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MOST CRITICAL TIPPING POINT ARTICLES TODAY | |||
CYPRUS - Criminal "Confidence Game" Payouts to Everyone at the Tax Payers Expense Europe's Final Gambit: 20%-30% Haircut For Oligarchs To Force A Russian Bailout 03-19-13 WSJ via ZH It now seems sure that the ongoing discussion in Cyprus' government will see a "no" vote as the WSJ is reporting a rather stunning gamble by the Cypriots (and by Cypriots we mean European leaders) to force the Russians to bear the brunt of the cost of the bailout. The non-resigned Cypriot FinMin is heading to Russia to propose a deal that includes imposing a 20% to 30% levy on Russian-held deposits in Cypriot banks, which could cost them billions of euros. In exchange, Russia will be given:
The apparent quid pro quo in this deal does nothing to hide the fact that private property was stolen and while pointing fingers just at the Russians may play well for PR purposes, it is described as "a long shot" as the Kremlin notes, "it's practically impossible to talk without knowing details." Via WSJ,
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03-20-13 | EU CYPRUS |
4- EU Banking Crisis |
FINANCIAL REPRESSION - Doesn't Fly When People Actually Know Beyond Financial Repression 03-17-13 FTAlphaville A couple of years back, when Carmen Reinhart and Belen Sbrancia updated the concept whereby governments might deal with a problematic mountain of debt by confiscating the savings of their subjects, the discussion was all about the subtle, sleight of hand solutions that might be employed.
Ordinary people, it seemed, could be financially repressed without realising they were in fact the victims. There was no discussion back then of outright expropriation or a “tax”, as insured (and uninsured) depositors at Cypriot banks are now being forced to bear. Joseph has a detailed discussion here of the peculiar circumstances that made a bailout of Cyprus particularly challenging.
Maybe ordinary Cypriots were always going to get it in the neck. Except that expropriation can never be straightforward in a democracy, where politicians must be seen to be vaguely fair if they are to retain power. It’s this point that seems to have been mis-read in Germany generally and amongst all members of the Troika, including the IMF’s Christine Lagarde, who might be regretting the boilerplate statement issued on her behalf on Saturday…
Appropriate allocation? Cypriots, to a man and woman, simply do not agree. And when the ECB was busy last week threatening President Anastasiades with an immediate disorderly default if his government did not sign up to this shotgun bail-in, they seem to have overlooked the fact that Anastasiades has to get this all voted through. Here’s what the Cypriot parliament currently looks like on the issue, courtesy of Alex White at JP Morgan: EARLIER POSITIONS Cyprus Parliament Rejects European Bailout Proposal: Calls Germany's Bluff 36 Votes Against - 19 Abstentions Presumably, the prospect of actually running out of cash will encourage ordinary Cypriot to accept the inevitable. The reality here is financial incarceration. A Cypriot Precedent series
In the early hours of Saturday 16 March 2013, a deal was reached to 'tax' both uninsured *and insured* depositors as part of the Cyprus bailout. We cover the consequences.
