22nd March, 2017
The free market consensus is dead
For the first time in a dozen years the G20 Finance Ministers'
Communique did not promote a commitment to free
trade. Nor did it denounce protectionism as it usually does.
At the insistence of the American delegation, references to
the Paris Climate Change Treaty were also dropped.
Post-2008 the G20 became the most important global
structure for keeping nations bound to the collapsing financial
and economic system. Its power to maintain that role
is weakening. The German G20 summit at Baden-Baden is
one of three recent G20 meetings which have seen critical
interventions contributing to a revolution in world economics.
The others were:
Articles include the following:
- There can be no compromise on Glass-Steagall
- To develop, America should heed Chinese advice
- Barack Obama—the real story
- Trump's best policies are identical to Jeremy Corbyn's
- 'Smoke But no Fire' on Trump-Russia ties
- 'Al-Qaeda's air force' aids ISIS in Palmyra
- Snowy Mountains 2.0 better late than never
- Coalition MPs call for nuclear power
- National banking back on the table
- Bishop's two-facedness on show in Singapore lecture
- Will Australia really exclude itself from OBOR cooperation?
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'Free market' smashes milk producers
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24th March, 2017
Pressure builds in USA for Glass-Steagall banking separation; when will Aus, UK catch up?
Everyone in the United States is suddenly talking about Glass-Steagall, the 1933-99 US law that protected everyday people from banking crashes, by separating commercial banks with deposits from investment banks that speculate.
Restoring Glass-Steagall is the only way to solve the growing threat from Too-Big-To-Fail banks, which, compared to when they were bailed out in 2008, are even bigger, and more addicted to the derivatives gambling that caused the global banking crash.
The rising fears of another crash, and the new presidential administration, are provoking the renewed political focus on Glass-Steagall.
On 15 March, a reporter asked US Federal Reserve chair Janet Yellen about Glass-Steagall: “The administration recently reiterated its support for reinstatement of Glass-Steagall. Treasury Secretary Mnuchin has called for a 21st Century Glass-Steagall. Keeping in mind that there’s no specifics on this proposal, is the fundamental idea of separating commercial banking from investment banking a fruitful line of inquiry? Is this the right path to be pursuing?”
Yellen tried to duck the issue, knowing that the Wall Street banks are hysterical about any discussion about breaking them up; however, reflecting the momentum for Glass-Steagall, she did say: “But obviously we would look at any proposals that are put forward.”
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