JP Morgan chief executive Jamie Dimon called the mistakes ‘egregious’. Photograph: Justin Lane/EPA It would be funny if it were not tragic. Here is a loss of $2 billion being described on the BBC as a tiny part of $300 billion in assets. Just think for a moment just what could be done with $3 [...]
Capitalism and debt
JP Morgan CEO reveals $2bn trading loss caused by ‘sloppiness’ Chief executive Jamie Dimon issues apology to stock analysts over company’s ‘embarrassing’ errors and ‘bad judgment’
Capitalism in the Second Decade of the 21st Century: From the “Golden” to the Dark Ages of Capitalism By James Petras
Capitalism in the Second Decade of the 21st Century: From the “Golden” to the Dark Ages of Capitalism By James Petras May 09, 2012 “Information Clearing House” — The economic, political and social outlook for the second decade of the 21st century is profoundly negative. The almost universal consensus, even [...]
Why nations fail A new book highlights the role of politics in prosperity – a point that Europeans and Americans ignore at their peril.
Protests in Egypt last year toppled a regime which provided little for its people [Reuters] London, United Kingdom - In their recent book, Why Nations Fail: The Origins of Power, Prosperity and Poverty, Daron Acemoglu and James Robinson set out to do away with some of the myths that still bedevil development economics. In a wide-ranging historical [...]
Debt Crisis Plotted to Deliver the Euro to the IMF? April 13, 2012The DestructionistLeave a commentGo to comments The Daily Bell Friday, April 13, 2012 Spanish bailout ‘impossible’ for eurozone, says prime minister Mariano Rajoy … The eurozone is not equipped to bail out Spain, the country’s prime minister Mariano Rajoy has admitted, as global traders [...]
As capitalism feeds on its own flesh: Crisis to Suicide: How Many Have to Die Before We Kill the False Religion of Austerity?
Photo Credit: shutterstock Crisis to Suicide: How Many Have to Die Before We Kill the False Religion of Austerity? The rate of people taking their own lives is soaring in Europe at such a clip that the trend has given birth to a new media term: “Suicide by economic crisis.” April 16, 2012 | LIKE THIS [...]
Eurozone crisis focuses on Andalucía, home to sun, sand and soaring deficits Senior Spanish officials admitted they were clueless as to the real size of the debt in the biggest region of all
Electoral posters in Seville, Andalucia, March 2012. Brussels and international bond markets are becoming increasingly worried about Spain’s indebted regions. Photograph: Marcelo Del Pozo/REUTERS Further proof that austerity is just a word. What is really happening is that the so called global economy is just the same as any domestic economy. That is it is [...]
3 Corporate Myths that Threaten the Wealth of the Nation It’s time to restore corporate power to the people by blasting through the myths about how corporations should be run, and for whom.
Photo Credit: shutterstock 3 Corporate Myths that Threaten the Wealth of the Nation It’s time to restore corporate power to the people by blasting through the myths about how corporations should be run, and for whom. April 5, 2012 | LIKE THIS ARTICLE ? Join our mailing list: Sign up to stay up to date on [...]
Stock market panic selling led to shares falling across the world with the FTSE100 down 128 points. Photograph: Frank Baron for the Guardian European stock markets rocked by panic selling as debt crisis reignites Investors demanding high premiums for holding Italian and Spanish bonds as fears of double-dip recession grow Heather Stewart, Larry Elliott and Giles Tremlett in Madrid [...]
Portugal’s domestic banks tap ECB for record amounts of funding Bank of Portugal says domestic banks’ use of European Central Bank’s facilities rose to a record €56.3bn in March
The European Central Bank’s offices in Frankfurt. Photograph: Michael Probst/AP Portugal’s domestic banks tap ECB for record amounts of funding Bank of Portugal says domestic banks’ use of European Central Bank’s facilities rose to a record €56.3bn in March Jill Treanor guardian.co.uk, Monday 9 April 2012 16.12 BST Article history The reliance of eurozone banks on [...]
