Browsing: The Money Scam

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‘Five months have passed since the demonetisation drive, but the people of India continue to face a shortage of cash in banks and ATMs. The Times of India reports that more than 90% of the ATMs in the northern region do not have cash, and in the southern states as many as 65% of ATMs have run dry.

Speaking to TOI, State Bank of India (SBI) deputy general manager Ajoy Kumar Pandit said the customers are losing confidence in them due to the crisis. “Nearly 70 per cent of our 648 ATMs in the three districts are out of cash. The rest will also become dry in the next few days as we do not have cash to refill the machines. We are helpless from our side,” he said.’

Read more: ‘Out Of Cash’ – More Than 90% Of India ATMs Run Dry

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‘There is a sense that the world food system has reached an impasse. Hunger afflicts at least an eighth of the world population, mostly in the global South, but also in the North where austerity policies—which respond to crisis by prioritizing the interests of the wealthy—leave working people hungry.

What is even more serious is that even this damaged ‘food security’ cannot be guaranteed into the future. International institutions now recognize that something fundamental must change, a realization embodied in the notion of paradigm shift and further concretized in the form of sustainable intensification.’

Read more: Our Current Food System Is Broken and Unjust—We Need a Paradigm Shift That Values Nutrition as a Human Right

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‘Imagine a tax scam so outrageous that even Donald Trump admits it’s inexcusable. Hard to believe, I realize, but it’s all on tape right here – along with more information about how organizers are sidestepping the cash-drunk powers that be in Washington and working to put billions of dollars back into state budgets.

The scam is called the carried interest loophole and its beneficiaries are private equity partners and hedge fund moguls – aka virtually everyone at the top of the Trump Administration. Now that he’s in office, Trump isn’t touching it, which surprises exactly no one.

The carried interest loophole allows partners at private-equity firms and hedge funds to treat a big portion of their income as capital gains – that is, as profit on the sale of an investment. Capital gains are taxed at 20 percent, plus a 3.8 percent surtax typically. Compare that to the tax rate for ordinary income – salaries earned by the rest of us – which is 39.6 percent, and you see the problem.’

Read more: Trump Flip Flops Once Again, Now Allowing Hedge Funds Their $180 Billion Tax Dodge


‘The global financial crisis opened the world’s eyes on how dependent we were on the big banks. Today, we could be held as much hostage to the banking system as we were before, if not much more. As several countries push for a dematerialization of payment means, have we already forgotten the lessons learned after the crash?

Many of the major banks in the U.S or in Europe still haven’t recovered fully from the multiple crashes and the collapse that shattered the system worldwide. At the time, many citizens realized how fragile the banking system was and they lost their trust. After Lehman Brothers’ bankruptcy many swore that never again they would allow the banks to play with their money like they had in the past. At the time, masses of several countries rushed to their banks to withdraw their assets and keep it in the form that seemed safer to them: cash.’

Read more: In A Cashless Economy, Your Money’s Never Idle Money


‘I recently awoke from a rather pleasant dream in which members of Congress and the President embraced the unique proposition that they had been elected to serve the People of the United States. Congress had determined that healthcare was a matter of right (by simply reducing the age at which a person qualified for Medicare to birth) and that every child should have free access to a college education.

Having thus dedicated the fortunes of the Nation to the future of its children, the members of Congress—conservatives, liberals, and independents alike—collaborated on how to best pay for these commitments and to reform the income tax system. In their wisdom, they decided to transform the taxation system into a tiny financial toll tax on the movement of all money in the economy, effectively transferring the tax burden from workers and small business owners to the wealthy, large corporations, and financial institutions.’

Read more: A Financial Toll Tax: Transform, Not Reform, The U.S. Tax System


‘A secret recording implicating the Bank of England in the Libor rigging scandal has been uncovered, the first potential “smoking gun” evidence of the central bank’s long-suspected role in compelling UK commercial banks to artificially drive down their lending rates during the financial crisis.

Libor — the London Interbank Offered Rate — tracks how much it costs banks to borrow money from each other, heavily influencing the cost of mortgages and other loans for regular customers. Sometimes called “the world’s most important number,” prior to the scandal, banks had dedicated members of staff — Libor submitters — who would calculate every day how much it cost the bank to borrow money, and submit the figures to the British Bankers’ Association (BBA).

The BBA would then set the overall Libor rate according to the average of all banks’ aggregate borrowing costs.’

Read more: ‘Smoking Gun’ Recording Entangles Bank of England in Libor Rigging Scandal

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‘Diesel owners could be charged for where and when they drive under new ‘pay as you pollute’ plans.

New technology could see the motorists charged more for driving near sensitive sites like schools, driving in rush hour and using older, more toxic vehicles.

A £1 million grant was awarded yesterday to fund the development of monitoring devices that track vehicles and levels of toxic nitrogen oxide they produce.’

Read more: Now diesel drivers face new ‘pay as you pollute’ charges: Plans could see motorists billed if they go near schools or take to the roads in rush hour


‘Commercial banks in Zimbabwe will soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses under a new law presented to Parliament Tuesday, reports Bloomberg.

Under the Movable Property Security Interests Bill tabled for debate by Finance and Economic Development Minister Patrick Chinamasa in the House of Assembly, the Reserve Bank of Zimbabwe will compile and administer a collateral-security register in which small-business operators and individuals can register their movable assets as security for credit.

Vehicles, television sets, refrigerators, computers and other household appliances will also become acceptable as collateral once they are evaluated and registered in the central bank’s register, according to Chinamasa.

“As minister in charge of financial institutions, I feel there is need for a change of attitude by our banks to reflect of our economic realities,” he said. Banks are “stuck in the old ways of doing things and failing to respond to the needs of our highly informalized economy,” he said.’

Read more: Zimbabwe Central Bank To Accept Goats, Cows, TVs and Fridges As Collateral


‘Swiss police have arrested an elderly woman for spraying anti-war graffiti outside the headquarters of the Swiss National Bank. Her protest was in support of an initiative aiming to ban Swiss financing of any company that produces weapons.

Louise Schneider, 86, was put into a police vehicle on Tuesday morning after spray-painting the slogan “Money for weapons kills” on a billboard outside the Swiss National Bank’s headquarters in Bern.

The phrase was painted on a temporary partition which is screening off a construction site at the bank as it undergoes renovations.

Following the incident, the elderly peace activist could be seen smiling in photos while still holding her can of red spray paint.’

Read more: 86 year-old woman arrested for spraying anti-war graffiti outside Swiss National Bank