, endowments, and foundations by name to take responsibility. A must read by asset managers and trustees worldwide.