asterisk2a + banking   531

(10204) Are We Destined for a Slow Growth Future? - YouTube
- shortage on the demand side. but demand can't be more leveraged and borrowed. ALL economic indicators point against a thriving of the UK bottom up (from household finances, are stretched thinly) //&! Gross wages lower than 10 years ago! Lost decade of earnings. In real terms people are NOT better off.
https://www.youtube.com/watch?v=0anqgXLvwko
secular  stagnation  Brexit  household  debt  consumer  UK  USA  loan  GFC  recovery  Productivity  output  gap  economic  history  leverage  underinvestment  banking  property  bubble  housing  demographic  immigration  working  poor  poverty  Austerity  Trickle-down  Gesellschaft  DonaldTrump  Donald  Trump  inequality  social  mobility  income  Society  inflation  deflation  deflationary  debtoverhang  debt-servicing  OECD  IMF  ZIRP  NIRP  QE  BOE  Fed  globalisation  globalization  trap  credit  card  creditcard  creditcrunch  student  auto 
july 2018 by asterisk2a
Russian millions laundered via UK firms, leaked report says | World news | The Guardian
... and efforts to dampen business, white-collar crime, are blocked by nasty party Tories> Magnitsky clauses; https://news.err.ee/678812/ministry-of-the-interior-yet-to-implement-magnitsky-list-restrictions &! https://twitter.com/AnnelieseDodds/status/968520435431346176 - Govt just took unprecedented move of halting a bill committee- to avoid consideration of new measures to introduce Magnitsky clauses and tighten action vs money laundering. A new constitutional low, even for this govt! #McMafia #ParadisePapers
money  laundering  UK  London  governance  self-regulation  regulation  regulators  banking  tax  evasion  avoidance  capitalism  profit  maximisation 
february 2018 by asterisk2a
(1928) Keiser Report: Financialized Economy (E1088) - YouTube
All the Plenary’s Men // tbtf is a protection racket!!! (FSB, SFO, systemic relevant banks) & laws - immunity from protection - protects people from prosecution. ... tbtf "global banking cartel" - they can to no wrong. more powerful than the gov. sovereign power.
HSBC  money  laundering  London  GFC  compliance  oversight  self-regulation  regulation  regulators  George  Osborne  benbernanke  FSB  BIS  BOE  centralbanks  SFO  fraud  UK  USA  ECB  systemic  White-collar  crime  banking  TBTF  toobigtofail  bank  bailout  Transparency  accountability  Russia  War  on  Drugs  corruption  lobby  tax  evasion  avoidance  terrorism  terror  ethics  governance  abuse  Military–industrial  complex 
june 2017 by asterisk2a
Tax evaders exposed: why the super-rich are even richer than we thought | Inequality | The Guardian
The higher one moves up the wealth distribution, the higher the probability ​​of hiding​ assets [...] More broadly, the key to successfully fighting tax evasion is to change the incentives for the providers of wealth concealment services. Over the last few years, a number of banks have pleaded guilty in the US to criminal conspiracies to defraud the Internal Revenue Service – yet they were able to keep their banking licences, and the fines they had to pay paled in comparison to their profits. A more ambitious approach would put criminal organisations out of business. If tax evasion ceases to pay, it will disappear.
UK  tax  evasion  avoidance  taxation  corporate  welfare  asset  capital  Thomas  Piketty  lobby  Delaware  USA  Luxembourg  Ireland  offshore  banking  money  laundering  Super  Rich  1%  Plutocracy  Oligarchy  revolving  door  KPMG  PanamaPapers  Switzerland  moral  ethics  crime  White-collar  HMRC  Austerity  gini  coefficient  inequality  social  mobility  income  poverty  trap  state  Meritocracy  Meritocratic 
june 2017 by asterisk2a
Britain’s economy is broken. We desperately need new ideas | Tom Kibasi | Opinion | The Guardian
If the country was economically bankrupt in 2010, it is intellectually bankrupt in 2017. On the eve of the general election, politicians of all parties have rarely been so devoid of progressive ideas [...] Yet in substance, May’s approach remains mere tinkering at the edges of economic policy. The Conservatives remain stubbornly allergic to – or ignorant of – Keynesian macroeconomics. [...] [and housing and real estate lending distorting the lending picture. houses are not productive! R&D, and firms are. and creating long-term jobs w real incomes to spend (not remortgaging your home bc of housing bubble]
Brexit  GE2017  London  Housing  Bubble  piggybank  Forex  British  Pound  recovery  GFC  Manufacturing  Services  Consumerism  Zombie  Austerity  underinvestment  confidence  fairy  Productivity  output  gap  QE  ZIRP  NIRP  banking  investment  distortion  lending  property  UK  Living  Standard  wage  income  growth  inflation  £ 
june 2017 by asterisk2a
Tony Blair's legacy 20 years on - BBC News
[hard left was banished to the wilderness under Blair] Blair's supporters point to his domestic achievements - the minimum wage and all the new schools, hospitals and Sure Start children's centres that were built during his time in power - and they insist that his reputation will one day recover.
But with Britain on its way out of the European Union, and the Labour Party back in the hands of the left, it seems like much of what Blair stood for has been swept away.
Tony  Blair  Labour  Party  UK  history  Politics  PFI  Privatisation  economy  NHS  globalisation  capitalism  neoliberalism  neoliberal  tax  evasion  avoidance  banking  deregulation  regulation  regulators  economic  USA  GFC 
may 2017 by asterisk2a
Bank of England orders financial firms to draft Brexit contingency plans | Business | The Guardian
uk may have to pay for, to keep, passporting rights, while euro clearing has to move to mainland.
Brexit  BOE  Mark  Carney  City  of  London  banking  insurance  finance  service  law  passporting  tax  evasion  avoidance  HMRC  money  laundering 
april 2017 by asterisk2a
Brex and the City – Brexit podcast | Politics | The Guardian
BREXIT SENDS SIGNAL YOU ARE NOT WELCOME. // Financial Services 70bn for Treasury (Philip Hammond), not including the english law services, (international) consulting, and all the contractors, shops, consumption coming from good salaries. London is biggest exporter, if ther would be no London, trade deficit £ would be twice as big. // http://www.bankofengland.co.uk/pra/Pages/authorisations/passporting/default.aspx
Brexit  London  Philip  Hammond  current  account  deficit  trade  banking  financial  services  passporting  rights  BOE  FSA  regulation  self-regulation  GFC  economic  history  FDI  underinvestment  regulators  bank  bailout 
february 2017 by asterisk2a
Brexit has allowed the banks to get off Britain's naughty step | Business | The Guardian
The even better news for the banks is that they are no longer hated. Far from it. Much of the concern about how the UK will survive outside the EU has centred on the future of the City. For years, the banks have been trying to find a way of getting themselves off the public’s naughty step. Brexit has provided them with an opportunity that has been seized with relish. The City has played the post-referendum game masterfully. [...] The recession that the banks caused and the austerity that resulted created the sense of “them and us” – the notion of an unbalanced and unequal Britain – that led to Brexit. [...] constant demands that the government secures passporting rights to allow UK authorised institutions to operate freely across the EU27.
Brexit  banking  London  The  City  GFC  bank  bailout  corporatism  crony  neoliberalism  profit  maximisation  self-regulation  Regulation  regulators  BOE  FSA  trade  deal  UK  USA  Austerity  Finance  Services  economic  history  recovery  HMRC  tax  evasion  avoidance  capitalism  Lobby 
january 2017 by asterisk2a
Oh for the 1960s! People earned less but could afford more | Money | The Guardian
[ fetish of GDP ] Economic growth since the 1960s has been real, but the link between growth and personal prosperity has broken down, probably since the 1990s. We can carry on pushing for increases in GDP, but it’s meaningless unless it translates into a recovery in living standards. If any government really wants to help the left-behinds, then cutting house prices and rents must be their first priority.
GDP  wage  growth  income  distribution  economic  history  profit  maximisation  capitalism  crony  oligopoly  monopoly  Platform  Self-Employment  Productivity  squeezed  middle  class  working  poor  globalisation  Competition  liberal  reform  competitiveness  disposable  discretionary  spending  investment  creditcard  credit  GFC  recovery  Austerity  secular  stagnation  taxation  1%  Super  Rich  Plutocracy  10%  20%  bank  bailout  Privatisation  outsourcing  offshore  banking  tax  evasion  avoidance  child 
december 2016 by asterisk2a
McDonald's move will test the type of post-Brexit economy Theresa May wants - BBC News
some betting on the possibility, UK turning into a tax safe haven // The McDonald's announcement - which may not actually mean much in job terms - is part of a wider bet on the shape of the UK economy after the departure from the EU.
Brexit  Ireland  tax  evasion  avoidance  safe  haven  offshore  banking  corporate  rate  taxation 
december 2016 by asterisk2a
Italy’s €360 billion referendum – POLITICO
Italy’s banking system is staggering under €360 billion in bad loans. Almost any outcome that destabilizes Italian politics would send tremors through the country’s rickety financial system. While the long-term consequences could be dramatic — in a worse case scenario perhaps leading to the collapse of the eurozone — the first victims could be efforts to rescue two of Italy’s largest lenders.
non-performing  NPL  bad  bank  Italy  Referendum  Renzi  contagion  European  Union  systemicrisk  sovereign  debt  crisis  GFC  economic  history  recession  recovery  Austerity  ECB  Banking  Supervision  MarioDraghi  Greece  Spain  Portugal  PIGS  UK  exposure  bailout  bail-in  bailin  recapitalization  recapitalisation 
november 2016 by asterisk2a
Are we heading for another slump? - Michael Roberts, John Bellamy Foster and Joseph Choonara - YouTube
Michael Roberts book // lack of profit, due to lack of growth (outlook), thus lack of investment. ... less competition. +++ winner take all/globalisation/conglomerate +++ erosion of purchasing power +++ no to little wage (income) growth, if at all due to credit card, car load, mortgage, student loan, ... === less demand. === deflation pressures // less profits = more profit maximisation = lay-offs and destruction of union, bogus contracts via forced self-employment (thus saving on social security payments). = and outsourcing in next cheaper country.
ouput  gap  productivity  secular  stagnation  UK  USA  underemployed  underinvestment  recovery  austerity  bank  bailout  banking  crisis  economic  history  capitalism  in  crony  GFC  Sovereign  debt  wage  growth  squeezed  middle  class  working  poor  neoliberal  neoliberalism  deflation  deflationary  monetary  policy  fiscal 
september 2016 by asterisk2a
The Deutsche Bank crisis could take Angela Merkel down – and the Euro
Over the weekend, the German Chancellor Angela Merkel waded into the mess, briefing that there could be no government bail-out of the bank. [...] If it was in trouble, it was on its own. [... would be another example of socialism for the rich, and the poor must suffer waht they must - varoufakis ]

But hold on. Surely that is an extra-ordinary decision? If the German government does not stand behind the bank, then inevitably all its counter-parties – the other banks and institutions it deals with – are going to start feeling very nervous about trading with it.
