The three day Moscow summit signals China and Russia's commitment to each other and the vision of a new multipolar world.
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Heidi Siegmund Cuda reviews the former US President's multiple legal cases, separating fact from the unreality he promotes on his propaganda platform Truth Social
The two-day poll, concluded on Tuesday, found 54% of respondents – including 80% of the former president’s fellow Republicans and 32% of Democrats – said politics was driving the criminal case being weighed by a Manhattan grand jury. Seventy percent of respondents, and half of Republicans, said it was believable that Trump during his 2016 presidential campaign paid the adult film actress Stormy Daniels for her silence about an alleged sexual encounter. Some 62% of respondents, including a third of Republicans, said it was also believable that Trump falsified business records and committed fraud. So a large number of Republicans obviously don’t care that he paid the hush money, and committed fraud. The rest are delusional. No surprise there.
Your humble blogger has been saying that the new bank rescue scheme, which is a covert backstop of nearly all uninsured deposits, is a disastrous extension of government support to institutions that are welfare queens save for executive and manager pay levels. And the Fed may make banks’ “Heads I win, tails you lose” bet even bigger by announcing that all deposits will be guaranteed.
We’ve argued since the crisis that banking is the most heavily government subsidized industry, far outstripping the military-surveillance complex in the support it gets from the great unwashed public. Yet every time banks predictably drive themselves off the cliff, they get even more goodies, with virtually nada in the way of new restrictions or punishment of miscreants. The US is keen to perp walk Donald Trump, but not bank executives.
Keir Starmer could win an increased majority by turning against Brexit – but party officials are still rejecting any notion of rejoining the EU
Narrow banking is a concept for a bank that holds 100% reserves against deposits. It attracts people who are deeply concerned about the symbolic content of “money” on both the left (e.g. Positive Money) and the free market right (the Chicago Plan). Devotees of narrow banking are happy to talk your ear off about how their plans work, so I leave finding out more as an exercise as a reader. I just want to focus on the core principle: they want banks to not take risks lending deposits, so that “money” remains “money”: a numeric entry that corresponds in a 1:1 fashion to a claim on a “monetary asset,” like a gold coin or claims on specific gold coins, and not a messy credit relation....
Bond Economics
Narrow Banking: A Bad Solution To A Non-Existent ProblemBrian Romanchuk
Harmukh Doshi sentenced to 28 months’ imprisonment on 9 separate accounts of racially-aggravated harassment and offensive communications At Leicester Crown Court yesterday, Hasmukh Popatlal Doshi was convicted on six counts of sending offensive or menacing communications and three of inflicting racially-aggravated harassment, alarm or distress to Leicester East MP Claudia Webbe. This is far from […]
“Serious creativity” lacking from the left There isn’t a lot of outside-the-box thinking among Democrats. For all the Left’s attraction to novelty and appreciation for creativity, stepping outside their safe spaces is not something many established Democratic operatives do. They color inside the lines Republicans ignore. Greg Sargent warns that should Donald Trump be indicted by the Manhattan district attorney’s office over his concealing hush-money payments to a porn star, Democrats seem unprepared to meet both the moment and the expected Republican backlash: Democrats will have to marshal some serious creativity in response. The extraordinary move by House Republicans to insert themselves into Manhattan District Attorney Alvin Bragg’s investigation of Trump provides Democrats with an opening to do just that. This week, Rep. Jim Jordan (R-Ohio) and other top Republicans sent a letter to Bragg demanding documents and testimony related to expectations that Bragg might charge Trump over a hush-money payment to a porn actress in 2016.
As geopolitical spaces open for countries in the Global South more countries are daring to challenge the hegemony of colonial powers, including Israel.
The post Israel’s Humiliating Expulsion from AU Summit Exposes Its Failed Diplomacy in Africa appeared first on MintPress News.
Another nail in "loanable funds", which justfies austerity but does not explain how central banks produce credit and monetary growht.
In the latest IMF Finance and Development journal (March 2023), there is an interesting article by the former governor of the Bank of Japan, Masaaki Shirakawa – It’s time to rethink the foundation and framework of monetary policy. It goes to the heart of the complete confusion that is now being demonstrated by central bank policy makers. With their ‘one trick pony’ interest rate attacks on inflation, not only have they been inconsequential in dealing with that target (the so-called price stability responsibility), but, in failing there, they have undermined the achievement of the other central bank target (financial stability) and probably worsened the chances of sustaining the third target (full employment). Sounds like a mess – and it is. We are witnessing what happens when Groupthink finally takes over an academic discipline and the policy making space. Blind, unidirectional policies, based on a failed framework, steadily undermining all the major goals – that is where we are right now.
The Riyadh-Tehran rapprochement could bring much-needed infrastructure investment in Iran, which is situated at the center of China and Russian-led Eurasian integration efforts, but countries will have to defy or work around US sanctions.
The Biden Administration continues to conceal its responsibility for the destruction of the Nord Stream pipelines.
The post Seymour Hersh: The Cover-Up appeared first on scheerpost.com.
It’s a reflex Running for U.S. Senate is a pricey proposition. Candidates spent on average over $10 million a decade ago and nearly double that by 2016. The Citizens United decision means outside groups now pour in even more than candidates. With Democrats outraising Republicans in the Trump era, the GOP more than ever is looking to oligarchs for candidates who can self-fund (Politico): Both parties have relied on self-funders before. But this approach has taken on increasing importance for Republicans because they failed to counter Democrats’ massive grassroots fundraising in Senate races during the past two cycles. In 2022 alone, Democratic nominees outraised Republicans by $288 million in the six closest Senate races. The strategy is also an acknowledgment that the party’s reliance on super PACs funded by its richest supporters has been insufficient. In the last two elections, Republicans were unsuccessful in stopping Democrats from nabbing a narrow majority in the upper chamber.
Russia's defense minister says the move brings the world closer to a 'nuclear collision,' Putin vows to respond.
The post UK to Give Ukraine Depleted Uranium Shells Despite Russian Warning appeared first on scheerpost.com.
Iraq Plus 20 Part II
The post Dennis Kucinich: From Iraq Into the Abyss? appeared first on scheerpost.com.
The UK has fallen to 29th in the global rankings of life expectancy. Matthew Gwyther looks at the economic and social reasons why the country has become the ‘sick man of Europe’ again
By Dean Baker / Beat the Press (CEPR) An item in Ezra Klein’s NYT column yesterday really grabbed by attention. Ezra cited a Wall Street Journal column that claimed that the Federal Reserve Board’s stress tests would not have detected Silicon Valley Bank’s (SVB) problems, because its stress tests did not consider interest rate risk. This struck me as […]
The post ‘Regulation’ Is Not a Mantra appeared first on scheerpost.com.
No matter how much evidence Robert Parry produced over the years poking holes in the official story, the establishment media declined to re-examine the case or treat it seriously, writes Nat Parry.
The post NYT Catches up to Parry But Still Falls Short on October Surprise appeared first on scheerpost.com.
By Patrick Lawrence / Original to ScheerPost There are many things to say about the International Criminal Court’s decision to issue an arrest warrant for Vladimir Putin on charges that the Russian president directed the abduction and deportation of thousands of children from eastern Ukraine in the early months of the intervention that began a […]
The post Patrick Lawrence: Biden and the ICC: ‘A New Level of Farce’ appeared first on scheerpost.com.