Is The 505 Trillion Dollar Interest Rate Derivatives Bubble In Imminent Jeopardy? – Michael Snyder

All over the planet, large banks are massively overexposed to derivatives contracts.  Interest rate derivatives account for the biggest chunk of these derivatives contracts.  According to the Bank for International Settlements, the notional value of all interest rate derivatives contracts outstanding around the globe is a staggering 505 trillion dollars.  Considering the fact that the U.S. national debt is only 18 trillion …

Africa’s “Second Liberation” against Today’s Neo-Colonialism – Garikai Chengu

On Monday March 25, many African Government offices, businesses and banks grind to a halt in order to commemorate Africa Day. In schools up and down the continent, little children are taught that heroic Africans liberated the continent from racist white colonial regimes and various events and parades are held to celebrate the occasion. Colonialism in Africa is remembered as …

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Fossil Fuel Subsidies To Hit $5.3 Trillion In 2015, Says IMF – Ed King

Subsidies for fossil fuels that cause climate change have soared since 2013, a new study from the International Monetary Fund has revealed. Oil, gas and coal costs will be subsidized to the tune of US$5.3 trillion a year in 2015. The last time the IMF ran the data it calculated they were worth $1.9 trillion. Economists say the latest figures …

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Trans-Pacific Trade Deal Is Latest Threat to Our Democracy – John Buell

‘Neoliberal capitalism is already global,’ writes Buell. ‘Resistance to it must itself be global and democratic.’ Conservatives warn us that deficit spending will turn the U.S. into a fiscal basket case, like Greece. No longer truly independent, Greece is ruled by the IMF, the ECB, and the European Commission. What conservatives seldom point out is that membership in the Eurozone …

Governments Giving Fossil Fuel Companies $10 Million a Minute: IMF – Nadia Prupis

The fossil fuel industry receives $5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) published Monday has found. That means that governments worldwide are spending $10 million every minute to fund energy companies—more than the estimated public health spending …

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Russia Invites Greece to Join BRICS Bank

Greece has been invited by Russia to become the sixth member of the BRICS New Development Bank (NDB). The $100 billion NDB is expected to compete with Western dominance and become one of the key lending institutions. The invitation was made by Russian Deputy Finance Minister Sergey Storchak on Monday during a phone conversation with Greek Prime Minister Alexis Tsipras, …

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Wall Street Vampires – Paul Krugman

Last year the vampires of finance bought themselves a Congress. I know it’s not nice to call them that, but I have my reasons, which I’ll explain in a bit. For now, however, let’s just note that these days Wall Street, which used to split its support between the parties, overwhelmingly favors the G.O.P. And the Republicans who came to power this …

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Orwellian Global Economy? “Backwardation”, Negative Interest Rates and the Gold Market – Bill Holter

We live in a truly messed up and Orwellian world if you will.  In many parts of Europe, interest rates are negative.  Savers “pay” for the privilege of banks to hold their money, lenders pay sovereign treasuries to lend, new homeowners who borrow to buy property are paid to borrow.  This situation where borrowers get paid and lenders pay also exists …

Image: Powerful earthquake hits Nepal

Want to Help Nepal Recover from the Quake? Cancel its Debt, Says Rights Group – Kanya D’Almeida

The death toll has now passed 3,300, and there is no telling how much farther it will climb. Search and rescue operations in Nepal entered their third day Monday, as the government and international aid agencies scramble to cope with the aftermath of a 7.8-magnitude earthquake that struck this South Asian nation on Apr. 25. Severe aftershocks have this land-locked …

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Greek Debt Crisis: Is Default or Exit Inevitable by JACK RASMUS

This past week, April 24, European finance ministers met in Riga, Latvia. High on the agenda was the topic of Greek debt negotiations. Two months after theFebruary 28 interim agreement between Greece and the EU ‘troika’—the IMF, European Commission, and European Central Bank—in which both sides agreed to continue negotiating—little has changed. In fact, led by its de facto spokesperson, hardline …