by Ellen Brown, Web of Debt
In a nearly $13 billion settlement with the US Justice Department in November 2013, JPMorganChase admitted that it, along with every other large US bank, had engaged in mortgage fraud as a routine business practice, sowing the seeds of the mortgage meltdown. JPMorgan and other megabanks have now been caught in over a dozen major frauds, including LIBOR-rigging and bid-rigging; yet no prominent banker has gone to jail. Meanwhile, nearly a quarter of all mortgages nationally remain underwater (meaning the balance owed exceeds the current value of the home), sapping homeowners' budgets, the housing market and the economy. Since the banks, the courts and the federal government have failed to give adequate relief to homeowners, some cities are taking matters into their own hands.
by Michael Pettis, China Financial Markets
I don’t often make reference to these kinds of things in my blog, but Saturday’s terrorist attack in the Kunming train station – in which 29 innocent people were hacked to death (the toll was especially high among the elderly who were unable to run away quickly enough from the killers) – fills me with dread and dismay. This kind of brutal massacre is not about sending a message to Beijing or to the world but is rather aimed at getting the authorities to overreact so as to create hatred within the country.
March 5th, 2014
in Op Ed
Finance 101: How much of its assets should a public pension fund invest in bonds?
by Dirk Ehnts, Econoblog101
The FT carries an article today by Takatoshi Ito, who chaired a panel of experts, on sovereign debt holdings of Japanese pension fonds:
How much of its assets should a public pension fund invest in bonds? Consider the question assuming that bond yields in developed economies remain low for a few more years, but are expected to rise, the economy is expected to go back to a growth path and the inflation rate is expected to rise from a deflationary level to a normal 2 per cent in a year or two.
Written by Frank Li
Here is a recent headline news story: Russian troops take over Ukraine's Crimea region. For many Americans who pay attention to the media, they would be under the impression that President Putin is terrible and America must do something about it.
Unfortunately, this impression is wrong, as usual, thanks to brainwashing by America's political-media complex. In my humble opinion, President Putin has done the right thing for Russia, for sure, as well as for Ukraine, most likely, and there is no need for America to do anything!
The Shortage of STEM Workers: Another Bogus Crisis Crafted to Benefit the 1%
by Fabius Maximus, FabiusMaximus.com
Summary: Another day, another astonishing bogus crisis (the STEM shortage) in which well-meaning Americans labor against their own interests to further enrich the 1%. The true nuggets of insight in the news media reveal so much, but accomplish nothing unless they spark action.