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THE WHITE TERRORISTS — Yvette Carnell writes a scathing history of Lynching in America; Ajamu Baraka on Netanyahu the Rejectionist; Patrick Smith on Reinventing the Foreign Correspondent; Peter Lee on the escalating cyberwar between the US and China; Jeffrey St. Clair on the Real Israeli Defense Force: the US Congress. Plus: Mike Whitney: Getting Cured in Vietnam; JoAnn Wypijewski on Gramsci, Chick Webb and the Art of Living Well; Chris Floyd: Learning About the Rapture from Michele Bachmann and Lee Ballinger: Driving Nat King Cole.
Archives by Tag 'Banks'
The Leveraged Buyout of America
ELLEN BROWN
Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pu...
The Future of Fannie and Freddie
DEAN BAKER
President Obama’s announcement of his plans for a restructured mortgage market was painful for those who remember the bubble and crash. It seems as though he learned nothing from this disaster. The key problem in the bubble years was the ability of private actors...
Banks as Public Utilities
ELLEN BROWN
Establishing a city-owned San Francisco Bank is not a new idea. According to City Supervisor John Avalos, speaking at the Public Banking Institute conference in San Rafael in June, it has been on the table for over a decade. Recent interest was spurred by th...
Ireland: Financial Playground for Global Elites
CAOIMHGHIN Ó CROIDHEÁIN
“So, so…[the €7 billion] is bridged until we can pay you back..which is never. [Loud laughter]” (Telephone conversation between Anglo Irish Bank executives in September 2008) Current ongoing revelations in the form of recorde...
Hedge Funds and the Death of the Peasant Landowner
RODOLFO ACUÑA
When I was growing up, relatives talked incessantly about retirement, which generally meant going to live with a daughter and her family. When social security kicked in some older relatives became more independent especially those who had bought a home and paid off it. Th...
A Dream Foreclosed
RUSSELL MOKHIBER
How different are the big Wall Street banks circa 2008 from the loan sharks of the 1970s? Not very. Laura Gottesdiener has written a remarkable book that hits hard against the big Wall Street banks. It’s called –...
Obama and the Housing Boondoggle
MIKE WHITNEY
“Today, seven years after the real estate bubble burst, triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing. Sales are up.  Foreclosures ...
Time for Some Publicly-Owned Banks
ELLEN BROWN
“[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.” —Eric Sprott, Shree Kargutkar, “...
Terrorizing the Economy
LAURA FLANDERS
Two acts of cruelty claimed lives this tax day.  One was criminal, bloody and shocked a nation. The other was routine, legal and potentially way more deadly. They both rely on secrecy. The bombs near the finish line of the Boston Marathon were planted by we don’...
Housing’s Breakout Year
MIKE WHITNEY
Housing is back. Prices are rising, sales are strong, inventory is low, and according to a recent survey, 82 percent of real estate agents believe that it’s “a good time to sell a house.” Also, a new report prepared by the ULI Center for Capital ...
Winner Takes All
ELLEN BROWN
Shock waves went around the world when the IMF, the EU, and the ECB not only approved but mandated the confiscation of depositor funds to “bail in” two bankrupt banks in Cyprus. A “bail in” is a...
It’s a Banker’s World
DARWIN BOND-GRAHAM
Sixteen banks at the core of the global financial system —including JP Morgan, Bank of America, and Citigroup— scored a major victory last Friday when a federal judge dismissed nearly all the charges brought against them by a group of plaintiffs that includes municipa...
So Much for the Sanctity of Bank Deposits
SERGE HALIMI
Paris. Everything was becoming impossible. It was impossible to increase taxes because that would discourage “entrepreneurs”. It was impossible to protect a country against commercial dumping by low wage countries, as that would contravene free trade a...
Eurozone in Crisis
TOM McNAMARA
“Let all the poisons that lurk in the mud hatch out.” – Robert Graves, I Claudius Rennes, France. Things are bad in the European Union (EU). Just how bad you ask? They are so bad that the unelected ...
Plutocracy in America
MICHAEL BRENNER
Plutocracy literally means rule by the rich. “Rule” can have various shades of meaning: those who exercise the authority of public office are wealthy; their wealth explains why they hold that office; they exercise that authority in the interests of the rich; they have...
