Is Dodd-Frank Wall Street Reform Legislation a Hoax?
By Pam Martens and Russ Martens
Posted July 18, 2016
Few have examined Dodd-Frank’s failed promises as carefully as Wall Street On Parade. The legislation promised to rein in derivatives – it didn’t. It promised to end the future need for taxpayer bailouts of too-big-to-fail banks. It didn’t. It promised to institute the Volcker Rule to prevent banks from gambling with insured deposits. It didn’t. It promised to reform the practices of the ratings agencies that played a pivotal role in the 2008 collapse. It didn’t.
The so-called Volcker Rule provisions of Dodd-Frank that barred the Wall Street banks holding insured deposits from owning private-equity funds (where they could inflate asset values with little push-back) and hedge funds (where they could dump or hide their own losses) have been repeatedly pushed forward and now are not set to go into effect until July of next year – an outrageous seven years after Dodd-Frank was signed into law. More…
Signs the Government Is Planning to Confiscate Your Retirement Funds
By Jeff Berwick
Posted July 10, 2016
We’ve warned that bankrupt governments will be eyeing the multi-trillions of dollars in “un-taxed” retirement funds when they get desperate enough.
It is an incredibly common occurrence. It has happened in numerous countries in just recent memory. Poland, Hungary and Bolivia are a few in the last years where retirement funds have been seized. Total funds currently held in private IRA and 401K accounts in the US are estimated to be in the neighborhood of $10 trillion. That number looks awfully enticing to the US government which is currently indebted to the tune of $19 trillion and holding liabilities of over $100 trillion. More…
TransCanada’s $15 Billion Suit Against U.S. is Corporate Nationhood at its Worst
by Mike Levitin
Posted July 6, 2016
When the NAFTA nations – United States, Canada and Mexico – meet Wednesday for the annual Three Amigos Summit in Ottawa, climate change and clean energy are expected to dominate the agenda. However, a curiously timed $15 billion lawsuit launched last Friday by TransCanada, which is using NAFTA to sue the U.S. government for its rejection of the Keystone XL pipeline, has undercut the very same climate ideals professed by the North American nations.
Michael Brune, Sierra Club’s executive director, wrote this week, “TransCanada’s attempt to make American taxpayers hand over more than $15 billion because the company’s dirty Keystone XL pipeline was rejected shows exactly why NAFTA was wrong and why the even more dangerous and far-reaching Trans-Pacific Partnership must be stopped in its tracks.” More…
If you like NAFTA, you will LOVE the TPP!
Goldman Sachs Just Ate Denmark for Breakfast
By Jonas Schmidt Hansen
Posted June 18, 2016
It might be old news that Goldman Sachs makes short-term profit off the work and labor of others. What’s new is that this time, the otherwise well functioning and barely corrupt democratic welfare state, Denmark, has become a victim of the bank’s inextinguishable hunger for profit.
Goldman Sachs stands to make a huge profit from the purchase of 19% of Denmark’s national energy company, Dong Energy, for 8 billion Danish kroner ($1.2 billion) two years ago. When Goldman bought it, the energy company was valued at $6.7 billion, a suspiciously low price. More…
Wall Street Behind Brazil Coup d’Etat
By Prof. Michel Chossudovsky
Posted June 16, 2016
Control over monetary policy and macro-economic reform was the ultimate objective of the Coup d’Etat. The key appointments from Wall Street’s standpoint are the Central Bank, which dominates monetary policy as well as foreign exchange transactions, the Ministry of Finance and the Bank of Brazil (Banco do Brasil).
On behalf of Wall Street and the “Washington consensus”, the interim post coup “government” of Michel Temer has appointed a former Wall Street CEO (with U.S citizenship) to head the Ministry of Finance. More…
How Financial Parasites and Debt Bondage Destroy the Global Economy
by Michael Hudson
Posted June 12, 2016
Economists for the last 50 years have used the term “host economy” for a country that lets in foreign investment. This term appears in most mainstream textbooks. A host implies a parasite. The term parasitism has been applied to finance by Martin Luther and others, but usually in the sense that you just talked about: simply taking something from the host.
But that’s not how biological parasites work in nature. Biological parasitism is more complex, and precisely for that reason it’s a better and more sophisticated metaphor for economics. The key is how a parasite takes over a host. It has enzymes that numb the host’s nervous system and brain. So if it stings or gets its claws into it, there’s a soporific anesthetic to block the host from realizing that it’s being taken over. Then the parasite sends enzymes into the brain. A parasite cannot take anything from the host unless it takes over the brain. More…
The Bilderberg 2016 Agenda: Trump, Riots, Migrants, Brexit
by Tyler Durden
Posted June 10, 2016
Every year, the world’s richest and most powerful business executives, bankers, media heads and politicians sit down in some luxurious and heavily guarded venue, and discuss how to shape the world in a way that maximizes profits for all involved, while perpetuating a status quo that has been highly beneficial for a select few, even if it means the ongoing destruction of the middle class. We are talking, of course, about the annual, and always secretive, Bilderberg meeting.
And, as the Guardian notes, “you know Bilderberg’s about to begin when you start seeing the guns.” What is really discussed is how to take the existing trends in the world, some favorable, some undesired, and mold them in such a way as to create even more wealth for the world’s 0.01%, while perpetutating the existing system, one which even the IMF agrees is no longer working. More…
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