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Showing posts from December 4, 2012

How Big Banks Run the World - at Your Expense #recession #banks

How Big Banks Run the World - at Your Expense(Photo: Sally Crossthwaite / Flickr)The recent Public Banking conference held in Philadelphia offered a message that is at once so simple - but also so bold - it is hard for most Americans to pause long enough to understand how profoundly their thinking had been corralled by the masters of finance - in ways far, far, far more insidious and powerful than even the latest financial crisis suggests.To understand what has happened, however, you first have to take a minute to shake a few cobwebs out of your brain about "money" - and how it is created and by whom and for whose benefit.Money is "created"? Yes, obviously so - or did you imagine there is some fixed pile of "money" some place that exists once and for all and for all times?Think about it: If that were true, it would be impossible for the economy ever to change and grow. If the "money supply" were not increased over time, the original economy of, …

Loss of income caused by banks as bad as a 'world war', says BoE's Andrew Haldane #recession

http://www.telegraph.co.uk/finance/financialcrisis/9719300/Loss-of-income-caused-by-banks-as-bad-as-a-world-war-says-BoEs-Andrew-Haldane.html

Loss of income caused by banks as bad as a 'world war', says BoE's Andrew Haldane The financial crisis has been as economically devastating as a world war and may still be a burden on "our grandchildren", a top Bank of England official has said. Andy Haldane, the Bank's executive director for financial stability, added that public anger at the banks was fully justified and that pay in the industry remained too high. "In terms of the loss of incomes and outputs, this is as bad as a world war," he said. "It would be astonishing if people weren't asking big questions about where finance has gone wrong. "If we are fortunate, the cost of the crisis will be paid for by our children. More likely it will still be being paid for by our grandchildren. There is ev…