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Cyprus Banking Crisis for Dummies 03-18-13 WashingtonsBlog Ground Zero of Financial RepressionYou’ve heard that the tiny European country Cyprus is threatening to grab between 3 and 13% of bank depositors’ funds in return for a bailout of the country by the European Union. Zero Hedge reports that Germany’s Finance Minister and the IMF originally demanded that 40% of bank deposits be looted. Sajiyat Das notes:
Many commentators note that the deposit grab may cause panic among bank depositors in Spain and other vulnerable countries as well. Indeed, many are asking whether this could be a modern Creditanstalt situation. Another common analogy is that this could be “worse than Lehman” failing. On the other hand – given that the entire economy of Cyprus is smaller than that of Shreveport, Louisiana, and that Cyprus is mainly a parking spot for hot money from Russian oligarchs and mafia – some say that the whole crisis will quickly blow over. What’s the bigger picture? Bank deposit grabs may spread to other vulnerable European countries. The New York Times reports:
And the chief economist of the German Commerzbank has called for private savings accounts in Italy to be similarly plundered:
Indeed, Zero Hedge has been warning about this kind of scenario for years. Why are they doing it? The Financial Times notes:
Yves Smith explains that the real reason for the EU’s grab for deposits from Cyprus bank accounts is that it is easier to screw the little guy than to screw sophisticated investors:
No wonder this cartoon – showing the EU forcing the Cypriot bankers to rob their depositors – is going viral in Cyprus (the caption just says “bank robbery of the Cypriot people): Indeed, it’s not the “great recession” … it’s the great bank robbery. (Too bad Cyprus didn’t choose the right fork in the road.) As Tyler Durden notes, the Cypriot deposit grab is just one of a wide variety of forms of financial repression that central banks, big private banks and governments are using to grab money from the people. For example, negative interest rates are an ongoing theft. Sajiyat Das writes:
As we’ve previously noted,
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03-20-13 | THESIS | |
It Is Always The Tactic Of Governments That Seek To Abuse Power To Select The Most Marginalized And Easily Demonized Targets In The First Instance 03-11-13 Washington's Blog “Find Out Just What Any People Will Quietly Submit To And You Have The Exact Measure Of The Injustice And Wrong Which Will Be Imposed On Them”Constitutional lawyer Glenn Greenwald notes:
German pastor Martin Niemöller initially supported Hitler. But he later opposed him, and was imprisoned in the Dachau concentration camp for years. Niemöller wrote a brilliant poem – First They Came - about the manner in which Germans allowed Nazi abuses by failing to protest the abuse of “others”. This is my modern interpretation of Niemöller’s poem … First they tortured a U.S. citizen and gang member … Then they tortured a U.S. citizen, whistleblower and navy veteran … Then they locked up an attorney for representing accused criminals … Then they arrested a young father walking with his son simply because he told Dick Cheney that he disagreed with his policies … Then they said an entertainer should be killed because she questioned the government’s version of an important historical event … Then they arrested people for demanding that Congress hold the President to the Constitution … Then they arrested a man for holding a sign … Then they broke a minister’s leg because he wanted to speak at a public event … Then they shot a student with a taser gun and arrested him for asking a question of a politician at a public event … Then they started labeling virtually every innocent and normal behavior as marking Americans as “potential terrorists” … Then they threw political dissenters in psychiatric wards … Then they declared that they could label U.S. citizens living on U.S. soil as “unlawful enemy combatants” and imprison them indefinitely without access to any attorney … Then they assassinated an American citizen without any court trial Then they declared that they could assassinate U.S. citizens living on U.S. soil without any due process of law (update) … When they came for me, I originally wrote this poem in 2007. I have updated it with additional verses as current events have unfolded. |
03-20-13 | THESIS | |
MOST CRITICAL TIPPING POINT ARTICLES THIS WEEK - Mar. 17th - Mar. 23rd, 2013 | |||
RISK REVERSAL | 1 | ||
JAPAN - DEBT DEFLATION | 2 | ||
BOND BUBBLE | 3 | ||
EU BANKING CRISIS |
4 |
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EU BANKING CRISIS - Cyprus Pushes it Back Near the Edge Euro Bank Jog Turns into a Bank Run 03-18-13 AlphaNOW Reuters Target 2 balances HAD begun to unwind, while the deposit flight that had taken hold across much of the periphery was reversing course. Markets HAD become convinced that European policy makers had stared into the abyss, realised both the nature and the magnitude of the crisis, and decided to do something about it. Nothing fundamental had changed: the hard work was all still to come. But things WERE moving in the right direction, and policy makers APPEARED to be back in charge. All of a sudden, things now look shaky. |
