While the American Empire – and much of the policies being pursued – did not begin under President Obama, the focus of “Empire Under Obama” is to bring awareness about the nature of empire to those who may have – or continue – to support Barack Obama and who may believe in the empty promises of “hope” and “change.” Empire is institutional, not individual. My focus on the imperial structure during the Obama administration is not to suggest that it does not predate Obama, but rather, that Obama represents ‘continuity’ in imperialism, not “change.” This part examines the concept of ‘counterinsurgency’ as a war against the populations of Iraq, Afghanistan and spreading into Pakistan.
In Part 1 of the Global Power Project exposé on the Institute of International Finance, I examined the origins and evolution of an organization representing the interests of global banks. In Part 2, I looked at the role played by the IIF and its leadership during the European debt crisis. In this third and final part in the series, I examine the relationship between the IIF and global central bankers.
Since the early 1990s, the IIF has been heavily involved working with central bankers, particularly through the Bank for International Settlements (BIS) in Basel, Switzerland, where private bankers have been granted a powerful position determining their own regulations in international financial markets. Continue reading
In Part 1 of a Global Power Project exposé on the Institute of International Finance (IIF), I examined the founding the institute as a response by leading world banks to organize and manage their interests in relation to the 1980s debt crisis. When the European debt crisis hit headlines in 2010, the IIF was again on the scene and playing a major part. At the center was the CEO of Deutsche Bank, Josef Ackermann.
Josef Ackermann served as CEO of Deutsche Bank from 2002 to 2012, and over the same period served as Chairman of the IIF. Ackermann was also, and still remains, a member of the Steering Committee of the Bilderberg Group and continues to serve on the IIF’s Group of Trustees, a board which includes a number of prominent central bankers including Christian Noyer, the Governor of the Bank of France and Chairman of the Bank for International Settlements (BIS); Jamie Caruana, the General Manager of the BIS; and Jean-Claude Trichet, who was the president of the European Central Bank from 2003 to 2011.
This is the first of a series of exposés focusing on the Institute of International Finance (IIF), the very “visible hand” of financial markets. It is a continuation of the Global Power Project produced by Occupy.com. Part 1 examines the origins of the IIF.
Founded in 1983, the Institute of International Finance (IIF) describes itself as “the world’s only global association of financial institutions” with a membership that includes “most of the world’s largest commercial banks and investment banks,” along with sovereign wealth funds, asset managers, hedge funds, insurance companies, law firms, multinational corporations, development banks, multilateral agencies, credit ratings agencies and an assortment of other global financial and economic organizations. Continue reading
In the first part of this essay series on ‘Empire Under Obama,’ I will aim to establish some fundamental premises of modern imperialism, or what is often referred to as ‘international relations,’ ‘geopolitics’, or ‘foreign policy.’ Specifically, I will refer to George Orwell’s writing on ‘political language’ in order to provide a context in which the discourse of imperialism may take place out in the open with very little comprehension on the part of the public which consumes the information; and further, to draw upon Noam Chomsky’s suggestion of understanding international relations as the application of ‘Mafia Principles’ to foreign policy. This part provides some background on these issues, and future parts to this essay series will be examining the manifestation of empire in recent years.
TransCanada Corporation describes itself as “a leader in the responsible development and reliable and safe operation of North American energy infrastructure.” Beginning in 2005, the company announced plans for the Keystone XL pipeline. In 2010, Canada’s National Energy Board (NEB) approved the full pipeline project, stating that it was in the “public interest” to transport Canadian tar sands oil to the Gulf Coast in the United States.
Morgan Stanley, one of the largest banks in the United States, reported a 66% increase in earnings in July over the same period last year. Morgan Stanley had taken more than $107 billion of U.S. taxpayer money through the bailout programs in the wake of the financial crisis that it helped to create, making it the largest U.S. recipient of bailout funds.
Like the other big banks, Morgan Stanley had been busy paying settlements for the massive criminal fraud conspiracies it engaged in, particularly related to the housing crisis. In 2011, the banks came to a $40 million settlement with the state of Nevada over mortgage fraud.
America’s Mambo with Mubarak
America’s ruling elites – and those of the Western world more generally – are comfortable dealing with ruthless tyrants and dictators all over the world, partly because they’ve just had more practice with it than dealing with ‘democratic’ governments in so-called ‘Third World’ nations. This is especially true when it comes to the Arab world, where the West has only ever dealt with dictatorships, and often by arming them and supporting them to repress their own populations, and in return, they support US and Western geopolitical, strategic and economic interests in the region. America’s relationship with Egypt – and most notably with Hosni Mubarak, who ruled Egypt from 1981 to 2011 – has been especially revealing of this imperial-proxy relationship between so-called ‘democracies’ and dictatorships.
Just recently, in late July, Wells Fargo surpassed the Industrial and Commercial Bank of China (ICBC) as the world’s largest bank by market capitalization. This followed Wells Fargo reporting a 19% increase in profits over the second quarter as the bank has been busy consolidating the housing market while other big banks have retreated from it. Wells Fargo had amassed a share of almost 40% of the U.S. mortgage market by early 2013.
Part 2: The “Threat” Of Arab Nationalism
Between 1952 and 2011, Egypt was ruled by three military dictators: Nasser, Sadat, and Mubarak. Nasser placated labour unrest and imposed many social programs that benefited the population. Sadat subsequently began to break down the ‘social contract’ with Egyptian society, and when Mubarak came to power in 1981, the following three decades witnessed the imposition of a neoliberal order, complete with crony-capitalists, corrupted bureaucracies and a repressive police force. Continue reading
In the second quarter of 2013, the third-largest U.S. bank by assets, Citigroup, posted a 42% increase in profits which CEO Michael Corbat praised as a “well balanced” result of “cost cutting” programs, including the firing of 11,000 workers.
This big bank has a sordid history of predatory profiteering and criminal activity, not unlike all the other large banks. In the early 20th century, what was then National City Bank was the main bank for the Rockefeller Standard Oil interests. Continue reading
In 1945, the British agreed to renegotiate the Anglo-Egyptian Treaty of 1936, with the British seeking to protect their large military presence with their base at the Suez Canal. The negotiations had become frustrated with the Egyptians demanding the unconditional removal of all British troops, a prospect that was reviled by both the British and Americans, who were first and foremost interested in maintaining their imperial hegemony over the region. One of the major threats to Western imperial domination of the Middle East and North Africa (and thus, of Asia and Africa more generally) was the “rising tide” of Arab Nationalism.
FOR ROUGHLY FIVE HUNDRED YEARS, INDIGENOUS peoples have been struggling against the dominant institutions of society, against imperialism, colonialism, exploitation, impoverishment, segregation, racism, and genocide. Continue reading
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.