The articles, the opinions, the stories, the poems, the thoughts, the reviews, the photos, the paintings and the cartoons Ovi magazine covers for Saturday May 13th, 2023
A Certain Form of Thieving: The US Banksters Strike Again by Dr. Binoy Kampmark
It looks like 2008 all over again. Economic and financial mismanagement feature in scorching, consuming brilliance. The culpable, bungling banksters, have returned with their customary, venal incompetence. In the customary script, theyhabitually seek the role of the public purse to socialise their losses. Along the way, they will avoid richly deserved prison sentences, lie low, and return to repeat their sins.
A number of big ships in the banking industry have already sunk into oblivion, sold off and made footnotes in financial folklore. Silicon Valley Bank, Signature Bank and most recently, First Republic Bank, have begotten their own tombstones.These big three held, in total, $532 billion. When adjusted for inflation, it edges out the total of $526 billion held by the 25 banks that collapsed in 2008.
First Republic Bank was particularly execrable in its practices, offering non-guaranteed mortgages at fixed rates for vast sums of money. When chills started running down the spines of depositors in the first quarter of this year, bleeding withdrawals totalling $102 billion made.
The US Federal Reserve’s review of SVB’s collapsepicked up on a number of issues specific to the bank’s actions, while also offering a meaculpa for not only its own failings, but for those of the Federal Deposit Insurance Corporate and the Consumer Financial Protection Bureau. Afterall, what were these supposedly eagle-eyed supervisors, the stewards tasked with overseeing the system, doing during all this time?
Continue reading HERE!
Hope #poem by Dr. Lawrence Nannery
“A thousand years ago: bound by belief
That they were in the hands of God,
Celtic monks, bearing relics and saintly trinkets,
Loaves of bread, perhaps fish, perhaps an offered coverlet,
Boarded dedicated curraghs,
To send off into the fogbound sea,
Where the grey of the waters and the grey of the sky
Meet and mix.”
Continue reading HERE!
Mika Toxica #54 #cartoon by Thanos Kalamidas
For more Mika Toxica HERE!
For more Ovi Cartoons, HERE!
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