03-19-13 | EU MONETARY |
4- EU Banking Crisis |
BANKRUPTCY - Does Anyone Care How a Capitalist System (versus a Crony Capitalist System) is Supposed to Work? Note: Don’t get confused by the word “capitalism” in the phrase “crony capitalism”. Crony capitalism is not at all free market capitalism. Instead, it is actually the same thing as fascism, communist style socialism, kleptocracy, oligarchy or banana republic style corruption
Cyprus Bailout Math; Can Depositors Be Left Whole? 03-17-13 Mish First the bondholders should have been wiped out. If that was not enough then the deposits above the €100,000 deposit guarantee should have been hit. Then and only then should the average citizen been hit.Cyprus Bailout Math What I wrote above was a guess, but an accurate one. Reader Jeff Baryshnik, Baryshnik Capital Management Inc., in Toronto provides some specifics in an email to me a few hours ago. Much of the money in Cyprus was "hot money" from Russia seeing unfair tax advantages. So what? Is that any reason to punish every Cyprus citizen? Clearly the answer must be "no". Perhaps one can create additional spots for illegal deposits (if they could be proven), and one could (and should) distinguish between deposits above and below the deposit guarantee limit, but otherwise, the order suggested by Baryshnik seems quite reasonable. |
03-19-13 | EU CYPRUS |
4- EU Banking Crisis |
CYRPUS
CYPRUS - Breaks Public Trust, Signals Enormnity of EU Banking Problems and Incites the Politics of Germany Distating Terms "I object to the entire scheme. First the bondholders should have been wiped out. If that was not enough then the deposits above the €100,000 deposit guarantee should have been hit. Then and only then should the average citizen been hit. ... And guess what. The average Cyprus citizen would likely not have been hit. Instead, the EU mandated a "screw every citizen" policy to protect the senior bondholders. This is not going to sit well in Cyprus or anywhere else, and all for a mere EU 5.8 billion Euros. The stupidity and arrogance of these nannycrats is staggering.The nannycrats think this will stop "contagion". They are nuts." Mish 03-17-13 PUBLIC TRUST It breaks a cardinal rule, namely public trust on which money relies. Had th public thought their savings were at risk from a restructuring, savers would have run on local banks, hence it is different from a tax SIGNALS & POLITICS Frederik Ducrozet, an economist with Credit Agricole, tells Business Insider: I think the Cyprus deal as it stands a big deal indeed, mostly in terms of bad signaling (as the ongoing normalisation in Eurozone capital flows remains fragile and vulnerable to sudden stops) and politics (Germany still imposing its rules despite growing discontent in the South). There were multiple reports which indicated that Germany told Cyprus: Confiscate your depositors' money or leave the Eurozone. That's a terrible political dynamic, and on top of Italy it exacerbates a bad overall political situation. #Cyprus Depositors Vent Fury Through Social Media 03-17-13 Zero Hedge
CYPRIOT PRESIDENT ADDRESSES NATION: We Were Given Two Options Like Blackmail 03-17-13 BI Cyprus President Nicos Anastasiades just addressed the nation in a dramatic Sunday night speech regarding the bailout of Cyprus, which will see a one-time tax on everyone with cash in Cypriot banks.
The basic gist:
Depositors Pay Price in Cyprus Bailout Deal 03-16-13 WSJ
The deal, announced early Saturday, marks the first time in the euro zone's five-year-old financial crisis that depositors in bloc's banks will lose money. "We have taken immediate measures so that electronic transfers cannot take effect before banks reopen on Tuesday," said the minister, who took office just two weeks ago. Jörg Asmussen, a member of the executive board of the European Central Bank, stressed that amounts in excess of the levy will remain fully available. Accounts held in Greek offshoots of Cypriot banks will also be spared. Cyprus, which first applied for help last summer, has proved a major headache for the euro zone, mostly because
As they struggled to bring down the rescue costs, euro-zone finance ministers and the troika of the European Commission, the ECB and the IMF chose to go ahead with the deposit tax despite warnings it could unsettle savers and investors in other weak European countries. "This is a special situation, with a very specific banking sector, with a very specific structure and size, which calls for this specific package," said Jeroen Dijsselbloem, the Dutch finance minister who chaired the discussions. He said similar measures weren't being considered for other countries that have received bailouts. Officials hoped that the contribution of depositors will make it easier to pass the rescue package through parliaments in rich countries like Germany, the Netherlands and Finland. Lawmakers there have balked at bailing out foreign depositors, many of them Russians, whom they suspected of taking advantage of Cyprus's lax banking laws.
