Today’s top stories EIOPA asks for more independence, ‘enhanced’ mandate EUROPE – Chairman suggests partial financing of independent budget by levying fees on industry. Read more… …
Bail-out Is Out, Bail-in Is In: Time for Some Publicly-Owned Banks
“[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.” —Eric Sprott, Shree Kargutkar, “Caveat Depositor” The crossing of the Rubicon into the confiscation of depositor funds was …
Winner Takes All: The Super-priority Status of Derivatives
Posted on April 9, 2013 by Ellen Brown Cyprus-style confiscation of depositor funds has been called the “new normal.” Bail-in policies are appearing in multiple countries directing failing TBTF banks to convert the funds of “unsecured creditors” into capital; and those creditors, it turns out, include ordinary depositors. Even “secured” creditors, including …
Senate “Whale” Report Reveals JP Morgan as a Lying, Scheming Rogue Trader (Quelle Surprise!)
Senate “Whale” Report Reveals JP Morgan as a Lying, Scheming Rogue Trader (Quelle Surprise!) Posted: 15 Mar 2013 12:16 AM PDT There is so much grist in the just-released Senate Permanent Subcommittee report on the JP Morgan London Whale trades that the initial reports are merely high level summaries, which …
Thirty Years of Financial Inefficiency
Thirty Years of Financial Inefficiency Posted: 27 Feb 2013 02:33 AM PST Arjun Jayadev at Triple Crisis provides a quote from Thomas Phillipon that somehow never sees the light of day in the financial press: …the unit cost of intermediation is higher today than it was a century ago, …
EU gives member states green light to introduce Financial Transaction Tax
EU gives member states green light to introduce Financial Transaction Tax EUROPE – European Union finance ministers have given 11 member states the green light to implement the controversial Financial Transaction Tax (FTT). The news comes a month after a majority of MEPs gave the same member states the go-ahead …
Bypassing Wall Street!
by Dara Albright, Founder of NowStreet Journal Some call it a cultural phenomenon. Others label it a colossal waste of time. No matter the sentiment, all attention was on Facebook’s IPO entrance on Friday. Well, except for NASDAQ, who was too focused on repairing its malfunctioning technology, oh, and the …
The one tax that would rein in Wall Street…
‘Goldman Sachs’ Quiet Meeting in China Ride Big Oil For Huge Gains Now Since Private Briefing launched back in August, our mantra has been consistent and clear: Invest in energy now while prices are still low. We’ve said it time and again. And those who listened are making a killing. …
Bloomberg Doesn’t Like Financial Speculation Taxes and Is Prepared To Make Stuff Up to Make Its Case
Bloomberg Doesn’t Like Financial Speculation Taxes and Is Prepared To Make Stuff Up to Make Its Case Dean Baker Thursday, 29 September 2011 14:36 Bloomberg News Service really doesn’t like financial speculation taxes (FST). In fact it dislikes them so much that it is prepared to make things up to …
Subject ‘Hot Money’ to Controls
By Raul de Sagastizabal* IDN-InDepth NewsViewpoint MONTEVIDEO (IDN) – Hot money is the “purely speculative money,” which enters into an economy or an economic sector in order to earn a short-term and/or huge profit and leave quickly, as long as it finds more profit elsewhere. Hot money …