norberthaering (en-GB)

A $500 bn pot of gold: How Boston Consulting and Google pushed Modi to end the era of cash

Boston Consulting Group (BCG), the omnipresent US-consulting company, and Google, the global data miner, issued a joint report in July 2016 on the “$500 bn Pot of Gold”, which is the Indian digital payment market. Even though the authors deny it, the report gives much reason to suspect that the authors knew that something radical was imminent from the Indian government. The report is remarkably honest about the aims of the whole exercise.

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The Group of Thirty might finally end its scandalous existence

The European Ombudswoman has announced that she will investigate the membership of the President of the European Central Bank (ECB), Mario Draghi, in the Group of Thirty. this is a shadowy forum of the most senior executives from large commercial banks and the most important central banks.The Group of Thirty meets behind closed doors without the press and without minutes taken. Some of the institutions are being supervised by the ECB. This group could come to an end, in its current form, if the EU-Ombudswoman finds fault with Draghi’s membership.

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The permanent state of emergency

By Eric Bonse, Brussels.* The EU is moving further and further away from its ideals. Not only in Greece or Turkey, in Hungary or Poland – but also in France and Germany. The permanent state of emergency threatens.

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More evidence of early US involvement in Indian demonetisation

When Prime minister Narendra Modi took the bulk of Indian cash out of circulation, he caused great hardship for many Indians, while a disruption-loving tech elite and political establishment asked for optimism and patience. In an earlier piece I have provided some indications for US involvement in that scheme. In this piece, I am adding some more, including earlier, evidence, summarize the evidence and ask if this evidence is reasonably compatible with the interpretation that the initiative was really Modi's.

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A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash

In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. That is surprising, as Washington's role has been disguised only very superficially.

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The World Bank on the way back to the Washington Consensus – with Chicago Boy Paul Romer

On Monday the World Bank made it official that Paul Romer will be the new chief economist. This nomination can be seen as a big step back toward the infamous Washington Consensus, which World Bank and IMF seemed to have left behind. This is true, even though Paul Romer has learned quite well to hide the market fundamentalist and anti-democratic nature of his pet idea - charter cities - behind a veil of compassionate wording.

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Call for Papers on Rethinking Europe

The Research Network Macroeconomics and Macroeconomic Policies (FMM) celebrates their 20th Anniversary Conference this year, and this year’s conference is from Oct 20-22 in Berlin. The title is: "Towards Pluralism in Macroeconomics?"  Arbeitskreis Politische Ökonomie, in cooperation with the German chapter of the World Economics Association, want to celebrate this  by proposing a panel about "Rethinking Europe", concentrating on the dimension of macroeconomic policies and interdisciplinary approaches.

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The indelible rise of Adolf D. Trump

 By John Komlos.* The media is inundated with pundits analyzing the unexpected rise of demagoguery. I would like to add my own: the establishment’s utter loss of credibility. It has been fooling most of the people for more than a generation and Abraham Lincoln’s warning, “you cannot fool all of the people all of the time” has now come back to haunt them with a vengeance.**

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Anti-cash warrior Summers finally discloses his enormous conflicts of interest

For years, former treasury secretary and Harvard-professor Larry Summers has been the most prominent voice in favor of getting rid of cash. For years, he has ignored all ethics rules of professional organizations, which demand of professional academics to disclose any information about potential conflicts of interest whenever they publish their findings or take a stand in public discussion. Now, finally he came clean.

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A Greek conspiracy: How the ECB crushed Varoufakis' plans

 A central bank governor in Athens conspires with the President of the Republic to sabotage the negotiation strategy of his government to weaken it in its negotiations with the European Central Bank. After the government has capitulated, this governor, who is a close friend of the new finance minister and boss of the finance ministers wife, and the President of the Republic travel together to the ECB to collect their praise and rewards. This is not an invention, this is now documented.

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