RECENT NEWS

With Sub-$60 Oil, Fracking & Tar Sands Losses Threaten Whole Financial System

With Sub-$60 Oil, Fracking & Tar Sands Losses Threaten Whole Financial System
A new financial crisis is threatening to dwarf the ‘subprime’ mortgage debacle, writes Paul Mobbs. Cheap money from central banks has fuelled some $1.3 trillion of risky investments in high-cost ‘unconventional’ oil and gas. Now, with oil sinking below $60, all that paper is turning to junk – and that’s putting the entire economic system at risk. By Paul Mobbs The Ecologist, December 17, 2014 Brought about ... Read more

Platform Cooperativism vs. the Sharing Economy

Platform Cooperativism vs. the Sharing Economy
The backlash against unethical labor practices in the “collaborative sharing economy” has been overplayed. Recently, The Washington Post, New York Times and others started to rail against online labor brokerages like Taskrabbit, Handy, and Uber because of an utter lack of concern for their workers. At the recent Digital Labor conference, my colleague McKenzie Wark proposed that the modes of production that we appear to be entering are not ... Read more

Owning is the New Sharing

Owning is the New Sharing
One chilly morning last winter, I reconnected with an old friend, Joel Dietz, on a video chat. We hadn’t seen each other for years, and we’d each had several starts and stops in our lives since. He began telling me about his latest undertaking, Evergreen, a digital currency system that he described as “organic” and “without additives.” I was doing all I could to understand it, and he was struggling to fund it in a way that suited his vision. ... Read more

New G20 Financial Rules: Cyprus-style Bail-ins to Confiscate Bank Deposits and Pension Funds

New G20 Financial Rules: Cyprus-style Bail-ins to Confiscate Bank Deposits and Pension Funds
On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which ... Read more

Baltimore City Says It Does Not Plan to Privatize Water

Baltimore City Says It Does Not Plan to Privatize Water
Baltimore’s city council questions top official over plans to use private companies to study how to improve Baltimore’s aging water system as opponents warn such a move could lead to privatization -   December 4, 2014 By Jaisal Noor JAISAL NOOR, TRNN PRODUCER: Welcome to The Real News Network. I’m Jaisal Noor in Baltimore, where I’m here at a City Council hearing on the question is Baltimore going to privatize its ... Read more

New Study Says US Fracking Boom Will Fade Quickly After 2020

New Study Says US Fracking Boom Will Fade Quickly After 2020
A new study by Mason Inman and a team at the University of Texas, published in Nature News, throws cold water on bullish US natural gas production forecasts by the US agency, the Energy Information Administration. Its analysis suggests that the fracking boom will be a relatively short-lived phenomenon, which raises doubts about the attractiveness of investing in shale plays and in liquified natural gas transport facilities, particularly for ... Read more

Marion Barry: DC’s Co-op Mayor

Marion Barry: DC’s Co-op Mayor
Early in his D.C. political career, the late Mayor Marion Shepilov Barry, Jr. set out to make the District of Columbia a model city for cooperatives. By Ajowa Nzinga Ifateyo, originally published in Grassroots Economic Organizing Soon after he started his first mayoral term in 1979, Barry remarked at a February 1980 conference: In Washington, as in every other major urban center in America, we have entire sections of our city which have been ... Read more

Housing Foreclosure Still A Crime Scene

Housing Foreclosure Still A Crime Scene
After the forensic audit was completed, Register O’Brien proclaimed: :My registry is a crime scene as evidenced by this forensic examination. The Audit makes the finding that this was not only a MERS (Mortgage Electronic Registration Systems) problem, but a scheme also perpetuated by MERS shareholder banks such Bank of America, Wells Fargo, JP Morgan and others. I am stunned and appalled by the fact that America’s biggest banks have played ... Read more

WSJ Reports: Public Bank of North Dakota Outperforms Wall Street

WSJ Reports: Public Bank of North Dakota Outperforms Wall Street
The Wall Street Journal reports that the Public Bank of North Dakota out performed the Wall Street Banks.  Chester Dawson begins his November 16th article: “It is more profitable than Goldman Sachs Group Inc., has a better credit rating than J.P. Morgan Chase & Co. and hasn’t seen profit growth drop since 2003. Meet Bank of North Dakota, the U.S.’s lone state-owned bank, which has one branch, no automated teller machines and not a ... Read more

Out Of The Ashes Of Big Finance Capitalism Comes A New Economy

Out Of The Ashes Of Big Finance Capitalism Comes A New Economy
Above:  Current economic system is headed for collapse says Jeremy Rifkin. Photograph: Linda Nylind/Linda Nylind Jeremy Rifkin argues the current economic system has become so successful at lowering the costs of production that it has created the very conditions for the destruction of the traditional vertically integrated corporation. Rifkin, who has advised the European Commission, the European Parliament and heads of state, including ... Read more