Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

Thursday, December 5, 2013

The Pathology of the Rich

Updated: 2013 Dec 08



The Pathology of the Rich - Chris Hedges (Part 1)


Source: The Real News
https://www.youtube.com/watch?v=L6unS2JF8TA
The Real News Official Website - Please Donate to The Real News
http://therealnews.com/

Chris Hedges discusses the psychology of the super rich; their sense of entitlement, the dehumanization of workers, and mistaken belief that their wealth will insulate them from the coming storms.
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Update: 2013 Dec 08
 
Credibility of the Ruling Elite is Being Shredded (Part 2)


Video Source: The Real News

The Real News Official Website - Please Donate to The Real News
Chris Hedges says that while people are disgusted with the centers of power, unless there is a constructive alternative, any eruption will be nihilistic and could be fascist.
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The Global Economy – The Truth & a Warning



Source: World United News
https://www.youtube.com/watch?v=HHTpRDM96YQ

Links:

Our Invisible Revolution - Chris Hedges
http://www.truthdig.com/report/item/our_invisible_revolution_20131028
The Real News
http://therealnews.com/
Truthdig
http://www.truthdig.com/
The Global Economy – The Truth & a Warninghttps://www.youtube.com/watch?v=HHTpRDM96YQ
Broken Foundations & The Fall of Western Society
Canada Under Siege – The Economy - (Part 2)
Canada Under Siege – (Part 1) - The Tar Sands, Free Trade & Government

 

Tuesday, December 3, 2013

Yuan outperforms euro, becomes 2nd most popular trade finance currency

 

AFP Photo/Frederic J. Brown

Source: Russia Today
http://rt.com/business/yuan-aims-to-dollar-649/

The yuan has replaced the euro to become the second most widely used currency in global trade in 2013, according to the SWIFT network responsible for international financial transactions.

The share of the yuan in global trade finance has jumped from 1.89 percent in January 2012 to 8.66 percent in the form of letters of credit and collections in October 2013, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) data shows.

The share of trade settlements in the euro fell from 7.87 percent to 6.64 percent in the same period. The US dollar still leads with 81.08 percent of foreign trade payments using the American currency in October.

The most active yuan users are Chinese and Hong Kong companies which account for about 80 percent of the total foreign trade operations in the yuan. The remaining 20 percent is spread among Singapore (12%), Germany (2%), Australia (2%) and other countries (4%).

"The renminbi is clearly a top currency for trade finance globally and even more so in Asia," Franck de Praetere, SWIFT’s Singapore-based head of payments and trade markets for Asia Pacific, commented in a statement.

I think it is more to do with using China as a carry trade – people want to get their money into China,” says Nick Verdi, Asia FX strategist at Barclays. “With global interest rates so low, China really is the only place where you can get such a large carry. Trade finance is one of the key avenues to take advantage of that.

According to SWIFT, in October the yuan remained the world’s 12th most popular means of payment, its share decreased to 0.84 per cent from 0.86 per cent in September. Even though value of payments grew by 1.5% for the month, payments in all currencies rose by 4.6%

Hong Kong, the largest yuan hub outside China, has accumulated a record 782 billion yuan ($128 billion) in October. The same month the UK’s Chancellor George Osborne announced plans to make London an offshore banking center for the yuan.

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London to become Chinese offshore banking center

 

A flag hangs from the Bank of China offices in the City of London (Reuters/Toby Melville)

Source: Russia Today
http://rt.com/business/china-uk-banking-rules-220/

Britain has relaxed stringent rules for Chinese banks willing to set up in London. Beijing in turn opened up its markets to British-based investors, marking the latest move to establish the yuan as one of the world’s key currencies.

“A great nation like China should have a global currency,”said UK Chancellor of the Exchequer, George Osborne, during his official five day visit to China. And the UK is gladly willing to contribute “through the international center of finance: London”.

Under the agreed pilot program, China sanctioned London-based investors to buy up to 80 billion yuan ($13.1 billion) of stocks, bonds and money market instruments directly, avoiding Hong Kong transactions, Reuters reports.

Meanwhile, Britain will let Chinese banks set up wholesale branches in London, easing regulations the country had imposed after the financial crisis broke out. Since 2008, Britain has insisted that most foreign lenders should set up their UK operations as "subsidiaries" rather than branches, which provides greater protection for depositors and taxpayers. Less regulation will be welcomed by Chinese lenders who have always complained the rules made it hard to operate in Britain, prompting them to move much of their business to Luxembourg.

On top of that, London and Beijing will trade the yuan against the dollar directly, avoiding the dollar.

"The Chinese currency, the renminbi [yuan], is not terribly well known in Britain at the moment. But over my lifetime I think it's going to become almost as familiar as the dollar, and I want British businesses involved in trading it, investing in it," Osborne told BBC television in China.

