At universities, the reality of the financial casino is taboo (tags)
When buying or selling, high-speed trading can bring profits a few milliseconds or microseconds ahead of other high-speed trading bidders. These speculative trades have nothing to do with the good functioning of the financial markets. On the contrary, prices can be manipulated.
Economics in the times of the coronavirus (tags)
Most people’s thinking is determined by the development of the Covid-19 crisis, the return of “the hour of executive power” (Gerhard A. Ritter), i.e. state of exception legislation, and the fears which it evokes as well as the economic measures in response to the health crisis.
What is a Crisis? A Retrospect on the 2008 Economic and Financial Crisis (tags)
The economic guild interprets crisis through an ideological lens. The financial crisis is redefined as a state debt crisis. Illuminating the systemic causes of crisis or discussing the crisis proclivity of the capitalist system is not possible anymore.
IMF Issues Debt and Financial Crisis Warnings (tags)
As the Spring World Bank and IMF meetings begin, the IMF issued concerns over unsustainable debt and a possible financial crisis in two reports. African and Latin American debt experts are releasing new analysis of growing debt at the meetings.
IMF Warns of Global Financial Crisis Risk (tags)
For the second day in a row, the International Monetary Fund raised concerns of pending financial crisis. Ahead of the Spring IMF and World Bank meetings, the IMF released the Global Financial Stability Report, warning of "vulnerabilities" in corporate debt, house values and sovereign (country) debt.
The Populist Makers and Dangerous Optimism (tags)
The people vote and capital decides. Another capitalism appears that is marked by an anti-liberal and intolerant culture. The goal of the new capitalists is the same as the old capitalists: to make the rich even richer. The governing elites gamble away the future of coming generations.
The Attack of Corporations and the Rich on the Rest of Society (tags)
Inconceivable sums were given out without hesitation when the banks were bailed out from bankruptcy. The rich triumph and despise others as losers. Corporations and the rich must desist from their selfishness and accept their responsibility for society again.
G20 Discusses Preventing Financial Crisis and Small Island Economies (tags)
President Trump arrived in Buenos Aires on Thursday for the annual G20 meetings.
IMF Lowers Global Growth Projections and Raises Concerns of Financial Crisis (tags)
Bali, Indonesia - The International Monetary Fund released the World Economic Outlook Report and lowered global growth projections to 3.7 percent for 2018 and 2019.
The Criminality of the Elites (tags)
The offenses of the upper classes are hardly publicized. People wait in vain for strong interventions in the economic realm. Financial criminality harms the state, the community and economic growth (e.g. high-frequency trading, shadow banking, financial products)
After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again (tags)
September 15th marks the ten-year anniversary of the Lehman Brothers investment firm collapse, symbolizing the onset of the 2008 global financial crisis.
Prohibiting Micro-Second Betting on the Exchanges (tags)
The financial sector that has gone off course should serve the real economy again in the future. The exchange functions like a gigantic casino. Throwing some sand int he gears with a transactions tax would slow down the speculation.
IMF Reports Global Growth and Releases New Ways to Predict Economic Crisis (tags)
The International Monetary Fund (IMF) releases its biannual report on global economic stability and presents new indicators it says can help predict financial crisis.
The Fairy-tale of the End of the Financial Crisis (tags)
Between 2008 and 2010, the EU Commission approved state aid of 4.3 trillion euros. The potential crisis of the global economy has grown and not declined. A system crash was prevented by the actions of central banks and states.
How the World Heads for the Next Crash (tags)
Governments secure the money of the rich. State debts have grown in nearly all countries of the world since 2010. Ten years after the outbreak of the financial crisis, the economy is again in a standstill or mired in crisis. Trump wants to cancel the recent bank regulations and cut corp taxes.
Capitalism as a Religion (tags)
"Capital is the only god that the whole world knows, sees, touches, smells, tastes and excites all our senses. It is the only god that doesn't encounter any atheists" (Paul Lafargue's little known genial satire "Religion of Capital" from 1887.
Economic Crises as Sicknesses and Catastrophes (tags)
The 2008 financial crisis is often wrongly described as a "state debt crisis" where cause and effect are inverted and economists and the market are released from responsibility. Sickness and catastrophe metaphors dominate discussion
TISA vs Public Services, 28 pp (tags)
The TISA is among the alarming new wave of trade and investment agreements founded on legally binding powers that institutionalize the rights of investors and prohibit government actions in a wide range of areas only incidentally related to trade.
