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Michael Hudson: QE, Neofeudalism and Privatization — The End of Consumer Choice

capitalism is the crisis

Image by Alex Cameron via Flickr

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
October 20, 2013

In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson’s new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more.

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Michael Parenti and Philip Giraldi on Capitalism and Empire

Make Capitalism History - Politics For A Real Change *

Image by Sterneck via Flickr

with Michael Parenti
Writer, Dandelion Salad
Michael Parenti Blog
www.michaelparenti.org
October 8, 2013

roseanneworld on Oct 6, 2013

Roseanne Barr and Kathleen Wells KCAA 10 6 13 Michael Parenti Philip Giraldi Part 1

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F is for FIRE Sector by Michael Hudson

f plate 3

Image by Jeremy Brooks via Flickr

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
September 23, 2013

Part F in the .

Factoid: A hypothesis, rumor or story so consonant with peoples’ preconceptions that it is accepted as a fact or working assumption, even though it often is made up a priori. Among the most notorious examples are the ideas of diminishing returns, equilibrium, that privatized ownership is inherently more efficient than public management, and that trickle-down economics works. (See Junk Science.)

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Larry Summers: Goldman Sacked by Greg Palast + Palast: Larry Summers’ Secret ‘End Game’ Memo

by Greg Palast
Writer, Dandelion Salad
www.gregpalast.com
For Vice Magazine
September 17, 2013

Larry Summers - Caricature

Image by DonkeyHotey via Flickr

Joseph Stiglitz couldn’t believe his ears.  Here they were in the White House, with President Bill Clinton asking the chiefs of the US Treasury for guidance on the life and death of America’s economy, when the Deputy Secretary of the Treasury Larry Summers turns to his boss, Secretary Robert Rubin, and says, “What would Goldman think of that?”

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How Banks Launder Money Through the Repo Market by Ellen Brown

by Ellen Brown
Writer, Dandelion Salad
webofdebt.com
August 26, 2013

Repo Bank

Image by Mark Turnauckas via Flickr

Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pulled this off, and where have they gotten the money?

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Avaricious Brilliance for Economic Disaster by Ralph Nader + Larry Summers and the Secret “End-Game” Memo by Greg Palast

Larry Summers - Caricature

Image by DonkeyHotey via Flickr

Dandelion Salad

by Ralph Nader
The Nader Page
August 23, 2013

The widening circle applauding megamillionaire Larry Summers –of Harvard University, Washington, D.C. and Wall Street – agrees on one word to describe the colossal failure – Brilliant! That circle includes Barack Obama, who appointed Summers in 2009 to be his chief economic advisor, Bill Clinton, who made him Secretary of the Treasury, and the Harvard Board of Overseers, who named him president of Harvard University in 2001.

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Ellen Brown: A Derivatives Time-Bomb + Thom Hartmann: What to do with the Slaves When They are no Longer Needed?

with Ellen Brown
Writer, Dandelion Salad
webofdebt.com
August 18, 2013

Capitalism is Crisis

Image by celesteh via Flickr

theprimeinterest on Aug 15, 2013 Continue reading

Collateral Damage: QE3 and the Shadow Banking System by Ellen Brown

by Ellen Brown
Writer, Dandelion Salad
webofdebt.com
July 23, 2013

北京央行紧急救“钱荒”(图)

Image by 禁书网中国禁闻 via Flickr

Rather than expanding the money supply, quantitative easing (QE) has actually caused it to shrink by sucking up the collateral needed by the shadow banking system to create credit. The “failure” of QE has prompted the Bank for International Settlements to urge the Fed to shirk its mandate to pursue full employment, but the sort of QE that could fulfill that mandate has not yet been tried.

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Global Power Project, Part 6: Banking on Influence With Bank of America by Andrew Gavin Marshall

by Andrew Gavin Marshall
Writer, Dandelion Salad
andrewgavinmarshall.com
Originally published on Occupy.com
July 17, 2013

Activists hold "funeral for democracy" at Bank of America HQ

Image by Rainforest Action Network via Flickr

This July, Bank of America was expecting to report an earnings increase of 32% from last year. The Washington Business Journal declared the bank among the top 10 “most improved brands” of the year. Bank of America is the second-largest bank in the United States following JPMorgan Chase.

