* BREAKING ’08 PLEDGE, LEAKED DOC SHOWS OBAMA WANTS TO HELP CORPORATIONS AVOID REGULATIONS
Source: Democracy Now!
DemocracyNow.org -A draft agreement leaked Wednesday shows the Obama administration is pushing a secretive trade agreement that could vastly expand corporate power and directly contradict a 2008 campaign promise by President Obama. A U.S. proposal for the Trans-Pacific Partnership (TPP) trade pact between the United States and eight Pacific nations would allow foreign corporations operating in the U.S. to appeal key regulations to an international tribunal. The body would have the power to override U.S. law and issue penalties for failure to comply with its ruling. We speak to Lori Wallach, director of Public Citizen’s Global Trade Watch, a fair trade group that posted the leaked documents on its website. “This is not just a bad trade agreement,” Wallach says. “This is a 1% power tool that could rip up our basic needs and rights.”
VIDEO @ http://www.democracynow.org/
– The Trans Pacific Partnership Agreement: The 1% Strike Back Against Occupy Movement: http://99getsmart.com/?p=3715
* FED MEMBERS GAVE THEIR OWN BANKS $4 TRILLION DURING BAILOUT
A report just released by the US Government Accountability Office explains how the Federal Reserve divvied up more than $4 trillion in low-interest loans after the fiscal crisis of 2008, and the news shouldn’t be all that surprising.
When the Federal Reserve looked towards bailing out some of the biggest banks in the country, more than one dozen of the financial institutions that benefited from the Fed’s Hail Mary were members of the central bank’s own board, reports the GAO. At least 18 current and former directors of the Fed’s regional branches saw to it that their own banks were awarded loans with often next-to-no interest by the country’s central bank during the height of the financial crisis that crippled the American economy and spurred rampant unemployment and home foreclosures for those unable to receive assistance.
Although the crisis continues to have an effect on Americans that were devastated by the recession, the banks that survived the near meltdown were largely able to do so because some of their CEOs sat on the same Federal Reserve board the decided on how to dish out trillions of dollars. […]
* MAN CALLS JP MORGAN CHASE CEO A CROOK TO HIS FACE
* ON JUNE 17 WE SAY: THERE IS NO RETURN TO THEIR PLANS
The Greek elections on May 6 delivered a clear message: NO MORE AUSTERITY. No political party or coalition has any legitimacy to continue the austerity policies either inside or outside the Eurozone. Regardless the result of the coming elections we will continue to take the streets and struggle against the neoliberal policies in Greece and all over Europe. The victory of the people in Greece will be a victory for all people in Europe. The defeat of the Troika, the release from the debt and the toppling of the corrupt political system in Greece is the first step for the struggle for a just society in Europe.
On May 6, the people gave a decisive blow to the former ruling parties that conceded the austerity policies and brought the state’s economy to its knees. Since the May elections the propaganda of the mainstream media and statements of officials are trying to force the people in Greece to accept the policies of the Troika and the previous government. The media promote gloomy scenarios together with an image of Greece regressing back to the Stone Age in case the austerity policies come to a halt. On top of it, a patronized left-wing / right-wing division is imposed on the Greek society. EU-officials ignore the message of the Greek elections and keep interfering with domestic politics by expressing their expectation from the new government to stick to the commitments of the previous administration. The IMF director C. Lagarde, the German Chancellor A. Merkel and the German minister of Finance W. Schäuble accuse openly the people in Greece for the disaster to come in case they decide to turn their back to their policies. Their propaganda aims at persuading the Greeks to give the majority-vote to the pro-austerity parties.
