tag:blogger.com,1999:blog-5724181159639068489.post5306865874853934954..comments2019-07-02T23:58:12.288-04:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: What Are Goldman Sachs's Motives?RobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5724181159639068489.post-28890121724772168852013-09-04T12:40:40.833-04:002013-09-04T12:40:40.833-04:00Wall Street¡¯s Secret ¡°Economic Endgame¡±: Making th...Wall Street¡¯s Secret ¡°Economic Endgame¡±: Making the World Safe for Banksters, Syria in the Cross-hairs<br /><br />In an August 2013 article titled ¡°Larry Summers and the Secret ¡®End-game¡¯ Memo,¡±<br /> Greg Palast posted evidence of a secret late-1990s plan devised by Wall<br /> Street and U.S. Treasury officials to open banking to the lucrative <br />derivatives business. To pull this off required the relaxation of <br />banking regulations not just in the US but globally. The vehicle to be <br />used was the Financial Services Agreement of the World Trade <br />Organization.<br /><br />The ¡°end-game¡± would require not just coercing support among WTO <br />members but taking down those countries refusing to join. Some key <br />countries remained holdouts from the WTO, including Iraq, Libya, Iran <br />and Syria. In these Islamic countries, banks are largely state-owned; <br />and ¡°usury¡± ¨C charging rent for the ¡°use¡± of money ¨C is viewed as a sin,<br /> if not a crime.That puts them at odds with the Western model of rent <br />extraction by private middlemen. Publicly-owned banks are also a threat <br />to the mushrooming derivatives business, since governments with their <br />own banks don¡¯t need interest rate swaps, credit default swaps, or <br />investment-grade ratings by private rating agencies in order to finance <br />their operations.<br /><br />Bank deregulation proceeded according to plan, and the <br />government-sanctioned and -nurtured derivatives business mushroomed into<br /> a $700-plus trillion pyramid scheme. Highly leveraged, completely <br />unregulated, and dangerously unsustainable, it collapsed in 2008 when <br />investment bank Lehman Brothers went bankrupt, taking a large segment of<br /> the global economy with it. The countries that managed to escape were <br />those sustained by public banking models outside the international <br />banking net.<br /><br />http://www.globalresearch.ca/wall-streets-secret-economic-endgame-making-the-world-safe-for-banksters-syria-in-the-cross-hairs/5348107wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-82232469677786534562013-09-04T08:49:13.353-04:002013-09-04T08:49:13.353-04:00Bill Black: The New York Times is Wowed that Obama...Bill Black: The New York Times is Wowed that Obama¡¯s Six Rubinites Support Larry Summers<br /><br />By Bill Black, the author of The Best Way to Rob a Bank <br />is to Own One and an associate professor of economics and law at the <br />University of Missouri-Kansas City. Cross posed from New Economic Perspectives<br /><br />The Obama administration, for reasons that pass all understanding, <br />has been running a campaign of leaks disparaging one of Obama¡¯s few <br />senior female appointees, Janet Yellen. Her high crimes include not <br />being a prot¨¦g¨¦e Bob Rubin and doing exceptionally well in economic <br />forecasting. Rubin wants the job of Fed Chair to go to his top prot¨¦g¨¦e,<br /> Larry Summers. Yellen, as Vice Chair of the Fed stands in the way of <br />Rubin¡¯s ambitions. (Rubin is too toxic to take the Chair directly.) The <br />administration has been leaking primarily to the New York Times¡¯ Binyamin Applebaum. His latest article contains this remarkable statement, without analysis.<br /><br />¡°[T]he president¡¯s top economic advisers uniformly <br />support the selection of Mr. Summers. They regard him as a creative <br />thinker and an experienced crisis manager, qualities they value in <br />particular because they expect the Fed may confront difficult choices as<br /> it begins to retreat from its six-year-old stimulus campaign.¡±<br /><br />The obvious question, except to the NYT, is who the <br />¡°president¡¯s top economic advisers¡± are who ¡°uniformly support the <br />selection of Mr. Summers¡±? There are six such advisers:<br /><br />1. Gene Sperling (Director, National Economic Counsel)<br /><br />2. Jason Furman (Chairman, CEA)<br /><br />3. James Stock (Member, CEA)<br /><br />4. Jacob Lew (Treasury)<br /><br />5. Penny Pritzker (Commerce)<br /><br />6. Sylvia Mathews Burwell (OMB)<br /><br />Each of Obama¡¯s top economic advisers is a Rubinite. Sperling is one <br />of Rubin and Summers¡¯ closest allies. Furman¡¯s prior job was running the<br /> Hamilton Project ¨C created by Rubin to propagate his ideas. Stock is a <br />Rubinite, a colleague of Summers, and the co-author of the article that <br />infamously coined the term ¡°The Great Moderation¡± (Ben Bernanke <br />popularized, but did not invent, their phrase.) Some ¡°moderation¡± ¨C to <br />state the case gently he missed the most important economic developments<br /> in modern history. Jacob Lew and Furman share the characteristic of <br />being Rubinites and leading architects and proponents of the ¡°Grand <br />Betrayal¡± (the effort to inflict austerity and cuts in the safety net). <br />Pritzker is a national disgrace. She connected then Senator Obama with Rubin. Her appointment prompted extremely pointed criticisms.<br /><br />http://www.nakedcapitalism.com/2013/09/bill-black-the-new-york-times-is-wowed-that-obamas-six-rubinites-support-larry-summers.htmlwheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-40608397766884159822013-08-24T12:17:10.830-04:002013-08-24T12:17:10.830-04:00Moyers: America&#39;s Gilded Capital and Losing D...Moyers: America&#39;s Gilded Capital and Losing Democracy to the Predator Class<br /><br /><br /><br /><br /><br /><br /><br /><br /><br />&quot;The political class has reached some kind of critical mass <br />in the 21st century. There is something going on in Washington that <br />needed to be called out. I do not think it can be sustained, and I <br />think it is indecent. It is not how Americans want their government and <br />their capital city to be.&quot;<br /><br />I strongly recommend that you watch this inside look at the <br />culture of unwarranted privilege, unprincipled greed, and <br />self-delusional narcissism amongst the ruling elite in Washington and <br />New York.<br /><br />http://jessescrossroadscafe.blogspot.com/2013/08/moyers-americas-gilded-capital-and-end.htmlwheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-53268566461365174492013-08-18T12:08:44.276-04:002013-08-18T12:08:44.276-04:00I won&#39;t be posting links to any articles from ...I won&#39;t be posting links to any articles from now on as I think it is too depressing to do so. I appreciate Larry&#39;s asking me to post daily and enjoyed doing so. May Truth triumph in the end.<br /><br /><br />Joyce, the posterJEHRnoreply@blogger.com²®¾ôÓéÀÖÀÏÆ·ÅÆ