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Monday, October 12, 2020

EN -- LARRY ROMANOFF -- China's Anti-Monopoly Policies -- October 10, 2020

 


 

China's Anti-Monopoly Policies

 

By LARRY ROMANOFF – October 10, 2020


 



 

In 2014, due to repeated complaints and alarming suspicions, Chinese authorities undertook an enormous wide-ranging anti-monopoly investigation of the country's auto industry that involved more than 1,000 Chinese and foreign companies including automakers, dealers and suppliers, many of whom were suspected of collusion in price-fixing, price-gouging, other anti-competitive behavior, as well as fraudulent sales, service and warranty terms. A major thrust of the investigation was the illegal fixing of extremely high prices, a focus that would appear to have been well justified since, as soon as news of the investigation broke, dozens of foreign automakers simultaneously engaged in a panic reduction of their auto and parts prices, with Audi and Mercedes instituting reductions of as much as 40% and BMW doing something similar, perhaps hoping by this means to stave off criminal conviction. In fact, virtually all foreign automakers panicked and cut prices heavily when news of the probes became public, knowing full well the honeymoon of breaking all of China's laws with impunity was quickly coming to an end. From the China Daily:

 

 

"Jessica Su, antitrust scholar and Institute of American Studies associate professor at the Chinese Academy of Social Sciences, said the commission has strong evidence and a legal base to continue its investigations. In the new-car and after-sales markets, the conduct of international automakers may have infringed the antitrust law, including price-fixing, territorial restrictions and customer restrictions. In the after-sales car market, suspected conduct includes exclusive supply, exclusive purchase and excessive pricing of replacement parts, as well as restrictions on the supply of technical information needed for repair and maintenance, she said. "Such behavior mainly comes from car manufacturers suspected of substantially impeding competition and harming consumer welfare. If similar conduct occurred in the United States, European Union, Japan, South Korea and other mature market economies, it would doubtless trigger antitrust investigations".

 

Sunday, November 29, 2015

HSBC whistleblower given five years’ jail over biggestleak in banking history



Hervé Falciani sentenced in his absence for financial espionage by federal court for exposing wrongdoing at HSBC’s private Swiss bank

 Hervé Falciani


Hervé Falciani has sought refuge in France. Photograph: Denis Balibouse/Reuters



The whistleblower who exposed wrongdoing at HSBC’s Swiss private bank has been sentenced to five years in prison by a Swiss court.

Hervé Falciani, a former IT worker, was convicted in his absence for the biggest leak in banking history. He is currently living in France, where he sought refuge from Swiss justice, and did not attend the trial.

The leak of secret bank account details formed the basis of revelations – by the Guardian, the BBC, Le Monde and other media outlets – which showed that HSBC’s Swiss banking arm turned a blind eye to illegal activities of arms dealers and helped wealthy people evade taxes.

The Guardian view on the HSBC files: a damning dossier

Editorial: The use of Swiss accounts to dodge tax was systematic. The flaky response from the bank and the politicians is anything but

While working on the database of HSBC’s Swiss private bank, Falciani downloaded the details of about 130,000 holders of secret Swiss accounts. The information was handed to French investigators in December 2008 and then circulated to other European governments.

It was used to prosecute tax evaders including Arlette Ricci, the heir to France’s Nina Ricci perfume empire, and to pursue Emilio Botín, the late chairman of Spain’s Santander bank.

Switzerland’s federal prosecutor had requested a record six-year term for Falciani for aggravated industrial espionage, data theft and violation of commercial and banking secrecy. 

It was the longest sentence ever demanded by the confederation’s public ministry in a case of banking data theft. The trial was also the first conducted by the country’s federal criminal court in which the accused had not been present.

The defendant’s lawyers had demanded a reduced sentence, of between two and three years, “compatible with the granting of a reprieve”.

Falciani himself refused to appear in the dock, on the grounds that he would not be allowed a fair trial. He described the process as a “parody of justice”.
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Saturday, November 14, 2015

IMF's Lagarde supports proposal to include yuan in SDR



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International Monetary Fund Managing Director Christine Lagarde.
International Monetary Fund Managing Director Christine Lagarde said Friday that she supports the findings in her staff's proposal to include China's yuan in its Special Drawing Rights currency basket.

"I support the staff's findings," she said in a statement.
International Monetary Fund Managing Director Christine Lagarde.


Lagarde said she will chair a meeting of the IMF's executive board on Nov. 30 to consider the yuan's inclusion in the basket.

