Black Rock CEO Larry Fink

World’s Largest Asset Manager Warns: The Dollar’s Days As Global Reserve Currency Are Numbered

Of course, the decline of the dollar could be a good thing…for the rest of the world. According to former World Bank Chief Economist Justin Yifu “the dominance of the greenback is the root cause of global financial and economic crises.”
Yifu’s solution was to replace the dollar and all other national currencies with one global currency. But already, Putin and Chinese President Xi Jinping are working on a different solution of their own.

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One Hell of a Crisis Looms

Mike Maloney: One Hell Of A Crisis Looms

We had a stock market crash in the year 2000, and then in 2008, we had a crash in stocks and real estate. The next crash is going to be in stocks, real estate and bonds — including a lot of sovereign debt, corporate bonds and a whole lot of other bonds that will be crashing at the same time. So, it will be all of the standard financial asset classes, including the traditional ‘safe haven’ of bonds that are going to be crashing at the same time that the world monetary system is falling apart.

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Startup Venture Capital Ponzi Scheme

Startup Bubble Ready to Pop : Startup Boom a “Dangerous, High-Stakes Ponzi Scheme”

“Such is the world of user acquisition in tech today: as growth becomes increasingly expensive, somebody must be footing the bill for all of this wasteful spending. But who?”
“The first, as you might guess, are early stage funds’ limited partners, particularly the ​future​ limited partners that invest into the next fund. Their money, after all, is what pays the VC’s newly trumped up management fee: marking up Fund IV in order to raise money for more management fees out of Fund V, and so on, is so effective because fundraising can happen much faster than the long and difficult job of actually building a business and creating real enterprise value. It might take seven to ten years to build a company, but raising the next fund happens in two or three years.”
“The antidote is two-fold. First, we need to return to the roots of venture investing. The real expense in a startup shouldn’t be their bill from Big Tech but, rather, the cost of real innovation and R&D. The second is to break away from the multilevel marketing scheme that the VC-LP-user growth game has become.”

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Italy 277 B Euro Debt to France

277 Billion Reasons Why France Is So Worried About Italy’s Showdown With Brussels

French, German and Spanish banks are now far too exposed to Italian debt for their respective governments to even entertain the idea of pushing Italy to the edge. “Brussels would love to see our defeat,” said Claudio Borghi, the Lega economics chief and budget chairman in the Italian parliament. “They think that we’ll surrender if they cause a crisis for our banks.
Lorenzo Bini-Smaghi, a former member of the ECB board, disagrees. He believes that events are following a similar script to the onset of the Eurozone debt crisis in 2011. “The economy risks tipping into recession in the fourth quarter. The Italian government has not understood this. The crash is going to be violent.”

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Trump Make America a Laughing Stock

Will Trump’s Policies Wreak Havoc on the US and Global Economies?

Cold Wars are useful for capitalists. They can justify massive military expenditure; they can justify patriotism and squashing dissent; they can justify loyalty to the strong leader. The trade war Trump has started might sound good to his base, but is likely to hurt many of them, as Canada, Europe and China are smart when they retaliate, knowing fully well that they will harm his base.
So part of Trump’s goal is to fire up his base by being tough on the foreigners. Trump has decided that the US is in a power struggle with China for global dominance. He is not the first US capitalist politician to believe that. US strategists have talked about making a pivot to China for more than a decade now. Trump has decided to lurch toward China.

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Bezos Monopoly

Amazon Doesn’t Just Want to Dominate the Market—It Wants to Become the Market

Chamath Palihapitiya, a venture capitalist and owner of the Golden State Warriors, put a name to it: Amazon, he told an audience of fellow investors, “is a multitrillion-dollar monopoly hiding in plain sight.”
Economists have recently begun to document a link between corporate concentration and rising inequality. Dominant companies, they’re finding, are funneling the spoils to a small number of people at the top. And by reducing the number of their competitors, these companies are also making it harder for workers to get a fair wage and for producers to get a fair price. A particularly troubling data point in this research is the loss of a long-standing pathway to a middle-class life: starting a business. The number of new firms launched each year has fallen by nearly two-thirds since 1980, and many economists believe that corporate power is to blame.

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President Suharto sign the new IMF deal

World Finance Mafia/Terrorist: Pillaging the World, The History and Politics of the IMF

The IMF’s main task consists in stabilizing the global financial system and helping out troubled countries in times of crisis. In reality, its operations are more reminiscent of warring armies. Wherever it intervenes, it undermines the sovereignty of states by forcing them to implement measures that are rejected by the majority of the population, thus leaving behind a broad trail of economic and social devastation. 
Because of its global status as “lender of last resort” governments usually have no choice but to accept the IMF’s offer and submit to its terms – thus getting caught in a web of debt, which they, as a result of interest, compound interest and principal, get deeper and deeper entangled in. The resulting strain on the state budget and the domestic economy inevitably leads to a deterioration of their financial situation, which the IMF in turn uses as a pretext for demanding ever new concessions in the form of “austerity programs”.
The consequences are disastrous for the ordinary people of the countries affected (which are mostly low-income) because their governments all follow the same pattern, passing the effects of austerity on to wage earners and the poor.
IMF programs have cost millions of people their jobs, denied them access to adequate health care, functioning educational systems and decent housing. They have rendered their food unaffordable, increased homelessness, robbed old people of the fruits of life-long work, favored the spread of diseases, reduced life expectancy and increased infant mortality.

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Greece Bailout Crisis

What is Financial Imperialism?

Greece is the microcosm case example of the new form of 21st century imperialism. In ‘Looting Greece: A New Financial Imperialism Emerges’, published in 2016 by Clarity Press, I described this new form of exploitation organized at the State to State level on a national scale, in which State institutions and apparatuses now play, in the 21st century, an increasing direct role in extracting surplus and value from workers and small business classes on behalf of the big capitalist banks. This is a form of imperialism different from pre-20th century (described in the classic work by Hobson) and early 20th century explanations (influenced heavily by Lenin and Hilferding).

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One Of Australia’s Biggest Banks Caught Committing Mortgage Fraud On Elderly Couple

An elderly couple in Western Australia found themselves to be victims of a mortgage fraud that ultimately cost them about $200,000 and their marriage, when a door-to-door salesman on behalf of a real estate developer pushed them toward an overpriced home purchase – and one of Australia’s “big four” banks, Westpac reportedly modified the couple’s disclosed income in order to get them a loan that they shouldn’t have qualified for.
Brailey concluded that the banks, government and FOS were “all in unison like a big bloody club trying to convince the public that these people deserve what they get because they’re greedy, sophisticated investors.
An analyst from UBS, Jonathan Mott, has estimated that as much of $500 billion worth of Australia’s $1.7 trillion mortgage book could be made up of similar types of loans, often referred to as “liar loans”.

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