What does the collapse of Fannie Mae and Freddie Mac, Lehman, AIG, and now the latest financial turmoil around
While we are watching the international cable news, thousands of Wall Street employees clear their desks and carry off boxes of their belongings out of their offices to look for other jobs (if they can find any), the financial and economic tsunami is already traveling fast to our shores. Since those
Cash from US land-based OFWs grew by less than a percent (0.66) to $2.462 billion in the six months ending May against the same six-month period in 2007 of $2.446 billion. After the
This speculative financial system is sometimes called the “casino economy,” where people or institutions with money -- or claiming to have money -- allegedly put antes or bets on various “investments” which promise very high yields for little sweat. They bet on stock market shares and futures shares (such as oil and other commodities). They even bet on the bets, insure the bets so bettors believe they are completely covered from any loss, take easy premiums and re-insure the premiums.
For instance, the home mortgage market was an investment that could not have gone wrong -- so they claimed -- because of the home as collateral; but then, it’s reused as credit card security, and reused for buying stocks and futures, even buying second property used again as collateral, ad infinitum.
But why can’t the US Federal Reserve keep printing money to shore up the collapsing financial institutions? Actually, it is doing that. The buyout of Merrill Lynch by Bank of America for $50 billion, four times its collapsed value, is bailout money from the US Fed. They’re hiding the fraud of saving criminally speculative private funds with US taxpayer loans to them, which
All major economies in the world have degrees of dependence on the
Real economics is about real people and real goods, not paper wealth. Countries will have to turn away from the stock, money and futures markets to the real physical markets — production and trade of food, manufactured goods and exchange of services. To do this, the
For good measure, the finance managers going up with Gloria on stage for the mid-year Economic Briefing declaring “the
Filipinos must get out and take their money out of the casinos, go to fields and factories to plant rice and vegetables, raise cara-buffaloes for milk and meat, and build factories to manufacture shoes, tractors and trains. This is real economics, the only way to ensure our future. To do this, a coalition of nationalist civilian forces, backed by our nationalist military leaders, should provide leadership. Take the cue from