Angela  Merkel  bailout  Deutsche  Bank  Italy  contagion  TBTF  systemic  risk  investment  banking  Germany  Bundesbank  ECB  AfD  CDU  CSU  SPD  far-right  right-wing  austerity  Commerzbank  bail-in  bailin 
september 2016 by asterisk2a
Keiser Report: Gold & World’s Debt Problems (Summer Solutions series E940) - YouTube
deflationary trap/liquidity trap - orthodox monetary policy w austerity = stagnation. & west is exporting deflation. // if it is good for consumers ... break up banks. // hedging is BS ... you double the system you double the risk. [...] banks are now bigger! ... ban most derivatives, and reintroduce glass stegall // Black-Schoeles - there is no such think as risk free rate and no such thing as the past reflect the future. risk is not equally distributed. [...] VAR is flawed. //
deflation  deflationary  NIRP  currency  war  currency  debasement  ZIRP  QE  Helicopter  Money  secular  stagnation  western  world  Abenomics  BOE  BOJ  Fed  ECB  economic  history  Richard  Koo  liquidity  trap  debt  overhang  balance  sheet  recession  consumer  debt  household  debt  mortgage  mortgage  market  mortgage  rates  distortion  hunt  for  yield  credit  boom  credit  bubble  PBOC  China  reflate  reflation  squeezed  middle  class  wage  growth  income  growth  income  distribution  income  disparity  working  poor  Precariat  Brexit  GFC  too  big  to  jail  productive  investment  underinvestment  austerity  history  productivity  gap  financial  instruments  investment  banking  global  economy  globalisation  globalization  derivatives  output  gap  productivity  recovery  neoliberal  neoliberalism  Chicago  School  neoclassical  economics  deregulation  Wall  Street  speculative  bubble  property  bubble  Beton  Gold  Betongold  stagnation  aggregate  demand  aggregate  demand  short-fall  too  big  to  bail  too  big  to  fail  TBTF  complexity  systemic  risk  systemrelevant  systemicrisk  systemrelevanz  zombie  bank  zombie  banks  non-performing  loan  leverage  hedge  Glass-Steagall  Black-Scholes  Equation 
july 2016 by asterisk2a
Bancopalypse 2.0 - Some Disturbing Figures From The Looming Financial Crisis | Zero Hedge
Well-capitalized banks are supposed to have double-digit capital levels while making low risk investments.

Deutsche Bank, on the other hand, has a capital level of less that 3% (just like Lehman), and an incredibly risky asset base that boasts notional derivatives exposure of more than $70 trillion, roughly the size of world GDP.

Even the IMF has stated unequivocally that Deutsche Bank poses the greatest risk to global financial stability.

And the IMF would be right… except for all the other banks.

Because, meanwhile in Italy, nearly the entire Italian banking system is rapidly sliding into insolvency.

Italian banks are sitting on over 360 billion euros in bad loans right now and are in desperate need of a massive bailout.

IMF calculations show that Italian banks’ capital levels are among the lowest in the world, just ahead of Bangladesh.
Deutsche  Bank  derivatives  financial  instruments  BaFin  BuBa  European  Bank  Supervision  Italy  Spain  stresstest  PIGS  zombie  zombie  banks  non-performing  loan  capital  reserves  ECB  MarioDraghi  sovereign  debt  crisis  economic  history  Wolfgang  Schäuble  Angela  Merkel  banking  union  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  TBTF  toobigtofail  too  big  to  bail  too  big  to  fail 
july 2016 by asterisk2a
"Deutsche Bank Poses The Greatest Risk To The Global Financial System": IMF
via Keister Report - https://youtu.be/fbh3rndGDN8 // a Italian banking crisis could topple them. that is why they (their economist) called for a EU bank bailout (shore up). //&! IMF Warns Of "Global Contagion" From Italy's Bank Crisis; Forecasts Two-Decade Long Recession - http://bit.ly/29sFINn - [...] "Unless asset quality and profitability problems are addressed in a timely manner, lingering problems of weaker banks can eventually weigh on the rest of the system," //&! http://www.zerohedge.com/news/2016-07-09/charting-epic-collapse-worlds-most-systemically-dangerous-bank //&! Analyst Warns Deutsche Bank's Problems May Now Be "Insurmountable" - http://bit.ly/29LwUjv - [...] we believe DBK is still over 40x levered. [...] Seeking outside capital is also likely to be difficult as management would likely find it hard to offer any type of return on new capital invested. //&! its known balance sheet - http://bit.ly/29usGKG - 1.74 trillion balance sheet!
Italy  Germany  derivatives  Deutsche  Bank  BuBa  BaFin  Wolfgang  Schäuble  Angela  Merkel  investment  banking  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  European  Bank  Supervision  stresstest  contagion  repo  trust  sovereign  debt  crisis  PIGS  Greece  Brexit  non-performing  loan  zombie  banks  zombie  austerity  secular  stagnation  recession  ECB  MarioDraghi  ZIRP  NIRP  QE  hunt  for  yield  asset  allocation  distortion  OMT  LTRO  Basel  III  Basel3  leverage  banking  union  Bank  Oversight  banking  crisis  banking  system  interbank  lending  overnight  deposit  facility 
july 2016 by asterisk2a
Brexit und Italien-Krise: Euro-Gruppen-Chef schließt neue Bankenrettung aus
[ EXPOSURE TO ITALY BANKS ] Euro-Gruppen-Chef Jeroen Dijsselbloem lehnt ein neues Bankenrettungsprogramm ab. "Die Probleme müssen in den Banken geregelt werden", sagte der Niederländer beim Treffen der Eurofinanzminister am Montag in Brüssel. Die Einfachheit, mit der einige Banker mehr öffentliche Gelder forderten, um ihre Probleme zu lösen, sei problematisch. "Das muss ein Ende haben." // http://www.welt.de/finanzen/article156924408/Deutsche-Bank-Chefoekonom-fordert-150-Milliarden.html - Der Kursrückgang bei Bankaktien sei nur das Symptom eines viel größeren Problems, nämlich einer fatalen Kombination aus schwachem Wachstum, hohen Staatsschulden und einer Nähe zur gefährlichen Deflation.
contagion  European  integration  banking  union  Wolfgang  Schäuble  Italy  Germany  repo  Brexit  secular  stagnation  austerity  ECB  European  bank  bailout  systemic  risk  systemicrisk  systemrelevant  systemrelevanz  European  Supervision  reflate  reflation  bank  restructuring  Oversight  MarioDraghi  Mark  Carney  trust  interbank  lending  interbank  market  overnight  deposit  facility  deflation  deflationary  sovereign  debt  crisis  PIGS  Greece  Angela  Merkel  UK  economic  history 
july 2016 by asterisk2a
Andrew Mazzone Interviews James K. Galbraith
banks like property! more likely to lend to finance property than SME/SMB investment. because that investment is not propped up by the government. [...] min 6 subprime & credit bubble since 80's << behaviour of lenders [...] sensible people were given fraudulent debt instruments (no self-regulation, and regulators failed). [...] no prosecution because people who should have prosecuted those, didn't want to ruin their private future career. [...] min 15 - inequality and unemployment driven by inequality. [...] austerity is name of the game by the "establishment" - 20% of society that benefited from the bank bailout and reflation policy by central banks - [...] 19:15 - who do banks want to borrow in this environment?! austerity, aggregate demand shortfall, lack of confidence, volatility, uncertainty, credit bubble pain (liquidity trap) etc. [...] Solution ("an alternative way to the status quo, who made this mess): Fix Income Distribution thus Purchasing Power (aggregate demand, ie minimum wage), and restructure finance away from investment banking and speculation and derivatives towards real economy (ie tax heavily what is not real economy business) //&! James K. Galbraith on "Inequality and Instability: What's Ahead for the World Economy" - youtu.be/Mw4Bd9ols-E //&! James K. Galbraith - "The End of Normal" - youtu.be/PGFcB65l8Io
Gini  coefficient  income  distribution  1%  10%  20%  Super  Rich  property  bubble  London  rentier  rent-seeking  Help  to  Buy  Scheme  Help  to  Save  Funding  for  Lending  Scheme  underinvestment  infrastructure  investment  secular  stagnation  western  world  UK  USA  European  Union  deflation  deflationary  JAMESGALBRAITH  book  James  Kenneth  Galbraith  credit  bubble  credit  card  credit  card  debt  credit  boom  debt  servitude  speculation  speculative  bubble  speculative  bubbles  equity  bubble  reflate  reflation  GFC  recovery  austerity  Raghuram  Rajan  self-regulation  squeezed  middle  class  working  poor  Precariat  subprime  Wall  Street  regulation  regulators  Career  Politicians  politician  No  Representation  aggregate  demand  aggregate  demand  short-fall  liquidity  trap  retail  banking  investment  banking  ZIRP  NIRP  QE  Richard  Koo  inequality 
july 2016 by asterisk2a
Geographies of Austerity: Mark Blyth
EU bank bailout (incl Britain) = 40% of EU GDP (incl Britain) = 5 trillion Euros. AUSTERITY FOR WHOM?! // secular stagnation - ZIRP, NIRP, QE, austerity, liquidity trap, aggregate demand short-fall = creditors paradise. their debt will not be inflated away. deflation - deflationary environment. for the next 2-3 decades. = NO DRIVE TO INVEST IN PRODUCTIVE ASSETS! = productivity gap. [...] rentier paradise. [...] = interest formation (those who have, call the shots, status quo). [...] deflationary spiral (PIGS & Germany) exporting deflation ... getting more competitive [EU has 2015 a current account surplus, bought my USA] = Dr Wolfgang Schaeuble. [...] Fall of Centrists, rise of the SNP & UKIP (reactionary) ... Trump. [...] as investment rate (ie SME/SMB lending) stays same, does not grow = DEAD. Eurobonds/Investment Fund(UK, 5bn 5 years). [...] min 55 - deflationary politics (policy for 1-10-20% of society) is one way train. DEATH. especially w austerity and low wages/secular stagnation.
