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It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year — and maybe of the decade. Mr. Piketty, arguably the world’s leading expert on income and wealth inequality, does more than document the growing concentration of income in the hands of a small economic elite. He also makes a powerful case that we’re on the way back to “patrimonial capitalism,” in which the commanding heights of the economy are dominated not just by wealth, but also by inherited wealth, in which birth matters more than effort and talent. Six of the 10 wealthiest Americans are already heirs rather than self-made entrepreneurs, and the children of today’s economic elite start from a position of immense privilege. As Mr. Piketty notes, “the risk of a drift toward oligarchy is real and gives little reason for optimism.” Business income, and income from capital in general, is increasingly concentrated in the hands of a few people. In 1979 the top 1 percent of households accounted for 17 percent of business income; by 2007 the same group was getting 43 percent of business income, and 75 percent of capital gains. Both Koch brothers are numbered among the 10 wealthiest Americans, and so are four Walmart heirs. Great wealth buys great political influence — and not just through campaign contributions. Many conservatives live inside an intellectual bubble of think tanks and captive media that is ultimately financed by a handful of megadonors.
Note: For more on income and wealth inequality, see the deeply revealing reports from reliable major media sources available here.
There are happy songs -- and then there is "Happy." The bouncy tune by singer/composer/producer/rapper Pharrell Williams has occupied the No. 1 spot on the charts for more than a month. It's spurred countless covers -- including one by Academy Award-winning actress Gwyneth Paltrow, reprising her guest star role in the 100th episode of "Glee." There is even a YouTube version of "Happy" that has gone completely to the dogs. It has managed to seemingly capture the rush of happiness in its lyrics and melody. Not a bad trick for a tune that slowly grew from a single on last summer's "Despicable Me 2" soundtrack to such popularity that Robert Morast, a writer for the Virginian-Pilot, recently entered into a debate of whether it should be considered for the official state song of Virginia. "Pharrell's hit track is a jolt of mood-lifting music," wrote Morast. "And while it's fine to be happy, the best art is crafted with a range of emotional perspectives." Even with its slow build, "Happy" caught ears from the beginning. Upon release it was quickly dubbed "an instant contender for 2013's Song of the Summer" by Rolling Stone. Since then, it's topped the charts in more than a dozen countries besides the United States, including the United Kingdom, France, Germany and Poland. Williams has partnered with the United Nations Foundation in celebration of Thursday's International Day of Happiness, encouraging fans to donate to the organization and submit content to his 24Hoursof Happiness.com site.
Note: To watch this awesome four-minute happy video which has had over 100 million views, click here. To see the website which has great videos of people in happy dance 24 hours a day based on this song, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
The National Security Agency has built a surveillance system capable of recording “100 percent” of a foreign country’s telephone calls, enabling the agency to rewind and review conversations as long as a month after they take place, according to people with direct knowledge of the effort and documents supplied by former contractor Edward Snowden. A senior manager for the program compares it to a time machine — one that can replay the voices from any call without requiring that a person be identified in advance for surveillance. The voice interception program, called MYSTIC, began in 2009. Its RETRO tool, short for “retrospective retrieval,” and related projects reached full capacity against the first target nation in 2011. Planning documents two years later anticipated similar operations elsewhere. In the initial deployment, collection systems are recording “every single” conversation nationwide, storing billions of them in a 30-day rolling buffer that clears the oldest calls as new ones arrive, according to a classified summary. Analysts listen to only a fraction of 1 percent of the calls, but the absolute numbers are high. Each month, they send millions of voice clippings, or “cuts,” for processing and long-term storage. At the request of U.S. officials, The Washington Post is withholding details that could be used to identify the country where the system is being employed or other countries where its use was envisioned.
Note: Though technically it is illegal for the NSA to snoop on Americans without good cause, all they have to do is to share this technology with another country like the UK, and then ask the UK to do the snooping and send the results back to them, thereby circumventing the law. For more on NSA surveillance, see the deeply revealing reports from reliable major media sources available here.
