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Posts Tagged ‘Financial Crisis’

Economic Shock Could Throw 900 Million People Into Poverty, IMF Study Warns

Posted by Ram Kumar Shrestha on April 6, 2013

By 

Hundreds of millions of people worldwide are on the brink of poverty.

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A recent study by the International Monetary Fund warns that as many as 900 million people could fall back into poverty in the event of an economic shock like the Great Recession. That figure is three times the size of the U.S. population. Read the rest of this entry »

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Reagan-Appointed Judge: Deregulation Movement Made ‘A Fundamental Mistake’

Posted by Ram Kumar Shrestha on August 25, 2012

Apparently the financial crisis was a big enough disaster to convince even some of the firmest deregulation advocates that they were wrong.

Federal judge Richard Posner said his one-time support for deregulating the financial industry was based on a “basic misunderstanding,” in an interview with Eliot Spitzer on Current TV. His about-face is all the more noteworthy because Posner was appointed by Ronald Reagan, the president known to advocate for leaving businesses alone.

“I was an advocate of the deregulation movement and I made — along with a lot of other smart people — a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy,” he said in the appearance on Spitzer’s “Viewpoint.” “The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.”

Posner’s comments come at a time when regulators are struggling to implement some of the provisions of the Dodd-Frank financial reform law, which attempts to place curbs on Wall Street. One example: After failing to put rules in place to rein in money market funds — which some critics blame in part for the financial collapse — the SEC and other regulators are scrambling to find another way to deal with them, according to The New York Times. Read the rest of this entry »

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‘The Biggest Financial Fraud In History’?

Posted by Ram Kumar Shrestha on July 12, 2012

Libor Scandal Lawsuits 

The news on Wednesday that cities and states are suing some of the world’s largest banks over Libor manipulation shows how this scandal could blow up into one of history’s biggest bank frauds.

That’s because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids — adding to the human suffering of the economic collapse these same banks caused in the first place.

If it’s any consolation, the lawsuits and fines over this manipulation could potentially cost the banks — which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more — billions of dollars.

“This could get very ugly in a hurry for some banks,” Peter Tchir of TF Market Advisors wrote in a note.

And this could finally be enough to make Americans stop reacting to the Libor scandal with “a shrug,” as Joe Nocera recently put it, and push them closer to believing what Robert Shapiro, founder of economic advisory firm Sonecon, calls possibly “the biggest financial fraud in history.” Read the rest of this entry »

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Obama Knows the Magic Word to End Our Troubles

Posted by Ram Kumar Shrestha on May 22, 2012

By Deepak Chopra, Author, ‘Spiritual Solutions’; founder, The Chopra Foundation

OBAMA 284 ELECTORAL VOTES

Barack Obama

ROMNEY 170 ELECTORAL VOTES

Mitt Romney

237 Strong Obama 47 Leans Obama 84 Tossup
0 Leans Romney 170 Strong Romney

This week for the first time in the presidential race, a poll gave Mitt Romney the edge over President Obama (only a tiny one, within the margin of error). One foresees that a simple message may prevail over a complex one. The simple message, which Romney endlessly repeats, is this: The president is a nice guy, but he’s in over his head, and his wild spending has bankrupted the country. The complex message, which comes from Obama in mixed, varied, and confusing in ways, is this: We must revamp America in order to meet the future.

Because Romney has blame, impatience, and angry frustration on his side, he may succeed in his uphill climb. Already most of what the pundits told us — that Romney had been damaged in the combative primary race, that the conservative base is opposed to him, that the religious right is suspicious of him — has proved invalid. Republicans are rallying en masse behind the simple message, while seething underneath is an irrational hostility to Obama that no sensible person can quite fathom.

Yet it’s the president who knows the magic word that will end all our woes: Evolve. He picked “Forward” as a simpler synonym, but the net effect is the same. The old America that was such a familiar comfort zone isn’t coming back, no matter how warmly the Republicans try to conjure it. Our future will not be the repetition of our past, because certain hard facts are set in place: Read the rest of this entry »

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Obama: JPMorgan Disaster Shows ‘Why Wall Street Reform Is So Important’

Posted by Ram Kumar Shrestha on May 15, 2012


Comment: We need reform to bring new system to accommodate to all and not just to replace person:

President Barack Obama discussed JPMorgan Chase’s $2 billion loss on Monday, saying the bank’s massive failure proves why Wall Street reform is necessary.

“JPMorgan is one of the best-managed banks there is,” Obama said during an interview on ABC’s “The View”, which will air on Tuesday. “Jamie Dimon, the head of it, is one of the smartest bankers we got, and they still lost $2 billion and counting.”

Dimon, who appeared on NBC’s “Meet The Press” Sunday, told host David Gregory he had been “dead wrong” to dismiss concerns about the banks questionable trades. Read the rest of this entry »

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‘2012: What’s in Store…’

Posted by Ram Kumar Shrestha on December 26, 2011

Reuters / Kacper Pempel

The Private Global Power Elite embedded in major governments is dead set on imposing World Government on us sooner rather than later. Let’s look at 12 mega-processes – veritable “Triggers” – that we infer they are using to achieve their goals.

All roads lead to World Government.  This should come as no surprise.  London’s Financial Times openly articulated this view in an article by their chief foreign affairs commentator, Gideon Rachman, published on 8 December 2009, whose title said it all: “And Now for a World Government.” These goals are echoed by the Trilateral Commission, CFR and Bilderberg insiders – even by the Vatican.