austerity  Tories  Conservative  Party  nasty  general  election  2010  general  election  2015  George  Osborne  Iain  Duncan  Smith  David  Cameron  Ed  Miliband  economic  history  Mark  Blyth  book  Richard  Koo  welfare  state  welfare  reform  bank  bailout  GFC  recovery  secular  stagnation  IMF  ChristineLagarde  Salami  Tactics  aggregate  demand  aggregate  demand  short-fall  liquidity  trap  fiscal  policy  Confidence  Fairy  monetary  policy  ZIRP  NIRP  QE  Tony  Blair  Gordon  Brown  European  Union  Euro  ECB  BOJ  PIGS  Pact  Schuldenbremse  Wolfgang  Schäuble  Angela  Merkel  Career  Politicians  politician  zombie  bank  zombie  banks  banking  systemic  risk  OMT  LTRO  MarioDraghi  trichet  BOE  deflation  deflationary  productivity  productivity  gap  productive  investment  underinvestment  infrastructure  investment  infrastructure  rentier  rent-seeking  Mark  Carney  Donald  Trump  business  consumer  TLTRO  non-performing  loan  NPL  Jens  Weidmann 
july 2016 by asterisk2a
‘The City’, by Tony Norfield - Banking as seen from the belly of the beast
[ current account deficit only affordable (thus also living standards) bc of City of London ] This is a man who writes without irony about “financial parasitism”. In The City: London and the Global Power of Finance, he seeks to document just how the UK and the US extract their pound of flesh from the rest of the world by dominating the financial flows that make international trade possible.

He argues that London’s leading role in foreign exchange trading, derivatives and overseas lending is an extension of its imperialist past. Creating complex financial products and charging for them has enabled the sector to requisition for the UK and London — and, of course, bankers themselves — a disproportionate share of the benefits of global trade. [...] [ extracting value from around the world channelling it back ] &! Novara Media interview - bit.ly/297c6D3
Brexit  City  of  London  banking  business  investment  banking  current  account  deficit  GBP  derivatives  financial  product  financial  services  Global  Finance  British  Empire  Imperialism 
june 2016 by asterisk2a
The economics of Brexit – Politics Weekly podcast
Leave Campaign, so far, has failed to assure voters that we get through the quiet possible tubulences and uncertainty unharmed severely after 1-2 years. [ economic forecasts/predictions are Wall Streets cottage industry ] Brexit for sure would throw Osbornes plan for a surplus in 2020. ... brexit is about less regulation free trade low tariffs, 'get off the back of our City [London bank regulation]' [low tax, higher pay] George Osborne ... // banks have not voiced their voice loudly because that would be seen by people who bailed them out to tune of doubling the deficit, and still own bank shares ie loyds. it could be seen disingenuous, outrageous, as we are still in doldrums, paying off their debt, and suffering through austerity where the most vulnerable are cut away from society.
Brexit  George  Osborne  economic  damage  economic  growth  economic  security  economic  slack  economic  slowdown  economic  harm  macroeconomic  policy  microeconomic  policy  trade  agreement  free  trade  regulation  David  Cameron  Whitehall  Westminster  economic  forecast  Wall  Street  European  Union  Career  Politicians  EEA  free  movement  of  people  immigration  migration  austerity  general  election  2020  general  election  2015  Tories  Conservative  Party  nasty  neoclassical  economics  neoliberal  neoliberalism  Chicago  School  trickle-down  economics  self-regulation  deregulation  regulators  MervynKing  Mark  Carney  BOE  IMF  retail  banking  investment  banking  City  of  London  bank  bailout  GFC 
april 2016 by asterisk2a
IMF urges more spending to boost growth
Fund’s steering committee calls for more forceful stimulus and warns monetary policy alone is not enough //&! http://www.theguardian.com/business/imf //&! bit.ly/1V9pfhD - IMF chief: regulators long 'alarmed' over Panama's handling of taxation. Christine Lagarde responds to Panama Papers revelations, noting that authorities were concerned but did not take ‘expected’ action.
secular  stagnation  Panama  Papers  tax  evasion  tax  amnesty  tax  avoidance  corporate  tax  rate  labour  market  job  market  Service  Sector  Jobs  income  tax  receipts  budget2016  George  Osborne  David  Cameron  general  election  2015  general  election  2020  election  campaign  promises  Party  Funding  Richard  Koo  Confidence  Fairy  austerity  underinvestment  Generationengerechtigkeit  triple-lock  pension  fairness  Generation  Rent  Housing  Crisis  property  bubble  USA  UK  reflation  reflate  fiscal  policy  Pact  Schuldenbremse  Angela  Merkel  Wolfgang  Schäuble  GFC  sovereign  debt  banking  bank  bailout  job  creation  squeezed  middle  class  working  poor  disposable  income  discretionary  spending  IMF  OECD  credit  bubble  China  BRIC  recovery  Germany  economic  history  2016  Niall  Ferguson  budget  deficit  offshore  banking  investment  banking  TBTF  self-regulation  Greed  crony  capitalism  shareholder  capitalism  globalisation  globalization  global  economy  Oil  price  commodity  prices  ChristineLagarde  inequality  Gini  coefficient  income  mobility  social  mobility  low  pay  low  income  tax  credit  child  poverty  food  poverty  health  care  cost  health  care  demand  western  world  European  Union  Brussels  Brexit  Grexit  sick  population  health  economic  Union  Union  investment  policy  fiscal  me 
april 2016 by asterisk2a
Ed Miliband says Panama Papers show ‘wealth does not trickle down’
'Since Reagan and Thatcher, the basic view has been, ‘Be nice to the super-rich and their wealth will trickle down.’ [...] In an interview with the Observer, he said he understood why David Cameron defended his father after the Panama revelations were leaked. “But for 30 years, since Reagan and Thatcher, the basic view has been, ‘Be nice to the super-rich and their wealth will trickle down.’ That is the big lesson of Panama for me. It doesn’t trickle down; it gets stashed.” The former Labour leader is helping to promote a new low-budget documentary, the Divide, which explores the wealth gap through seven families striving for a better life in Britain and the United States.
Panama  Papers  trickle-down  economics  trickle-down  effect  trickle-down  theory  tax  evasion  tax  amnesty  tax  avoidance  offshore  banking  shell  company  Super  Rich  1%  plutocracy  oligarchy  conglomerate  multinational  crony  capitalism  shareholder  capitalism 
april 2016 by asterisk2a
Investigating Deutsche Bank’s €21 Trillion Derivative Casino In Wake Of Admission It Rigged Gold And Silver
Deutsche Bank has over €515 billion in “positive derivative values” in comparison to €496 billion in “negative derivative values”.
Deutsche  Bank  investment  banking  derivatives  Financial  Stability  Board  European  Bank  Supervision  ECB  too  big  to  fail  too  big  to  bail  TBTF  OTC  Greed 
april 2016 by asterisk2a
The Fed Sends A Frightening Letter To JPMorgan, Corporate Media Yawns
At the top of page 11, the Federal regulators reveal that they have “identified a deficiency” in JPMorgan’s wind-down plan which if not properly addressed could “pose serious adverse effects to the financial stability of the United States.” Why didn’t JPMorgan’s Board of Directors or its legions of lawyers catch this?

It’s important to parse the phrasing of that sentence. The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.” [...] “…the default of a bank with a higher connectivity index would have a greater impact on the rest of the banking system because its shortfall would spill over onto other financial institutions, creating a cascade that could lead to further defaults. High leverage,
corporate  media  media  conglomerate  too  big  to  bail  too  big  to  fail  too  big  to  jail  TBTF  jpmorgan  jpmorganchase  USA  GFC  recovery  liquidity  trap  repo  liquidity  squeeze  economic  history  Financial  Stability  Board  FinancialCrisisInquiryCommission  crisis  crony  capitalism  Greed  shareholder  capitalism  profit  maximisation  profit  maximization  investment  banking  retail  banking  leverage  CDS  engineering  CDO  MBS  subprime  FDIC  complexity  Fed  Janet  Yellen  Wall  Street  reflate  reflation  derivatives  credit  bubble 
april 2016 by asterisk2a
Gerald Celente On Soros & The Panama Papers & Why A Hillary Clinton Presidency Means War
Why do they not publish all the name that use the services and avoid taxes legally through tax loopholes?!?! All the sudden it is PRIVATE DATA! national accounts of a county economically damaged by tax evasion and avoidance is all the sudden PRIVATE DATA. A PRIVATE MATTER. Who's names did they publish? Russia, China, ... Iceland and a non-incriminating account of David Cameron. It stinks! Doesn't pass the sniff test. //&! Full Show: Soros And CIA Behind Panama Papers - 04/05/16 - The Alex Jones Channel - youtu.be/qNKAt3DxZXo [...] min 1:09:00 - John McAfee "smear enemies [...] we know who you are, we can black mail you" west keeps it's powder dry! //&! zerohedge.com/news/2016-03-28/top-german-journalist-admits-mainstream-media-completely-fake-we-all-lie-cia >> police infiltrated Greenpeace and other activist groups because they are deemed terrorists, duh. What stops them to go even further, nowadays?
