thenatureofmind

How the IMF Destroyed Greece: The Reality of the Greek “Success story”: On Its Way to Become a Third World Country

While prime minister Samaras speaks of a “Greek success story” reality looks quite different: Public debt has increased from 120 per cent of GDP to 180 per cent. The suicide rate is soaring. The public health and education systems have already been largely destroyed, says Chatzistefanou. According to physicians existential fear and poverty would lead also to a heavy rise in cardiovascular diseases – often with deadly consequences. The alleged primary surplus were fictitious as government debts – including unpaid salaries – were not taken into account. The left – including Syriza – would only be able to counter neoliberal policies if a massive social movement will support a progressive government as in parts of Latin America.

How the IMF Destroyed Greece: The Reality of the Greek “Success story”: On Its Way to Become a Third World Country | Global Research.

The truth is out: money is just an IOU, and the banks are rolling in it

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, "there'd be a revolution before tomorrow morning".

Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such asOccupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

The truth is out: money is just an IOU, and the banks are rolling in it | David Graeber | theguardian.com.

The Fix is In: House Passes Deregulation Bill Written by Citigroup

White Collar Crime: JP Morgan puts London FX chief on leave, Citi reported to do same

JP Morgan has put its chief currency dealer in London, Richard Usher, on leave, a source familiar with the matter said on Wednesday, and Bloomberg reported Citigroup Inc had done the same with its chief dealer.

This mirrors developments at Standard Chartered, which has also put one of its senior forex traders on leave, according to a source familiar with the matter. Matt Gardiner joined StanChart from Swiss bank UBS only last month.

JP Morgan puts London FX chief on leave, Citi reported to do same | Reuters.

How America Can Replace Wall Street Financing With Public Banks

Our country is bereft of public banking and true public finance. Sure, we talk about public finance as if it serves the public, but the reality is that virtually all of our public finance has been co-opted by private banks. With the exception of North Dakota, all state treasurers deposit their state tax revenues and fees into private banks — usually the ones on Wall Street, setting the stage for endless dependency on the private banking cartel.

How America Can Replace Wall Street Financing With Public Banks

Italy: The Dragon and the Cricket

The difficulty in making sense of the results of the Italian election has produced the common imagery of a clown to capture the comic Grillo, who appears to be the most unlikely politician since Lech Walesa, the unemployed electrician that led Solidarity in Poland, helping to bring the fatal crisis upon the Soviet Union, and the general disdain for Berlusconi, whose political career appears driven as much by the need to avoid prison as anything else. While understandable, it confuses name calling for analysis.

Moreover, it does not do justice to the two key forces in Italy, the dragon, Draghi, the president of the ECB, and Grillo, which means “cricket” in Italian, the head of what has emerged as the largest single political party, his 5-Star Movement (M5S). The near-term political future appears to be in Grillo’s hands and there will be much speculation ahead of the end of the week when the Italian parliament will formally gather, for the first time since the election, to select a president of each chamber.

Italy: The Dragon and the Cricket

Modern Money Theory: Why Has The Dollar Depreciated So Much Since The 70's? Part 1 of 6

Elizabeth Warren Blasts Senate Republicans For Holding Up CFPB Nomination

Elizabeth Warren may be glad she didn't end up running the Consumer Financial Protection Bureau, because in her consolation job as a U.S. senator, she gets to openly speak her mind about it.

Elizabeth Warren Blasts Senate Republicans For Holding Up CFPB Nomination

Switzerland Sets Example for Income Equality

For those who think that Occupy Wall Street, the Indignados in Spain, the World Social Forum and the numerous manifestations of protest worldwide are expressions without concrete outcomes, the result of the Swiss referendum on Mar. 3 on capping the salaries and bonuses of banks executives should make them think twice.

Like it or not, two-thirds of the Swiss, who are not exactly a revolutionary people, have given the shareholders of financial institutions the right to decide salaries and bonuses of their executives.

Switzerland Sets Example for Income Equality

Money for the People: Grillo's Populist Plan for Italy

Steve Colatrella, who lives in Italy and also has an article in Counterpunch on the Grillo phenomenon, has a different take on the surprise win. He says Grillo does have a platform of positive proposals. Besides rejecting all the existing parties and treaties, Grillo's program includes the following:

unilateral default on the public debt;

nationalization of the banks; and

a guaranteed "citizenship" income of 1000 euros a month.

It is a platform that could actually work. Austerity has been tested for a decade in the Eurozone and has failed, while the proposals in Grillo's plan have been tested in other countries and have succeeded.

Money for the People: Grillo's Populist Plan for Italy