Tag Archives: Financial Crisis

Finland Considers Basic Income Guarantee

BBC – The Finnish government is considering a pilot project that would see the state pay people a basic income regardless of whether they work.

The details of how much the basic income might be and who would be eligible for it are yet to be announced, but already there is widespread interest in how it might work.

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NY Times: Justice Dept May Now Prosecute Financial Execs

New York Times — WASHINGTON — Stung by years of criticism that it has coddled Wall Street criminals, the Justice Department issued new policies on Wednesday that prioritize the prosecution of individual employees — not just their companies — and put pressure on corporations to turn over evidence against their executives.

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Impending Mega-Default in China?

On Friday, Chinese state media reported that China Credit Trust Co. warned investors that they may not be repaid when one of its wealth management products matures on January 31, the first day of the Year of the Horse.

The Industrial and Commercial Bank of China sold the China Credit Trust product to its customers in inland Shanxi province. This bank, the world’s largest by assets, on Thursday suggested it will not compensate investors, stating in a phone interview with Reuters that “a situation completely does not exist in which ICBC will assume the main responsibility.”

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Swiss to Vote on Basic Income Guarantee

(Reuters) – Switzerland will hold a vote on whether to introduce a basic income for all adults, in a further sign of growing public activism over pay inequality since the financial crisis.

A grassroots committee is calling for all adults in Switzerland to receive an unconditional income of 2,500 Swiss francs ($2,800) per month from the state, with the aim of providing a financial safety net for the population.

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EU: Put reigns on High Frequency Trading

From Zero Hedge:

The EU assembly just voted affirmatively to impose a spate of rules to control ‘high-frequency-trading that, as the WSJ  reports, was advanced by Germany following their concerns that speedy traders have brought instability to markets. It is somehow reassuring that three-years after we first brought HFT to the mainstream’s agenda, at least one nation is taking it seriously, doing something about it, instead of being filibustered into the ‘liquidity-providing’ meme. The rules will initially require registration, collect fees on excessive use of HFT methods, and install circuit breakers with the goals to “limit the risks associated with high-frequency trading” per a senior German FinMin; but the more stringent rules to come will have the greatest impact as they intend to include requirements for orders to rest on the exchange book for at least half-a-second, and potentially order-to-trade ratio caps. Not surprisingly, the HFTs believe a “one-size-fits-all approach would be very harmful.” Indeed – to their profits.

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Martenson: Repeat of 2008 crisis coming?

Financial commentator Chris Martenson details why he believes we are about to enter another 2008-style financial crisis.

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Brilliant! Iceland forgives mortgage debt of its population

The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.

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