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Economic Articles from 2015

The Global Financial System: Can You Handle the Ugly Truth? Fraud in the Gold Market

The Global Financial System: Can You Handle the Ugly Truth? Fraud in the Gold Market
By Bill Holter
Posted December 1, 2015

COMEX fraudIt has been said “truth” is a funny concept. What is truth to one may not be to another because opinions vary from one person to another. “Truth” in this context consists of one’s opinion or point of view. By this definition truth can be altered, changed or even “made”. For example, the truth believed and espoused by MSNBC is far different than that of FOX News, both by the reporters themselves and by viewers. Real truth however cannot be “made”, massaged or opined as it is mathematical in origin and more an issue of black and white.

The global financial system has gone awry where economic truth must be masked and hidden to cover the reality. Somehow our central planners think if the people “believe” something …then it “is”. I am here to tell you, no it is not. A perfect example of something completely out of whack but melded into the new “normal” are negative interest rates throughout much of Europe. These negative interest rates are no longer for only short dated maturities. Rates are negative in some cases out past 7-10 years! More…

Public Banks Stop Wall Street From Gambling With Our Money

Public Banks Stop Wall Street From Gambling With Our Money
by Matt Stannard
Posted November 29, 2015

Wall Street can be stoppedWould you gamble away your rent money? How about your kids’ college fund, or the money you put aside for food and clothing? If that seems like a terrible idea, then why do cities, counties, and states gamble away our money by giving it to big Wall Street bankers, who throw it into risky derivatives and interest rate swaps? There’s a better way–and it’s one of our nation’s best-kept secrets.

Typically, public banks hold city, county, or state monetary deposits (such as taxes, pension funds, fees, etc.) and may also offer individual savings accounts. Public banks provide credit to businesses, government enterprises, students, farmers and others at low- or no-interest. Because they are run without shareholders or a profit motive, public banks do not need to charge high interest rates or gamble depositors’ money in risky Wall Street ventures. More…

Astonishing report from the Fed says US banks are not “sound”

Astonishing report from the Fed says US banks are not “sound”
by Simon Black
Posted November 27, 2015

U.S. banks are not soundLate last week, a consortium of financial regulators in the United States, including the Federal Reserve and the FDIC, issued an astonishing condemnation of the US banking system. Most notably, they highlighted “continuing gaps between industry practices and the expectations for safe and sound banking.”

This is part of an annual report they publish called the Shared National Credit (SNC) Review. And in this year’s report, they identified a huge jump in risky loans due to overexposure to weakening oil and gas industries. Make no mistake; this is not chump change. More…

Hang Onto Your Wallets: Negative Interest Rates, the War on Cash, and the $10 Trillion Bail-in

Hang Onto Your Wallets: Negative Interest Rates, the War on Cash, and the $10 Trillion Bail-in
By Ellen Brown
Posted November 21, 2015

no cash acceptedIn uncertain times, “cash is king,” but central bankers are systematically moving to eliminate that option. Is it really about stimulating the economy? Or is there some deeper, darker threat afoot?

Remember those old ads showing a senior couple lounging on a warm beach, captioned “Let your money work for you”? Or the scene in Mary Poppins where young Michael is being advised to put his tuppence in the bank, so that it can compound into “all manner of private enterprise,” including “bonds, chattels, dividends, shares, shipyards, amalgamations . . . .”?

That may still work if you’re a Wall Street banker, but if you’re an ordinary saver with your money in the bank, you may soon be paying the bank to hold your funds rather than the reverse. More…

They’re coming for your cash

They’re coming for your cash
By Mark Nestmann
Posted November 17, 2015

they are coming for your cashIt might sound like a conspiracy theory spun by right-wing crazies. But judging by the increasing desperation of governments to reboot the world economy, it just might happen. “It” is the recall or confiscation of cash, i.e., dollars, euros, pounds, etc., in physical form. And a key justification that those calling for this radical measure cite is that it reinforces the ability of central banks to impose negative interest rates.

Citicorp’s chief economist, a technocrat named Willem Buiter, thinks the US needs much lower interest rates to push the economy out of the doldrums. He thinks negative interest rates around -6% would do the job. But there’s one condition: For his plan to work, he says, the government must abolish cash. More…

How Did the Taxpayer Make Out on the Wall Street Bailout?

How Did the Taxpayer Make Out on the Wall Street Bailout?
By Pam Martens and Russ Martens
Posted November 13, 2015

bnakers love the bailoutsFor starters, forget all those headlines that reassured you that TARP produced a big windfall for taxpayers. There’s the fact that TARP was just the part of the iceberg visible above the water. The trillions in bailout loans that were invisible throughout the years of the crash, until court orders and Congressional legislation forced the data into the sunshine, was coming from the Federal Reserve.

As Senator Elizabeth Warren stated to a Senate Committee hearing on March 3 of this year:

“During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks was never voted on by Congress. Instead, between 2007 and 2009, the Fed provided over $13 trillion in emergency lending to just a handful of large financial institutions. That’s nearly 20 times the amount authorized in the TARP bailout.” More…

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