China is the Ultimate Crony Capitalist State. Its banks, its energy companies, its construction companies, all the big stuff is dominated by an entrenched post-Mao aristocracy. Prices are obfuscated and graft is widespread – particularly the legal kind. Such a situation is fundamentally unstable.
There is no way Obama doesn’t find a way to extract a bunch of money (serious money, not just $400K) from the Wall Street banks. Watch.
He “protected” them don’t you know?
People around the world are coming to understand what crony capitalism is. This comes to us from Australia. The author still has a bit too much faith in government but generally he gets it.
Image: Dazed Digital
This is the Blair/Clinton/Bush crowd for you. Fight the will of the people. Do the wrong thing with a smile and then with serious earnestness. Talk about “democracy.” Then drop some bombs. (Sometimes.)
Britons? They don’t pay as well.
This is not exactly a newsflash for our readers.
Actually poker is a way fairer game than the one Goldman often plays.
Government Sachs, the bailed out and the connected. They always seem to pop up. From Fed appointments to the Treasury to the many little nooks and crannies within the power structure, Goldman is always there.
As soon as I heard that Mnunchin was coming in I knew we were headed for trouble on this point.
Goldman Sachs is arguably the most crony company in the world and they do quite well with the Fed system the way it is. Not to mention the nice bailout the Fed oversaw from which Goldman benefited immensely. Might not want to look too closely there. Don’t want to uncover anything that causes a headache for the bank,
This headline comes from CNBC and is misleading. These companies don’t “make the most money from the FEDERAL GOVERNMENT,” Taxpayers are making these companies rich, not the government. It’s not the government’s money. It’s yours. Too many people forget this.
Why are we going into massive debt, in part, to pad the bottom lines of these companies?
“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute.
I like John Allison. A few years ago I helped put together a forum on Wall Street in which John Allison participated. Since then I’ve talked with him a couple of times. In another life I worked for BB&T while Allison was CEO of the company.
By RON PAUL
Former Dallas Federal Reserve Bank President Richard Fisher recently gave a speech identifying the Federal Reserve’s easy money/low interest rate policies as a source of the public anger that propelled Donald Trump into the White House. Mr. Fisher is certainly correct that the Fed’s policies have “skewered” the middle class. However, the problem is not specific Fed policies, but the very system of fiat currency managed by a secretive central bank.
Federal Reserve-generated increases in money supply cause economic inequality.
Interest rates rising may throw a wrench into this before it gets really started. The cost of servicing the current debt will explode with higher rates. The bigger the debt, the bigger the burden on taxpayers to service the debt when rates move up.
We don’t need more taxpayer financed, debt financed infrastructure projects. We need to get things in line with fiscal reality. A bunch of new federal spending is NOT what this country needs. But, this is why Trump was able to turn much of the unionized Midwest to him.
India’s decision to ban Rupee notes above 500 has become the financial media’s topic du jour.
However, India is in fact just the latest in a series of countries to ban physical cash in higher denominations.
The war on cash has been going on since at least 2014 if not earlier.
To that end, France has banned any transaction over €1,000 Euros from using physical cash.
This is a wrist slap. Most other companies are threatened with jail time for executives, forced to agree to long probationary periods, and forced to hire friends of regulators at inflated fees to “monitor” them for years. JPMorgan wanted to settle this with Obama still in office.