Economic Articles from 2018
The Real Economic Numbers: 21.5 Percent Unemployment, 10 Percent Inflation and Negative Economic Growth
The Real Economic Numbers: 21.5 Percent Unemployment, 10 Percent Inflation and Negative Economic Growth
By Michael Snyder
Posted June 20, 2018
Economist John Williams of shadowstats.com has been tracking what our key economic numbers would look like if honest numbers were being used for many years, and he has gained a sterling reputation for being accurate. And according to him, it looks like the U.S. economy has been in a recession and/or depression for a very long time.
Let’s start by talking about unemployment. We are being told that the unemployment rate in the United States is currently “3.8 percent”, which would be the lowest that it has been “in nearly 50 years”.
To support this claim, the mainstream media endlessly runs articles declaring how wonderful everything is. For example, the following is from a recent New York Times article entitled “We Ran Out of Words to Describe How Good the Jobs Numbers Are”…
The real question in analyzing the May jobs numbers released Friday is whether there are enough synonyms for “good” in an online thesaurus to describe them adequately. More…
The court’s decision to let AT&T and Time Warner merge is ridiculously bad
By Nilay Patel
Posted June 19, 2018
AT&T and Time Warner won a historic court victory this week, convincing Judge Richard Leon in the US District Court for the District of Columbia that they should be able to merge over the antitrust objections of the Department of Justice. The deal, now finalized, combines one of the world’s largest telecom carriers with one of the world’s largest media organizations. The resulting company will have unparalleled market power over both content creation and distribution.
The decision surprised almost everyone — not necessarily that AT&T and Time Warner had won, but that Judge Leon allowed the merger to go through with no conditions or prohibitions on their behavior at all. In fact, Judge Leon’s opinion seems downright excited for the two companies, while systematically discounting the government’s case at every turn. Honestly, it’s a little strange. More…
Global Currency RESET Challenge: Ultimate Twist
By Jim Willie CB
Posted June 18, 2018
The Global Currency RESET has 100 steps and the first 10-12 appear complete. This is not a fantasy, but very real and in progress. Its progress is not very visible to most observers. Some important steps are seeing tremendous progress, but they are executed in the East with very little press coverage by the insidious lapdog Western press networks. Review many of the RESET features, but in summary form.
The USGovt and Wall Street banks have used narcotics trafficking and money laundering to continue to keep other nations in their grip. It comes in the form of bribery to foreign government officials, percentage cuts to banking officials, and military (if not terrorist) threats to many nations in order to compel them to stay in line with USDollar support. It has become called the King Dollar and its reign of terror, with narcotics as a central role. The pressure on foreign nations is immense and profound, but the consequences will be horrible and painful.
The nations which remain loyal to the United States Government will suffer unimaginable currency crisis and related economic problems, much like what is seen in Venezuela. Foreign currencies are being supported by US-led narcotics trafficking and money laundering, in a very ugly factor at work. Leaders assure future chaos in return for present stability. These nations must make progress toward the Gold Standard, if even in small initial steps. The consequence for failure to do so will be entry into the Third World. More…
Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for New York
Fed Up With Big Banks That Fund Climate Crisis and Oppression, Community Coalition Demands Public Bank for NYC
by Julia Conley
Posted June 12, 2018
Chanting, “Wells, Chase, B of A, public bank’s a better way!” social justice groups rallied at the New York Stock Exchange on Tuesday to demand that New York City divest from Wall Street banks and establish a public bank that is “expressly chartered to serve the public interest.”
Investment in Wall Street banks like Wells Fargo, Bank of Americas, and JPMorgan Chase is synonymous with harming the environment, propping up private prisons, and putting working families at risk for financial collapse as well as pushing them out of New York neighborhoods, argued the groups. More…
How To Liberate America from Wall Street Rule
A Report from the New Economy Working Group
Posted June 10, 2018
In 2008, Wall Street plunged the U.S. economy into the worst crisis since the Great Depression. Wall Street received a generous public bailout and quickly recovered. Main Street continues to languish. Politicians and pundits rarely inquire into the reasons for the disparity. Doing so would expose the reality that the United States is ruled as a plutocracy, not a democracy, and would focus citizen anger on the structure of the institutional system that gives Wall Street bankers their power.
