Tag: Big Banks

Biden administration scales back student debt relief for millions amid legal concerns

Tina Marie (Ms. Cat)

Biden administration scales back student debt relief for millions amid legal concerns

But there are significant business interests that depend on the federally guaranteed loan program — a wide range of private lenders, banks, guaranty agencies, loan servicers and investors. That industry is widely seen, both inside and outside the administration, as presenting the greatest legal risk to the debt relief program.

Many of those companies face economic losses when they lose borrowers who convert their federally guaranteed loans into new loans that are made directly by the Education Department through a process known as consolidation.

Can’t afford to lose those campaign donations!

Rail strikes: RMT chief Mick Lynch says Sir Keir Starmer must ‘cosy up to working class people’ to be effective in Opposition + UK Truss government delivers class war budget

Tina Marie (Ms. Cat)

Rail strikes: RMT chief Mick Lynch says Sir Keir Starmer must ‘cosy up to working class people’ to be effective in Opposition

Video via Labour Heartlands

Related:

UK Truss government delivers class war budget

Soaring energy bills ‘price worth paying’ to stand up to Putin, says Liz Truss

US Treasury recommends exploring creation of a digital dollar

Tina Marie (Ms. Cat)1 Comment

The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar. Administration officials say it’d help reinforce the U.S. role as a leader in the world financial system.

US Treasury recommends exploring creation of a digital dollar

H/T: PFYT2

Related:

A digital dollar would allow Americans to directly open up an account at the Fed

And while some have suggested that the Fed could potentially launch a digital dollar on a public network like Ethereum, Luther suspects that it would instead choose to launch on its own dedicated blockchain.

“A public blockchain would limit the government’s ability to control access and monitor transactions. I am not convinced it will give up control and oversight, even if doing so would be in the best interest of society.”

Fed’s Powell: a U.S. digital dollar could help maintain international primacy

The development of an official digital version of the U.S. dollar could help safeguard its global dominance as other countries issue their own, Fed Chair Jerome Powell said on Friday, weighing in with generally positive remarks on a hot-button topic at the central bank that has left policymakers divided.

…

Ten countries have already launched central bank digital currencies and another 105 countries are exploring the option, according to the Atlantic Council, leading to fears the dollar could lose some of its dominance to China.

Mass Formation Hypnosis Disorder

Tina Marie (Ms. Cat)

Well, gosh, this is kind of embarrassing. For approximately the last two and a half years, I have been documenting, analyzing, and occasionally satirizing the so-called “New Normal,” i.e., the new, pathologized, official ideology that has been rolled out all across the planet by the global-capitalist ruling classes under the pretext of combating an apocalyptic pandemic … or at least that’s what I thought was going on.

Mass Formation Hypnosis Disorder

During Both Obama and Trump Administrations, the Justice Department Has Looked the Other Way at Crimes by the Powerful (and nothing will change with Biden)

Tina Marie (Ms. Cat)1 Comment

Last Thursday evening, Justice Department Attorney General, Merrick Garland, held a brief press conference to announce that he had asked a federal court to unseal the search warrant and inventory receipts filed in connection with the FBI’s search of Donald Trump’s Palm Beach oceanfront home and beach resort, Mar-a- Lago. As part of his statement to the press, Garland said this:

“Faithful adherence to the rule of law is the bedrock principle of the Justice Department and of our democracy. Upholding the rule of law means applying the rule of law evenly, without fear or favor.”

During Both Obama and Trump Administrations, the Justice Department Has Looked the Other Way at Crimes by the Powerful

Related:

Vowing Not to ‘Demonize’ the Rich, Biden Tells Billionaires ‘Nothing Would Fundamentally Change’ If He Was Elected

“No one’s standard of living will change,” said Biden. “Nothing would fundamentally change.”

Russia Confounds the West by Recapturing Its Oil Riches + Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US

Tina Marie (Ms. Cat)

Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude

Russia Confounds the West by Recapturing Its Oil Riches

Related:

US Treasury Secretary Janet Yellen has warned that a failure to place a price cap on Russian oil would hurt the global economy.

Yellen discusses Russia oil price cap as Chancellor Nadhim Zahawi visits US

🤡

China Is Better Than The USA: Notes From The Edge Of The Narrative Matrix

Tina Marie (Ms. Cat)

China Is Better Than The USA: Notes From The Edge Of The Narrative Matrix

I always mentally translate “the CCP” to “you can stop reading here, I’m just blindly regurgitating empire propaganda.”*

The party of the Chinese government is called the Communist Party of China, the correct abbreviation for which is CPC. But there’s no need to use that when “the Chinese government”, “Beijing”, or “China” would do just as well. The only reason to say “CCP” or “Chinese Communist Party” instead of the normal words people use for other governments would be if you wanted to de-legitimize the government of China.

On this day, 24 July 2009, 3,000 steel workers in Tonghua, China rioted and beat an executive to death when threatened with privatization and job losses.

Tina Marie (Ms. Cat)1 Comment

Jianlong Steel Holding Company official Chen Guojun, who earned over 3 million yuan the previous year, planned to take over the majority state-owned Tonghua Iron and Steel Group. He announced plans to cut the number of workers from 30,000 down to around 5,000, with those made redundant receiving around 200 yuan in compensation. The firm was still profitable, but the planned restructuring was aimed at increasing profits further amidst a global economic downturn.

Outraged, the workers shut down production and rioted, beating Chen, blocking roads and smashing police cars to prevent police and ambulances from reaching him.

The sale was subsequently scrapped.

On this day, 24 July 2009, 3,000 steel workers in Tonghua, China rioted and beat an executive to death when threatened with privatisation and job losses.

More:

China, rising wages and worker militancy