Media ArticlesExcerpts of Key Media Articles in Major Media
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This country's secret, worldwide war waged by drones may at long last be restrained by rules. But the writing of these guidelines will be overseen by President Obama, who has secretly handpicked human targets for years with few restraints. Drones barely rated a mention in the presidential campaign. But as the election drew close, nervous White House aides reportedly began debating written limitations on the use of the pilotless aircraft, which remain an off-the-books weapon. The idea, strange as it sounds, was to give the next president explicit guidance on how to use the lethal planes, which have figured in 300 strikes and killed an estimated 2,500 people in Africa, Asia and the Middle East. White House officials, according to a New York Times report, wanted a rulebook in case GOP candidate Mitt Romney won. With Obama's re-election, the urgency behind such drafting has tapered off. Obama has directed drones at human targets from a "kill list" given him by military and intelligence officials. There is no outside vetting, legal review or congressional consensus on the president's personal strike force. This is a nation of laws, due process and an expressed commitment to human rights. The White House owes the nation a clear explanation of the scope and limits of this use of deadly force.
Note: If any other nation were using drones to kill terrorists in the U.S. or Europe, there would be a huge public uproar. Why do people care so little about these indiscriminate killings elsewhere? For deeply revealing reports from reliable major media sources on drone killings and other war crimes committed by the US in its wars of aggression in the Middle East, Asia and Africa, click here.
For years Dr. Eben Alexander III had dismissed near-death revelations of God and heaven as explainable by the hard wiring of the human brain. He was, after all, a neurosurgeon with sophisticated medical training. But then in 2008 Dr. Alexander contracted bacterial meningitis. The deadly infection soaked his brain and sent him into a deep coma. During that week, as life slipped away, he now says, he was living intensely in his mind. He was ... guided by “a beautiful girl with high cheekbones and deep blue eyes” on the wings of a butterfly to an “immense void” that is both “pitch black” and “brimming with light” coming from an “orb” that interprets for an all-loving God. Dr. Alexander, 58, was so changed by the experience that he felt compelled to write a book, Proof of Heaven, that recounts his experience. He knew full well that he was gambling his professional reputation by writing it, but his hope is that his expertise will be enough to persuade skeptics, particularly medical skeptics, as he used to be, to open their minds to an afterworld. Having trained at Duke University and taught and practiced as a surgeon at Harvard, he knows brain science as well as anyone. And science, he said, cannot explain his experience. “During my coma my brain wasn’t working improperly,” he writes in his book. “It wasn’t working at all.” [Proof of Heaven] rose instantly to No. 1 on The New York Times’s paperback best-seller list. The publisher has printed nearly one million copies, combined hardcover and paperback, to be snapped up at airports and as stocking stuffers at big retailers like Target. Another 78,000 digital copes have been sold.
Note: Dr. Alexander's book was the New York Times #1 bestseller for half a year. For an inspiring online lesson which dives deep into near-death experiences (and the possibility of reincarnation) using solid, reliable sources, click here. For other inspiring articles on near-death experiences, click here.
A new Florida law that contributed to long voter lines and caused some to abandon voting altogether was intentionally designed by Florida GOP staff and consultants to inhibit Democratic voters, former GOP officials and current GOP consultants have told The Palm Beach Post. Republican leaders said in proposing the law that it was meant to save money and fight voter fraud. But a former GOP chairman and former Gov. Charlie Crist, both of whom have been ousted from the party, now say that fraud concerns were advanced only as subterfuge for the law's main purpose: GOP victory. Former Republican Party of Florida Chairman Jim Greer says he attended various meetings, beginning in 2009, at which party staffers and consultants pushed for reductions in early voting days and hours. "The Republican Party, the strategists, the consultants, they firmly believe that early voting is bad for Republican Party candidates," Greer told The Post. "It's done for one reason and one reason only. ... 'We've got to cut down on early voting because early voting is not good for us,"' Greer said he was told by those staffers and consultants. "They never came in to see me and tell me we had a (voter) fraud issue," Greer said. "It's all a marketing ploy." Greer's statements about the motivations for the party's legislative efforts, implemented by a GOP-majority House and Senate in Tallahassee in 2011, are backed by Crist — also now on the outs with the party — and two veteran GOP campaign consultants.
Note: For deeply revealing reports from reliable major media sources on corruption of the US electoral system, click here.