China’s Shadow Bankers and the Vampire Squid
MIKE WHITNEY
“China is displaying the same three symptoms that Japan, the U.S. and parts of Europe all showed before suffering financial crises: a rapid build-up of leverage, elevated property prices and a decline in potential growth.” — Zhiwei Zhang,  No...
Cyprus and the Eurozone Crisis
DEEPAK TRIPATHI
London. The economic crisis of the Republic of Cyprus follows the Greek tragedy of the past year. Only the scale this time is bigger, but the anger in the small island with one-tenth of the population of its neighbor no less. Pressure applied by the troika...
JP Morgan and Payday Loans
CHRISTOPHER BRAUCHLI
“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” – Attributed to Henry Ford JP Morgan Cha...
The Confiscation Scheme Planned for US and UK Depositors
ELLEN BROWN
Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated...
The Beginning of the End of Too-Big-to-Fail?
ROBERT WEISSMAN
A funny thing, wonderful in its own small way, happened last week. Amidst an endless series of votes on amendments to a federal budget bill, the United States Senate voted 99-0 in favor of an amendment to end subsidies to too-big-to-fail financial institutions....
The Hubris of the Wall Street Gang
DEAN BAKER
Many highly respected Washington types have been running around for the last three years yelling that because of its large budget deficits, the United States is Greece. We learned last week that the immediate danger is the United States being Cyprus. As we now know...
Fear and Uncertainty in Cyprus
NIGEL O'CONNOR
Nicosia. The municipal theatre of Nicosia sits directly behind the Cypriot parliament. Its prominence within the capital suggests the importance of such civic buildings to a population seeing itself as the inheritors to the grand heritage of Greek traditio...
Death by Bailout
MIKE WHITNEY
It was supposed to be a bailout. It turned out to be a death sentence. Given the checkered and unremarkable history of the Brussels bureaucrats, is anyone really surprised? Yes, an agreement was reached between Cypriot government officials and the so-called troi...
The Battle of Cyprus
ELLEN BROWN
“If these worries become really serious, . . . [s]mall savers will take their money out of banks and resort to household safes and a shotgun.” — ...
Too Big to Jail
DAN DEWALT
Corporate America just received the confirmation that they’ve been waiting for. The attorney general of the United States has now admitted that the biggest American financial corporations have created such a labyrinth of their structures and practices that t...
Ireland’s Home Mortgage Crisis: No Debt Relief
CAOIMHGHIN Ó CROIDHEÁIN
We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without intrinsic value) has created expo...
US Housing: Is the Recovery Real?
MIKE WHITNEY
“If it weren’t for the activity of investors, including large hedge funds, there would be no market recovery.” — Larry Roberts, O.C. Housing News There’s no doubt that housing prices are going up. A...
The Great Horsemeat Crisis
CONN HALLINAN
As the Great Horsemeat Crisis continues to spread—“gallops” is the verb favored by the European press—across the continent, and countries pile on to blame Romania (France, Holland, Cyprus, etc.), what is becoming increasingly clear is that old-fashioned corporate ...
Obama’s Carnival of Fraud
NORMAN POLLACK
The big picture is clear, from drone warfare as escalation of sought-after global US military hegemony to the trivialization and evisceration of government’s regulatory functions, all pointing to a business-as-usual continuation of policies and practices going back, reg...
Obama, Housing and the Next Big Heist
MIKE WHITNEY
For those who missed President Obama’s latest giveaway to the Bank Mafia, we’ll repeat what he said here. This is an excerpt from Tuesday’s State of the Union Speech: “Part of our rebuilding effort must also involve our housing s...
Remember Growth?
MIKE WHITNEY
One thing you can say about Obama; he never fails to disappoint. Last night’s State of the Union Speech is a perfect example. In his typical lofty rhetoric, the president promised to continue to implement his regressive social and economic policies without pause pro...
Time to Drop Money From Helicopters
KEVIN ZEESE and Dr. MARGARET FLOWERS
Milton Friedman of the Chicago School of Economics suggested in 1969 that dro...
Housing Hijinx
MIKE WHITNEY
“Experts do not seem to think that we are going back to the same boom. There might be ‘cheap talk’ that housing is ‘off to the races again,’ but the people who think about it seriously, doubt it.” — Robert Schiller,...
