Don't forget the investment bankers.
The Warburgs by Ron Chernow
In April 1921, Paul, encouraged by Max, launched the International Acceptance Bank in New York. The IABâs blue ribbon shareholders ranged from Kuhn, Loeb to the London Rothschilds. It specialized in a form of trade finance called bankerâs acceptances, which had long existed in Europe, but only became possible in America under the Fed. An acceptance was a short-term credit extended by a bank to a customer. Paul and Max acted as a critical conduit of Wall Street money at a time when credit was scarce. Already in 1920, the Warburgs pulled off a big transatlantic deal for the German electrical company, AEG, selling a quarter of its new loan issue to the Guggenheims
The American Way of War
THE AMERICAN WAY OF WAR
By Walden Bello
By Washington's logic, firecrackers should now be going off everywhere, as the counter-terror crusaders zero in on Osama bin Laden's hideout in Tora Bora. However, Europe is cool, there is apprehension throughout the South, and outright despondency blankets much of the Arab and Muslim world.
The reasons are obvious: at least 4000 dead, a large number of them civilians, four million refugees, a return to tribal chaos with the dismemberment of central authority. What bin Laden and his organization did was horrific and inexcusable--but to do this to a country in the name of justice? Once again, the Americans have destroyed the town in order to save it
The BIGGEST Transfer of Wealth in History
This week began with alarm bells. First Bridgewater Associates broke the glass and pulled the handle; it said the conflagration in the credit markets might lead to losses four times higher than previous estimates - at $1.6 trillion. A lot of money - even for someone who lives in London.
Bridgewater helpfully pointed out that this was just the beginning; the world would lose an additional $12 trillion in foregone credit. When the going is good, each ounce of a bank's share capital grows into as much as a pound of credit available to borrowers. But when the cycle turns, the shrinkage takes your breath away