The Failure of Free-Market Finance by Adair Turner. Exit from comment view mode.
Click to hide this space LONDON – Five years after the collapse of the US investment bank Lehman Brothers, the world has still not addressed the fundamental cause of the subsequent financial crisis – an excess of debt. And that is why economic recovery has progressed much more slowly than anyone expected (in some countries, it has not come at all).
Most economists, central bankers, and regulators not only failed to foresee the crisis, but also believed that financial stability was assured so long as inflation was low and stable. List of World’s Largest Creditor and Debtor Nations. Since 2006 The International Monetary Fund’s Balance of Payment statistics have been uploaded into a neat online database accessible through its website.
Among country balance of payments figures, the database also features the “Net International Investment Position” of a country, which is defined as the difference between foreign assets that domestic residents own and domestic assets held by foreign entities. Here are the most recent (2010) rankings. Note that the 2011 rankings are still in the process of being calculated. 2010 Country NIIP (Net International Investment Position) statistics by the IMF.
NIIP is defined by a country’s total domestically owned assets minus its foreign owned assets. De paradox van de permanente crisis. De ijdelheid der economen gekwantificeerd.
Conflict of interest. The presence of a conflict of interest is independent of the occurrence of impropriety.
Therefore, a conflict of interest can be discovered and voluntarily defused before any corruption occurs. A widely used definition is: "A conflict of interest is a set of circumstances that creates a risk that professional judgement or actions regarding a primary interest will be unduly influenced by a secondary interest. " Primary interest refers to the principal goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research, and the duties of public office. Secondary interest includes not only financial gain but also such motives as the desire for professional advancement and the wish to do favours for family and friends, but conflict of interest rules usually focus on financial relationships because they are relatively more objective, fungible, and quantifiable. Insider trading = inside info wikipedia. The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth. However, some economists have argued that insider trading should be allowed and could, in fact, benefit markets. Noted economist Milton Friedman has been quoted as saying "You want more insider trading, not less". Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain.
However most jurisdictions require such trading be reported so that these can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. The rules around insider trading are complex and vary significantly from country to country and enforcement is mixed. Handel met voorkennis - informatie asymmetrieën uitbaten.
Who creates money ? demise of democratic control ? The Untouchables. January 22, 2013 FRONTLINE investigates why Wall Street’s leaders have escaped prosecution for any fraud related to the sale of bad mortgages.
Is SEC “Fearful” of Wall Street? Agency Insider Says Yes. The Untouchables: How the Obama administration protected Wall Street from prosecutions. (updated below - Update II) PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering.
What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable. What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Bank Charter Act 1844. The Bank Charter Act 1844 (7 & 8 Vict. c. 32) was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892. Purpose Until the mid-nineteenth century, commercial banks in Britain and Ireland were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation.
Nixon-Schock. The US Invaded Iraq Because It Wouldn’t Have Survived Otherwise. While the US invasion of Iraq about a decade ago was based on public-facing lies about nonexistent weapons arsenals, the underlying reasons for the invasion were much more dire.
Iraq had found the US’ Achilles Heel, and would bankrupt the US if not stopped. When the United States President “Not-a-Crook” Nixon unilaterally declared that the United States would not pay back its loans on August 15, 1971, it sent shockwaves through the financial world. Normally, this would have been a declaration of bankruptcy. Eurozone crisis: interactive timeline. Turn autoplay off Edition: <span><a href=" Sign in Beta.
97% Owned - Positive Money Cut. Cameron family fortune made in tax havens. David Cameron's father ran a network of offshore investment funds to help build the family fortune that paid for the prime minister's inheritance, the Guardian can reveal.
Though entirely legal, the funds were set up in tax havens such as Panama City and Geneva, and explicitly boasted of their ability to remain outside UK tax jurisdiction. At the time of his death in late 2010, Ian Cameron left a fortune of £2.74m in his will, from which David Cameron received the sum of £300,000.
Accountancy firms - Deloitte , Ernst & Young, KPMG , Pricewaterh. Credit rating agencies - kredietbeoordeelaars. The Wall Street Code. Shadow Banking. Tax havens - offshore. Emails Give Glimpse Into Deals That Fueled Financial Meltdown. As ProPublica has been detailing for two years, Wall Street banks and the hedge fund Magnetar worked together to build mortgage-backed deals that the hedge fund also bet against . The more than $40 billion of deals helped fuel the crash of 2008. Now, recently collected emails from bankers and a Magnetar executive involved in some of the deals appear to shed new light on how they did it.
