Ménage à Trois The Strange Non-Death of Neoliberalism. Colin Crouch urges us to rethink the role of giant corporations in the state vs market analysis of neoliberalism Neoliberalism has ruled the Western world and most of the globe since the 1970’s. It is based on a market-driven approach to monetary policy and it promotes control of the economy by the private sector, which is supposedly more efficient than the public sector. For many, the recent financial collapse provided a strong blow to neoliberal economic theories. Indeed, the collapse was seen as a failure of banks, champions of neoliberalism and driven by profit maximization. In the immediate aftermath of the crisis, European and international heads of state advocated firmer policy towards the market. According to Professor Crouch, here lies the core riddle that needs to be addressed: why the crisis is not going to lead to a change in the neoliberal model that drives the world. The Strange Non-Death of Neoliberalism, Colin Crouch, Polity, 18€
More Icelandic bankers arrested Iceland’s special prosecutor into the banking crisis has confirmed that raids have taken place today and that arrests have been made. The Central Bank of Iceland is among the institutions under investigation. Special Prosecutor, Olafur Thor Hauksson told Visir.is that house searches are taking place in at least three places today as part of investigations into the central bank, MP Bank and Straumur Bank. Stefan Johann Stefansson at the central bank confirmed that agents were in the building conducting searches; and it has also been confirmed that searches are underway at MP Bank and ALMC (formerly Straumur). An ALMC spokesman said that the premises are indeed being searched and that the bank’s staff members are doing their best to help. In other news, four people have so far been arrested today in connection with the special prosecutor’s investigation into Landsbanki.
Senator Kerry: We'll Pass the CRPD by July 26 July 13, 2012 Michael P. Farris, Esq., LL.M. Founder and Chairman Michael Farris is founder and chairman of HSLDA, and homeschooling father of 10. Senator John Kerry announced yesterday that he plans to pass the UN Convention on the Rights of Persons with Disabilities before July 26—just 13 days from today. Yesterday’s “hearing” was a carefully orchestrated attempt to get this treaty ratified without any serious consideration. False Ideas The administration seeks to promote two ideas that are simply inaccurate: 1. They are arguing that a treaty is an empty promise with no actual substance. And no one even attempted a serious answer to our core parental rights concern. Article 7 of the UNCRPD gives government the ability to override every decision of a parent of disabled children if the government thinks that its views are in “the best interest of the child.” Parental Rights at Stake This is a radical attempt to take away parental rights. We absolutely must flood the U.S. And pray like mad.
Social Search: What is It? 25 Shares Google+ 3 Twitter 16 Facebook 2 LinkedIn 4 inShare4 Reddit 0 Pin It Share 0 Buffer 0 25 Shares × You may have seen the announcement recently that Microsoft’s search engine, Bing, made some major updates. I’ve had a bit of time with it, and I want to show you what it can do and why it’s an important improvement. Disclosure: Bing has sponsored Geek Beat. Keep in mind, we don’t take sponsorships from companies or products we don’t believe in. Let me ask you a question. But we also use the Internet. Now, let’s combine those two concepts. 1) Asking your friends for advice. 2) Getting help from the Internet. When you search for something, the page is broken up into three columns. Normal search resultsAdditional information (like Maps or Open Table reservations) based on your searchSocial Sidebar The Social Sidebar The Social Sidebar is where it gets really interesting. You can post to your wall and ask questions about your search directly from the Bing interface. What do you think?
Mainstream Economics is a Cult Neoclassical Economics Is Based on Myth Neoclassical economics is a cult which ignores reality in favor of shared myths. Economics professor Michael Hudson writes: [One Nobel prize winning economist stated,] “In pointing out the consequences of a set of abstract assumptions, one need not be committed unduly as to the relation between reality and these assumptions.”This attitude did not deter him from drawing policy conclusions affecting the material world in which real people live….Typical of this now widespread attitude is the textbook Microeconomics by William Vickery, winner of the 1997 Nobel Economics Prize: “Economic theory proper, indeed, is nothing more than a system of logical relations between certain sets of assumptions and the conclusions derived from them… The validity of a theory proper does not depend on the correspondence or lack of it between the assumptions of the theory or its conclusions and observations in the real world. “Our models show there is no chance of water”
Timeline: Barclays' widening Libor-fixing scandal 6 February 2013Last updated at 11:51 Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. It underpins trillions of pounds worth of loans and financial contracts. So, when Barclays was fined £290m in June last year after some of its derivatives traders were found to have attempted to rig this key rate, already weak public confidence in banks was harmed further. The scandal led to the resignation of both Barclays chief executive Bob Diamond and chairman Marcus Agius. Here are some of the key dates in the scandal: As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its derivatives traders and other banks. Misconduct was widespread, involving staff in New York, London and Tokyo as well as external traders. Continue reading the main story Libor London Inter Bank Offered Rate. "No one's clean-clean," the BBA representative responded.
When Is A Crime Not Considered Criminal? When It’s Hatched On Wall Street All over Europe and in much of the rest of the world, a new fictional hero has engaged the fascination of millions of readers. His name is Mikael Blomkvist, and he’s the protagonist of the late Stieg Larsson’s Millennium Trilogy. These thrillers, set against the background of high financial crimes and misdemeanours, have become global best-sellers, doubtless in part owing to their gripping plots, elaborate mysteries and engaging characters. But their success is also indisputably a by-product of the macroeconomic chicaneries of our era and the human catastrophes they have wrought. Larsson understood that financial crimes are far from victimless. Although the financial crisis that swept the world may have started on Wall Street, it has brought down governments and shredded economic security worldwide, resulting in the loss of millions of jobs and homes as businesses collapse, foreclosures grow, credit tightens and communities are devastated. Avoiding the ‘c-word’ Omens shrugged Lawyer up
Opening Up About the Open Data Institute As I've noted before, open data is one area where the UK government shines - unlike open source, where it has yet to deliver the goods. One of its bright ideas was the creation of an Open Data Institute (ODI), which I wrote about at the end of last year. It still doesn't exist yet, but it does have a Web site with some interesting further information about its intentions. The most detailed document is entitled "The ODI business plan" [.pdf]. The vision is to establish the Open Data Institute (ODI) as a world-leading centre to innovate, exploit and research the opportunities for the UK created by the Government’s Open Data policy. The ODI will become an exemplar and we expect to see similar initiatives established around the world. The ODI will demonstrate the commercial value of Open Government Data (OGD) and the impact of Open Data policies on the realisation of this value. Not only that, but also this: So, those are all the grand generalities, but what about the nitty-gritty?
Special Report: Crisis forces dismal science to get real Financial Totalitarianism: The Economic, Political, Social and Cultural Rule of Speculative Capital (Image: Jared Rodriguez / Truthout)At the end of May, it was revealed that a new bill for the regulation of the banking and financial sector was, for all intents and purposes, drafted by Citigroup. This is only the latest in a long list of what can only be called legalized corruption at the highest levels of American power, which has ultimately led to no meaningful policy or legal change in the wake of the 2008 financial crisis. Avid readers of intrepid Rolling Stone journalist Matt Taibbi and others cannot help but be sickened and struck by the impunity and hubris of America's financial elites, even as astute students of history will point out the previous moments when the power and influence of financiers has overshadowed economics and politics. Totalitarianism is not an inappropriate term, not simply because the financial realm holds such a great deal of wealth and power. "Financialization" generally refers to two overlapping economic processes.