Malaysia's prime minister says the disappearance of Malaysia Airlines Flight 370 appears to be "deliberate." The latest evidence suggests the plane didn't experience a catastrophic incident over the South China Sea as was initially suspected. Prime Minister Najib Razak said the investigation has refocused onto the crew and passengers aboard the missing plane. He added that ... all possibilities are still being investigated. A Malaysian government official who is involved in the investigation said investigators have concluded that one of the pilots or someone else with flying experience hijacked the missing Malaysia Airlines jet. The official said that hijacking was no longer a theory. "It is conclusive." A Malaysian official, who also declined to be identified because he is not authorized to brief the media, said only a skilled aviator could navigate the plane the way it was flown after its last confirmed location over the South China Sea. The official said it had been established with a "more than 50 percent" degree of certainty that military radar had picked up the missing plane after it dropped off civilian radar. Malaysian officials have said radar data suggest it may have turned back and crossed back over the Malaysian peninsula westward, after setting out toward the Chinese capital. The flight altered its course more than once after it lost contact with ground control and that it made significant changes in altitude. Investigators say there's further evidence suggesting the jet did not crash immediately after being lost on radar; a transmitter on the plane tried for another four hours to ping satellites.
Note: Why is the military radar 50% certain? How could a transmitter on the plane ping for four hours, yet no one on the plane made a phone call? Remember that after Flight 93 was hijacked on 9/11, many phone calls were made by passengers on the plane. There is an abundance of high strangeness to this airplane's disappearance. For valuable speculation on the missing flight not well covered in the major media, click here. For some very unusual radar evidence of its disappearance, click here.
The authors of a study calling for GM crops to be fast-tracked into Britain’s farms and kitchens all have links to the industry. The report was presented as the work of ‘independent’ scientists and was published on [March 13] by a government advisory body. It was used to support a bid to speed up the development of the controversial crops in the UK, but it has emerged that all five authors have a vested interest in promoting GM crops and food – and some are part-funded by the industry. Critics of GM [have] described the report as ‘biased and downright dangerous’, and accused the biotech giants and the Government of mounting a crude propaganda campaign to overturn public opposition. The academics behind the study were chosen by the Council for Science and Technology, the body that advises the Prime Minister on science policy issues. They include Professor Sir David Baulcombe, from Cambridge University, who works as a consultant for GM firm Syngenta, which gives his department research funding. Syngenta is behind a genetically modified maize or corn, called GA21, which could go into UK farms as early as next spring, making it Britain’s first commercially grown GM crop. Also on the list is Professor Jonathan Jones, of the Sainsbury Laboratory, which is at the centre of Britain’s GM research. It is part-funded by former Labour science minister, Lord Sainsbury, who is one of the country’s biggest supporters of the technology. Another co-author was Professor Jim Dunwell, of the University of Reading. He was a founder member of CropGen, which describes its mission as ‘to make the case for GM crops and foods’
Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here. For an excellent summary of the risks and dangers from GMO foods, click here.
Top-secret documents reveal that the National Security Agency is dramatically expanding its ability to covertly hack into computers on a mass scale by using automated systems that reduce the level of human oversight in the process. The classified files – provided previously by NSA whistleblower Edward Snowden – contain new details about groundbreaking surveillance technology the agency has developed to infect potentially millions of computers worldwide with malware “implants.” The clandestine initiative enables the NSA to break into targeted computers and to siphon out data from foreign Internet and phone networks. The covert infrastructure that supports the hacking efforts operates from the agency’s headquarters in Fort Meade, Maryland, and from eavesdropping bases in the United Kingdom and Japan. GCHQ, the British intelligence agency, appears to have played an integral role in helping to develop the implants tactic. In some cases the NSA has masqueraded as a fake Facebook server, using the social media site as a launching pad to infect a target’s computer and exfiltrate files from a hard drive. In others, it has sent out spam emails laced with the malware, which can be tailored to covertly record audio from a computer’s microphone and take snapshots with its webcam. The hacking systems have also enabled the NSA to launch cyberattacks by corrupting and disrupting file downloads or denying access to websites.
Note: For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
Former NSA contractor Edward Snowden accused Sen. Dianne Feinstein of hypocrisy ... for complaining about alleged CIA spying on U.S. senators while tolerating government spying on private citizens. "It's clear the CIA was trying to play 'keep away' with documents relevant to an investigation by their overseers in Congress, and that's a serious constitutional concern,” said Snowden in a statement to NBC News. “But it's equally if not more concerning that we're seeing another 'Merkel Effect,' where an elected official does not care at all that the rights of millions of ordinary citizens are violated by our spies, but suddenly it's a scandal when a politician finds out the same thing happens to them." Snowden was ... referring to German Chancellor Angela Merkel’s indignation at reports that the U.S. had listened in on her personal conversations, but her failure to condemn the NSA for mass surveillance of communications of German citizens. Both were revealed by the release of documents that Snowden took from NSA computers and distributed to journalists.
