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Organised crime fears cause ban on 500 euro note sales
By Dominic Casciani Exchange offices in the UK have stopped selling 500 euro banknotes because of their use by money launderers. The Serious Organised Crime Agency says 90% of the notes sold in the
Read More »The American Empire Is Bankrupt
This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals
Read More »The Federal Reserve Would Be Shut Down If It Was Audited
The Federal Reserve’s balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant’s Interest Rate Observer, told CNBC.
Read More »Top Secret Credit Crisis Bailouts
Interesting stories are stacking up again so it’s time for some economic potpourri starting with secret dealings by the Fed. Fed Refuses to Release Bank Lending Data, Insists on Secrecy The Fed refused yesterday
Read More »The Two Documents Everyone Should Read to Better Understand the Crisis
By William K. Black As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an “epidemic” of
Read More »20,000 banking staff to pay for bosses’ errors
By PAUL HASTE MILLIONAIRE Royal Bank of Scotland bosses put the jobs of thousands of low-paid finance workers on the line on Thursday in a last-ditch bid to avoid full-scale nationalisation. Admitting the largest-ever
Read More »The Banality of Corporate Evil
By Phil Mattera Our culture worships spunky small businesses and entrepreneurship. Stewart Parnell epitomized that ideal and was living the good life in Lynchburg, Virginia until last month, when his Peanut Corporation of America
Read More »A Short History of US Government Handouts
By Stephen Lendman Global economies are withering while Washington conceives “Financial Recovery Plan(s) from Hell,” according to economist Michael Hudson in his latest February 11 article. Bankers demand more trillions, “or (they’ll) plunge the
Read More »‘Serial abuser’ in charge of bail-out cash
By PAUL HASTE TAX justice campaigners accused the Treasury on Sunday of handing a “dodgy” former trustee of the Liechtenstein royal family’s secretive bank control over taxpayers’ money. US citizen Glen Moreno, the chairman
Read More »VIDEO: Bailout Bait & Switch
If there was ever proof that the federal government and the banking industry are working to protect the interest of each other, here it is. First the 2005 pro-banking bankruptcy “overhaul”, not this. Granted,
Read More »Don’t Give the Banks Another $350 Billion
By Matt Rothschild | Why in the world should we be giving the banks another $350 billion? They caused this financial crisis in the first place. Then Bush and Paulson just threw billions of dollars
Read More »We don’t need to “Rescue” this system
Revolution | Millions of people in the U.S., the wealthiest country in the world, are homeless. People’s need for shelter and other facilities does not determine what actually gets built. Instead, if more profit
Read More »Michael Moore on the auto industry bailout
Friends, They could have given the loan on the condition that the automakers start building only cars and mass transit that reduce our dependency on oil. They could have given the loan on the
Read More »No More Shop till You Drop
By Ruth Conniff | Black Friday is only a day away, and it doesn’t look good for retailers. A front-page story in The New York Times, “To Buy Children’s Gifts, Mothers Do Without,” describes
Read More »Adding New Floors to the Bailout House of Cards
By Phil Mattera | Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke have added a few more floors to their ever-expanding bailout house of cards. Their two agencies kicked in another $800 billion
Read More »WHAT BANKS, ACADEMICS, THE MEDIA AND POLITICIANS DON’T TELL YOU ABOUT MONEY
The privilege of creating and issuing money is not only the supreme prerogative of government, but is the government’s greatest creative opportunity. By the adoption of these principles, the taxpayers will be saved immense
Read More »‘A Fake Banking History of the United States’
By Thomas J. DiLorenzo | Ask yourself this question: was the housing price bubble, which has burst, caused by (a) a Fed policy of too much liquidity, which caused artificially low interest rates, which in
Read More »The “Dirty Little Secret” Of the US Bank Bailout
WSWS | In an unusually frank article published in Saturday’s New York Times, the newspaper’s economic columnist, Joe Nocera, reveals what he calls “the dirty little secret of the banking industry”–namely, that “it has no
Read More »The Rescue Plan Needs to be Rescued
Via Dirt Diggers Digest | Twice in the past month, the Bush Administration has sounded the alarm about the economy and pushed through unprecedented measures: a $700 billion buyout of toxic assets from financial institutions
Read More »THE LIST: WHAT A TRILLION DOLLARS WILL BUY
Andrew Davis, Libertarian Party One trillion dollars ($1,000,000,000,000) is enough money: To buy everybody living in Los Angeles at least one Lamborghini Gallardo. To buy 88,052, 394′ custom mega yachts; enough to stretch around
Read More »Credit Card Debt: 5 Ways to Dig Yourself Out
The Street | How do you stop digging yourself deeper into debt? Americans carry a lot of debt, and it is easy for mounting debt to grow. Sometimes, it grows faster than you can
Read More »Most Corporations Don’t Pay Income Taxes
By Richard Rubin | Most corporations, including the vast majority of foreign companies doing business in the United States, pay no income taxes, according to a Government Accountability Office report released Tuesday. During the
Read More »Report: US using ‘money as a weapon’ in Iraq
US program has spent $2.8 billion using ‘money as a weapon’ in Iraq AP A U.S. Army program in which soldiers pay cash to Iraqis to help with expenses, large and small, has spent
Read More »The Shrinking Influence of the US Federal Reserve
Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power.
Read More »Profiting from Iraq’s occupation
By Harry Cohen | The British in Basra are unpopular and mostly ineffective. The last survey of Basra residents by BBC Newsnight indicated that 86 per cent believe British troops have had a negative
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