Trending
MOST READ
Beaches Be Trippin\': Five Texas Coast Spots Worth the Drive

Beaches Be Trippin': Five Texas Coast Spots Worth the Drive

Arts & Culture: Let’s face it, most of us Lone Stars view the Texas coast as a poor man’s Waikiki. Hell, maybe just a poor man’s Panama Beach — only to be used... By Callie Enlow 7/10/2013
How Rebates Have the Texas Film Industry Playing Catch Up To its Neighbors

How Rebates Have the Texas Film Industry Playing Catch Up To its Neighbors

Screens: See if you can spot the common thread that is pulling at the seams of the Texas film industry. On NBC’s The Night Shift, a stock-written staff... By Matt Stieb 8/27/2014
Texas Law Leaves Abortion Out of Reach for Many Women

Texas Law Leaves Abortion Out of Reach for Many Women

News: Texas’ sweeping abortion law has already eliminated all abortion clinics south of San Antonio, and the last clinic west of the city... By Alexa Garcia-Ditta 8/27/2014
Phô Nguyen Woos Phonatics

Phô Nguyen Woos Phonatics

Food & Drink: I don’t expect much from Vietnamese restaurants in the way of decor; it’s more not Chinese and not Japanese than anything. I certainly don’t expect... By Ron Bechtol 8/27/2014
Cityscrapes: A race to the convention floor

Cityscrapes: A race to the convention floor

News: “Conventions go to the city which exerts the greatest efforts to secure them. San Antonio can get any convention that it goes after.” That was the position... By Heywood Sanders 8/27/2014
Calendar

Search hundreds of restaurants in our database.

Search hundreds of clubs in our database.

Follow us on Instagram @sacurrent

Print Email

News

Project Censored: Uncovering the most underreported news stories of 2012

Photo: Justin Rose, License: N/A

Justin Rose


Source: Trevor Aaronson, "The Inform-ants," Mother Jones, September/October 2011; "FBI Organizes Almost All Terror Plots in the US," RT.com, Aug. 23, 2011.

5. First-ever Federal Reserve audit reveals at least 1 trillion in loans and conflicting interests

The Federal Reserve, the United States' quasi-private central bank, was audited for the first time in its history this year. The audit report states, "From late 2007 through mid-2010, Reserve Banks provided more than 1 trillion dollars ... in emergency loans to the financial sector to address strains in credit markets and to avert failures of individual institutions believed to be a threat to the stability of the financial system." These loans had significantly lower interest and fewer conditions than the high-profile TARP bailouts, and were rife with conflicts of interest.

Some examples: The CEO of JP Morgan Chase served as a board member of the New York Federal Reserve at the same time that his bank received more than $390 billion in financial assistance from the Fed. William Dudley, who is now the New York Federal Reserve president, was granted a conflict of interest waiver to let him keep investments in AIG and General Electric at the same time the companies were given bailout funds. The audit was restricted to Federal Reserve lending during the financial crisis. 

On July 25, 2012, a bill to audit the Fed again, with fewer limitations, authored by Rep. Ron Paul, passed the House of Representatives. HR 459 is expected to die in the Senate, but the movement behind Paul and his calls to hold the Fed accountable, or abolish it altogether, seems to be growing.

Source: Matthew Cardinale, "First Federal Reserve Audit Reveals Trillions in Secret Bailout," Inter Press Service, Common Dreams, Aug. 28, 2011.

6. Small network of corporations controls global economy

A University of Zurich study reported that a small group of companies – mainly banks – wields huge power over the global economy. The study is the first to look at all 43,060 transnational corporations and the web of ownership among them. The researchers' network analysis identified 147 companies that form a "super entity," controlling 40 percent of the global economy's total wealth. The close connections mean that the network could be prone to "systemic risk" and vulnerable to collapse.

Some have criticized the study, saying control of assets doesn't equate to ownership. True, but as we clearly saw in the 2008 financial collapse, corporations are capable of mismanaging assets in their control to the detriment of their actual owners. 

Sources: Rob Waugh, "Does One 'Super Corporation' Run the Global Economy? Study Claims It Could Be Terrifyingly Unstable," Daily Mail, Oct. 20, 2011; Stefania Vitali, James B. Glattfelder and Stefano Battiston, "The Network of Global Corporate Control," Public Library of Science, Oct. 26, 2011. 

7. The International Year of Cooperatives

Recently in News
  • Texas Law Leaves Abortion Out of Reach for Many Women Texas’ sweeping abortion law has already eliminated all abortion clinics south of San Antonio, and the last clinic west of the city... | 8/27/2014
  • Cityscrapes: A race to the convention floor “Conventions go to the city which exerts the greatest efforts to secure them. San Antonio can get any convention that it goes after.” That was the position... | 8/27/2014
  • Mayoral Horserace Once elected next spring, San Antonio’s new mayor will have just a few months to prepare for the 2016 budget... | 8/27/2014
We welcome user discussion on our site, under the following guidelines:

To comment you must first create a profile and sign-in with a verified DISQUS account or social network ID. Sign up here.

Comments in violation of the rules will be denied, and repeat violators will be banned. Please help police the community by flagging offensive comments for our moderators to review. By posting a comment, you agree to our full terms and conditions. Click here to read terms and conditions.
comments powered by Disqus