Posts Tagged 'Bank of England'

Craig Torres and Saleha Mohsin – Mnuchin Backs Fed Independence and Signals Reform Isn’t Priority

U.S. Treasury Secretary nominee Steven Mnuchin isn’t jumping on the Republican bandwagon to audit the Fed.

In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.”

Mnuchin’s answer was crafted carefully.

“The Federal Reserve is organized with sufficient independence to conduct monetary policy and open market operations,” Mnuchin responded to Senator Bill Nelson, a Florida Democrat. “I ...

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Ellen Brown – The Italian Banking Crisis: No Free Lunch – Or Is There?

It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone. Handwringing officials say “there is no free lunch” and “no magic bullet.” But UK Prof. Richard Werner says the magic bullet is just being ignored.

On December 4, 2016, Italian voters rejected a referendum to amend their constitution to give the government more power, and the Italian prime minister resigned. The resulting chaos has pushed Italy’s already-troubled banks into bankruptcy. First on ...

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Nadia Prupis – ‘Fascist Rhetoric’ Becoming Commonplace in US and Europe: UN

The “rhetoric of fascism” is on the rise in the U.S. and Europe, a United Nations official warned on Thursday, a disturbing trend that puts “unprecedented pressure” on human rights standards around the world.

“Anti-foreigner rhetoric full of unbridled vitriol and hatred is proliferating to a frightening degree, and is increasingly unchallenged,” said Zeid Ra’ad Al Hussein, the U.N. human rights chief. “The rhetoric of fascism is no longer confined to a secret underworld of fascists, meeting in ill-lit clubs ...

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Vandana Shiva – People’s Economies vs Corporate Control: First Commodification, Then Financialization, Now Demonetization

Ever since the Corporate Form was “invented” – in its earliest avatar as the collective East India Companies – those who have ruled via corporation have found innovative “means” new to extract wealth from the earth and people, leaving both poorer in a zero-sum “game”.

During The Raj – Company Raj – extraction was carried out through Lagaan – taxation on land & agriculture. Between 1765 to 1815,the Company is recorded to have pirated £ 18 Million annually from India. 50 ...

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Henry McDonald – Huge rise in Britons applying for Irish citizenship after Brexit vote

Applications for both Irish citizenship and passports have soared since Britain voted to leave the European Union in June, as thousands of people seek to mitigate the effects of Brexit on their lives, government figures show.

In all, more than 37,000 people in the UK and Northern Ireland applied for Irish passports in the three months after 23 June – 83% more than for the same months in 2015.

Additionally, in the three months ...

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U.S. Bond Market’s Biggest Buyers Are Selling Like Never Before

  • Central banks have cut Treasuries for three straight quarters
  • Pullback may be a sign the bond market is at a tipping point

They’ve long been one of the most reliable sources of demand for U.S. government debt.

But these days, foreign central banks have become yet another worry for investors in the world’s most important bond market.

Holders like China and Japan have culled their stakes in Treasuries for three consecutive quarters, ...

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DIRK BEZEMER – MICHAEL HUDSON – Finance is Not the Economy

Why have economies polarized so sharply since the 1980s, and especially since the 2008 crisis? How did we get so indebted without real wage and living standards rising, while cities, states, and entire nations are falling into default? Only when we answer these questions can we formulate policies to extract ourselves from the current debt crises. There is widespread sentiment that this crisis is fundamental, and that we cannot simply “go back to normal.” But deep confusion remains over the ...

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CLIF DROKE – Why the US Benefits From Global Financial Crisis

Let’s turn our attention to the global economy. Last week the Bank of England said it would buy 60 billion pounds of government debt in order to cushion the economy against the impact of the recent Brexit vote. England and the European Union are emulating the quantitative easing (QE) policies of the US Federal Reserve but so far without any measurable success.

Meanwhile, the Bank of Japan (BoJ) has begun a massive stimulus program which may already be having an effect ...

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Lauren McCauley – Billionaire Bonanza as Wealth Surges Among One Percent

There is little doubt that the global one percent is winning. In fact, a new study has found that the number of billionaires reached an all-time high in 2015 at the same time that their portfolios and piggy banks also continued to grow to record proportions.

According to the 2015-2016 Billionaire Census by international market research firm Wealth-X, which bills itself as “the global authority on wealth intelligence,” the billionaire population grew by 6.4 percent last year and now totals ...

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