Fascism - where Banksters make better money!

The JP Morgan vision for Europe

In May 2013 the US financial giant JP Morgan released a progress report outlining their take on what they call the "Eurozone Adjustment".

The standout passage of this document can be found on page 12, where they explain what they think is wrong with Europe (quoted below). Note there is absolutely no mention of financial instability caused by countless recklessly over-leveraged financial institutions gambling on crap like Spanish property, Irish bank bonds and Greek sovereign debt, and absolutely no talk of financial sector reform either. The JP Morgan narrative adheres very closely to the Great Neoliberal Lie technique, where the real causes of the financial crisis are played down or ignored completely in favour of the misleading narrative that social welfare spending caused the crisis. Here's the section in question:

"The political systems in the periphery [of the Eurozone] were established in the aftermath of dictatorship, and were defined by that experience. Constitutions tend to show a strong socialist influence, reflecting the political strength that left wing parties gained after the defeat of fascism. Political systems around the periphery typically display several of the following features: weak executives; weak central states relative to regions; constitutional protection of labor rights; consensus building systems which foster political clientalism; and the right to protest if unwelcome changes are made to the political status quo. The shortcomings of this political legacy have been revealed by the crisis. Countries around the periphery have only been partially successful in producing fiscal and economic reform agendas, with governments constrained by constitutions (Portugal), powerful regions (Spain), and the rise of populist parties (Italy and Greece)."

So, the problems that JP Morgan have identified in Europe are strong legislatures (or "weak executives" as they put it) strong regional representation, protected labour rights, strong constitutions and political systems that rely in part upon consensus building instead of dictatorship. They also identify the rise of democratic populist parties and the public right to political protest as major impediments to their "Eurozone Adjustment" objectives.

JP Morgan make it absolutely clear that they would like to see European states remodeled with much more powerful, dictatorial and centralised executives, they want to see the destruction of labour rights and they are certainly not keen to allow populist anti-austerity parties or public protest to get in the way of this agenda. 

Essentially what this document demonstrates is that JP Morgan see the decline of European fascism since the 1940s and its replacement with mixed-economy social democracies as a great disappointment, that they are determined to steer Europe back towards fascism and that they are intent on using the financial sector meltdown as an excuse to use the utterly false Great Neoliberal Lie narrative to justify this pro-fascist agenda.

The motivation for a major financial organisation like JP Morgan to promote the fascistic remodeling of Europe should be absolutely obvious. States administered by powerful centralised and dictatorial executives are far more easily influenced by corporate interests than governments constrained by strong legislatures, fair judicial systems, strong regional representation, robust organised labour and popular freedom of protest, all enshrined by a durable constitution.

To put it more simply, a state with a centralised and dictatorial government is far more malleable than a state in which the government must balance the interests of corporate interests with those of organised labour, regional interests and the public at large. If labour rights are eroded, local government weakened and the right to popular protest is curtailed, the enforcement of corporate interests becomes much easier. All the corporations need do is financially coerce (or economically straitjacket) the cetralised executive branch of government in order to gain almost complete power over whole national economies.

Returning to the quoted section of the JP Morgan report, we can clearly see that they do not like consensus building governments that abide by their constitutions and protect civil liberties, in fact they disparage this kind of co-operative approach as "clientalism" [sic] (err I believe they meant clientelism). 

In reality, the general concept of clientelism isn't the problem to JP Morgan at all. The problem is that under the social democratic model, government "clientelism" towards corporate interests is curtailed. The corporate lobby don't want the states of Europe to function as the clients of the general public through strong local democratic government (and the checks and balances offered by a robust legislature), through strong labour organisation, or through the liberty to protest. JP Morgan seem to want the states of Europe to act as exclusive clients of the corporatist agenda. 

Perhaps Nazi propaganda minister Joseph Goebells
would be proud to know that his big lie technique
is still being used to defend fascism to this day.

