Economic Articles from 2015

World Bank Whistleblower Reveals How The Global Elite Rules The World

World Bank Whistleblower Reveals How The Global Elite Rules The World
By Michael Snyder
Posted February 7, 2015

Karen Hudes - whistleblowerKaren Hudes is a graduate of Yale Law School and she worked in the legal department of the World Bank for more than 20 years. In fact, when she was fired for blowing the whistle on corruption inside the World Bank, she held the position of Senior Counsel. She was in a unique position to see exactly how the global elite rules the world, and the information that she is now revealing to the public is absolutely stunning. According to Hudes, the elite uses a very tight core of financial institutions and mega-corporations to dominate the planet.

The goal is control. They want all of us enslaved to debt, they want all of our governments enslaved to debt, and they want all of our politicians addicted to the huge financial contributions that they funnel into their campaigns. Since the elite also own all of the big media companies, the mainstream media never lets us in on the secret that there is something fundamentally wrong with the way that our system works.

Remember, this is not some “conspiracy theorist” that is saying these things. This is a Yale-educated attorney that worked inside the World Bank for more than two decades. More…

The Face of the Oligarch Recovery – Luxury Skyscrapers Stay Empty as NYC Homeless Population Hits Record High

The Face of the Oligarch Recovery – Luxury Skyscrapers Stay Empty as NYC Homeless Population Hits Record High
by Michael Krieger
Posted February 6, 2015

most people are one paychack away from thisNowhere is the fraudulent and criminal “oligarch recovery” more on display than in my hometown of New York City. Despite benefitting more than any other community from an enormous taxpayer bailout of the industry that destroyed the economy, financial services, the vast majority of the wealth has been allocated to a handful of oligarchs.

To make matters even worse, American public policy, if you can even call it that, has been to encourage overseas oligarchs to park billions of dollars in U.S. real estate that largely sits uninhabited. Manhattan is a perfect example of this unproductive behavior and misallocation of capital. The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year. More…

Rigging the Rules: The Next Corporate Sting

Rigging the Rules: The Next Corporate Sting
by Robert Borosage
Posted February 3, 2015

Corporate Statets Of AmericaGlobal corporations have managed to create a perverse tax dodge in the U.S. tax code. Any profits they make or report abroad can be squirreled away – deferred – tax-free until they are “repatriated” – brought back for use in the U.S. Large global corporations find creative ways to report billions of profits in tax havens like the Cayman Islands. Then they lobby fiercely for a one-time tax “holiday” to bring the money back home, promising it will produce jobs and investment.

The last time they pulled this scam, they got a huge tax break and the money was largely used for mergers and stock buybacks, hiking the bonuses of the executive suite and doing virtually nothing for jobs. Worse, more corporations decided they could benefit from the scam, and started reporting more of their profits abroad. Only small business and patriotic corporations face the nominal corporate tax rate of 35 percent. Now some $2 trillion dollars resides sheltered from US taxes, and the lobbying for another holiday has grown fierce. More…

Naomi Prins: The Sinister Evolution Of Our Modern Banking System

Naomi Prins: The Sinister Evolution Of Our Modern Banking System
By Adam Taggart
Posted February 2, 2015

Naomi PrinsIt began with the period before the 1970s when different people were rising to leadership in banks, and worsened in the 80s when we started seeing people who had more sociopathic tendencies or less ability to appreciate the idea of the public’s economic stability being beneficial to growing their institutions. They no longer viewed it as necessary.

And with the advent of the larger futures market, the options market, the derivatives market, and all the off-shore elements of banking that were able to be developed, so much capital was now available and off of the books that the idea of maintaining some sort of a connection to stability policy — or even to whatever the Presidency might want — dissolved. At the same time, all the Presidents that were involved in running the country around that time didn’t ask or require accountability towards financial stability from them. More…

Acceleration Of Events With Rising Chaos – US Dollar Death Foretold

Acceleration Of Events With Rising Chaos – US Dollar Death Foretold
by Jim Willie CB
Posted February 1, 2015

death of the dollarIn the closing months of 2014, on numerous occasions the position was put forth that as the days of January stacked up, toward the end of the month and going into February, that the global financial structures would show severe strain, widespread disruptions, and possible signs of cracks in breakdown. The forecasts were clearly stated and repeated. Even the present flow of events has been shocking, despite the expectation. The forecast certainly has proved correct. The disruptive events and pace of systemic breakdown are surely going to continue.

The year will go down in history as extremely messy, extremely chaotic, and extremely important in the demise of the USDollar. Check the 7-year cycle for an amazing sequence that goes back to the 1973 Arab Oil Embargo, the 1980 Gold & Silver Hunt Brothers peak, the 1987 Black Monday, the 1994 Irrational Exuberance with ensuing Asian Meltdown, the 2001 Inside 9/11 Job, and the 2008 Lehman failure. The year 2015 will be known for the USDollar demise with full fireworks, set up with Ukraine and the European repeat of Waterloo. A quickening pace of events is highly indicative in two natural types in nature, namely the lead up to a natural earthquake, and the lead up to a human childbirth. More…

Teachers’ Retirement Funds are Piling into Manhattan Real Estate at Record High Prices

Teachers’ Retirement Funds are Piling into Manhattan Real Estate at Record High Prices
by Michael Krieger
Posted January 30, 2015

Pension funds setup as suckersRather than buying equity interests in buildings, TIAA-CREF and KTCU are seeking to invest in mortgages backed by office towers, retail properties, warehouses and apartments in major U.S. cities. The venture between the two companies, which manage teachers’ savings in their respective countries, is 51 percent owned by TIAA-CREF and 49 percent held by Seoul-based KTCU.

This is a classic case of groupthink amongst asset managers. Everyone thinks these assets are safe and untouchable, so they are all piling into the same trade. It appears clear that pension funds are being set up as the ultimate bag holders when the latest Central Bank bubble pops, and in the meantime, they are a perfect source of illegal fee gouging. A win-win for financial oligarchs. More…

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