Category Archives: Banking & Lending Issues

Milei’s ‘twin extractivism’ reforms threaten Argentina and the planet

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Argentina’s debt will grow as Big Tech extracts data and knowledge, forcing state to abuse nature to pay it off

By Cecilia Rikap. Published 6-28-2024 by openDemocracy

Javier Milei, President of Argentina speaking at the World Economic Forum Annual Meeting in January 2024. Photo: World Economic Forum/flickr/CC

Argentina’s far-right president Javier Milei secured early this morning his first major win in office, with the country’s lower chamber passing the first of his landmark regressive reforms. Congress’s approval of the so-called Ley Bases, or the Bases Law, came weeks after the bill prompted a 13-hour debate in the upper chamber and a peaceful demonstration outside Parliament that was met with fierce police repression.

The legislation – which is a key part of Milei’s anarcho-liberal government plan – promotes investment in extractive industries, such as forestry, construction, mining, energy and technology. It includes a Large Investment Incentive Scheme (RIGI, by its Spanish acronym) that will grant extractive investment projects worth at least $200m lower income tax, authorise them to import fixed capital and tax only their exports in the first three years.

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‘Consumers Win’ as Supreme Court Rejects ‘Radical’ Attack on CFPB

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Amid celebrations over the ruling, one legal expert warned, “Don’t confuse ‘SCOTUS slaps down a wackadoodle 5th Circuit decision’ with ‘SCOTUS is more moderate than its critics claim.'”

By Jessica Corbett. Published 5-16-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra. Screenshot: CNBC

Legal experts and progressive advocates on Thursday applauded the U.S. Supreme Court’s 7-2 decision to uphold the Consumer Financial Protection Bureau’s funding mechanism but also cautioned against praising the far-right justices.

While Justices Samuel Alito and Neil Gorsuch dissented, fellow right-winger Clarence Thomas penned the opinion in CFPB v. Consumer Financial Services Association of America, joined by the other three conservatives and three liberals—two of whom wrote concurring opinions.

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‘Unprecedented’: Belgian Police Blast Climate Defenders With Water Cannon

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“The fact that national governments are subsidizing fossil fuels is akin to a crime against humanity,” said one Extinction Rebellion organizer.

By Brett Wilkins. Published 5-5-2024 by Common Dreams

Extinction Rebellion-led climate protesters block the Rue Belliard in Brussels, Belgium on May 4, 2024. (Photo: Wouter van Leeuwen/Extinction Rebellion Belgium/X)

The climate action group Extinction Rebellion Belgium on Saturday decried what it called “disproportionate police violence” against nonviolent demonstrators who were blasted with a water cannon during a protest in Brussels demanding an end to fossil fuel subsidies.

Hundreds of Extinction Rebellion-led climate defenders blocked Rue Belliard in the European Quarter, the de facto European Union capital, during EU Open Day, when agencies of the 27-nation bloc open their doors to the public. In what Extinction Rebellion called an “unprecedented police response,” officers used a truck-mounted water cannon on the protesters, some of whom were also allegedly struck with batons.

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Jewish Groups Decry House Passage of Bill Defining Criticism of Israel as ‘Antisemitism’

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“Antisemitism is a serious problem, but codifying a legal definition could have dangerous implications for free speech,” said one campaigner.

By Brett Wilkins. Published 5-1-2024 by Common Dreams

House vote on the Antisemitism Awareness Act. Photo: Jacob N. Kornbluh/X

House lawmakers voted overwhelmingly Wednesday to approve legislation directing the U.S. Department of Education to consider a dubious definition of antisemitism, despite warnings from Jewish-led groups that the measure speciously conflates legitimate criticism of the Israeli government with bigotry against Jewish people.

House members approved the Antisemitism Awareness Act—bipartisan legislation introduced last year by Reps. Mike Lawler (R-N.Y.), Josh Gottheimer (D-N.J.), Max Miller (R-Ohio), and Jared Moskowitz (D-Fla.) in the lower chamber and Sen. Tim Scott (R-S.C.) in the Senate—by a vote of 320-91.

