HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » grahamhgreen » Journal
Introducing Discussionist: A new forum by the creators of DU
Page: 1

grahamhgreen

Profile Information

Member since: Thu Dec 30, 2004, 02:05 PM
Number of posts: 13,630

Journal Archives

It Can Happen Here: The Confiscation Scheme Planned For U.S. And U.K. Depositors


Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few eurozone "troika" officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation and the Bank of England dated Dec. 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.....

Can They Do That?

Although few depositors realize it, legally the bank owns the depositor's funds as soon as they are put in the bank. Our money becomes the bank's, and we become unsecured creditors holding IOUs or promises to pay (see here and here). But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into "bank equity." The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.



MORE: http://seekingalpha.com/article/1306931-it-can-happen-here-the-confiscation-scheme-planned-for-u-s-and-u-k-depositors?source=email_the_daily_dispatch&ifp=0

The corporate ‘predator state’ - Katrina vanden Heuvel

Bipartisan agreement in Washington usually means citizens should hold on to their wallets or get ready for another threat to peace. In today’s politics, the bipartisan center usually applauds when entrenched interests and big money speak. Beneath all the partisan bickering, bipartisan majorities are solid for a trade policy run by and for multinationals, a health-care system serving insurance and drug companies, an energy policy for Big Oil and King Coal, and finance favoring banks that are too big to fail.

Economist James Galbraithcalls this the “predator state,” one in which large corporate interests rig the rules to protect their subsidies, tax dodges and monopolies. This isn’t the free market; it’s a rigged market.....

Corporate welfare is, of course, offensive to progressives. The Nation and other media expose the endless outrages — drug companies getting Congress to ban Medicare negotiating bulk discounts on prices, Big Oil protecting billions in subsidies, multinationals hoarding a couple of trillion dollars abroad to avoid paying taxes, and much more.

But true conservatives are — or should be — offended by corporate welfare as well. Conservative economists Raghuram Rajan and Luigi Zingales argue that it is time to “save capitalism from the capitalists,” urging conservatives to support strong measures to break up monopolies, cartels and the predatory use of political power to distort competition. Here is where left and right meet, not in a bipartisan big-money fix, but in an odd bedfellows campaign to clean out Washington.


http://www.washingtonpost.com/opinions/katrina-vanden-heuvel-the-corporate-predator-state/2013/03/25/5f637122-9567-11e2-bc8a-934ce979aa74_story.html

Gangbanger Accidentally Shoots Himself in the Nuts, Blames Ninjas

Police in Chicago say a teenager with gang ties tried to blame a self-inflicted gunshot to the groin on a pair of ninjas before eventually coming clean. The unnamed 17-year-old was brought to Loyola Hospital in Maywood with a "left groin" injury that appeared to be self-inflicted.

But police officers who were called to the hospital by staff were told by the teen that two men dressed in ninja garb were to blame..................

After a scan of the crime scene, a review of surveillance footage, and a number of interviews with potential eyewitnesses yielded no proof of ninja-related activity, police confronted the teen and eventually were told the truth.

It seems the kid was in his car with an unspecified number of "female friends" and was messing around with a gun when it accidentally discharged in his lap.


http://gawker.com/5991072/gangbanger-accidentally-shoots-himself-in-the-nuts-blames-ninjas

We don't have a deficit problem, we have a security state & revenue problem. nt

Go to Page: 1