Following Parts 1, 2, 3 and 4 of the World of Resistance Report, in this fifth installment I examine the warnings of social unrest and revolution emanating from the world’s major international financial institutions like the IMF and World Bank, as well as the world’s major consulting firms that provide strategic and investment advice to corporations, banks and investors around the world.
Finance is the new form of warfare – without the expense of a military overhead and an occupation against unwilling hosts. It is a competition in credit creation to buy foreign resources, real estate, public and privatized infrastructure, bonds and corporate stock ownership. Who needs an army when you can obtain the usual objective (monetary wealth and asset appropriation) simply by financial means? — Dr. Michael Hudson, Counterpunch, October 2010
Originally posted at the Transnational Institute, 21 January 2014. In its third annual ‘State of Power’ report, TNI uses vibrant infographics and penetrating essays to expose and analyse the principal power-brokers that have caused financial, economic, social and ecological crises worldwide.
In my contribution to the ‘State of Power’ report (and in cooperation with Occupy.com), “State of Europe: How the European Round Table of Industrialists Came to Wage Class War on Europe,” I examine the role of a major corporate interest group in shaping the policies of the European Union.
A controversial trade deal being touted by the White House is expected to give American corporations broad new authority if approved. Now according to newly released documents, big banks gave millions to the execs that are now orchestrating the agreement.
Investigative journalist Lee Fang wrote for Republic Report on Tuesday this week that two former well-placed individuals within the ranks of Bank of America and CitiGroup were awarded millions of dollars in bonuses before jumping ship to work on the Trans-Pacific Partnership on behalf of the White House.
Austerity doesn’t make sense economically: but it does make sense as a politics of autocracy and the securitized state. Europe should learn from China and Latin America, interviewed by Andrea Mura. (Video, 17 minutes).
The world capitalist crisis which began in 2008 not only persists but is worsening. The second half of the current year  was supposed to be the period when growth in the major advanced countries would gather momentum. The IMF had predicted in spring that activity would “gradually accelerate.” But the latest figures show that instead of a recovery we have an actual deceleration in growth. Continue reading this...
This week’s decision by the US Federal Reserve to continue its $85 billion per month cash handout to the banks and finance houses, in the form of purchases of treasury bonds and mortgage-backed securities, and the likelihood that the policy will continue well into the new year, can only heighten concerns that the global financial system is heading for another crash, possibly on a scale bigger than 2008.
It’s been a while since I last wrote an article on the on-going financial crisis. I don’t write for the sake of writing, as others do because they have to do so, on account of their subscribers who pay hefty subscription fees and demand their money’s worth.
It is interesting that until recently, all the major initiatives to investigate the illegal and criminal activities of banks came from Washington. A certain amount of activity has also been witnessed in London, which (oh, the horror!) has started to prosecute Rothschild banks. Some experts are seeing this kind of “unpatriotic” position from the British authorities as a result of the fact that the country’s current leadership is heavily dependent on Washington like never before.
Despite some stabilisation in the financial markets by the time the first wave of the crisis had come to an end (2007-2009), global banks are still not leading a quiet life. Since the beginning of the current decade, we have seen a continuous series of scandals surrounding the banks that make up the core of the global financial system. Violations and even crimes committed by banks at different times are being uncovered, financial regulators are carrying out official investigations into the activities of banks and there have also been legal proceedings. Banks are being forced to pay out enormous amounts in fines, and the circle of banks being pulled into the epicentre of the scandals is growing continuously.