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THE ECONOMY & YOU # (Daily Updated Videos & Articles)

 
RoXY (OP)

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06/20/2012 02:11 PM
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Red Alert: Global Systemic Economic Crisis - Recession, Geopolitical Tensions, Insolvency...
June 20, 2012
Global Europe Anticipation Bulletin (GEAB) no. 66

September-October 2012: When the trumpets of Jericho ring out seven times for the world before the crisis
The progression of world events unfolds in accordance with the anticipations mapped out by LEAP/E2020 during these last few quarters. Euroland has finally come out from its political torpor and short-termism since François Hollande’s election (1) as France’s president and the Greeks have just confirmed their willingness to resolve their problems within Euroland (2) thus contradicting all the Anglo-Saxon media and Euro sceptics’ “forecasts”. From now on, Euroland (in fact the EU minus the United Kingdom) will therefore be able to move forward and create a true project of political integration, economic efficiency and democratization over the 2012-2016 period as LEAP/E2020 anticipated last February (GEAB N°62. It’s positive news but, for the coming six-month periods, this “second Renaissance” of the European project (3) will really be the only good news at world level.

All the other components of the global situation are in fact pointed in a negative, even catastrophic, direction. Here again, the main media are starting to echo a long-standing situation anticipated by our team for summer 2012. Indeed, in one form or another, more often on the inside pages than in big headlines (monopolized for months by Greece and the Euro (4)), one now finds the following 13 topics:

CONTINUE: [link to globalresearch.ca]

RoXY (OP)

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06/20/2012 02:23 PM
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19 Reasons to Start Preparing for a Global Economic Collapse
Michael Snyder, Contributor
Tuesday, June 19, 2012
Activist Post

Yes, it is officially time to start freaking out about the global economy. The European financial system is falling apart and it is going to go down hard. If Europe was going to be saved it would have happened by now. The big money insiders have already pulled their funds from vulnerable positions and they are ready to ride out the coming chaos.

Over the next few months the slow motion train wreck currently unfolding in Europe will continue to play out and things will likely really start really heating up in the fall once summer vacations are over.

Most Americans greatly underestimate how much Europe can affect the global economy. Europe actually has a larger population than the United States does. Europe also has a significantly larger economy and a much larger banking system. The world is more interconnected today than ever before, and a collapse of the financial system in Europe will cause a massive global recession. Once the global economy slides into another major recession, it is going to take years to recover. The pain is going to be immense. Yes, that is going to include the United States. Sadly, we never recovered from the last recession, and it is frightening to think about how much further this next recession is going to knock us down.

The big problem is that there is simply way, way, way too much debt in the United States and Europe. It has been a lot of fun spending all of this borrowed money, but now we get to pay the price.

The following are 19 reasons why it is time to start freaking out about the global economy....

CONTINUE: [link to www.activistpost.com]

RoXY (OP)

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06/20/2012 05:40 PM
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Wall Street's Protection Racket of Covert Derivatives: JPMorgan Derivatives Prop Up U.S. Debt - Why the Senate Won’t Touch Jamie Dimon
by Ellen Brown
June 20, 2012
Web of Debt

When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he subtly hinting that he’s really the guy in charge?”

The groveling of the Senators was so obvious that Jon Stewart did a spoof news clip on it, featured in a Huffington Post piece titled “Jon Stewart Blasts Senate’s Coddling Of JP Morgan Chase CEO Jamie Dimon,” and Matt Taibbi wrote an op-ed called “Senators Grovel, Embarrass Themselves at Dimon Hearing.” He said the whole thing was painful to watch.

“What is going on with this panel of senators?” asked Stewart. “They’re sucking up to Jamie Dimon like they’re on JPMorgan’s payroll.” The explanation in a news clip that followed was that JPMorgan Chase is the biggest campaign donor to many of the members of the Banking Committee.

That is one obvious answer, but financial analysts Jim Willie and Rob Kirby think it may be something far larger, deeper, and more ominous. They contend that the $3 billion-plus losses in London hedging transactions that were the subject of the hearing can be traced, not to European sovereign debt (as alleged), but to the record-low interest rates maintained on U.S. government bonds.