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april 2016 by asterisk2a
A tax inspector calls
That's why the unsnappily-titled Joint International Tax Shelter Information and Collaboration network (JITSIC) is gathered in Paris, under the umbrella of the (cumbersomely-monickered) Organisation for Economic Co-operation and Development (OECD).
This so-called 'rich countries club' has been given the task of pursuing the erosion of countries tax bases by multi-national corporations. That much has been agreed by the G7 developed nations group, and the wider G20.
And in researching this, the OECD has come up with some fairly startling findings about the extent to which multi-nationals game the system. [...] As I noted before, they reckon that between $100bn and $240bn of corporate tax goes unpaid because of these accounting practices
Panama  Papers  HMRC  tax  amnesty  tax  avoidance  tax  evasion  IMF  OECD  multinational  conglomerate  offshore  banking  budget  deficit  shareholder  capitalism  crony  capitalism  capitalism  in  crisis  capitalism  austerity  squeezed  middle  class  working  poor  G8  G20 
april 2016 by asterisk2a
Is Stephen Crabb the man to tackle this age of extreme inequality?
The Panama Papers will lead to the dynamiting of Tory credibility, but new work and pensions secretary, Stephen Crabb, is unlikely to prove the saviour of his party’s reputation. [...] Last autumn’s U-turn over cuts to working tax credits was a smoke screen. The axe will fall, only not everywhere, not just yet. From this week, existing universal credit claimants will lose up to £220 a month as the work allowance is pared back faster than the national living wage increases to replace it. [...] Short of taking a vow of poverty and retreating like Charles V to a monastery, there is nothing he can say now that will change the perception that he is at the head of a party that has a fundamental personal interest in preserving the advantages of the 1%.
Stephen  Crabb  nasty  party  tax  credit  Universal  Iain  Duncan  Smith  welfare  reform  welfare  state  poverty  trap  poverty  child  poverty  social  safety  net  sanctions  JSA  ESA  PIP  Disabled  vulnerable  mental  health  austerity  George  Osborne  David  Cameron  Tories  Conservative  Positioning  PR  spin  doctor  manufactured  consent  snap  judgement  prejudice  triple-lock  pension  Generationengerechtigkeit  fairness  bank  bailout  budget  deficit  aggregate  demand  Budget2016  budget2015  general  election  2015  election  campaign  promises  Funding  constituency  Super  Rich  oligarchy  plutocracy  Confidence  Fairy  1%  democracy  food  poverty  fuel  poverty  tax  evasion  tax  amnesty  tax  avoidance  Panama  Papers  offshore  banking  tax  loopoles  lobby  No  Representation  Career  Politicians  Gini  coefficient  inequality  social  mobility  income  mobility  deprivation  crony  capitalism  shareholder  capitalism  corporate  welfare  HMRC  revolving  door  corporate  tax  rate  capital  gains  tax  DLA  Independent  Living  Fund  Holyrood 
april 2016 by asterisk2a
Yanis Varoufakis: »MONEY AND POWER«, Public Lecture 2015-11-04
3rd bailout loan $0 went to Greece. All to pay off banks. extend & pretend. 1st: ~90% went to the banks. [...] ESM does not exist [...] banking union plan not progressing at all. //&! Yanis Varoufakis @Oxford Union - youtu.be/zWB6lY2GBjQ - ACADEMIA LACKS ANTI-ESTABLISHMENT ATTITUDE! Because going against the grain has become anti-reputation. [...] it's all about expectations, predictions about where S&P500 will be in 12 months. [...] regression between theory and reality. economists have never been humble. [ see Wall Street cottage factory of analysis and prediction shops ] [...] if you torture the data and model enough it will confess. [< EU monetary union based on theory ] [...] [34:00] Brussels is technically incompetent and will not reform itself. I am a libertarian marxist. Schumpeter. true creative destruction. great wealth currently created - all going to 1%. = not humanitarian. not democratic. [...] 41:00 Q&A, <48:50> gov budget not same as household budget; George Osborne.
bank  crisis  banking  crisis  European  Election  2014  sovereign  debt  crisis  austerity  Grexit  Yanis  Varoufakis  Tsipras  Syriza  Brussels  Wolfgang  Schäuble  Angela  Merkel  GFC  Great  Depression  credit  crisis  credit  creation  Super  Cycle  debt  overhang  liquidity  trap  ECB  Troika  MarioDraghi  economic  history  Richard  Koo  leverage  recovery  deflation  deflationary  Fiscal  Pact  Schuldenbremse  Germany  underinvestment  Super  Rich  reflate  reflation  Generationengerechtigkeit  1%  oligarchy  plutocracy  No  Representation  Career  Politicians  balance  sheet  recession  Euro  Gold  Standard  ESM  IMF  OECD  banking  union  EEA  Economics  Academia  Academics  Economists  Scholars  Soziale  Marktwirtschaft  income  distribution  inequality  Gini  coefficient  Gesellschaft  society  Yanis  Varoufakis  financial  crisis  economic  model  econometrics  social  theory  monetary  union  Chicago  School  poverty  economic  history  austerity  George  Osborne  David  Cameron  UK  nasty  party  Richard  Koo  macroeconomics  macroeconomic  policy  macroprudential  policy  aggregate  demand  Capital  Expenditure  income  tax  receipts  deflation  deflationary  Universal  Basic  class  warfare 
april 2016 by asterisk2a
Yanis Varoufakis Candid Interview - Shocking Disfunction and The Power Of Oligarchs
Europe will not survive next crisis. [...] end of interview - China looked after the rest of the world and especially Germany after 2009 (credit bubble) as USA looked after Germany in the 50's - Wirtschaftswunder. Now China is trying its best not to implode and fall below 5% of growth per annum. And now USA is trying to contest Asia (excluding China) economically and militarily through TPP and military increase in that region. //&! Yanis Varoufakis - Guardian Live - youtu.be/md6_WfF9Ky0
Grexit  Troika  IMF  oligarchy  plutocracy  Greece  corruption  bribery  Yanis  Varoufakis  Tsipras  referendum  Wolfgang  Schäuble  Angela  Merkel  Brussels  European  Union  Gold  Standard  economic  history  liberal  economic  reform  antitrust  cartel  tax  evasion  tax  avoidance  Schwarzgeld  Schwarze  Kassen  Schwarzkasse  ChristineLagarde  Panama  Papers  revolving  door  lobby  No  Representation  Career  Politicians  trust  far-right  right-wing  sovereign  debt  crisis  ECB  MarioDraghi  banking  crisis  bank  bailout  GFC  democracy  neoliberal  neoliberalism  shareholder  capitalism  crony  capitalism  Chicago  School  China  credit  bubble  BRIC  USA  Hegemony  TTIP  TPP  geopolitics 
april 2016 by asterisk2a
What the Panama Papers Tells Us About Global Capitalism
never seen David Cameron red-faced, so much! [...] sold in 2010!? And what was before that time? The time he was a MP!? [...] we are not all in this together, for sure! // book the hidden wealth of nations. - 7-8trn tax evasion and avoidance - not taxed. //&! Rumble - Just like FDR - Bernie Welcomes the GE CEO Hatred... - youtu.be/jT7NIoDS1gw - taking advantage of the tax laws THEY MADE.
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april 2016 by asterisk2a
Im Zweifel links: Nimm, was du kriegen kannst!
Der globale Kapitalismus macht die ganze Welt zum Spielplatz der Reichen. Die Panama Papers erinnern daran: Nicht die Flüchtlinge sind unser Problem - sondern die Steuerflüchtlinge. //&! Die Mensch-Maschine: Leak ist Pop! Die Inszenierung übertrumpft die Inhalte: Die Panama Papers zeigen, wie sich die Bedeutung von Leaks verändert hat. Jeder liest darin, was er eh schon immer geglaubt hat. - bit.ly/25MV0AF //&! Briefkastenfirmen zerstören die Marktwirtschaft - bit.ly/1q2Vt0S //&! taz.de/!5289286/ //&! Die Panama Papers und das „Lügenpresse“-Dilemma - bit.ly/1VbfejK //&! bit.ly/1N6I1ya - kapitalistische Medienlogik //&! bit.ly/1SGNSfA - NO NYT //&! bit.ly/1PQor9j //&! cynycism wrong reaction - bit.ly/1SnKVjC
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april 2016 by asterisk2a
Tory party’s civil war | FT Comment
[ we are all in this together ] Lionel Barber, FT editor, and Janan Ganesh, political commentator, discuss the turmoil within the UK’s Conservative party, including the resignation of a cabinet minister following the government’s Budget. //&! Cameron’s Panama profits - https://youtu.be/jOm-24n16ik - skill full worded statements, No 10 was under lock-down.
George  Osborne  Budget2016  David  Cameron  PIP  Brexit  Tories  Conservative  Party  nasty  fairness  Panama  Papers  tax  evasion  tax  avoidance  tax  cut  corporate  tax  rate  austerity  Generationengerechtigkeit  babyboomers  triple-lock  pension  Generation  Rent  secular  stagnation  Richard  Koo  Niall  Ferguson  IMF  OECD  European  Union  Brussels  No  Representation  Career  Politicians  Toff  Privileged  Establishment  Super  Rich  1%  plutocracy  oligarchy  offshore  banking  PR  spin  doctor  Positioning 
april 2016 by asterisk2a
Why Everyone Must Get Ready For The 4th Industrial Revolution
For example, as automation increases, computers and machines will replace workers across a vast spectrum of industries, from drivers to accountants and estate agents to insurance agents. By one estimate, as many as 47 percent of U.S. jobs are at risk from automation. Many experts suggest that the fourth industrial revolution will benefit the rich much more than the poor, especially as low-skill, low-wage jobs disappear in favor of automation.

