- Hollande warns France of tough spending cuts
- France quietly counts its friends for EU deficit leniency
- Is France Dying?
- Front National wins seats in French senate for first time
- Merkel praises France’s economic reform plans
- Nicolas Sarkozy sets out comeback plans for France’s UMP party on TV
- French economy flat-lines as business activity falters
- French farmers torch tax office in Brittany protest
- France is ‘sick’, Economy minister says
- Rise In French Unemployment
- The Political Crisis in France
- France’s economics ills worsen but all remedies appear unpalatable
- France begs its citizens to lighten up with tourists
- France’s Ticking Time Bomb
- Forget Ukip – euroscepticism in France would give Farage a run for his money
- Manuel Valls, the socialist government of France to the right
- Who is Manuel Valls, President Hollande’s new Prime Minister?
- Socialists Head for Drubbing in France
- Social conservatives are mobilizing in France, leading to talk of a tea party
- Despair and poverty turn French to far right
Spanish Independence Movements and the Recolonization of Southern Europe: Interview with Sister Teresa Forcades
- Spanish economy on the road to recovery, say OECD
- Domestic demand drives Spanish economy as prices fall
- Why a little economic growth won’t see an end to the pain in Spain
- Spain’s crash landlords: empty homes spawn black housing market
- Distrust and anger at Spain’s bungling banks
- 2013: Is Spain on the verge of a public health-care crisis?
- 2013: Optimism on Spanish banks grows as oligopoly looms
- 2013: Big Spanish banks rise profits fourfold to €8bn
- 2013: Worst Not Over for Spain Banks After Big Writedowns
- 2013: Marinaleda, Spain’s communist model village
- 2013: Resisting evictions Spanish style
- 2012: German banks win big from Spain bailout
- 2012: Spain’s Four Biggest Banks To Get $50B In Bailout Funds
- 2012: Spanish homeowners rally together to fight evictions by banks
- 2009: What Makes Spain’s Health Care System The Best?
‘We have undergone a transformation during the last few decades—what John Ralston Saul calls a corporate coup d’état in slow motion. We are no longer a capitalist democracy endowed with a functioning liberal class that once made piecemeal and incremental reform possible. Liberals in the old Democratic Party such as the senators Gaylord Nelson, Birch Bayh and George McGovern—who worked with Ralph Nader to make the Clean Air Act, the Clean Water Act, the Mine Safety and Health Act, the Freedom of Information Act and the OSHA law, who made common cause with labor unions to protect workers, who stood up to the arms industry and a bloated military—no longer exist within the Democratic Party, as Nader has been lamenting for several years. They were pushed out as corporate donors began to transform the political landscape with the election of Ronald Reagan. And this is why the Democrats have not, as Bill Curry points out, enacted any major social or economic reforms since the historic environmental laws of the early ’70s.
We are governed, rather, by a species of corporate totalitarianism, or what the political philosopher Sheldon Wolin describes as “inverted totalitarianism.” By this Wolin means a system where corporate power, while it purports to pay fealty to electoral politics, the Constitution, the three branches of government and a free press, along with the iconography and language of American patriotism, has in fact seized all the important levers of power to render the citizen impotent.’
‘The price of gold, down more than a third in three years, is approaching the tipping point where the mining industry would see a spike in the number of producers reducing output or even shutting down operations.
Several mines globally have already suspended output in the past 18 months, but not as many as industry watchers expected as producers focused on slashing costs and reworking mine plans to extract more profitable, higher-grade ounces.
But with bullion’s slide this week to a nine-month low of $1,208.36 an ounce, those defenses may not be enough.’
