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 …
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 …
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 …
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 …
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 …
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.
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 …
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 …
Baseline Scenario
Senior Goldman Adviser Criticizes Greece – Without Disclosing His Goldman Affiliation Posted: 15 Feb 2010 10:26 AM PST By Simon Johnson Otmar Issing, a former senior European Central Bank official, came out strongly today against any kind of rescue package for Greece (FT op ed; Bloomberg report). Read more… The …
Time to Tax Financial Speculation
For those of us who want the financial industry to serve people and the planet rather than dominate them, this is the most exciting reform under serious consideration on the world stage. by Sarah Anderson posted Feb 09, 2010 In London, activists projected a 10-meter-high image on the side of …