Cyprus is paying a painful price for bowing to international capital By Tim Jones New Statesman, 25 March 2013
Being controlled by global financial interests does not benefit ordinary people, their economy or democracy, writes the Jubilee Debt Campaign's Tim Jones. A small country is being brought to its knees by a huge banking system which has recklessly been lent money from overseas. Controls on money leaving the country have had to be introduced. The size of the debts owed mean there is no way the government can simply bailout the banks. For Cyprus in 2013 read also Iceland in 2008.
Cyprus has finally killed myth that the EMU is benign By Ambrose Evans-Pritchard UK Telegraph 27 Mar 2013
The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived. If Cyprus tries to claw back competitiveness with an 'internal devaluation', it will drive unemployment to Greek levels (27pc) and cause the economy to contract so fast that the debt ratio explodes. It is not a bail-out. There is no debt relief for the state of Cyprus.
This interview is 29 minutes long. I highly recommend his book The Magna Carta Manfesto. I would love to promote bringing Peter Linebaugh here to give a talk.
Florida proposed legislation - HB 87 and SB 1666 - which backers claim will clear the backlog of foreclosure cases in Florida instead invites bank fraud and creates more problems by putting speed ahead of justice. The backlog is blamed on foot dragging by homeowners. In reality, banks are to blame due to federal directives to pursue loss mitigation alternatives or by voluntarily slowing down the process to explore settlement options in the interests of both parties and the market.
"Before the West was the West" essay below by Tadit Anderson, leading video is an interview with Peter Kingsley
The above link is to an interview with Peter Kingsley who is a scholar regarding what is usually referred to as Pre Socratic philosophy. Though Kinsley emphasizes the mystical interpretation of the philosophy typical of Parmenides, there is more of a philosophic metaphysical interpretation as well which has major implications for a commons centered economics
Sustainability Requires Caging Godzillas, The Systemicly Dangerous Institutions of Finance Andrew Sheng INET
Financial business is creating credit without limit until a crisis occurs. That’s the fundamental flaw which caused the current crisis, says Andrew Sheng in this INET interview. He also worries that the destruction of the tropical forest and other threats to the biosphere have the same character of ungovernable excesses until a crisis occurs.
Pope Francis I speaks from the central balcony of St. Peter's Basilica, March 13, 2013.
Now that the smoke has cleared—figuratively and literally—in Vatican City, one of the many issues facing the new head of the Catholic Church is pressure to clean up the Vatican's finances.
On the one side are those seeking greater transparency. On the other are those seeking to preserve the status quo and continue to operate under a blanket of secrecy.
The Vatican Bank and America's banks have much in common—both have lost their way, and now efforts are underway to rein them in.
The NY Times Calls Third Way “Center-Left” and Turns a Study on its Head By William K. Black UMKC, NEP, March 21, 2013
Some lies will not die. As I have demonstrated repeatedly, Third Way is Wall Street on the Potomac. It is funded secretly by Wall Street (it refuses to reveal its donors), it is openly run by Wall Street, and it lobbies endlessly for Wall Street. Third Way, like every Pete Peterson front group, is dedicated to shredding the safety net as its highest priority and throwing the Nation back into a gratuitous recession through self-destructive austerity.
Slate’s Matthew Yglesias writes columns about economics and finance. Yglesias has been writing about Cyprus, and my critiques of the policies he has been proposing are the subject of this column. The short version of the background one needs to understand the issues is that Cyprus is in a crisis and the EU is willing to bail out its collapsing banks only if Cyprus raises revenues. The EU is unwilling to make the banks’ sophisticated creditors – the bondholders – take any losses.
Why MMT is Right and the Dreamers are Wrong – Kaldor Versus the Kaldorians by Philip Pilkington,via Naked Capitalism 03/20/13
The criticisms of Modern Monetary Theory (MMT) on the internet and in academia can be placed into three categories: the cranks; the nit-pickers; and the Kaldorians. The cranks make up by far the largest group. These are the people that simply have not bothered to understand the theory. These, which include some prominent academics, say things like: “The MMTers say that deficits don’t matter; they forgot about hyperinflation!”These people can usually be safely ignored as they are not arguing in good faith.
Dreaming, I was only dreaming
I wake and I find you asleep