RSS

Category Archives: The role of Banks

Peter Mertens about the future of finance and the role of grass root movements

Peter Mertens, leader of the Workers’ Party of Belgium, believes the Eurozone debt crisis is pushing member states towards “a very large number of social conflicts.” Mertens told RT that Europe faces three alternatives – Saving the euro with “authoritarian measures by taking national sovereignty overnight to the European level”, Breaking up into “two, three or four Europes”, or
Adopting a socialist model, “where banking system is public, where energy system is public, where there is democracy.”
He believes Europe needs radical changes to its financial sector and that grass root movements , people’s demand is vital.

You can enjoy his interview here:

 

Tags: , , , , ,

Banks manipulating LIBOR, robbing us blind. Finally caught. Time for jail.

Hoping you get to realize the extent of our dependance and complete ignorance of their tactics, allowing their financial dictatorship to rule our lives and deaths, please read:

“What may still seem to many to be a parochial affair involving Barclays, a 300-year-old British bank, rigging an obscure number, is beginning to assume global significance. The number that the traders were toying with determines the prices that people and corporations around the world pay for loans or receive for their savings. It is used as a benchmark to set payments on about $800 trillion-worth of financial instruments, ranging from complex interest-rate derivatives to simple mortgages. The number determines the global flow of billions of dollars each year. Yet it turns out to have been flawed.

Over the past week damning evidence has emerged, in documents detailing a settlement between Barclays and regulators in America and Britain, that employees at the bank and at several other unnamed banks tried to rig the number time and again over a period of at least five years. And worse is likely to emerge. Investigations by regulators in several countries, including Canada, America, Japan, the EU, Switzerland and Britain, are looking into allegations that LIBOR and similar rates were rigged by large numbers of banks. Corporations and lawyers, too, are examining whether they can sue Barclays or other banks for harm they have suffered. That could cost the banking industry tens of billions of dollars. “This is the banking industry’s tobacco moment,” says the chief executive of a multinational bank, referring to the lawsuits and settlements that cost America’s tobacco industry more than $200 billion in 1998. “It’s that big,” he says.

As many as 20 big banks have been named in various investigations or lawsuits alleging that LIBOR was rigged. The scandal also corrodes further what little remains of public trust in banks and those who run them….”

This is an expert from The Economist. They are not the only ones going public with this outrageous scandal, though I don’t see it getting the spotlight it deserves in mass media…

For more, you can also read:

FSA’s Turner Says Banks Culture One of ‘Cynical Entitlement’ (Bloomberg)
http://www.bloomberg.com/news/2012-07-03/fsa-s-turner-says-banks-have-culture-of-cynical-entitlement-1-.html

Barclays Libor scandal: how can we change banking culture? (The Guardian)
http://www.guardian.co.uk/business/2012/jul/02/barclays-libor-scandal-change-banking-culture

Barclays just the tip of the iceberg as banking braced for more scandals (The Guardian)
http://www.guardian.co.uk/business/2012/jul/08/banking-scandals-barclays?intcmp=239

Banking Reforms after the Libor scandal (Financial Times)
http://blogs.ft.com/martin-wolf-exchange/2012/07/02/banking-reforms-after-the-libor-scandal/#axzz1zY8LnZHS

EU’s Barnier pushes for criminal sanctions for Libor abuse (Reuters)
http://in.reuters.com/article/2012/07/09/idINL6E8I91PR20120709

Barnier Seeks to Widen EU Rules to Bar Libor Manipulation (Business Week)
http://www.businessweek.com/news/2012-07-08/barnier-seeks-to-widen-eu-market-abuse-rules-to-include-libor

The links have been collected by the people  at Avvaz.org, promoting a signature collection to reinforce Michel Barnier, ( the EU finance regulator ) who is standing up to the powerful bank lobby and championing reform that would put bankers behind bars for fraud like this.
If the EU goes first”, they write, “accountability could quickly spread across the globe. But the banks are lobbying hard against it, and we need a massive surge of people power to drive these reforms through.”

PLEASE SIGN  ALONG!

Thank you!

 

Tags: , ,

Exposing the myth of the feckless,lazy Greeks

I enjoyed reading this a lot.

 

You can read it, too, from its source!

 

Tags: , , ,

A very interesting analysis from Bloomberg

 

Always better to read from the source!

 

Tags: , , ,

Netherlands. Τhe most interesting intervention, ever!Greek students confront minister Giannitsis.

So many facts and such an interesting intervention!

Must watch , if you are even slightly interested in what’s going on.

 

 

Tags: , , ,

IMF in Africa

http://www.gregpalast.com/strauss-kahn-screws-africa/

Use this link to find out some IMF tactics in Africa.

Then compare them with what’s going on in Greece.

Then wait for your turn.

 

Tags: , , ,

27/3/2012 – Der Standard – Daniela Rom interviewing Margrit Kennedy

“Geldsystem fürht zur Krieg, Crash oder Revolution”

Read from the source, here!

For those of you who don’t know who Margrit Kennedy is, check this out:

http://www.margritkennedy.de/

 

Tags: , , ,