The national debt is growing at $1.5 trillion per year. Ultra-low interest rates MUST be maintained to prevent the debt from overwhelming the government budget. Near-zero rates also need to be maintained because even a moderate rise would cause multi-trillion dollar derivative losses for the banks, and would remove the banks’ chief income stream, the arbitrage afforded by borrowing at 0% and investing at higher rates.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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06/21/2012 06:57 AM
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How Goldman Wired Greece for Implosion


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06/21/2012 01:27 PM
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REAL AMERICAN HEROES: Man Calls JPMorgan Chase CEO A Crook To His Face


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06/22/2012 05:55 PM
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Obama's economic “vision”
by Andre Damon and Barry Grey
June 21, 2012

A week ago, President Obama gave a speech, billed as a major statement on economic policy, that was remarkable only for the brazenness of its cynicism and dishonesty.

Attempting to cast the November election as a contest between diametrically opposed economic and social programs, Obama declared: “But more than anything else, this election presents a choice between two fundamentally different visions of how to create strong, sustained growth; how to pay down our long-term debt; and most of all, how to generate good, middle-class jobs so people can have confidence if they work hard, they can get ahead.”

Obama called the choice between the two perspectives “the defining issue of our time,” and added, “What’s holding us back is a stalemate in Washington between two fundamentally different views of which direction America should take. And this election is your chance to break that stalemate.”

Obama claimed that his “vision” was driven by concern for the “middle class,” while that of his Republican opponent, Mitt Romney, was geared to the wealthy. The lengthy speech, given in Cleveland, one of many Midwestern cities devastated by long-term industrial decline compounded by more than three years of mass unemployment, included acknowledgments of the vast growth of social inequality and allusions to wholesale fraud committed by banks and corporations.

“Over the past few decades,” Obama said, “the income of the top 1 percent grew by more than 275 percent — to an average of $1.3 million a year. Big financial institutions, corporations saw their profits soar. But prosperity never trickled down to the middle class.”

He continued: “Without strong enough regulations, families were enticed, and sometimes tricked, into buying homes they couldn’t afford. Banks and investors were allowed to package and sell risky mortgages. Huge, reckless bets were made with other people’s money on the line. And too many from Wall Street to Washington simply looked the other way.”

CONTINUE: [link to globalresearch.ca]
Anonymous Coward
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06/22/2012 06:43 PM
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Meltdown - The Men Who Crashed The World - 1 of 4




Meltdown - A Global Tsunami - 2 of 4

[link to www.youtube.com]


Meltdown - Paying The Price - 3 of 4

[link to www.youtube.com]


Meltdown - After The Fall - 4 of 4

[link to www.youtube.com]
RoXY (OP)

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06/23/2012 05:43 PM
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Who Destroyed America's Middle Class? Dude, Who Stole My Net Worth? Part II
by Washington's Blog
June 23, 2012

In Part 1 of this three part series I addressed where and how the net worth of the middle class was stolen. In Part 2, I will tackle who stole your net worth and in Part 3, why they stole your net worth. Now let’s zero in on the culprits of this crime.

Dude, Who Stole My Net Worth?
“Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.”
– Charles Ferguson – Predator Nation

When you dig into the charts and data supplied by the Federal Reserve generated report, the data which goes back to 2001 tells a story not addressed by the deceptive, manipulative, political propaganda that passes for investigative reporting by the captured mainstream media. The chart below compares the median versus mean income growth from the last three Fed consumer surveys. Overall, it reveals a lost decade of negative income growth for the average middle class family. In the early part of the decade the average middle class family made some progress as jobs were relatively plentiful and the internet crash mostly impacted the rich, who own most of the stocks in the country. This is why the median income rose while the average income fell. The wealthy have a large impact on the average because they own the vast majority of assets in this country. The stock market debacle was unacceptable to the oligarchs and their money printing puppet Greenspan.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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06/24/2012 09:45 PM
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CNBC Admits We're All Slaves To ROTHSCHILD CENTRAL BANKERS GLOBAL GOVERNMENT


RoXY (OP)

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06/24/2012 09:48 PM
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Astronomical Tax Dollars for War and Surveillance


RoXY (OP)

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06/25/2012 11:52 AM
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Economic Crisis: A Global Slide into Depression
by Andre Damon
June 24, 2012

It is now coming on close to four years since the collapse of Lehman Brothers in the autumn of 2008. The events of the past several months underscore two fundamental features of the crisis that emerged out of the subsequent financial collapse: 1) that it is systemic, not temporary; and 2) that it is global, affecting every country in the world. Globally integrated capitalism has created a globally integrated catastrophe.

This week, a series of economic figures were released confirming this analysis. Hopes from bourgeois commentators that the debt crisis in Europe could be offset by economic growth in Germany, or that weakness in the West as a whole could be counterbalanced by strong production in Asia, are being dashed with each passing day.