- Royal Mint puts its gold bullion up for sale
- Super-rich rush to buy ‘Italian Job’ style gold bars
- The Big Picture For Gold And Silver
- The myth of ethical gold
- China opens gold market to foreigners, seeks more pricing power
- China Holds “Gold Congress” – Positioning Itself As Global Gold Hub
- Indian Trade Deficit Widens as Gold Imports Surge 176%
- Central banks continuing to boost gold reserves
- London gold fix lawsuits to be consolidated in New York
- Three reasons to invest in Gold: Interview with Alasdair Macleod
- Barclays Manipulated Gold as Soon as It Stopped Manipulating Libor
Reuters noted last week:
A Manhattan federal judge said on Thursday that investors may pursue a lawsuit accusing 12 major banks of violating antitrust law by fixing prices and restraining competition in the roughly $21 trillion market for credit default swaps.
“The complaint provides a chronology of behavior that would probably not result from chance, coincidence, independent responses to common stimuli, or mere interdependence,” [Judge] Cote said.
The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc , Credit Suisse Group AG, Deutsche Bank AG , Goldman Sachs Group Inc, HSBC Holdings Plc , JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG.
Other defendants are the International Swaps and Derivatives Association and Markit Ltd, which provides credit derivative pricing services.
U.S. and European regulators have probed potential anticompetitive activity in CDS. In July 2013, the European Commission accused many of the defendants of colluding to block new CDS exchanges from entering the market.
“The financial crisis hardly explains the alleged secret meetings and coordinated actions,” the judge wrote. “Nor does it explain why ISDA and Markit simultaneously reversed course.”
In other words, the big banks are continuing to fix prices for CDS in secret meetings … and have torpedoed the more open and transparent CDS exchanges that Congress mandated.
- Outlook darkens on global economy, OECD says
- Six years since the Wall Street crash
- What Happened to Lehman Brothers’ Bankers?
- On the Precipice of Another Global Recession?
- Deutsche Bank: The Bubble Must Go On To Sustain The “Current Global Financial System”
- Marc Faber: World Is Probably Going Back Into Recession
- QE and the Investor Class: Central Bankers in a Deep Hole
- Jim Rickards: Stock market reality check
- Why a $16 Billion Fine Is Chicken Scratch for a Big Bank
- Too little reform, central bank risk and banking fraud – have we not learnt anything?
- Elizabeth Warren Champions Bill to Restore Glass-Steagall Act and Rein in Wall Street
- Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the Economy
- Nomi Prins: Financial Crash-Collapse Coming, It Should Have Happened Already
- The SEC’s just been caught colluding with the banks it’s supposed to regulate
- Marc Faber: 2014 crash will be worse than 1987’s
- Nomi Prins: Wall Street money a big policy influencer
‘One of the most troubling aspects of the financial crisis was that government regulators let it happen in the first place. And the most compelling explanation is also the most disturbing: regulators were unduly influenced or even controlled (“captured” is the term of art) by the very banks and financial firms they were meant to rein in. This argument, popularized most notably by MIT economist Simon Johnson, has strong circumstantial evidence supporting it, but concrete proof from within regulatory agencies has, understandably, been hard to come by.
On Friday, This American Life and ProPublica announced they had found such proof. A joint report produced by ProPublica reporter Jake Bernstein (who previously won a Pulitzer for his investigative reporting on Wall Street for the two outlets) revealed the existence of 46 hours of audio recordings made inside the Federal Reserve Bank of New York, which, as the Fed’s interface with the financial sector, serves as one of country’s most powerful bank regulators. Taken by former Fed bank examiner Carmen Segarra, the recordings suggest a culture within the Fed that was at best overly cautious in confronting bank wrongdoing, and at worst in bed with the banks it was regulating.’
