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MIKE WHITNEY – Wall Street’s Savage Reckoning: Clouds Gather Over G-20 Summit

Finance ministers and central bankers from the world’s biggest economies met in Shanghai, China over the weekend to discuss many of the problems for which they alone are responsible. Leading the list of issues, was the steady deceleration in global growth which, to great extent, is the result of experimental monetary policies central banks implemented following the recession in 2009. …

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Nick Beams – The G20 summit: A spectacle of political bankruptcy

The meeting of G20 finance ministers and central bankers held in Ankara, Turkey over the weekend underscored the inability of the major capitalist powers to initiate any measures to halt the recessionary forces overtaking the world economy. Rather than a proposal for concerted action, the official communique was a public relations exercise aimed at masking the acuteness of the crisis …

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Charles Eisenstein – “Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong

The legitimacy of a given social order rests on the legitimacy of its debts. Even in ancient times this was so. In traditional cultures, debt in a broad sense—gifts to be reciprocated, memories of help rendered, obligations not yet fulfilled—was a glue that held society together. Everybody at one time or another owed something to someone else. Repayment of debt …

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Lauren McCauley – Greece for Sale: First Wave of Privatization Begins with Airport Buyout

Germany’s approval of Greece’s third bailout of €86 billion on Wednesday marked what critics of austerity warn is a new phase in the ongoing economic crisis: the privatization of the country’s most valuable assets. Under the terms of this latest agreement, Greece’s Syriza government—backtracking on some of its key campaign promises—agreed to sell-off €50 billion in state property. In a …

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Oil Markets Could Be In For A Shock From China Soon By Nick Cunningham

Oil analysts and commodity traders watch the price of crude swing down and up, and are trying to figure out when and to what extent the OPEC “price war” will force supply reductions from US shale. Any insight into this development can clarify the trajectory of oil prices. But, of course, oil market dynamics are complex and fluid. US shale …

The escalation of global financial parasitism – Nick Beams

The announcement last week by the European Central Bank (ECB) that it was going to front-load asset purchases under its quantitative easing program was another revealing insight into the state of global financial markets. It underscored their volatility and the lack of any overall plan by the financial authorities, supposedly in charge, who rush from one trouble spot to another …

Are EU Officials Plotting Regime Change in Greece? – MARK WEISBROT

There are various narratives for what is happening to Greece as another deadline looms – the April 24 gathering of finance ministers in Riga — and European officials show no sign of compromise. The most common is that this is a game of brinkmanship, with the Germans and their allies pushing for “reforms” that the Syriza government in Greece doesn’t …