Economic Articles from 2018
The Growing Movement To Create City-Run Public Banks
By Adele Peters
Posted January 24, 2018
As activists pressure governments to remove their deposits from banks that back bad policies, cities are considering a new option: become their own financial institution that serves the needs of the citizens, not investors.
When the movement to push the city of Los Angeles from keeping its money at Wells Fargo grew in 2017–as in other cities that decided to pull money from the bank because of its fake accounts scandal and funding of the Dakota Access Pipeline–organizers of the campaign realized that they faced a challenge: Where to put the money next.
The largest city accounts are too big for small community banks to handle, so divestment from one major bank typically means moving money to another major bank that likely has social responsibility issues of its own. In addition, even ethical smaller banks aren’t directly accountable to the public. L.A., along with other U.S. cities, is now considering another option: a public, city-owned bank that would keep money inside the community, and follow a socially and environmentally responsible charter. More…
Runaway Train Towards Full Digitization of Money and Labor
by Peter Koenig
Posted January 24, 2018
The other day I was in a shopping mall looking for an ATM to get some cash. There was no ATM. A week ago, there was still a branch office of a local bank – no more, gone. A Starbucks will replace the space left empty by the bank. I asked around – there will be no more cash automats in this mall – and this pattern is repeated over and over throughout Switzerland and throughout western Europe. Cash machines gradually but ever so faster disappear, not only from shopping malls, also from street corners. Will Switzerland become the first country fully running on digital money?
This new cashless money model is progressively but brutally introduced to the Swiss and Europeans at large – as they are not told what’s really happening behind the scene. If anything, the populace is being told that paying will become much easier. You just swipe your card – and bingo. No more signatures, no more looking for cash machines – your bank account is directly charged for whatever small or large amount you are spending. And naturally and gradually a ‘small fee’ will be introduced by the banks. And you are powerless, as a cash alternative will have been wiped out. More…
By Dean Baker
Posted January 23, 2018
With the Republicans having just passed a $1.5 trillion tax cut, the bulk of which goes to the richest 1 percent, it was inevitable that the generational warriors would come out of the woodwork and resume the attack on Social Security and Medicare. Generational warriors try to divert attention away from how our economy has redistributed income upwards over the last four decades, and convince a large portion of today’s workers that their real problems stem from their parents’ and grandparents’ overly generous retirement benefits.
The opening shot in this new round of generational warfare showed up earlier this month in The Atlantic Magazine. It told the classic story about how seniors are getting too much money back from Social Security and Medicare, the same thing we’ve been seeing for decades. (There is little expectation of originality if you’re in the business of promoting generational warfare.) More…
How a Tiny Village Became the First Place in the World to Ban All Synthetic Pesticides
by Philip Ackerman-Leist
Posted January 17, 2018
The Italian village of Mals has set an international precedent—and a model for other communities to follow.
For hundreds of years, the people of Mals—a tiny village in the South Tirol province of northern Italy—had cherished their traditional foodways and kept their local agriculture organic. Yet the town is located high up in the Alps, and the conventional apple producers, heavily dependent on pesticides, were steadily overtaking the valley below.
Aided by climate change, Big Apple (i.e., large corporate, industrialized apple growers) crept further up the region’s increasingly warmer valleys and mountainsides, its toxic sprays drifting with the valley’s ever-present winds and falling on the farms and fields of Mals—endangering their health, biodiversity, organic certifications, and their thriving tourism economy. More…
The Washington Post Says That Fedcoin Will Be ‘Bigger’ Than Bitcoin
By Michael Snyder
Posted January 15, 2018
The Federal Reserve and other global central banks could just leave us alone and allow us to create our own currencies. The cryptocurrency revolution is moving along just fine, and there is no need for any sort of interference.
But I have a feeling that the powers that be will eventually manufacture some sort of a “cryptocurrency crisis” if one does not happen naturally. In the aftermath, they will attempt to introduce some version of “fedcoin”, and many in the general public will be very thankful for the “solution” that the government has provided.
And that day may be closer than we think. In fact, the U.S. government has already invested millions into cryptocurrency research: More…
A Brief History of the New World Order
By Richard K. Moore
Posted January 14, 2018
WWI was the epochal event that began an identifiable program toward a new world order, a single global hierarchy, controlling all global affairs, under the control of elite financiers.
The British Empire represented the ultimate evolution of one particular path to global dominance: a single hegemonic power, playing off other powers against one another in a balance of powers strategy.
Certain mechanisms of power were perfected in this era. I refer to the integration of propaganda, racism, intelligence operations, covert intervention, diplomacy, financial manipulation, and naked military power — all orchestrated, with considerable art and brutality, in the pursuit of imperialist objectives. More…
“Dark Money” Runs the World
By Naomi Prins
Posted January 12, 2018
Dark money is the #1 secret life force of today’s rigged financial markets. It drives whole markets up and down. It’s the reason for today’s financial bubbles.
On Wall Street, knowledge of and access to dark money means trillions of dollars per year flowing in and around global stock, bond and derivatives markets. I learned this firsthand from my career on Wall Street. My first full year working on Wall Street was in 1987.
I wasn’t talking about “dark money” or central bank collusion back then. I was just starting out.
Eventually, I would uncover how the dark money system works… how it has corrupted our financial system… and encouraged greed to the point of crisis like in 2008. More…
The Virtual Economy Is The End Of Freedom
by Brandon Smith
Posted January 9, 2017
There is one simple rule to follow when understanding the tragic history of economies: Never put blind faith in a system built on an establishment-created foundation. You would think this would not be a difficult concept to grasp being that we have so many examples of controlled economies and collapse to reference over the centuries, but in our era more than ever the allure of a virtual world with promises of endless wealth and ease is overwhelming.
First, let’s be clear, fiat currencies are one of the first machinations of the virtual economy. Once paper currencies printed from thin air by central bankers were separated from tangible backing and accepted by the masses as “valuable” and worth trading labor for, the seed of financial cancer was planted. Today, there is one final step needed for the establishment to accomplish complete tyranny in global trade and that is to disconnect the masses fully from private transactions. In other words, we must be tricked into going digital, where privacy is an absurd memory. More…
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