- The Secret Recordings of Carmen Segarra
- Inside the New York Fed: Secret Recordings and a Culture Clash
- Michael Lewis on The Secret Goldman Sachs Tapes
- 16 Important Facts From The Startling Accusations About Goldman And The New York Fed
- New York Fed rejects claims of being too soft on Goldman Sachs
- Secret tapes of Fed meetings on Goldman prompt call for US hearings
- Goldman Sachs tightens conflict-of-interest rules as scrutiny mounts
‘[...] According to received doctrine, we live in capitalist democracies, which are the best possible system, despite some flaws. There’s been an interesting debate over the years about the relation between capitalism and democracy, for example, are they even compatible? I won’t be pursuing this because I’d like to discuss a different system – what we could call the “really existing capitalist democracy”, RECD for short, pronounced “wrecked” by accident. To begin with, how does RECD compare with democracy? Well that depends on what we mean by “democracy”. There are several versions of this. One, there is a kind of received version. It’s soaring rhetoric of the Obama variety, patriotic speeches, what children are taught in school, and so on. In the U.S. version, it’s government “of, by and for the people”. And it’s quite easy to compare that with RECD.
In the United States, one of the main topics of academic political science is the study of attitudes and policy and their correlation. The study of attitudes is reasonably easy in the United States: heavily-polled society, pretty serious and accurate polls, and policy you can see, and you can compare them. And the results are interesting. In the work that’s essentially the gold standard in the field, it’s concluded that for roughly 70% of the population – the lower 70% on the wealth/income scale – they have no influence on policy whatsoever. They’re effectively disenfranchised. As you move up the wealth/income ladder, you get a little bit more influence on policy. When you get to the top, which is maybe a tenth of one percent, people essentially get what they want, i.e. they determine the policy. So the proper term for that is not democracy; it’s plutocracy.’
Bill Black says Eric Holder’s legacy on “too big to fail” is “too big to jail”:
Mike Papantonio on Eric Holder’s relationship to the corporate world:
Part of a Democracy Now! round-table discussion on Eric Holder’s “complex legacy”:
- Obama: Eric Holder did ‘superb job’
- The Terrible Tenure of Eric Holder
- Eric Holder to Resign: Here’s His Full Legacy
- Fox News Leads GOP Bullsh*t Parade Against Eric Holder
- Eric Holder didn’t send a single banker to jail for the mortgage crisis. Is that justice?
- What We Need From the Next Attorney General
‘Abby Martin interviews the creator of the Zeitgeist Movement, Peter Joseph, covering everything from the upcoming Zeitgeist Festival in Los Angeles on October 4th to economic and societal solutions to global problems ranging from environmental destruction to mass inequality. (Breaking the Set)
‘Abby Martin speaks with journalist and author, Chris Hedges, going over where the recent mass climate change demonstrations in New York fall short, as well as why he believes revolt is the only solution to restoring a functioning American democracy.’ (Breaking the Set)
‘World Bank Turkey Director Martin Raiser on Tuesday addressed design flaws in the EU-Turkey Customs Union agreement that is seen as the biggest obstacle for Turkey in EU economic integration.
Raiser said that although Turkey is a candidate for EU membership, its inability to participate in the decision-making process on the EU’s Customs Union policies increases the risk of Turkish non-compliance with EU legislation.
[...] Raiser was speaking at the “Turkey-EU Custom Union” panel held by the European Union and the Ankara-based think tank Global Research Association, which conducts research into Turkey’s harmonization with EU principles and policies.’
‘George Osborne’s plans to balance the government’s books will require additional tax increases, spending cuts or welfare cuts worth more than £37bn in the first three years of the next parliament, according to Britain’s leading experts on the public finances.
In an assessment of the budget plans of the three biggest Westminster parties, the Institute for Fiscal Studies (IFS) found that austerity would continue under a Conservative, Labour or Liberal Democrat chancellor, but that Osborne had by far the toughest approach to fiscal policy.’
‘Environmental activist Anne Petermann and writer Quincy Saul describe how the People’s Climate March has no demands, no targets,and no enemy. Organizers admitted encouraging bankers to march was like saying Blackwater mercenaries should join an antiwar protest. There is no unity other than money. One veteran activist who was involved in Occupy Wall Street said it was made known there was plenty of money to hire her and others. There is no sense of history: decades of climate-justice activism are being erased by the incessant invocation of the “biggest climate change demonstration ever.” Investigative reporter Cory Morningstar has connected the dots between the organizing groups, 350.org and Avaaz, the global online activist outfit modeled on MoveOn, and institutions like the World Bank and Clinton Global Initiative. Morningstar claims the secret of Avaaz’s success is its “expertise in behavioral change.”