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Conservative Texas District Court Won’t Implement Anti-Judge Shopping Policy

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The chief judge of the Northern District of Texas indicated the court will not follow new guidance, while a lower court judge called out a pro-business group’s use of “judge shopping.”

By Julia Conley. Published 3-31-2024 by Common Dreams

Shopping for judges by right-wing crusaders undermines public trust.. Screenshot: CNN

Right-wing groups will still be able to pick and choose the judges who hear their cases in one of the most conservative federal court districts in the United States, following a decision by the Northern District of Texas on Friday that goes against new anti-“judge shopping” guidance.

Chief U.S. District Judge David Godbey of the Northern District wrote in a letter to Senate Majority Leader Chuck Schumer that the court would not abide by new guidance from the Judicial Conference, which said earlier this month that the court system should randomly assign lawsuits to any judge throughout the district where they’re filed.

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Bombings Kill Dozens in Pakistan on Eve of Contentious Elections

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As Pakistanis prepare to head to the polls with the country’s most popular politician behind bars on dubious charges, human rights groups sounded the alarm on a wide range of election-related repression.

By Brett Wilkins. Published 2-7-2024 by Common Dreams

Screenshot: YouTube

Dozens of Pakistanis were killed Wednesday in two bombings targeting political offices on the eve of highly contentious parliamentary elections from which the country’s most popular leader—who is jailed on what critics say are politically motivated charges—is banned.

The blasts both occurred in the southwestern province of Balochistan, homeland of the nomadic Baloch people, who also inhabit a large swath of southeastern Iran and southern Afghanistan. Government officials said the first bombing, which targeted independent candidate Asfandyar Khan’s office in the Pashin district, killed 18 people. A second blast approximately 80 miles away then killed at least 12 people at the Qilla Saifullah office of the Sunni fundamentalist Jamiat Ulema Islam party, which has close ties to the Taliban in Afghanistan.

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20+ NGOs Condemn ‘Reckless’ Decision to Cut Off UNRWA Aid

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“Countries must reverse these funding suspensions, uphold their duties towards the Palestinian people, and scale up humanitarian assistance for civilians in dire need in Gaza and the region.”

By Brett Wilkins. Published 1-29-2024 by Common Dreams

UNRWA school in Rafah, Gaza in 2009. Photo: ISM Palestine/flickr/CC

More than 20 humanitarian aid organizations on Monday condemned the decision by the United States and a growing list of nations to suspend funding for the United Nations agency that provides vital services to Palestinians suffering through a genocidal Israeli assault on the Gaza Strip.

Following Israeli claims—reportedly extracted from Palestinian prisoners in an interrogation regime rife with torture and abuse—that 12 of the more than 13,000 United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) workers in Gaza were involved in the October 7 Hamas-led attacks on southern Israel, the United States and nine other nations cut off funding to the largest humanitarian aid organization operating in the besieged coastal enclave.

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With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

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“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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$8.5 Trillion in Untaxed Assets: Data Shows Why ‘We Need a Billionaire Income Tax’

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“While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.”

By Jake Johnson. Published 1-4-2024 by Common Dreams

Elon Musk, CEO of SpaceX and Tesla. Photo: Daniel Oberhaus/flickr//CC

An analysis released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that is not—and might never be—subject to taxation.

Examining recently released data Federal Reserve data for 2022, Americans for Tax Fairness (ATF) found that the roughly 64,000 U.S. households with at least $100 million in wealth—less than 0.05% of the population—controlled more than one in every six dollars of the country’s “unrealized gains,” profits that aren’t taxable until the underlying asset, such as a stock position, is sold.

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Business of War Is Booming as Orders Surge at Top Global Arms Firms

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“The order books of the world’s biggest defense companies are near record highs,” a new Financial Times analysis reveals.

By Brett Wilkins. Published 12-28-2023 by Common Dreams

The event, which is held at the ExCeL London exhibition center, is the world’s largest defense and security event. Screenshot: YouTube

Orders at many of the world’s biggest arms companies are “near record highs” due to rising geopolitical tensions in recent years, an analysis published Wednesday by Financial Times revealed.

The London-based newspaper analyzed the order books of the world’s 15 top arms makers and found their combined backlogs were $777.6 billion at the end of 2022—a 10% increase from 2020.

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