mercoledì 16 settembre 2015

Superior debt management: solving the Eurozone crisis

Superior debt management: solving the Eurozone crisis
A sovereign funding instrument outside banking oligarchs reach
by Marco Saba, September 15, 2014

sabato 18 aprile 2015

The trick and the fix for mega banks balances

A graph exposing the bank accounting problem

venerdì 31 ottobre 2014

Your Bank Account Seized by the Government

Economy  

Could You Be the Next Innocent American to Have Your Bank Account Seized by the Government?

Photo Credit: Shutterstock.com
The Internal Revenue Service is supposed to go after criminals who launder money or people who cheat on their taxes, but lately, agents have been going after ordinary Americans who have been accused of nothing, nada, zilch. Bewildered citizens are having their bank accounts seized and forking over thousands of dollars in legal fees to try to combat this gross violation of their rights — let’s just call it outright theft — often to no avail.
You could be next.
IRS agents have been on a spree targeting citizens for the simple act of making deposits of less than $10,000 at a time. They are doing so using a pernicious and controversial area of law called civil asset forfeiture. This law basically lets agents grab your property if they suspect you being tied to crime, even if no criminal charges are filed.
Bonus for law enforcement agencies: They keep a chunk of whatever is forfeited.
The New York Times reports:
“Using a law designed to catch drug traffickers, racketeers and terrorists by tracking their cash, the government has gone after run-of-the-mill business owners and wage earners without so much as an allegation that they have committed serious crimes. The government can take the money without ever filing a criminal complaint, and the owners are left to prove they are innocent. Many give up.”

giovedì 30 ottobre 2014

IMF is now the de facto Government of Jamaica

The IMF miracle

Published: Sunday | October 26, 2014
http://jamaica-gleaner.com/gleaner/20141026/cleisure/cleisure4.html
Ronald Mason
Ronald Mason

THE CURRENT Government took office in January 2012. We are currently more than halfway through the term, but the reality is that the IMF agreement was not struck until May 2013. Since the IMF is now the de facto Government of Jamaica, let us review its period of stewardship.

Education

The education budget has been stagnant in real economic terms, and the results are reflective of this. The mantra 'grow where you are planted' is proving to be meaningless. The same traditional schools are providing the worthy candidates, the standard being five subjects passed at CSEC at a single sitting, inclusive of English language and mathematics.
The results are still dismal for the non-traditional schools. No sane, rational citizen of the country wants his or her child, irrespective of background, to attend one of these sorry institutions that pass for high schools. We recently saw the reports from some of the inner-city high schools. Recall the state of affairs of Tarrant High School discovered by then acting principal Esther Tyson just recently.

World Bank president, Obama at odds over China

World Bank president, Obama at odds over China global lending project

Administration sees a threat to U.S. dominance
World Bank President Jim Yong Kim holds a news conference at International Monetary Fund (IMF) headquarters in Washington, Thursday, Oct. 9, 2014.   (AP Photo/J. Scott Applewhite)
World Bank President Jim Yong Kim holds a news conference at International Monetary Fund (IMF) headquarters in Washington, Thursday, Oct. 9, 2014. (AP Photo/J. Scott Applewhite) more >
- The Washington Times - Sunday, October 26, 2014
The Obama administration-appointed president of the World Bank says he feels in no way threatened by — and instead fully supports — China’s creation of a massive infrastructure investment bank, despite the administration’s tireless behind-the-scenes attempts to smear the project.
Jim Yong Kim, a Korean-American who has headed the World Bank since President Obama tapped him for the post in 2012, said he and others at the international lending institution have “been working quite closely” with Chinese officials on the $50 billion Asia Infrastructure Investment Bank.

He made the comments Friday, hours after Beijing officially launched the bank, which Chinese officials tout as a fresh well of cash for badly needed loans that developing nations around the globe can spend on telecommunications, transportation, energy and other projects.
The catch is that the Obama administration privately stands in firm opposition to China’s project on grounds that it is a calculated attempt by Beijing to undermine American dominance over multilateral international lending since shortly after World War II, when the World Bank was created. With headquarters in Washington, it has always been run by a U.S. citizen.
Several major news outlets, including the Financial Times and The New York Times, have carried reports in recent days highlighting the administration’s attempt to convince other world powers to stay away from the Chinese bank for a host of reasons.