But this isn’t new. Historically, industrial revolutions have always begun with greater inequality followed by periods of political and institutional change. The industrial revolution that began at the beginning of the 19th century originally led to a huge polarization of wealth and power, before being followed by nearly 100 years of change including the spread of democracy, trade unions, progressive taxation and the development of social safety nets.
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april 2016 by asterisk2a
Obama calls for international tax reform amid Panama Papers revelations
"a lot of it is legal" ... they are not poorly designed the laws have been designed by the revolving door of corporate lawyers and lobbyists. // We are not all in this together.
austerity  tax  evasion  tax  amnesty  tax  avoidance  Panama  Papers  G20  G8  tax  loopoles  lobby  revolving  door  Career  Politicians  Party  Funding  barackobama  George  Osborne  IRS  HMRC  white-collar  crime  corporate  governance  accounting  scandal  corporate  scandal  offshore  banking  income  tax  receipts  corporate  tax  rate  fairness  Super  Rich  1%  oligarchy  plutocracy  nasty  Tories  Conservative  Party  Google  Inc.  Westminster  Toff  Privileged  Establishment  No  Representation  democracy  squeezed  middle  class  poverty  trap  Precariat  disenfranchise  disenfranchised 
april 2016 by asterisk2a
Panama Papers (BBC)
links to 72 current or former heads of state [...] dictators looting their own countries [...] helped clients launder money, dodge sanctions & evade tax. [...] never been accused or charged with criminal wrong-doing [...] company is a corporate screen established principally to protect the identity and confidentiality of the ultimate beneficial owner of the company. [...] + Icelandic Prime Minister //&! bbc.in/232EEVN &! How To Insight - bbc.in/1M8Xi6N &! The Guardian - bit.ly/232F3Hz &! Reddit - redd.it/4d8rta &! panamapapers.sueddeutsche.de & live ticker tuesday - bbc.in/23cAl6M &! bbc.in/1TyCuXT - Panama is British Territory as is Cayman Islands et al. //&! Change the rules and close the loopholes! Duh. No need to ask others to stop doing business or change their rules!
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april 2016 by asterisk2a
Robert Reich on recent development - Tax Amnesty
[ shareholder capitalism ] 2.1trn $$$ parked in offshore banking for USA alone. ... USA x times bigger. ... UK estimate of up to 20bn a year of tax evasion and avoidance. // special deal of 10% tax on repatriation of offshore funds. // this is extortion // no Principles. you either pay your taxes or you are not allowed to do business in this country. // and it is not only cash it is also property and other assets ... companies will undervalue/price their value. not to market rate. see india's tax amnesty and that loophole people and companies exploited - bit.ly/1LjzHjk // >> tax is the price you pay for civilised and modern, western society! << //
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march 2016 by asterisk2a
Keiser Report: Sovietization of capitalism (E723) - YouTube
BIS 100% of private debt and finance sector larger than 3.9% of economy bad ... and siphoning off talent from more productive fields of work. And finance favours lending to property and land (low productivity). [...] financial products (derivatives) do not help economy. is just a financial product, fee collection. rentier! rent-seeking behaviour! fees fees fees. (JP Morgan, 89% of profits, see interview) [...] QE reflated asset prices/share prices! // In the second half, Max interviews David Graeber about his new book, The Utopia of Rules: On Technology, Stupidity and the Secret Joys of Bureaucracy.
private  debt  consumer  debt  household  debt  BIS  Wall  Street  recovery  zombie  banks  car  loan  credit  card  debt  student  loan  debt  student  loan  Bubble  student  debt  economic  history  GFC  secular  stagnation  UK  City  of  London  USA  investment  banking  retail  banking  BOE  Fed  macroeconomic  policy  microeconomic  policy  property  speculative  bubbles  speculative  speculation  productivity  output  gap  austerity  George  Osborne  dogma  ideology  constituency  Party  Funding  vested  interest  interest  groups  mortgage  market  Housing  Crisis  Help  to  Buy  Scheme  Help  to  Save  Funding  for  Lending  Scheme  Right  to  Buy  Buy-to-Let  subsidies  subsidizing  derivatives  financial  product  rent-seeking  rentier  QE  ZIRP  NIRP  reflate  reflation  Mark  Carney  fiscal  policy  monetary  policy  Richard  Koo  book  David  Graeber  MervynKing 
march 2016 by asterisk2a
Money: The Too Big to Fail Edition by Panoply Media
Neil Irwin, author of The Alchemists: Three Central Bankers and a World on Fire, joins hosts Felix Salmon of Fusion, Cathy O’Neil of mathbabe.org, and Slate’s Moneybox columnist Jordan Weissmann. This week is all about Neel Kashkari of the Minneapolis Fed's new solution for our too-big-to-fail banks. //!& breaking up has complexity ... financial-industrial complex! //
too  big  to  bail  toobigtofail  TBTF  retail  banking  investment  banking  VAR  discounted  risk  systemicrisk  discounting  risk  BIS  centralbanks  liquidity  trap  GFC  financial  product  recovery  TARP  UK  USA  Europe  sovereign  debt  crisis  PIGS  economic  history  book  monopsony  oligopoly  oligopol  repo  interbank  lending  complexity  financial-industrial  complex  leverage  derivatives 
march 2016 by asterisk2a
Central bankers on the defensive as weird policy becomes even weirder | Business | The Guardian
Growth is tepid, productivity is poor, and inflation is too low: all is not going according to policymakers’ masterplans [...] As far as the OECD is concerned, monetary policy is being forced to take too much of the strain. Its chief economist Catherine Mann made the point that lasting recovery required three things: stimulative monetary policy; activist fiscal policy; and structural reform. The OECD wants the second of these ingredients to be added to the recipe in the form of increased spending on public infrastructure, something it says would more than pay for itself at a time when governments can borrow so cheaply.
monetary  policy  G20  fiscal  policy  monetary  stimulus  monetary  system  monetary  transmission  mechanism  liquidity  trap  UK  western  world  USA  Japan  Abenomics  George  Osborne  Angela  Merkel  Wolfgang  Schäuble  Pact  Schuldenbremse  economic  history  recovery  secular  stagnation  productivity  underinvestment  MarioDraghi  ZIRP  NIRP  QE  ECB  BOE  Fed  Taper  deflationary  deflation  nominal  GDP  targeting  inflation  targeting  zombie  banks  MervynKing  zombie  corporations  zombie  consumer  Richard  Koo  Gini  coefficient  inequality  squeezed  middle  class  wage  stagnation  discretionary  spending  distortion  property  bubble  disposable  income  productive  investment  austerity  business  confidence  foreign  direct  investment  consumer  debt  household  debt  credit  card  debt  car  loan  student  loan  debt  student  loan  policy  folly  policy  error  short-termism  Career  Politicians  neoliberalism  neoliberal  trickle-down  economics  self-regulation  City  of  London  investment  banking  retail  banking  OECD  IMF  KennethRogoff  hot-money  hunt  for  yield  asset  bubble  asset  allocation  speculative  bubbles  speculative  speculation  reflate  reflation  financial  repression  New  Normal  trust 
march 2016 by asterisk2a
Mervyn King: new financial crisis is 'certain' without reform of banks | Business | The Guardian
The former Bank of England governor says in his new book that imbalances in the global economy makes a crash inevitable [...] GFC was the fault of the financial system, not individual greedy bankers, in his new book, The End Of Alchemy: Money, Banking And The Future Of The Global Economy [...] “Without reform of the financial system, another crisis is certain, and the failure ... to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later,” Lord King wrote. [...] global central banks were caught in a “prisoner’s dilemma” - unable to raise interest rates for fear of stifling the economic recovery, the newspaper reported. [... blame] broken financial system. [...] failure of a system, and the ideas that underpinned it, [...] “Only a fundamental rethink of how we, as a society, organise our system of money and banking will prevent a repetition //&! dailym.ai/21tPG5y
bank  crisis  banking  crisis  investment  banking  self-regulation  retail  banking  Greed  financial  product  regulation  regulators  City  of  London  George  Osborne  Mark  Carney  macroprudential  policy  property  bubble  austerity  liquidity  trap  secular  stagnation  job  creation  Service  Sector  Jobs  economic  history  GFC  neoliberalism  neoliberal  trickle-down  economics  free  market  ZIRP  NIRP  QE  faultlines  hot-money  hunt  for  yield  distortion  financial  repression  emerging  middle  class  emerging  market  Frontier  Markets  BRIC  China  Brazil  credit  bubble  2016  reflate  reflation  junk  bond  revolving  debt  household  debt  mortgage  market  consumer  debt  UK  IMF  OECD  credit  card  debt  car  loan  BOE  MervynKing  ECB  Fed  Europe  deflationary  deflation  Gini  coefficient  inequality  MarioDraghi  Taper  QT  bonuses  bonus  global  imbalances  structural  imbalance  Career  Politicians  lobbyist  lobby  Lobbying  revolving  door  New  Normal  speculative  bubbles  Richard  Koo  Fiscal  Pact  Schuldenbremse 
february 2016 by asterisk2a
Brexit-Befürworter träumen vom Singapur auf Steroiden - SPIEGEL ONLINE
Ohne EU geht es der britischen Wirtschaft besser: Das versprechen Brexit-Befürworter, die mehr Handel und weniger Bürokratie erwarten. Doch ihre Hoffnungen sind mit hohen Risiken behaftet. [...] Am Dienstag warnten die Chefs von rund 200 britischen Unternehmen wie Vodafone Chart zeigen, Jaguar Land Rover und Shell Chart zeigen mit einem offenen Brief in der "Times" vor dem sogenannten Brexit. Bei einer Umfrage der Bertelsmann-Stiftung sprachen sich vier von fünf Unternehmenschefs für einen Verbleib in der EU aus. Andernfalls, so die Brexit-Gegner, drohten Jobverluste und Unternehmensverlagerungen. [...] Handel: Schwellenländer statt EU
City  of  London  neoliberalism  dogma  ideology  neoliberal  neoconservatism  neoconservatives  trickle-down  economics  austerity  corporate  tax  rate  self-regulation  regulation  banking  crisis  bank  bailout  GFC  Brexit  UK  Career  Politicians  trade  agreement  BRIC  emerging  middle  class  emerging  market  Frontier  Markets  TTIP  TPP  AIIB  PR  misrepresentation  Positioning  spin  doctor  regulators 
february 2016 by asterisk2a
What Really Caused the Crisis and What to Do About It - YouTube
"There are not perfect markets, and there is no perfect planner. [...] we will never arrive at perfect solutions. [...] market will never allocate perfectly ... [...] market will always tend to lend to property and land, and less into productive means (businesses = risk of 100 loss, land or property ... you have a loss when you sell it. << China, UK ) [...] not all credit is good credit. [...] need for macroprudential policy to dampen bubbles bc rate hikes could dampen normal non-speculative area of economy. ie loan to value limits [...] interest rate setting is blunt hammer that people though is the magic wand along the line of self-regulation, free market, neoliberalism and trickle-down [...] GFC can be traced back to the 60-70's - macroecon + micro with absurd assumptions (ie rational expectations, equilibriums, no bubbles) & math & pure theoretical base (no empirical analysis ie of what banks really do ie greed) = makes job of economist as policy advisor real easy.