In fact, production in both Germany and China is contracting, in large part due to falling exports. According to Thursday’s figures, Germany’s composite purchasing managers index hit a three-year low, falling to 48.5 in June from 49.3 a month before. The HSBC China Manufacturing Purchasing Managers’ Index likewise fell to 48.1 in June, down from 48.4 in May. It was the eighth consecutive month of readings below 50, indicating contraction.

Other major “developing” economies are doing no better. India’s economy grew only 5.3 percent in the first quarter of the year, its lowest growth rate in nine years and down nearly four percentage points from 2011. The Brazilian Central Bank said last week that the country’s economy probably contracted in April compared with a year earlier, the first such yearly decline since late 2009.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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06/25/2012 11:05 PM
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Max Keiser: Banks Are Dead!


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06/25/2012 11:15 PM
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Nigel Farage: "Listen! The Whole Thing's a Giant Ponzi Scheme!"


RoXY (OP)

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06/26/2012 03:58 PM
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22 Statistics That Prove That The American Dream Is Being Systematically Destroyed
Michael Snyder, Contributor
Tuesday, June 26, 2012
Activist Post

The American Dream is being systematically destroyed right in front of our eyes and most Americans don't even realize what is happening. In the old days, if you were a hard worker and you played by the rules you could always find a good job. That good job would enable you to buy a house, buy at least one car and support a family. It would also enable you to take a couple of vacations each year and buy some nice things for your family. After working for 30 or 40 years you would look forward to a comfortable retirement.

But these days fewer and fewer Americans are able to enjoy the American Dream. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a breathtaking pace. Our economy is not producing nearly enough jobs for all of us anymore, and an increasing percentage of the jobs that are being produced pay 10 dollars an hour or less. The cost of living continues to rise steadily every single year while wages do not. Close to half of all American workers are living month to month, and many American families have gone deep into debt as they struggle to pay the bills. Millions more Americans are falling into poverty each year and dependence on the government is at an all-time high.

CONTINUE: [link to www.activistpost.com]
RoXY (OP)

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06/27/2012 09:22 AM
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Proposed BIS Banking Regulations Would Drive Gold Prices Higher
by Washington's Blog
June 27, 2012

Proposals from BIS, OCC and FDIC Would Reclassify Gold as a Tier 1 Asset
There are many, many, many, many reasons why gold prices should go higher, despite claims that gold is in a bubble … and despite the fact that gold prices may be manipulated.

A giant new reason may be heading our way …

Specifically, the central banks’ central bank – the Bank of International Settlements (BIS) – is considering reclassifying gold as risk-free assets as part of the Basel III framework.

As BIS notes in its progress report on Basel III implementation: At national discretion, gold bullion held in own vaults or on an allocated basis to the extent backed by bullion liabilities can be treated as cash and therefore risk-weighted at 0%.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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06/27/2012 12:51 PM
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Economic Austerity or Debt Default: Choose Your Poison
by Devon DB
June 27, 2012


Currently the US is now over $15 trillion in debt. [1] The national debt has now gotten to the point where it is larger than US GDP and is now unpayable. In response to this crisis, many in government have been arguing for austerity measures, yet they have not been using that actual term, rather there has been an argument for deep cuts in social spending, with one example being Paul Ryan’s budget proposal which targets mainly the poor and elderly. The debt crisis may very well lead the US to being forced to choose from two poisons, austerity on one hand and default on the other.

Austerity measures are currently being pushed by the intellectual elite. Niall Ferguson argues that the main problem in Western democracies “is the huge debts we have managed to accumulate in recent decades, which - unlike in the past - cannot largely be blamed on wars” and poses the question “[W]ould young people be wise to encourage politicians to pay-off national debts now to avoid an even more miserable financial future?” [2]

In the US, Pacific Investment Management Co.’s Neel Kashkari, states that the US should “stop kicking ‘the can down the road’ and implement fiscal austerity measures so the economy can fully recover from the financial crisis.” [3] While Ferguson states that the debt “cannot be blamed on large wars,” the facts prove him to be incorrect as during the Clinton Administration there began a decrease in the national debt and ended with the US being in the black. [4] When President Bush came in, the US went back deeply into debt and this debt increase can be blamed mainly on the Afghanistan and Iraq wars.

