Meltup: A Must-Watch
Meltup: The beginning of a U.S. currency crisis and hyperinflation. Put together by the National Inflation Association.
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- 7 Cartoons from the Great Depression
- World health and wealth, visualized over the last 200 years
- Debunking Mr. Krugman's Debt-GDP Defense
- Flaws in the Deflation Case
- Has the US Reached The Hyperinflation Tipping Point?
- Interview: Five Questions for William K. Black
- Don't Blame Free Markets, They Never Existed
- Greenspan Was NOT Free-Market
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11 Comments
Why the ‘Experts’ Failed to See How Financial Fraud Collapsed the Economy
By James K. Galbraith
May 16, 2010
“Some appear to believe that “confidence in the banks” can be rebuilt by a new round of good economic news, by rising stock prices, by the reassurances of high officials – and by not looking too closely at the underlying evidence of fraud, abuse, deception and deceit. As you pursue your investigations, you will undermine, and I believe you may destroy, that illusion.”
http://tinyurl.com/37ck6ow
Companies Dodge $60 Billion in Taxes Even Tea Party Condemns
While it remains offshore and shielded from federal income taxes, most of the $1 trillion in foreign profits for U.S. multinationals cannot be used in the U.S. That doesn’t make Tyler Hurst very happy about his Lexapro transaction.
“If I’m purchasing it from Walgreens two blocks away, that money isn’t going to anything local, or anything national,” he said. “I’m giving my money to Ireland.”
http://tinyurl.com/2c6y928
great video. this article discusses some similar topics, and the potential effects on gold, which has continued to do particularly well:
http://www.goldalert.com/stories/What-Gold-Price-Bubble
America’s Ten Most Corrupt Capitalists
Wall Street’s captains of industry and top policymakers in Washington are often the same people. A lot of them get rich by playing for both teams.
http://tinyurl.com/22oh72q
Tuesday, May 18, 2010
Goldman Sachs: A moral failing
Joseph Stiglitz: The problem on Wall Street is that we had bought into the idea that
money is everything, and that the metric of whether you are doing well for the economy is how much money you were making for yourself. To me there were two very serious moral failings. One is that so much energy went into exploiting the poorest Americans; selling them houses they knew were beyond their ability to pay, with mortgages that were exploitive. There were people who called themselves mortgage brokers supposedly looking for the best mortgage, but in fact were looking for the worst mortgage. The whole hosts of mortgages that are designed to maximize fees basically rob the poorest people of all their life savings. The irony was that the financial markets were hoisted on their own petard, as I point out in my book. That is to me, one of the most serious moral failings on the part of the financial markets. The second is while Bernie Madoff represented a pyramid scheme engaging in illegal activity, much of what the financial markets were doing was perhaps legal, but clearly unethical, or borderline. That the financial markets did not seem to see much distinction is a severe criticism. A good example is what Goldman Sachs did; how they sold products that they knew were bad, so bad that they were actually selling them short, betting on the fact that they would lose money. The whole debate in their mind is whether what they did was legal or not. The unanimity that it was immoral that they did not disclose to the buyers that they thought these were so crappy that they were going to lose money on them and the fact that they see nothing wrong with that suggests that they live in a parallel universe, a different world, a different moral compass than the rest of society.
http://tinyurl.com/23kwok3
Vote them all out….
“We’re An Oligarchy And It’s Getting Worse”
http://tinyurl.com/29yepmv
Stock
Max interviews Jim Rickards about naked short selling and overwhelming the specialist system, Wall Street banks undermining Greece and Goldman Sachs as an undeclared national enemy.
http://tinyurl.com/274eacn
HFT, Dark Pools..
http://maddmoney.net/jim-cramers-special-interview-video-senator-ted-kaufman/
Gold at $36,000 Not as Ridiculous as It Sounds?
“I could be really obtuse and say $36, 000,” he said. “But actually it’s not as ridiculous as it might sound.”
http://www.cnbc.com/id/37352471
I think $36,000 is pretty ridiculous. I don’t see inflation anywhere, we are going to go Japanese.