Posts Tagged ‘Finance’

PN

RT
Mar 17, 2014

While the Crimean referendum tops world media headlines, an attempt at secession is going on in Veneto, Italy, with its major city Venice. But as it is being virtually ignored by media, people in Europe are hardly aware of what’s happening next door. READ MORE: http://on.rt.com/7f5f3n

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[related: Venice votes in referendum on splitting from Rome]

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http://www.globalresearch.ca/who-owns-the-federal-reserve/10489

“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.”

– The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an $85 billion loan to American International Group (AIG) for a nearly 80% stake in the mega-insurer. The Associated Press called it a “government takeover,” but this was no ordinary nationalization. Unlike the U.S. Treasury, which took over Fannie Mae and Freddie Mac the week before, the Fed is not a government-owned agency. Also unprecedented was the way the deal was funded. The Associated Press reported:

“The Treasury Department, for the first time in its history, said it would begin selling bonds for the Federal Reserve in an effort to help the central bank deal with its unprecedented borrowing needs.”2

This is extraordinary. Why is the Treasury issuing U.S. government bonds (or debt) to fund the Fed, which is itself supposedly “the lender of last resort” created to fund the banks and the federal government? Yahoo Finance reported on September 17:

“The Treasury is setting up a temporary financing program at the Fed’s request. The program will auction Treasury bills to raise cash for the Fed’s use. The initiative aims to help the Fed manage its balance sheet following its efforts to enhance its liquidity facilities over the previous few quarters.”

Read the full report via globalresearch.ca

Occupied Palestine | فلسطين

IMF expects growth in Palestinian economy to slow this year to about 4.25 percent, with little progress expected in cutting unemployment.

Middle East Online | July 3, 2013

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Victims of Israel’s restrictions

WASHINGTON – The International Monetary Fund said Wednesday that Israel’s tight restrictions hinder the growth of the Palestinian private sector, holding back the Palestinian economy.

In a report following a mission to the West Bank and Gaza, the IMF said it expected growth in the Palestinian economy to slow this year to about 4.25 percent, with little progress expected in cutting unemployment from the current 24 percent.

The report said the Palestinians need to build the private sector in an economy dominated by spending by the authorities, mainly the Palestinian Authority, heavily dependent on foreign aid to surmount a chronic deficit.

“Persistent Israeli controls and obstacles on internal movement, exports, and imports in the West Bank, as well…

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CounterPsyOps

Unemployment in Spain already stands at 26%. Crowds scavenge the streets at night for food. And life is about to get tougher still

20130102-185104.jpg
A family prepares to sleep on the street in Madrid. Oxfam says that by 2022, 38% of the Spanish population could be in poverty. Photograph: Susana Vera/Reuters

By Giles Tremlett, The Guardian

Forget, for a moment, the Greek tragedy. The tale of social woe set to play out in Spain this year is both bigger and more important to the world. For the drama of rescuing the euro, or letting it sink, will be played out on Spanish soil.

That is not to say Spaniards will have it worse than Greeks, though Eurostat figures show only Bulgaria and Romania now have a higher percentage of people deemed at risk of poverty. Spain’s economy will shrink, once more, by 1.5% – a dramatic enough figure, though one most…

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SUPPRESSED INFORMATION

A commentary by Suppressed Information:

I have often wondered how things would change if everyone in the world cut up their credit cards and stopped making payments to them, if we drew our money out of the banks and closed our accounts, if we began using cash only purchases again. What do you think would take place?

More likely than not we would probably see the largest civil war in history, not just in the United States, but all over the world. The people who control this country by ways of the UNITED STATES FEDERAL RESERVE also control the rest of the worlds reserve banking systems. In fact these people are the same people who finance wars; both sides. Yes that’s right, they profit off wars.

These people also control the four companies which control the other nearly 150 companies in the world which own everything. I know that this…

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Truth11

Tony Cartalucci

Prisonplanet.com
November 11, 2012

The US-engineered “Arab Spring” brought us the “April 6 Youth Movement” in Egypt, run by Wall Street-backed Mohammed ElBaradei in coordination with the Muslim Brotherhood, the “February 17 Revolution,” consisting of Al Qaeda terrorists of the Libyan Islamic Fighting Group in Libya, and now Argentina has the “8N,” or “November 8″ movement working in coordination with foreign-owned Argentinian media group, “Clarín.” Clarin has been enthusiastically supporting the protesters and laying the rhetorical groundwork justifying their street presence.

