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Thousands reject the extractivist logic at the World Bank-IMF meeting in Peru
Thousands reject the extractivist logic at the World Bank-IMF meeting in Peru The annual governors’ meeting of the International Monetary Fund and the World Bank opened on October 5 in Peru’s capital city. In the meeting, an estimated 800 representatives from 188 countries were negotiating the shape of the world’s soon-to-be renovated finance infrastructure. While […]
Bubbles Always Burst: the Education of an Economist
Bubbles Always Burst: the Education of an Economist I did not set out to be an economist. In college at the University of Chicago I never took a course in economics or went anywhere near its business school. My interest lay in music and the history of culture. When I left for New York City […]
Mede-Jean, Not Medellin
Mede-Jean, Not Medellin Driving the back streets of Medellin a few weeks ago I found it interesting to see the various little pockets to the city. In the poor parts of town I noticed on a couple of occasions taxi drives running their vehicles on empty. I’ve seen this before in countries where there is […]
Exorbitant Privilege: “The Dollar is Our Currency but Your Problem”
Exorbitant Privilege: “The Dollar is Our Currency but Your Problem” The Global Monetary Architecture: Change is on the Horizon There is no better way to descibe the international monetary system today than through the statement made in 1971 by U.S. Treasury Secretary, John Connally. He said to his counterparts during a Rome G-10 meeting in […]
Trouble South Of The Border
Trouble South Of The Border Mexico’s vulnerabilities pose a huge risk to the U.S. Too big to fail is a seven-year phenomenon created by the most powerful central banks to bolster the largest, most politically connected US and European banks. More than that, it’s a global concern predicated on that handful of private banks controlling […]
US Military Uses IMF and World Bank to Launder 85% of Its Black Budget
US Military Uses IMF and World Bank to Launder 85% of Its Black Budget Though transparency was a cause he championed when campaigning for the presidency, President Obama has largely avoided making certain defense costs known to the public. However, when it comes to military appropriations for government spy agencies, we know from Freedom of […]
China’s Hard Landing Suddenly Gets a Lot Rougher
China’s Hard Landing Suddenly Gets a Lot Rougher This has become a sign of the times: Foxconn, with 1.3 million employees the world’s largest contract electronics manufacturer, making gadgets for Apple and many others, and with mega-production facilities in China, inked a memorandum of understanding on Saturday under which it would invest $5 billion over the next five […]
The Seventh-Largest Economy in the World Spirals Down
The Seventh-Largest Economy in the World Spirals Down HSBC, which knows a thing or two about the world, and about Brazil, is bailing out of Brazil. It’s unloading its “entire business in Brazil,” it said this week, including retail banking and insurance. It will hand its long list of wealthy clients and over 21,000 employees to Bradesco, […]
We Are All (or Should Be) Greeks Now
We Are All (or Should Be) Greeks Now Their ‘No’ vote splashes a spotlight on ugly austerity, and its powerful puppeteers. The temple of neo-liberalism and its ideology of social suicide in the interests of the banks has been breached. The hysteria in European capitals (particularly Germany) after the resounding “No” vote by the people […]
An Economic Hit Man Speaks Out: John Perkins on How Greece Has Fallen Victim to “Economic Hit Men”
An Economic Hit Man Speaks Out: John Perkins on How Greece Has Fallen Victim to “Economic Hit Men” John Perkins, author of Confessions of an Economic Hit Man, discusses how Greece and other eurozone countries have become the new victims of “economic hit men.” John Perkins is no stranger to making confessions. His well-known book,Confessions of […]
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel On Monday, Puerto Rico’s government released a report that gave the municipal bond market the willies. Written by former World Bank and IMF economists, it vivisects Puerto Rico’s finances, lays out the basic fact that the nearly $73 billion in bonds that the US commonwealth has […]
China and the Gold Bugs
China and the Gold Bugs A Popular Myth One of the most persistent story lines among gold bugs and market participants who foresee the collapse of the dollar goes something like this: China and many emerging markets including the other BRICS are looking for a way out of the global fiat currency system. That system […]
Noam Chomsky: “The Idea Of A Media Which Does Not Repeat US Propaganda Is Intolerable To American Leaders”
Noam Chomsky: “The Idea Of A Media Which Does Not Repeat US Propaganda Is Intolerable To American Leaders” Few individuals polarize the public with their opinions, statements and mere presence, like Noam Chomsky. The 86 year old linguist, philosopher, cognitive scientist, logician, political commentator, social justice activist, and anarcho-syndicalist advocate, has strong opinions (and in […]
How America’s Aristocracy Extends Its Global Control
How America’s Aristocracy Extends Its Global Control As has been well documented even by the BBC, in their 1992 classic documentary about the CIA’s (still-ongoing) Gladio Operation, America’s CIA basically took control of the international racist-fascist (i.e., ideologically nazi) movement after World War II, by protecting and hiring Hitler’s Nazis and their key aristocratic eastern European […]
Is The Credibility Bubble Bursting?
Is The Credibility Bubble Bursting? In a fiat currency system, perception is, by definition, everything. Paper money has no intrinsic value. So the people saving it and accepting it in exchange aren’t expressing faith in the money itself but in the competence and honesty — and power — of the institutions managing it. Let that […]
