William Black: Why aren’t the honest bankers demanding prosecutions of their dishonest rivals?
By William Black, a former Federal banking regulator and Associate Professor of Law and Economics at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives. This is the second column in a series responding to Stephen Moore’s central assaults on regulation and the prosecution of the elite white-collar criminals who cause our recurrent, intensifying financial crises. Last week’s column addressed his claim in a recent Wall Street Journal column that all government employees, including the regulatory cops on the beat, are “takers” destroying America. This column addresses Moore’s even more vehement criticism of efforts to prosecute elite white-collar criminals in an earlier column decrying the Sarbanes-Oxley Act’s criminal provisions: “White-Collar Witch Hunt: Why do Republicans so easily accept Neobolshevism as a cost of doing business?”
Seven startling things most people still don't know about the national debt, banking and the money supply
(NaturalNews) Most people, even smart people, know surprisingly little about the way money really works in Big Government. With the debt ceiling fiasco suddenly raising awareness of the possibility of a total global financial blowout, now seems like a good time to remind people of seven disturbing facts about money that are almost never acknowledge in the old media. Fact #1 - There is no FDIC insurance fund. The money at your bank is insured against loss by the FDIC's insurance fund, right? Nope.
SA weathers storm, but food prices still set to double by 2030
Traditionally the cost of staple foods has gradually inflated over time, and future cost scenarios have taken this approach. But a report released by Oxfam today has factored in the rapid changes in price that come about due to climate-related crop failures. Their most conservative scenarios see food prices doubling by 2030. Half of this increase will be down to changes in average temperatures and rainfall patterns, it said. The report, Extreme Weather, Extreme Prices, said that for the moment South Africa is secure.
The 1% are the very best destroyers of wealth the world has ever seen
If wealth was the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire. The claims that the ultra-rich 1% make for themselves – that they are possessed of unique intelligence or creativity or drive – are examples of the self-attribution fallacy. This means crediting yourself with outcomes for which you weren't responsible. Many of those who are rich today got there because they were able to capture certain jobs. This capture owes less to talent and intelligence than to a combination of the ruthless exploitation of others and accidents of birth, as such jobs are taken disproportionately by people born in certain places and into certain classes.
Great Cause
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The Evils of Unregulated Capitalism
Just a few years ago, a powerful ideology - the belief in free and unfettered markets - brought the world to the brink of ruin. Even in its hey-day, from the early 1980s until 2007, US-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology's 30-year ascendance, most Americans saw their incomes decline or stagnate year after year. Moreover, output growth in the United States was not economically sustainable. With so much of US national income going to so few, growth could continue only through consumption financed by a mounting pile of debt. I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government.
Omnipotent Government: The Rise of the Total State and Total War
VI: The Peculiar Characteristics of German Nationalism↩ 1.: The Awakening↩ German nationalism did not differ from other peoples’ nationalism until—in the late 1870’s and early ’80’s—the German nationalists made what they believed to be a great discovery. They discovered that their nation was the strongest in Europe. They concluded that Germany was therefore powerful enough to subdue Europe or even the whole world.
Growth outlook bleak for SA
Schussler said that, because South Africa's major trading partner, the EU, is under economic stress, some of its members have reduced their imports from this country. There was little doubt, he said, that the effects of the austerity measures Greece and Spain, among others, were enduring would soon be felt in South Africa. He said creating conditions conducive to entrepreneurship was something the government should do now. In the long term, it should remedy the ailing education system.
My Soapbox Advice to the OWS Movement and then some
I may not know much, but I know a lot of it. So I decided to share my opinions and thoughts on what I would do if the OWS movement either elected me Grand Poobah or asked for my advice: 1. The Great Lie of Wall Street.
