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The Best Way To Rob A Bank Is To Own One
By Bill Moyers & William K. Black
Video - Audio and Transcript
The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout. Continue
Crusade Against the Oligarchs of Wall Street
By Andrew Leonard
The United States is unwilling to take the same harsh medicine it would prescribe to a developing nation that exhibited the same critical problem: domination of the political process by self-interested economic elites. Continue
The Quiet Coup
By Simon Johnson
The conventional wisdom among the elite is still that the current slump “cannot be as bad as the Great Depression.” This view is wrong. What we face now could, in fact, be worse than the Great Depression' Continue
Another 663,000 Jobs Lost in March
Girding for a Depression
By PETER MORICI
Today, the Labor Department reported the economy lost 663,000 payroll jobs in March. The economy is shifting to permanently lower levels of production and employment, as the recession nears turns into a depression. Continue
Chavez touches on G-20 summit failure: Speaking during a visit to Iran, the Venezuelan leader on Friday said the G-20 nations' plan to spend more than a trillion dollars would strengthen "one of the great guilty ones behind the crisis: the International Monetary Fund."
Iran and Venezuela open joint bank: “The values of capitalism are in crisis and capitalism has to end,” the television quoted Chavez as saying at the inauguration ceremony. “We must take a transitional path to a new model that we call socialism.”
Beyond the dollar: People's Bank of China governor Zhou Xiaochuan said last week that the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) should replace the dollar as the world's main currency. The political reasons for his proposal are clear, its merits rather less so.
US unemployment hits 26-year high: Unemployment in the US has jumped to its highest level since 1983 after employers cut 663,000 jobs and workers' hours to the lowest on record, government figures have shown.
Ho-hum – The Collapse of the Dollar
By Joseph Farah
The death of the dollar is near. If you want to avoid a total catastrophe in this country – one that will affect not only you but your children and grandchildren – it's time to get out in the streets and stop the madness. Continue
G20 Leaders Begin Talks to Bury 'Free' Markets
By News Team International/Pool/PA
G20 leaders and ministers sat down to hammer out new rules for world financial markets today after a warning from France and Germany that a London summit should declare an end to the unfettered capitalism that has plunged the global economy into recession. Continue
U.S. Debtor Meets G20 Creditors at the Dollar’s Funeral
By Jim Willie CB
The quintessential problem, plainly stated, is the United States Govt leaders and officials insist on sitting apart from the debtor nations. They must join the debtors, and be treated in similar fashion. They must accept terms dictated to them. They must accept and endure a much lower standard of living. They must institute policies to rebuild the industrial base of the US Economy. Continue
Foreclosure Crisis Hits Warp Speed:
6 Million Families Face Losing Their Homes in the Next Three Years
By Nan Mooney
What would you do if someone foreclosed on your home? If suddenly you and all your possessions were out on the street with a bank account depleted from trying to make mammoth mortgage payments, where would you go? Continue
Russia, China cooperate on new currency proposals: Russia and China are coordinating proposals on a new global currency that could replace the US dollar as a reserve currency to prevent a repeat of the global economic crisis, the Kremlin said on Monday.
Argentine media hails Argentina-China currency swap deal: Local media on Monday hailed the recently signed China-Argentina currency swap agreement, insisting that Argentina is able to pay for imported products from China in RMB.
China to Boost Yuan Swaps, Payments on Dollar Concern: China’s leaders, increasingly concerned about the nation’s $740 billion of U.S. Treasuries, are making it easier for trading partners and consumers to do business in yuan.
G20: Will China make this the G1?: Alone among the big economies, China is still in the ascendancy. It may well hold the swing vote at the G20
G20 pledges $1 trillion in funds: World leaders at the G20 summit in London have announced they are to triple the finances of the International Monetary Fund to help fight the worst economic crisis since the 1930s and will impose new curbs on financial markets.
Next stop in the crisis could be the collapse of the euro: Ireland and the other economic sick men of Europe could presage the most violent international currency crisis in decades; the break-up of the euro. Alarmist? Certainly. Impossible? Certainly not.
Weimar 1923 may have more lessons than US 1932: Are we heading for another Great Depression?
US jobless claims surge to new high: The number of US workers filing new claims for unemployment benefits has surged to its highest level for more than 26 years, according to a government report.
U.S. home prices in free fall: "It's getting harder and harder to find some new way to say it's really grim and dismal." All 20 metropolitan regions tracked by the index showed price declines compared with January 2008, while 13 of them clocked record annual declines.
Commercial real estate loan defaults skyrocket: - With loan defaults rising, analysts say the struggling commercial real estate industry is poised to fall into the worst crisis since the last great property bust of the early 1990s.