Economic Articles from 2017

Financial Weapons Of Mass Destruction: Top 25 U.S. Banks Have $222 Trillion Of Exposure To Derivatives

[Economic]
Financial Weapons Of Mass Destruction: Top 25 U.S. Banks Have $222 Trillion Of Exposure To Derivatives
by Michael Snyder
Posted July 20, 2017

derivatives are economic weapons of mass destructionThe recklessness of the “too big to fail” banks almost doomed them the last time around, but apparently they still haven’t learned from their past mistakes. Today, the top 25 U.S. banks have 222 trillion dollars of exposure to derivatives. In other words, the exposure that these banks have to derivatives contracts is approximately equivalent to the gross domestic product of the United States times twelve.

During the great financial crisis of 2008, derivatives played a starring role, and U.S. taxpayers were forced to step in and bail out companies such as AIG that were on the verge of collapse because the risks that they took were just too great.

But now it is happening again, and nobody is really talking very much about it. In a desperate search for higher profits, all of the “too big to fail” banks are gambling like crazy, and at some point a lot of these bets are going to go really bad. More…

Capital Punishment

[Economic]
Capital Punishment
by Jeff Thomas
Posted July 18, 2017

the banks will have total controlI project that, when the dollar collapses, paper currency itself (not those who created it) will be blamed. Government leaders will wag their collective finger at those who have subverted the good that QE had been intended to do. Without putting too fine a point on it, the public will get the message that the only problem with QE was that the greedy One Percent sought to profit greatly from it, so the stimulus never sufficiently reached the man on the street.

But all will not be lost. Governments will vow to stand together to overcome the damage done by the powerful usurpers by creating a new form of currency that is fully controlled by the governments. The new form of currency will be electronic and will promise to end all monetary woes, as the governments will be able to track all monetary transactions of every kind. It may take the form of several new national currencies, but I believe it’s more likely that it’ll be a single IMF-centred currency that will be adopted by many countries. More…

Banking On Our Country

[Economic]
Banking On Our Country
by Frank Sanitate
Posted July 17, 2017

Santa Barbara considers joining the public banking movementPublic Bank advocates are ready to help Santa Barbara County take a deeper look at the Public Banking Solution. Officials are eager to find a realistic way to deal with their budget short-fall. Others are curious about what kind of non-taxed-based revenue a public bank could generate that might be used to pay for crucial public services, and things like affordable housing so that their teachers, law enforcement officers, fire fighters and other key employees can live closer to where they work.

Currently our County Board of Supervisors is trying to resolve an anticipated $30 million budget shortfall. They – and virtually all other city, county, state and national governments — continue to try to resolve the problem in the same old boring ways. They cut services and jobs, or increase taxes. But there is a better way to solve the problem, one that’s been around for almost 100 years, but virtually unknown – increase revenues through creating a “public bank”. More…

First India Bans Cash, Now It’s Targeting Gold

[Economic]
First India Bans Cash, Now It’s Targeting Gold
by Jeff Paul
Posted July 14, 2017

targeting more wealth from the herdThere you have it. The cashless agenda of control laid bare. There shall be no economic activity outside of State control. Cartels that play nice will be rewarded with more market share.

In November of last year, India banned certain cash notes in a bold move to force businesses into the banking system to better harvest more taxes from its livestock. Now, under the guise of “improving transparency” and forming a “common market,” India has begun targeting gold with new taxes, regulation, and incentives for citizens to turn over their undeclared gold to the financial sector.

Roughly 86% of India’s economic activity happened in cash at the time much of it was banned. Presumably that includes the $19-billion-per-year retail gold industry. Again, it appears that India’s government (central bankers) wants a bigger cut of the action and to better track the private assets of citizens. More…

The Federal Reserve Cartel: The Eight Families

[Economic]
The Federal Reserve Cartel: The Eight Families
By Dean Henderson
Posted July 9, 2017

Federal Reserve cartel familiesThe Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.

According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]

So who then are the stockholders in these money center banks?

This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe. More…

What They Want to Hide Tells You Who They Are

[Economic]
What They Want to Hide Tells You Who They Are
By Liz Ryan Murray
Posted July 8, 2017

hiding the truthThe Treasury Department has released their report on financial regulations they want to scrap. Spoiler alert: the Wall Street sharpies who Trump put in charge of our economy, who made fortunes on both ends of the housing collapse, think pretty much all regulations on banks, including home lenders, should go.

This report was driven by Craig Phillips, who packaged and sold billions in bundled home loans for Morgan Stanley before he moved over to hedge fund giant BlackRock. His boss is former Goldman Sachs executive Steven Mnuchin, who made his bones by aggressively foreclosing on homeowners at IndyMac after the 2008 financial meltdown.

These guys think we should go a lot easier on the poor, poor megabanks, who’ve suffered enough, and toughen up on the real culprits — middle-class families. More…

SkyNet is Sentient and Will Destroy Your Investments and Pension

[Economic]
SkyNet is Sentient and Will Destroy Your Investments and Pension
by Cognitive Dissonance
Posted June 19, 2017

skynet will destroy your pension and savingsIf you never lose money when trading the markets, obviously the markets are rigged in your favor. But it’s all ‘legal’ so what’s the problem. Heads they win, tails you lose. It just doesn’t get any better than this.

The easiest way for the machines to make money is to push the market up. But when the tide turns, and it always eventually turns, the machines will shift to making money on the way down with the same speed and zeal they apply to the ‘up’ market.

Only ‘down’ markets tend to breed panic in the humans. When selling really ramps up, market conditions move very rapidly and markets can drop many percentage points in seconds, especially when you have machines making tens of thousands of trades a second and you have thousands of machines all doing this at the same time. More…

Nobody In Power Is Paying Attention To How Close We Are To The Edge

[Economic]
Nobody In Power Is Paying Attention To How Close We Are To The Edge
by Howard Kunstler
Posted June 18, 2017

on the edge and no leadershipAs our politicos creep deeper into a legalistic wilderness hunting for phantoms of Russian collusion, nobody pays attention to the most dangerous force in American life: the unraveling financialization of the economy.

Financialization is what happens when the people-in-charge “create” colossal sums of “money” out of nothing — by issuing loans, a.k.a. debt — and then cream off stupendous profits from the asset bubbles, interest rate arbitrages, and other opportunities for swindling that the artificial wealth presents. It was a kind of magic trick that produced monuments of concentrated personal wealth for a few and left the rest of the population drowning in obligations from a stolen future. The future is now upon us. More…

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