The IMF, which had been the strongest advocate for having the bailout burden fall partly on depositors, will contribute to the rescue, said the fund's Managing Director Christine Lagarde. Two officials said the IMF is expected to chip in €1 billion of the overall €10 billion needed. Olli Rehn, the European Union's economic affairs commissioner, said Russia had indicated it was willing to give Cyprus more time to repay a €2.5 billion rescue loan from 2011, and may also lower the interest it charges. Mr. Sarris is expected to travel to Moscow on Wednesday to nail down the final terms. The struggle to agree on a bailout for tiny Cyprus, which accounts for just 0.2% of the euro zone's economy, once again underlines how vulnerable the currency union remains to economic shocks in any member nation. "Cyprus is of systemic relevance to the euro area," said Mr. Rehn. "Not to provide assistance to Cyprus would have posed a risk of undoing the progress that has been painstakingly made over the past year." Ministers also agreed to give Portugal and Ireland more time to repay their bailout loans, but didn't provide any details. The Cyprus Bailout Is Unfair, Short-Sighted, And Self-Defeating 03-17-13 The Economist IT IS not a fudge, but it is still a failure. The euro zone’s bail-out of Cyprus, which was sealed in the early hours of Saturday, did get the bill for creditor countries down from €17 billion to €10 billion, as had been rumoured. But the way it did so was somewhat unexpected.
Almost €6 billion of the savings for taxpayers in euro-zone countries came from losses imposed on depositors in Cyprus’s outsize banks. A one-off 9.9% levy will be imposed on all deposits over the insurance threshold of €100,000 before banks reopen after a bank holiday on Monday. That idea had been in the air for a while, not least because a lot of those uninsured deposits came from outside Cyprus, and from Russia in particular. The politics of saving wealthy Russians with money loaned by thrifty Germans were always going to be tricky. What had not been anticipated was a 6.75% loss for savers with deposits in Cypriot banks below the insurance ceiling. Cypriots woke up this morning to find bank branches closed to them. By the time they will be able to get at their money, it will be too late. The offer of equity in banks to replace the value of their savings is meant to be a balm but it’s not a choice they would have made. Why this decision was taken is not yet clear. The most plausible explanation is that the Cypriot government itself preferred to spread the pain rather than wipe out non-resident depositors and jeopardise its long-term prospects as an offshore financial centre for Russian and other money. Whatever the rationale, it is a mistake for three reasons.
The bail-out appears to move Europe further away from the institutional reforms that are needed to resolve the crisis once and for all. Rather than using the European Stability Mechanism to recapitalise banks, and thereby weaken the link between banks and their governments, the euro zone continues to equate bank bail-outs with sovereign bail-outs. As for debt mutualisation, after imposing losses on local depositors, the price of support from the rest of Europe is arguably costlier now than it ever has been. It is also hard to square this outcome with the ongoing overhaul of finance. The direction of efforts to improve banks’ liquidity position is to encourage them to hold more deposits; the aim of bail-in legislation planned to come into force by 2018 is to make senior debt absorb losses in the event of a bank failure. The logic behind both of these reform initiatives is that bank deposits have two, contradictory properties. They are both sticky, because they are insured; and they are flighty, because they can be pulled instantly. So deposits are a good source of funding provided they never run. The Cyprus bail-out makes this confidence trick harder to pull off. Other than that, it is a really good deal. MOHAMED EL-ERIAN: The EU Had Four Valid Reasons To Force Cypriot Depositors To Pay Up 03-17-13 BI According to El-Erian, the EU actually had four valid reasons to make such an unprecedented move.
