Economic Articles from 2016

Positive Money: Our Proposals

Positive Money: Our Proposals
Posted October 27, 2016

If someone told you that a mountain of personal debt could be cleared via 3 simple changes to the way that money and banking works, would you like to know how? Would you like to see a more stable economy, with more jobs, less personal and government debt? Would you like to see money created free of debt and going into the real economy and support businesses, instead of getting trapped in financial and property markets?
This video explains how 3 simple changes to the way that money and banking works would make all this (and much more) possible. More…

How the Vampire Squid Gambled – And Lost $1.2 Billion in Sovereign Wealth

How the Vampire Squid Gambled – And Lost $1.2 Billion in Sovereign Wealth
by Shah Gilani
Posted October 11, 2016

Goldman Sachs CEO Lloyd BlankfeinOn March 18, 2016, the Libyan Investment Authority (LIA), a sovereign wealth fund set up by dictator Colonel Muammar Gaddafi in 2006, filed suit in London at The High Court of Justice’s Chancery Division against Goldman Sachs International. The suit claims the fund paid Goldman approximately $350 million to set up trades the LIA says it didn’t understand, which lost the fund $1.2 billion, everything it invested.

Instead of fraud, the LIA claims its “causes of action” are “undue influence” and “unconscionable bargain.” Goldman decided not to settle and believes it can beat the charges because, you know, there was never any undue influence and Goldman Sachs is not unconscionable. More…

The big banking scandal Wall Street is hiding from you

The big banking scandal Wall Street is hiding from you
by Zach Cartwright
Posted October 10, 2016

Golden SachsYour community’s tax dollars are getting quietly pilfered by Wall Street banks, and the banks are doing an excellent job of keeping the how away from you.

The amount of public money spent on just bank fees and interest every year numbers anywhere from the hundreds of billions to the tens of trillions. The exact amount is available through Comprehensive Annual Financial Reports (CAFR), though even obtaining the forms can prove to be a challenging task for the average taxpayer curious about how much of their tax dollars and pension funds are getting vacuumed up every year by the bank their city does business with. More…

The Biggest Heist in Human History

The Biggest Heist in Human History
by Mike Whitney
Posted October 8, 2016

biggest heist in human historyNow we’ve all heard the expression, “The definition of insanity is doing the same thing over and over again, and expecting a different result”. Well, the Fed has been doing the same thing for the last seven years — dumping money into the financial system while predicting stronger growth. That would seem to suggest that the Fed is insane, but is the Fed insane?

No, in fact, the members of the FOMC are extremely-bright, well-educated professionals who have a solid grasp of the economy and the many intricacies of the financial system. These are smart guys, real smart. So, maybe they have an ulterior motive. Maybe that’s why they’ve stuck with the same failed policies all these years. But if they have an ulterior motive, then what is it? What are they trying to achieve? More…

Negative Interest Rates and the War on Cash (2)

Negative Interest Rates and the War on Cash (2)
by Raúl Ilargi Meijer
Posted October 1, 2016

war on cashHistory teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated.

The existence of escape routes for capital preservation undermines the viability of the banking system, which is already over-extended, over-leveraged and extremely fragile. This time cash serves that role. We can therefore expect cash to be increasingly disparaged in order to justify its intended elimination. More…

A New Economic System for a World in Rapid Disintegration

A New Economic System for a World in Rapid Disintegration
By C.J. Polychroniou and Lily Sage
Posted September 30, 2016

unsustainable exploitationWe live in ominously dangerous times. The world capitalist system — having fueled colonialism, imperialism and the constant intensification of labor power exploitation for roughly 500 years — now threatens the planet with an ecological collapse of unprecedented proportions.

Unsustainable resource exploitation, water pollution (the transformation of lakes, rivers and oceans into garbage dumps) and massive economic inequality are at the root of the possibly irreversible collapse of industrial civilization. Meanwhile, however, too many of us remain caught up in abstract and ahistorical predictions of collapse that fail to offer an alternative realistic vision of a future socio-economic order. More…

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