What’s going on in the repo market? Rates on repurchase agreements (“repo”) should be around 2%, in line with the fed funds rate. But they shot up to over 5% on September 16 and got as high as 10% on September 17. Yet banks were refusing to lend to each other, evidently passing up big profits to hold onto their cash – just as they did in the housing market crash and Great Recession of 2008-09.
Why we need to abolish the Democratic National Committee, even if that means breaking up the Democratic Party
Thursday’s debate on Walt Disney’s ABC channel is shaping up as yet another shameless charade. The pretense is that we are to select who the Democratic presidential candidate will be. But the limited airing of their personalities reflects the fact that most Americans, as the Irish say, vote with their backsides, belonging to the informal but dominant party of non-voters who choose not to be sucked into legitimizing the bad choices put before them.
RT America on Jun 29, 2019
“Trump has taught us a lot about ourselves. He has taught us what happens when we don’t do our homework. He has taught us what happens when we don’t spend time on our civic duties back home….” In the second part of Chris Hedges’ interview with Ralph Nader, activist and attorney, on the importance of a civic life.
RT America on Dec 15, 2018
Economist and author, Michael Hudson, in his new book “…And Forgive Them Their Debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year,” shares with journalist Chris Hedges how Ancient cultures forgave debt cyclically to prevent debt peonage and the rise of an oligarch elite.
Updated: Sept. 19, 2018
Wall Street did not let the Lehman Brothers crisis go to waste. The banks that have paid the largest fines for financial fraud are now much bigger and more profitable. The victims of their junk mortgage loans are poorer, and the economy is facing debt deflation.
Peter Phillips, professor of Political Sociology at Sonoma State University and media researcher for Project Censored and Media Freedom Foundation, presented a summary of his groundbreaking new book Giants: The Global Power Elite last week at Fordham University’s campus in Manhattan. This was an information-packed session that explained the unique purpose of this new book: exposing to public view the private workings of the influential investment partnerships, global councils, think tanks, consortiums and other non-governmental organizations that translate the agenda of the wealthy one-percent into policy plans and proposals that the most powerful governments in the world can act on.
Why does the US media have an anti-Russian fixation? It’s not what the American people want to hear. 71% of the Ronald Reagan-loving, military-obsessed Republican Party approve of Trump meeting with Putin. On the other side, top liberal CNN commentator and former President Obama’s adviser, Van Jones has admitted in a video recording that the “Russiagate” story is a “big nothing burger” which Democrats are not interested in. The Russia-fixated, Hillary Clinton-DNC liberal establishment now faces an upsurge of opposition from Democratic Socialists like Alexandria Ocasio-Cortez and Bernie Sanders, who emphasize the need for populist economics reforms.
“I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism.” — Smedley D. Butler, War is a Racket, Round Table Press (1935)
RT on Nov 7, 2017
In this episode of the Keiser Report, Max and Stacy discuss 100 years of humiliation and unintentional self-parody as one empire goes and another, perhaps, rises again. In the second half, Max interviews Dr. Michael Hudson of michael-hudson.com to discuss the Democratic party in an era of dodgy pee-pee dossiers and no economic policies.
One of the first times I used the phrase “institutional insanity” was in 1973 to describe the behavior of scientist Dixy Lee Ray, chairperson of the presumed regulatory agency, the Atomic Energy Commission (AEC). I pointed out that her personal and academic roles were quite normal. But her running of the AEC—pressing for 1,000 nuclear plants in the U.S. by the year 2000 (there are 99 reactors left in operation now), and going easy on a deadly, taxpayer subsidized technology that was privately uninsurable, lacked a place to put its lethal radioactive wastes, a national security risk, replete with vast cost over-runs, immunities and impunities shielding culpable officials and executives, should a meltdown occur and take out a city or region (all to boil water to produce steam to make electricity)—was a case study in “institutional insanity.”
The Idiotic Lecture I Keep Getting
A recurrent problem with some who read Left essays on U.S. politics is that a writer of such essays can’t criticize a Republican policymaker or politician without some “radical” reader sending that writer a snotty lecture on the writer’s supposed failure to understand that Barack Obama, the Clintons, Nancy Pelosi, and rest of the top Democrats are terrible too.
Higher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating from the wrong model.