“To Undo the Folded Lie” Resisting Palliatives in an Age of Oligarchic Excess and Anthropocene Age Devastation By Phil Rockstroh
“To Undo the Folded Lie” Resisting Palliatives in an Age of Oligarchic Excess and Anthropocene Age Devastation By Phil Rockstroh April 09, 2012 “Information Clearing House” — Wall Street is again flush with the electronic facsimile of the stuff once known as money. But this is a Botox Recovery: A superficial [...]
Limits to Growth: 1972 ‘Collapse’ Prediction Still on Track – Common Dreams staff A renowned Australian research scientist has expressed concern over a possible “global economic collapse” that may occur in 2030 if humans fail to check expansion and preserve the world’s already diminishing resources
. Limits to Growth: 1972 ‘Collapse’ Prediction Still on Track – Common Dreams staff A renowned Australian research scientist has expressed concern over a possible “global economic collapse” that may occur in 2030 if humans fail to check expansion and preserve the world’s already diminishing resources Physicist Graham Turner says the 1972 MIT study [...]
Become a Fan (34 fans) — Page 1 of 2 page(s) opednews.com This article cross-posted from Consortium News Occupy protesters in a sit-down protest in solidarity with a general strike in Spain. (Photo from OccupyWallSt.org) By Phil Rockstroh (about the author) Although I have resided in New York City for many years, I was born in the Deep [...]
‘Big Government‘ Isn’t the Problem, Big Money Is By Robert Reich link http://www.informationclearinghouse.info/article30903.htm March 23, 2012 “The Nation” — Conservatives love to rail against “big government.” But the surge of cynicism engulfing the nation isn’t about government’s size. It flows from a growing perception that government doesn’t work for average people but [...]
Bank of America: Too Crooked to Fail The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. So why does the government keep bailing it out? By MATT TAIBBI
Illustration by Victor Juhasz Bank of America: Too Crooked to Fail The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. So why does the government keep bailing it out? By MATT TAIBBI March 14, 2012 10:55 AM ET At least Bank of America got its name right. The ultimate Too Big to Fail [...]
Ireland back in recession as global slowdown hits exports GDP fell 0.2% in the final quarter of last year to put Ireland officially into recession, alongside Belgium, the Netherlands, Italy, Portugal and Greece
Ireland’s central bank governor, Patrick Honohan, is expected to ask for permission to delay a debt payment. Photograph: Julien Behal/PA Ireland ended last year in recession, according to figures released on Thursday, dealing a blow to the policy of economic austerity being forced on struggling eurozone countries by the European commission and the IMF. A dip [...]
Failure To Recover: The Banks Are Made of Marble, Wall Street’s Full of Crap by Abby Zimet Rep. Darrell Issa, who famously led a hearing on contraception that excluded the people – ie: women – affected, did it again in Brooklyn with a hearing on foreclosures that featured the testimony of bankers, but not homeowners, for which [...]
Photo Credit: Shutterstock How America‘s Obsession With Money Deadens Us In a society that worships “one market under God,” we are forced to be somewhat money-centric in order to survive. At what cost? March 18, 2012 | A preoccupation with money is nothing new in our culture, but have Americans become even more “money-centric,” and does [...]
The Public Trial of Goldman Sachs The public reaction over this week’s Goldman Sachs revelations speaks volumes of the firm’s power and the public rage over its ethical lapses.
Photo Credit: Shutterstock The Public Trial of Goldman Sachs The public reaction over this week’s Goldman Sachs revelations speaks volumes of the firm’s power and the public rage over its ethical lapses. March 14, 2012 | Goldman Sachs is having a bad PR moment. Very bad. And you can bet that the investment banking giant is [...]
Barbara Ehrenreich: How I Discovered the Truth About Poverty Prevailing attitudes towards poverty blame the victim. Here’s why that’s so wrong.
Barbara Ehrenreich: How I Discovered the Truth About Poverty Prevailing attitudes towards poverty blame the victim. Here’s why that’s so wrong. March 15, 2012 The capitalist system lives and feeds on lies in order to convince people how it and the allied sham democratic system it associates with are good for them. Myth after myth [...]