IMF Reviews International Financial Crises Solutions (tags)
As the IMF reviews solutions to international financial crises, religious and development groups urge reforms to protect the poor.
IMF World Economic Outlook: Economy Improves for Some as Inequality Persists (tags)
Debt Restructuring Process Discussed by IMF and G20
Market-conforming Democracy (tags)
Market-conforming democracy," Angela Merkel's guiding idea, is a pleasant-sounding description of plutocracy where the forms still exist but their substance is "financialized," where myths of privatization. corporate beneficence and self-healing markets are zombie gods.
Studying Economics Today is Like Brainwashing (tags)
The blind trust in efficient markets must be replaced and bankers given a new understanding. Profit making is different than profit maximization. Banks should be a public function, not a casino and the real economy and the environment not abandoned.
The exodus from the casino capitalism producing ever faster and ever deeper crises cannot succeed without a broad and powerful democratic base. Parliamentary democracy is urged to finally take up the struggle around the primacy of politics
Financial War - How Banks and Bandits Endanger our Democracy (tags)
Political failure follows market failure. Participation in system criminality is without risk of prosecution. The financial crisis is not only a system failure. It was caused by human actions in the banking sector that are objectively punishable.
Asset Distribution and the Financial Crisis (tags)
A perverse system arose out of the interaction of deregulation of the financial system and polarization of asset distribution. A reform of the financial system can only be part of the repair of the system. When wages grow again with productivity, an economic balance will be possible
Are Reforms of the Financial Sector Enough? (tags)
This article focuses on seven errors and seven remedies of the financial crisis. The financial crisis was also a crisis of easy money. For years and again today, speculators exploited the situation that money was and is very easy to borrow in the US and Japan.
Responding to financial crisis: are austerity and suffering inevitable? (tags)
Austerity in a recession is counter-productive. Lower taxes and lower wages mean lower demand, lower GDP, lower state revenue and higher unemployment.
Ideology and Morality: What the Financial Crisis teaches about functioning of democracy (tags)
Moralizing is a form of argumentation found in many ideologies and academic systems of thought.. State interventions, we were taught, are bad because they run counter to the objective laws of the market.. The market is a social institution that we interpret in different ways..
To Krugman, the increasing ideological blindness of German politicians can only be explained by their belief that "hard times must be the necessary punishment for earlier excesses." Krugman overlooks that the hard times and excesses do not concern the same people.
Economists Argue over Distribution Question (tags)
More and more economists take distribution questions seriously. When inequality becomes too great in a national economy, the economy becomes unstable. Private indebtedness and income inequality massively increased in the US Financial markets uncoupled from real economy
Nationalizing banks works for the short term; why not permanently? (tags)
Temporary nationalization of big banks worked in Norway and Sweden. Permanent nationalization would avoid a return to the speculation and destruction of bankers.
Banks, Bankers and Banksters (tags)
An unrestrained speculative capitalism emerged out of investment capitalism. New financing instruments are invented. Risks are trivialized or glossed over to soothe the population. Boundless indebtedness becomes the norm. The new age led to immediate profit eclipsing investment.
Neoliberalism was the Godfather of the Financial Industry (tags)
Keynesianism was replaced by neoliberalism that guided the fallow investment capital into speculation.The development of social systems and the rise of real wages contributed to social peace and stabilizing the economic upswing by strengthening mass consumption.
How Goldman Sachs Rules the World (tags)
Hank Paulsen had famous examples: Robert Rubin, Treasury secretary under Bill Clinton, also changed from Goldman Sachs into politics. Europe and the US are firmly in the grip of Goldman Sachs.
The Error is in the System (tags)
The financial crisis mutated into a global economic crisis and a state debt crisis. The financial crisis was not a "bump in the road" or an industrial accident but a systemic and structural crisis that caused $11 trillion of wealth to vanish while millions lost their jobs. homes and pension
The Worthless Value System of the Financial Branch (tags)
The Nobel Prize winner Milton Friedman wrote: "In a free economic system, there is only a single responsibility for the actors. Businesses must be carried out for the greatest possible profitability." To believers in the self-healing market, questions about guilt, humility and pangs of conscience must sound like questions from another world.
Alternative for the Euro Zone (tags)
In a new study, leftist economists from a dozen EU countries criticize the policy of the German government in the Euro crisis. Its analysis and the proposed solutions are wrong. The state deficits are not the cause of the crisis. The financial crisis caused the state deficits.