In effect, the JP Morgan complaint isn't about clientelism at all, it is a complaint of "wrong-clientelism". It is a complaint that in their view, the states of Europe must not be allowed to act as the client of the public by allowing citizens involvement in economic policy making (through democratic processes, strong labour representation or liberty to protest) because this kind of public interference acts as an impediment to their beloved corporate agenda. JP Morgan would prefer to see the states of Europe act exclusively in the interests of the corporate lobby, and imposing illiberal, anti-democratic or even fascistic socio-economic reforms is an agenda they seem to fully endorse.

It is absolutely obvious why corporate interests like JP Morgan would dearly love to see the rights to to protest and organise labour severely curtailed. By pushing for the the dismantlement of the means of resistance, they can minimalise and marginalise social opposition to the corporatist agenda they wish to see enforced by these corporate client states, no matter how socially or economically harmful or unpopular the corporatist agenda may be to the state in question.

Just in case you think it sounds utterly far fetched that an American financial institution may be attempting to undermine democracy and liberty in Europe in order to impose fascistic regimes more favourable to their commercial interests, just consider the history of JP Morgan themselves. Not only did JP Morgan actively invest in Nazi industry (through the automotive company Opel and other subsidiaries) well into the Second World War, they were also compensated for their losses by the American taxpayer when they were forced to divest (several other American corporations such as Standard Oil maintained their investments in Nazi Germany for several years after the US joined the war against Germany!). Chase Bank (which merged with JP Morgan in 2000) were one of Wall Street's most enthusiastic investors in the Nazi economy, even providing direct assistance to Hitler's Nazi regime in the late 1930s. Chase and JP Morgan were the only two American banks which stayed open in France during the Nazi occupation there. 

JP Morgan has a proven history of collaboration with fascist regimes in Europe. If JP Morgan supported and profited from the rise of the Nazi party in Germany, and suffered no adverse financial consequences for it (even getting a US taxpayer funded tax rebate to cover their losses when they were forced to divest their Nazi assets and first dibs to reacquire their Nazi assets after the war was over), is it any surprise that they favour the imposition of an illiberal and fascistic political agenda on the states of Europe once again?

Since I've strayed onto the topic of the Second World War, I'll finish with a quote often attributed to one of the fascist dictators that JP Morgan seem to be getting nostalgic about; Benito Mussolini.

"Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."

 source  here>>

MIT's prophesy : Next Great Depression?

MIT study predicting ‘global economic collapse’ by 2030 still on track.

A renowned Australian research scientist says a study from researchers at MIT claiming the world could suffer from a "global economic collapse" and "precipitous population decline" if people continue to consume the world's resources at the current pace is still on track, nearly 40 years after it was first produced.

The Smithsonian Magazine writes that Australian physicist Graham Turner says "the world is on track for disaster" and that current research from Turner coincides with a famous, and in some quarters, infamous, academic report from 1972 entitled, "The Limits to Growth." Turner's research is not affiliated with MIT or The Club for Rome.

Produced for a group called The Club of Rome, the study's researchers created a computing model to forecast different scenarios based on the current models of population growth and global resource consumption. The study also took into account different levels of agricultural productivity, birth control and environmental protection efforts. Twelve million copies of the report were produced and distributed in 37 different languages.

Most of the computer scenarios found population and economic growth continuing at a steady rate until about 2030. But without "drastic measures for environmental protection," the scenarios predict the likelihood of a population and economic crash.

However, the study said "unlimited economic growth" is still possible if world governments enact policies and invest in green technologies that help limit the expansion of our ecological footprint.

The Smithsonian notes that several experts strongly objected to "The Limit of Growth's" findings, including the late Yale economist Henry Wallich, who for 12 years served as a governor of the Federal Research Board and was its chief international economics expert. At the time, Wallich said attempting to regulate economic growth would be equal to "consigning billions to permanent poverty."

Turner says that perhaps the most startling find from the study is that the results of the computer scenarios were nearly identical to those predicted in similar computer scenarios used as the basis for "The Limits to Growth."

"There is a very clear warning bell being rung here," Turner said. "We are not on a sustainable trajectory."