Ex-IMF chief Rato: fallen angel

Ex-IMF chief Rato: fallen angel of Spanish finance

Placard 
 
Fraud allegations have driven a spectacular fall from grace for Rodrigo Rato, the man credited with Spain's one-time economic boom and now destroyed by its bust.
The 65-year-old former finance minister was hailed for kicking off a golden decade of growth in Spain's economy from the late 1990s and later led the International Monetary Fund.
Now, six years after the financial crisis started, the toxic fallout from it has landed him in court and turned him into a hate figure for many ordinary Spaniards.
On October 16 a judge questioned him over alleged spending sprees on company credit cards by him and other ex-managers in the bailed-out finance group Bankia.
He had already been questioned on suspicion of fraud in an ongoing probe into the stock market launch of Bankia, which was rescued by the Spanish government in 2012.
He has denied wrongdoing in both cases.
"Rato always came across as someone brilliant and efficient but also very clever," said political consultant Antoni Gutierrez Rubi.
The charges now hanging over him reflect "the great decline, the great downfall of the professional and ethical icon that was Rato".
- 'Economic miracle' -
The prime minister at the time, Jose Maria Aznar, in 2010 called Rato the "best economy minister" in Spain's modern history.
But when asked by reporters about him after the credit cards revelations this month, Prime Minister Mariano Rajoy would not even speak Rato's name.
The allegations that Rato and more than 80 others spent a total of more than 15 million euros, reportedly on luxuries such as nightclubs and safaris, embarrassed Rajoy's Popular Party (PP) and sparked a string of resignations.
"It alarms and outrages us," said the current leader of the party, Maria Dolores de Cospedal, who just last year had called prominent PP member Rato "the star of Spain's economic miracle".
Rato was thought a natural successor to Aznar and was expected to run for prime minister in 2004, but mistimed his bid. Rajoy beat him to the candidacy but lost the election.
Rato promptly left Spain to become managing director of the International Monetary Fund, the global emergency lender that later played a key role in tackling the eurozone debt crisis.
He left the IMF in 2007 for "personal reasons" and was later handed the job of managing Caja Madrid, one of the regional savings banks that fused to form Bankia in 2010.
He oversaw the stock market listing of Bankia in 2011, seen as a triumph after the previous three years of financial turbulence. But the euphoria did not last.
In May 2012 the government had to nationalise Bankia to save it from ruin. Spain then had to turn to the eurozone for a 41-billion-euro bailout to save its whole banking sector.
- 'Thief, go to jail!' -
Seven months after Bankia was rescued, Rato found himself walking into court for questioning. Furious customers who said the bank had lost their savings yelled at him: "Thief! Go to jail!"
The scene was repeated last week when he went before a judge over alleged corporate crimes in the credit card scandal. The court made him pay a three-million-euro bond while it investigates further.
"The impact of the charges is much bigger this time round," said political expert Rubi.
"In 2012 all we knew was that Bankia had been badly managed. Now we know it was badly managed by people with no scruples, ethically speaking."
The credit card affair has damaged not only Rato's image but that of his party ahead of regional elections due next year, Rubi said.
In a previously "unthinkable" move, Rato has suspended his membership of the PP.
"He has no political future," said Rubi. "There is a feeling that Rato has destroyed his shining reputation. He had a halo of superiority and triumph everywhere he went. Now he has fallen."
elc/rlp/pmr/rl/lm/kjl

The Zombie System: How Capitalism Has Gone Off the Rails

SPIEGEL ONLINEhttp://www.spiegel.de/international/business/capitalism-in-crisis-amid-slow-growth-and-growing-inequality-a-998598.html

The Zombie System: How Capitalism Has Gone Off the Rails

By Michael Sauga
Photo Gallery: The Deline of Capitalism? Photos
REUTERS/ Metropolitan Police
Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself?
A new buzzword is circulating in the world's convention centers and auditoriums. It can be heard at the World Economic Forum in Davos, Switzerland, and at the annual meeting of the International Monetary Fund. Bankers sprinkle it into the presentations; politicians use it leave an impression on discussion panels.
 
The buzzword is "inclusion" and it refers to a trait that Western industrialized nations seem to be on the verge of losing: the ability to allow as many layers of society as possible to benefit from economic advancement and participate in political life. The term is now even being used at meetings of a more exclusive character, as was the case in London in May. Some 250 wealthy and extremely wealthy individuals, from Google Chairman Eric Schmidt to Unilever CEO Paul Polman, gathered in a venerable castle on the Thames River to lament the fact that in today's capitalism, there is too little left over for the lower income classes.

mercoledì 29 ottobre 2014

Secret Trade in Services Agreement (TISA) – Financial Services Annex

(TISA) – Financial Services Annex

JZ Liszkiewicz
JZ Liszkiewicz

Secret Trade in Services Agreement (TISA) – Financial Services Annex

Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2% of world trade in services. The US and the EU are the main proponents of the agreement, and the authors of most joint changes, which also covers cross-border data flow. In a significant anti-transparency manoeuvre by the parties, the draft has been classified to keep it secret not just during the negotiations but for five years after the TISA enters into force.
Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets. The draft Financial Services Annex sets rules which would assist the expansion of financial multi-nationals – mainly headquartered in New York, London, Paris and Frankfurt – into other nations by preventing regulatory barriers. The leaked draft also shows that the US is particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data.