The 2008 financial crash was a direct and inevitable consequence of a social engineering experiment conducted by Wall Street interests that allowed Wall Street financial institutions to consolidate their control of the creation and allocation of money beyond the reach of public accountability. The priority of the money system shifted from funding real investment for building community wealth to funding financial games designed solely to enrich Wall Street without the burden of producing anything of real value.
The proper function of money is to facilitate the sustainable and equitable utilization of resources to fulfill the needs of people, communities, and nature. This calls for a community-based and democratically accountable system of money, banking, and finance that functions to create and allocate money as a well-regulated public utility. Such a system would be remarkably similar to the one that financed the United States’ victory in World War II, produced an unprecedented period of economic stability and prosperity, made America the world’s industrial powerhouse, and created the American middle class. More…
This report provides real solutions to the many problems we face. It attacks the root cause, rather than focusing on the symptoms. After reading this report you will have a clear road map of what needs to be done in order to bring about real change in our system.
Global Debt is Now an Insane $164 Trillion, but Who Exactly Do We Owe?
by Isaac Davis
Posted June 6, 2018
Currency today is created by private institutions who create as much money as banks and governments desire. This money is created out of thin air, literally by punching a few keys on a computer and sending tiny currents of electricity to a screen which displays whatever number the private corporation wants. It is not backed by anything of value, yet these private institutions charge interest to governments and private sector borrowers.
For every dollar created and loaned, the magical money-lender demands that dollar back plus interest. Since the lender is demanding more than was created, it is mathematically impossible to ever pay off debt, because the interest simply just doesn’t exist.
This system ensures that the human race will always be in debt, and this system is the new slavery, meaning that when we owe money in this fashion we are not free to use the full power of our labor and resources to improve our communities and infrastructure. Instead, lending moves in the direction of the development of instability and weapons of war. Any time the lender wishes to flex its muscle it can create instant economic hardships by calling in this and making it more difficult to borrow money to service the debt. More…
The Coming Collapse
by Chris Hedges
Posted June 5, 2018
As a foreign correspondent I covered collapsed societies, including the former Yugoslavia. It is impossible for any doomed population to grasp how fragile the decayed financial, social and political system is on the eve of implosion.
All the harbingers of collapse are visible: crumbling infrastructure; chronic underemployment and unemployment; the indiscriminate use of lethal force by police; political paralysis and stagnation; an economy built on the scaffolding of debt; nihilistic mass shootings in schools, universities, workplaces, malls, concert venues and movie theaters; opioid overdoses that kill some 64,000 people a year; an epidemic of suicides; unsustainable military expansion; gambling as a desperate tool of economic development and government revenue; the capture of power by a tiny, corrupt clique; censorship; the physical diminishing of public institutions ranging from schools and libraries to courts and medical facilities; the incessant bombardment by electronic hallucinations to divert us from the depressing sight that has become America and keep us trapped in illusions.
We suffer the usual pathologies of impending death. I would be happy to be wrong. But I have seen this before. I know the warning signs. All I can say is get ready. More…
Money creation and inequality – an underexposed topic for monetary reformers
by Lino Zeddies
Posted June 4, 2018
It is beyond doubt that the current money system has a huge impact on the distribution of power and wealth and heavily contributing to systemically worsening inequality. Even though there is growing public awareness and debate about the problem of inequality, so far the focus has been on the distribution of existing money and wealth, while the distributive effect of how and for what purpose money is created in the first place, seems to be a complete blind spot.
A sovereign money system creates a much fairer economic playground compatible with the ideals of a free market economy and a thriving democracy.
Firstly, when transitioning to a sovereign money system, there would be a considerable one-time debt relief as credit money would be replaced by debt-free sovereign money. Depending on a country’s level of debt and the amount of bank money in circulation, this would typically allow a huge reduction of government debt just due to the transition. Less government debt means less interest expenses for the public, allowing lower taxes and better public services and better infrastructure. More…
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