OF THE
TIMES
Two of the world's most powerful women of finance sat down for a lengthy discussion Wednesday on the future of monetary policy in a post-crisis world: U.S. Federal Reserve Chairwoman Janet Yellen and International Monetary Fund Managing Director Christine Lagarde. Before a veritable who's-who in international economics packing the IMF's largest conference hall, the two covered all the hottest topics in debate among the world's central bankers, financiers and economists.Among those hot topics was the runaway shadow banking system, defined by Investopedia as "The financial intermediaries involved in facilitating the creation of credit across the global financial system, but whose members are not subject to regulatory oversight. The shadow banking system also refers to unregulated activities by regulated institutions." Examples given include hedge funds, derivatives and credit default swaps.
"Due to the complicated and tedious requirements, U.S. citizens living in other countries are losing jobs, banking accounts, pension funds, insurance contracts, and are being turned away as clients and business associates. In addition, FATCA will financially impact citizens at home since it doesn't pay for itself. This boondoggle is creating serious backlash for the U.S. economy and goodwill abroad."
Lawmakers warn Russian banks against giving up data under US FATCA
Comment: Earlier this year, Sott's editors interviewed author Ellen Brown. Have a listen or read a transcript of the interview below.
SOTT Talk Radio: Interview with 'Web of Debt' author Ellen Brown - How the banking system controls the world