Craig Kielburger ... was in seventh grade when the death of a boy changed his life. It was a change so profound that, through Kielburger, it has now saved and transformed lives around the globe. He read about the murder of a boy his age in Pakistan. Iqbal Masih was a slave in a carpet factory. Masih escaped to lead a campaign against servitude. But within two years he was silenced. Kielburger ... made Iqbal Masih's fight his own. He talked to classmates, to Congress, to Parliament. Kielburger wanted to free children from slavery. So he went to Asia recruiting activists and government authorities to bust child sweatshops and sex traffickers. There were early successes, [but] kids he freed were being pulled back into servitude, years later, by centuries old culture and traditions shaped by poverty and illiteracy. Today, Free The Children is in 45 countries. A $30 million a year charity building schools, providing clean water, and connecting local craftsmen to world markets where their traditions bring in good money. There are two million volunteers nearly all of them under the age of 18. Free the Children today is the world's largest network of children helping children. "What that means in practice is we inspire kids. Then we give them all the tools they need to learn about these issues: speaking tours, summer leadership camps, curriculum every week. Our bet that we're making is if you give kids the inspiration and the tools to change the world, it'll change their own lives also in the process," [Kielburger said].
Note: This is a powerful example of how the younger generation is making a big difference in our world. Kielburger's charity is now in 45 countries and takes in $30 million per year. It's the largest organization of children helping children in the world. For the highly inspiring, 12-minute video of this segment, click here.
[There have been] more than 300 drone strikes and some 2,500 people killed by the Central Intelligence Agency and the military since Mr. Obama first took office. Mr. Obama and his advisers are still debating whether remote-control killing should be a measure of last resort against imminent threats to the United States, or a more flexible tool, available to help allied governments attack their enemies or to prevent militants from controlling territory. Though publicly the administration presents a united front on the use of drones, behind the scenes there is longstanding tension. The administration is still pushing to make the rules formal and resolve internal uncertainty and disagreement about exactly when lethal action is justified. The Defense Department and the C.I.A. continue to press for greater latitude to carry out strikes. The administration’s legal reasoning has not persuaded many other countries that the strikes are acceptable under international law. For years before the Sept. 11, 2001, attacks, the United States routinely condemned targeted killings of suspected terrorists by Israel, and most countries still object to such measures. Partly because United Nations officials know that the United States is setting a legal and ethical precedent for other countries developing armed drones, the U.N. plans to open a unit in Geneva early next year to investigate American drone strikes.
Note: For deeply revealing reports from reliable major media sources on atrocities carried out by the US in its illegal wars of aggression in the Middle East, Asia and Africa, click here.
Arguably the most prestigious medical journal in the world, the New England Journal of Medicine regularly features articles over which pharmaceutical companies and their employees can exert significant influence. Over a year-long period ending in August, NEJM published 73 articles on original studies of new drugs, encompassing drugs approved by the FDA since 2000 and experimental drugs. Of those articles, 60 were funded by a pharmaceutical company, 50 were co-written by drug company employees and 37 had a lead author, typically an academic, who had previously accepted outside compensation from the sponsoring drug company in the form of consultant pay, grants or speaker fees. The New England Journal of Medicine is not alone in featuring research sponsored in large part by drug companies — it has become a common practice that reflects the growing role of industry money in research. Years ago, the government funded a larger share of such experiments. But since about the mid-1980s, research funding by pharmaceutical firms has exceeded what the National Institutes of Health spends. Last year, the industry spent $39 billion on research in the United States while NIH spent $31 billion. When the company is footing the bill, the opportunities for bias are manifold: Company executives seeking to promote their drugs can design research that makes their products look better. They can select like-minded academics to perform the work. And they can run the statistics in ways that make their own drugs look better than they are. If troubling signs about a drug arise, they can steer clear of further exploration.
Note: To read an excellent summary of a book written by a former editor in chief of the NEJM exposing major corruption by the pharmaceuticals which poses a great threat to public health, click here. For deeply revealing reports from reliable major media sources on corruption in the pharmaceutical industry, click here.