The arguments for austerity, while they may be many, are nullified by the fact that the International Monetary Fund, the biggest advocate of austerity for so-called third world countries (and increasingly for many first-world European countries), has admitted that austerity only hurts income and worsens long-term unemployment. [5] In other words, austerity only makes a bad economic situation worse. Yet, this begs the question, if austerity doesn’t work, then why are people arguing in favor of it? This question can be understood by examining the situation from the perspective of the banks. Austerity measures result in large amounts of privatization and thus allow for banks to buy up essential services such as water and electricity systems for dirt-cheap prices and then the banks can make large amounts of money from the perpetuity of state assets. Thus, the banks that gave the loans will then be able to recoup the amount of the loan and then make much more money.

CONTINUE: [link to globalresearch.ca]
Anonymous Coward
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06/27/2012 12:57 PM
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Re: THE ECONOMY & YOU # (Daily Updated Videos & Articles)




 Quoting: resistor


2:56
"Or if you want to keep it in the hands of 'responsible' people."

Give me a fucking break!
RoXY (OP)

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06/27/2012 06:44 PM
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The Genius of Mutual Indebtedness - Nigel Farage


RoXY (OP)

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06/27/2012 11:16 PM
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Bank for International Settlements on Big Banks
James Hall, Contributor
Wednesday, June 27, 2012
Activist Post

The shadow-banking component that adds to the risk of non-regulatory oversight just deepens the mystery behind the most powerful banking institution that runs roughshod over global finance. In order to gain an insight into the complexity of deception, examine the function of the BIS. The granddaddy of all central banks, the Bank for International Settlement, latest BIS Annual Report 2011/2012, foretells future financial consolidation.

CONTINUE TO VIDEO: [link to www.activistpost.com]
RoXY (OP)

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06/28/2012 02:08 PM
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Kucinich Explains the Importance of Auditing the Fed
Thursday, June 28, 2012

CONTINUE TO VIDEO: [link to www.activistpost.com]
RoXY (OP)

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06/28/2012 02:15 PM
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Where Does Money Come From? The Giant Federal Reserve Scam
Michael Snyder, Contributor
Wednesday, June 27, 2012
Activist Post

How is money created? If you ask average people on the street this question, most of them have absolutely no idea. This is rather odd, because we all use money constantly. You would think that it would only be natural for all of us to know where it comes from. So where does money come from?

A lot of people assume that the federal government creates our money, but that is not the case. If the federal government could just print and spend more money whenever it wanted to, our national debt would be zero. But instead, our national debt is now nearly 16 trillion dollars. So why does our government (or any sovereign government for that matter) have to borrow money from anybody? That is a very good question.

The truth is that in theory the U.S. government does not have to borrow a single penny from anyone. But under the Federal Reserve system, the U.S. government has purposely allowed itself to be subjugated to a financial system in which it will be constantly borrowing larger and larger amounts of money. In fact, this is how it works in the vast majority of the countries on the planet at this point. As you will see, this kind of system is not sustainable and the structural problems caused by such a system are at the very heart of our debt problems today.

So where does money come from? In the United States, it comes from the Federal Reserve.

CONTINUE: [link to www.activistpost.com]

RoXY (OP)

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06/29/2012 11:28 AM
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Big Banks Have Become Mafia-Style Criminal Enterprises
by Washington's Blog
June 29, 2012

Banks Conspire to Fleece the Public
Two stories this week prove once again that the big banks are literally criminal enterprises.

Initially, all of the big banks have engaged in Mafia-style “bid-rigging” of municipal bonds, to bilk money from every city in the nation … to the collective tune of tens billions of dollars.

And Barclays and other large banks – including Citigroup, HSBC, J.P. Morgan Chase, Lloyds, UBS, Royal Bank of Scotland – manipulated the world’s primary interest rate (Libor) which virtually every adjustable-rate investment globally is pegged to.

CONTINUE (+ VIDEOS): [link to globalresearch.ca]
RoXY (OP)

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06/29/2012 04:13 PM
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Ron Paul continues fight to audit the Fed


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06/30/2012 12:04 PM
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Judge Napolitano: "Individual Mandate Most Bizarre Tax in the History of the Country"


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06/30/2012 12:09 PM
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How Banks Create Money out of Thin Air
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."
- Thomas Jefferson


RoXY (OP)

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07/01/2012 10:25 AM
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77% of JP Morgan’s Net Income Comes from Government Subsidies
by Washington's Blog
July 1, 2012

JP Morgan Sucks at the Government Teat
JP Morgan’s credit rating would be much lower without government backing.

