This week's gathering in Washington DC for the annual meetings of the World Bank and the IMF should be a wake for a dying global economic architecture, but unfortunately, a New International Economic Order cannot be born without African leadership to reposition the continent and the rest of the Global South away from the bottom of the global value chain. This is what I told the BBC Newsday on Monday....
Global South Perspectives
A Wake for a Dying System—Spring Meetings, Sovereign Debt & ChangeNow Summit
Fadhel Kaboub, Associate Professor of economics at Denison University (on leave) and President of the Global Institute for Sustainable Prosperity. He currently serves as the Under-Secretary-General for Financing for Development at the Organisation of Educational Cooperation in Addis Ababa, Ethiopia.He also held a number of research affiliations with the Levy Economics Institute, the John F. Kennedy School of Government at Harvard University, the Economic Research Forum (Cairo), Power Shift Africa (Nairobi), and the Center for Strategic Studies on the Maghreb (Tunis). Fadhel is Tunisian-American MMT economist. Ph.D. in Economics & Social Science Consortium, 2006, University of Missouri - Kansas City. M.A. in Economics, May 2001, University of Missouri - Kansas City. B.S. in Economics, June 1999, with Distinction
2 comments:
Hi Tom please do a favour as I live in the UK can you try to press charges against the USA Intelligence Services. Please at least just talk to a lawyer. Evidence that implicates them: https://mrkeconomicsmmtgeorgism.blogspot.com/2023/08/evidence-russian-interference-based-on.html
Also press charge against USA banks. Talk to lawyer
the situations that really matters and Fed and other officials don't want to see discussed is far more devastating:
*essentially all derivatives contracts have a clause that says that when the underlying securities are based on fraud, the originator of the derivatives has to buy them back at their face value*.
Therefore all USA banks would go bankrupt, because the core USA banks originated trillions of derivatives based on fraudulent securities.
Since nobody in the circles of power wants that, then no securities, in particular no mortgage securities, must be legally recognized as fraudulent.
That's one reason why USA bank CEOs (and not just USA ones) have had complete legal immunity from prosecution: if they are convicted of fraud, then the buyers of derivatives based on that fraud can bankrupt the whole USA bank system by demanding to be reimbursed at par.
That is also another reason why the Fed has been buying enormous amounts of mortgage based securities: because the Fed obviously would never do such a vulgar thing as sue the issuers of those derivatives based on fraudulent securities, or demand that they be paid back at par if the fraud became a legal fact.
Bill Black is a hero, but the vested interests against him are colossal.
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