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Home  Influence Powerholders News - Financial Crisis
News - Financial Crisis
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Greek Mythology: The Real Story of the European Debt Crisis |
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by Walden Bello -- July 20, 2010 -- The Greek crisis essentially stems from the same frenzied drive of finance capital to draw profits from the massive indiscriminate extension of credit that led to the implosion of Wall Street. Like the Third World debt crisis of the early 1980s and the Asian financial crisis of the late 1990s, the so-called sovereign debt problem of countries like Greece, Spain and Portugal is principally a supply-driven crisis, not a demand-driven one. (Full Article) |
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Police, Bankers Exempt From Austerity |
by Linda McQuaig -- June 29, 2010 -- An agenda of austerity and deficit cutting is proposed by the G20. This will mean brutal belt-tightening around the world, even though the deficits are clearly the result of the global recession triggered by the 2008 Wall Street meltdown. This connection is not lost on the G20 protestors, who see great injustice in the world's people being made to tighten their belts because of Wall Street's financial speculation. (Full Article)
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Sticking the Public With the Bill for the Bankers' Crisis |
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by Naomi Klein -- June 28, 2010 -- The G20’s final communiqué smashed social safety nets and burned good jobs in the middle of a recession. Faced with the effects of a crisis created by the world's wealthiest and most privileged strata, they decided to stick the poorest and most vulnerable people in their countries with the bill. It did not include even a measly tax on banks or financial transactions, yet instructs governments to slash their deficits in half by 2013. (Full Article) |
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The Point of Maximum Danger |
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by Mike Whitney -- May 18, 2010 -- The European Central Bank (ECB) have created a nearly-$1 trillion European Stabilization Fund (ESF) to calm markets and ward-off speculators. But the contagion has already spread beyond Greece to Spain, Portugal and Italy where leaders have started to aggressively cut public spending and initiate austerity programs. Belt-tightening in the Eurozone will decrease aggregate demand and threaten the fragile recovery. We are at a critical inflection point. (Full Article) |
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Weekly Audit: How Deregulation Fueled Goldman Sachs' Scam |
by Zach Carter -- April 20, 2010 -- Wall Street has rigged the economy in its own favor, and will stop at nothing—not even outright theft—to boost its profits. What’s worse, Goldman’s scam could have been completely prevented by better regulations and law enforcement. (Full Article)
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CMD Releases Bailout Tally, $4.6 Trillion in Federal Funds Disbursed |
by Mary Bottari -- April 2010 -- The CMD assessment concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial sector since the meltdown in 2007-2008. While the press has focused its attention on the $700 billion TARP bill passed by Congress, the Federal Reserve has provided by far the bulk of the funding for the bailout in the form of loans amounting to $3.8 trillion. (Full Article)
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by Lawrence Lessig -- March 4, 2010 -- Everyone recognizes that our nation is in a financial mess. Too few see that this mess is not simply the ordinary downs of a regular business cycle. The American financial system walked the American economy off a cliff. Large players took catastrophic risk. They were allowed to take this risk because of a series of fundamental regulatory mistakes; they were encouraged to take it by the implicit, sometimes explicit promise, that failure would be bailed out. The gamble was obvious and it worked. The suckers were us. They got the upside. We got the bill. (Full Article)
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Economists: Another Financial Crisis on the Way |
by Matthew Jaffe -- March 3, 2010 -- A new report from a group of leading economists, financiers, and former federal regulators warns that the country is now immersed in a "doomsday cycle" wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management -- and when the risks go wrong, the banks receive taxpayer bailouts from the government. (Full Article)
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The Real Size of the Bailout |
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by Nomi Prins -- Jan., 2010 -- The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. In her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, Nomi Prins uncovers the hush-hush programs and crunches the hidden numbers to calculate the shocking actual size of the bailout: $14.4 trillion and counting. (Full Article) |
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Why Obama's Economic Plan Will Not Work -- And a Better Plan |
by Robert Freeman -- Jan. 17, 2010 -- Obama's economic recovery plan will not work. It does not begin to address the profound structural problems that hobble the U.S. economy and that amount to a slow-motion death sentence for the American middle class. The most effective way to do this is with a Manhattan Project-like program to reconfigure the way the nation uses energy. (Full Article)
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Stock Market , Gold, Commodities and Economic Forecasts for 2010 |
by Martin Weiss -- Dec. 7, 2009 -- Two recent mega-events — the Wall Street collapse in 2008 and the Washington response in 2009 … the debt implosion and then the money printing explosion — are mind-boggling in their dimensions. I have assembled our Weiss Research team of analysts to lay out for you, step-by-step, what those consequences are likely to be in the coming year — 11 startling forecasts for 2010. (Full Article)
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by Paul Krugman -- Nov. 19, 2009 -- Earlier this week, the inspector general for the Troubled Asset Relief Program, a k a, the bank bailout fund, released his report on the 2008 rescue of the American International Group, the insurer. The gist of the report is that government officials made no serious attempt to extract concessions from bankers, even though these bankers received huge benefits from the rescue. (Full Article)
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Be Prepared for the Worst |
by Ron Paul -- Nov. 16, 2009 --Anytime the central bank intervenes to pump trillions of dollars into the financial system, a bubble is created that must eventually deflate. Rather than allow the market to correct itself and clear away the worst excesses of the boom period, the Federal Reserve and the U.S. Treasury colluded to put taxpayers on the hook for trillions of dollars. This is nothing less than the creation of another bubble. (Full Article)
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by Robert Fisk --Oct. 6, 2009 -- In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading. (Full Article)
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For all Obama's Talk of Overhaul, the US has Failed to Wind in Wall Street |
by Joseph Stiglitz -- Sept. 14, 2009 -- We have signed a blank cheque on the public purse. We have not circumscribed their gambling – indeed, they have access to funds from the Fed at close to zero interest rates, and it appears that "trading profits" have (besides "accounting" changes) become the major source of returns. (Full Article)
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Who Really Crashed the Economy? |
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by David Korten -- Sept. 11. 2009 -- ... America’s number one problem is Wall Street—and the overpaid Wall Street casino gamblers who destroyed our economy in a reckless test of the theory that markets can self-regulate and that the unrestrained pursuit of individual greed is beneficial to society. Wall Street’s greatest fear is that the public might demand Congress and the president shut down the casino. (Full Article) |
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Michael Moore's Smash and Grab |
by Mark Weisbrot -- Sept. 10, 2009 -- How is it that Michael Moore's father could buy a house and raise a family on the income of one auto worker, and still have a pension for his retirement? And yet this is not possible in the vastly more productive economy of today? The answer is not complicated: in the first half of the post-War era, employees shared in the gains from productivity growth; since 1973, most of them have hardly done so at all. (Full Article)
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Muhammad Yunus: Financial Meltdown Is Chance to Build More Inclusive System |
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by Ambika Ahuja -- Sept. 3, 2009 -- The global financial crisis has highlighted a curious success story: A bank that doles out loans to some of the world's poorest, least-creditworthy people continues to have a payback rate of nearly 100 percent. (Full Article) |
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Why This Crisis May Be Our Best Chance to Build a New Economy |
by David Korten -- Summer 2009 -- The world of financial stability, environmental sustainability, economic justice, and peace that most psychologically healthy people want is possible if we replace a defective operating system that values only money, seeks to monetize every relationship, and pits each person in a competition with every other for dominance. (Full Article)
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