Economic Articles from 2017
Must be the Season of the Rich
By Philip Farruggio
Posted December 30, 2017
As New Year 2018 is before us, we are truly in a “Season of the RICH”. One need not be an accountant or financial whiz to know that this so called ‘Tax Reform Bill’ is a super-rich man’s gift to the super-rich. Alas, all you suckers out there are, like this writer, a few paychecks away from financial uncertainty. The less than one thousand dollars extra per year that this bill will throw you is nothing compared to the mega million$ the super-rich and the large corporations will see added to their spreadsheets.
Some of you still hold steady to the hogwash that the Trump team and the mainstream presstitute media are selling: “The more the super-rich save in taxes the more that will be reinvested in our economy”. Remember the two phony Wall Street bailouts, one under Junior Bush, and the second under Obama? All they did was allow predators to give each other bonuses and more stock buybacks. More…
Student Debt Slavery: Bankrolling Financiers on the Backs of the Young
by Ellen Brown
Posted December 27, 2017
The advantages of slavery by debt over “chattel” slavery—ownership of humans as a property right—were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War.
Slaves had to be housed, fed and cared for. “Free” men housed and fed themselves. For the more dangerous jobs, such as mining, Irish immigrants were used rather than black slaves, because the Irish were expendable. Free men could be kept enslaved by debt, by paying wages insufficient to meet their costs of living. The Hazard Circular explained how to control wages:
“This can be done by controlling the money. The great debt that capitalists will see to it is made out of the war, must be used as a means to control the volume of money. … It will not do to allow the greenback, as it is called, to circulate as money any length of time, as we cannot control that.”
Merry Christmas, Bankers!
By Karl Gary
Posted December 26, 2017
December 25th, 241 years ago, George Washington was crossing the Delaware River for a surprise attack on the British.
Why was he crossing the icy river and the real reason for the revolution?
Well, our American history lessons that we received while growing up, certainly did not get to the truth of the matter.
To relearn history – so that the average American can see what our nation has become – let’s take a look at what our forefathers said at the time. Because that war like all war, was about real money and not some menial tax on tea. More…
Illusory Money and the Economic System Construct
by Julian Websdale
Posted December 26, 2017
Governments could create their own money interest-free to pay for public services, but instead they borrow it from the banking system and the population has to pay it back, plus interest. It is the same with individuals and businesses. Governments don’t create their own interest-free money because they are controlled by the families who also control the banks, most notably the Rothschilds.
There is another vital aspect to understand about interest on money: when you take out a loan, the bank ‘creates’, in the form of ‘credit’, the amount of the ‘loan’. This sounds obvious and straightforward, except for one thing. You are not paying back only the loan; you are paying back the loan, plus interest, and the interest is not created, only the principle figure. This means that there is never even nearly enough ‘money’ in circulation to pay back all the outstanding loans and interest.
It is a fatal flaw with regard to human freedom and it has been done purposely to ensure that bankruptcy and loss of property and possessions to the banks is built into the system. ‘Privatisation’ is the selling of state assets in response to bank-created debt. More…
You’re Just Not Prepared For What’s Coming, Not Even Close
by Chris Martenson
Posted December 22, 2017
I hate to break it to you, but chances are you’re just not prepared for what’s coming. Not even close. Don’t take it personally. I’m simply playing the odds.
After spending more than a decade warning people all over the world about the futility of pursuing infinite exponential economic growth on a finite planet, I can tell you this: very few are even aware of the nature of our predicament.
An even smaller subset is either physically or financially ready for the sort of future barreling down on us. Even fewer are mentally prepared for it. And make no mistake: it’s the mental and emotional preparation that matters the most. If you can’t cope with adversity and uncertainty, you’re going to be toast in the coming years. More…
6 Ways We’re Already Leading an Economic Revolution
by Gar Alperovitz
Posted December 21, 2017
From the “buy local” movement to public banking, we’re well on our way to a more democratic, cooperative, and people-centered economy.
While progress is never strictly linear, I believe that we are beginning to see an accelerating development of the foundations for a system that looks a lot like the Pluralist Commonwealth, and a growing recognition of how they begin to fit together.
So how do we maintain and deepen the momentum? Here are six areas where it’s particularly strategic to be organizing and building institutional power in the current moment. More…
by Michael Hudson
Posted December 20, 2017
In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has taken the lead in shaping the international financial system to promote gains for its own bankers, farm exporters, its oil and gas sector, and buyers of foreign resources – and most of all, to collect on debts owed to it.
Each time this global system has broken down over the past century, the major destabilizing force has been American over-reach and the drive by its bankers and bondholders for short-term gains. The dollar-centered financial system is leaving more industrial as well as Third World countries debt-strapped. Its three institutional pillars – the International Monetary Fund (IMF), World Bank and World Trade Organization – have imposed monetary, fiscal and financial dependency, most recently by the post-Soviet Baltics, Greece and the rest of southern Europe. The resulting strains are now reaching the point where they are breaking apart the arrangements put in place after World War II. More…
Changing the “Lord’s Prayer”: Good theology, better economics
by Mike Krauss
Posted December 18, 2017
Pope Francis has proposed a re-write of the English language version of the “Lord’s Prayer.” The words “Lead us not into temptation” will be revised. The Pope argues this a poor translation from the original (from Aramaic to Greek to Latin to English) and contrary to the nature of a God who does not lead us into temptation. We get there all on our own, thank you very much.
But inasmuch as the Pope has opened a discussion, I have a suggestion.
The familiar words in the prayer of most Christian churches, “Forgive us our trespasses, as we forgive those who trespass against us” are not the words of Christ as recorded in the Gospel of Matthew. They were, “And forgive us our debts, as we also have forgiven our debtors,” and should also be revised accordingly. More…
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