Monthly Archives: May 2013

Joe Firestone: Sorry Folks, Austerity’s Not Dead Yet!

By Joe Firestone, Ph.D., Managing Director, CEO of the Knowledge Management Consortium International (KMCI), and Director of KMCI’s CKIM Certificate program. He has taught political science as the graduate and undergraduate level and blogs regularly at Corrente, Firedoglake and Daily Kos as letsgetitdone. Cross posted from New Economic Perspectives

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Richard Alford: The “Dutch Disease” and Once and Future Economic Crises in the US

By Richard Alford, a former New York Fed economist. Since then, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side.

The term Dutch Disease refers to negative macro-economic effects on a country of a boom in commodity exports or other developments that result in large capital inflows. It may be that the Dutch Disease contributed to the recent US recession and that the prospective energy-led US economic recovery could amount to nothing more than another bout of the Dutch Disease.

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Bill Black: How Dare DOJ Insult HSBC’s Crooks as Less “Professional” than Liberty Reserve’s Crooks?

By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City.

Standard Chartered and HSBC’s leaders must be doubly humiliated by the description by Mythili Raman, the acting head of the U.S. Department of Justice’s (DOJ) Criminal Division, of Liberty Reserve’s money laundering operation. UK laws are, of course, very congenial to those suing for libel and I am sure that these banking titans are meeting with their solicitors to demand a retraction and apology from Raman.

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OCC Probe of JP Morgan Debt Collection Abuses Will Show if Agency Can Be Reformed

As readers probably know all too well, the Office of the Comptroller of the Currency has long been the most cronyistic of all bank regulators. So the default assumption when it cranks up an investigation is to assume that it’s just a window-dressing exercise or worse, a stealth bailout of some sort.

Yet the Washington Post tells us that the OCC is widening an investigation into debt collection, where alleged robosigner JP Morgan is the sinner-in-chief. What gives?

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Barbara Parramore Speaks About Her Arrest in “Moral Monday Protests” Against Republican Railroading of Extreme Right-Wing Agenda in North Carolina

Yves here. NC intern Jessica Ferrer interviewed 80 year old Barbara Parramore, who was one of 57 arrested in North Carolina on May 20 as part of what has become weekly protests at the state General Assembly called “Moral Mondays”.

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Nathan Tankus: New York City Public Libraries Attack Alert – Privatizing Prized Locations and Cutting Budget by 35%

By Nathan Tankus, a student and research assistant at the University of Ottawa. You can follow him on Twitter at @NathanTankus

Now that pubic libraries have “done their jobs” (in FIRE sector terms) they can do one more thing for finance and real estate: be killed for private sector fun and profit.

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Will the Expected End of QE Lead to a Bond Meltdown?

Yesterday, bonds fell sharply due to stronger-than-expected housing price and consumer confidence reports. That reflects the belief that the economy is mending, and as a result, the Fed will deliver on its promise to dial back and then end QE. Ten year Treasury yields rose to the 2.10%-2.11% level. Various commentators claim that rates will zoom higher either right over that point or at 2.25%. How worried should we be?

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Is Apple Risking Its Brand Overseas With Its Tax Gimmicks?

For those immune to Apple lust or otherwise unwilling to cut the Cupertino giant slack just because it has sleek products and cool stores, a new article by tax maven Lee Sheppard at Forbes gives a layperson-friendly overview of how Apple managed to keep $44 billion of revenues out of the hands of the tax men.

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Gaius Publius: They Don’t Hate Us for Our Freedom, They Hate Us for Our Bombs

Yves here. This post makes a critical point that is deliberately obscured in domestic war mongering discussions of Middle East policy: that invaders and occupiers are never welcomed with open arms (despite Iraq War fantasies to the contrary) and hostility and efforts to make it costly for us to stay should hardly be surprising.

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