The Guardian reported in their article, “Argentina protests: up to half a million rally against Fernández de Kirchner,” that (emphasis added):

Word of the demonstration spread through social networks. Many organisers remain anonymous, but Mariana Torres, administrator of the Facebook page El Anti-K, one of the most active in calling for the rally, said she was delighted: “It was a true feast…

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Dandelion Salad

by Ellen Brown
Featured Writer
Dandelion Salad
webofdebt.com
Nov. 8, 2012

In the 2012 edition of Occupy Money released last week, Professor Margrit Kennedy writes that a stunning 35% to 40% of everything we buy goes to interest. This interest goes to bankers, financiers, and bondholders, who take a 35% to 40% cut of our GDP. That helps explain how wealth is systematically transferred from Main Street to Wall Street. The rich get progressively richer at the expense of the poor, not just because of “Wall Street greed” but because of the inexorable mathematics of our private banking system.

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Greece Grinds to Halt Amid Mass Austerity Strike

RT.com
November 6, 2012

Protesters from the communist-affiliated trade union PAME march outside the parliament during a rally in central Athens November 6, 2012. (Reuters/Costas Baltas)

A far-reaching national strike against new austerity measures has left Greece paralyzed. Thousands are marching in the streets of Athens in protest against measures that unions say will sink the country’s already-flagging economy.

 

The 48-hour strikes have brought most of the country to a standstill, shutting down public transport, schools and air traffic control. Hospitals are also working with skeleton crews. Broadcasts and publications were halted until further notice as journalists joined the nationwide strike.

“About 10,000 people on Syntagma square right now. More arriving. All peaceful,” RT correspondent Peter Oliver wrote on Twitter.

Police cordoned off areas around government buildings in Athens in preparation for possible violence. Extra officers were also called for crowd control during the demonstrations.

The protests are expected to continue throughout the week, culminating on Wednesday to coincide with a parliamentary vote on the new austerity measures.

The new round of budget cuts the Greek parliament will vote on Wednesday has enraged a population already exhausted by economic belt-tightening. Athens is currently debating measures that aim to allay bankruptcy through some $17 billion in cuts by 2016.

Demonstrators shout slogans during a protest against new government austerity bill aimed at securing international aid needed to prevent the debt-crippled nation from defaulting, in Thessaloniki on November 6, 2012. (AFP Photo/Sakis Mitrolidis)
Demonstrators shout slogans during a protest against new government austerity bill aimed at securing international aid needed to prevent the debt-crippled nation from defaulting, in Thessaloniki on November 6, 2012. (AFP Photo/Sakis Mitrolidis)

 

The Greek government remains divided over the issue, with the Democratic Left Party that comprises one-third of the governing coalition refusing to back the measures. The second-largest member of the union government, Pasok, has also seen dissension in its ranks, with several MPs refusing to back the package.

The measures stipulate a two-year increase in the Greek retirement age to 67, and several tax hikes. The new package also includes provisions making it easier to fire civil servants, which has provoked the ire of public workers amid a current unemployment rate of over 25 percent.

The austerity package is required for Greece to qualify for a bailout loan from the ‘Troika’ – the European Commission, the European Central Bank and the International Monetary Fund.

Previous austerity measures slowed Greece’s economy, shrinking its economy by one-fifth since the financial downturn began in 2007. The outlook for 2013 is bleaker still, with the country’s debt at 189 percent of GDP and further austerity looking increasingly likely.

The Greek capital has seen numerous protests over the past months, with Athenians rallying against austerity they criticize as bringing the country perilously close to collapse.

Anti-austerity demonstrations in Greece have frequently turned violent, leading to clashes between police and disgruntled youths.

Protesters from the communist-affiliated trade union PAME march outside the parliament during a rally in central Athens November 6, 2012. (Reuters/John Kolesidis)
Protesters from the communist-affiliated trade union PAME march outside the parliament during a rally in central Athens November 6, 2012. (Reuters/John Kolesidis)

 

Protesters march in front of the Greek parliament in central Athens during a rally marking the 48-hours general strike on November 6, 2012. (AFP Photo/Aris Messinis)
Protesters march in front of the Greek parliament in central Athens during a rally marking the 48-hours general strike on November 6, 2012. (AFP Photo/Aris Messinis)

 

AFP Photo/Aris Messinis
AFP Photo/Aris Messinis

 

Image from Twitter/@AZakharyan_RT
Image from Twitter/@AZakharyan_RT

 

AFP Photo/Louisa Gouliamaki
AFP Photo/Louisa Gouliamaki

This article first appeared on RT.com.

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PN

By Alex Thomas
theintelhub.com
November 5, 2012

The credibility of the Red Cross has come under fire once again after Staten Island Borough President James Molinaro slammed the organization during a now viral press conference.

Molinaro brought up some significant points including the fact that the people in charge of the Red Cross actually make hundreds of thousands of dollars per year while never stepping foot on the front lines of a disaster.

“All these people making these big salaries should be out there on the front line, and I am disappointed.

And my advice to the people of Staten Island is: Do not donate to the American Red Cross. Let them get their money elsewhere.”

