Financial

EU: Class War Declared

June 2, 2011
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Concentration of financial power in non-democratic hands is inherent in the way that Europe’s centralized planning in financial hands was achieved in the first place. The European Central Bank has no elected government behind it that can levy taxes. The EU constitution prevents the ECB from bailing out governments

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EU: Politics Financialized, Economies Privatized

May 26, 2011
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Breakup of the euro? Is Iceland’s rejection of financial bullying a model for Greece and Ireland? This article is an excerpt from Prof. Hudson’s upcoming book, “Debts that Can’t be Paid, Won’t Be,” to be published later this year. Last month Iceland voted against submitting to British and Dutch demands that it compensate their...

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Will Iceland Vote “No” or commit financial suicide?

April 8, 2011
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A landmark fight is occurring this Saturday, April 9. Icelanders will vote on whether to subject their economy to decades of poverty, bankruptcy and emigration of their work force. At least, that is the program supported by the existing Social Democratic-Green coalition government in urging a “Yes” vote on the Icesave bailout. Their financial...

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Greenspan Returns to De-Regulation

April 4, 2011
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His Old Time Religion was right after all. It all seems so long ago! On October 23, 2008, Alan Greenspan choked up a mea culpa for his deregulatory policy as Federal Reserve Chairman. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a...

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The Spectre Haunting Europe

January 22, 2011
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There is an alternative, of course. It is for creditors at the top of the economic pyramid to take a loss. That would restore the intensifying GINI income and wealth coefficients back to their lower levels of a decade or two ago.

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Schemes of the Rich and Greedy

November 24, 2010
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Tax-Avoidance – The Worst is Yet to Come “Let me tell you about the very rich. They are different from you and me.” “The Rich Boy,” by F. Scott Fitzgerald The 30-year campaign of the wealthy to rig our economic system – especially the tax component – for their own benefit will accelerate with...

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Mr. Obama’s Most Recent “2%” Sellout is his Worst Yet

November 15, 2010
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Now that President Obama is almost celebrating his bipartisan willingness to renew the tax cuts for the super-rich enacted under George Bush ten years ago, it is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III. Is this what they expected by Mr....

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Austerity for Prosperity

June 28, 2010
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Part 2 Part 3

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Why the “Miracle of Compound Interest” leads to Financial Crises

August 27, 2007
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Oslo conference, “Financial Crises in Capitalism”, Aug. 27, 2007 I first met Erik Reinert in 1994 at an economic history conference in Germany, and have been a member of his Reality Economics group since its founding. Erik Reinert’s Reality Economics group has revived the awareness of economists whose names have disappeared from most histories...

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The $4.7 Trillion Pyramid: Why Social Security won't be enough to save Wall Street

April 24, 2005
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Harpers Magazine, April 2005 They wanted something for nothing. I gave them nothing for something. — J.R. “Yellow Kid” Weil Social Security, formerly the “third rail” of American politics, has now been trod upon, in rather dramatic fashion, by George W. Bush. Given that the maneuver is both stupid and unnecessary, one must ask...

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