End the Fed
ROB URIE
The Federal Reserve is supporting and maintaining a system of finance capitalism that by the ‘rules’ of capitalism should have disappeared in 2008. Wall Street, with its outposts now circling the globe, claims its ‘due’ under the premise its system of savage capit...
How Central Banking Works
MIKE WHITNEY
“Back in 2009, our hot housing market acted as a life preserver in a sea of economic uncertainty. Now it feels more like a cinder block tied around our necks.” — Chris Sorensen, “The Great Canadian Real Estate Crash of 2013″...
The Big Heist in the Great White North
MIKE WHITNEY
Canada’s housing bubble has burst and prices have started to fall. Sales have dipped for 8 straight months as buyer interest has begun to wane. Housing sales in November dropped 12 percent from the same month last year, while previously-hot markets of Vancouver an...
Foreclosures and the Police State
LESLIE RADFORD
Van Nuys. The Hernandez family, who became ...
Santa as Big Brother
DAVID ROSEN
If you go shopping this Christmas season, you really need to watch out because you will likely be tracked, profiled and, if you’re really not careful, digitally ripped off. In most stores, nearly all products, whether a toy or a piece of jewelry, comes with a hid...
The Mysterious New Housing Bubble
MIKE WHITNEY
The rebound in housing is now in full swing. Housing starts are up, existing home sales are gaining pace, inventory is down, and prices are on the rise. According to a recent report by Corelogic “House prices are up 6.3% year-over-year in October, the largest increa...
Exploring the Public Bank Option
ELLEN BROWN
The Royal Bank of Scotland (RBS) and the Bank of Scotland have been pillars of Scotland’s economy and culture for over three centuries.  So when the RBS was nationalized by the London-based UK government following the 2008 banking crisis, and the Bank of Scotland was a...
American Students: the Coal Miners of Today
DARWIN BOND-GRAHAM
Bob Meister isn’t the kind of man who comes across as a radical. He’s a bespectacled grey-haired intellectual who looks comfortable in the sort of suit and tie a distinguished professor would wear. That’s probably because he is a professor, a quite disti...
Consumer Protector Caves to the Banks
MIKE WHITNEY
Richard Cordray might be the most powerful man in America today, and you’ve probably never even heard of him. As head of the new US Consumer Financial Protection Bureau (CFPB), Cordray can effectively set the clock back to 2005 and inflate another gigantic, e...
The Blood of Cities
DARWIN BOND-GRAHAM
When Bill Clinton was elected in 1993 US Treasury bond yields were trading around 5 percent. Within a year prices dipped and yields shot upward of 8 percent. The bond market —meaning a relatively elite coterie of highly paid investment managers working for the largest g...
The Consumer Financial Protection Bureau’s First Big Sellout
MIKE WHITNEY
So now we know why the banks fought tooth-and-nail to prevent Elizabeth Warren from heading the Consumer Financial Protection Bureau (CFPB). It’s because they were already planning their next big coup and didn’t want Warren in a position where she could make w...
The Bankers vs. the People
MIKE WHITNEY
Last Thursday, the Wall Street Journal ran an article titled “Burdened by Old Mortgag...
Wall Street and the Politics of Finance
ROB URIE
In the early days of the Obama administration there was an opportunity, at least in theory, to reconsider the role of finance in Western economies. The financial part of the economic crisis that the banks created left them vulnerable and dependent on visible public suppor...
Bankers And Their Dirty Tricks
MIKE WHITNEY
Didn’t Ben Bernanke promise that another round of bond purchases would lower unemployment and boost economic growth? We think he did, which is why we’re wondering why all the benefits from QE3 appear to be going to the banks. According to Bloomberg News...
Mitt’s Bad Week
ROB URIE
It was Spring of 2010, less than a year after the official end of the last recession but still deep in the throes of the Great Recession, that Barack Obama’s ‘deficit commission’ met for the first time. With close to twenty-five million people unemployed ...
Canada’s Housing Bubble Set to Burst
MIKE WHITNEY
Canada’s housing bubble is about to burst, and when it does, hundreds of billions of dollars in equity will be wiped out, unemployment will spike, and the economy will sink into a protracted slump. We know this will happen, because the same scenario unfolded in th...
The Myth That Japan is Broke
ELLEN BROWN
In an April 2012 article in Forbes titled “...