Currently London accounts for 62 percent of yuan trades outside China and Hong Kong, according to data from financial services provider SWIFT. The latest move will give the renminbi a firmer footprint in Europe and strengthen London's platform to develop the offshore RM (renminbi) bond market.

According to an HSBC forecast, within 5 years a third of China’s total trade will be in yuan, which will make it fully convertible and elevate it into the top 3 exchange currencies. According to data compiled by Bloomberg, the yuan has already strengthened 36 percent against the dollar and 47 percent versus the pound since 2005.


 

Monday, August 12, 2013

Spain, Argentina to discuss move against UK


 
 
Source: Press TV
http://www.presstv.ir/detail/2013/08/12/318326/spain-argentina-to-talk-antiuk-move/

Spain may join Argentina in a diplomatic offensive against Britain over disputed territories, a report says.

Spanish Foreign minister Jose Manuel Garcia-Margallo is to discuss the issue with Argentinean authorities during a trip to Buenos Aires next month, according to a report published by Spanish newspaper El Pais on Sunday.

The report also said that the Spanish foreign ministry is considering taking its complaints over British-held territory Gibraltar to the United Nations Security Council or to its General Assembly.

Furthermore, Spain is looking into the option of denouncing Gibraltar to the International Court of Justice in The Hague for its “illegal occupation” of an area, called Isthmus, which connects the territory to the mainland. The land strip was not included in the 1713 Treaty of Utrecht.

Margallo is scheduled to meet Argentina’s Foreign Minister Hector Timerman, whose administration is also in a long-standing dispute with Britain over the sovereignty of Malvinas Islands.

Spain vowed on August 9 to take all necessary measures to defend its interest in Gibraltar, after reports revealed that Britain is set to send naval ships to the territory.

Tension between the two countries arose after authorities in Gibraltar dumped 70 blocks of concrete in waters close the territory’s coast in mid-July, aimed at creating an artificial reef.

However, Spain denounced the action, saying the blocks had been dumped “without any type of authorization and breaking several environmental norms.”

In addition, Madrid said the concrete blocks seriously damaged the fishery, making it impossible for Spanish fishing boats to work in the area.

Gibraltar is one of the British Overseas Territories, which is on the United Nations list of areas waiting decolonisation.

The British territory was seized from Spain in 1713 and remains a bone of contention between the two European countries.


 

Monday, May 13, 2013

Psychopathy, Politics and The New World Order


 
Photo By: Stewart Brennan - http://sfbrennanart.blogspot.ca/

By: Colin Todhunter

Source: Global Research
http://www.globalresearch.ca/psychopathy-politics-and-the-new-world-order/5334458

When attempting to analyse what is happening in the world, it is important to appreciate past economic, social and political processes that led us to where we are today. Understanding the tectonic plates of history that led certain countries towards fascism, communism or capitalist liberal democracy, for example, is essential (1) (2).

At the same time, however, it can become easy for us to push aside the individual as we focus on theoretical perspectives that refer to the ‘underlying logic of capitalism’ or some other notion that draws heavily on theory. It can get to the point where individual motive or intent (agency) is airbrushed from the narrative because human action is deemed to have been shaped by the dead weight of history or forces beyond our control.

While not wishing to understate the role that such constraints have on human action, I wish to draw attention to researcher Stefan Verstappen who provides valuable insight into how individual agency has shaped and continues to shape society (3).

While Machiavellianism has long been associated with politics and public conduct, Verstappen shifts focus somewhat by arguing that people with psychopathic personalities have for thousands of years tended to grasp power and impose their views and deeds on the rest of us. In order to get power, he concludes that people cheat, kill or lie their way to the top. Whether it has been due to the butchery or lies of royalty, religious leaders, politicians or corporate oligarchs, nice guys have tended to finish last.

What leads him to conclude this?

Psychopathy is a personality disorder identified by characteristics such as a lack of empathy and remorse, criminality, anti-social behaviour, egocentricity, superficial charm, manipulativeness, irresponsibility, impulsivity and a parasitic lifestyle (4).

With that definition in mind, look around: the criminal, parasitic activities by bankers that have plunged millions into poverty; the destruction, war and death brought to countries in order that corporations profit by stealing resources; the dropping of atom bombs on innocent civilians in 1945 or the use of depleted uranium which again impacts innocent civilians; and the many other acts, from the use of death squads to false flag terror, that have brought untold misery to countless others just because powerholders wanted to hold onto power or to gain more power, or the wealthy wanted to hold onto their wealth or gain even more.

Based on these terrible deeds, it becomes easy to argue that the people ultimately responsible for them do not adhere to the same values as ordinary people. It may be even easier to conclude that it’s not the cream that rises to the top, but, in many cases, the scum.