WikiLeaks ... has never been charged by any government with any crime, let alone convicted of one. Despite that crucial fact, WikiLeaks has been crippled by a staggering array of extra-judicial punishment imposed either directly by the US and allied governments or with their clear acquiescence. In 2008, the Pentagon prepared a secret report ... that decreed WikiLeaks to be a "threat to the US Army" and an enemy of the US. That report plotted tactics that "would damage and potentially destroy" its ability to function. That is exactly what came to pass. In December 2010, after WikiLeaks began publishing US diplomatic cables, it was hit with cyber-attacks so massive that the group was "forced to change its web address after the company providing its domain name cut off service". Master Card and Visa both announced they would refuse to process payments to the group, as did America's largest financial institution, Bank of America. Acting in the name of Anonymous, a handful of activists targeted those companies with simple "denial of service" attacks, ones that impeded the operations of those corporate websites for a few hours. In stark contrast to the far more significant attacks aimed at WikiLeaks, these attacks, designed to protest the treatment of WikiLeaks, spawned a global manhunt by western nations and, ultimately, the arrest of dozens of mostly young alleged hackers, four of whom are now on trial in London. Last year, the FBI arrested 16 people in the US in connection with similar attacks on Master Card, Visa and Amazon, and charged them with crimes that carry 10-year prison terms.
Note: For deeply revealing reports from reliable major media sources on government corruption, click here.
A court challenge has delayed plans to expel a Texan student for refusing to wear a radio tag that tracked her movements. Religious reasons led Andrea Hernandez to stop wearing the tag that revealed where she was on her school campus. The tags were introduced to track students and help tighten control of school funding. A Texan court has granted a restraining order filed by a civil rights group pending a hearing on use of the tags. ID badges containing radio tags started to be introduced at the start of the 2012 school year to schools run by San Antonio's Northside Independent School District (NISD). Ms Hernandez refused to wear the tag because it conflicted with her religious beliefs, according to court papers. Wearing such a barcoded tag can be seen as a mark of the beast as described in Revelation 13 in the Bible, Ms Hernandez's father told Wired magazine in an interview. NISD suspended Ms Hernandez and said she would no longer be able to attend the John Jay High School unless she wore the ID badge bearing the radio tag. Alternatively it said Ms Hernandez could attend other schools in the district that had not yet joined the radio tagging project. The Rutherford Institute, a liberties campaign group, joined the protests and went to court to get a restraining order to stop NISD suspending Ms Hernandez. The Rutherford Institute said the NISD's suspension violated Texan laws on religious freedom as well as free speech amendments to the US constitution.
Note: For deeply revealing reports from reliable major media sources on microchips and radio tag technologies used to track children, click here.
Kelvin Doe’s neighborhood in Sierra Leone has power lines, but they seldom deliver electricity. So, the 16-year-old whiz kid built his own battery out of acid, soda, and metal parts scavenged from trash bins that he now uses to light up area homes and help him work on his own inventions. Among other gadgets to his credit are a homemade radio transmitter, plus a generator to power it, that he uses to run his own community radio station under the handle DJ Focus. “People normally call me DJ Focus in my community because I believe if you focus you can do invention perfectly,” he said in a video. Doe’s engineering prowess was noticed by David Monina Sengeh, a graduate student MIT Media Lab, during a summer innovation camp called Innovate Salone that he runs in Sierra Leone. Sengeh arranged for Doe to visit the top-flight engineering school this fall. “It’s an opportunity for him to create the future that he wants to live in,” Sengeh said in the video. Check it out below to learn more about Doe’s inspirational story and his inventions.
Note: Don't miss the awesome video of Kelvin at this link. For a treasure trove of great news articles which will inspire you to make a difference, click here.
Hundreds of Iraq and Afghanistan veterans with post-traumatic stress have recently contacted a husband-and-wife team who work in suburban South Carolina to seek help. Many are desperate, pleading for treatment and willing to travel to get it. The soldiers have no interest in traditional talking cures or prescription drugs that have given them little relief. They are lining up to try an alternative: MDMA, better known as Ecstasy, a party drug that surfaced in the 1980s and ’90s that can induce pulses of euphoria and a radiating affection. Government regulators criminalized the drug in 1985, placing it on a list of prohibited substances that includes heroin and LSD. But in recent years, regulators have licensed a small number of labs to produce MDMA for research purposes. In a paper posted online ... by the Journal of Psychopharmacology, Michael and Ann Mithoefer, the husband-and-wife team offering the treatment — which combines psychotherapy with a dose of MDMA — write that they found 15 of 21 people who recovered from severe post-traumatic stress in the therapy in the early 2000s reported minor to virtually no symptoms today. The Mithoefers — he is a psychiatrist and she is a nurse — collaborated on the study with researchers at the Medical University of South Carolina and the nonprofit Multidisciplinary Association for Psychedelic Studies. The patients in this group included mostly rape victims, and experts familiar with the work cautioned that it was preliminary, based on small numbers, and its applicability to war trauma entirely unknown.