Note: For more on the out-of-control activities of intelligence agencies, see the deeply revealing reports from reliable major media sources available here.
More Americans used buses, trains and subways in 2013 than in any year since 1956 as service improved, local economies grew and travelers increasingly sought alternatives to the automobile for trips within metropolitan areas, the American Public Transportation Association said in a report. 10.65 billion passenger trips were taken on transit systems during the year, surpassing the post-1950s peak of 10.59 billion in 2008, when gas prices rose to $4 to $5 a gallon. The ridership in 2013, when gas prices were lower than in 2008, undermines the conventional wisdom that transit use rises when those prices exceed a certain threshold, and suggests that other forces are bolstering enthusiasm for public transportation, said Michael Melaniphy, the president of the association. "People are riding transit in record numbers,” Mr. Melaniphy said in an interview. “We’re seeing a fundamental shift in how people are moving about their communities.” From 1995 to 2013, transit ridership rose 37 percent, well ahead of a 20 percent growth in population and a 23 percent increase in vehicle miles traveled, according to the association’s data. Overall public transit ridership increased by 1.1 percent from 2012, with the biggest gains in rail service and in bus service for smaller cities. In New York, where use of all modes of transit in the Metropolitan Transportation Authority increased 3.6 percent last year. Todd Litman, an analyst at the Victoria Transport Policy Institute in Victoria, British Columbia, [said] “A lot of people would prefer to drive less and rely more on walking, cycling and public transit, provided that those are high-quality options.”
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
In the tense days after a powerful earthquake and tsunami crippled the Fukushima Daiichi power plant in Japan on March 11, 2011, staff at the U.S. Nuclear Regulatory Commission made a concerted effort to play down the risk of earthquakes and tsunamis to America’s aging nuclear plants, according to thousands of internal emails reviewed by NBC News. The emails, obtained via the Freedom of Information Act, show that the campaign to reassure the public about America’s nuclear industry came as the agency’s own experts were questioning U.S. safety standards and scrambling to determine whether new rules were needed to ensure that the meltdown occurring at the Japanese plant could not occur here. At the end of that long first weekend of the crisis three years ago, NRC Public Affairs Director Eliot Brenner thanked his staff for sticking to the talking points that the team had been distributing to senior officials and the public. "While we know more than these say," Brenner wrote, "we're sticking to this story for now." There are numerous examples in the emails of apparent misdirection or concealment in the initial weeks after the Japanese plant was devastated: When asked to help reporters explain what would happen during the worst-case scenario -- a nuclear meltdown -- the agency declined to address the questions. The emails pull back the curtain on the agency’s efforts to protect the industry it is supposed to regulate. The NRC officials didn't lie, but they didn't always tell the whole truth either. When someone asked about a topic that might reflect negatively on the industry, they changed the subject.
Note: For more on corruption in the nuclear power industry, see the deeply revealing reports from reliable major media sources available here.
The confirmation in December that former CIA Director Leon Panetta let classified information slip to "Zero Dark Thirty" screenwriter Mark Boal during a speech at the agency headquarters should result in a criminal espionage charge if there is any truth to Obama administration claims that it isn't enforcing the Espionage Act only against political opponents. I'm one of the people the Obama administration charged with criminal espionage, one of those whose lives were torn apart by being accused, essentially, of betraying [their] country. The president and the attorney general have used the Espionage Act against more people than all other administrations combined, but not against real traitors and spies. The law has been applied selectively, often against whistle-blowers and others who expose illegal, corrupt government actions. After I blew the whistle on the CIA's waterboarding torture program in 2007, I was the subject of a years-long FBI investigation. In 2012, the Justice Department charged me with "disclosing classified information to journalists, including the name of a covert CIA officer and information revealing the role of another CIA employee in classified activities." I had revealed no more than others who were never charged, about activities ... that were hardly secret. I am serving a 30-month sentence. The Espionage Act, the source of the most serious charges against me, was written and passed during World War I and... is so outdated that it refers only to "national defense information" rather than "classified information," because the classification system had not yet been invented.
Note: The author of this article, John Kiriakou, is a former CIA counter-terrorism officer and former senior investigator on the Senate Foreign Relations Committee. He is incarcerated in the Federal Correctional Institution in Loretto, Pa. You can read about his case at http://www.defendjohnk.com. For more on the out-of-control activities of intelligence agencies, see the deeply revealing reports from reliable major media sources available here.
