Follow us @ twitter.com twitter.com Welcome to Capital Account. Bernanke speaks and everyone seems to listen. In a speech today, he warned about the job market and said continued accommodative easy-money policies will be needed to make further progress. This has the financial press reading the tea leaves and saying more QE. Is it really because, as our guest says — TBTF really means “trust Bernanke to fund?” She’s Janet Tavakoli, author of “The New Robber Barons: How Bankers created an International Oligarchy,” and she’s here to talk about the too big to fail banks, the financial oligarchy, and how MF Global fits into this web of derivative inspired meth lab of shadow liquidity and off-balance sheet risk. And since we are on the issue of MF Global, what’s the latest on its former CEO, Jon Corzine? Did he or didn’t he knowingly transfer close to 200 million dollars in customer money from MF Global to JP Morgan on one occasion before the firm imploded? Internal emails that have come out reportedly point different ways. Regardless, has he gotten away with other types of fraud already? And do credit derivatives, like those used to bet the firm on Europe’s debt crisis, continue to pose a major risk to markets? And does regulation do anything to stop this? To top this off, a recent report by the OECD predicts that by 2020, 75% of the US population will be obese. We’ll ask if this is deflationary for the global economy and a drag on economic growth. Jim Cramer, of CNBC seems to …
Follow us @ twitter.com twitter.com A US lawmaker is reportedly planning to introduce the “Sound Dollar Act” early next month. This is legislation that would move the federal reserve from its dual mandate of maintaining price stability (which is anathema to the dollar debasement that it creates through its massive money printing operations) and keeping unemployment low (which it has failed to do…curious…) to just promoting price stability. Hmmm…what would that mean for the Fed’s unofficial mandate of trashing the dollar? And Turkey, the fastest growing economy after China, is being penalized in the credit markets for failing to promote consumer savings, according to bloomberg. What? You mean savings matter!! That’s amazing…ummm not to us it isn’t. You can’t have economic growth without savings, because you can’t have investment without capital. Capital comes form savings, and growth comes from investment, but its shocking how many people think money “grows on tress.” Can you blame them, when we have a serial money printer at the Federal Reserve, pushing us all into serfdom and neo-feudalism with a policy of perpetual bailouts and zero percent interest rates? Oligarchy here we come! Finally, with central bank policies of the fed and ECB amounting to –trash for cash — as economist David McWilliams puts it with his “Punk Economics: Lesson 2,” turning “water into wine.” These perpetual bailouts are nothing other than an institutional form of wealth transfer. They …
In this edition of the Keiser Report, Max Keiser and co-host Stacy Herbert look at the scandals of Greece winning a loan; the exodus from Iceland while billionaire plunderers receive safe haven in London; and the dumping of US Treasury bonds as American consumers are about to get squished. In the second half of the show, Max talks to Birgitta Jonsdottir, a Member of Parliament in Iceland, about the Black Report into the country’s banking collapse.
Wall Street regulation is the hot topic today; President Barack Obama gave a speech to the finance industry encouraging them to join him in reforming Wall Street. Gerald Celente says that there is a huge problem with Obamas Financial Reform bill because the same people that got us into this economic mess are the ones advising Obama.
The eu’s on the verge of clamping down on ‘hedge funds’, which are believed to have been at the root of the global downturn. But the US is wary – it’s home to many of the secretive, high-wealth funds. Economic Trend Forecaster Gerald Celente says that, whatever Europe does, there will still be shady Wall Street deals.
A new report on Lehman Brothers says the bank was hiding billions of dollars in debt right before the financial crisis. Is this an indicator of widespread corruption in the United States financial sector? Is Wall Street getting away with even more shady practices?
According to recent revelations, Greece has been masking its vast debts. Just after adopting the euro in 2001, Athens secretely borrowed billions from Goldman Sachs but without declaring it as a loan. For more in-depth analysis, RT talks to author William Engdahl.
Private mints in the US are printing gold and silver coins. Congressman Ron Paul would like to see those coins in circulation. If businesses decide to accept these coins, would it mean the end of the dollar? Or just a big mess?
