By Felipe Rezende
This is the first of a series of posts on the Brazilian crises.
There are two major crises Brazil’s president Dilma Rousseff is facing: one is a political crisis and the other is Brazil’s sharpest recession in 25 years.
Brazil’s Political Crisis
The political crisis has two main pillars: a) a vast corruption scandal (with evidence of a kickback scheme funneling billions of dollars from state-run firms and, more recently, in a massive data leak over possible tax evasion, Brazil politicians linked to offshore companies in Panama leaks); and b) impeachment proceedings to move forward against President Dilma Rousseff.
The Federal Court of Accounts (TCU) announced in 2015 that it had rejected the accounts of Rousseff’s administration for the year 2014. In a unanimous vote, the federal accounts court, known as the TCU, ruled Dilma Rousseff’s government manipulated its accounts in 2014 to “disguise fiscal deficits” as she campaigned for re-election. The allegation is that Ms. Rousseff manipulated Brazil’s account books to hide a growing fiscal deficit.
BWU/NEP’s Bill Black is interviewed by Greg Hunter over at USAWatchdog.com. The topic is fraudulent banking. You can view the post here.
This weekend: March 11th – 15th 2016, there are events taking place at the Village East Cinemas in New York including a book signing by Randy Wray on the 15th as well as screening of the movie. You can get all the details and list of guest appearances from Village East Cinema’s website here. Flyer for the book signing is after the jump.
Jamie Galbraith has written an excellent letter to the four former Chairs of the Council of Economic Advisers under Clinton and Obama regarding their letter to Professor Gerald Friedman and Senator Bernie Sanders. The full text is below.
The New York Times has taken notice of Bank Whistleblowers United (BWU). You can read it here.
Bill appeared on CCTV America discussing the American economy with Rachelle Akuffo. You can view it here.
Randy Wray and Bill Black appear on “Clearing the Fog.” You can listen to the podcast here. Bill, of the newly formed Bank Whistleblowers United, speaks about the plan they have outlined to instill the rule of law on Wall Street and end fraud with the hope of mitigating the effects of the next financial crisis. Randy, an expert in financial instability and macroeconomics, speaks about alternatives to the current financial system that would bring greater stability.
Bill Black reviews the highlights and holes of the film The Big Short in 2 parts on The Real News. You can view part 1 here and part 2 is here. Both have transcripts.
“Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don’t have it and can’t provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.” [S&P 2001] [emphasis in original]
Bill Black explains why one of world’s largest investment firms Goldman Sachs is questioning the “efficacy of capitalism” and why its CEO is terrified of a Sanders presidency. You can view it here on the Real News (include transcript).