Beijing has pushed for the yuan to join the basket as part of its long-term strategic goal of reducing dependence on the dollar and to mark the country's coming of age as an economic power.

This is breaking news. Please check back for updates.
— CNBC's Everett Rosenfeld contributed to this report.

Note from the poster:
 In current language this means:

Officially it means, that the IMF is NOW accepting the Chinese Drawing Rights into the basket of currencies. 
Down the curtains, it is a surrender from the western Banking bankruped elite. (China and the BRICS) have earlier in 2009 required the YUAN to be included in this institution to run the world in a more balanced way. That means the US $$ full spectrum dominence is Gone for ever !
The DTS are based on us $$, Euros, Yen and British pond if my memeory is correct.

But they have no choice, even if they tried hard between 2009 and today to hide their cabal corruptions and crimes. This is all because they have no Gold reserves.....The western cabal highjiked all the banking system with all the gold of the chinese, and now they have no more gold, this is why Neil Keenan have explained the big lawsuit actions filed. Russia, China, India, Indonesia and Philippines have gold ! All the Ancient Royals Asian families are DEPOSITARIES /OWNERS of the STOLEN GOLD -

IMF is now ruled by the Chinese, so She has to work with them, not with the banksters.

Tuesday, November 10, 2015

China Launching Gold Backed Global Currency


China Launching Gold Backed Global Currency

China Launching Gold Backed Global Currency

According to the article, China is recasting all of their gold reserves into small one kilo bars in order to issue a new “gold-backed” currency. Many say this will disrupt global trade and will eventually cause a collapse of the US dollar.
There can be no doubt that the US dollar will soon be history. China is recasting all of their gold reserves into small one kilo bars in order to issue a new ‘gold backed’ global currency. This is surely a strategic part of their recent push to sign new trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. The cat is now out of the bag, the US will be given the ‘bums rush’ by the largest trading nations in the world and the dollar will go down in flames. GATA now estimates that 80% of the gold that investors believe they have in allocated accounts is long gone, the majority of it probably wound up in China.
Many are the events, signals, and telltale clues of a real live actual systemic failure in progress. Until the last several months, such banter was dismissed by the soldiers in the financial arena. But lately, they cannot dismiss the onslaught of evidence, a veritable plethora of ugly symptoms of conditions gone terribly wrong and solutions at best gone awry and at worst never intended in the first place.
CHINA RECASTS GOLD BARS

Friday, October 2, 2015

China discussing ‘Bretton Woods topics’ with other leading countries.


China is discussing a reset of world’s financial system with other ‘leading countries’


(The Big Reset) We have found some new confirmation China is discussing a reset of world’s financial system with other ‘leading countries’, just like was done during the Bretton Woods Conference in 1944. In an OMFIF-publication, the second highest ranking Chinese banker within the IMF, Dr Jin Zhongxia stated; ‘The topics currently discussed among the leading countries are not significantly different from those debated at the Bretton Woods conference. Those who open up and learn from the dusty archives of Bretton Woods may perhaps gain insights into many other issues relevant today.’

Dr Jin Zhongxia was appointed as an Executive Director for China at the International Monetary Fund. Prior to this position he was the Director General at the Research Institute of the People’s Bank of China (PBoC). Drawing on the conference reports from the Chinese delegation and other related documents, he has published an important paper which traces the footsteps of the Chinese delegation and explores the role played by the Chinese delegates at the Bretton Woods conference.

Tuesday, July 7, 2015

Tsipras speaks with Putin following ‘No’ vote

Tsipras speaks with Putin following ‘No’ vote
July 6, 2015, 12:49 pm

Russian President Vladimir Putin with Prime Minister of Greece Alexis Tsipras in Moscow, Russia on 8 April 2015 [PPIO]
Russian President Vladimir Putin with Prime Minister of Greece Alexis Tsipras in Moscow, Russia on 8 April 2015 [PPIO]

Russian President Vladimir Putin on Monday “expressed his support for the Greek people in overcoming the country’s current difficulties” said a Kremlin statement.
In a phone conversation on Monday, Putin and Greek Prime Minister Alexis Tsipras discussed the Greek referendum as well as Russia-Greece cooperation.
“Mr Putin and Mr Tsipras discussed the results of the Greek referendum on international creditors’ conditions for providing financial aid to Athens, and discussed several matters concerning further development of bilateral cooperation,” said the statement.
Tsipras initiated the call, the Kremlin said.

