To secure its privileges and tax favoritism, the financial sector opposes government power to tax or regulate. Fighting under the banner of “free markets,” it is now fighting to centralize economic planning power in Wall Street, the City of London and other financial centers. What is remarkable is that under ostensibly democratic politics, an “independent” central bank has been carved out – independent from elected officials, not from the commercial banks whose interests it represents. Many voters believe that a financial bubble enriches the economy rather than turning the surplus into a flow of interest and banking fees.
Michael discusses the growing Occupy Wall St movement and the opportunities for banking reform. “How are you going to re-criminilise fraud? Tim Geithner is a bank lobbyist and should not be in charge of the Treasury”.
Yet on Wednesday, October 4, the president tried to represent the OccupyWallStreet movement as supportive for his efforts. He pretended to endorse a pro-consumer regulator to limit bank fraud, as if he had not dumped Elizabeth Warren on the advice of Mr. Geithner – who seems to be settling into the role of bagman for campaign contributors from Wall Street.
Michael is in Russia on tour. More soon.
We missed this one from nearly two months ago, an interview with Michael on RT News regarding the next round of banking bailouts. Why does America have a budget deficit?
Mr. Obama’s scare tactics to get Democrats to vote for his Republican Wall Street plan The Wall Street bailout melodrama should be viewed as a dress rehearsal for today’s debt-ceiling non-crisis. You know that the debt kerfuffle is as melodramatically staged as a World Wrestling Federation exhibition when Mr. Obama makes the blatantly empty threat that if Congress does not “tackle the tough challenges of entitlement and tax reform,” there won’t be money to pay Social Security checks next month. In his debt speech last night (July 25), he threatened that if “we default, we would not have enough money to pay all of our bills – bills that include monthly Social Security checks, veterans’ benefits, and the government ...
Mr. Obama has always known who has been contributing primarily to his political campaigns. We know where his loyalties lie now. And, basically, he promised change because that’s what people would vote for, and he delivered the change constituency to the campaign contributors.
Geithner says, wait a minute, American banks have made huge billion-dollar–maybe, for all we know, a trillion-dollar bet that the Greeks will repay. They’ve made derivative plays, they’ve made cross-party insurance, and American banks would lose money. Now, if there’s a choice between American banks losing $1 and Europe going into neo-feudalism for a generation, Geithner will support the $1.
Free money creation to bail out America's elite financial speculators, but not for Social Security or Medicare Only the “Crazies” Get the Bank Giveaway Right Financial crashes were well understood for a hundred years after they became a normal financial phenomenon in the mid-19th century. Much like the buildup of plaque deposits in human veins and arteries, an accumulation of debt gained momentum exponentially until the economy crashed, wiping out bad debts – along with savings on the other side of the balance sheet. Physical property remained intact, although much was transferred from debtors to creditors. But clearing away the debt overhead from the economy’s circulatory system freed it to resume its ...
Will Greece Let EU Central Bankers Run Riot Over Sovereignty? When Greece exchanged its drachma for the euro in 2000, most voters were all for joining the Eurozone. Their hope was that it would ensure stability, and that this would promote rising wages and living standards. Few saw that the stumbling point was tax policy. Greece was excluded from the eurozone the previous year as a result of failing to meet the 1992 Maastricht criteria for EU membership, limiting budget deficits to 3 percent of GDP, and government debt to 60 percent. The euro also had other serious fiscal and monetary problems at the outset. There is little thought of wealthier EU economies helping bring less productive ones up to par, e.g. ...