As staff for the Senate Intelligence Committee gathered information to conduct oversight of the CIA, the CIA was secretly monitoring them, according to reports from McClatchy [News] and the New York Times. The committee staff was reviewing documents in a secure room at CIA headquarters as part of its investigation into the CIA's now-defunct detention and interrogation program, but the agency was secretly monitoring their work, according to reports. Complaints about the spying have reportedly prompted the CIA inspector general -- the agency's internal watchdog -- to look into the agency's behavior. Sen. Mark Udall, D-Colo., seemed to reference the surveillance in a letter to President Obama ... in which he urged the president to support the fullest declassification of the committee's CIA report. "As you are aware, the C.I.A. has recently taken unprecedented action against the committee in relation to the internal C.I.A. review, and I find these actions to be incredibly troubling for the committee's oversight responsibilities and for our democracy," Udall wrote. "It is essential that the Committee be able to do its oversight work -- consistent with our constitutional principle of the separation of powers -- without the CIA posing impediments or obstacles as it is today." Sen. Martin Heinrich, D-N.M., another member of the intelligence committee, declared in a statement Wednesday, "The Senate Intelligence Committee oversees the CIA, not the other way around."
Note: For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
Violence against women is "an extensive human rights abuse" across Europe with one in three women reporting some form of physical or sexual abuse since the age of 15 and 8% suffering abuse in the last 12 months, according to the largest survey of its kind on the issue. The survey, based on interviews with 42,000 women across 28 EU member states, found extensive abuse across the continent, which typically goes unreported and undetected by the authorities. Morten Kjaerum, director of FRA, the EU Agency for Fundamental Rights, which was responsible for the survey, said: "Violence against women ... is an extensive human rights abuse that the EU cannot afford to overlook." The FRA study provides ample evidence of the size of the problem, as well as suggestions on how to fix it. In a foreword to the report, Kjaerum calls for all member states to sign and ratify the Council of Europe Istanbul convention, which demands more protection for women, as well as action from private and public organisations. Among the findings: • One in 10 women have experienced some form of sexual violence since the age of 15, while one in 20 has been raped. • One in 10 women have been stalked by a previous partner. • Most violence is carried out by a current or former partner, with 22% of women in relationships reporting partner abuse. • Violence against women is one of the least reported crimes. Only 14% of women reported their most serious incident of partner violence to the police, while a similar percentage (13%) reported their most serious incident of non-partner violence. • Just over one in 10 women experienced some form of sexual violence by an adult before they were 15.
Note: For more on sexual abuse and violence against women, see the deeply revealing reports from reliable major media sources available here.
Patients who suffered brain damage as a result of taking a swine flu vaccine are to receive multi-million-pound payouts from the UK government. Following the swine flu outbreak of 2009, about 60 million people, most of them children, received the vaccine. It was subsequently revealed that the vaccine, Pandemrix, can cause narcolepsy and cataplexy in about one in 16,000 people, and many more are expected to come forward with the symptoms. Across Europe, more than 800 children are so far known to have been made ill by the vaccine. The Pandemrix vaccine was manufactured by pharmaceuticals giant Glaxo Smith Kline, which refused to supply governments unless it was indemnified against any claim for damage caused. "There's no doubt in my mind whatsoever that Pandemrix increased the occurrence of narcolepsy onset in children," Emmanuelle Mignot, a specialist in sleep disorder at Stanford University in the United States told Reuters. Among those affected are NHS medical staff, many of whom are now unable to do their jobs because of the symptoms brought on by the vaccine. They will be suing the government for millions in lost earnings. However, the vast majority of patients affected - around 80% - are children. Despite a 2011 warning from the European Medicines Agency against using the vaccine on those under 20 and a study indicating a 13-fold heightened risk of narcolepsy in vaccinated children, GSK has refused to acknowledge a link.
Note: Read about people in other countries who were damaged by the vaccine on this webpage. See powerful media reports suggesting that both the avian flu and swine flu were manipulated to promote fear and boost pharmaceutical sales. And watch a powerful CBS video describing how 4,000 Americans in 1976 sued for neurological damages caused by a swine flu vaccine that they agreed to take after falling for fear mongering about the flu by the government. 300 people allegedly died from the vaccine. For more, see the excellent resources in our Health Information Center.