BRICS provides choices for Africa: Zuma

July 7, 2015, 5:26 am

File photo of BRICS leaders at the Durban Summit in South Africa [GCIS]
File photo of BRICS leaders at the Durban Summit in South Africa [GCIS]
The BRICS bloc and their new financial instruments are providing choices for the African continent, said President Jacob Zuma on Monday.

PBOC adds cash to banking system through open market operations

July 7, 2015, 8:30 am

China is adding cash to the financial system to keep borrowing costs from climbing as banks hoard funds to meet quarter-end regulatory requirements [Xinhua]
China is adding cash to the financial system to keep borrowing costs from climbing as banks hoard funds to meet quarter-end regulatory requirements [Xinhua]
The People’s Bank of China, China’s central bank, has injected 50 billion yuan ($8.2 billion) into the money market through open market operations, it announced on Tuesday.
This has marked the fourth consecutive cash injection through the central bank’s regular reverse repurchase agreement (repo) on Tuesdays and Thursdays since June 25.

Russia, China Central Banks to sign agreement on yuan, ruble use

July 6, 2015, 10:55 am

China is promoting the use of its currency as an alternative to the dollar in global trade and finance [Xinhua]
China is promoting the use of its currency as an alternative to the dollar in global trade and finance [Xinhua]
Russia and China on Monday pledged to settle more bilateral trade in ruble and yuan with central banks of the two countries set to sign a financial agreement, reducing the role of the dollar in international trade.
The 6th China-Russia Finance Ministers dialogue is being held in Moscow.

Wednesday, July 1, 2015

Ukraine Halts Russian Gas Purchases After Price Talks Fail Tyler Durden's picture

Tyler Durden's picture
Submitted by Tyler Durden on 06/30/2015 17:42 -0400


It has been a bad day for deals and deadlines all around: first Greece is about to enter July without a bailout program and in default to the IMF with the ECB about to yank its ELA support or at least cut ELA haircuts; also the US failed to reach a nuclear deal with Iran in a can-kicking negotiation that has become so farcical there is no point in even covering it; and now moments ago a third June 30 "deal" failed to reach an acceptable conclusion when Russia and Ukraine were unable to reach an agreement on gas prices at talks in Vienna on Tuesday. As a result, Ukraine is suspending its purchase of Russian gas.

Tuesday, June 30, 2015

Don't Blame Austerity: Five "Dastardly" Ways Italy Burned Through Taxpayer Money




Tyler Durden's picture
Submitted by Tyler Durden on 06/30/2015 13:04 -0400

It took years (after our initial report in 2011) but finally the Greeks realized that the main reason the Troika had been fleecing them all along, is that of the €227 billion in bailout funds disbursed to Greece, the amount that actually reached the Greek population was... 11%. The rest went back to repaying Greek creditors in some form.



This is another way of explaining why while the PIIGS countries raged against "evil austerity", their debt load as a percentage of GDP was consistently rising year after year, and has hid new all time highs as of the most recent reading.




So what was really going in Europe over the past 5 years, if the debt load kept creeping higher, and yet little money was actually making its way to the broader population?

Former Senator Slams Washington As Corrupt "Sewer", Calls For Outraged Young Americans To Revolt



Tyler Durden's picture
Submitted by Tyler Durden on 06/30/2015 12:42 -0400



Submitted by Mike Krieger via Liberty Blityzkrieg blog,


On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so.

Our ancestors did not depart Europe and elsewhere to seek freedom and self-government alone. They came to these shores to escape social and political systems that were corrosive and corrupt. Two and a quarter centuries later, we are returning to those European practices. We are in danger of becoming a different kind of nation, one our founders would not recognize and would deplore.

In addition to the rise of the national security state, and the concentration of wealth and power in America, no development in modern times sets us apart more from the nation originally bequeathed to us than the rise of the special interest state. There is a Gresham’s law related to the republican ideal. Bad politics drives out good politics. Legalized corruption drives men and women of stature, honor, and dignity out of the halls of government. Self-respecting individuals cannot long tolerate a system of election and reelection so dependent on cultivating the favor of those known to expect access in return. Such a system is corrosive to the soul.



A former senator from Colorado, Gary Hart, has written an extremely powerful and accurate critique of the unfathomably corrupt and crony state of the U.S. government in 2015. It covers several very important angles, including how appalled and disgusted our founders would be at the current state of affairs. How a once great republic has devolved into a thieving oligarchy in which the pursuit of money at power at the expense of the public good has been elevated into something that’s not just tolerated, but actually celebrated and encouraged amongst an ethics deprived status quo.

