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The Big Banks’ Green Bafflegab
The Big Banks’ Green Bafflegab Look behind their pro-climate ads and do what they do. Follow the money. Greenwash gulch? Toronto’s financial district. Photo: Wikimedia. There must be a basement somewhere on Bay Street full of English majors. Every day they churn out great reams of verbiage about “environmental, social and governance strategy” and fill annual […]
The Dollar Is Dying
The Dollar Is Dying Insulting the Captive Audience This week, while perusing the Federal Reserve’s balance sheet figures, we came across a rather curious note. We don’t know how long the Fed’s had this note posted to its website. But we can’t recall ever seeing it. The note reads as follows: “The Federal Reserve’s balance sheet […]
OPINION: Foxes in the henhouse – Who decides where bailout money goes?
OPINION: Foxes in the henhouse – Who decides where bailout money goes? In the wake of the COVID-19 pandemic, trillions of bailout dollars in the U.S. and Canada are about to be fire hosed into particular areas of the economy. Given that this is public money held by governments, who decides where and to whom […]
What Are You Gonna Do About It?
What Are You Gonna Do About It? Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them, according to a POLITICO review […]
Doubling Down: The Military, Big Bankers and Big Oil Are Not In Climate Denial, They Are in Control and Plan to Keep It That Way.
Doubling Down: The Military, Big Bankers and Big Oil Are Not In Climate Denial, They Are in Control and Plan to Keep It That Way. Drawing by Nathaniel St. Clair “Capitalism, militarism and imperialism are disastrously intertwined with the fossil fuel economy….A globalized economy predicated on growth at any social or environmental costs, carbon dependent […]
Danske Bank – Who helped them Launder?
Danske Bank – Who helped them Launder? A couple of days ago the always good Francis Coppola wrote a piece for Forbes entitled, The Banks That Helped Danske Bank Estonia Launder Russian Money In it she made the simple but essential point that while Danske Bank, through its Estonian branch, had laundered $234 billion, …Danske Bank […]
Free-Riding Investors Set up Markets for a Major Collapse
Free-Riding Investors Set up Markets for a Major Collapse Free riding is one of the oldest problems in economics and in society in general. Simply put, free riding describes a situation where one party takes the benefits of an economic condition without contributing anything to sustain that condition. The best example is a parasite on […]
Big Banks Are All Over Blockchain
Big Banks Are All Over Blockchain To process derivatives, currency trades, transactions, etc. Just don’t call it cryptocurrency. It’s a “digital currency.” As a general rule, most bankers disparage cryptocurrencies, like Bitcoin, as anything but purely speculative instruments. But they don’t disparage blockchain, the technology that underpins cryptocurrencies. On the contrary. They’re pouring money into […]
Gary Cohn Backs Reinstating Glass-Steagal, Breaking Up Big Banks
Gary Cohn Backs Reinstating Glass-Steagal, Breaking Up Big Banks In an unexpected statement made by the former COO of Goldman Sachs and current director of Trump’s National Economic Council, Gary Cohn told a private meeting with lawmakers on the Senate Banking Committee on Wednesday evening that he could support legislation breaking up the largest U.S. […]
How Solid are Canada’s Big Banks?
How Solid are Canada’s Big Banks? The World Economic Forum consistently ranks Canada’s banks among the world’s safest. Competent regulators have overseen stress tests, tightened lending standards and delinquency rates are low. Demographics are good and the country’s diversified economy is backed by a treasure of oil, wood, gold and other natural resources. So the […]
The Oil Crash Of 2016 Has The Big Banks Running Scared
The Oil Crash Of 2016 Has The Big Banks Running Scared Last time around it was subprime mortgages, but this time it is oil that is playing a starring role in a global financial crisis. Since the start of 2015, 42 North American oil companies have filed for bankruptcy, 130,000 good paying energy jobs have been lost in the […]
Welcome To The New Normal: The Dow Crashes Another 390 Points And Wal-Mart Closes 269 Stores
Welcome To The New Normal: The Dow Crashes Another 390 Points And Wal-Mart Closes 269 Stores Did you know that 15 trillion dollars of global stock market wealth has been wiped out since last June? The worldwide financial crisis that began in the middle of last year is starting to spin wildly out of control. On Friday, […]
My Financial Road Map For 2016
My Financial Road Map For 2016 Happy New Year to All! May 2016 bring peace to you and your loved ones. Over the holidays, I had the opportunity to stay away from airports and hike Runyon Canyon with my dogs. For those of you that have never traversed Runyon’s peaks and dips, they are nature’s respite […]
Big Banks Caught Using Credit Default Swaps To Destroy Nations
Big Banks Caught Using Credit Default Swaps To Destroy Nations At the beginning of 2010, readers were presented with what was (at the time) merely a theory. The Big Bank crime syndicate was engaged in the serial manipulation of credit default swaps, in order to (among other things) destroy the economies of entire nations. It’s one of […]
Big Banks In a Tizzy Want to Take Their Billions and Go Home
Big Banks In a Tizzy Want to Take Their Billions and Go Home The big banks are not taking a rare legislative defeat lying down. Days after President Obama signed into law a highway package that finally ended an egregious, 100-year-old subsidy for big banks, two of Wall Street’s favorite legislators want to attach a last-minute rider to the […]
