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OCCUPY WHITE HOUSE: How Obama Protected Wall Street From Prosecutions

PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly de ...

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ALL IN A DAYS WORK: JPMorgan CEO To Policymakers – “Five More Years Pointing Fingers, Scapegoating, Using Misinformation”

JPMorgan Chase CEO Jamie Dimon has hit back at policymakers and new regulations, telling CNBC in Davos that some of the rules had made things more complicated and that many of the problems had still not been fixed. "It's five years after the crisis OK, we still have not fixed a lot of the things you are talking about. Part of the reason we are trying to do too much too fast," he said at a panel of policymak ...

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BANK RUN: $114 Billion Withdrawn From Big US Banks

More than $114 billion exited the biggest U.S. banks this month, and nobody’s quite sure why. The Federal Reserve releases data on the assets and liabilities of commercial banks every Friday. The most current figures, covering the first full week of 2013, show the largest one-week withdrawals since the Sept. 11, 2001, attacks. Even when seasonally adjusted, the level drops to $52.8 billion—still the third-h ...

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TINY TIM: Fed Official Alleges Geithner Alerted Banks To Rate Cut

In the summer of 2007, as storm clouds gathered over the world's financial system, then-New York Federal Reserve President Timothy Geithner allegedly informed the Bank of America and other banks about the possibility the U.S. central bank would lower one of its critical interest rates, according to a senior Fed official. 
 Jeffrey Lacker, the head of the Richmond Fed, originally raised the allegation during ...

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SMALL VICTORY: IRS Loses Suit In Fight Against Tax Preparers

A federal judge on Friday barred the IRS from imposing a series of new regulations, including a competency exam, on hundreds of thousands of tax preparers. U.S. District Judge James Boasberg in Washington ruled against the IRS in favor of three tax preparers who filed suit last year with the help of a libertarian legal group, the Arlington, Va.-based Institute for Justice. 
 Since 2011, in response to what ...

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CENTRAL BANK SWITCH? Is A New Gold Standard Being Born?

The world is moving step by step towards a de facto Gold Standard, without any meetings of G20 leaders to announce the idea or bless the project. Some readers will already have seen the GFMS Gold Survey for 2012 which reported that central banks around the world bought more bullion last year in terms of tonnage than at any time in almost half a century. They added a net 536 tonnes in 2012 as they diversifie ...

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Long Term Unemployment at Highest Level Since WWII

Long term unemployment under President Obama is at the highest level since at least the end of World War II, threatening to create a permanent underclass of workers who will find it difficult or impossible to obtain jobs in the future. What’s more, Obama’s insistence on repeatedly extending long term unemployment benefits may be fueling the unemployment problem. 
 According to data recently released by the ...

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First Shots Are Fired in Global ‘Currency War’

Faced with a stubbornly slow and uneven global economic recovery, more countries are likely to resort to cutting the value of their currencies in order to gain a competitive edge. Japan has set the stage for a potential global currency war, announcing plans to create money and buy bonds as the government of Prime Minister Shinzo Abe looks to stimulate the moribund growth pace. (Read More: Japan PM Says BOJ ...

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Ever wonder what hyperinflation looks like?

Most of us have heard the horror stories of hyperinflation through the lens of the Wiemar Republic and the nation of Zimbabwe.  However, distance and time have made these events superficial, and left to the imagination since Americans are far removed from them. 
 But in the past two years, hyperinflation in the Euro Zone is not only becoming a distinct possibility, and in the instance of Belarus, a fact.  F ...

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Bernanke: Get rid of the debt ceiling, it has no practical value

Federal Reserve Chairman Ben Bernanke criticized the debt ceiling as an unusual device that can be used to prevent the United States from paying it’s bills, as he suggested that the country would be better off if the debt limit did not exist. 
 “I think it would be a good thing if we didn’t have [the debt ceiling],” Bernanke told students at the University of Michigan today. “I don’t think that’s going to h ...

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Fiscal Cliff Reality

Political Washington theater continues. Republicans and Democrats agreed years ago to erode America's social contract en route to eliminating it altogether. Crisis conditions create opportunities. Former White House chief of staff, Rahm Emanuel, explained. "You never want to let a serious crisis go to waste," he said. "What I mean by that is that's an opportunity to do things you couldn't do before." He did ...

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NY Stock Exchange Sold To Derivatives Company

The New York Stock Exchange called time on two centuries of independence on Thursday, agreeing to an $8.2bn takeover that will hand control of the icon of American capitalism to an Atlanta-based energy trader. The stock exchange's holding company, NYSE Euronext, has agreed to an offer of $33.12 a share in cash and stock from IntercontinentalExchange (ICE). ICE was founded in 2000, NYSE in 1817. The combined ...

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