Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

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greenspan oops

“If we end up 12 months from now with countries taking protectionist measures, everyone will suffer. I think the absolute imperative for this weekend [at the G20] is a clear demonstration that every member of the G20 recognises that the imbalances are a problem . . . If we don’t do that then I fear the next 12 months will be an even more difficult and dangerous period than the one we have been through,” said Mr King.

Some forms of protectionism are smart and responsible. Too much protectionism shuts countries off from the rest of the world and that is of course very negative and even dangerous. We however, have lost our balance. We need to re-balance ourselves. Governments have a responsibility to their citizens, and markets are there to facilitate transactions. To allow social relationships, especially business relationships, to be formulated solely in terms of state and capital, however, is ignore the particular identities and agreements.

Some of the stimulus measures that have been taken to respond to this economic crisis are ridiculous, propping up people and institutions that have proved themselves unworthy of trust. Rather than decrying trade or tariffs in general, the real task is to work towards government and market policies and realities that work towards justice on a global scale, and are non-exploitative, both of humanity and nature.

We are now hearing the usual chorus of how the government must act to make sure that this type of crisis “never happens again.” It won’t. Each government-spawned crisis has unique elements because real-world conditions change continuously. This is a major source of government failure: the failure to anticipate future development. Government is always behind the curve in dealing with crises because policy is driven by politics, and politics is driven by public opinion. Ordinary voting citizens are by and large not experts on financial markets.

Since most of us are not financial experts and do not have intimate knowledge of financial markets, future financial trends and problems are generally not well understood. Politicians are therefore in a position where they must please those who know the least about the future situation by reacting to high-profile news stories regarding past events only. Worse still, those who do posses intimate knowledge of financial markets have an incentive to capitalize on public policies through their lobbying efforts.

Greenspan warns over currency weakening by Reuters

The United States is pursuing a policy of weakening its currency, driving up exchange rates in the rest of the world, former Federal Reserve Chairman Alan Greenspan warned on Wednesday.

In a guest column for the Financial Times, Greenspan also said that as China holds down the renminbi, the upward pressure on other currencies risks a return to widespread protectionism.

“America is also pursuing a policy of currency weakening. The suppression of the renminbi and the recent weakening of the dollar are, of necessity, producing firming exchange rates in the rest of the world,” Greenspan wrote ahead of the Group of 20 summit in Seoul on Thursday. “Something has to give in this arena of zero-consolidated current account balances.”

The G20 summit has been pitched as a chance for leaders of the countries that account for 85 percent of world output to prevent “currency wars” and a rush to protectionism that could imperil global recovery.

Truth about Greenspan

Alan Greenspan was only “following orders” from the US presidents he happened to work under and has nothing to do with why we had a global economic meltdown. He said that the central bank he managed “lacked authority to regulate the lenders that issued most sub prime mortgages.” It seems that the last time the “following orders” defense was used they (the “minion”) were hanged.

Greenspan was an incompetent parasite, with the right credentials and ‘power’ connections, that fed on the public purse and was slimy enough to be retained by several US administrations supposedly for his above average understanding of economic matters. This guy just happened to ride the world economic boom at the right time while claiming fame for his great steermanship of the US economy. The global meltdown showed everyone exactly who and what Alan Greenspan was, just another greedy crook.

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