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.
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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.
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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.
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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.
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Conference on Teaching Economics in the 21. Century in Berlin
Where will be an important conference from 26.-28. November in Berlin on the need to reform economics education and on ways to do this. The meeting will be held partly in English, partly in German at the Berlin School of Economics and Law (HWR)
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Draghi insists on continuing the G30-scandal – new report is out
11. October 2015 | The Group of Thirty, a mixed group of international commercial bankers and central bankers, has just released a report on central banking. The report is again presented as if it was representing the opinion of the group as a whole, including Mario Draghi. This proves that the new guidelines for communication of the members of the Executive Board of the ECB are nothing but window dressing.
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Why Mario Draghi will not be able to stay in the Group of Thirty
Early in 2013 the EU-Ombudsman ruled on a complaint of Corporate Europe Observatory and found that ECB-President Mario Draghi can legitimately be part of the Group of Thirty, a mixed group of international bankers and central bankers. My research shows that the reasons he gave at the time are not valid any more. Draghi will not be able stay in this highly problematic group, nor will ECB-Top-Supervisor Julie Dickson be able to continue to “contribute her experience”.
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