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Economic Articles from 2015

The clock is ticking on a time bomb that could blow up a free internet: the TPP

The clock is ticking on a time bomb that could blow up a free internet: the TPP
by Evan Greer
Posted November 8, 2015

TPP - Obama's legacy?After years of secrecy, the Trans-Pacific Partnership (TPP) agreement has finally been released to the public. The shadowy process and overreaching scope of the deal have sparked an international outcry; it’s been roundly condemned as an attack on worker’s rights, the environment, public health, small businesses and startups. But perhaps the biggest concern is over the impact that it will have on the internet.

The final version of TPP confirms advocates’ worst fears. Thanks to, among other things, its dramatic expansion of copyright enforcement, the agreement poses a grave threat to our basic right to access information and express ourselves on the web, and could easily be abused to criminalize common online activities and enforce widespread internet censorship. More…

If This Doesn’t Convince You to Exit the Global Banking System, Then Absolutely Nothing Will

If This Doesn’t Convince You to Exit the Global Banking System, Then Absolutely Nothing Will
by J.S. Kim
Posted November 7, 2015

who are they protecting?Today, bankers all around the world are making it more and more difficult to withdraw more than $3000 or €3000 per day, and simultaneously making it impossible to pay for, in cash, any item with a price tag in excess of these levels. Though most people are not questioning why this is, this global banker movement to ban all cash transactions should be interpreted as a clear and present danger to the purchasing power of everyone’s lifetime of accumulated savings. If you’re still not convinced, then think about what the Carbanak theft of $1 billion from global banks truly means.

If we investigated how this hacking group accomplished their theft, we would discover that, at times, they even hacked into bank servers to create currencies out of thin air before transferring this newly created currency to themselves. The fact that these hackers could create currency that did not even exist on the bank’s books and then steal it should compel all of us to ask ourselves, “Do we really want to hold the earnings of our cumulative lifetime of labor in digital currencies that have intrinsic values of nearly nothing?” If we realize that bankers can store tens of millions of currency literally on just a few bits on a hard drive on their bank server, and if we understand that we can purchase a 5 Terabyte Western Digital hard drive that can hold 40,000,000,000,000 bits on Amazon for just US$179, then we really should question why we believe that digital bits will ever preserve our lifetime of savings for the next 10 years, or even for just the next 2 years. More…

The Calm Before The Storm

The Calm Before The Storm
By Michael Snyder
Posted November 5, 2015

calm before the stormHave you noticed that things have gotten eerily quiet in the month of October? After the chaos of late August and early September, many had anticipated that we would be dealing with a full-blown financial collapse by now, but instead we have entered a period of “dead calm” in which things have become exceedingly quiet in almost every way that you can possibly imagine. Other “watchmen” that I highly respect have made the exact same observation.

Even though the economic numbers are screaming that we have entered a global recession, they aren’t really make any headline news. A whole host of major financial institutions around the planet are currently in danger of collapsing and creating the next “Lehman Brothers moment”, but none of them has imploded just yet. More…

The Rigging of the American Market

The Rigging of the American Market
by Robert Reich
Posted November 4, 2015

the rich are getting richerMuch of the national debate about widening inequality focuses on whether and how much to tax the rich and redistribute their income downward.

But this debate ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market.

The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market. More…

“Running Out of Money”. The US Government On the Brink of Default. How Obama Could Beat the Debt Ceiling

“Running Out of Money”. The US Government On the Brink of Default. How Obama Could Beat the Debt Ceiling
By Ellen Brown
Posted Novemeber1, 2015

Obama debt ceiling“Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile” — Canadian Prime Minister William Lyon Mackenzie King, 1935

On November 3rd, the US government will again run out of money due to a debt ceiling artificially imposed by Congress. This is the third time in four years that a radical faction has taken the country to the brink of default to extort concessions that are at best only marginally related to the budget.

The debt ceiling is an unconstitutional gimmick that violates the 14th amendment, which says the validity of the government’s debt shall not be questioned. The debt was incurred by Congress when it passed the budget, and the money has been borrowed and spent. Congress cannot now refuse to pay. More…

First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale

First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale
by Claire Bernish
Posted October 31, 2015

Icelanders will get a chack after selling off the banksFirst, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.

Because Icelanders took control of their government, they effectively own the banks. Benediktsson believes this will bring foreign capital into the country and ultimately fuel the economy — which, incidentally, remains the only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date. More…

Iceland did the exact opposite of what the rest of the world did, and their economy is recovering, while the rest of the world is in economic distress.

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