bank  crisis  JohnMaynardKeynes  keynes  Keynesianism  book  Richard  Koo  aggregate  demand  austerity  liquidity  trap  deleveraging  balance  sheet  recession  debtoverhang  GFC  recovery  secular  stagnation  western  world  dogma  ideology  underinvestment  productive  investment  infrastructure  investment  monetary  policy  monetary  theory  trickle-down  economics  neoliberalism  neoliberal  budget  deficit  economic  history  credit  bubble  output  gap  productivity  inflation  targeting  nominal  GDP  targeting  asset  allocation  economics  investment  banking  zombie  banks  retail  banking  financial  product  CDS  CDO  hunt  for  yield  VAR  risk  aversion  deflationary  deflation  ZIRP  NIRP  QE  debt  monetisation  debt  monetization  Glass-Steagall  self-regulation  regulators  regulation  leverage  margin  trading  property  bubble  arbitrage  speculative  bubbles  asset  bubble  UK  USA  Europe  ECB  Fed  BOE  zombie  consumer  squeezed  middle  class  zombie  corporations  NPL  junk  bond  realestate  macroprudential  policy  mortgage  market  equilibrium  disequilibrium  Economist  economists  Adair  Turner  hayek 
february 2016 by asterisk2a
Vickers warns over weaker bank safety buffers - BBC News
[ no skin in the game ] The man charged with leading an inquiry into the future safety of Britain's banks has said Bank of England plans are not strong enough. Sir John Vickers, who led the Independent Commission on Banking (ICB) said: "The Bank of England proposal is less strong than what the ICB recommended." In a BBC interview, he added "I don't think the ICB overdid it." The Bank of England declined to comment. Specifically, it is the plans to make sure that banks have enough capital that Sir John has questioned. Capital is considered vital to a bank's safety, as it serves to protect it from sudden losses. It comes in many forms, but the most common is funding from shareholders, who expect a hefty return on the risk they are taking. The backdrop to this news is the current slump in bank share prices across Europe. Since the start of the year, European banking stocks have lost a quarter of their value. //&! bit.ly/1Xs0Bac
zombie  banks  retail  banking  investment  banking  toobigtofail  too  big  to  jail  TBTF  too  big  to  bail  economic  history  lobbyist  lobby  Lobbying  GFC  speculation  CDS  CDO  derivatives  Interestrateswap  financial  product  VAR  risk-management  risk  management  Greed  bonuses  bonus  financial  crisis  blackswan  Black  Swan  Career  Politicians  No  Representation  democracy  Super  Rich  1%  plutocracy  oligarchy  Wall  Street  shareholder  value  profit  maximisation  short-termism  self-regulation  regulation  deregulation  regulators  Glass-Steagall  BOE  ECB  Bundesbank  sovereign  debt  crisis  Fed 
february 2016 by asterisk2a
What's holding back the world economy? | Business | The Guardian
[ continued financialisation of economy / faustian pact ] QE and low interest rates have disproportionately created wealth in the financial sector and inflated asset bubbles. It has done little for the real economy. The rules of the market need to be rewritten [...] dominant policies during the post-crisis period – fiscal retrenchment and quantitative easing (QE) by major central banks – have offered little support to stimulate household consumption, investment, and growth. On the contrary, they have tended to make matters worse. In the US, quantitative easing did not boost consumption and investment partly because most of the additional liquidity returned to central banks’ coffers in the form of excess reserves. [...] private investment did not grow [...] [ QE supported only financial sector and zombie banks and corporations, little to nothing went into the real economy for investment in western world ] [ which leads us to say we are still in a banking crisis per se ]
Joseph  Stiglitz  secular  stagnation  reflate  reflation  austerity  QE  ZIRP  NIRP  TARP  TLTRO  LTRO  zombie  banks  zombie  corporations  zombie  consumer  Richard  Koo  consumer  debt  household  debt  car  loan  credit  card  debt  Student  Bubble  loan  debt  disposable  income  discretionary  spending  squeezed  middle  class  Precariat  low  pay  low  income  wage  stagnation  income  growth  USA  UK  Europe  western  world  mortgage  market  NPL  debt  servitude  underinvestment  productive  investment  infrastructure  investment  economic  history  policy  folly  policy  error  corporate  welfare  tax  evasion  tax  avoidance  Gini  coefficient  income  distribution  social  mobility  income  mobility  poverty  trap  inequality  recovery  job  creation  Service  Sector  Jobs  distortion  financial  repression  speculative  bubbles  hunt  for  yield  asset  equity  VIX  volatility  Help  to  Buy  Scheme  monetary  policy  liquidity  trap  fiscal  policy  debtoverhang  deleveraging  balance  sheet  recession  consumer  confidence  business  confidence  business  investment  productivity  output  gap  aggregate  demand  income  redistribution  repo  monetary  transmission  mechanism  monetary  system  financial  market  GFC  banking  crisis  retail  banking  investment  banking  hot-money  Frontier  Markets  emerging  market  BRIC  rent-seeking  rentier  carbon  tax  economic  damage 
february 2016 by asterisk2a
Jan Kregel: The Continuing Risk of Derivatives - YouTube
The other common feature that Kregel notes is that the major objective of active, global financial institutions no longer is the maximization of profits by seeking the lowest cost funds and channeling them to the highest risk-adjusted return. Rather, they are most interested in maximizing the amount of funds intermediated in order to maximize fees and commissions, thereby maximizing the rate of return on bank capital. This means a shift from continuous risk assessment and risk monitoring of funded investment projects that produce recurring flows of interest payments over time, to the identification of riskless "trades" that produce large, single payments with as much of the residual risk as possible carried by the purchasers of the package. The upshot is that most derivative packages mask the actual risk involved in an investment and increase the difficulty in assessing the final return on funds provided.
derivatives  investment  banking  retail  banking  banking  crisis  business  model  risk  aversion  ROI  VAR  CDS  Interestrateswap  financial  literacy  financial  market  financial  crisis  financial  cycle  FinancialCrisisInquiryCommission  tobin-tax  FinancialCrisisResponsibilityFee  CDO  financial  instruments  bonuses  bonus  Greed  shareholder  value  profit  maximisation  Wall  Street  economic  history  self-regulation  regulation  regulators  deregulation  Glass-Steagall  Bank  Oversight  zombie  banks  financial  product 
january 2016 by asterisk2a
"The Untouchables (2013)" PBS documentary about how the Holder Justice Department refused to prosecute Wall Street Fraud despite overwhelming evidence : Documentaries
faustian pact they've made. getting funded their elections by greedy crony capitalists. and are thus beholden to their calls they make and the framework they said they would give them funding for their campaign under. // "breakdown of internal controls [...] 60% of loans in possible portfolio did not meet its own standards, were still bought, put into portfolio" - Citigroup exec // Underfunded/understaffed/non-experience/no-stars @FBI and CIA! corporates have a bigger pocket and star lawyers who know how to position and spin. And without a Whistleblower/Leak it is nearly impossible if not for the case that the accused was really stupid and left a clear trail and or incriminates himself in paperwork/communication. // "criminal intent" //&! No Regrets at Countrywide - bloom.bg/1UptWQC //&! Countrywide’s Mozilo Said to Face U.S. Suit Over Loans - bloom.bg/1RMqPEA //&! NEW SUIT - No, the US government hasn’t forgotten about Countrywide founder Angelo Mozilo - bit.ly/1lQbEfD
GFC  banking  crisis  Greed  crony  capitalism  bank  bailout  economic  history  white-collar  crime  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  oligarchy  plutocracy  Super  Rich  1%  Fraud  securities-fraud  bonuses  bonus  financial  incentive  financial  literacy  FinancialCrisisInquiryCommission  Mozilo  CountrywideFinancial  Angelo  Mozilo  subprime  NINJA  Loan  non-performing  NPL  CDS  CDO  citigroup  misselling  misrepresentation  Consumer  Protection  misleading  Positioning  PR  spin  doctor  manufactured  consent  Whistleblower  Eric  Holder  presidency  barackobama  Party  Funding  Justice  System  economic  injustice  Washington  revolving  door  accountability  due  diligence  miconduct 
january 2016 by asterisk2a
How would you pull a Big Short in 2016? | Paul Mason | Opinion | The Guardian
The same institutions that were parading their restraint, largesse and deep concern for humanity in Davos last week are condemned in the movie by the designer of the “short”, Mark Baum, in the following terms: “We’re living in an era of fraud in America. Not just in banking. But in government, education, food, religion, journalism, prisons, baseball ... Somehow, American values became: Fuck it, let’s grab what we can for now and the hell with tomorrow.”