Correction: This post has been edited to reflect that MIT has not updated its research from the original 1972 study.

original here >>

Broad Money Growth Stood At 8.5 Per Cent In June, Says BNM

KUALA LUMPUR, July 31 (Bernama) -- The annual growth in broad money (M3) moderated to 8.5 per cent in June 2013, said Bank Negara Malaysia (BNM).

The central bank said on a year-on-year basis, the slower expansion in M3 was driven by a more modest expansion in credit extended by the banking system to the private sector and a more moderate increase in net foreign assets, due in part to net portfolio outflows during the month.

"Net financing to the private sector grew at a slower pace of 9.1 per cent in June due to a moderation in the growth of both net issuances of private debt securities (PDS) and outstanding loans of the banking system," it said in a statement Wednesday.

BNM said the growth of business loans outstanding remained stable during the month with loans extended mainly to the finance, insurance and business services; education, health and others; agriculture and transportation, storage and communication sectors.

Loans outstanding to households, however, grew at a more moderate pace.

"The overall loan demand remained strong with sustained loan applications from both the business and household sectors," it said.

On the banking system, BNM said it remained well-capitalised under the Basel III Capital Adequacy Framework with the Common Equity Tier 1 Capital Ratio, Tier 1 Capital Ratio and Total Capital Ratio at 11.7 per cent, 12.6 per cent and 13.8 per cent, respectively.

"The level of net impaired loans improved at 1.3 per cent of net loans, while the loan loss coverage remained at above 90 per cent," it said.

BNM said in June the ringgit depreciated against the currencies of Malaysia's major trading partners.

"The ringgit, together with other regional currencies, depreciated during the month, as news of the possibility of the tapering of monetary accommodation in the US and concerns over China's growth trajectory led to a withdrawal of funds from regional financial markets," it added.

In July, the ringgit continued to depreciate further against the currencies of Malaysia's major trading partners, with the exception of the Japanese yen, against which the ringgit appreciated, said BNM.

The international reserves of Bank Negara Malaysia stood at RM438.7 billion (equivalent to US$137.9 billion) as at July 15, 2013, sufficient to finance 9.6 months of retained imports and are 4.3 times the short-term external debt.

It said headline inflation, as measured by the annual percentage change in the Consumer Price Index (CPI), was stable at 1.8 per cent in June 2013 (May: 1.8 per cent).

source -- BERNAMA

TPPA adalah 'Global Front' Neo Liberal Policy America.

UNDP sebagai perunding telah menasihati/syorkan agar Malaysia tidak tanda-tangani perjanjian TPPA? MP Kelana Jaya bahas titakh di Raja 2013.

Trickle down effect in action? USA!

Education & the Neo Liberals?

Chicago Closes 50 Public Schools, Spends $100 Million in Taxpayer Funds on Private College Stadium.

Published on 29 May 2013 : Activists say national union leadership needs to give more support to Black and Latino working class families fighting school closures.

Elizabeth Warren Pushes Feds For Answers on Big Banks

Published on May 15, 2013 : "Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the aftermath of the financial crisis Tuesday, sending a letter to the heads of three federal agencies."*

Senator Elizabeth Warren continues to stun as a progressive hero-- after presenting her first bill that would give students the same low interest rates enjoyed by the big banks, she'd pushing for answers as to WHY the feds didn't prosecute Wall Street.

What Obama Must Look into Improve Opportunity & Employment

Published on Nov 9, 2012 by ForaTv:


What Obama Must Do to Improve Opportunity & Employment

The panel of political experts discuss what steps the Obama Administration and the Federal Government need to take to get the U.S. economy back on track.

Complete program available for free at HERE*
* the listener has to decide the speakers political persuasions or ideology.

Malaysia's Statutory Reserve Requirement (SRR)?

Everyone is buzzing about SRR lately, since Bank Negara Malaysia's statement which stated its intention to raise SRR in the near future. Actually, what is SRR? And, what is the effect of higher SRR imposed? Why BNM using SRR right now? Finance Malaysia hopes to clear everyone's doubt and would appreciate if you can share this out.

What is SRR?