The Roman Catholic Church is enjoying some of its best press in decades. But, says a new documentary by PBS’ "Frontline," “Secrets of the Vatican,” the morally wrenching controversies that threatened to destroy the church's credibility, starting about the time Pope John Paul II died in 2005, have not fully subsided. "Secrets of the Vatican" ... takes an unsparing look at the state of the church Pope Francis inherited from his predecessor, Pope Benedict XVI. “2012 was an annus horribilis for [Benedict],” Antony Thomas, the ... director of the film [said]. A horrible year on many fronts, not just with mounting evidence of financial impropriety at the Vatican bank, but also with incidents of sexual abuse by clergy spreading to more than 20 countries and, further, exposure of church hypocrisy about homosexuality. At the same time, reports emerged from Rome of a “gay mafia” inside the church that included some of its top officials, who were unafraid to wield political power and at the same time live an openly promiscuous gay lifestyle. “There was a lot that came to light, including a man who was, as it were, providing choirboys as rent boys,” Thomas said. "Secrets of the Vatican" also looks at the connection between the church’s requirement that its clergy must remain celibate and the high number of sexual abuse incidents among its ranks. Thomas said the film’s specificity about the nature of sexual abuses was necessary - because it’s still an overwhelming concern.
Note: Watch this incredibly revealing documentary on the PBS website. A primary insight is that Pope Benedict really did not step down from the papacy so much as flee the job. Then watch an excellent segment by Australia's "60-Minutes" team "Spies, Lords and Predators" on a pedophile ring in the UK which leads directly to the highest levels of government. A suppressed documentary, "Conspiracy of Silence," goes even deeper into this topic in the US. For more, see concise summaries of sexual abuse scandal news articles.
The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed. According to newly published transcripts of the central bank’s meetings in the run-up to and immediate aftermath of the collapse of Lehman Brothers, a senior Fed official first flagged the issue at a policy meeting in April 2008. William Dudley expressed fears that banks were being dishonest in the way they were calculating the London interbank offered rate – a global benchmark interest rate used as the basis for trillions of pounds of loans and financial contracts. Three years after his remarks, it emerged that traders at more than a dozen banks, including Lloyds, Royal Bank of Scotland and Barclays, had routinely been trying to fix the official Libor rate in order to boost their own bonuses and profits. The transcript of the Fed’s April 2008 meeting raises questions about why the central bank did not move to properly tackle the scandal. There was no official regulator for Libor at the time, and officials at the US Federal Reserve tried to blame British authorities for allowing the benchmark interest rate to get out of control in the first place. The Fed declined to comment on the transcripts or why it had not taken firm action..
Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.
China has fined UK pharmaceuticals firm GlaxoSmithKline $490m (Ł297m) after a court found it guilty of bribery. The record penalty follows allegations the drug giant paid out bribes to doctors and hospitals in order to have their products promoted. The court gave GSK's former head of Chinese operations, Mark Reilly, a suspended three-year prison sentence and he is set to be deported. Other GSK executives have also been given suspended jail sentences. The guilty verdict was delivered after a one-day trial at a court in Changsha, according to the Xinhua news agency. Chinese authorities first announced they were investigating GSK in July last year, in what has become the biggest corruption scandal to hit a foreign firm in years. The company was accused of having made an estimated $150m in illegal profits. GSK said it had "published a statement of apology to the Chinese government and its people". This is a humiliating outcome for one of Britain's biggest companies: pleading guilty to systematic bribery, facing the biggest fine in Chinese history and making an abject apology to the Chinese government and people.
Note: In February 2016, GlaxoSmithKline was fined another $53 million by the UK for preventing generic competition. The list of huge fines to top drug companies includes five fines of over $1 billion and dozens over $100 million. How can we trust these companies on the safety and reliability of their products?