American  Dream  Fraud  crony  capitalism  capitalism  self-regulation  oversight  white-collar  crime  accountability  shared  economic  interest  Greed  meritocracy  meritocratic  GFC  banking  crisis  economic  history  financial  crisis  business  cycle  financial  cycle  economic  cycle  trickle-down  economics  neoliberalism  neoliberal  plutocracy  oligarchy  Super  Rich  1%  social  democracy  democracy  No  Representation  Career  Politicians  revolving  door  lobbyist  lobby  Lobbying  exploitation  globalization  globalisation 
january 2016 by asterisk2a
BBC iPlayer - Britain's Trillion Pound Island - Inside Cayman
20bn£/year go through tax avoidance (legal through loopholes). = 20bn austerity for next 4-5 years this parliament from 2015. and was around the same from 2010 as Tories came to power forming coalition with lib dems. // who can pay for the lawyer and lobbyist - to implement loopholes. // its the gov that lets make the rules, by lobbyists. // (New Labour) Gordon Brown cut corp tax in his time by 5% and Osborne will have it cut by further 10% points in his two parliament sittings as chancellor. "You can't compete with Zero." << Cayman Islands (no infrastructure and no educated people) - vs. - UK (with infrastructure and educated people, social safety net, pensions). // ultimately, tax laws have to be changed in the local country, not cayman islands.
UK  offshore  banking  tax  avoidance  austerity  fairness  Generationengerechtigkeit  budget  deficit  Wall  Street  shareholder  value  profit  maximisation  lobbyist  lobby  Lobbying  Tories  Conservative  Party  nasty  HMRC  revolving  door  No  Representation  democracy  social  democracy  bank  bailout  GFC  crony  capitalism  capitalism  Greed  budget2015  budget2010  non-dom  Super  Rich  1%  oligarchy  plutocracy  City  of  London  poverty  income  distribution  income  redistribution  inequality  Gini  coefficient  social  mobility  income  mobility  Policy  Makers  Career  Politicians  Westminster  Council  Public  Services  Services  constituency  babyboomers  globalization  globalisation  neoliberalism  neoliberal  tax  evasion  loopholes  welfare  state  social  safety  net  corporate  tax  rate  trickle-down  economics  George  Osborne  David  Cameron  GordonBrown  Labour  Party  borderless  accounting  scandal  white-collar  crime  corporate  scandal  corporate  crime  IMF  OECD 
january 2016 by asterisk2a
BBC Documentary - The Money Trap - How Banks Control the World Through Debt - YouTube
most profitable credit card debt customers are those making just the minimum payment. ... a credit card being a statement of status! retaining customers by upgrading them regularly w higher limits, new colors, new perks (they will never use). // unsecured lending - DEFINITION of 'Unsecured Loan' A loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. // revolving debt // the higher your credit limit, the more you are likely to spend. // half of his income to just serve credit card fees and interest charges (no payments towards paying down) debt ... // banks lend irresponsibly bc they know they can get away with it, or somebody else will do it! because there is not regulation. no bank oversight. //&! The Truth about Payday Loans :Young, British and Broke - youtu.be/-yWxTvffbuE //&! Gambling/Betting Shops on Highstreet.
retail  banking  investment  banking  CDO  CDS  subprime  credit  card  debt  credit  card  financial  literacy  household  debt  mortgage  market  Payday  Loans  exploitation  debt  servitude  student  loan  debt  Bubble  property  ethics  moral  beliefs  revolving  debt  consumer  debt  debtoverhang  debt  Super  Cycle  student  debt  private  debt  status  symbol  instant  gratification  status  anxiety  socioeconomic  status  zombie  consumer  consumerist  consumerism  Protection  overdraft  materialism  crony  capitalism  capitalism  NPL  NINJA  Wall  Street  profit  maximisation  shareholder  value  bonuses  bonus  financial  incentive  incentive  creditrating  credit  creditrisk  credit  score  self-regulation  Bank  Oversight  financial  instruments  derivatives 
january 2016 by asterisk2a
Why are we looking on helplessly as markets crash all over the world? | Will Hutton | Opinion | The Guardian
[ so much debt in the system, a rise in interest can not be served as is ] The imminent collapse of the Chinese Ponzi-scheme economy shows that we need to bring control to the international economy. [...] There has always been a tension at the heart of capitalism. Although it is the best wealth-creating mechanism we’ve made, it can’t be left to its own devices. Its self-regulating properties, contrary to the efforts of generations of economists trying to prove otherwise, are weak. [...] Profits as a share of national income in Britain and the US touch all-time highs; wages touch an all-time low as the power of organised labour diminishes and the gig economy of short-term contracts takes hold. The excesses of the rich, digging underground basements to house swimming pools, cinemas and lavish gyms, sit alongside the travails of the new middle-class poor. These are no longer able to secure themselves decent pensions and their gig-economy children defer starting families ...
China  credit  bubble  speculative  bubbles  equity  bubble  BRIC  2015  2016  self-regulation  capitalism  crony  capitalism  Wall  Street  shareholder  value  profit  maximisation  Gig  Economy  Zero  Hour  Contract  squeezed  middle  class  secular  stagnation  western  world  aggregate  demand  consumer  debt  debtoverhang  Richard  Koo  economic  history  balance  sheet  recession  household  debt  credit  card  debt  car  loan  mortgage  market  working  poor  poverty  trap  Gini  coefficient  social  mobility  income  mobility  inequality  plutocracy  oligarchy  Super  Rich  1%  ZIRP  NIRP  QE  distortion  George  Osborne  dogma  ideology  David  Cameron  neoliberalism  neoliberal  globalisation  globalization  exploitation  borderless  flat  world  USA  UK  austerity  fiscal  policy  monetary  policy  liquidity  trap  debt  servitude  wage  stagnation  shared  economic  interest  NPL  shadow  banking  shadow  Career  Politicians  No  Representation  democracy  social  democracy  Generationengerechtigkeit 
january 2016 by asterisk2a
Börse: Warum Schwellenländer für die Kurskrise sorgen - Kolumne - SPIEGEL ONLINE
Chronisch überschüssige Leistungsbilanz [ & Over capacity for less/stagnant demand ... + biggest credit bubble (china) popped as the west can't afford more. QE and ZIRP has run it's way! ] [...] Der Grund, warum der deutsche Aktienindex weitaus mehr betroffen ist als andere europäische Indizes, liegt allein an der strukturellen Abhängigkeit der deutschen Industrie von Blasen in anderen Ländern. Anstatt auf bessere Stimmung zu hoffen, sind Anleger gut beraten, sich über den weiteren Verlauf der Schwellenländerkrise Gedanken zu machen. [...] [ Fed taper makes things more difficult to serve debt ] [...] Langfristig sind es die Gewinne und nicht die Zinsen, die die Aktienpreise treiben. //&! China (Asia/BRIC/Frontier Market) Corporate Bond Yields up - bit.ly/1Sme7fV & NPL probably too. //&! If property is biggest item of household wealth in a property bubble (UK, China, ... USA) - bit.ly/1Zpiy8M
trade  deficit  BRIC  credit  bubble  western  world  secular  stagnation  macroeconomic  policy  China  Japan  Germany  UK  USA  Brazil  commodity  prices  Oil  price  NPL  shadow  banking  shadow  economy  banking  crisis  ZIRP  NIRP  QE  QT  speculative  bubbles  property  bubble  mortgage  market  Fed  BOE  ECB  European  Union  sovereign  debt  crisis  household  debt  consumer  debt  credit  card  debt  car  loan  private  debt  corporate  debt  tax  evasion  tax  avoidance  austerity  corporate  welfare  subsidies  subsidizing  Russia  OPEC  aggregate  demand  liquidity  trap  Richard  Koo  Richardkoo  debtoverhang  balance  sheet  recession  debt  servitude  student  loan  debt  Super  Cycle  debt  bubble  student  debt  debt  monetisation  debt  monetization  student  loan  discretionary  spending  disposable  income  squeezed  middle  class  precarious  work  Precariat  working  poor  neoliberalism  neoliberal  globalization  globalisation  borderless  flat  world  trade  agreement  Hegemony  TPP  TTIP  TISA  CETA  NAFTA  Africa  South  Africa  global  trade  trade  balance  current  account  deficit  Frontier  Markets  faultlines  structural  imbalance  global  imbalances  Taper  reflate  reflation  equity  bubble  Abenomics  economic  history  India  irrational  exuberance  Robert  Shiller  inequality  Gini  coefficient  deflationary 
january 2016 by asterisk2a
Italien: Bankensektor wieder tief in der Krise - SPIEGEL ONLINE
Zusammengefasst: Italiens Ministerpräsident Matteo Renzi hat zwar einige Reformen auf den Weg gebracht. Auch die Wirtschaft des Landes ist zuletzt etwas gewachsen. Doch wer genauer hinschaut, sieht: Der Eurostaat hat nach wie vor mit massiven Finanzproblemen zu kämpfen - und die Schulden des Landes steigen immer weiter.
Italy  sovereign  debt  crisis  recession  GFC  bank  crisis  banking  crisis  2016  recovery  liberal  economic  reform  bail-in  bank  bailout  banking  union  EuropeanSystemicRiskBoard  ECB  PIGS 
january 2016 by asterisk2a
How Credit Cards Tax America
But there’s a reason companies reward you for using credit cards. In America, credit cards are banks’ most profitable lending business. This is the aspect of credit cards that consumer advocates usually criticize: banks charge interest rates of 15% to 20% on $700 billion in outstanding credit card loans. Yet even if you pay your bill on time, Visa, Mastercard, and the banks still make lots of money off you. Every year, they earn more than $40 billion from transaction fees. At 2%, the average credit card fee can seem small. Sixty-three percent of American adults have a credit card, though, even more have debit cards that work similarly, and Americans use both to spend trillions of dollars each year. It adds up. // via https://redd.it/4063tj
credit  card  debt  credit  card  consumer  debt  Payday  Loans  Precariat  working  poor  retail  banking 
january 2016 by asterisk2a
Börsenabsturz in China: Der Kontrollverlust - Kommentar - SPIEGEL ONLINE
Der Börsen-Crash in China ist Symptom eines fundamentalen Wandels: Um den Wohlstand zu erhalten, muss die Regierung immer mehr Kontrolle abgeben. Die Allmacht der kommunistischen Partei gerät ins Wanken.
