Thursday, February 5, 2015

Today's Links

1--Republican lawmakers warn of housing bubble 2.0 , OC Housing

2--Greece's rock-star finance minister Yanis Varoufakis defies ECB's drachma threats , Telegraph

3--Fixing the euro, Joseph Stiglitz, Guardian

4--What you need to know about ECB’s Greek collateral decision , marketwatch

5--In December, average earnings advanced 1.6 percent, the 10th straight month of gains. Real wages, adjusted for inflation, dropped 1.4 percent, the 18th month of losses, according to the labor ministry., JT

6--2008 archive:  Don't Blame the Saudis...Gas Price Gouging, cp

7--Retail sales unexpectedly slump, in challenge to ‘Abenomics’, Bloomberg

8--‘Turkey might become hostage to ISIL just like Pakistan did’, zaman

Would you tell us about your ideas in regards to the “financialization of the global order"?

For some time, the international order was structured around the United Nations and the corpus of international law, but more and more the West has tended to bypass the UN as an institution designed to maintain the international order, and instead relies on economic sanctions to pressure some countries. We have a dollar-based financial system, and through instrumentalizing America's position as controller of all dollar transactions, the US has been able to bypass the old tools of diplomacy and the UN -- in order to further its aims.

But increasingly, this monopoly over the reserve currency has become the unilateral tool of the United States -- displacing multilateral action at the UN. The US claims jurisdiction over any dollar-denominated transaction that takes place anywhere in the world. And most business and trading transactions in the world are denominated in dollars. This essentially constitutes the financialization of the global order: The International Order depends more on control by the US Treasury and Federal Reserve than on the UN as before.

9--Saudi Oil Is Seen as Lever to Pry Russian Support From Syria’s Assad , NYT

10--The Center of the Universe , warren mosler

11--After Ukraine: The potential for conflict between Russia and NATO, Russia direct

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