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The Real Pirate Bay - Umair Haque - HarvardBusiness.org
Set up a torrent tracker, get fined, go to jail.
Join a bank, destroy the economy, profit.
Let's draw out the distinction.
The Pirate Bay guys were criminally prosecuted for....violating (largely obsolete) copyright. Almost no one in finance has been held even civilly liable for vastly more economically damaging actions.
On the one hand, we have damages worth maybe (maybe) a few million. On the other, a few trillion.
On the one hand, innovation and better music is stifled - benefits are foregone. On the other, reform of a broken banking system is stifled - losses are incurred.
That's everything that's wrong with the economy in two sentences: the ongoing inability of today's leaders to deal with 21st century economics.
MicroPlace and How Micro Loans Make a Big Difference (Video) : TreeHugger
Micro loans might be a great way for people to get back into the investing game. By giving microloans, you grow your money in small amounts, but help people in big ways. We're big fans of micro financing around here, and this heartwarming clip from CBS calls out MicroPlace, and outlines how microlending works and what kind of a difference it can make for a struggling entrepreneur.
Bill Moyers Journal . Watch & Listen | PBS
The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout
Let crippled banks fail: Kevin Rudd | The Australian
KEVIN Rudd has called for unviable overseas banks to be allowed to collapse and an international effort to shift toxic assets off the balance sheets of surviving banks as an essential first step to global economic recovery.
Rick Santelli: Tea Party Time - The Opinionator Blog - NYTimes.com
This divide between the Market Populism people are fed through the media and people’s own Grassroots Populism is a major catalyst that has turned the last two elections into backlash moments. And as bailouts and handouts now become daily news, and the Market Populists get ever more outrageous, that backlash is intensifying. Channeling it into something positive is the challenge of our time.
The Simple Dollar » Should You Use a Credit Card As Your Emergency Fund?
Here’s the problem, though: the purpose of an emergency fund is to reduce your personal risk. However, using a credit card for that purpose actually adds significant risk to the emergency fund situation.
NPR: Why We Don't Know Nothing About Nationalization
So, rumors of nationalization will encourage people who own bank stocks to sell in a wild rush. Even though those banks stock prices are low, they're not zero. Not yet.
Even worse, any bank needs to borrow money constantly in order to survive. That's their business model: they borrow money and then lend the money out. If they can't borrow money, they are out of business. Would you lend money to a bank that you heard might be taken over by the government? Probably not.
The Crisis of Credit Visualized
The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated.
China and Russia slam US | The Australian
The Chinese Premier contrasted this with the major causes of the crisis, which he put down to “inappropriate macroeconomic policies of some economies and their unsustainable model of development, characterised by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and ratings agencies and ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread”.
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inappropriate macroeconomic policies of some economies and their unsustainable model of development, characterised by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and ratings agencies and ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread
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I just want to remind you that, just a year ago, American delegates speaking from this rostrum emphasised the US economy's fundamental stability and its cloudless prospects.
“Today, investment banks, the pride of Wall Street, have virtually ceased to exist. In just 12 months, they have posted losses exceeding the profits they made in the last 25 years
Money As Debt
Paul Grignon's 47-minute animated presentation of "Money as Debt" tells in very simple and effective graphic terms what money is and how it is being created.
The Monkey Cage: The Real Great Depression
That crash came in 1873 and lasted more than four years. It looks much more like our current crisis.
The problems had emerged around 1870, starting in Europe. In the Austro-Hungarian Empire, formed in 1867, in the states unified by Prussia into the German empire, and in France, the emperors supported a flowering of new lending institutions that issued mortgages for municipal and residential construction, especially in the capitals of Vienna, Berlin, and Paris. Mortgages were easier to obtain than before, and a building boom commenced. Land values seemed to climb and climb; borrowers ravenously assumed more and more credit, using unbuilt or half-built houses as collateral. The most marvelous spots for sightseers in the three cities today are the magisterial buildings erected in the so-called founder period.
YouTube - The inevitable collapse of the dollar
Americans are living beyond their means and Asia is currently financing that. But eventually the Asians/Europeans will stop financing the USA and then the bubble will burst.
Aussie comedy duo explain subprime meltdown - Boing Boing
The Australian Broadcasting Corporation's "Clarke and Dawe" comedy duo have a remarkably informative -- and grimly funny -- sketch about the subprime meltdown, with specific reference to the economies of the rest of the world.
FT.com / Columnists / GillianTett - Western banks face backlash as they hand out begging bowl
In China, for example, there are rising complaints that funds are foolish to shovel cash directly into risk-laden US banks when they could be using it in better ways, such as purchasing western commodity or manufacturing groups.
Force Yourself To Save! 15 Painless Ways To Pay Yourself First
For some of us, saving can be a chore, or can find itself as a lower priority to all other things that occupy us financially.... to address these issues, I came up with a few suggestions to try to get ourselves to save more.
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