China  economic  history  SRD  Yuan  macroeconomic  policy  microeconomic  policy  corruption  bribery  regulation  regulators  liberal  economic  reform  economic  refugee  inequality  IMF  AIIB  World  Bank  Hegemony  PBOC  Gini  coefficient  social  safety  net  Services  Public  Services  discretionary  spending  disposable  income  pension  scheme  pension  pension  fund  asset  allocation  capital  allocation  ZIRP  NIRP  QE  credit  bubble  QT  monetary  policy  fiscal  policy  shadow  banking  NPL  2015  2016  shadow  economy  demographic  bubble 
january 2016 by asterisk2a
Blackrock-Vize Hildebrand kritisiert europäische Behörden - SPIEGEL ONLINE
Hildebrand: Nein, dafür sehe ich keine Anzeichen. Aber was mich schon besorgt, ist das Muster, dass frappantes Fehlverhalten europäischer Firmen immer wieder von amerikanischen Behörden aufgedeckt wird. Das scheint mir das wahre Problem zu sein. Ich denke da nicht nur an VW, sondern auch an die Banken oder an die Fifa. [...] Die Amerikaner dagegen sind das Problem schon 2009 angegangen, und die Banken sind schnell wieder gesundet. In Europa hat man es unter den Teppich gekehrt. [...] Europa hat zwei Probleme, und ein wesentliches davon ist ein Nachfrageproblem: Die Wirtschaft ist nicht ausgelastet, auch die Arbeitslosigkeit ist nach wie vor zu hoch. Und die Inflation liegt nahe null. [...] Europa hat auch ein Strukturproblem. Arbeits- und Produktmärkte sind überreguliert. [ Re Credit Bubble ] Niemand weiß genau, was geschieht, wenn diese Politik einmal umgekehrt wird.
VW  bank  bailout  FIFA  corporate  scandal  Volkswagen  sovereign  debt  crisis  too  big  to  bail  Grexit  European  Union  secular  stagnation  self-regulation  regulation  regulators  deregulation  accountability  white-collar  crime  banking  investment  banking  retail  banking  recovery  MarioDraghi  ECB  NIRP  ZIRP  TLTRO  LTRO  QE  GFC  economic  history  debtoverhang  Richard  Koo  fiscal  monetary  Brussels  lost  decade  lostgeneration  lost  generation  Generationengerechtigkeit  austerity  Pact  Schuldenbremse  underinvestment  productive  investment  ageing  population  demographic  bubble  squeezed  middle  class  emerging  middle  class  discretionary  spending  Sozialer  Abstieg  income  distribution  disposable  income  Brexit  credit  bubble  BRIC  emerging  market  Developing  World  western  Niall  Ferguson 
november 2015 by asterisk2a
Steuererhöhung: Nur für wen? - manager magazin
Cayman Islands, Ireland und Co sind aber nicht teil der G20. Duh. Und wo bitte ist beim sparen der progressive steuer satz? // Nun denkt Schäuble laut darüber nach, die Abgeltungsteuer abzuschaffen. Denn der automatische Informationsabgleich über Auslandskonten in den G20-Staaten rückt immer näher, 2017 soll es soweit sein. Der deutsche Fiskus wüsste also auch über Auslandskonten Bescheid. Erst am Donnerstag vergangener Woche beschloss der Bundestag ein entsprechendes Gesetz. Mit dabei sind mehr als 60 Staaten, darunter auch Luxemburg und die Schweiz. Bei soviel Transparenz wird Steuerhinterziehung schwierig. // Für Steuersünder werden die Verstecke weniger - bit.ly/1I6LteU
Wolfgang  Schäuble  capital  gains  tax  capital  gains  tax  evasion  tax  avoidance  offshore  banking  G20  fairness  Generationengerechtigkeit  income  distribution  income  redistribution  tax  code  inequality  Gini  coefficient  white-collar  crime  investment  banking  Career  Politicians  No  Representation  austerity  Angela  Merkel  neoliberalism  neoliberal  trickle-down  economics 
november 2015 by asterisk2a
Europäische Union: Schengen versagt wie der Euro - Kolumne - SPIEGEL ONLINE
[ managing the status quo ] Der Euro wackelt nach wie vor, das Schengen-System der offenen Grenzen ist de facto gescheitert. Beide europäischen Konstruktionen scheitern am selben Problem: Die EU konnte sich nur auf den kleinsten gemeinsamen Nenner einigen.
Leadership  Angela  Merkel  Wolfgang  Schäuble  Germany  European  Union  Career  Politicians  No  Representation  Jean-Claude  Juncker  GFC  Grexit  Brexit  Euro  bank  bailout  TBTF  too  big  to  bail  too  big  to  jail  sovereign  debt  crisis  Fiscal  Pact  Schuldenbremse  banking  crisis  economic  history  Brussels  accountability 
november 2015 by asterisk2a
Long-awaited HBOS bank report to be published - BBC News
A long awaited report co-authored by two regulatory bodies - the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority - is out on Thursday. It is hoped the report will shed more light on the reasons behind the demise of HBOS bank. Yet, how could HBOS, the result of a merger of a traditional building society and a prudent Scottish banking institution, go so wrong so quickly? The marriage between the Halifax Building Society and The Bank of Scotland was valued at £30bn, but it collapsed just seven years later - with all of that value completely wiped out. HBOS became part of the Lloyds Banking Group and needed a £20.5bn injection from UK taxpayers to prevent it from crashing.
HBOS  Lloyds  loydstsb  bank  bailout  GFC  UK  economic  history  banking  crisis  investment  banking  retail  banking  NorthernRock  RBS 
november 2015 by asterisk2a
US overtakes Caymans and Singapore as haven for assets of super-rich | Politics | The Guardian
But financial secrecy index report notes if UK and affiliated tax havens such as Jersey were treated as one, it would top the list // Netherlands plans to rein in tax avoidance during EU presidency. Dutch finance minister’s comments come after European commission criticised its tax deal with Starbucks as illegal state aid - bit.ly/1HnT8A5
tax  evasion  tax  avoidance  Career  Politicians  presidency  barackobama  George  Osborne  David  Cameron  No  Representation  corporate  scandal  fairness  Generationengerechtigkeit  crony  capitalism  capitalism  Wall  Street  shareholder  value  profit  maximisation  exploration  lobbyist  lobby  Lobbying  accounting  scandal  corporate  tax  rate  corporate  state  Gini  coefficient  inequality  income  distribution  UK  USA  corporate  media  trickle-down  economics  neoliberalism  neoliberal  secular  stagnation  Niall  Ferguson  offshore  banking 
november 2015 by asterisk2a
Deutsche Bank plant grundlegenden Konzernumbau - SPIEGEL ONLINE
Überraschend kommen die Reformpläne nicht: Der seit Juli amtierende neue Co-Chef John Cryan hatte einen Umbau bereits in Aussicht gestellt. Mit dem Konzernumbau reagiert Cryan auf die seit Jahren anhaltende Krise der Bank. Immer wieder hatten Finanzskandale das Institut erschüttert und die Gewinne schrumpfen lassen. [...] Cryan hatte gleich zu seinem Amtsantritt einen harten Sparkurs angekündigt. Vor wenigen Tagen hatte die Bank angekündigt, sie erwarte für das dritte Quartal einen Rekordverlust von rund sechs Milliarden Euro. Gründe dafür sind gigantische Abschreibungen vor allem auf den Wert der Tochter Postbank, von der die Deutsche Bank sich trennen will, und das nicht mehr so lukrative Investmentbanking. Zudem belasten hohe Rückstellungen für die zahlreichen Rechtsstreitigkeiten die Bilanz.
Deutsche  Bank  corporate  scandal  investment  banking  libor  rigging  scandal 
october 2015 by asterisk2a
Europe is becoming an undemocratic continent where force matters more than law | Comment is free | The Guardian
Only banks, global corporations and the superrich have any power against this faceless semi-superstate [...] In the past year, on two occasions when tested, European solidarity fell apart. [...] The real power, meanwhile, sits with large corporations, banks and elites. And here’s the strangest thing: for all the power concentrated at the top, the EU lacks the will to operate purposefully in the multipolar global power system. We know, roughly, what the US wants. Ditto for China and Russia. Ask what Europe wants – in Ukraine, Syria or the Arctic circle – and you’ll draw a blank. In a multipolar world, whose chaos zones are expanding, effective states with clear diplomatic aims and red lines matter.
democracy  Career  Politicians  bank  bailout  banking  crisis  lobbyist  lobby  Lobbying  tax  evasion  tax  avoidance  crony  capitalism  capitalism  Wall  Street  shareholder  value  shared  economic  interest  profit  maximisation  Brussels  Rechtsruck  symptom  No  Representation  social  contract  fairness  morality  Generationengerechtigkeit  austerity  Fiscal  Pact  Schuldenbremse  solidarity  TBTF  too  big  to  jail  too  big  to  bail  conglomerate  corporate  scandal  corporate  media  corporate  state  injustice  justice  white-collar  crime  Brexit  sovereign  debt  crisis  refugee  crisis  Super  Rich  1%  Gini  coefficient  inequality  poverty  G  Zero  economic  history  monetary  union  European  trickle-down  economics  dogma  ideology  Privatisation  neoliberalism  neoliberal  neoconservatism  neoconservatives  USA  UK  Europe  vested  interest  interest  groups 
october 2015 by asterisk2a
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