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).
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.
At the end of July, eurozone deputy finance ministers approved another transfer of money to Greece to the tune of EUR 6.8 billion (it had previously been thought that Athens would be allocated EUR 8.1 billion). Several days earlier, meanwhile, the Greek parliament approved the latest in a series of legislative acts, the adoption of which had been a condition of receiving money from international creditors – the International Monetary Fund, the European Commission and the European Central Bank. Continue reading →
How can China avoid the “Western financial disease” – a real estate bubble followed by defaults and foreclosures? The U.S. and European economies originally sought to avoid this fate by taxing the location’s site value. A rent tax was the focus of Progressive Era reforms.
Last weekend, approximately 200 European trade unions, political NGOs (non-governmental organizations), charity groups, and feminist, environmentalist and pseudo-left groupings organized a so-called Alter-Summit in Athens. The meeting endorsed the institutions of the European Union (EU), with which union bureaucracies have worked closely in negotiating and approving austerity policies since the outbreak of the European debt crisis.
Durban, SouthAfrica: Back in 2002, SouthAfrica hosted a UN environmental Summit on sustainability. It drew a rag tag army of green activists from all over the world, many excited to visit the now free SouthAfrica that they fought for through the apartheid years, and hoping to meet members of the liberation movement led by Nelson Mandela.