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.

Continue reading “Anti-cash warrior Summers finally discloses his enormous conflicts of interest”

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.

Continue reading “A Greek conspiracy: How the ECB crushed Varoufakis’ plans”

Central banks as part of the banking community: Whom they serve determines what they do

 At a symposium of the GUE/NGL group in the European Parliament on “The ECB – Europe’s unelected government” (video from min. 22), I gave a presentation on the nature and motives of central banks in general and the European Central Bank in particular, characterizing it as an integral part of the banking community. Harald Schumann (from min. 47) presented a lot of juicy detail about highly questionable machinations of the ECB during the bank-“rescues” in Greece and Cyprus. The text of my intervention is below.

Continue reading “Central banks as part of the banking community: Whom they serve determines what they do”

Randall Wray attacks “debt-free-money cranks” based on sloppy arguments

 Randall Wray is probably the best known representative of a branch of economic thinking called Modern Monetary Theory (MMT). On Naked Captilism I read his polemic called “Debt-free money and banana republics“. I am more than a bit disappointed. From somebody like Randall Wray, who specializes on debt, I would have expected a more careful treatment of the relation of money and debt, especially if he wants to be vitriolic and call those cranks, who argue for “debt-free money”. Randall does not seem to know, what debt is.

Continue reading “Randall Wray attacks “debt-free-money cranks” based on sloppy arguments”

FINCA Replies to Accusations of Running a Ponzi Scheme and Overpaying CEO

Dear Mr. Haering, I came across your blog post, “The microcredit mafia lowers its socially responsible mask,” and am compelled to respond to your assertions. I believe we share the same concern for client interests. FINCA also values an open discussion on how best to deliver critical financial services to people across the world, wherever they may live.

Continue reading “FINCA Replies to Accusations of Running a Ponzi Scheme and Overpaying CEO”

The microcredit mafia lowers its socially responsible mask

Muhammad Yunus and his Grameen Bank have received the Nobel Peace Prize on the promise of conquering poverty by giving poor people in poor countries access to debt. A whole industry of lending to the poor has developed from this. It is making its leading figures quite rich and is pushing many customers into misery and debt slavery. A recent tax-filing of the large microcredit-“charity” FINCA and an internal report tell us a lot about this business.  

Continue reading “The microcredit mafia lowers its socially responsible mask”

1 11 12 13 14 15 16 17 18 19 20