Elizabeth Warren speaks for the middle class which is rapidly disappearing in the USA. But what should scare all of us is the power the financial organizations wield in the USA government. If they can move thinking of the body of congress in their favor what can they not do in the world today. MUST WATCH to understand height of legalized corruption: youtube/watch?v=e3I5wt7UTv8&feature=youtu.be On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. Perhaps what prompted his intervention was the unanticipated $40 drop in the price of oil. As financial blogger Michael Snyder points out, that drop could trigger a derivatives payout that could bankrupt the biggest banks. Some financial organizations are worried about a lack of liquidity in the fixed income (bonds) and derivatives markets. Barbara Novack, co-chair of Black Rock, also lobbied hard for a derivatives bailout mechanism. And if the G20’s new bail-in rules are formalized, depositors and pensioners could be on the hook. The new bail-in rules were discussed in my last post here. They are edicts of the Financial Stability Board (FSB), an unelected body of central bankers and finance ministers headquartered in the Bank for International Settlements in Basel, Switzerland.
Posted on: Thu, 18 Dec 2014 19:28:01 +0000
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