Don’t take it from me though, here are several of my favorite excerpts:

By that standard, can anyone seriously doubt that our republic, our government, is corrupt? There have been Teapot Domes and financial scandals of one kind or another throughout our nation’s history. There has never been a time, however, when the government of the United States was so perversely and systematically dedicated to special interests, earmarks, side deals, log-rolling, vote-trading, and sweetheart deals of one kind or another.

What brought us to this? A sinister system combining staggering campaign costs, political contributions, political action committees, special interest payments for access, and, most of all, the rise of the lobbying class.

Worst of all, the army of lobbyists that started relatively small in the mid-twentieth century has now grown to big battalions of law firms and lobbying firms of the right, left, and an amalgam of both. And that gargantuan, if not reptilian, industry now takes on board former members of the House and the Senate and their personal and committee staffs. And they are all getting fabulously rich.

Frustrated, irate discussions of this legalized corruption are met in the Washington media with a shrug. So what? Didn’t we just have dinner with that lobbyist for the banking industry, or the teachers’ union, or the airline industry at that well-known journalist’s house only two nights ago? Fine lady, and she used to be the chairman of one of those powerful committees. I gather she is using her Rolodex rather skillfully on behalf of her new clients. Illegal? Not at all. Just smart . . . and so charming.

There is little wonder that Americans of the right and many in the middle are apoplectic at their government and absolutely, and rightly, convinced that the game of government is rigged in favor of the elite and the powerful. Occupiers see even more wealth rising to the top at the expense of the poor and the middle class. And Tea Partiers believe their tax dollars are going to well-organized welfare parasites and government bureaucrats.

Never forget this Venn diagram:

Screen Shot 2015-06-29 at 6.50.36 PM


The advent of legalized corruption launched by the Supreme Court empowers the superrich to fund their own presidential and congressional campaigns as pet projects, to foster pet policies, and to represent pet political enclaves. You have a billion, or even several hundred million, then purchase a candidate from the endless reserve bench of minor politicians and make him or her a star, a mouthpiece for any cause or purpose however questionable, and that candidate will mouth your script in endless political debates and through as many television spots as you are willing to pay for. All legal now.

To compound the political felony, much, if not most, campaign financing is now carried out in secret, so that everyday citizens have a decreasing ability to determine to whom their elected officials are beholden and to whom they must now give special access. As recently as the 2014 election, the facts documented this government of influence by secrecy: “More than half of the general election advertising aired by outside groups in the battle for control of Congress,” according to the New York Times, “has come from organizations that disclose little or nothing about their donors, a flood of secret money that is now at the center of a debate over the line between free speech and corruption.”

Of this handful, the largest by far is WPP (originally called Wire and Plastic Products; is there a metaphor here?), which has its headquarters in London and more than 150,000 employees in 2,500 offices spread around 107 countries. It, together with one or two conglomerating competitors, represents a fourth branch of government, vacuuming up former senators and House members and their spouses and families, key committee staff, former senior administration officials of both parties and several administrations, and ambassadors, diplomats, and retired senior military officers.

WPP has swallowed giant public relations, advertising, and lobbying outfits such as Hill & Knowlton and BursonMarsteller, along with dozens of smaller members of the highly lucrative special interest and influence-manipulation world. Close behind WPP is the Orwellian-named Omnicom Group and another converger vaguely called the Interpublic Group of Companies. According to Mr. Edsall, WPP had billings last year of $72.3 billion, larger than the budgets of quite a number of countries.

I’m not sure exactly where this number came from, as I’ve seen numbers around $15 billion thrown around, but not $72 billion.

With a budget so astronomical, think how much good WPP can do in the campaign finance arena, especially since the Citizens United decision. The possibilities are almost limitless. Why pay for a senator or congresswoman here or there when you can buy an entire committee? Think of the banks that can be bailed out, the range of elaborate weapons systems that can be sold to the government, the protection from congressional scrutiny that can be paid for, the economic policies that can be manipulated.

The lobbying business is no longer about votes up or down on particular measures that may emerge in Congress or policies made in the White House. It is about setting agendas, deciding what should and should not be brought up for hearings and legislation. We have gone way beyond mere vote buying now. The converging Influence World represents nothing less than an unofficial but enormously powerful fourth branch of government.

America’s founders knew one thing: The republics of history all died when narrow interests overwhelmed the common good and the interests of the commonwealth.