That is what I find most troubling. Having worked on Madison Avenue for nearly a decade, I can smell a P.R. and marketing campaign a mile away. That’s what the People’s Climate March looks to be. According to inside sources a push early on for a Seattle-style event—organizing thousands of people to nonviolently shut down the area around the United Nations—was thwarted by paid staff with the organizing groups.’
- Climate change summit: Thousands join global protests
- Naomi Klein: Climate change is a global emergency. Stop waiting for politicians to sound the alarm
- A People’s Climate Movement: Indigenous, Labor, Faith Groups Prepare for Historic March
- Historic Climate Change Protests Only Days Away: Interview with Margaret Flowers and Kevin Zeese
- The Trews: Who Profits From Denying Climate Change?
‘A scandal-hit university which has already seen its vice chancellor suspended and its chairman of governors stand aside as part of a bitter boardroom feud, has spent £150,000 on seven designer chairs. Plymouth University has commissioned the award-winning furniture designer John Makepeace to make seven handcrafted chairs to be used at graduation ceremonies.
The news follows revelations earlier this month that the university had spent more than £24,000 on sending six members of staff to a conference in Miami earlier this year. This was despite threatened job losses which have prompted a series of protests by lecturers at the Plymouth University campus this summer.’
- Occupy abolishes $4 million in other people’s student loan debt
- Student loan debt linked to less health and wealth later in life, poll finds
- Students Now Indentured to the Banksters
- 460,000 people with college degrees are working in minimum wage jobs
- Yes, We Should Tell Kids If College Will Make Them Poor
- $1 trillion student loan debt widens US wealth gap
- Debt Servitude and the Student Loan Bubble
- How to Save the Victims of the Student Loan Crisis
‘Arguments against independence include that Scotland’s levels of public spending, which are higher than in the rest of the UK, would be difficult to sustain without raising taxes. But that assumes the existing UK/EU investment regime. If Scotland were to say, “We’re starting a new round based on our own assets, via our own new bank,” exciting things might be achieved. A publicly-owned bank with a mandate to serve the interests of the Scottish people could help give the newly independent country true economic sovereignty.
I wrote on that possibility in December 2012, after doing a PowerPoint on it at the Royal Society of Arts in Edinburgh. That presentation was followed by one by public sector consultant Ralph Leishman, who made the proposal concrete with facts and figures. He suggested that the Scottish Investment Bank (SIB) be licensed as a depository bank on the model of the state-owned Bank of North Dakota. I’m reposting the bulk of that article here, in hopes of adding to the current debate.’
‘A senior U.S. diplomat told me recently that if Russia were to occupy all of Ukraine and even neighboring Belarus that there would be zero impact on U.S. national interests. The diplomat wasn’t advocating that, of course, but was noting the curious reality that Official Washington’s current war hysteria over Ukraine doesn’t connect to genuine security concerns.
So why has so much of the Washington Establishment – from prominent government officials to all the major media pundits – devoted so much time this past year to pounding their chests over the need to confront Russia regarding Ukraine? Who is benefiting from this eminently avoidable – yet extremely dangerous – crisis? What’s driving the madness?’
- Losing Credibility: The IMF’s New Cold War Loan to Ukraine
- Ukraine economy at risk, may need another bailout
- Do We Have To Destroy Ukraine In Order To Save It?