Note: For the paper on this remarkable study published published online in the Journal of Psychopharmacology, click here. For deeply revealing reports from reliable major media sources on beneficial mind-altering drugs, click here.
For several decades, the US government - in annual "human rights" reports issued by the State Department (reports mandated by the US Congress) - has formally condemned nations around the globe for the practice of indefinite detention: imprisoning people without charges or any fixed sentence. [The] 2011 report condemned numerous nations for indefinite detention, including Libya ("abuse and lack of review in detention"), Uzbekistan ("arbitrary arrest and detention"), Syria ("arbitrary arrest and detention"), and Iran ("Authorities held detainees, at times incommunicado, often for weeks or months without charge or trial"). In Afghanistan and Iraq, the US government is engaged in a fierce and protracted battle over the fundamental right to be free of indefinite detention. Specifically, the US is demanding that the governments of those two nations cease extending this right to their citizens. The US has long been demanding that the Afghan government continue the American practice of indefinite detention without charges, and still presses this demand even after the top Afghan court in September ruled that such detentions violate Afghan law. Human rights workers in Afghanistan have long pointed out that America's practice of imprisoning Afghans without charges is a major source of anti-American sentiment in the country.
Note: For deeply revealing reports from reliable major media sources on war crimes carried out by the US in its illegal wars of aggression in the Middle East, Asia and Africa, click here.
What makes a Nobel Prize winner? There's several suggested factors: Perseverance? Good luck? Good mentors and students? Here’s one possible factor that I would have never imagined in my wildest dreams; chocolate consumption. Chocolate consumption tracks well with the number of Nobel Laureates produced by a country. At least that's what a paper published in the New England Journal of Medicine - one of the world’s premier journals of medical research - claims. The paper starts by assuming ... that winning a Nobel Prize must somehow be related to cognitive ability. It then goes on to describe a link between flavanols - organic molecules found among other foods in chocolate, green tea and red wine - and cognitive ability. From this idea the author basically jumps to the dubious and frankly bizarre question of whether chocolate consumption could possibly account for Nobel Prize winning ability. The hypothesis is testable, so the author decides to simply plot the number of Nobel prize winners per 10 million people in different countries counted from 1900-2011 vs the chocolate consumption in those countries. A plot of chocolate consumption vs number of Nobel Prizes reveals a strong correlation of 0.79. The most likely explanation for that correlation is that it's caused by a third factor.
Note: Check out the fascinating chart mentioned above. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Two former confidants of Britain’s prime minister have been charged with conspiring to pay public officials in exchange for stories and information — the latest development in the country’s establishment-shaking scandal over media malfeasance. Britain’s Crown Prosecution Services [said] that former tabloid editors Andy Coulson and Rebekah Brooks were among five people being charged with conspiracy to commit misconduct in public office. Prosecutors said that Brooks, a neighbour, close friend, and political ally of Prime Minister David Cameron, conspired with journalist John Kay to funnel as much as Ł100,000 ($160,000) to Ministry of Defence employee Bettina Jordan Barber in return for seven years of stories that were published in Murdoch’s The Sun newspaper. The allegations cover 2004 to 2011, when Brooks was editor of The Sun and then in charge of News International, the parent company of Rupert Murdoch’s media empire. The prosecutors alleged that Coulson, who until last year served as Cameron’s top press aide, conspired in 2005 with former royal reporter Clive Goodman to pay officials for access to a royal phone directory known as the “Green Book.” The confidential directory includes home and office numbers for senior royals including two of Queen Elizabeth’s children, Prince Edward and Princess Anne, as well as the landline, office and mobile numbers of the royal household staff, the Telegraph reported.
Note: For deeply revealing reports from reliable major media sources on media corruption, click here.
