Interesting comments on both sides of the Atlantic over the weekend reflected the increasing likelihood of the restoration of the Glass-Steagall principle in the near future — critical for the future of the trans-Atlantic economies. The leading financial newspaper on the European continent, Handelsblatt, published an article by its Washington correspondent July 22 expressing the increasing force of Glass-Steagall: "Separate What Does Not Belong Together," meaning separate deposit/lending banking from securities speculation....read more
The London-Wall Street banking system is heading into a crash, and the fundamental cause is the complete stagnation of economic growth, but particularly of productivity, in the European and U.S. economies.
U.S. Treasury Secretary Jack Lew disgraced his office in the G20 meeting just ended in China, when he called on other countries to do everything possible to increase their economic growth, but said that the U.S. economy needs no new measures of credit or investment. American economic growth is so low, Lew needs to use European zero-growth to puff himself up. China — whose economic...read more
LPAC's Diane Sare reports on the organizing escalation in New York in the wake of the release of the 28 pages and the Chilcot Report, which together detail the truth about who attacked the United States on September 11, 2001 and the lies told by then British Prime Minister Tony Blair to get us into an illegal war in Iraq.read more