- GM Food, Ukraine and the Return of Hill + Knowlton
- IMF loan for Ukraine may give Monsanto t a backdoor into EU
- Putin: Ukraine’s transition to EU trade will cost €165bn
- Bankrupt Ukraine Announces $3 Billion Increase in Military Spending
- Ukraine’s president prepares to sell assets via Rothschild-report
- Ukraine Economy Minister Pavlo Sheremeta Resigns
- PM Yatseniuk: Ukraine conflict is draining economy, hampering reforms
- Ukrainian government to privatize all enterprises except strategic
- What Do the World Bank and IMF Have to Do With the Ukraine Conflict?
- Infographic: Infrastructure damage in Ukraine’s east is massive blow to economy
- Ukraine’s currency is collapsing, and there isn’t much it can do to stop it
- Ukraine’s Currency Drop May Swell Emergency Bailout Needs
- K Street’s Russian sanctions bonanza
- What Wiki-Leaked Cables Reveal About Ukraine’s New President
- Beneath the Ukraine Crisis: Shale Gas
- With friends like the IMF and EU, Ukraine doesn’t need enemies
- Ukraine Wants to Become the Silicon Valley of Europe
- Was The Price Of Ukraine’s “Liberation” The Handover Of Its Gold To The Fed?
‘When economists talk about how a market “regulates itself,” what they mean is that markets reach an equilibrium between supply and demand.
This says nothing about whether or not this equilibrium will be a good thing for society. It simply states that if consumers choose what to buy and producers choose what to sell and how to produce it, the market settles on a product distribution and prices.
Lately, many people I know have argued that “free markets” mean something more. They see markets as ethically right or ethically moral, meaning pursuit of profit always somehow leads to a greater good.
Unfortunately, morality isn’t built into markets.’
- Oxfam report: 85 people own more than the poorest 3.5 billion people on the planet
- Chemical Spill Muddies Picture in a State Wary of Regulations
- Six months after Bangladeshi factory collapse, workers remain in peril
- Families of trapped Chilean miners to sue mining firm
- E-Mails Suggest Merck Knew Vioxx’s Dangers at Early Stage
- Enron: The Smartest Guys In The Room (Documentary)
- The Corporation (Documentary)
- The Morality of Capitalism (Book)
- What Isn’t for Sale?
‘The BBC’s chairman-elect is being sued over her involvement in the HSBC money-laundering scandal, it was revealed yesterday. Rona Fairhead, who is set to become the first woman to lead the corporation, had her appointment approved by MPs yesterday.
But hours after the Commons hearing it emerged the 53-year-old is facing a class action lawsuit by HSBC shareholders over allegations the bank allowed terrorists and Mexican drug cartels to launder money.
Mrs Fairhead chaired the bank’s ‘risk committee’ in 2012, when it was fined £1.2billion by US authorities to settle allegations that it allowed drug traffickers to launder millions of pounds. The bank was also accused of breaching sanctions against Cuba, Iran, Libya, Burma and Zimbabwe.’
- BBC hopeful ‘not an establishment figure’
- New chair of BBC Trust to continue roles at HSBC and Pepsi
- Greg Dyke warns incoming BBC chief to ‘watch her back’
- New chair would be surprised if BBC Trust survived in current form
- Rona Fairhead is an instant ratings success with MPs
- Licence fee is good value, new BBC chief says
Editor’s Note: This story reminded me of when an MSNBC host cut off a U.S. Congresswoman who was talking about the NSA’s bulk collection of phone data, just so that she could bring us “breaking news” about Justin Bieber appearing in court. Hilarious yet absolutely shocking at the same time but is it really any surprise? Bieber and the Royal baby are just another example of what a joke the media is on both sides of the Atlantic. A media which is largely there to keep us misinformed and distracted for the benefit of those own the system. So strap yourself in for another long, drawn-out, gooey eyed ride with Britain’s favourite celebrities. Puke!
‘Live television coverage of a speech by Frances O’Grady, General Secretary of the TUC, was cut off this morning minutes after she had warned of a return to a “Downton Abbey” society – for a newsflash announcing that the Duchess of Cambridge is expecting her second child.