Although the borough president later claimed that the Red Cross had come through with the needed supplies, his initial comments were important as they have now reminded the populace of past corruption and shady…

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The Extinction Protocol

November 7, 2012GREECEGreece’s coalition government hopes to overcome its own divisions and defy protesters’ fury at parliament’s gates on Wednesday to push through an austerity package needed to secure an injection of aid and avert bankruptcy. Prime Minister Antonis Samaras is expected to narrowly win support for the cocktail of budget cuts, tax hikes and labor reforms. The smallest party in his conservative-liberal coalition will oppose the measures, leaving him with a margin of just a handful of votes. Tens of thousands of union workers plan to descend on the assembly in a second day of a nationwide strike that has brought most public transport to a halt and shut schools, banks and government offices. Backed by the leftist opposition, unions say the measures will hit the poor and spare the wealthy, while also deepening a five year recession that has wiped out a fifth of…

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The Extinction Protocol

September 27, 2012 GREECE Police fired stun grenades and tear gas at protesters yesterday as tens of thousands poured into the streets of Athens as part of a nationwide strike to challenge a new round of austerity measures that are expected to cut wages, pensions and healthcare once again. Dozens of youths, some masking their faces with helmets and T-shirts, hurled Molotov cocktails and rocks at police who fired back in an effort to scatter the angry crowds around the parliament building. More than 50,000 people are believed to have participated in the mass walk-out in Athens alone. Hospital doctors, pensioners, teachers and shopkeepers were among the demonstrators that participated in over 60 rallies throughout the debt-ridden country. Even the president of Greece’s police officers participated in the trade union march in Athens alongside uniformed colleagues from the fire department and coastguard. “We don’t owe money to anyone…

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Dandelion Salad

by Michael Hudson
Featured Writer
Dandelion Salad
http://michael-hudson.com
September 23, 2012

Here is the recording of the presentation I gave at the Modern Money and Public Purpose seminar recently. My delivery begins at the 43 minute mark. I highly recommend Randy’s presentation beforehand.

Sep 22, 2012 by ModMonPubPurpose

Moderator: William V. Harris, William R. Shepherd Professor of History and Director, Center for the Ancient Mediterranean, Columbia University

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The Extinction Protocol

September 4, 2012SPAINAfter working six years as a senior executive for a multinational payroll-processing company in Barcelona, Spain, Mr. Vildosola is cutting his professional and financial ties with his troubled homeland. He has moved his family to a village near Cambridge, England, where he will take the reins at a small software company, and he has transferred his savings from Spanish banks to British banks. “The macro situation in Spain is getting worse and worse,” Mr. Vildosola, 38, said last week just hours before boarding a plane to London with his wife and two small children. “There is just too much risk. Spain is going to be next after Greece, and I just don’t want to end up holding devalued pesetas.” Mr. Vildosola is among many who worry that Spain’s economic tailspin could eventually force the country’s withdrawal from the euro and a return to its…

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Dandelion Salad

by Michael Hudson
Featured Writer
Dandelion Salad
http://michael-hudson.com
August 31, 2012

Why Bondholders Can’t – and Shouldn’t – be Paid

The pace of Wall Street’s war against the 99% is quickening in preparation for the kill. Having demonized public employees for being scheduled to receive pensions on their lifetime employment service, bondholders are insisting on getting the money instead. It is the same austerity philosophy that has been forced on Greece and Spain – and the same that is prompting President Obama and Mitt Romney to urge scaling back Social Security and Medicare.

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Gs blog golb sG

When you take a look around the world, it becomes clear that our way of living is unsustainable. Some people will argue that over-population is to blame, but I beg to differ. I think that even though population may be a small factor in sustainability, the real problem is the entire paradigm of our current corporate driven, consumption based system, with a monetary system based on usury, and also institutional religions which manipulate mans irrational sign by using fear and shame to create a bunch of robotic believers who don’t hesitate to put money in the basket at mass. How much of that money actually helps the poor? God knows- pun intended.

You see, all corporations are under pressure to keep growing so that their investors are pleased with their investments and don’t end up selling. So corporations put the greater good for humanity and the well-being of the planet…

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The Extinction Protocol

August 14, 2012 GREECEA senior member of Chancellor Angela Merkel’s party issued a stark warning to Greece on Monday, saying Germany would not hesitate to veto further aid to the country if there were any signs it was not meeting the conditions of its bailout. The comments, by the deputy parliamentary leader of Merkel’s Christian Democrats (CDU) Michael Fuchs, are a sign that frustration with Greece among ruling party lawmakers is nearing the breaking point. The ‘troika’ of the European Commission, the European Central Bank and the International Monetary Fund is due to decide on the disbursement of the next tranche of money from Greece’s 130 billion euro bailout package in September. “Even if the glass is half full, that won’t be sufficient for a new aid package. Germany cannot and will not agree to that,” Michael Fuchs told German newspaper Handelsblatt. “We long ago reached the…

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