On his first day in office the new independent mayor of Bristol rebranded the Council House, scrapped a parking measure brought in only a few weeks ago and announced he would take his salary in the city's local currency. George Ferguson, who beat 14 candidates to become mayor, also revealed [that] the hole in the city council's budget was Ł32m – Ł4m greater than he had expected. Ferguson said he would work with anybody who could come up with a clever way of finding the savings needed without harming services. To applause, Ferguson said he wanted to move fast. He did not want to commission expensive surveys or report on initiatives. "Let's just do it and see how it turns out," he said. Of his salary – currently Ł51,000, though the figure could change – Ferguson said he would take it in Bristol pounds, a currency introduced this year and proving a success. Thanking the voters for entrusting him with the "ultimate project", Ferguson said Bristol had a minor link to London but a more important link to the rest of the world. "We are a proud provincial city," he said. "We are pretty self-contained and we are independent." Ferguson completed his speech by asking everyone present to join him as he took the oath made by young men of Athens when they became citizens: "I shall not leave this city any less but rather greater than I found it."
Note: For more on alternative and community currencies, click here and here and see a USA Today article here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
Scientists working on NASA's six-wheeled rover on Mars have a problem. But it's a good problem. They have some exciting new results from one of the rover's instruments. On the one hand, they'd like to tell everybody what they found, but on the other, they have to wait because they want to make sure their results are not just some fluke or error in their instrument. The exciting results are coming from an instrument in the rover called SAM. "We're getting data from SAM as we sit here and speak, and the data looks really interesting," John Grotzinger, the principal investigator for the rover mission, [said]. SAM is a kind of miniature chemistry lab. Put a sample of Martian soil or rock or even air inside SAM, and it will tell you what the sample is made of. Grotzinger says they recently put a soil sample in SAM, and the analysis shows something earthshaking. "This data is gonna be one for the history books. It's looking really good," he says. Grotzinger says it will take several weeks before he and his team are ready to talk about their latest finding.
Note: For deeply revealing reports from reliable major media sources on government secrecy, click here.
At around 11:25 pm EST on election night, Karl Rove knew something had gone terribly wrong. Minutes earlier, Fox News called the key battleground state of Ohio for President Obama, sealing his re-election. But as the network took live shots of jubilant Obama supporters camped outside the Obama re-election headquarters in Chicago celebrating their victory, Karl Rove began building a case against the call his employer network had just made. Rove explained that when Fox called Ohio, only 74% of the vote was in, showing President Obama with a lead of roughly 30,000 votes. But, as Rove contended, with 77% reporting according to the Ohio Secretary of State office, the President's lead had been slashed to just 991 votes. "We gotta be careful about calling the thing," Rove said. Rove was supremely confident that the numbers coming in from Ohio throughout the night that favored President Obama weren't indicative of who would win Ohio when all the votes were ultimately tabulated by the state's computers. With a quarter of the vote still out there, Rove was anticipating a shift to the Right just after 11 pm, which, coincidentally, is exactly what happened in 2004. So the question is: on election night this year, when Karl Rove was protesting the call his network had just made in Ohio, was Rove anticipating a wave of unpredicted vote totals to swing the election back to Mitt Romney after a statewide server crash, just as had happened in 2004? Just two days after Election Day ... Anonymous released a press statement claiming it did indeed prevent an attempt by Rove to steal the election for Mitt Romney.
Note: We don't normally use Truthout as a source, but as no major media sources covered this most important news, we've included it here. We have independent, reliable sources confirming that it is very likely that Rove tried to swing this election, as he did in 2004, but was stymied by an anonymous group. For another inspiring article describing how Karl Rove may have been stopped from manipulating the US elections, click here. And for a well researched articled suggesting that it was not Anonymous who stopped Karl Rove, but another group called "the protectors," click here.
