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Bank Supervision Failure at the New York Fed

October 4th, 2014
in Op Ed

A “Perfectly Legal” Scam is Perfectly Unacceptable to Real Bank Supervisors

by William K. Black, New Economic Perspectives

Whatever else comes out of the release of the audio tapes by Carmen Segarra, they have harmed the reputation of Mike Silva, the long-term senior supervisor at the Federal Reserve Bank of New York (FRBNY). The (lengthy) excerpts below are taken from the This American Life program and are necessary to understand the context.

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Martin Wolf on Inequality

October 3rd, 2014
in Op Ed

by Dirk Ehnts, Econoblog101

The FT's Martin Wolf had a good piece named 'Why inequality is such a drag on our economies', summing up the problem in the following way:

The costs to society of rising inequality go further. To my mind, the greatest costs are the erosion of the republican ideal of shared citizenship.

As the US Supreme Court seeks to bend the constitution to the will of plutocrats, the peril is to the politically egalitarian premises of the republic. Enormous divergences in wealth and power have hollowed out republics before now. They could well do so in our age.

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Addressing the Crisis of the Elite

October 3rd, 2014
in Op Ed

A Bottom-Up Solution to the Global Democracy Crisis

by Joseph M. Firestone, New Economic Perspectives

Before the "no" vote on Scotland's independence, The New York Times carried a post by Neil Irwin in The Upshot making the point that the then upcoming vote "shows a global crisis of the elites." He argues that the independence drive reflects "... a conviction - one not ungrounded in reality - that the British ruling class has blundered through the last couple of decades." He also thinks that this applies to the Eurozone and the United States to varying degrees, and is ". . . a defining feature of our time."

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Sanctions are Taking Russia Back to the Worst Days of the USSR

October 2nd, 2014
in Op Ed

by Gennadi Kazakevitch, The Conversation

When Russia announced counter-sanctions against the European Union, USA, Canada and Australia banning imports of food items from those countries, it was clear there would be imminent consequences. But just how those are playing out isn’t as some had expected.

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Campaign Finance and Modern Monetary Theory

October 2nd, 2014
in Op Ed

by Dirk Ehnts, Econoblog101

Over at Muckraker, Carillo, Gokhmark, Grey and Schweinberger wonder whether campaign finance should be financed from public coffers:

Once the public understands that the U.S. government cannot "go broke," and thus most fears of federal budget deficits are irrational, the dream of fundamental CFR becomes much more viable. Public elections do not need to be financed by higher taxation, spending cuts, or greater indebtedness to China and our grandchildren - instead, they can be funded directly from the source of money itself: the U.S. Government. This insight, in our opinion, is ultimately the strongest argument in favor of public election funding, yet remains sorely overlooked by the CFR community.

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