A woman pushes a pram in front of graffiti in Porto announcing Thursday’s general strike in Portugal. Photograph: Jose Coelho/EPA Portuguese death rate rise linked to pain of austerity programme Portugal’s health service is being forced into sweeping cuts as last May’s EU/IMF bailout terms begin to bite Giles Tremlett in Lisbon guardian.co.uk, Monday 19 March 2012 [...]
Goldman Sachs: Making Money by Stealing It By Stephen Lendman - Posted on 17 March 2012 Goldman Sachs: Making Money by Stealing It by Stephen Lendman Money power in private hands and democracy can’t co-exist. Wall Street crooks transformed America into an unprecedented money making racket. Goldman symbolizes master of [...]
Corporate Malfeasance – And Why It Corrupts By John Perkins malfeasance n. intentionally doing something either legally or morally wrong which one had no right to do. It always involves dishonesty, illegality, or knowingly exceeding authority for improper reasons. Malfeasance – Synonyms: MISCONDUCT, MISBEHAVIOR, MISDOING, WRONGDOING http://www.merriam-webster.com/dictionary/malfeasance March 16, 2012 “Information Clearing [...]
What if democracy is just an illusion? In the US, the dominant political discourse consists of ideas put forth by the ruling class.
Karl Marx argued that in any society, those in charge have the power to propagandise their worldview [GALLO/GETTY] New Haven, CT - Karl Marx never visited the United States, but he nevertheless understood the country, because he understood capitalism. As you know, there’s no American ideology that’s mightier than capitalism. Equality, justice and the rule of [...]
In the Middle of the Bank, Our House by Abby Zimet link to video http://www.youtube.com/watch?feature=player_embedded&v=jUzMLu4K_2o As a prologue to a March 15 action against bank foreclosures, a crew of Occupiers movedinto a Bank of America lobby carting their couch, coffee table and potted plant. More. “Bank of America took our homes, so we thought we’d move in here.” Related articles [...]
The Financial Crisis as A Global CrimeBy Danny Schechter March 12, 2012 “Information Clearing House” — Journalists for the most part report what they know and hope that someone pays attention. With so many media outlets, brands, bloggers and sloggers out there, it is rare for challenging ideas to touch a [...]
At 65, the IMF is changing – for the better Though some of its troubling policies remain, the financial crisis has triggered constructive new thinking at the IMF.
During the 1990s, the IMF used a ‘one-size-fits-all’ plan for countries in economic crisis [GALLO/GETTY] Boston, MA - The International Monetary Fund (IMF) started operations 65 years ago this month. The global financial crisis has triggered some constructive new thinking and policy at the IMF – though the institution has continued some of its more concerning policies as [...]
Let Your Life Be a Friction to Stop the Machine Nightmare and insanity are akin: mysterious and involuntary states that skew and distort objective reality. One wakens from nightmare; from insanity there is no awakening. Whether Americans live in the one state or the other is the paramount question of [...]
In the US it’s called a “Student debt Bomb” but it is a worldwide problem. Creating disadvantage using advantage, it’s all about making money.
Beware The ‘Student Debt Bomb’, says New Report – Common Dreams staff The amount of student borrowing crossed the $100 billion threshold for the first time in 2010 and total outstanding loans exceeded $1 trillion for the first time in 2011, according to a new report. The report titled, The Student Loan “Debt Bomb”: [...]
In the UK, the unions can win Britain’s trade unions have been kept on the margins for too long – but they have the ability to make a comeback.
In the United Kingdom, organised labour groups boast over six million members [EPA] London, United Kingdom - Organised labour is by far the biggest social movement in Britain, with more than six million members. But, as the author and journalist Owen Jones noted last week, “the political and media establishment treat them as though they have [...]
Another Obama Fleecing The Foreclosure-to-Rental Boondoggle by MIKE WHITNEY “The national housing market took a hit in the latter half of 2011, falling to new lows not seen since the housing crisis began six years ago, according to data out Tuesday by S&P/Case-Shiller Home Price Indices……The index is down 33.6 percent from its peak in mid-2006.” – Washington [...]