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03-18-13 | EU CYPRUS |
4- EU Banking Crisis |
SOVEREIGN DEBT CRISIS [Euope Crisis Tracker] | 5 | ||
CHINA BUBBLE | 6 | ||
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MACRO News Items of Importance - This Week | |||
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2013 - STATISM |
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STATISM - The Silent Culture of Concealment & the Incentive System of Collusion Runs the governing bureaucracies. The presstitutes in the establishment media enable the warmongering Protection Racket as a condition of employment. Their lack of investigative reporting is only superseded by their ominous distortion of real patriotic loyalty Ignoring Whistleblowers 03-17-13 BATR.org "We say in this nation that we are looking for people with honesty, integrity, drive and dedication, and then when we find such people, we take them out and whip them." anonymous
A government whistleblower, disclosing classified secrets, risks criminal charges. Defining restricted material usually includes a broad scope of information that casts officials or agencies in a compromising embarrassment. The idea that public servants may be engaged in violating laws is no excuse for blowing the whistle on such abuses if it involves "National Security". This protect the state attitude at all cost argument, is the very definition of institutional cover-up. In war, truth is the first casualty, so said Aeschylus. So throwing the book at Bradley Manning comes as no surprise. Why should anyone be concerned about the intentional dissemination of raw evidence about war crimes, committed in the name of the War of Terror? Most would fail to be moved by the motivations of a stoic prisoner, who uploaded secured computer files to WikiLeaks. Many would cheer his interminable incarceration for disclosing military records. Yet, before you slam the jail shut, reflect upon the Secretly Recorded Audio Leaked of Bradley Manning's Court Statement. Listen to the Full Statement.
Also, view the YouTube video, Bradley Manning Tells Court Public Have the Right to Know About US War Crimes. A cogent reaction from another renowned whistleblower, Daniel Ellsberg of the Pentagon Papers fame, carries the weight of a brave man from another era.
In any political trial, the spirit of the law is sacrificed for the expediency of protecting a debased regime. Balance in prosecution is a concept unknown to a government consumed with punishing any perceived enemy of the state. Attorney Floyd Abrams and Professor Yochai Benkler provide a thoughtful perspective and legal opinion in The New York Times editorial - Death to Whistle-Blowers?
No such mercy from the imperial empire, Manning must suffer the supreme wrath for his transgressions. His admissions acknowledge expected official sanctions, but the sentiment of Daniel Ellsberg reflects the standpoint of many Manning supporters.
Another target of recrimination, seen in the Sibel Edmonds dismissal is a classic example of punishing the whistleblower. Edmonds took a job as a translator at the FBI shortly after 9-11. Her story, stated in the YouTube interview, The Government Is Raping You: Sibel Edmonds, is compelling. Sibel Edmonds Finally Wins, documents her observation in the book, "Classified Woman" and offers a disturbing assessment of her fellow workers.
This characterization of morally challenged federal employees is a direct consequence of a system that protects the cover-ups, while punishing disclosure of conflicting evidence of outright corruption. The silent culture of concealment or the worse incentive system of collusion runs the governing bureaucracies. The presstitutes in the establishment media enable the warmongering protection racket as a condition of employment. Their lack of investigative reporting is only superseded by their ominous distortion of real patriotic loyalty. Whistleblowers function as detectives doing the job that reporters abdicate. Woefully, so few citizens of conscience are willing to jeopardize their individual circumstance for the courage of genuine national security. The always insightful, William F. Jasper of the New American writes in Sibel Edmonds' "Classified Woman".
Forget about the false left-right paradigm. The "War of Terror" being waged by the imperium empire is designed to crush whistleblowers, and keep the brain dead in a zombie trance. Just consider the impact on the Afghanistan campaign if the FBI acted upon the evidence unclosed by Sibel Edmonds that cuts to the heart of the 911 myth assumptions. The military-industrial-security-intelligence complex closes ranks to protect their "Splendid Little Wars". The whistleblowers that expose the lies out of the War Party establishment are only a minor distraction, as long as the public sleeps in their self-induced coma. The Army Times item, Hagel to order review of drone medal precedence, is one such interlude, while the control and command structure continues to aim their weapons at imaginary threats. Who would doubt that the Bradley Mannings and Sibel Edmonds, squealers of state secrets, would be prime quarries for the hunt to eliminate enemies of the state? The only good government snitch is a Gitmo captive. So goes the claims of the governance prosecutors. Loyalty of country is a very dangerous attitude, when your government sponsors state terrorism as a normal activity. The fear to face up to the horrors of administration deceit is the prime activity of the flag waving drones that cheer for more carnage. When Edmonds describes the traitors within the national security structure, the fearful bureaucrats facilitate the ongoing treachery that passes for nationalism. When Manning exposes the documents that prove a genocide policy is in effect, the penalty demanded by the bellicose command is his execution. An honorable whistleblower is a citizen hero. Disobeying dishonest laws is true patriotism. In the end, A Different Philosophy of Civil Disobedience, is needed. Complacency is the countrywide disease of choice. Real patriots oppose jingoistic orders. Stand down . . . |