As Bloomberg noted last week: JPMorgan benefited from the assumption that there’s a “very high likelihood” the U.S. government would back the bank’s bondholders and creditors if it defaulted on its debt, according to the statement. Without the implied federal backing, JPMorgan’s long-term deposit rating would have been three levels lower and its senior debt would have dropped two more steps, Moody’s said.

And as the editors of Bloomberg pointed out a couple of weeks ago: JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fundand our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

With each new banking crisis, the value of the implicit subsidy grows. In a recent paper, two economists — Kenichi Ueda of the IMF and Beatrice Weder Di Mauro of the University of Mainz — estimated that as of 2009 the expectation of government support was shaving about 0.8 percentage point off large banks’ borrowing costs. That’s up from 0.6 percentage point in 2007, before the financial crisis prompted a global round of bank bailouts.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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07/01/2012 10:27 AM
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Mainstream Economics is a Cult
by Washington's Blog
June 30, 2012


Neoclassical Economics Is Based on Myth
Neoclassical economics is a cult which ignores reality in favor of shared myths.

Economics professor Michael Hudson writes: [One Nobel prize winning economist stated,] “In pointing out the consequences of a set of abstract assumptions, one need not be committed unduly as to the relation between reality and these assumptions.”

This attitude did not deter him from drawing policy conclusions affecting the material world in which real people live….

Typical of this now widespread attitude is the textbook Microeconomics by William Vickery, winner of the 1997 Nobel Economics Prize: “Economic theory proper, indeed, is nothing more than a system of logical relations between certain sets of assumptions and the conclusions derived from them… The validity of a theory proper does not depend on the correspondence or lack of it between the assumptions of the theory or its conclusions and observations in the real world. A theory as an internally consistent system is valid if the conclusions follow logically from its premises, and the fact that neither the premises nor the conclusions correspond to reality may show that the theory is not very useful, but does not invalidate it. In any pure theory, all propositions are essentially tautological, in the sense that the results are implicit in the assumptions made.”

Such disdain for empirical verification is not found in the physical sciences.

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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07/02/2012 04:57 PM
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European and US Governments Encourage Bank Manipulation and Fraud to Cover Up Insolvency
by Washington's Blog
July 2, 2012


Governments On Both Sides of the Atlantic Try to Put Lipstick on a Pig
We noted yesterday that the big banks have criminally conspired since 2005 to rig $800 trillion dollar Libor-based market.

Barclay’s chairman says that the Bank of England gave explicit approval for the manipulation.

A former Barclay’s executive – who was close to the Libor-setting manipulation – told the Daily Mail that Barclay’s manipulated Libor to make the bank look healthier than it really was, and , and the cover-up led to a slow policy response which prolonged the financial crisis.

This appears to be very similar to what happened in America. As I noted last year: The Tarp Inspector General has said that [then-Secretary of the Treasury Hank] Paulson misrepresented the big banks’ health in the run-up to passage of TARP. This is no small matter, as the American public would have not been very excited about giving money to insolvent institutions.

(Paulson also threatened martial law if Tarp was not passed.)

CONTINUE: [link to globalresearch.ca]
RoXY (OP)

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07/02/2012 04:59 PM
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Europe: An Emergency Program to Resolve the Economic and Social Crisis
by Damien Millet and Eric Toussaint
July 2, 2012

The European governments, in accordance with IMF criteria, have made the choice of imposing strict austerity measures. Slicing away public spending, lay-offs, pay freezes and salary cuts for civil servants, reduced access to vital public services and welfare, later retirement age, etc. Increased cost for public transport, water distribution, health services, education, etc. Heavier indirect and particularly unfair taxes like VAT. Massive privatization of companies in competitive sectors. The strictest austerity policies since 1945. The consequences of the crisis are multiplied by the so-called remedies which protect the interests of capital. Austerity seriously aggravates economic slowdown producing a snowball effect: weak growth, when there is any, automatically increases public debt. The meaning of 'triple A' becomes clear: wage Austerity, monetary Austerity and budgetary Austerity.

People are less and less willing to accept the injustice of these reforms and the serious social regression they incur. Relatively, it is the workers, the unemployed and the lowest income households who are called upon by the States to ensure the continued fattening of the creditors. Amongst these it is, as usual, women who bear the brunt of precarious, part-time and underpaid employment[2] as imposed on them by the present social and patriarchal system. The struggle for a different social logic is inseparable from the struggle for the absolute respect of women's rights.

Let's look at what this implies.

CONTINUE: [link to globalresearch.ca]
gebahie

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07/02/2012 05:48 PM

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