|Monday, October 15, 2018
You are here: Home » Economy


Economy

Suicides of Bank Executives, Fraud, Financial Manipulation

The agenda is to steal and appropriate wealth through market manipulation. “Just last month, JPMorgan Chase acknowledged that it facilitated the largest Ponzi scheme in history, looking the other way as Bernie Madoff brazenly turned his business bank account at JPMorgan Chase into an unprecedented money laundering operation that would have set off bells, whistles and sirens at any other bank. The U.S. Justice Department allowed JPMorgan to pay ...Read full article...

Switzerland moves to curb immigration, protect its labor market

The new measure restores the principle of preference for domestic versus foreign worker. The Swiss citizens decided in a referendum Sunday to limit the entry of citizens from countries of the European Union ( EU) to its labor market. The referendum established a set of annual quotas to be implemented within three years. The official results of all Swiss counties, except Zurich, where final counting is still being completed- ...Read full article...

Should The Minimum Wage Be Raised?

“The ladders of upward mobility that made America an opportunity society have been dismantled by the movement abroad of America’s high value-added, high productivity jobs, leaving displaced Americans with only lowly paid domestic service jobs, such as retail clerks, waitresses, bartenders, and hospital orderlies. Making low pay jobs more livable makes the dismantling of the opportunity society more acceptable.” Some years ago when I was Business Week’s columnist an ...Read full article...

What Is Supply-Side Economics?

Supply-side economics is an innovation in macroeconomic theory and policy. It rose to prominence in congressional policy discussions in the late 1970s in response to worsening Phillips Curve trade-offs between inflation and unemployment. The postwar Keynesian demand management policy had broken down. The attempts to stimulate employment brought higher rates of inflation, and attempts to curtail inflation resulted in higher rates of unemployment. In other words, the Phillips curve ...Read full article...

Why is the Federal Reserve Tapering the Gold Market?

On January 17, 2014, we explained “The Hows and Whys of Gold Price Manipulation.” Naked Gold Shorts: The Inside Story of Gold Price Manipulation By Dr. Paul Craig Roberts and David Kranzler, In former times, the rise in the gold price was held down by central banks selling gold or leasing gold to bullion dealers who sold the gold. The supply added in this way to the market absorbed ...Read full article...

How Junk Economists Help The Rich Impoverish The Working Class

ast week, I explained how economists and policymakers destroyed our economy for the sake of short-term corporate profits from jobs offshoring and financial deregulation. That same week Business Week published an article, “Factory Jobs Are Gone. Get Over It,” by Charles Kenny. Kenny expresses the view of establishment economists, such as Brookings Institute economist Justin Wolfers who wants to know “What’s with the political fetish for manufacturing?  Are factories ...Read full article...

How Economists and Policymakers Murdered Our Economy

The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price. See http://www.paulcraigroberts.org/2014/01/17/hows-whys-gold-price-manipulation/ ...Read full article...

The Inside Story of Gold Price Manipulation

The deregulation of the financial system during the Clinton and George W. Bush regimes had the predictable result: financial concentration and reckless behavior. A handful of banks grew so large that financial authorities declared them “too big to fail.”  Removed from market discipline, the banks became wards of the government requiring massive creation of new money by the Federal Reserve in order to support through the policy of Quantitative ...Read full article...

Greece is at the Political Mercy of the EU

Less than two years ago, Greece was handed over to its creditors, the European bankers who promised to “voluntary ” remove its debt if the country abided by their rules. This decision, Greek politicians and creditors said, would return the country back to fiscal sanity. Instead, it became a financial inquisition that resulted in greater evils. Today, life remains the same for politicians and creditors. They are still rich ...Read full article...

Corporate Taxes in America

Raising them should be a national imperative. Corporations should pay their fair share. Not according to Laurence Kotlikoff. He’s a right-wing economist. He’s a corporatist writ large. He claims  abolishing corporate taxes will create jobs. Doing so requires dropping money on Main Street. Get it in people’s pockets directly. Do it by cutting their taxes. Guarantee a living wage. Support worker-friendly legislation. Restore their bargaining power with management. Return ...Read full article...

The Case of the Missing Economic Recovery

Have you seen the economic recovery?  I haven’t either.  But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four and one-half years ago. It is a shy and reclusive recovery, like the “New Economy” and all those promised new economy jobs.  I haven’t seen them either, but we know they are here, somewhere, because the economists said ...Read full article...

2014 Will Bring More Social Collapse

2014 is upon us.  For a person who graduated from Georgia Tech in 1961, a year in which the class ring showed the same date right side up or upside down, the 21st century was a science fiction concept associated with Stanley Kubrick’s 1968 film, “2001: A Space Odyssey.”  To us George Orwell’s 1984 seemed so far in the future we would never get there.  Now it is 30 ...Read full article...

Manipulations Rule The Markets

QE helps the big banks, and manipulation of the gold price downward protects the US dollar from its dilution by QE. The Federal Reserve’s announcement on December 18 that beginning in January its monthly purchases of mortgage-backed financial instruments and US Treasury bonds would each be cut by $5 billion is puzzling, as is the financial press’s account of the market’s response. The Federal Reserve conveys a contradictory message.  ...Read full article...

Rigging Foreign Exchange Markets. Finance Capital’s “Control Fraud”

It’s the world’s largest financial market. It trades around $5 trillion daily. It’s more than all global equity markets combined. It operates round-the-clock. It’s manipulated for profit. Grand theft reflects official Wall Street policy. Bankers make money the old-fashioned way. They do it through fraud, grand theft, market manipulation, front-running, misrepresentation, scamming investors, naked short selling, precious metals price suppression, controlling Washington, getting open-ended low or no interest rate ...Read full article...

The Economic Recovery is a “Statistical Illusion”

The payroll jobs report for November from the Bureau of Labor Statistics says that the US economy created 203,000 jobs in November. As it takes about 130,000 new jobs each month to keep up with population growth, if the payroll report is correct, then most of the new jobs would have been used up keeping the unemployment rate constant for the growth in the population of working age persons, ...Read full article...