The second royal pregnancy was deemed to be so important that nothing more was heard of Ms O’Grady’s speech, in which she expanded on her theme that the British class system is being reinvented, as the gap between rich and poor widens.’
‘Spain is among the European countries hardest hit by the so-called ‘brain drain’ effect with thousands of professionals including nurses and teachers taking steps to leave the country in recent years, new figures from the European Union show.
One of the most damaging aspects of Spain’s economic crisis has been the departure from the country of university graduates and highly skilled professionals. With jobs hard to come by and research and development funding slashed in many industries, anecdotal evidence suggests many people have decided to make the move elsewhere.’
- Spain’s public debt passes €1 trillion
- Suspect accuses Spanish royal family of embezzling funds
- Spanish court makes first conviction of bankers since start of crisis
- 2013: Spain experiencing brain drain as weak economy lingers
- 2012: Brain drain in Spain as 1m graduates swell the ranks of the unemployed
Italy’s fears that corporate-sponsored restoration projects will lead to the Disneyfication of its cultural heritage
‘They have clothed the world’s wealthy fashionistas and bejeweled Hollywood stars. Now, Italy’s kings of fashion are poised to give this nation’s crumbling monuments a makeover to restore them to their former glory, something the cash-strapped Italian government cannot do.
But as Italy courts private cash to rescue some of the globe’s best-known relics of the ancient world, a debate is raging over the commercialisation of history. The Italians have been careful to avoid, say, the kind of US-style rebranding that could lead to Prada’s Pompeii or the Leaning Tower of Gucci. But critics are already fretting about corporate exploitation of Italy’s national patrimony.’
Former First Lady on Hollande: ‘He does not like the poor, privately he calls them the toothless ones’
‘In the 320 pages of Valérie Trierweiler’s literary revenge attack on François Hollande, just two words may have destroyed what remains of the hapless French President’s credibility. France has exploded with self-righteous rage at Ms Trierweiler’s claim that a Socialist President, who once said that he “hated the rich”, jokingly refers to the poor in private as “les sans dents” – “people without teeth”.’
- France’s Jilted First Lady Tells All
- Trierweiler adds to the pressure on Hollande
- Reactions to Valérie Trierweiler’s tell-all book
- How Valerie Trierweiler has sealed the president’s fate
- Hollande backed by allies and rivals after Trierweiler’s kiss and tell
- 4 surprising revelations from former first lady’s tell-all book on Francois Hollande
‘On Thursday, nearly two years after fast-food employees first walked off the job in New York City, workers in dozens of cities around the country are staging a new round of strikes aimed at winning workers a $15 minimum wage and the right to form a union. This spate of walk-outs will see a significant escalation in tactics: home healthcare workers will join the day of action, and some workers will engage in civil disobedience. Several have already been arrested.’
‘The number of people struggling with payday loans has risen by 42% in the past year, according to a debt charity. The charity StepChange is asking the City regulator to take further action to protect consumers who suffer from such financial hardship.
It said the Financial Conduct Authority (FCA) should impose an even stricter cap on payday loan costs. The FCA said it would study the idea, along with all the other responses to its current consultation.
StepChange’s latest figures suggest the number of people getting into difficulty as a result of payday loans is continuing to increase. In the first half of 2014 it dealt with 43,716 consumers who were in trouble. That compares with 30,762 in the same period last year.’