Corseted Minds: Does Fear of Irrelevance Send Conservative Men Fleeing to the Victorian Age? If you focus on the utilitarian value of human beings, you may find yourself at some point nervously glancing in the mirror. February 28, 2012 | In the last 50 years, American women have finally been able to reliably earn a living, [...]
The US road to Utopia for the 1%. For the rest it’s pie in the sky when you die. The psychopaths rule.
Uncle Sam a Global Gangster. The cost to us all of US imperial hegemony and the control by capitalism
Andrew Bacevich, Uncle Sam, Global Gangster Posted by Andrew Bacevich at 8:13am, February 19, 2012. If all goes as planned, it will be the happiest of wartimes in the U.S.A. Only the best of news, the killing of the baddest of the evildoers, will ever filter back to our world. After all, American [...]
The worldwide public realizes there is something deeply wrong with today’s world economic system Sunday Observer Editorial
We Can Now See the True Cost of Globalization The worldwide public realizes there is something deeply wrong with today’s world economic system Sunday Observer Editorial When Karl Marx called for the workers of the world to unite, it seems unlikely he had in mind an iPhone boycott. But suggestions for just such a campaign [...]
KAM Workshops (CC-BY-SA) This article concerns what happens when you have taken in the capitalist delusion, hook, line and sinker. You develop a complete trust in the fact that the only way out is to take orders from above. It is a lot like what you could a Good King Wenceslas syndrome. All we need [...]
Will inequality finally top the agenda at Davos? The problem of inequality has finally been thrust into the spotlight as the global elite convene in Switzerland.
It is very important to realise that the capitalist system runs on inequality and the oppression and dispossession of the vast mass of the people. Through this process the assets and wealth created by the people are simply diverted to the pockets and the bank accounts of the elites. To secure this result the propaganda [...]
AP Merkel delivers the opening address at the World Economic Forum on Jan. 25. link to article http://www.spiegel.de/international/europe/0,1518,811607,00.html As fears mount that the euro crisis could trigger a global recession, all eyes are on Germany to take an even stronger lead in the rescue efforts. But Chancellor Angela Merkel has disappointed these expectations, warning against placing [...]
Thematic Social Forum 2012: Capitalist Crisis: Social and Environmental Justice – Common Dreams staff Another world is possible
. Utopia: Social Forum Declares ‘Together We Are the 99%‘ Thematic Social Forum 2012: Capitalist Crisis: Social and Environmental Justice – Common Dreams staff link to article http://www.commondreams.org/headline/2012/01/25-0 Another world is possible This well-known message is coming out of Porto Alegre, Brazil this week as the “Thematic Social Forum” takes place, in stark contrast to the [...]
It should prove an interesting event at Davos as those who espouse the virtues of inequality, hegemony and consumerism attempt to work out another fix for the capitalist system. At the moment it seems that the usual idea of starting up the presses and printing more money may have a very limited value. The [...]
Occupy Davos: Attendees Confront a New Wave of Anger – Common Dreams staff This years’ World Economic Forum (WEF) in Davos, Switzerland, marks the start of the perennial capitalist meet-and-greet summit season. Members of the Occupy WEF movement gather at their camp site in the Swiss mountain resort of Davos January 22, 2012. The Occupy WEF [...]
Davos to seek reforms of outdated capitalism. But will it be a Reform School for the greedy and avaricious?
THE LEADERS OF 40 COUNTRIES ARE SET TO MEET AT THE DAVOS FORUM TO DISCUSS REFORMS ON TODAY’S CAPITALISM, WHICH IS NAMED AS UNSUSTAINABLE BY SCHWAB, THE FOUNDER Economic and political elites meeting this week at the Swiss resort of Davos will be asked to urgently find ways to reform a capitalist system [...]
Angela Merkel casts doubt on saving Greece from financial meltdown. Or is that just the Fourth Reich way of saying oops
Angela Merkel, the German chancellor, said efforts by the international community to stabilise the situation in Greece had not worked. Photograph: Michael Sohn/AP Angela Merkel casts doubt on saving Greece from financial meltdown German chancellor speaks candidly to the Guardian and five other leading European newspapers as part of a unique collaboration to explore the EU’s predicament Angela Merkel has cast doubt for the first time [...]