Economic Articles from 2018

Yes, James Freeman, We Do Know How Bad the Federal Reserve Is

[Economic]
Yes, James Freeman, We Do Know How Bad the Federal Reserve Is
By Pam Martens and Russ Martens
Posted October 25, 2018

Unbelievable, the Fed actually has its own trading floorEarlier this week, James Freeman, the Assistant Editor of The Wall Street Journal’s editorial page, wrote an opinion piece headlined as “We’ll Never Know How Bad the Federal Reserve Is.” Freeman is also a Fox News contributor so one might be prone to suspect there is that typical right-wing bias to bash the Fed.

Most people, even those paying close attention to the Fed’s bailouts of Wall Street, think that the big banks were fine until the 2008 crash. But the public will never really know because Wall Street got another secret bailout from the Fed after the terror attacks of September 11, 2001. (Read our previous report here.) There is the forgotten history that Wall Street was already heading for a crash before the planes struck on 9/11. In fact, on the day before 9/11, the Nasdaq stock market had lost 66 percent of its market value over the preceding months and had evaporated $4 trillion in wealth. The economy had contracted for two consecutive quarters and was facing another quarter of negative growth. More…

The China Threat – Global Crisis Hot Spots & Pressure Points

[Economic]
The China Threat – Global Crisis Hot Spots & Pressure Points
By Jim_Willie_CB
Posted October 21, 2018

the economic reset has alredy begunThe global financial reset has begun.

Let it be known that the resolution of the financial crisis in Turkey can be regarded as the first critical step in the Global Financial RESET, which has already begun. This is according to consensus among the Jackass colleagues. The introduction to critical steps has been the ongoing Deutsche Bank rescue and Italian banking system life support, in the West. The introduction to critical steps has been the creation of the Gold-Oil-Yuan futures contracts in the East.

THE GLOBAL RESET BEGAN A FEW MONTHS AGO, WITH NO MARQUEE SIGNS, NO FLASHING LIGHTS, NO BANDS, NO HOOPLA. The banker cabal prefers that the public is ill-prepared, since the elites among them are busily preparing their positions for tremendous profits in the $trillions, equal to the losses expected by the clueless public. More…

Of course the tax cuts are good for the banks

[Economic]
Of course the tax cuts are good for the banks
By Emily Stewart
Posted October 18, 2018

tax cuts helped the big banks, bigEven without the Republican tax cuts, United States banks would have made $49.4 billion in the first three months of 2018 alone. But thanks to their reduced tax bill, they got an extra $6.6 billion, bringing in $56 billion in total. And there are plenty of signs the banking industry’s tax-bill boom is on track to continue — take Bank of America, which saw its tax bill fall to $1.7 billion in the second quarter of this year from $3 billion last year, a 43 percent drop.

It’s not a bad time to be in the banking industry, and the GOP tax bill has made it even better. More…

What Keeps Them Up At Night?

[Economic]
What Keeps Them Up At Night?
by Jim Quinn
Posted October 18, 2018

what keeps them up at night?The tenth anniversary of the Wall Street created financial catastrophe brought back some bittersweet memories this week. I wrote my first articles during the summer/fall of 2008 for Seeking Alpha. I was full of piss and vinegar. I was outraged by the actions taken by Paulson, Bernanke and Bush in bailing out criminal bankers with our money. This ensemble of accurate and acerbic articles led to requests for appearances on Glenn Beck’s CNN show, Neil Cavuto’s show, and several others. My need for my day job led me to turning down the invitations. I did several radio interviews, but kept a relatively low profile.

Ten years later, I’m running low on piss and vinegar. Irrationality reigns. Abnormal is the new normal. Delusions and new paradigms rule the day. During manias it is virtually useless to try and use facts and rational arguments against propaganda, misinformation and hype. The delusional will have to be clubbed like a baby seal once again to regain some sense of reality. More…

The Bailouts for the Rich Are Why America Is So Screwed Right Now

[Economic]
The Bailouts for the Rich Are Why America Is So Screwed Right Now
by Matt Stoller
Posted October 16, 2018

bankers getting their bailoutsDid they prevent a full-scale collapse? Yes. Was it necessary to do it the way we did? Not at all.

It’s worth reflecting on this quote on the ten-year anniversary of the financial crisis, because it speaks to how the architects of the bailouts shaped our culture. Tim Geithner, Ben Bernanke, and Hank Paulson, the three key men in charge, basically argue that the bailouts they executed between 2007 and 2009 were unfair, but necessary to preserve stability. It’s time to ask, though: just what stability did they preserve?

These three men paint the financial crisis largely as a technical one. But let’s not get lost in the fancy terms they use, like “normalization of credit flows,” in discussing what happened and why. The excessively wonky tone is intentional—it’s intended to hide the politics of what happened. So let’s look at what the bailouts actually were, in normal human language. More..

Why Public Banks Are Suddenly Popular

[Community]
Why Public Banks Are Suddenly Popular
By Sarah Jones
Posted October 11, 2018

alternatives to too big to failLater this year, on the midterm ballot, voters in Los Angeles, California, will be asked an uncommon question: Should the city be to allowed to create a public bank?

L.A.’s referendum, which would not itself create a public bank, has attracted the support of left-wing figures like New York congressional candidate Alexandria Ocasio-Cortez and filmmaker Michael Moore, in addition to advocates for legalized cannabis. And the idea is gaining traction to other blue cities and states. New Jersey’s Democratic governor, Phil Murphy, campaigned on the creation of a public bank. City officials in Washington, D.C., held a public meeting last month to discuss the possibility. The movement has also spread to New York City and Oakland.

The appeal of public banks extends beyond consumer protection to sound fiscal policy. The argument, as articulated by Demos in a 2011 report, says banks can offer lower debt costs to city and state governments, fund public infrastructure projects, and encourage entrepreneurship by providing loans to small businesses at lower interest rates and with lower fees. More…

Here’s Why Capitalism Can’t Fix Climate Change

[Social]
Here’s Why Capitalism Can’t Fix Climate Change
by Stan Cox
Posted October 10, 2018

capitalism cannot stop climate changePeople running big corporations—indeed, those running businesses of all sizes—seek to maximize profits not because they are misguided, but because that’s their job in a capitalist economy.

The common goal of both the private and public sectors is rapid, sustained GDP growth, so the only climate actions that companies or governments are willing to take are those that will not risk slowing wealth accumulation. (When Elliott says capitalism must take risks, he doesn’t mean that kind of risk!) This is why no governments have yet taken the actions that will be necessary to steeply reduce carbon emissions. More…

Monetary Reform Manual

[Economic]
Monetary Reform Manual
by American Monetary Institute
Posted October 7, 2018

time to end banker speculationMonetary reform is the critical missing element needed to move humanity back from the brink of economic destruction and nuclear disaster, away from a future dominated by fraud, ugliness and warfare, toward a world of justice and beauty.The power to create money is an awesome power – at times stronger than the Executive, Legislative and Judicial powers combined. It’s like having a “magic checkbook,” where checks can’t bounce. When controlled by banks it can be used to gain riches, but much more importantly it determines the direction of our society by deciding where the money goes – what gets funded and what does not.

Will it be used to build and repair vital infrastructure such as the New Orleans levees and Minneapolis bridges to protect major cities? Or will it go into warfare and real estate bubbles and Wall Street Gambling – leading to crashes and depressions, as banking has usually done. More…

Our monetary system is at the root of most of the problems we face today. If we do not reform the monetary system, any changes we make are only nibbling at the edges and will ultimately fail. This manual lays out a blueprint for meaningful real change.

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