Economic Articles from 2017

There Is No Nobel Prize in Economics

[Economic]
There Is No Nobel Prize in Economics
By Yasha Levine
Posted March 27, 2017

there is no Nobel prize for economicsIt’s Nobel Prize season again. News reports are coming out each day sharing the name of the illustrious winner of the various categories — Science, Literature, etc. But there’s one of the prizes that’s a little different. Well, that’s putting it lightly… you see, the Nobel Prize in Economics is not a real Nobel. It wasn’t created by Alfred Nobel. It’s not even called a “Nobel Prize,” no matter what the press reports say.

The five real Nobel Prizes—physics, chemistry, literature, peace, and medicine/physiology—were set up in the will left by the dynamite magnate when he died in 1895. The economics prize is a bit different. It was created by Sweden’s Central Bank in 1969, nearly 75 years later. The award’s real name is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.” It was not established by Nobel, but supposedly in memory of Nobel. It’s a ruse and a PR trick, and I mean that literally. And it was done completely against the wishes of the Nobel family.

Sweden’s Central Bank quietly snuck it in with all the other Nobel Prizes to give free-market economics for the 1% credibility. More…

The Coming Great Wealth Transfer

[Economic]
The Coming Great Wealth Transfer
by Chris Martenson
Posted March 20, 2017

great wealth transfer is taking place nowSpoiler alert! It’s already here. In the past, I’ve warned about the coming Great Wealth Transfer. But now we need to talk about it in the present tense, because it’s here.

And it will only accelerate from here on out. The Rich will get richer at the expense of everybody else.

This isn’t personal. It’s simply a feature of what happens near the end of a debt-based monetary system run by corruptible humans.

Of course, those in charge don’t think of themselves as corrupted or villainous. I’m sure that Federal Reserve Chairs Greenspan, Bernanke and Yellen all think of themselves as good and decent people doing “God’s work”. But the truth is they’ve irrevocably harmed millions — if not billions — of innocent people. More…

What Went Wrong in Wall Street Reform: Obama Versus FDR

[Economic]
What Went Wrong in Wall Street Reform: Obama Versus FDR
By Pam Martens and Russ Martens
Posted March 19, 2017

FDR during depressionFollowing the Wall Street crash of 1929, thousands of banks failed in the United States. More than 3,000 banks went under in 1931 followed by more than 1400 the following year. There was no Federal insurance on bank deposits in those days so both depositors and shareholders were wiped out or received pennies on the dollar when the banks went bust. This deepened the panic and deepened the Great Depression.

Many of the bank failures stemmed from the banks using depositors’ money to speculate in the stock market, sometimes to manipulate the price of their own stock.

Franklin Delano Roosevelt was sworn in as President of the United States on March 4, 1933. Two days later he declared a national banking holiday, meaning that he closed all the banks and sent in the examiners to determine which ones were sound and which ones were insolvent. The banking holiday lasted to March 13. Just three months later, on June 16, 1933, FDR and Congress enacted the Glass-Steagall Act also known as the Banking Act of 1933. More…

The “Sinister” Side of Central Bank-Issued Digital Currency

[Economic]
The “Sinister” Side of Central Bank-Issued Digital Currency
by A. Hannan Ismail
Posted March 16, 2017

digital currency dangersImagine programmable money issued by central banks directing what you can and cannot do.

If you live a lawful life you might maintain that you have nothing to fear, in the same way as you do not mind the harvesting of your personal data on the promise that it makes you safe.

Then, one day, your money is ‘turned off’ because of some infraction that you may or may not have committed.

Mass, digitized surveillance makes this possible today. A central bank-issued digital currency can very, very easily become another tool of social control. More…

In A Battle Between Trump And The Federal Reserve, Who Really Wins?

[Economic]
In A Battle Between Trump And The Federal Reserve, Who Really Wins?
by Brandon Smith
Posted March 8, 2017

Federal Reserve has served its purposeAs I examined in detail with evidence in my article ‘The Economic End Game Explained’, the Federal Reserve has a shelf life. It has already served its purpose, which was to undermine the American economy and our currency system. The Fed will now begin deflating the bubbles it has engineered in stocks, Treasuries and the dollar through continued interest rate hikes and rolling out the over $4 trillion (official amount) on its balance sheet. The goal? Sinking America and reducing it to third world status over the course of the next several years to make way for total global centralization of economic administration, eventually leading to global fiscal management under the IMF and perhaps the BIS, and a global currency system; all while making conservative movements look like the monster behind the crisis.

To summarize, the U.S. economy and the dollar are slated for a controlled demolition. The Fed will do everything in its power to prod Trump and conservatives into war with the central bank, because the Fed is now ready to sacrifice itself and the dollar’s world reserve status in order to clear a path for a new global system and ideology. The Federal Reserve is a suicide bomber. More…

A rash of invisible, fileless malware is infecting banks around the globe

[Economic]
A rash of invisible, fileless malware is infecting banks around the globe
by Dan Goodin
Posted March 5, 2017

warning about going cashlessOnce the province of nation-sponsored hackers, in-memory malware goes mainstream. Two years ago, researchers at Moscow-based Kaspersky Lab discovered their corporate network was infected with malware that was unlike anything they had ever seen. Virtually all of the malware resided solely in the memory of the compromised computers, a feat that had allowed the infection to remain undetected for six months or more. Kaspersky eventually unearthed evidence that Duqu 2.0, as the never-before-seen malware was dubbed, was derived from Stuxnet, the highly sophisticated computer worm reportedly created by the US and Israel to sabotage Iran’s nuclear program.

Now, fileless malware is going mainstream, as financially motivated criminal hackers mimic their nation-sponsored counterparts. According to research Kaspersky Lab plans to publish Wednesday, networks belonging to at least 140 banks and other enterprises have been infected by malware that relies on the same in-memory design to remain nearly invisible. Because infections are so hard to spot, the actual number is likely much higher. Another trait that makes the infections hard to detect is the use of legitimate and widely used system administrative and security tools—including PowerShell, Metasploit, and Mimikatz—to inject the malware into computer memory. More…

This information should serve as a warning signal against the dangers of eliminating cash and going entirely digital.

Mr. President, This Is What You Should Know About Public-Private Partnerships

[Economic]
Mr. President, This Is What You Should Know About Public-Private Partnerships
By Pam Martens and Russ Martens
Posted March 4, 2017

Trump speechIn President Trump’s speech last evening to a joint session of Congress, he described his plan to rebuild America’s crumbling infrastructure as follows:

“To launch our national rebuilding, I will be asking the Congress to approve legislation that produces a $1 trillion investment in the infrastructure of the United States — financed through both public and private capital — creating millions of new jobs.”

Financed through “both public and private capital” sounds a lot like a public-private partnership. Here’s how those hybrid creatures have worked out so far for the American people. More…

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