Busted: Bankers and The Global Economy

October 9, 2010

World economy breaking with US

As the US economy teeters on the edge of decline and a double dip recession, emerging economies continue to grow at a fast pace, fueled by multinational corporations. This changing global economy reveals a United States that is not the center of the economic world.

Financial leaders have joined hands to decide how to boost the global economy at the annual IMF and World Bank meeting. A number of these financial leaders suggest a break up, what is known as a “de-coupling”, in the wings for a number of years, but gaining traction as the US economy stagnates. Central bankers, along with complicit US politicians, have rode the US horse into the ground and now have their eyes on the next rising star to enhance their prosperity. Most politicians advertise that the US will live forever, even though powerhouse nations through history have ebbed like the tidal flow.

The world is breaking away from the US as the consumer of last resort,” said analyst Edward Harrison, the founder of CreditWriteDowns.com. “You’ll see a lot more importance in China, in Russia.” Corporate multinationals and US politicians have raided the US economy over the last thirty years and put that stock in other economies like China, Brazil, Russia and India in the name of globalism. The view is that growth in the global economy will be much more dependent upon these countries than on the “developed economies.” Whether this is true or not remains to be seen.

Meanwhile, the US continues to run by idiot lawmakers that are afraid of multinational corporate power or are having their pockets lined behind the scenes. Like the old Roman Empire, the US seems bent on its’ own self-destruction to salve the interests of a few “leaders of men.”

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August 1, 2010

Digital Privacy Once Again in the Air

Did you know that a proposed amendment to U.S. surveillance law leaves even lawmakers guessing on privacy implications for internet users? Now why would this be? Invasion of privacy in the United States has been ongoing since Bush and 911. With this amendment, many fear the unlimited reach of the FBI where email and internet surfing are concerned. The royal question is being credited against the Obama administration over the responsibility of the lawmakers in the Senate and House. Last I heard, the Senate and House had little to do with the President. Since the Senate and House have more to say with the construction and final wording of this amendment, clearly a visit to your local lawmakers is in order if you care about such things.

Anyone that has been keeping track of digital privacy and security knows that A.T.&T. is already working in collaboration with the federal government to store and rake through all the data that comes into and leaves the States. Suddenly, fear is rampant about the FBI having free access to all that data without a court order, judge approval or oversight. Suspicion or wrongdoing doesn’t enter the picture, just being relevant to an intelligence or terrorism investigation. This amounts to a free season on personal information, as well as all that spam that you get in your email daily. In effect, little has changed in technical terms.

The FBI has already engaged in widespread and serious misuse of its privilege so far. They illegally collect data from both  Americans and foreigners, based on a report by the Justice Department’s inspector general that was concluded in 2007. FBI officials issued 192,499 national security letter requests from 2003 to 2006.

The FBI and other internal agencies like the NSA, have come to rely on free access to your personal email and the like. They have free access to information from telephone providers, banks, credit bureau and business, already holding wide powers where personal information is concerned.

The law already requires Internet service providers to produce the records. The want the power to get whatever details they need from internet sources without litigation or preview by judges. A few lawmakers like Patrick Leahy of Vermont have suddenly become concerned about privacy issues and civil liberties, as if these have not already been violated. It’s all about having the necessary tools to “keep Americans safe.”

If you are wondering why anyone should be concerned, all you to do is to examine the vagueness that “law” is written with. The interpretation is often left to the user or implementing agency to decide. Proponents of this amendment say that it is merely clarifying what Congress intended back in 1993. Oh really?

Since a 2008 justice department opinion, some providers have refused access to internet records and web surfing histories. What do you think? If you aren’t watching what you say in your emails and where you browse, you might think twice.

July 16, 2009

Global Economic Crisis: G8 and the Papacy

G8 ItalyDuring the G8 economic meetings and debate in Italy, Pope Benedict released a new encyclical saying “there is urgent need of a true world political authority.” In that document, Pope Benedict XVI urged G8 leaders meeting in Italy to rewrite global financial rules and to defend the world’s poor from the effects of the economic crisis.

responsibility of the market

In and of itself, the market is not, and must not become, the place where the strong subdue the weak. Society does not have to protect itself from the market, as if the development of the latter were ipso facto to entail the death of authentically human relations. Admittedly, the market can be a negative force, not because it is so by nature, but because a certain ideology can make it so. It must be remembered that the market does not exist in the pure state. It is shaped by the cultural configurations which define it and give it direction. Economy and finance, as instruments, can be used badly when those at the helm are motivated by purely selfish ends. Instruments that are good in themselves can thereby be transformed into harmful ones. But it is man’s darkened reason that produces these consequences, not the instrument per se. Therefore it is not the instrument that must be called to account, but individuals, their moral conscience and their personal and social responsibility.

responsibility of business

Owing to their growth in scale and the need for more and more capital, it is becoming increasingly rare for business enterprises to be in the hands of a stable director who feels responsible in the long term, not just the short term, for the life and the results of his company, and it is becoming increasingly rare for businesses to depend on a single territory. Moreover, the so-called outsourcing of production can weaken the company’s sense of responsibility towards the stakeholders — namely the workers, the suppliers, the consumers, the natural environment and broader society — in favour of the shareholders, who are not tied to a specific geographical area and who therefore enjoy extraordinary mobility. ...business management cannot concern itself only with the interests of the proprietors, but must also assume responsibility for all the other stakeholders who contribute to the life of the business: the workers, the clients, the suppliers of various elements of production, the community of reference.

The papacy has taken an interesting step by inserting itself into the G8 debate framework and  by ordering the involvement of Italy in the process. Certainly, in much earlier times, the papacy was directly involved in such matters without better consequences in those times. History is the best  witness of that truth. Now, the pope indicates that we need a man in charge once again as if the G8 institution is really in charge beyond politics. The real charge has been given to multinational corporations including central bankers on a global basis. The central bankers operate as a global corporate fraternal brotherhood through none other than the Swiss and Rome. Is the papacy and politics going to ‘take authority back’ or have they really lost any authority? The reality is that the papacy already holds ‘such coveted authority’ through the central bankers. Most of them have simply forgotten their moral compass in their need to service their clients. Pope Benedict is simply reminding his league that he holds them to a higher priority and that they need to exert a new influence as they continue to profit from money lending.

G8 first ladies and pope

June 2, 2008

Fed Policy is Now an Open Door

Filed under: banking, federal reserve — Tags: , , , , , — digitaleconomy @ 2:30 pm

The Federal Reserve Board’s website now features convenient access to historical documents of the Federal Open Market Committee for the years 1978 through 2002. Historical Greenbooks and Bluebooks have been available to researchers and others, upon request, for some time. Posting historical documents on the Board’s website makes them more accessible to the public.

Nice move. The Fed’s rise to power has made them much less secretive and they have been opening a door to the public. Now anyone on the internet can check out the Fed here with an eye to history from their institutional perception. Ignacio Lopez de Loyola would be proud of the public acceptance.

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