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While local banks are held in check by the new banking czars in Basel, Wall Street’s “shadow banking system” has hardly been curbed by regulators at all; and it is here that the 2008 credit crisis was actually precipitated. The banking system’s credit machine is systemically flawed and needs a radical overhaul.
Read more here –
http://www.webofdebt.com/articles/basel3_fail.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
If the big banks that brought you the current credit crisis can already meet the new requirements, what exactly does Basel III achieve, beyond shaking down their smaller competitors?
Read more here –
http://www.webofdebt.com/articles/basel_3.php
Filed under: Ellen Brown Articles/Commentary | 6 Comments »
The Fed is proposing another round of “quantitative easing,” although the first round failed to reverse deflation. It failed because the money went into the coffers of banks, which failed to lend it on. To reverse deflation, the money needs to be funneled directly to state and local economies.
Read more here –
http://www.webofdebt.com/articles/bernankes_helicopters.php
Filed under: Ellen Brown Articles/Commentary | 21 Comments »
The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
Read more here –
http://www.webofdebt.com/articles/homeowners.php
Filed under: Ellen Brown Articles/Commentary | 18 Comments »
Virg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his state, making a state-owned Bank of Michigan a real possibility. Bernero is one of at least a dozen candidates promoting that solution to the states’ economic woes.
Read more here –
http://www.webofdebt.com/articles/commonwealth_bank_aus.php
Translated into French here –
https://webofdebt.wordpress.com/translated-articles/ce-quun-gouvernement-peut-faire-avec-sa-propre-banque-le-modele-remarquable-de-la-%c2%ab-commonwealth-bank-of-australia-%c2%bb/
Filed under: Ellen Brown Articles/Commentary | 23 Comments »
Last week, a Chinese rating agency downgraded U.S. debt from triple A and number one globally, to “double A with a negative outlook” and only thirteenth worldwide. The downgrade renewed fears that the sovereign debt crisis that began in Greece will soon reach America.
Read more here –
http://www.webofdebt.com/articles/greece_skids.php
Filed under: Ellen Brown Articles/Commentary | 4 Comments »
Ever since December 2008, the Federal Reserve has held short-term interest rates near zero. This was not only to try to stimulate the housing and credit markets but also to allow the federal government to increase its debt levels without increasing the interest tab picked up by the taxpayers.
Read more here –
http://www.webofdebt.com/articles/brokers_bookies.php
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Instead, they are engaged in a class war…
Read more here –
http://www.webofdebt.com/articles/who_will_pay.php
Filed under: Ellen Brown Articles/Commentary | 28 Comments »
Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies.
Read more here –
http://www.webofdebt.com/articles/deficit_terrorists.php
Filed under: Ellen Brown Articles/Commentary | 17 Comments »
While individuals, businesses and governments suffer from a credit crisis created on Wall Street, the banks responsible for the crisis are tapping into nearly-interest-free credit lines and using the money to speculate or to make commercial loans at much higher rates.
Read more here –
http://www.webofdebt.com/articles/banks_near.php
Filed under: Ellen Brown Articles/Commentary | 15 Comments »
California is in the anomalous position of being $26 billion in the red and plunging toward bankruptcy, while it has over $70 billion stashed away in an investment pool that it cannot touch.
Read more here –
http://www.webofdebt.com/articles/mysterious_cafrs.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
Here is a followup report in Yes! Magazine on the growing state-owned bank movement:
“More States May Create Public Banks”
Filed under: Ellen Brown Articles/Commentary | 5 Comments »
When Goldman does not get its way, it is in a position to throw a tantrum and crash the market. . . .
Read more here –
http://www.webofdebt.com/articles/stockmarket_crash.php
Filed under: Ellen Brown Articles/Commentary | 6 Comments »
As if attacks from paparazzi and star-crazed fans weren’t enough, Hollywood stars may soon have a literal price put on their heads by investors in the Cantor Exchange, a real-money trading platform where people can bet on the gross profits of upcoming movies.
Read more here –
http://www.webofdebt.com/articles/derivatives_movies.php
Filed under: Ellen Brown Articles/Commentary | 1 Comment »
U.S. States Consider Starting Their Own Banks by Matthew Cardinale
ATLANTA, Georgia, Apr 30, 2010 (IPS) – At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies.
Read more here.
Filed under: Ellen Brown Articles/Commentary, In the News | 4 Comments »
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Read more here –
http://www.webofdebt.com/articles/computerized_front_running.php
Filed under: Ellen Brown Articles/Commentary | 8 Comments »
The government is now officially in the banking business. On March 30, 2010, President Obama signed the reconciliation “fix” to the health care reform bill passed by Congress last week. Slipped into it was student loan legislation the President calls “one of the most significant investments in higher education since the G.I. Bill.”
Read more here –
http://www.webofdebt.com/articles/student_loans.php
Filed under: Ellen Brown Articles/Commentary | 16 Comments »
As the states’ credit crisis deepens, four states have initiated bills for state-owned banks, and candidates in seven states have now included that solution in their platforms.
Read more here –
http://www.webofdebt.com/articles/growing_movement.php
Filed under: Ellen Brown Articles/Commentary | 22 Comments »
In addition to mandatory private health insurance premiums, we may soon be hit with a “mandatory savings” tax and other belt-tightening measures ushered in by the President’s budget task force initiated on February 17. These radical austerity measures, however, are not only unnecessary but will actually make matters worse. The push for “fiscal responsibility” is based on bad economics.
Read more here –
http://www.webofdebt.com/articles/fiscal_responsibility.php
Filed under: Ellen Brown Articles/Commentary | 59 Comments »
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WEB OF DEBT BLOG 
SHOCK THERAPY FOR WALL STREET: BANKING GIANTS SUSPEND THOUSANDS OF FORECLOSURES
The hits are coming fast and furiously. Major Wall Street mortgage lenders could soon be falling like dominos – and looking again for handouts.
Read more here –
http://www.webofdebt.com/articles/shock_therapy.php
Filed under: Ellen Brown Articles/Commentary | 32 Comments »