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William Cohan claims that “Banking has always been an elaborate confidence game. . . .” And the history of central banking provides ample evidence that his claim is true. Six decades ago, the U.S. Treasury wanted to shut down the Bank for International Settlements (BIS), saying it helped finance the Nazis during World War II. … Continue reading
Stocks Soar As Bank Aid Ends Fear of Money Panic — New York Herald Tribune, March 28, 1929 Banker Says Boom Will Run Into 1930 — The World, March 30, 1929 September 1929 “There is no cause to worry. The high tide of prosperity will continue” – Andrew W. Mellon, Secretary of the Treasury (bank … Continue reading
APRIL 30, 2013 by ELLEN BROWN http://www.counterpunch.org/2013/04/30/time-for-some-publicly-owned-banks/ “[W]ith Cyprus . . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.” —Eric Sprott, Shree Kargutkar, “Caveat Depositor” The crossing of the Rubicon into the confiscation of depositor … Continue reading
WASHINGTON, April 15 (Reuters) – The Federal Reserve on Monday issued a proposal that would force big U.S. banks to pay an annual fee to help cover the cost of regulating them. Under the proposal, the Fed would look back and start the assessment for the 2012 calendar year, requiring about 70 financial firms to … Continue reading
April 11, 2013 • From theTrumpet.com Australia chooses a side in the global currency war. Australia’s announcement that it is abandoning the U.S. dollar for trade with China is the latest broadside in the global currency war. Starting April 10, Australia and China will no longer use the U.S. dollar for trade between the two … Continue reading
The deputy governor of the Hungarian central bank, Julia Kiraly, has resigned in protest at changes to the way the bank operates. She said new governor Gyorgy Matolcsy’s changes could harm confidence. When Mr Matolcsy was appointed last month, he reshuffled support staff and cut the time given to council members to review policy decisions. … Continue reading
PLEASE READ THIS PDF AND LET ME KNOW IF THIS IS HAPPENING IN AUSTRALIA TOO?
By Jonathan Greenacre and Andrew O’Connor SYDNEY – On 5 November 2012, the Federal Court handed down its judgment in the case of Bathurst Regional Council v Local Government Financial Services Pty Ltd. The legal action related to leveraged debt obligations issued by ABN Amro that were given a credit rating of AAA by Standard … Continue reading