Richard Werner, Ph.D., created a monetary policy known as quantitative easing, which is intended to help banks get out of financial crises more rapidly and avoid long-term recession In 2020, this policy was misused to intentionally create inflation Werner’s London-based community interest company, Local First, provides communities with the know-how to set up local community…
Financial podcasts have been featuring ominous headlines lately along the lines of “Your Bank Can Legally Seize Your Money” and “Banks Can STEAL Your Money?! Here’s How!” The reference is to “bail-ins:” the provision under the 2010 Dodd-Frank Act allowing Systemically Important Financial Institutions (SIFIs, basically the biggest banks) to bail in or expropriate their…
It looks like 2008 all over again. Economic and financial mismanagement feature in scorching, consuming brilliance. The culpable, bungling banksters, have returned with their customary, venal incompetence. In the customary script, they habitually seek the role of the public purse to socialise their losses. Along the way, they will avoid richly deserved prison sentences, lie…
Some well-informed analysts tend to say that Switzerland is a schmutzig country. Now we probably know why. In a ‘business deal of the century’ brokered by the Swiss government, Switzerland’s largest bank and its financial pride and joy was acquired by its smaller rival USB for a meagre $3.2 billion. The current affairs sections of…
On CNN March 14, Roger Altman, a former deputy Treasury secretary in the Clinton administration, said that American banks were on the verge of being nationalized: What the authorities did over the weekend was absolutely profound. They guaranteed the deposits, all of them, at Silicon Valley Bank. What that really means … is that they have…
On Friday, March 10, Silicon Valley Bank (SVB) collapsed and was taken over by federal regulators. SVB was the 16th largest bank in the country and its bankruptcy was the second largest in U.S. history, following Washington Mutual in 2008. Despite its size, SVB was not a “systemically important financial institution” (SIFI) as defined in…