Macro-managing planet Earth is no easy matter. It requires strategic and tactical planning by a vast think-tank network allied to major elite universities whereby armies of academics, operators, lobbyists, media players and government officers interface, all abundantly financed by the global corporate and banking superstructure.

They do this holistically, knowing that they operate on different stages moving at very different speeds:

  • Financial Triggers move at lightning speed thanks to electronic information technology that can make or break markets, currencies and entire countries in just hours or days;
  • Economic Triggers move slower: manufacturing cars, aircraft, food, clothes, building plants and houses takes months;
  • Political Triggers tied to the “democratic system” put politicians in power for several years;
  • Cultural Triggers require entire generations to implement; this is where PsyWar has reached unprecedented “heights”.

Risk-managing this whole process takes into account the many pitfalls and surprises in store.  So each plan in every field counts, with “Plan B’s” – even Plans “C” and “D” – which can be implemented if needed. Read the rest of this entry »

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My comment in Huffington Post Awarded

Posted by Ram Kumar Shrestha on September 5, 2011

In politics everybody wants to blame others to try to hide own mistakes and weakness. In spiritual world (not religion) spiritual persons try to see everything in cause and effect perspectiv­e and do not want to blame others.”

For my above comment in this post in Huffington Post John Breeze awarded insightful gift badges:

Read the Article at HuffingtonPost

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Alistair Darling Attacks ‘Deeply Unpleasant’ Nature Of Gordon Brown’s Premiership

Posted by Ram Kumar Shrestha on September 4, 2011


In politics everybody wants to blame others to try to hide own mistakes and weakness. In spiritual world (not religion) spiritual persons try to see everything in cause and effect perspectiv­e and do not want to blame others.
Read the Article at HuffingtonPost

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Global ‘Mini-Lateralism’ Will Get Us Nowhere

Posted by Ram Kumar Shrestha on April 23, 2011

By Gordon Brown, Former Prime Minister of the United Kingdom

Two years ago the formal creation of the G20 helped prevent the world recession from becoming a world depression. World leaders agreed to a one trillion dollar underpinning of the world economy, and strengthened the World Bank, the IMF and the World Trade Organization. In its concluding statement, however, the G20 promised more: that it would work towards implementing new global standards and regulations across the world’s banking system and that it would be the architect of a global growth agreement designed to deliver rising prosperity and create jobs in the decades ahead.

Two years on, what some now call mini-lateralism, seems to be the order of the day. The immediate crisis has passed and despite outstanding leadership in our international institutions and bold international initiatives by some national leaders, many governments have retreated into their national shells. We cannot agree on the proposed ‘global growth pact’, a world trade agreement is yet again stalled, risking the first failure of a planned trade agreement since 1948, and, even after a nuclear catastrophe in Japan and a period of violent volatility in oil prices, there is still insufficient momentum for a global climate change agreement.

So what has happened? The need for cooperation cannot be in dispute. Indeed this year the world is facing an unremitting onslaught of new challenges – food shortages, commodity price rises, youth unemployment and social unrest ; and large imbalances even as inflation reappears. Some now talk not of a crisis but of crisis-ism, a state of ever recurring crises that cannot easily be resolved by nations acting autonomously. Read the rest of this entry »

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UN: Global Unemployment Still High

Posted by Ram Kumar Shrestha on January 26, 2011


And it is very interestin­g that leaders are giving priority to war and arms business rather than creating job.
Read the Article at HuffingtonPost

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State Budgets: Year Ahead Looms As Toughest Yet

Posted by Ram Kumar Shrestha on January 16, 2011


Budget problem for needy sectors, but not for war. This is the reality everywhere­.
Read the Article at HuffingtonPost

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Rescued Banks Teeter Towards Collapse

Posted by Ram Kumar Shrestha on December 27, 2010


Wanted to be optimistic­, but not possible.
Read the Article at HuffingtonPost

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Reviving the West

Posted by Ram Kumar Shrestha on December 17, 2010

Huffington Post By Gordon Brown

In 2008, at a time of financial peril, the world united to restructure the global banking system.

In 2009, as trade collapsed and unemployment rose dramatically, the world came together for the first time in the G-20 to prevent a great recession from spiraling into a great depression.

Now, facing a low-growth austerity decade with no national exits from long-term unemployment and diminished living standards, the world needs to come together in the first half of 2011 to agree on a financial and economic strategy for prosperity far bolder than the Marshall Plan of the 1940’s.

Time is running out on the West, because both Europe and America have yet to digest the fact that all the individual crises of the last few years — from the sub-prime crisis and the collapse of Lehman Brothers to Greek austerity and Ireland’s near-bankruptcy — are symptoms of a deeper problem: a world undergoing a far-reaching, irreversible, and, indeed, unprecedented restructuring of economic power. Read the rest of this entry »

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Corporate Profits Hit New Record, U.S. Workers Still Struggling

Posted by Ram Kumar Shrestha on November 23, 2010


What formula they applying that they could enjoy in such a recession as well?
Read the Article at HuffingtonPost

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Geir Haarde, Iceland Ex-PM, Indicted For Role In Financial Crisis

Posted by Ram Kumar Shrestha on September 29, 2010


Could be the best case for the ruling parties.
Read the Article at HuffingtonPost

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