Tag Archives: bailout


An academic study from the European School of Management and Technology highlights the utter futility of the bailout programs in pulling Greece out of the quagmire of debt bondage and economic depression.The report concludes:

“This paper provides a descriptive analysis of where the Greek bailout money went since 2010 and finds that, contrary to widely held beliefs, less than €10 billion or a fraction of less than 5% of the overall programme went to the Greek fiscal budget. In contrast, the vast majority of the money went to existing creditors in the form of debt  repayments and interest payments. The resulting risk transfer from the private to  the public sector  and the subsequent risk transfer within the public sector from international organizations such  as the ECB and the IMF to European  rescue mechanisms such as the  ESM still constitute the most important challenge for the goal to achieve a sustainable fiscal situation in Greece.”

See Rocholl *, J., and A. Stahmer(2016). Where did the Greek bailout money go? ESMT White Paper No. WP–16–02. http://static.esmt.org/publications/whitepapers/WP-16-02.pdf

Counting the Cost – Money for nothing

Tarek El Diwany and Jem Bendell have done a great job in this Al Jazeera interview program explaining the dysfunctional features that are built into the corrupt global system of money and banking. They also cover Islamic banking and mutual credit clearing. This is a “must watch” video.—t.h.g.

Lie more about LIBOR—Giethner’s claims “not credible”

Here’s a video from Yahoo! Screen featuring an interview with Neil Barofsky, former Special Inspector General in charge of the TARP bailout and author of a new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.

In this interview, Barofsky says that Treasury Secretary Tim Geithner’s claims about his LIBOR whistle-blowing are “not credible,” and that the entire regulatory process has become “captured to the interests of the banks.”

Barofsky says that LIBOR was built into the bailout plan, so the fraud means the taxpayers are being repaid less than they should be, and added “I hope we see people in handcuffs.”

Watch it here.

Occupy World Street, Ross Jackson’s Anthem for the movement

Ross Jackson is more than a thought leader and visionary; here he is performing a song he wrote for the Occupy Movement. I think it is both inspiring and entertaining, an excellent companion to his recent book by the same name. You can learn more about the Occupy World Street agenda at the website,  http://occupyworldstreet.org/.

Banks too big to fail; bankers too powerful to jail.

According to the Associated Press, federal negotiators are close to concluding a deal with major banks that would essentially forgive them of crimes committed in connection with the mortgage crisis. You can read the story here, and a critique of the proposed settlement here: Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious.

What’s the “Occupy” movement all about?—Part 2

Here is an article I came across that provides some further insights about the current mood of the people and the Occupy movement.—t.h.g.

The Re-Greening of Our Hearts (Part 1)

By Jack Adam Weber – Guest Writer for Wake Up World. 14th October 2011

Here we are in the thick of Occupy Wall Street, with the movement and its message spreading worldwide, loud and clear: No more collusion by government and Big Business. No more tax cuts for the already rich and dirty. No more destruction of our planet for the bad habit of bullying-billionaire-ism, an epidemic disease attacking the weak of heart and low morale.

In the first weeks of the ongoing Fukushima disaster I read too many editorials describing the choice between a nuclear or more sustainable future as hinging on the monetary cost to multinational companies, government, and taxpayers. Does it also make you squirm in your skin to hear our world fixated on economic gain at any cost, with the real possibility of environmental collapse as well as species and human extinction from toxic waste streams given secondary concern? Do you care more about remaining “competitive” in the international marketplace above the survival and health of your children and family?

I have reached my limit of political puppet talk to distract attention from and justify the destruction of life on Earth. I could give a crap about the International Marketplace, whatever it is. Come to think of it, I think we should downsize the mythic International Marketplace by 90% (I’d still like to have curry powder to cook with) and replace it with hundreds of regional festivals where we all camp out and envision a new, locally-based future. Camp Headquarters will be biking distance from your home!

We need a new paradigm for living and doing business on Earth, not just an adjustment of the current system. We need a modus operandi that is eco-centric not solely human-centric. This orientation forms the crux of Deep Ecology, which perceives nature as sacred, not primarily a commodity for human progress and development. By granting Nature a right to live and thrive, we grant the same to humanity. We can no longer pretend as though nature is forever indispensable [sic.] and able to re-grow itself no matter the pace at which we use it up. Or that some fantastic messianic miracle of technology is going to save us and regenerate what we have denigrated. Even if there were such a technology, what kind of world would remain in the aftermath?


The monumental Fed Rip-off

We now have the results of the first-ever audit of the Federal Reserve. What it reveals is astounding and outrageous.

Senator Bernie calls it “socialism for the rich,” but it’s not merely “socialism for the rich,” it’s wholesale looting of our common wealth by the people who run the world. This blows sky high all arguments in favor of an “independent” central bank. Independence in this case means allowing an unelected self-serving elite to take what they want free from any effective oversight or control by the people or the people’s representatives.

The list of institutions that received the most money from the $16 trillion Federal Reserve bailout can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)

An excellent article on this story, from which the above list was obtained, can be found on Countercurrents.org.–t.h.g.