Finance

Austerity policies do more harm than good, IMF study concludes

Economists give strong critique of neoliberal doctrine ushered in by Ronald Reagan and Margaret Thatcher in the 1980s.. A strong warning that austerity policies can do more harm than good has been delivered by economists from the International Monetary Fund, in a critique of the neoliberal doctrine that has dominated economics for the past three decades. In an article seized on by the shadow chancellor, John McDonnell, the IMF… Source: Austerity policies do more harm than good, IMF study concludes ... Read More »

Banks tougher than vulture funds on debt forgiveness

Banks risk prompting compliant borrowers stopping payments if seen as easy on debt.. Labelled by Ulster Bank as “non co-operating”, some 900 of its mortgage holders who are deep in arrears and litigation learned this week the bank does not want the hassle of them any more… Source: Banks tougher than vulture funds on debt forgiveness Read More »

Blatant Hypocrisy: the Latest Late-Night Bailout of Greece

The new late night deal in the Eurogroup on the new bailout for Greece is another blatant hypocrisy by the dominant European Union powers, their partner-cum-competitor IMF (aka the US) and the Greek establishment (now represented by the SYRIZA government). The new deal is an uneasy compromise subject to a continuing tug-of-war between the US (through its proxy, the IMF) and the EU… Source: Blatant Hypocrisy: the Latest Late-Night Bailout of Greece Read More »

Yanis Varoufakis: Australia’s negative gearing is ‘scandalous’

The former Greek finance minister has a laundry list of suggestions to fix Australia’s economy. Here for Sydney Writers’ festival, he doesn’t hold back. here are two seats to choose from: a deep, soft black-leather couch, or a red one that has the utilitarian look of a school chair. Yanis Varoufakis – a man who has described himself as an “erratic Marxist”… Source: Yanis Varoufakis: Australia’s negative gearing is ‘scandalous’ | World news | The Guardian Read More »

Bank of England could wade into EU debate AGAIN, admits Mark Carney

THE Bank of England is poised to anger Brexit campaigners by wading into the European Union debate again.. Earlier this month the Bank’s Monetary Policy Committee (MPC) claimed Brexit could tip the country into recession. And Governor Mark Carney yesterday refused to rule out another intervention ahead of the June 23 vote. He said he did not expect the MPC to say “something substantially different” about the… Source: Bank of England could wade into EU debate AGAIN, admits Mark Carney ... Read More »

Haitians Protest Outside Hillary Clinton’s Office Over ‘Billions Stolen’ by Clinton Foundation

Haitian activists protested outside of the Clinton Foundation in New York over the loss of “billions of dollars” that was meant to help rebuild after the devastating 2010 earthquake. The activists are claiming the money was stolen through the Haiti Reconstruction Commission that was headed by Bill Clinton. In January 2015, the Clinton Foundation was the target of protests for wasting more than $10 billion and awarding contracts to non-Haitian companies. The activists also said Haiti as a cover for ... Read More »

The Left on the Run in Latin America

In 2004, President Hugo Chávez of Venezuela and the Cuban leader, Fidel Castro, launched the Bolivarian Alternative for the Peoples of Our Americas, a regional alliance of leftist leaders designed to subvert a hemispheric free trade agreement that the United States had been pushing for a decade. In the years that followed, Washington’s hope of a trade pact of 34 nations faded, and its clout in the region diminished as… Source: The Left on the Run in Latin America – ... Read More »

European bank plans more non-EU loans to stem migration crisis

The European Investment Bank wants to make more loans outside the 28-nation European Union to help tackle the migration crisis and will present plans to European Union leaders at their next meeting in June, its president said in an interview on May 20. Werner Hoyer cited rules that say the bank must lend 90 percent of its funds within the EU but said the EIB could double its loans outside the bloc, expected to be 17.5 billion euros ($20 billion) under ... Read More »

WTF is TTIP? The EU-US trade deal explained

Proponents of the Transatlantic Trade and Investment Partnership say it will boost economies – Ireland’s in particular. So why are people so suspicious of it? It was June 2013 and Ireland was nearing the end of its six-month presidency of the European Union. At a meeting in Luxembourg, the then minister for trade Richard Bruton hailed an historic agreement. After months of behind-the-scenes negotiations, led mostly by… Source: WTF is TTIP? The EU-US trade deal explained Read More »

Unaoil fixer paid bribes under nose of FBI

A middleman who received millions of dollars from Unaoil — a Monaco-based firm now at the center of an international bribery scandal — in return for improperly influencing officials in U.S.-occupied Iraq was also operating businesses in America. He did all this under the nose of the U.S. Department of Justice and the FBI — for years, without getting caught… Source: Unaoil fixer paid bribes under nose of FBI Read More »

No Quick Fix for Russian Economy

This year got off to a bad start. Oil prices fell to below $30 per barrel and a budget deficit of at least 5 percent seemed inevitable. But now Russia’s political elite is breathing a sigh of relief. Oil is up to more than $40 per barrel and experts are predicting that prices are more likely to continue climbing than to collapse, as they did in winter. Of course, oil price trends cannot be forecast with any certainty. But financial officials recently stated that if oil ... Read More »

Elizabeth Warren Takes On the ‘Gig Economy’

It’s one of the first serious attempts by Democrats to deal with the new part-time model for work. The Democratic Party hasn’t quite figured out how to take on the rapid rise of the “gig economy.” Hillary Clinton said last summer that companies like Uber and AirBnB created “exciting opportunities,” but also… Source: Elizabeth Warren Takes On the ‘Gig Economy’ | The Nation Read More »

Russia Remains Determined To Stop Israel-Turkey Pipeline Deal

It has been six years since the Israeli raid on the Mavi Marmara ship that was aiming to reach the Gaza coast in May 2010. In the wake of the Mavi Marmara crisis, Turkey and Israel relations rapidly worsened; both countries withdrew their ambassadors and cut diplomatic ties. Turkey’s downing of a Russian jet along the Syrian border on November 24, 2015 has forced Ankara to adjust its foreign policy… Source: Russia Remains Determined To Stop Israel-Turkey Pipeline Deal | ... Read More »

Plan to cut or scrap inheritance tax for thousands

Children inheriting family home would be exempt on first €500,000 of estate value.. Tax changes promised in the Government programme for partnership will sharply cut or eliminate completely inheritance tax for thousands of people in the coming years. Under the changes, once they are implemented, children inheriting the family… Source: Plan to cut or scrap inheritance tax for thousands Read More »