15 Ways Bill Clinton’s White House Failed America and the World
How Bill Clinton hurt the American middle class and US interests abroad
Read more...Category Archives: Banking industry
Scotland: the Moldovan Connection
How modest homes in some of Scotland’s poorest areas became prolific ‘company factories’, and how those companies were used in a giant Moldovan bank fraud
Read more...Greek Government Preparing Plans to Cross Red Lines to Avert Default
Greek government officials are preparing plans that would cross Syriza’s famed red lines in order to avert a default. Will Tsipras capitulate?
Read more...A New Bank Boycott Movement Starting?
A California county recognizes that the flip slide of banks being Too Big to Fail is that they are also Too Crooked to Trust.
Read more...Banks are Not Intermediaries of Loanable Funds – and Why This Matters
Problems in the banking sector played a seriously damaging role in the Great Recession. In fact, they continue to. Macroeconomic models failed to explain the interaction between banks and the macro economy. The problem lies with thinking that banks create loans out of existing resources. Instead, they create new money in the form of loans. The traditional model greatly understates bank and macroeconomic risk.
Read more...At Emergency Summit, Creditors Plan to Make Greece an Offer It Can’t Refuse
A Eurogroup meeting ended if anything with Greece and its creditors even more alienated from each other.
Read more...How Overgrown Financial Service Sectors Kill Growth
It’s now becoming cutting edge conventional wisdom that oversized financial service industries are bad for your economic health. Yet the media is only occasionally and timidly is willing to say that what is good for Jamie Dimon is bad for the rest of us.
Read more...What If There is No Deal on Greece?
The alarming part of the deadlock between Greece and its lenders is the lack of a plan on the creditor side to develop a Plan B, a sort of mirror image of the Greek government’s claim that its has bet everything on securing a favorable agreement.
Read more...Time to “Fire” Mary Jo White: SEC Covers Up for Bank Capital Accounting Scam Promoted by Her Former Firm, Debevoise
Pam Martens and Russ Martens published a mind-boggling expose yesterday on how the SEC is refusing to stop an abuse by major banks that increases systemic risk.
Read more...Bank of Greece Issues Grexit Warning, in Move Certain to Intensify Bank Run
The Bank of Greece submitted a required report on monetary policy to the Greek Parliament and the Cabinet this morning. The English language version of the press release shows that it says, in stark terms, that failure to reach a pact with Greece’s creditors will lead to a Grexit and likely a departure from the European Union.
Read more...AIG Bailout Trial Judge Rebukes Fed for Overstepping Its Powers but Awards No Damages
The long-anticipated verdict in the AIG bailout trial came yesterday, and the Fed is not happy.
Read more...The Operational Issues of a Grexit Part Two: Organizational Capacity, Capital Controls and Bootstrapping a New Monetary System
Economics, law and politics are all crucial to the story of Greece, but in the moment of default or Grexit they take a back seat to something far more important: organizational capacity.
Read more...Nathan Tankus: The Operational Issues of a Grexit Part One: Understanding the Payments System
The Greek ruling coalition and European politicians and bureaucrats say they want to avoid a Grexit, Nevertheless, it makes sense to examine that scenario. We start with the payment system and Target2 balances.
Read more...G-7 Throws Greece Under the Bus
Some observers thought that Greece might get a break in the G-7 summit this weekend. While the G-7 has one more day to run, the statements coming out of the summit strongly and uniformly back the creditor position.
Read more...Gaius Publius: Fast Track Will Also Apply to TISA
Fast Track is not just a path to TPP … it’s evil all on its own. There’s now another leaked “trade” deal, called TISA, and Fast Track will “fast-track” that one too. Want your municipal water service privatized? How about your government postal service? Read on
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