Many heterodox economists and post-carbon researchers – most notably Richard Heinberg in several books but particularly in his seminal The End of Growth and Chris Martenson in The Crash Course – have recognized that, among other lesser causes, because of peak oil, the core source of energy that has been
Continue readingTag: banks
The Progressive Economics Forum: McGuinty’s Business Tax Breaks
An interesting nugget in last week’s Drummond report is Table 11.1, an updated version of Table 2 from “Ontario’s Tax Plan for Jobs and Growth” (2009). It provides a sectoral breakdown of the McGuinty government’s recent business tax breaks: providing HST input tax credits, cutting the corporate income tax, and
Continue readingmark a rayner | scribblings, squibs & sundry monkey joys: A Merchant Banker Returns to the Farm
After the financial collapse of 2013, the Ancient Order of Merchant Bankers fell on hard times. No longer could they turn a profit using the dark magic of derivative and credit-default swaps, plus many of the “financial instruments” they had … Continue reading →
Continue readingAccidental Deliberations: Parliament in Review: November 4, 2011
Friday, November 4 saw another day of spirited question period debate on the economy. But for once, the main theme was total cooperation – even if much of the day was spent lamenting its absence. The Big Issue The main bill up for debate was the Cons’ legislation dealing with
Continue readingAccidental Deliberations: Friday Afternoon Links
Assorted content to end your week. – If there’s a more accurate description of the Cons’ entire political strategy than “taking advantage of the prejudice that’s already there”, I haven’t heard it yet. And Chris Lawson is rightly frustrated that Canadian politics are being dominated by such cynical and destructive
Continue readingPolitics and Entertainment: The zombie-banker lives and roams the earth
Another follow-up; Craig Alexander, TD’s chief economist – it pains me to reference a classic neoclassical bank economist – noted on Lang and O’Leary last night that Canada’s debt to income ratio is high less because of increasing debt and more because real wages are falling. So the deleveraging I
Continue readingAccidental Deliberations: Thursday Evening Links
This and that for your evening reading. – pogge points out yet another Con slush fund, as public money earmarked for green infrastructure was instead diverted to oil, gas and forestry companies. – Meanwhile, the Cons’ attempt to paint a proliferation of oil pipelines as a matter of national unity
Continue readingThe Progressive Economics Forum: Were the Canadian Banks Bailed Out?
The conventional line has been, no. Our banks were strong. Unlike the US and Europe, no bailout was needed to deal with the global financial crisis of 2008. This line, of course, always conveniently neglected the Extraordinary Financing Framework, or dismissed it as trivial. Now Finance Minister Flaherty – seeking
Continue readingThe Progressive Economics Forum: Of Bailouts and Liquidity Shakedowns
Here is an amazing multimedia article published by Bloomberg Markets Magazine in the U.S., that lists all of the individual banks which received financial assistance from the U.S. Federal Reserve during the 2008-09 crisis. It shows each bank’s peak borrowing from the Fed, the number of days they held the
Continue readingAccidental Deliberations: Tuesday Afternoon Links
This and that for your Tuesday reading. – Dan Leger comments on the combination of secrecy and control exerted by Stephen Harper over the entire federal government. And the “Harper Government” re-branding exercise – now confirmed by reams of direct evidence yet still somehow denied by the Cons – serves
Continue readingPolitics and Entertainment: Armine vs. Canada’s Poster Boy for Capitalism
On last night’s Lang and O’Leary Exchange, given that the odds were 3 to 1/2, Armine Yalnizyan held her own against Kevin O’Leary, Canada’s poster boy for capitalism, a bank economist, and a corporate CEO. Amanda Lang did her best to make sure that Armine was heard in the din
Continue readingThings Are Good: Canadians Like the Occupy Movement
Even the right-leaning Canadian press can’t disagree that the Occupy Movement is a positive thing in and of itself. A new poll reveals that almost 60% of Canadians view the movement in a positive light, while some others tend to have problems because it is “leaderless”.
It’s great to see Canadians (who have not suffered […]
The Progressive Economics Forum: What Do Banks Actually DO? Teach-In With Occupy Toronto
What do banks actually DO? Create credit out of thin air. Were Canadian banks bailed-out? Absolutely, to the tune of $200 billion. And they are still protected and subsidized more than any other sector of the economy. What must be done with these banks? Tax them, control them, and ultimately take them back. Those are […]
Continue readingWritings of J. Todd Ring: BBC speechless as trader tells truth: “Collapse is coming… and Goldman Sachs rules the world”
Move your money now – put it into gold, silver, and if you can, more importantly, a piece of land that can feed your family, tools for self-reliance such as solar and wind energy, seeds and garden tools, a trailer, teepee, yurt or cottage, in cas…
Continue readingWritings of J. Todd Ring: Why Occupy Wall Street does NOT need the Democratic party
Some people are now calling for Obama and the Democratic Party to get behind (or is that take over or co-opt) the Occupy Wall Street movement; this at best a strategically unwise misdirection of energies, I would argue, and at worst, a dangerously naiv…
Continue readingThe Progressive Economics Forum: Occupation, democracy and coops
I hung out a while yesterday at the Vancouver Occupation, and was impressed with their efforts at radical democracy. Many in the mainstream press have been quick to pile on for how time-consuming decision-making can be under this model, but perhaps they have not spent enough time in legislatures and committee meetings and public consultations. […]
Continue readingThe Progressive Economics Forum: Why Are They So Angry at Wall Street?
Well, we know, but these Charts tell an incredible story. http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10?op=1
Continue readingAccidental Deliberations: Thursday Afternoon Links
Assorted content to end your day.- Thomas Walkom points out that the effect of cracking down on peaceful and legal strikes – as the Cons are so determined to do – is to force workers to take more creative steps to make their concerns heard:Canada’s m…
Continue readingPop The Stack: What Are They So Angry About?
On October 15 the #occupywallstreet protests will arrive at cities around the world and in one of the birthplaces of the movement in downtown Vancouver. The Vancouver based magazine Adbusters actually inspired the protests that have been going on in New York. The decentralized nature of the protests has led to some
Continue readingPop The Stack: What Are They So Angry About?
On October 15 the #occupywallstreet protests will arrive at cities around the world and in one of the birthplaces of the movement in downtown Vancouver. The Vancouver based magazine Adbusters actually inspired the protests that have been going on in New York. The decentralized nature of the protests has led to some
Continue reading