Tommy, an agitated 14-year-old high school student in Oakland, Calif., was in the hallway cursing out his teacher at the top of his lungs. A few minutes earlier, in the classroom, hed called her a b___ after she twice told him to lift his head from the desk. Eric Butler, the school coordinator for Restorative Justice for Oakland Youth (RJOY) heard the ruckus and rushed to the scene. They walked together to the restorative justice room. Slowly, the boy began to open up and share what was weighing on him. His mom, who had been successfully doing drug rehabilitation, had relapsed. Shed been out for three days. The 14-year-old was going home every night to a motherless household and two younger siblings. He had been holding it together as best he could, even getting his brother and sister breakfast and getting them off to school. He had his head down on the desk in class that day because he was exhausted from sleepless nights and worry. Eric ... facilitated a restorative justice circle with [Tommy's mom], Tommy, the teacher, and the principal. Punitive justice asks only what rule of law was broken, who did it, and how they should be punished. It responds to the original harm with more harm. Restorative justice asks who was harmed, what are the needs and obligations of all affected, and how does everyone affected figure out how to heal the harm. Tommy ... told his story. On the day of the incident, he had not slept, and he was hungry and scared. He felt the teacher was nagging him. Hed lost it. Tommy apologized.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
The list of those caught up in the global surveillance net cast by the National Security Agency and its overseas partners, from social media users to foreign heads of state, now includes another entry: US lawyers. A top-secret document, obtained by former NSA contractor Edward J. Snowden, shows that a US law firm was monitored while representing a foreign government in trade disputes with the United States. The disclosure offers a rare glimpse of a specific instance of Americans ensnared by the eavesdroppers and is of particular interest because US lawyers with clients overseas have expressed growing concern that their confidential communications could be compromised by such surveillance. The government of Indonesia had retained the law firm for help in trade talks, according to the February 2013 document. The NSA’s Australian counterpart, the Australian Signals Directorate, notified the agency that it was conducting surveillance of the talks, including communications between Indonesian officials and the US law firm, and offered to share information. The NSA is banned from targeting Americans, including businesses, law firms, and other organizations based in the United States, for surveillance without warrants, and intelligence officials have repeatedly said the NSA does not use spy services of its partners in the so-called Five Eyes alliance — Australia, Britain, Canada, and New Zealand — to skirt the law. The Australians told officials at an NSA liaison office in Canberra, that “information covered by attorney-client privilege may be included” in the intelligence gathering. Most attorney-client conversations do not get special protections under US law from NSA eavesdropping.
Note: For more on intense deception perpetrated by the intelligence community, see the deeply revealing reports from reliable major media sources available here.
One of the largest and most meticulous studies of mammography ever done, involving 90,000 women and lasting a quarter-century, has added powerful new doubts about the value of the screening test for women of any age. It found that the death rates from breast cancer and from all causes were the same in women who got mammograms and those who did not. And the screening had harms: One in five cancers found with mammography and treated was not a threat to the woman’s health and did not need treatment such as chemotherapy, surgery or radiation. The study, published Tuesday in The British Medical Journal, is one of the few rigorous evaluations of mammograms conducted in the modern era of more effective breast cancer treatments. It randomly assigned Canadian women to have regular mammograms and breast exams by trained nurses or to have breast exams alone. Researchers sought to determine whether there was any advantage to finding breast cancers when they were too small to feel. The answer is no, the researchers report. Many cancers, researchers now recognize, grow slowly, or not at all, and do not require treatment. Some cancers even shrink or disappear on their own. But once cancer is detected, it is impossible to know if it is dangerous, so doctors treat them all.
Note: For more on issues that matter to our health, see the deeply revealing reports from reliable major media sources available here.
The Bank of England has been dragged into the mounting controversy over allegations of price fixing in the Ł3tn-a-day foreign exchange markets after it emerged that a group of traders had told the Bank they were exchanging information about their clients' position. The latest twist in the unfolding saga ... puts the focus on a meeting between key officials at the central bank and leading foreign exchange dealers in April 2012, when they discussed the way they handled trades ahead of the crucial setting of a benchmark in the prices of major currencies. This benchmark is used to price a wide variety of financial products and is the subject of regulators' attention amid allegations that traders at rival banks were sharing information about their orders from clients to manipulate the price. The Bank of England has previously released brief details of the April 2012 meeting, but Bloomberg reported that a senior trader who attended the meeting had made notes showing that officials did not believe it was improper to share customer orders. There had been a 15-minute conversation on currency benchmarks during which traders said they used chatrooms ... to trade ahead of the volatile period when the benchmarks were set. The Bank would not provide any additional information. Martin Wheatley, chief executive of the FCA, told MPs on the Treasury select committee ... that the allegations were "every bit as bad" as those surrounding Libor. The chairman of that committee ... said the allegations were "extremely serious". The scrutiny of the foreign exchange markets has put a fresh focus on dealers leaving banks. More than 20 traders at banks around the world are said to have been suspended or left roles in connection with the forex investigations.
Note: For more on huge financial manipulations and corruption, see the deeply revealing reports from reliable major media sources available here.
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