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Economic Articles from 2016

Forget Clinton’s and Trump’s Plans for the Economy: It’s Time to Erase Debt and Create Jobs

Forget Clinton’s and Trump’s Plans for the Economy: It’s Time to Erase Debt and Create Jobs
By Mike Krauss
Posted August 8, 2016

Wall Street extracting your wealthSo far, neither Donald Trump nor Hillary Clinton has offered a credible plan to restart the long-stalled U.S. economy.

There is an alternative. The U.S. Treasury has the power to extinguish debt, rebuild publicly owned infrastructure and propel the economy forward like a rocket. It is the power to create the nation’s supply of money, which Congress surrendered to the private banks that own the Federal Reserve upon the Fed’s creation in 1913. It’s time to take that power back.

This proposal is similar to—but more far-reaching than—the action taken by President Lincoln during the Civil War, when to bypass that era’s banksters and the usurious interest they extracted to finance the war, he had the Treasury issue $450 million of greenbacks. More…

The Looming Financial Crisis Nobody Is Talking About, But Should Be

The Looming Financial Crisis Nobody Is Talking About, But Should Be
by Shaun Bradley
Posted August 3, 2016

financial crisis brewingThe world has been captivated by a continuous stream of disturbing and shocking headlines. Seemingly every other day, different terrorist attacks, police assassinations or political stunts ignite the public into an emotional frenzy. But as fear shuts down critical thinking, banks that control Europe’s financial system are entering a death spiral. Despite what establishment media narratives push, the most dangerous threat to our way of life isn’t a religious ideology or political divide.

The real risk is a contagion that is undermining the core of the financial system, and the interconnectedness of the globalized economy we live in makes containing the problem nearly impossible. If these dominos continue to fall in Europe, the momentum could carry the destruction to every corner of the globe. More…

How Much Do Shady Financial Practices Cost You, Exactly?

How Much Do Shady Financial Practices Cost You, Exactly?
By Lynn Parramore
Posted July 30, 2016

financial parasitesAmerica’s financial system is broken for all but a few at the top — that much is plain. The rest sense that we are stuck on the minus end of some great financial formula, but given the complexity and size of Big Finance, it’s hard to pin down exactly why it happens and how it all adds up.

Enter economist Gerald Epstein of the University of Massachusetts, Amherst. He has dived in and crunched the numbers, and the results are eye-popping. Epstein and his colleague Juan Antonio Montecino look at exactly how families, taxpayers and businesses get ripped off by dubious financial activities and tally up the costs in a new paper for the Roosevelt Institute, “Overcharged: The High Cost of Finance.” (The Institute for New Economic Thinking has also supported several papers by Epstein). More…

Japan’s “Helicopter Money” Play: Road to Hyperinflation or Cure for Debt Deflation?

Japan’s “Helicopter Money” Play: Road to Hyperinflation or Cure for Debt Deflation?
By Ellen Brown
Posted July 29, 2016

helicopter moneyIf the Japanese experiment is in play, it could settle a long-standing dispute over whether helicopter money will “reflate” or simply hyperinflate the money supply.

Not that allowing the government to issue money is so radical. It was the innovative system of Benjamin Franklin and the American colonists. Paper scrip represented the government’s IOU for goods and services received. The debt did not have to be repaid in some other currency. The government’s IOU was money. The US dollar is a government IOU backed by the “full faith and credit of the United States.” More…

The Federal Reserve is a Ponzi Scheme

The Federal Reserve is a Ponzi Scheme
By Alan R. Adaschik
Posted July 22, 2016

Federal Reserve is a ponzi schemeMost Americans are proud to be American and consider the United States to be the greatest nation in all of history, and there are many things we can point to which substantiates this belief. However, everything in life is transitory and when all is said and done, history will judge that instead of America being something special to be admired, Americans were suckers who fell hook line and sinker for the worst Ponzi Scheme the world has ever seen: the Federal Reserve Bank, more commonly known as the Fed.

Like a Ponzi scheme, it began with a lie concocted solely to suck in its intended victims — the promise to regulate the US economy such that economic booms and busts would be eliminated. In truth the opposite has been the case since the passage of the Federal Reserve Act in 1913. In fact, the Fed actually played a role in bringing about the Depression of 1929 and the deep recession which presently grips the nation. Secondly, similar to a Ponzi scheme, the Fed takes our money and gives us nothing in return. The money we give to the Fed is not earned for any service it provides, nor is there any reasonable justification for us to give it them. More…

Is Dodd-Frank Wall Street Reform Legislation a Hoax?

Is Dodd-Frank Wall Street Reform Legislation a Hoax?
By Pam Martens and Russ Martens
Posted July 18, 2016

surprise meeting with Financial Stability Oversight CouncilFew have examined Dodd-Frank’s failed promises as carefully as Wall Street On Parade. The legislation promised to rein in derivatives – it didn’t. It promised to end the future need for taxpayer bailouts of too-big-to-fail banks. It didn’t. It promised to institute the Volcker Rule to prevent banks from gambling with insured deposits. It didn’t. It promised to reform the practices of the ratings agencies that played a pivotal role in the 2008 collapse. It didn’t.

The so-called Volcker Rule provisions of Dodd-Frank that barred the Wall Street banks holding insured deposits from owning private-equity funds (where they could inflate asset values with little push-back) and hedge funds (where they could dump or hide their own losses) have been repeatedly pushed forward and now are not set to go into effect until July of next year – an outrageous seven years after Dodd-Frank was signed into law. More…

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