The Better Angels of Our Nature takes a thesis I would love to believe; indeed, have casually believed for most of my life. It is that humans have grown less horrible with time. The 20th century, the century of Hitler, Stalin and Pol Pot, of Mao in China and Mobutu in the Congo, was appalling, but the number of deaths by violence as a proportion of the total population remained modest compared with the ferocious cruelties of the wars of religion in the 17th century. The modern nation state – the Leviathan of the philosopher Hobbes – has had a civilising effect almost everywhere. Education has helped, as has the empowerment of women, and the idea, too, of human rights. Within the epic sweep of history from ice age hunter gatherers to modern suburban householders, [author Steven] Pinker examines both the big picture and the fine detail, with surprises on every page. Overall ... he finds examples of falling murder rates everywhere (including among male English aristocrats 1330-1829). Murder rates as a percentage of population were far higher among the supposedly peace-loving and cooperative hunter-gatherer communities – the Inuit of the Arctic, for instance, the !Kung of the Kalahari and the Semai of Malaysia – than in the trigger-happy US in its most violent decade. Unexpectedly, deaths in warfare, once again as a percentage of total population, were far higher among the Gran Valley Dani of New Guinea, or in Fiji in the 1860s, than in Germany in the whole of the 20th century.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Move over, adulterous generals. It might be time to make way for a new sexual rats' nest – at America's top financial police agency, the SEC. In a salacious 77-page complaint ... David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of [retaliation] after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC. Weber claims that in recent years, while the SEC Inspector General's office has been attempting to investigate the agency's seemingly-negligent responses in such matters as the Bernie Madoff case and the less-well-known (but nearly as disturbing) Stanford Financial Ponzi scandal, two of the IG office's senior officials – former Inspector General David Kotz and his successor, Noelle Maloney – were sleeping together. Weber also claims that Kotz was also having an affair with a lawyer representing a key group of Stanford victims, a Dr. Gaytri Kachroo. Weber claims that Maloney last year refused to meet with Kachroo as part of the Stanford investigation. By then, Kotz had stepped down as SEC IG and Maloney had replaced him as Acting IG. Weber was fired on October 31st. Apparently he has decided not to take the firing quietly. "When David Weber began to uncover the depth of dysfunction at the SEC, they fired him," his attorney Cary Hansel said. "He has no intention of being silenced by threats and false allegations."
Note: We don't normally use Rolling Stone as a source, but this important story has not been covered elsewhere in the major media.
On the morning of Nov. 10, 2008, I awoke with the early symptoms of what proved to be an extremely severe case of bacterial meningitis. As I wrote here three weeks ago, and as I narrate in my book Proof of Heaven, over the next several hours my entire cerebral cortex shut down. Yet in spite of the complete absence of neural activity in all but the deepest, most primitive portions of my brain, my identity—my sense of self—did not go dark. Instead, I underwent the most staggering experience of my life, my consciousness traveling to another level, or dimension, or world. Brain activity and consciousness are indeed profoundly tied up with one another. But that does not mean that those bonds can’t be loosened, or even cut completely. Modern physics is pushing us [to believe] that it is consciousness that is primary and matter secondary. Totally objective observation remains a simple impossibility. And while in our ordinary earthly life we miss this fact completely, it becomes much more apparent in near-death experiences, when the body and brain cease to mediate our encounter with the larger reality and we encounter it directly. Make no mistake: consciousness is a total mystery. We simply do not know what it is. My seven-day odyssey beyond my physical body and brain convinced me that when the filter of the brain is removed, we see the universe clearly for the first time. And the multidimensional universe revealed by this trans-physical vision is not a cold, dead one, but alive with the force that, as the poet Dante wrote some 600 years ago, “moves the sun and other stars.”
Note: The author of this article, Dr. Eben Alexander, has been a neurosurgeon for the past 25 years. His engaging, best-selling book on this life-changing experience is Proof of Heaven: A Neurosurgeon's Journey into the Afterlife. For video interviews and other information on Dr. Alexander, click here. For other highly inspiring resources and stories related to near-death experiences, click here.
The system of so-called "shadow banking" ... grew to a new high of $67 trillion globally last year, a top regulatory group said, calling for tighter control of the sector. A report by the Financial Stability Board (FSB) [states] that shadow banking is set to thrive, beyond the reach of a regulatory net tightening around traditional banks and banking activities. The FSB, a task force from the world's top 20 economies, also called for greater regulatory control of shadow banking. The study by the FSB said shadow banking around the world more than doubled to $62 trillion in the five years to 2007 before the crisis struck. But the size of the total system had grown to $67 trillion in 2011 — more than the total economic output of all the countries in the study. The multitrillion-dollar activities of hedge funds and private equity companies are often cited as examples of shadow banking. But the term also covers investment funds, money market funds and even cash-rich firms that lend government bonds to banks, which in turn use them as security when taking credit from the European Central Bank. The United States had the largest shadow banking system, said the FSB, with assets of $23 trillion in 2011, followed by the euro area — with $22 trillion — and the United Kingdom — at $9 trillion.
Note: That's $10,000 for every man, woman, and child on the planet. Do you think the bankers are somehow manipulating the system? For deeply revealing reports from reliable major media sources on financial corruption, click here.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.