When Financial Management Paralyzes Democracy (tags)
The 2010 Attac Bank Tribunal in Berlin was a civil society legal proceeding that decried the speculative business model: take excessive risks and burden taxpayers with the costs. Rating agencies should be public. Banks that are too big to fail are too big to exist and should be broken up
Occupy World - The Protest Against the Financial System Intensifies (tags)
Since the beginning of the financial crisis, governments from Berlin to Washington solemnly vowed to regulate the financial system more strongly, close the casino on the financial markets and call to account financially the speculators.for their inflicted damage. Deeds did not follow.
The crisis is 30 years old, not three years old. The causes of the crisis should be tracked down in the real goods-producing economy, not in the financial markets. The financial markets were keep alive up to the collapse of the speculative bubble by credit-financed demand.
Learning Nothing in 80 Years (tags)
The crisis began in the US where the government became heavily indebted after September 11, 2001 in the war against terror and where property owners, banks and hedge funds long lived openly on credit. The German government was laughed at when it prohibited short-selling in 2010
Video: Understanding the Financial Crisis (tags)
Distorted incentives drove the failure of risk management. There was an evaporization of trust in 2008. In September, Lehmann Brothers and AIG went bankrupt.
"Beyond Growth" congress in Berlin, May 20-22. 2011 (tags)
A "Beyond Growth" congress will be held in Berlin, May 20-22. 2011. The driving forces of growth, the limits of growth, the crisis of the work society, an economy beyond growth, justice and the globalized world, sharing and the good life will be discussed.
We live on credit, shift costs and risks into the future and make possible a prosperity with the help of a policy of cheap money that is paid for by others. An interest-free money system would be a counter model to the growth pressure inherent in the present system.
The U.S. is More Greek than Greece (tags)
Deficit economies were organized mainly by finance capital. The expansion of this credit-financed mass demand went along with the expansion of the financial sector. Trillions of dollars and Euros were pumped in the stabilization of financial markets.
The financial crisis became an economic crisis and mutated into a state budget crisis when trillions were given to "system relevant" banks and private losses became public burdens. What is Plan B?How can the financial sector be shriveled? Can state banks (like NDakota) be a model?
Message to Japanese Friends (tags)
The origins of the Fukushima Crisis and the Financial Crisis are similar - a governmental integrity crisis and criminal abuse by large corporate interests at enormous expense to the People.
The Shift of Power to the East and South (tags)
The shift of political and economic power from West to East and North to South and the rapid development of technological innovations have created a completely new reality..The claim of the US and Europe to being masters of the universe must be ended.
The Grover Norquist Project at Pacifica Radio (tags)
Whistleblowers as far back as 2005 warned that KPFA's budgets were not sustainable. Why were the warnings repeatedly disregarded?
Link to 576-page Final Report of the Financial Crisis Inquiry Commission (tags)
Happy reading! The truth will still make some of us free!
The End of the "Golden Age" of Capitalism and the Rise of Neoliberalism (tags)
"The central point is that the financial sphere has the potential of developing into an autonomous subsystem of the whole economy with an enormous capacity of self-expansion..Like cancer, it has no internal control mechanism. It can only be brought under control by external interventions"
GREAT CLUE THAT THE GEORGE BUSH JR ~ KARL ROVE TARP THEFT REALLY WAS WELL PLANNED OUT !!! (tags)
ADD THIS ARTICLE ALSO 2 YOUR BUSH JR ~ KARL ROVE PONZI TARP FILES...little ripped~off American taxpayers !!!
The Banking and Financial Crisis (tags)
"The transition from a long-term to a short-term orientation went along with the exaggerated profit goals. The approach of shareholder value sets maximum profits and dividends in the center of business policy and no longer long-term investments and the interests of employees.."
Financial Crisis as Organized Irresponsibility (tags)
In the years 2002-2006, guaranteeing mortgage credits was the greatest source of profit for investment banks. US policy massively promoted and in no way curbed awarding dubious credits. In 2003 Warren Buffett described derivatives as "financial weapons of mass destruction."
Governor Candidate Ask: Is Wall Street in the California Governor’s Race? (tags)
Two California governor candidates, Republican Candidate Steve Poizner and PFP Candidate Stewart Alexander are sharing the concerns of millions of Californians; how deep was Meg Whitman’s involvement during the period when she serve on the board of Goldman Sachs. Stewart Alexander says “California is in a deep financial crisis and Californians need to know how much did Goldman Sachs contributed to the state’s financial crisis and what part did Meg Whitman play.”
