{"id":1125,"date":"2014-11-04T20:15:25","date_gmt":"2014-11-05T01:15:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1125"},"modified":"2014-11-04T20:15:25","modified_gmt":"2014-11-05T01:15:25","slug":"why-the-financial-and-political-system-failed-nomi-prins-paulcraigroberts-org","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1125","title":{"rendered":"Why the Financial and Political System Failed &#8212; Nomi Prins &#8211; PaulCraigRoberts.org"},"content":{"rendered":"<p><a href=\"http:\/\/www.paulcraigroberts.org\/2014\/11\/04\/financial-political-system-failed-nomi-prins\/\">Why the Financial and Political System Failed &#8212; Nomi Prins &#8211; PaulCraigRoberts.org<\/a>.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\"><em style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; font-style: italic; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px; border: 0px initial initial;\">Nomi Prins in the article below addresses the destruction of the market-based Western financial system and its replacement with a casino underwritten by taxpayers.<\/em><\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\"><strong style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: bold; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px; border: 0px initial initial;\">Why the Financial and Political System Failed \u2014 Nomi Prins<\/strong><\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">The recent spike in global political-financial volatility that was temporarily soothed by European Central Bank (ECB) covered bond buying reveals another crack in the six-year-old throw-money-at-the-banks strategies of politicians and central bankers. The premise of using banks as credit portals to transport public funds from the government to citizens is as inefficient as it is not happening. The power elite may exude belabored moans about slow growth and rising inequality in speeches and press releases, but they continue to find ways to provide liquidity, sustenance and comfort to financial institutions, not to populations.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">The very fact \u2013 that without excessive artificial stimulation or the promise of it \u2013 more hell breaks loose \u2013 is one that government heads neither admit, nor appear to discuss. But the truth is that the global financial system has already failed. Big banks have been propped up, and their capital bases rejuvenated, by various means of external intervention, not their own business models.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">Last week, the Federal Reserve released its latest 2015 stress test scenarios. They don\u2019t even exceed the parameters of what actually took place during the 2008-2009-crisis period. This makes them, though statistically viable, completely irrelevant in an inevitable full-scale meltdown of greater magnitude. This Sunday, the ECB announced that 25 banks failed their tests, none of which were the biggest banks (that received the most help). These tests are the equivalent of SAT exams for which students provide the questions and answers, and a few get thrown under the bus for cheating to make it all look legit.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why the Financial and Political System Failed &#8212; Nomi Prins &#8211; PaulCraigRoberts.org. Nomi Prins in the article below addresses the destruction of the market-based Western financial system and its replacement with a casino underwritten by taxpayers. Why the Financial and Political System Failed \u2014 Nomi Prins The recent spike in global political-financial volatility that was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,233,303,575,661],"class_list":["post-1125","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-ecb","tag-fed","tag-nomi-prins","tag-qe"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1125"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1125\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}