“My father made him an offer he couldn’t refuse. Luca Brasi held a gun to his head and my father assured him that either his brains, or his signature, would be on the contract.” — The Godfather (1972)
In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system. Choking off that credit line was a form of blackmail the Greek government couldn’t refuse.
Former Greek finance minister Yanis Varoufakis is now being charged with treason for exploring the possibility of an alternative payment system in the event of a Greek exit from the euro. Read more ›
- Perth Mint sees surge in demand and cannot keep up with demand - “Our biggest restriction is the amount of unrefined gold we’re getting in from producers” - Very high demand for Perth Mint coins, bars coming from Asia, U.S. and Europe - U.S. Mint sees highest sales of gold coins in over 2 years - U.S. Mint restrictions on silver coins due to very high demand - Gold sentiment has moved from despondency to depression (see chart) - Current negative sentiment despite strong demand is good contrarian indicatorRead more ›
In this double-header special episode of the Keiser Report, we discuss whether or not there is such a thing as post-capitalism, whether or not we are actually in this phase and examine the solutions to the multiple crises of neoliberal capitalism.
VICE is both a sin and a tool in the UK and Oz. In North America, the tool is VISE. I am using vice as both the tool and sin…
When stagnation grabs exporting nations by the throat, the universal solution offered is devalue your currency to boost exports. As a currency loses purchasing power relative to the currencies of trading partners, exported goods and services become cheaper to those buying the products with competing currencies.
For example, a few years ago, before Japanese authorities moved to devalue the yen, the U.S. dollar bought 78 yen. Now it buys 123 yen–an astonishing 57% increase.
Everyone lauds “creative destruction” when it shreds monopolies and disrupts private enterprise “business as usual.” If thousands lose their middle-class livelihoods– hey, that’s the price of progress.
Improvements in productivity and efficiency can’t be stopped, and those employed making buggy whips and collecting horse manure from fetid streets will have to move on to other employment.
This raises an obvious question few dare ask: does this inevitable process of creative destruction include the state? If not, why not? Aren’t the state and the central bank the ultimate monopolies begging to be disrupted for the benefit of all? If government is inefficient and unproductive, shouldn’t it be “creatively destroyed” in the same fashion as private enterprise?
- Austrian decision to renege on guarantees made to junior bondholders overturned
– Court does not overrule bail-ins per se - Bail-in legislation still in place across Europe - EU deadline to implement bail-in legislation by end of this month - Depositors – savers and capital of SMEs exposed to bail-ins
An attempt by Austria to bail-in junior bondholders at the Heta “bad bank” has been overturned by the highest court in the country.
Last year Austria passed legislation which annulled guarantees previously given by the state of Carinthia to bondholders of Heta, effectively writing off €890 million. Read more ›
We discuss the b-b-b-bad to the bone Fannie Mae and Freddie Mac, the two government owned facilitators of mortgage lending which are bigger and badder than ever. In the second half Max interviews Dr Youssef El-Gingihy about How to Dismantle the NHS in 10 Easy Steps.