Greed, the Corrupt System and Shadow Banking (tags)
A sudden change of thought patterns has occurred. For thirty years, the dogmas were in effect: trust in the self-healing powers of the market, the sleek state is the best of all possible states and economic policy will be unnecessary if the central banks fights inflation.
Prerequisites for Overcoming the Financial Crisis (tags)
"In analyzing financial crises, real causes should be differentiated from the side-effects. One of the essential causes for the current crisis is the discrepancy between the linear growth of the real economy and the exponential growth of financial management created by the derivative-economy,"
The system itself is degenerate. The great financial crisis is the trigger for seeking another capitalism. Deregulation becomes an end-in-itself; the state per se is of the devil. The state should be taken seriously as a production factor.
The High Risk Business of Banks (tags)
The model of financial market capitalism collapsed with the greatest crisis of the financial markets since the worldwide economic crisis at the end of the 20s. The enormous accumulation of financial assets was based on redistribution of incomes continuing for 30 years.
Profits=Investments=Jobs? (tags)
The claimed connection between profits, investments and jobs is not right. Orders-literally demand-are more important than the profits that are investede for the creation of jobs. Market radicals repress market and system failure.
How Neoliberal Ideology Destabilized the World Balance: Krugman and Galbraith (tags)
"If the depression has not openly erupted, all the features of the 1930s are having a spectacular comeback." (Paul Krugman) To free the US from the claws of private interests, James Galbraith urges the public authority to set social and ecological norms.
GERMANY: What Lessons Do We Learn from the Financial Crisis? (tags)
Rating agencies were paid by the firms to be rated. Ultimately rational individual conduct led to an irrational collective result. The lesson is clear. On the way of regulation or taxation, banks must be given a massive incentive to remain small.
THE FINANCIAL CRISIS AND THE PAPER OF THE MEDIA (tags)
Tolerance zero with the Americans.
Last Dance for Capitalism (tags)
Capitalism reaches its inner limit and strangulates itself and the environment. Increasingly effective measures lead to fewer and fewer workers producing ever-greater quantities. The real economy becomes an appendage of speculation bubbles.
Satiation or Two Limits of Growth: John Maynard Keynes (tags)
"The first great economic crisis of the 21st century marks the end of a failed political-economic experiment..The past 30 years of redistribution from bottom to top were a glistening epoch for the owners of capital.."
Economic Policy after the Financial Crisis: Keynes (tags)
Keynes saw political control of markets and a distribution and social policy in favor of lower income groups as essential prerequisites of a stable long-term macro-economic development.. Three-hour workdays or a 15-hour week would be enough.
The Market Must Serve Society (tags)
In the past, the village green and market swuare were surrounded by the church, town hall, school and hospital. Without these social institutions, there would be no market. This is also true for today's global financial markets.
Was the Prez Obama bribed by AIG ? (tags)
see this informative article about the meltdown, the 25 main cheating money grabbers, and how much AIG, a huge bailer outed had contributed to Obama's recent campaign in 2008 =see http://www.publicintegrity.org/investigations/economic_meltdown/assets/img/Chart5-fullsize.jpg
Zhibin Gu: China's deadly troubles vs global financial crisis: challenges, conflicts, war (tags)
Is global financial crisis leading to new world wars? Which nation is to emerge as the next global leader, China, India, US, or Europe? How to walk out current traps of employment, shrinking business, and leadership crisis? Should entrepreneurship lead politics and competition?
Zhibin Gu: China vs global financial crisis: trends, challenges, wars (tags)
Is global financial crisis leading to new world wars ahead? Which nation is to emerge as the next global leader, China, India, US, or Europe? How to walk out current traps of employment, shrinking business, and leadership crisis? Should entrepreneurship lead politics and competition?
The crisis calls for system alternatives and redistribution from top to bottom. Will the financial crisis encourage the transition to a new social order? A certain mix of good functioning markets and a strong welfare state leads to the best results.
The IMF and Romania: A Road Less Travelled (tags)
IMF policies have left shattered economies.
Lessons from the Great Depression: Christina D. Romer (tags)
This paper was presented at the Brookings Institution Washington D.C. March 9, 2009. Christina Romer, economics professor at Berkeley, is one of President Obama's economic advisers in the Council of Economic Advisers.
Faith in the Invisible Hand of the Market is Over (tags)
The people will not be so easily convinced of liberalization, deregulation and privatization. On the contrary, people will have a clearer consciousness of the primacy of politics. The false incentive systems in the businesses must be removed.