Statury Reserve Requirement is a monetary policy instrument available to Bank Negara Malaysia (BNM) for the purposes of liquidity management. Effectively, banking institutions namely commercial banks, merchant/investment banks and Islamic banks are required to maintain balances in their Statutory Reserve Accounts (SRA) equivalent to a certain proportion of their eligible liabilities (EL), this proportion being the SRR rate.

Why BNM uses the SRR as its "tool"? 

Since SRR is available to BNM to manage liquidity and hence credit creation in the banking system, it was used to withdraw or inject liquidity when the excess or lack of liquidity in the banking system is perceived to be large and long-term in nature. Currently, BNM believes that our banking system is lack of liquidity, thus it may raised the SRR to "store" more money in banks.

Effective 1 March 2009, the SRR rate for banking institutions is 1% of EL. As of 1st September 2007, the EL base consists of ringgit denominated deposits and non-deposit liabilities, net of interbank assets and placements with BNM.

Previous adjustments to the SRR rate

MORE HERE  >>

Published on Apr 14, 2012 by hjmanan : Will there be more privatization of tertiary education in Malaysia? Video in Standard Malay.

Key Concept : GDP vs. GNP

Uploaded by etrimnell on 3 Jul 2008 - The difference between GDP (Gross Domestic Product) and GNP (Gross National Product).

Is Capitalism Doomed?

When "Ah Long (money lenders)" small & big, legal & illegal, together no longer give out loans. Marx "labour theory of value" gets to work!

TheRealNews on Aug 18, 2011 - Gerry Epstein comments on Nouriel Roubini's blog that "Marx was right"
 

Malaysia Household Debt now at RM560b - 77% of GDP.

BNM reported Household debt at RM560b - 77% of GDP
Asean Financial Crisis 1997 household was at circa 60% of GDP
Creditors Category more than 70% housing loans.

Hutang isi rumah membimbangkan :: Cause of concerned - household debts.







Bajet 2011 abai masalah hutang isi rumah :: 2010 budget did not look into household debts.

Bank Negara faces a 'credibility problem'

'Probe all those found using the services of these money changers to illegally transfer funds out of this country as this could be ill-gotten money.'

RM600k 'wired illegally' to Rosmah in Dubai

PETRONAS HALF YEAR RESULT: A WAKE UP CALL TO RESTRUCTURE THE ECONOMY

10TH DECEMBER 2009  —PRESS STATEMENT FOR IMMEDIATE RELEASE—

PETRONAS HALF YEAR RESULT: A WAKE UP CALL TO RESTRUCTURE THE ECONOMY

We welcome the release of PETRONAS’ half year results for the financial year ending 31 March 2010. While we congratulate PETRONAS on its efforts to grow the international revenue which has grown to 48.6% of the overall revenue, We are alarmed by drastic decrease of the revenue and profitability.

50,000 rumah terbengkalai seluruh negara

Azamin Amin | KUALA LUMPUR, harakahdaily  

: Parlimen diberitahu hari ini bahawa sejumlah 31,824 pembeli menjadi 'mangsa' kepada 148 projek yang melibatkan 49,913 bilangan rumah terbengkalai sejak 1990 sehingga 30 September tahun ini.

Menurut Menteri Perumahan dan Kerajaan Tempatan Dato' Seri Kong Cho Ha (BN-Lumut)berkata daripada jumlah itu, hanya 12 projek telah berjaya disiapkan dengan Sijil Layak Menduduki (CF).

Manakala sejumlah 49 projek dalam proses pemulihan oleh pemaju penyelamat dan pemaju asal dan 87 projek lagi masih terbengkalai dan dalam usaha mendapatkan pemaju penyelamat.

Malaysia's Overall Balance Of Payments Records A Larger Surplus Of RM11.5 Billion In Q3'09

KUALA LUMPUR, Dec 9 -- Malaysia's overall balance of payments (BOP) recorded a larger surplus of RM11.5 billion in the third quarter of this year compared to RM2.1 billion in the previous quarter, said the Department of Statistics.