On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism, a uniform system for closing failed banks.
None of this will come easy. But this report lights the way. It should be repeated in city after city, in state after state, so that everyone can see just how Wall Street is impoverishing the richest country on Earth.
Investigative reporter Greg Palast is usually pretty good at peering behind the rhetoric and seeing what is really going on. But in tearing into Senator Elizabeth Warren's support of postal financial services, he has done a serious disservice to the underdogs.
Even when the balance is paid on time every month, credit card use imposes a huge hidden cost on users -- hidden because the cost is deducted from what the merchant receives, then passed on to you in the form of higher prices.
Our new economic era is characterized by the supremacy of financial capital which vacuums up the productive wealth of the nation, and then uses the nation's wealth as an insurance policy to pay for its inevitable losses.
In Cyprus, the depositors were "bailed in" (stripped of a major portion of their deposits) to re-capitalize the banks. In Detroit, it is the municipal workers who are being bailed in, stripped of a major portion of their pensions to save the banks.
The Fed claims that quantitative easing has helped create or save almost 2,000,000 jobs since 2008, and while that may be true, the people could probably find a much better way to spend $40 billion a month and create and save far more jobs.
Your deposits are protected only up to the $250,000 insurance limit, and only to the extent that the FDIC has the money to cover deposit claims or can come up with it. The question then is, how secure is the FDIC?
One pathway to genuine reform is "public banking": the establishment of banks which are owned and operated by the government, and which serve people and small businesses directly. Here's why public banking should be included in the agenda for deep and genuine financial reform.
The push to confiscate the savings of hard-working Cypriot citizens is a shot across the bow for every working person in the world, a wake-up call to the perils of a system in which tiny cadres of elites call the shots and the rest of us pay the price.
When traditional systems falter and fail, new ideas spring to life. Little noticed by most observers, handholds on processes of potentially important new forms of change have been quietly developing around the country.
It's all good fun -- or is it? Most commentators have missed the real significance of the trillion-dollar coin. It is not just about political gamesmanship. For centuries, a secret battle has raged over who should create the nation's money supply -- governments or banks.