Attac Sweden: The time has come: Let's shut down the financial casino (tags)
Attac's statement on the financial crisis and democratic alternatives. A historic window of opportunity is opening. It will depend on pressure from public opinion whether a real change of course is achieved.
Missing Links: An Intellectual Bailout (tags)
The financial crisis has killed the claim that economics deserves to be treated as a science. The measure of a science is its capacity to explain, predict, and prescribe. And most economists not only failed to anticipate the nature and evolution of the catastrophe, but their conflicting recommendations exposed the unreliability of their knowledge.
The Structural Crisis of the Financial System (tags)
"Introduction of taxation on speculative financial transactions must go along with a genuine nationalization that involves a change of the actual banking system into a public system and fixes the role of money as a neutral means of exchange for services."
The Genesis of the Financial Crisis: Greed and Repression (tags)
The self-healing market, the market that corrects itself, is at the heart of the perfect economic story. The financial crisis (now banking, real estate, jobs and credit crises) has forced the reconsideration of the role of the state. Psychology helps unmask religion of the market.
On the Financial Crisis in the 20:80 Society (tags)
The question is how we deal with the 20:80 society, not whether the 20:80 society is coming because the development is irreversible. In the long-term, work will disappear.. Jobless growth has become the normal condition.The end of work can be a great leap for humanity.
mp3 audio: "Grasping the Financial Crisis" (tags)
Sam Girdin and Leo Panitch teach political economy at York University. The Toronto School of Creativity and Inquiry offers this mp3 audio in the hope that thousands of discussion groups will arise in the world.
Financial Crisis and the Poor (tags)
The financial market crisis has long spilled over on the real economy. Therefore politics is called to do everything so the economy starts up again and unemployment is prevented. Without strong pressure, frauds will continue unchanged in the global financial casino after losses are socialized
Grand Mufti Blames Financial Crisis on ignoring God's rules (tags)
In a sermon before midday prayers at the mosque, Saudi Grand Mufti Abdul Aziz al-Sheikh said the global financial crisis stems from and allowing "riba" or usury, prohibited in Islam. "Today we watch as this financial crisis enfolds and some companies and banks go bankrupt. This is the result of ignoring God's rules. Muslims must abide by God's rules, and build their economies accordingly," he told the faithful.
"Like the Fall of the Wall" (Joseph Stiglitz) (tags)
The mixture of low interests, excessive liquidity and lax oversight on money institutes led to the financial crisis. National indebtedness rose two-thirds in only eight years. The govt should immediately begin investing in the infrastructure, education and other projects.
Financial Crisis: Bending and Breaking (tags)
The governments still strike the pose of successful crisis management. The points are set for a state-sanctioned survival of neoliberlaism through bending and breaking, Instead of raising mass income, the state finances capital investments to liven up the domestic economy.
The Financial Crisis in Biblical and Theological Perspective (tags)
The owners of capital started to create a bubble in the financial markets through various kinds of speculation in order to drive up the returns by derivatives, options etc, creating Casino Capitalism, de-linked from the real economy.
More from the Front Lines of the Financial Crisis (tags)
The worst is yet to come.
Mark Engler on the Financial Crisis (tags)
"This crisis is a crisis of deregulation. Deregulated market fundamentalism causes crises. This is a crisis of financialization. An ever-larger part of the economy switched to financial speculation or gambling. Greed is systemic."
Bail-Out, Economic Democracy and the Socialist Path (tags)
David Schweickart, political philosopher, discusses the financial crisis, what it exposes about capitalism, how it can set the stage for economic democracy, and open the socialist path.
Bankruptcies Prohibited (tags)
Capitalism is a system based on debts and credit. To function, it needs trust, trust that banks will always meet their obligations. Fannie and Freddie could not do this any more. Alan Greenspan promoted market forces after extremely overrating them.
The Time is Ripe: Democratic Controls of the Financial Markets! (tags)
Like the melting of the dollar, the energy, food and housing crises have systemic roots, the logic and dynamic of maximum profit.. The US is experiencing a "margin call." The world wants its money back. The economy and the financial markets should serve people, not vice versa.
World Bank president Robert Zoelick compared the food shortage to the Old Testament's "seven plagues" but forgot to mentionthe eighth is the World Bank itself. The World Bank insists on agricultural production for export, not for the local supply of the population.
The Big Meltdown: PAUL KRUGMAN - Financial Crisis; Democrats seek more war funds than Bush (tags)
KRUGMAN: If we’re going to have a financial crisis, here’s how it will play out. THE COMPLETE ARTICLE AND MORE