03-19-13 | THESIS | STATISM |
2012 - FINANCIAL REPRESSION |
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2011 - BEGGAR-THY-NEIGHBOR -- CURRENCY WARS |
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2010 - EXTEN D & PRETEND |
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THEMES | |||
CORPORATOCRACY - CRONY CAPITALSIM | |||
CRONY CAPITALISM - From the Mouth of Fed President Richard Fisher Fed President: Too Big Banks Are Just Crony Capitalists 03-18-13 Washington's Blog
Big Banks Destroy Real American Style CapitalismReuters notes that the president of the Federal Reserve Bank of Dallas – Richard Fisher - said yesterday:
He’s right. The top economists, financial experts, and bankers say the big banks need to be broken up in order to save the economy. Why? Gee … I don’t know. Modern American conservatives and liberals both passionately hate crony capitalism – the malignant symbiotic relationship between governmental leaders and their cronies. The Boston Tea Party in 1773 was largely a protest against crony capitalism. And it’s not just Western governments which fall prey to crony capitalism. (For example, Egypt’s Mubarak family raked in between U.S. $40 and $70 billion dollars through cronyism.) Indeed, people all over the world are starting to demand an end to crony corruption. As Reuters global editor at large Chrystia Freeland noted, the “Arab Spring” and other protests around the world are really protests against crony capitalism:
Note: Don’t get confused by the word “capitalism” in the phrase “crony capitalism”. Crony capitalism is not at all free market capitalism. Instead, it is actually the same thing as fascism, communist style socialism, kleptocracy, oligarchy or banana republic style corruption |
03-19-13 | THEME | CRONY CAPITALISM |
CRONY CAPITALISM - Bank Corruption Summary Jaw-Dropping Crimes of the Big Banks 03-14-13 Washington's Blog Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior. You Won’t Believe What They’ve Done …Here are just some of the improprieties by big banks:
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management. Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this. Even the bank with the reputation as being the “best managed bank” in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senate’s Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency – JPMorgan’s regulator – saying he felt the bank had “lied to” and “deceived” the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner – noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co – notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements. But at least the big banks do good things for society, like loaning money to Main Street, right? Actually:
We can almost understand why Thomas Jefferson warned:
John Adams said:
And Lord Acton argued:
No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks. |
03-19-13 | THEME | CRONY CAPITALISM |
CRONY CAPITALISM - Understanding Cyprus Top Banking Analyst: Subsidies to Giant Banks Exceed $780 Billion Dollars Per YEAR 03-13-13 Washingtons Blog Trillions In Subsidies to the Giant Banks Are Continuing to This Day
Preface: Bloomberg’s recent estimate that the big banks are subsidized to the tune of $83 billion dollars per year created tremendous controversy. But – as shown below – the real number is many times larger. Chris Whalen is one of America’s top banking analysts. Well-known economist Nouriel Roubini notes:
Whalen notes today that the big American banks get a subsidy in excess of $780 billion dollars per year. Specifically, Whalen estimates the following types of subsidies to the giant banks:
That totals $780 billion per year. But Whalen notes that there are many other subsidies as well:
The bailouts of the big banks amount to trillions of dollars, are never-ending … and continue to this day. (Indeed, the government is arguably paying trillions of dollars more in unnecessary interest payments just to have the banks “create” money, instead of creating it itself … as the Founding Fathers may have envisioned.) Whalen notes that the big banks are not really profitable:
Indeed, they are government sponsored enterprises where all of the profits are privatized, and all of the losses socialized. And the big banks are not helping – but are rather destroying – the economy. Indeed, failing to break up the big banks – and the malignant, symbiotic relationship between D.C. politicians and the banking giants – is destroying our country. |
03-18-13 | THEMES | CRONY CAPITALISM |
GLOBAL FINANCIAL IMBALANCE | |||
SOCIAL UNREST |
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CENTRAL PLANNING |
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