Tag Archives: economics

The Great American Bubble Machine

 

Matt Taibbi
on how Goldman Sachs has engineered every major market manipulation since the
Great Depression.

In Rolling Stone Issue 1082-83, Matt Taibbi takes on
“the Wall Street Bubble Mafia” — investment bank Goldman Sachs. The piece has
generated controversy, with Goldman Sachs firing back that Taibbi’s piece is “an
hysterical compilation of conspiracy theories” and a spokesman adding, “We
reject the assertion that we are inflators of bubbles and profiteers in busts,
and we are painfully conscious of the importance in being a force for good.”
Taibbi shot back: “Goldman has its alumni pushing its views from the pulpit of
the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts;
it also has former players fronting major TV shows. They have the ear of the
president if they want it.” Here, now, are excerpts from Matt Taibbi’s piece and
video of Taibbi exploring the key issues.

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Literary Legend Fights for Local Library

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“Libraries raised me,” Mr. Bradbury said. “I don’t believe in colleges and universities. I believe in libraries because most students don’t have any money. When I graduated from high school, it was during the Depression and we had no money. I couldn’t go to college, so I went to the library three days a week for 10 years.”

via Tom Sparks

http://twitter.com/tsparks

http://tsparks.tumblr.com

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Shrugged

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Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent but by compulsion, when you see that in order to produce, you need to obtain permission from men who produce nothing, when you see that money is flowing to those who deal not in goods but in favors, when you see that men get richer by graft and by pull than by work and your laws don’t protect you against them, but protect them against you, when you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.

Excerpt from Atlas Shrugged, by Ayn Rand, 1957.

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Shrugged

Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent but by compulsion, when you see that in order to produce, you need to obtain permission from men who produce nothing, when you see that money is flowing to those who deal not in goods but in favors, when you see that men get richer by graft and by pull than by work and your laws don’t protect you against them, but protect them against you, when you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.

 

Excerpt from Atlas Shrugged, by Ayn Rand, 1957.

via Means

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Shrugged

Atlas

Watch money. Money is the barometer of a
society’s virtue. When you see that trading is done, not by consent but by
compulsion, when you see that in order to produce, you need to obtain
permission from men who produce nothing, when you see that money is flowing to
those who deal not in goods but in favors, when you see that men get richer by
graft and by pull than by work and your laws don’t protect you against them,
but protect them against you, when you see corruption being rewarded and
honesty becoming a self-sacrifice, you may know that your society is
doomed.

Excerpt from Atlas Shrugged, by Ayn Rand,
1957.

via Means

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Fill in the Bank

In exchange for our money, I want the banking industry to __________.

Thanks and may all yr dreams come true,

No-el
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J.S.G. Boggs and the Funny Money

Like Duchamp, Boggs documents conceptions of value that inform the art world, and investigates how worth comes into being. Furthermore, he plays with economic systems as if they were children’s toys, like Duchamp did with the institutions of the art world.

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JSG Boggs drew his very first bill in 1984 while sitting in a Chicago bar. The artist was doodling on a napkin, and the waitress liked his drawing and asked if he would pay his 90-cent bill with it instead of real money, and the “Boggs Notes” were born.

That was the start of JSG Bogg’s strange tale of “economic” art and later on, legal troubles. Boggs began “spending” his very own bills for face value – he would draw an elaborate note denominated $10 in exchange for $10 worth of goods.

Soon after, no doubt in part because of the high quality of illustrations, Boggs notes became very collectible – however, Boggs refused to sell his notes directly to collectors. He preferred to exchange his money for goods, at restaurants, bars and shops, and then tell the collectors where to hunt for the Bogg notes. Boggs likened his economic transactions to performance art.

Continue Reading | via pennylicious | via tout-fait

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Poems on the Credit Crunch

To celebrate National Poetry Day, BBC News website readers have been sending in their poems on the credit crunch.

via BBC

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New Wall Street crisis will create a new financial world order, says RCM CIO

As the sell-off in global markets continues, RCM’s CIO for Europe Neil Dwane believes the aftermath of Monday’s events will lead to the formation of a ‘new world order’, in which the remaining financial giants will flourish.

via CityWire

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Impacts of the Financial Crisis

Only a small fraction of funding by investment banks, mortgage companies, brokerages, equity funds, hedge funds, commodities futures speculators, etc., comes from actual investor capital. The rest—up to ninety-seven percent, in the case of commodities futures contracts—is credit self-created by the banks.

Where did the banks get this credit? The answer is that they simply cranked it out through their fractional reserve privileges derived from their government charters. In fact the only way money comes into existence in this day and age is through a loan from a bank which must be repaid with interest. The loan is secured by the borrower’s collateral or promise to pay. But the cumulative interest load on the economy grows exponentially. As a part of the federal budget, for instance, interest on the national debt is around $500 billion a year and growing.

via Global Research: Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation

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