The Joris Luyendijk banking blog. Protofascistisch systeem. Romney's disdain for #47percent of America proves 'he's all about the rich' - The Young Turks with Cenk Uygur. To Our Faithful Current.com Users: Current's run has ended after eight exciting years on air and online. The Current TV staff has appreciated your interest, support, participation and unflagging loyalty over the years. Ewald Engelen; Houdt dit kabinet nodeloos crisis in stand? The Ritz has not paid corporation tax in 17 years, BBC Panorama probe reveals. The documentary claims the world-famous London hotel has taken advantage of tax reliefs to cut its bill to nothing The Ritz Hotel, where suites cost up to £3,600 a night, has paid no corporation tax in the UK since is was taken over by the billionaire Barclay twins 17 years ago.
The revelation comes in a BBC Panorama probe into the reclusive businessmen to be shown tonight. The documentary, called The Tax Haven Twins, claims the world-famous London hotel has taken advantage of tax reliefs to cut its bill to nothing. Lobbyismus: Unter Steinbrück schrieben Banken selbst das Steuergesetz. Staat verliest op steun aan banken. The cancers at the heart of the banking system. Written by Positive Money on . “The cancers at the heart of the banking system are explicit and implicit deposit insurance, destabilising the system, creating financial crises and creating huge implicit government subsidies to bankers’ salaries, which causes damage to public confidence in the system and encourages harmful regulation and taxes”, according to the Telegraph, 20th Aug 2013 The author of the article, Andrew Lilico, describes how the modern banking was formed in Britain in the early 19th century in two, quite distinct, forms – retail banks (where depositors lend money to the bank, which the bank then uses to support lending) and “savings banks” (deposits in savings banks were not permitted to be used to support loans).
VK: 2009 Met deze EMU kiest Europa verkeerde weg. VPRO Andere Tijden - de valse start vd euro - Kop of munt. Economist Arjo Klamer: Homepage. Tegenlicht: Het brein van de bankier. Germany outoff the EU to save the euro - Sorros. NRC Handelsblad - Dossier Euro. Groene A'dammer: Democratie was nooit de bedoeling. CESifo Group: Ifo Institute for Economic Research (ifo Institut für Wirtschaftsforschung), Center for Economic Studies (CES), CESifo GmbH. CEPR (the Centre for Economic Policy Research) a network of over 700 economists based across Europe. NRC.Next: Het zijn de banken, sukkels! Story of Broke. Dutch ditch euro? Netherlands ‘Neuro’ plan. BBC Two - All Watched Over by Machines of Loving Grace. All Watched Over by Machines of Loving Grace (television documentary series)
All Watched Over by Machines of Loving Grace. Pt 1/4 Meltdown - www.goldbasics.blogspot.com. VPRO Import: Waar het fout ging ('The Flaw') NOS: Dossier [video's] kredietcrisis Kamerenquête. System effects of bank crisis underestimated. Scienceguide: Systeemeffecten bankencrisis onderschat. Jan Willem Van Den End at IDEAS. New economy. S&P's French rating mistake very serious, to be investigated: EU. Hoe ontstaat geld? – een interview met Peter Blom, directievoorzitter Triodos. Joris Luyendijk over The City. Former communications manager: 'There's so much the public don't get' Er is geen markt voor water. Why No Financial Crisis Prosecutions? Ex-Justice Official Says It’s Just too Hard.
KSU: Golman Sachs levert EU presidenten. Het jaar dat bankiers eerste minister werden. Index. Het geheime bankiersgenootschap. "Goldman Sachs doet werk van God" NOSop 3 - Nieuwe carrière voor ex-Lehman Brothers bankier. La polémique Goldman Sachs. De werkelijkheid is "Veel ERGER" dan de film.
KSU: EU begrotingstekorten sterk gestegen na bailouts van banken. The capitalist network that runs the world - physics-math - 19 October 2011. The capitalist network that runs the world - image 1 - physics-math - 19 October 2011. (pdf)The network of global corporate controlStefania Vitali1, James B. Glattfelder1, and Stefano Battiston1. The American Dream Film. Theamericandreamfilm's Channel. American Dream Film (@AMdreamfilm) sur Twitter. Capitalism Hits the Fan Film Screening and Q&A with Professor Richard Wolff. Modern Monetary Theory (MMT) A Raucous Hazing at a Wall St. Fraternity. Wikiterms: the direct action network. WOCCU: World Council of Credit Unions. Credit union. Horrorhypotheken - 24 februari 2012.
Fault Lines... Economics & Finance. Bird and Fortune - Subprime Crisis. De Prooi - 6.03 t/m 9.06 in theaters - het Nationale Toneel. Chris Hedges on Capitalism’s ‘Sacrifice Zones’ Finanzkrisen: Die große Krisengrafik - Strategie & Trends. Global Economy Distress 3.0 Looms as Emerging Markets Fal. Conflict of interest. With E.C.B. in Spotlight, Bundesbank Finds Itself in the Shadows. Bundesbank questions basis for EU bank union - report.
Current threat's & warnings.