Ethical Markets agrees with Ellen Brown that Argentina is right to resist the US court decision which tried to force an involuntary default , by transferring the trustee for payment from Bank of New York Mellon to Argentina’s own central bank. The idea of an international bankruptcy court , under …
Cry for Argentina: Fiscal Mismanagement or Pillage?
Argentina has now taken the US to The Hague for blocking the country’s 2005 settlement with the bulk of its creditors. The issue underscores the need for an international mechanism for nations to go bankrupt. Better yet would be a sustainable global monetary scheme that avoids the need for sovereign …
Debt, austerity, devastation: it’s Europe’s turn
As the creditors get fatter, the innocent are punished. Susan George laments a leadership subservient to big business. Like plague in the 14th century, the scourge of debt has gradually migrated from South to North. Our 21st-century Yersinia pestis isn’t spread by flea-infested rats but by deadly, ideology-infested neoliberal fundamentalists. …
Think Your Money is Safe in an Insured Bank Account? Think Again.
Think Your Money is Safe in an Insured Bank Account? Think Again. Posted on July 5, 2013 by Ellen Brown A trend to shift responsibility for bank losses onto blameless depositors lets banks gamble away your money. When Dutch Finance Minister Jeroen Dijsselbloem told reporters on March 13, 2013, that the Cyprus deposit confiscation scheme …
Winner Takes All: The Super-priority Status of Derivatives
Posted on April 9, 2013 by Ellen Brown Cyprus-style confiscation of depositor funds has been called the “new normal.” Bail-in policies are appearing in multiple countries directing failing TBTF banks to convert the funds of “unsecured creditors” into capital; and those creditors, it turns out, include ordinary depositors. Even “secured” creditors, including …
PBI Newsletter – TPP and Public Banks, Cyprus, Letter from a Vermont Farmer, and more…
We at Ethical Markets support the views of the Public Banking Institute and our President , Hazel Henderson serves on its Advisory Board , Editor TPP and Public Banks, Cyprus, Letter from a Vermont Farmer, and more… PBI Newsletter, March 2013, Edition #23 Email not displaying correctly? View it in …
The European Stabilization Mechanism, Or How the Goldman Vampire Squid Just Captured Europe
The European Stabilization Mechanism, Or How the Goldman Vampire Squid Just Captured Europe Ellen Brown http://WebofDebt.com/articles April 18, 2012 The Goldman Sachs coup that failed in America has nearly succeeded in Europe—a permanent, irrevocable, unchallengeable bailout for the banks underwritten by the taxpayers. In September 2008, Henry Paulson, former CEO …
Anti-American Bankers
Anti-American Bankers Posted: 28 Sep 2011 07:56 PM PDT By Simon Johnson. An edited version of this short post appeared today on the NYT.com’s Room for Debate: “Are Global Banking Rules Anti-American?” Jamie Dimon claims that the new rules on bank capital “anti-American” because they somehow discriminate against American banks …