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Tag Archives: 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:

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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!

 

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Exposing the myth of the feckless,lazy Greeks

I enjoyed reading this a lot.

 

You can read it, too, from its source!

 

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A very interesting analysis from Bloomberg

 

Always better to read from the source!

 

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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.

 

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It does start with a D…

Forgive my silence.

I have been numbed by all the insanity.

I will just give a latest news report, of what I’ve been reading these past few days:

A 77 year old pharmacist committed suicide in front of the parliament two days ago. He left a suicide note directly blaming the austerity measures for not being able to feed himself and suggesting that the youth takes arms and revolts against the oppression.

The BBC is hosting a reportage about the humanitarian crisis in Perama, Athens: 80% of the MSF aid goes to Greeks and not immigrants like it used to..

Suicides  have more than tripled in the last two years.

Which constitution kills its own citizens? Please remind me…

The president of Greek Photo-reporters’ Union, has had his head cracked open by the MAT squad, during the people’s demonstration that followed the suicide. He is undergoing brain surgery as I type.

Another reporter has also been severely beaten.

These incidents follow tens of reporters’ blunt injuries, that have not yet been investigated or addressed by our constitution, including the reporter that lost his hearing after a MAT officer threw a sound/flash bomb straight AT  him and the woman reporter that had her face cracked in front of the international press.

In which constitution is the press attacked and silenced? It keeps evading me...

The IMF suggests in a press release that the elections are cancelled, until they have time to implement their plans.

No announcement on the elections’ exact date, yet. Rumors of “postponing” it all over the media.

What is the name of that constitution that is run by exterior policies and interests…?

The police are arresting and detaining all immigrants, while the politicians are preparing concentration camps.

Meanwhile the extreme fascist party is polled to enter the parliament.

What was the name of this constitution, that uses fascism to control the population, again..?
I can’t seem to remember.

It does start with a D…, though…

Anyone?

 

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European people’s money, Bailing out Banks.

A graph showing who gets what from the new “bail out” money, supposedly helping the Greeks.

To help the English speaking readers:

Purple, 40% goes to Foreign Banks

Green, 18% goes to European Central Bank

Red, 23 % goes to Greek Banks

Blue, 19% goes to the Greek state

Please remind me,  why are the poor paying to save the rich, while it is they, who should be punished for their bad investments?

How Stupid Are We? Do we really see ourselves as credits?????
This is not a damn Video game!
You only get ONE LIFE.

How dare we be convinced, that our worth, anybody’s worth, is expressed in “money” ?

How shameful an era for humanity…

 

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