So why does this bank deserve such an “improved” reputation? Perhaps it’s worth looking at a little of the bank’s record for some clarity.

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Michael Hudson: Game Over for Our Post-Feudalistic Economy

It's Capitalism.

Image by eyewashdesign: A. Golden via Flickr

with Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
July 21, 2013

theprimeinterest on Jul 19, 2013

Here’s what’s in your Prime Interest today:

Insolvent! That would be Detroit, which gave us the Supremes and the vehicles that fueled our happy motoring paradise for decades. Unfortunately, after years of decline, the Motor City finally filed for bankruptcy protection yesterday — a move that was not entirely unexpected. That’s right — $18 billion in liabilities is at stake — a record for the US. Is this the first domino that might just validate Meredity Whitney’s 2011 prediction of a wave of muni defaults?

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The Bubble Economy as a 2 Part Play for Privatisation by Michael Hudson

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
July 4, 2013

Abandoned Las Vegas 2

Image by JoeInSouthernCA via Flickr

As published in the latest World Economics Association digest, the Real World Economics Review

The Federal Reserve’s QE3 has flooded the stock and bond markets with low-interest liquidity that makes it profitable for speculators to borrow cheap and make arbitrage gains buying stocks and bonds yielding higher dividends or interest. In principle, one could borrow at 0.15 percent (one sixth of one percent) and buy up stocks, bonds and real estate throughout the world, collecting the yield differential as arbitrage. Continue reading

Think Your Money is Safe in an Insured Bank Account? Think Again. by Ellen Brown

by Ellen Brown
Writer, Dandelion Salad
webofdebt.com
July 6, 2013

Nationalise the Banks

Image by The Workers’ Party of Ireland via Flickr

A trend to shift responsibility for bank losses onto blameless depositors lets banks gamble away your money.

When Dutch Finance Minister Jeroen Dijsselbloem told reporters on March 13, 2013, that the Cyprus deposit confiscation scheme would be the template for future European bank bailouts, the statement caused so much furor that he had to retract it. But the “bail in” of depositor funds is now being made official EU policy. On June 26, 2013, The New York Times reported that EU finance ministers have agreed on a plan that shifts the responsibility for bank losses from governments to bank investors, creditors and uninsured depositors.

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Elizabeth Warren’s QE for Students: Populist Demagoguery or Economic Breakthrough? by Ellen Brown

Student Loans Shackle

Image by Saint Huck via Flickr

by Ellen Brown
Writer, Dandelion Salad
webofdebt.com
June 14, 2013

On July 1, interest rates will double for millions of students – from 3.4% to 6.8% – unless Congress acts; and the legislative fixes on the table are largely just compromises. Only one proposal promises real relief – Sen. Elizabeth Warren’s “Bank on Students Loan Fairness Act.” This bill has been dismissed out of hand as “shameless populist demagoguery” and “a cheap political gimmick,” but is it? Or could Warren’s outside-the-box bill represent the sort of game-changing thinking sorely needed to turn the economy around?

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It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors by Ellen Brown

by Ellen Brown
Writer, Dandelion Salad
webofdebt.com
March 28, 2013

FDIC sticker, former bank drive up, Casa Grande, AZ

Image by scrappy! via Flickr

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.  

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Government Debt and Deficits Are Not the Problem. Private Debt Is. by Michael Hudson

Student Loans Shackle

Image by Saint Huck via Flickr

by Michael Hudson
Writer, Dandelion Salad
michael-hudson.com
March 14, 2013

There are two quite different perspectives in the set of speeches at this conference. Many on our morning panels – Steve Keen, William Greider, and earlier Yves Smith and Robert Kuttner – have warned about the economy being strapped by debt. The debt we are talking about is private-sector debt. But most officials this afternoon focus on government debt and budget deficits as the problem – especially social spending such as Social Security, not bailouts to the banks and Federal Reserve credit to re-inflate prices for real estate, stocks and bonds.

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