Now such a scenario might seem awful enough, but the people who tend to control the world, the ones responsible for these acts, try to impose their warped world view and twisted values on everyone else. Hollywood films, commercials and political ideology are all engaged in forwarding the belief that it’s a dog eat dog world, war and violence abroad is necessary, competition and not cooperative is what counts, aggression and not passivity is the key to ‘success’ and that success equates with amassing huge amounts of personal wealth and lavish displays of conspicuous consumption.

“A person with a psychopathic personality, which manifests as amoral and antisocial behavior, lack of ability to love or establish meaningful personal relationships, extreme egocentricity, failure to learn from experience, etc.” - definition of a psychopath from Dictionary.com

Again, bearing this definition in mind too, the acts mentioned above are not those of properly functioning social beings that contribute to a sense of communality, altruism, love or morality; quite the opposite in fact.

Yet this is the type of stuff that is rammed down our throats as constituting normality every day. Whether it’s the ‘Big Brother’ TV show or ‘The Apprentice’ show, these values are promoted day and night. The ‘Big Brother’ winner is the one who can survive and outdo the competition in terms of the duplicity and backstabbing involved along the way. The winner of ‘The Apprentice’ must be more aggressive, more duplicitous, more devious and cunning and more willing to trample over everyone else. And the winner is judged as such by a multi-millionaire who himself was cunning and ruthless enough to have made it to the top of the pile and has amassed millions for his own personal benefit. These are the role models to be admired and emulated!

These are the measures of success, of sanity, of normality.

“It is no measure of health to be well adjusted to a profoundly sick society.” – Jiddu Krishnamurti

Apprentice competitors are highly driven individuals: not driven by a need to help humanity, but by egocentricity and greed. And, ultimately, these are the values that many mainstream opinion leaders, senior politicians and their corporate masters hold dear.

These values of egocentricity, aggression, competitiveness, duplicity and greed are not confined to some TV show. There are part of a much more sinister process. They are inextricably linked to and underpin the actions that resulted in the killing of half a million children in Iraq for geo-political gain (5) and the sending in of military forces into the jungles of India to beat, rape and dispose of a nation’s poorest people because they stand in the way of profit and greed (6). From Congo and Libya to Syria and beyond, we witness the outcome of a terrifying mindset that is nurtured and encouraged throughout society.

Too many people have become “well adjusted to the values of a profoundly sick society,” whether residing in middle England, middle America or the gated communities of south Delhi or Mumbai. Humanity is being beaten down to be neurotic, vicious and to regard these traits as constituting normal, acceptable behaviour. Thanks to the media, this becomes engrained from an early age as comprising ‘common sense’, and those who question it are merely sneered at or ridiculed by a system that promotes a mass mindset immune to its own lies.

Whether this is all due to psychopathy, narcissism or ‘Machiavellian personalities’ is open to debate. Moreover, as implied at the outset, historical and sociological factors often compel usually decent people to act in terrible ways. The debate within academic sociology between structure and human agency is after all a very long one (7). Whatever the underlying reason, however, as a global community we are being force fed a diet of perverse values and destructive actions, all spuriously justified on the basis that ‘there is no alternative’ and ‘needs must’.

Corporate capitalism, consumerism, the new world order, a war on terror (or drugs or poverty, take your pick), neo-liberalism – call it what you will, but it’s all based on the filthy lie that those in control have wider humanity’s interests at heart. They don’t. By any means possible – war, murder, torture or propaganda, they seek to convince people otherwise. What price human life? None whatsoever for such people.

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About the author:

Originally from the northwest of England, Colin Todhunter has spent many years in India. He has written extensively for the Bangalore-based Deccan Herald, New Indian Express and Morning Star (Britain). His articles have also appeared in many other newspapers, journals and books. His East by Northwest site is at: http://colintodhunter.blogspot.com/


Notes

1) Robert Brenner (1976), “Agrarian Class Structure and Economic Development in Pre-industrial Europe”.Past and Present 70

2) Barrington Moore (1993) [First published 1966]. Social origins of dictatorship and democracy: lord and peasant in the making of the modern world (with a new foreword by Edward Friedman and James C. Scott ed.). Boston: Beacon Press.

3) Defense Against the Psychopath (2013): http://www.youtube.com/watch?v=HQkDvO3hz1w

4) Polaschek, D. L. L., Patrick, C. J., Lilienfeld, S. O. (15 December 2011). “Psychopathic Personality: Bridging the Gap Between Scientific Evidence and Public Policy”. Psychological Science in the Public Interest 12 (3): 95–162.

5) Reuters report (2000), UN Says Sanctions Have Killed Some 500,000 Iraqi Children: http://www.commondreams.org/headlines/072100-03.htm

6) BBC Newsnight interview with Arundhati Roy (2011): http://www.youtube.com/watch?v=XrYQmRBdMPQ

7) Colin Hay (2001), What Place for Ideas in the Structure-Agency Debate? Globalisation as a ‘Process Without a Subject’: http://www.criticalrealism.com/archive/cshay_wpisad.html