Jacqui Dunne: Rethinking Money
Opinions abound as to why Switzerland enjoys such apparent economic strength. Many suppose that it's because the country was neutral in the Second World War and didn't have to suffer the economic and social consequences. Or whimsically, that it has something to do with some magical ingredient in their Alpine drinking water.
The truth of the situation is far more compelling. A major contributor to Switzerland's buoyancy is a business-to-business currency and the banking institution behind it. The story of this success has its initiation during the bleak days of the Depression.
Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts
Sunday, December 9, 2012
Wednesday, November 21, 2012
Cities in the Red: Austerity Hits America
Cities in the Red: Austerity Hits America | Dissent Magazine
The European debt crisis, and the ensuing austerity-fueled chaos, can seem to Americans like a distant battle that portends a dark future. Yet a closer look reveals that the future is already here. American austerity has largely taken the form of municipal budget crises precipitated by predatory Wall Street lending practices. The debt financing of U.S. cities and towns, a neoliberal economic model that long precedes the current recession, has inflicted deep and growing suffering on communities across the country.
The European debt crisis, and the ensuing austerity-fueled chaos, can seem to Americans like a distant battle that portends a dark future. Yet a closer look reveals that the future is already here. American austerity has largely taken the form of municipal budget crises precipitated by predatory Wall Street lending practices. The debt financing of U.S. cities and towns, a neoliberal economic model that long precedes the current recession, has inflicted deep and growing suffering on communities across the country.
Sunday, August 26, 2012
Why Another Banking Crisis Is Coming Our Way
Uncle Sam Needs YOU for a Bailout: 6 Reasons Another Big Banking Crisis Is Coming Our Way | Alternet
Time is running out for prosecutors to file cases against big banks for activities that triggered the 2007-2009 financial crisis, since statutes of limitations set deadlines for launching prosecutions for fraud and other financial crimes. If prosecutors don’t start lawsuits before these deadlines expire, the big banks will, once again, have got off scot-free.
Failure to pursue banks, culpable management and employees for their complicity in causing the financial crisis is one of six bad policies that ensure we’re likely to see another bust-up of a big U.S. bank -- sooner rather than later.
Time is running out for prosecutors to file cases against big banks for activities that triggered the 2007-2009 financial crisis, since statutes of limitations set deadlines for launching prosecutions for fraud and other financial crimes. If prosecutors don’t start lawsuits before these deadlines expire, the big banks will, once again, have got off scot-free.
Failure to pursue banks, culpable management and employees for their complicity in causing the financial crisis is one of six bad policies that ensure we’re likely to see another bust-up of a big U.S. bank -- sooner rather than later.
Monday, August 13, 2012
Thursday, August 9, 2012
Wednesday, August 1, 2012
$21 Trillion Hiding In Tax Shelters
6 Things You Should Know About the $21 Trillion the World's Richest People Are Hiding In Tax Shelters | Alternet
While governments slash spending and lay off workers, citing a need for “austerity” because of the slow economy, the ultra-rich—fewer than 10 million people—have stashed an amount equal to the US and Japanese economies combined away from the tax man. This is according to a new report by the Tax Justice Network , and their findings are shocking. The lost tax revenue from offshore tax shelters, they note, “is large enough to make a significant difference to all of our conventional measures of inequality. Since most of the missing financial wealth belongs to a tiny elite, the impact is staggering.”
While governments slash spending and lay off workers, citing a need for “austerity” because of the slow economy, the ultra-rich—fewer than 10 million people—have stashed an amount equal to the US and Japanese economies combined away from the tax man. This is according to a new report by the Tax Justice Network , and their findings are shocking. The lost tax revenue from offshore tax shelters, they note, “is large enough to make a significant difference to all of our conventional measures of inequality. Since most of the missing financial wealth belongs to a tiny elite, the impact is staggering.”
Sunday, July 29, 2012
Tuesday, July 24, 2012
Friday, July 20, 2012
Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed
The Whistleblower's Tale: Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed | | AlterNet
Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn't a hope of paying back. The New York Times' Gretchen Morgenson called Countrywide, “Exhibit A for the lax and, until recently, highly lucrative lending that has turned a once-hot business ice cold and has touched off a housing crisis of historic proportions.”
Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn't a hope of paying back. The New York Times' Gretchen Morgenson called Countrywide, “Exhibit A for the lax and, until recently, highly lucrative lending that has turned a once-hot business ice cold and has touched off a housing crisis of historic proportions.”
Monday, July 16, 2012
Tuesday, July 3, 2012
Rick Jacobs: How the Big Banks Lost and Homeowners Won in California
Rick Jacobs: How the Big Banks Lost and Homeowners Won in California
On July 2, the California Legislature passed a package of laws known as the Homeowner Bill of Rights (HBOR) which began to put homeowners on a more level playing field with banks. The legislation, once signed by Governor Jerry Brown, could positively impact over 700,000 homeowners who are in the "foreclosure" pipeline. It's a BFD for California, but it may well be a BFD for the rest of the country.
On July 2, the California Legislature passed a package of laws known as the Homeowner Bill of Rights (HBOR) which began to put homeowners on a more level playing field with banks. The legislation, once signed by Governor Jerry Brown, could positively impact over 700,000 homeowners who are in the "foreclosure" pipeline. It's a BFD for California, but it may well be a BFD for the rest of the country.
Monday, June 18, 2012
Thursday, June 14, 2012
Back Bernie's Budget—Yes To Jobs, No To Austerity | OurFuture.org
Back Bernie's Budget—Yes To Jobs, No To Austerity | OurFuture.org
... another article on how it could be done differently.
... another article on how it could be done differently.
Wednesday, June 13, 2012
Tuesday, June 12, 2012
Wednesday, June 6, 2012
Greece and the Euro: Fifty Ways to Leave Your Lover
Greece and the Euro: Fifty Ways to Leave Your Lover
For the Greeks, the euro love affair is over, but breaking up is hard to do. Defaulting on their debts will force them out of the euro zone and back to issuing drachmas, which could get brutally devalued by speculators as soon as they are traded on foreign exchange markets.
Fortunately, there are alternatives to an ugly divorce. The treaties binding the 17 member nations are just a set of rules, entered into by mutual agreement, and rules can be bent, broken or stretched, especially in crises. The European Central Bank (ECB) has already broken a litany of rules to save the banks, and so has the Federal Reserve, which found multiple ways to do what it initially said it couldn't do to save Wall Street in 2008. Rules that can be bent for banks can be bent for the people - not just the Greeks, but the Irish, Italians, Spaniards, Portuguese and others lined up behind them.
For the Greeks, the euro love affair is over, but breaking up is hard to do. Defaulting on their debts will force them out of the euro zone and back to issuing drachmas, which could get brutally devalued by speculators as soon as they are traded on foreign exchange markets.
Fortunately, there are alternatives to an ugly divorce. The treaties binding the 17 member nations are just a set of rules, entered into by mutual agreement, and rules can be bent, broken or stretched, especially in crises. The European Central Bank (ECB) has already broken a litany of rules to save the banks, and so has the Federal Reserve, which found multiple ways to do what it initially said it couldn't do to save Wall Street in 2008. Rules that can be bent for banks can be bent for the people - not just the Greeks, but the Irish, Italians, Spaniards, Portuguese and others lined up behind them.
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