What would our founders make of this nightmare of corruption? We only know, in Thomas Jefferson’s case, for example, that his distrust of central government had to do with the well-founded and prescient suspicion that its largesse would go to powerful and influential interests, especially financiers, who knew how to manipulate both the government and the financial markets. In particular, Jefferson envisioned sophisticated bankers speculating in public-debt issues with some if not all the interest incurred going into their pockets.

The scope and scale of this genuine scandal (as distinguished from vastly more mundane behavior that passes for scandal in the media) is the single greatest threat to our form of government. It is absolutely incompatible with the principles and ideals upon which America was founded. At the very least, we Americans cannot hold ourselves up to the world as the beacon of democracy so long as we permit, as long as we acquiesce in, corruption so far beyond the standards of the true republic that our government cannot be proclaimed an ideal for other aspiring nations.

On a more personal level, how can public service be promoted as an ideal to young people when this sewer corrupts our Republic? At this point in early twenty-first-century America, the greatest service our nation’s young people could provide is to lead an army of outraged young Americans armed with brooms on a crusade to sweep out the rascals and rid our capital of the money changers, rent seekers, revolving door dancers, and special interest deal makers and power brokers and send them back home to make an honest living, that is, if they still remember how to do so.

When a former senator accurately notes that the best thing young Americans can do is instigate a successful rebellion against the incredibly corrupt and powerful monied interests running the county into the ground, you know things are very bleak.

A harsh judgment? Indeed. But it is impossible to claim to love one’s country and not be outraged at how corrupt it has become. For former senators and representatives to trade a title given them by the voters of their respective states and districts for cash is beyond shameful. It is outrageous.

“I tremble for my country when I contemplate that God is just.” Those words of Thomas Jefferson, enshrined on the walls of his memorial, referred to the institution of slavery. Today he might readily render the same judgment about corruption in and of the American Republic.

It is an error of serious proportion to dismiss corruption in twenty-first-century American democracy on the grounds that this has all been going on from the beginning, that boys will be boys, that politicians are always on the take. Past incidents of the violation of public ethics provide no argument fozr accepting the systemic and cancerous commercialization of modern American politics.

Our ancestors did not depart Europe and elsewhere to seek freedom and self-government alone. They came to these shores to escape social and political systems that were corrosive and corrupt. Two and a quarter centuries later, we are returning to those European practices. We are in danger of becoming a different kind of nation, one our founders would not recognize and would deplore.

Even as politicians and pundits alike pummel the fiscal deficit, we are developing an integrity deficit of mounting proportions. And one is not disconnected from the other. Because of the erosion of the integrity of our governing system, and the principles and ideals underlying it, the fiscal deficit increases. The government spending so many conservatives claim to abhor includes not only the social safety net of Roosevelt and Johnson, but also the war-making excursions of Ronald Reagan and George W. Bush. It is all government spending. And it includes favorite pork-barrel projects of every member of both houses of Congress of both political parties, and every one of those most loudly condemning “wasteful government spending.” Those projects are produced by the lobbying interests that raise money for those members of Congress in direct proportion to their effectiveness at bringing government-financed projects to their states and districts. By definition, if it is a project in my state or district, it is not wasteful.

We were not created to be like other nations. We were created as an alternative to monarchy, aristocracy, oligarchy, and corrupt political systems. The more we follow the easy path, the one paved for the benefit of the wealthy and powerful, the more we stray from our originally intended purpose and the more we lose our unique purpose for existence.

In addition to the rise of the national security state, and the concentration of wealth and power in America, no development in modern times sets us apart more from the nation originally bequeathed to us than the rise of the special interest state. There is a Gresham’s law related to the republican ideal. Bad politics drives out good politics. Legalized corruption drives men and women of stature, honor, and dignity out of the halls of government. Self-respecting individuals cannot long tolerate a system of election and reelection so dependent on cultivating the favor of those known to expect access in return. Such a system is corrosive to the soul.


As bad as things are, the fact a former senator is not only aware of the problem, but is willing to publicly write a scathing article condemning it, is ultimately a very good thing.

assange



At midday on Friday 5 February, 2016 Julian Assange, John Jones QC, Melinda Taylor, Jennifer Robinson and Baltasar Garzon will be speaking at a press conference at the Frontline Club on the decision made by the UN Working Group on Arbitrary Detention on the Assange case.

xmas





the way we live

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By choosing to educate ourselves and to spread the word, we can and will build a brighter future.

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