The EU and the IMF expect from the new government to apply budget cuts up to 1.5% of GDP within 2012 and 3.8% until 2015. According to the Revised Adjustment Program of March 2012 this goal will be achieved by the redundancy of 150.000 civil servants, a further decrease in salaries and pensions below 600€ and 400€ respectively, and the complete abolishment of employment protection and social-security benefits. These measures will be applied on top of the 25% loss of average income, the 100.000 companies that have closed down, an unemployment rate that has reached 21%, and the rapidly increasing rates of homelessness and suicides. […]
* ICELANDIC RECOVERY PLAN
Source: James Corbett, GRTV
Iceland was one of the hardest hit nations in the immediate aftermath of the September 2008 economic meltdown. Asked by their own government to pay Britain and Holland for bailing out their Icesave-exposed banks, the people overwhelmingly said “no.” Do the actions of the Icelandic people present an example for the rest of the world as we see the global economy teetering on the edge of collapse? Find out on this week’s GRTV Feature Interview with Michael Hudson.
* ICELAND PORVES THAT BAILING OUT THE MIDDLE CLASS WORKS BETTER THAN BAILING OUT THE BANKS
Source: The Young Turks
Cenk explains why Iceland is a perfect example for how bailing out citizens instead of banks can help an economy recover. Between 2001 and 2010, the median net worth in the United States dropped 20 percent. Meanwhile, Iceland invested in their middle class, provided debt relief for 25 percent of its citizens, and now the economy is on the rebound. “We were told here in the United States, both by Republicans and Tim Geithner, ‘That can’t work; it’ll destroy our economy,” Cenk says, but Iceland disproves that by now doing better than the U.S. and the Eurozone.
* THE VICIOUS CYCLE OF ECONOMIC INEQUALITY
By Joseph E. Stiglitz, Politico
America’s growing inequality is likely to play an important role in this election — and rightly so. Americans see that something is happening to our society: We have become increasingly divided. We may all be in the same boat — but some are traveling steerage and others first class.
Inequality is now far higher than just 30 years ago. The top 1 percent today gets around 20 percent of the nation’s income — twice what it did two decades ago. The top 0.1 percent’s share has almost tripled. Disparities in wealth are even greater.
Some on the right argue that this is the politics of envy. They say what matters is not the share of the pie — but the size of the slice. But inequality, especially of the U.S. variety, is bad for growth. The country grew faster in the decades after World War II — when it was also growing together, with all groups seeing increases in income. But those at the bottom were growing the most. […]
* NIGEL FARAGE EXPOSING NE GIANT EURO BANKING SCAM
Nigel Farage MEP, Leader of the UK Independence Party (UKIP), Co-President of the ‘Europe of Freedom and Democracy’ (EFD) Group in the European Parliament.
Nigel Farage : “Another one bites the dust. Country number four, Spain, gets bailed out and we all of course know that it won’t be the last. Though I wondered over the weekend whether perhaps I was missing something, because when the Spanish prime minister Mr Rajoy got up, he said that this bailout shows what a success the eurozone has been. And I thought, well, having listened to him over the previous couple of weeks telling us that there would not be a bailout, I got the feeling after all his twists and turns he’s just about the most incompetent leader in the whole of Europe, and that’s saying something, because there is pretty stiff competition. Indeed, every single prediction of yours, Mr Barroso, has been wrong, and dear old Herman Van Rompuy, well he’s done a runner hasn’t he. Because the last time he was here, he told us we had turned the corner, that the euro crisis was over and he hasn’t bothered to come back and see us.
I remember being here ten years ago, hearing the launch of the Lisbon Agenda. We were told that with the euro, by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world. By any objective criteria the Euro has failed, and in fact there is a looming, impending disaster. You know, this deal makes things worse not better. A hundred billion [euro] is put up for the Spanish banking system, and 20 per cent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It’s genius isn’t it. It really is brilliant. So what we are doing with this package is we are actually driving countries like Italy towards needing to be bailed out themselves. In addition to that, we put a further 10 per cent on Spanish national debt and I tell you, any banking analyst will tell you, 100 billion does not solve the Spanish banking problem, it would need to be more like 400 billion. And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank is bust. It’s gone. It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you’ll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn’t make it up could you! It is total and utter failure. This ship, the euro Titanic has now hit the iceberg and sadly there simply aren’t enough life boats.”