- 30,000 middle class parents face demand for hundreds of pounds of child benefit
- Gas costs you THREE times what the energy firms pay
- UN sparks fury after launching human rights investigation into Britain’s disability benefit reforms
- Thousands of families are simply too poor for a trip to the seaside, says Barnardo’s
- Vince Cable asks for loopholes in zero-hours contracts to be exposed
- Food poverty: UK experts warn of rising levels of malnutrition
- UK recovery in doubt after record fall in food sales
- Councils in poorest areas suffering biggest budget cuts, Labour says
- Spending watchdog accuses DWP of hiding universal credit’s failings
- Labour and transport campaigners step up rail fares fight as prices rise again
- ‘Social cleansing’ of London’s council estates sees Tories plan underground playground for children
- The perils of moving in with your parents at 40
- Rise of new underclass costs £30bn
- A citizen’s income of £71 a week per person would make Britain fairer
- Labour attacks Coalition as UK’s energy bills soar 21 per cent in three years
- Pensioners hit hardest by £9BILLION welfare spending cuts as Cameron breaks election promise
- FT: Raising the minimum wage is the wrong way to deal with low pay
- UK household debt more than quadruples since 1990
- The 11 most senseless benefit sanction decisions known to man
- Rich getting richer as everyone else is getting poorer, Government’s own figures reveal
‘When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet.
The September/October issue of Foreign Affairs features an article by Mark Blyth and Eric Lonergan titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?
The Fed, it seems, has finally run out of other ammo. It has to taper its quantitative easing program, which is eating up the Treasuries and mortgage-backed securities needed as collateral for the repo market that is the engine of the bankers’ shell game. The Fed’s Zero Interest Rate Policy (ZIRP) has also done serious collateral damage. The banks that get the money just put it in interest-bearing Federal Reserve accounts or buy foreign debt or speculate with it; and the profits go back to the 1%, who park it offshore to avoid taxes. Worse, any increase in the money supply from increased borrowing increases the overall debt burden and compounding finance costs, which are already a major constraint on economic growth.
Meanwhile, the economy continues to teeter on the edge of deflation. The Fed needs to pump up the money supply and stimulate demand in some other way. All else having failed, it is reduced to trying what money reformers have been advocating for decades — get money into the pockets of the people who actually spend it on goods and services.’
- Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People
- Why the Fed has no ammo left
- Money Growth Does Not Cause Inflation!
- 76% of Americans are living paycheck-to-paycheck
- Revealed: Global superrich has at least $21 trillion hidden in secret tax havens
- Collateral Damage: QE3 and the Shadow Banking System
- How Dare the Fed Buy AIG
‘Several months ago, when Russia announced the much anticipated “Holy Grail” energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar’s stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative.
This changed in late June when first Gazprom’s CFO announced the gas giant was ready to settle China contracts in Yuan or Rubles, and at the same time the People’s Bank of China announced that its Assistant Governor Jin Qi and Russian central bank Deputy Chairman Dmitry Skobelkin held a meeting in which they discussed cooperating on project and trade financing using local currencies. The meeting discussed cooperation in bank card, insurance and financial supervision sectors.
And yet, while both sides declared their operational readiness and eagerness to bypass the dollar entirely, such plans remained purely in the arena of monetary foreplay and the long awaited first shot across the Petrodollar bow was absent. Until now.’
- Russia’s Gazprom Neft to Sell Oil for Rubles, Yuan
- Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan Or Rubles
- 90% Of Gazprom Clients Have “De-Dollarized”, Will Transact In Euro & Renminbi
- The birth of a Eurasian century: Russia and China do Pipelineistan
- Russia And China Finally Sign Historic $400 Billion “Holy Grail” Gas Deal
- It’s On: Gazprom Prepares “Symbolic” Bond Issue In Chinese Yuan
- 40 Central Banks Are Betting This Will Be The Next Reserve Currency
‘[...] Although Putin has no alternative ideology to offer, times have changed. This is now a messier, less clearly defined, multipolar world. It is not just that the pre-eminence of the dollar has been challenged by Russia’s announcement that roubles and yuan will be used in the oil deal it has brokered with China. It is not just that we are back to spheres of influence. It is not even that governments have become more interventionist and protectionist. It is that after the convulsions of the past seven years, it is hard to imagine a US president or indeed any western leader saying: “We know what works, the free market works.”
So RIP new world order. Born Berlin 1989. Died with Lehman Brothers September 2008. Laid to rest eastern Ukraine August 2014.’