Economic Articles from 2019
The Rush To A Cashless Society Only Serves Globalist Interests
by Brandon Smith
Posted December 31, 2019
In 2017 I published an article called ‘The Globalist One World Currency Will Look A Lot Like Bitcoin’. In it, I warned that the trendy marketing of cryptocurrencies to the general public by the mainstream media was extremely suspicious and contrary to the notion that the establishment was “terrified” of Bitcoin or blockchain tech putting them out of business. I also warned of the deep involvement of international banks like Goldman Sachs and JP Morgan in the progress of blockchain infrastructure and more specifically Goldman Sachs and the IMF’s love affair with digital monetary systems. Goldman Sachs even referred to the blockchain as “the new technology of trust…”
Clearly, the banking elites are not worried about this technology. In fact, they have been investing in it heavily. But why? I have long held that current popular cryptocurrencies are nothing more than a beta test for a global digital currency system controlled by the elites. More…
And the Not-the-Nobel-Prize in Economics Goes to…
by Guy Dauncey
Posted December 30, 2019
Alfred Nobel never created a prize for economists. He was seventy-three years in his grave when the Central Bank of Sweden got the idea that they could elevate the prestige of economists by awarding a Nobel Prize in Economic Sciences “in memory of Alfred Nobel”. Today, the Nobel Foundation admits that the prize is not a Nobel Prize, but it still gives it status equal to the real prizes. Even Alfred Nobel’s descendants want it scrapped. Call it the Riksbank Prize, they said, but not the Nobel Prize, with the luminary status this implies.
The prize has three big problems. The first is its up-front pronouncement that economics is a science, when it’s clear to all outsiders that it’s not.
The second is that the economists who choose the winners rarely step outside of their ideological comfort zone, which is the neoclassical school of economics.
And the third is that by raising neoclassical economics to such Olympian heights the prize has increased public blindness to the flaws of neoclassical economics and its priestly obeisance to the supposedly natural laws of the free market. More…
Mapping the Global Divide
by Naresh Jotwani
Posted December 28, 2019
Imagine a transaction between a farmer and a trader of farm produce.
The farmer’s time and energy are fully committed to getting a decent harvest in the face of fickle weather and uncertain market prices, while also looking ahead to the next season. He can spare no time or energy for complex business transactions or financial calculations.
The trader has plenty of time, energy and incentives to master the tricks of finance and business. To him, the farm produce is merely a commodity which he can buy or sell, process further for value addition, pledge as collateral, dump in a foreign market … or whatever else brings in good profit. Only the trader’s cunning limits what he can or cannot do with a given commodity – and there is no limit to that cunning.
The farmer’s life depends on hard work; the trader’s life depends on cunning. Therefore the farmer would invariably have a weaker hand in any transaction with a dealer. More…
[Political] [Media] [Economic]
21 Trillion Missing from U.S. Treasury
by Ann Kreilkamp
Posted December 12, 2019
A courageous former Assistant Secretary of Housing and Urban Development under George H. W. Bush by the name of Catherine Austin Fitts couldn’t believe this vitally important story was being largely ignored by the media. An incredibly sharp economist who once served as managing director of the Wall Street investment bank Dillon, Read & Co, Fitts researched further and has been reporting regularly on the many trillions missing on her highly informative and inspiring website solari.com. The media has conspicuously avoided her detailed work on this.
Michigan State professor of economics Mark Skidmore discovered the excellent work of Fitts several years ago. He couldn’t believe Fitts claim that $6.5 trillion were missing from the US government. Thinking she had mistakenly written trillions instead of billions, he and his graduate students sifted through thousands of US government reports and were astounded to find not only that Fitts was right, but that the amount was even greater that Fitts had thought.
Skidmore eventually worked together with Forbes magazine contributor Prof. Laurence Kotlikoff of Boston University to compose the below article blowing the lid off this huge cover-up of $21 trillion gone missing from government coffers. Note that once certain officials saw Skidmore exposing this, the government removed many of the incriminating documents from their websites. But he wisely had downloaded all of the documents and has reposted this incriminating information on the website of Fitts on this webpage. More…
The Ultimate Cash Crop
By David Dayen
Posted December 3, 2019
In January, days after Californians were first allowed to buy recreational marijuana in the state, Attorney General Jeff Sessions issued a memo to federal prosecutors instructing them not to shy away from enforcing federal pot laws. “Marijuana is a dangerous drug,” Sessions wrote. “Marijuana activity is a serious crime.”
Public banking can do more than just warehouse pot dollars. The model is fairly simple: A public bank takes deposits from city and state tax revenues, giving it a capital base of potentially tens of billions of dollars. Then it could leverage those deposits to make loans for local public works projects, small businesses, affordable housing, or student loans.
The idea originated in the United States during the Progressive Era, as reformers sought democratic solutions to the problems caused by the rapid industrialization, monopolies, and political corruption of the 1890s through the 1920s. Dormant for almost a century, the concept was resurrected after the Great Recession in 2008—floated as a way to check the Wall Street banks that had plunged the American economy into chaos and to fuel economic development with affordable loans at the local level rather than from Wall Street financiers. But more than anything, public banking is about regaining democratic control. America is the richest country in the world; public banking advocates want to put that wealth to work on behalf of the people who created it. More…
How to Crush a Bankers’ Dictatorship: A Lesson From 1933
by Matthew Ehret
Posted December 1, 2019
While everyone knows that the 1929 market crash unleashed four years of hell in America which quickly spread across Europe under the great depression, not many people have realized that this was not inevitable, but rather a controlled blowout.
The bubbles of the 1920s were unleashed with the early death of President William Harding in 1923 and grew under the careful guidance of JP Morgan’s President Coolidge and financier Andrew Mellon (Treasury Secretary) who de-regulated the banks, imposed austerity onto the country, and cooked up a scheme for Broker loans allowing speculators to borrow 90% on their stock. Wall Street was deregulated, investments into the real economy were halted during the 1920s and insanity became the norm. In 1925 broker loans totalled $1.5 billion and grew to $2.6 billion in 1926 and hit $5.7 billion by the end of 1927. By 1928, the stock market was overvalued fourfold! More…
When the bubble was sufficiently inflated, a moment was decided upon to coordinate a mass “calling in” of the broker loans. Predictably, no one could pay them resulting in a collapse of the markets. Those “in the know” cleaned up with JP Morgan’s “preferred clients”, and other financial behemoths selling before the crash and then buying up the physical assets of America for pennies on the dollar. One notable person who made his fortune in this manner was Prescott Bush of Brown Brothers Harriman, who went onto bailout a bankrupt Nazi party in 1932. More…
The People v Wall Street: California’s Public Banking Shake-up
by Glenn Daigon
Posted November 21, 2019
A public bank would free localities from predatory Wall Street institutions and save taxpayers a lot of money. That money could then be used to fund needed projects such as affordable housing, renewable energy, and small business expansion.
For only the second time in 100 years, a people-powered coalition overcame the stiff opposition of the banking lobby to successfully pass a law that legalizes public banking. Governor Gavin Newsom (D-CA) signed a bill into law last month allowing California cities and towns to establish public banks.
It was almost a century ago that a similar grassroots uprising in North Dakota overcame the clout of big finance to establish the state-run Bank of North Dakota. And the passage of the California law may reverberate across the country. More…
The End Of Money
by Chris Martenson
Posted November 17, 2019
Today we live in a two-faced economy: it is boom times for some and bust times for others.
Your personal situation depends largely on how close you fall on the socioeconomic spectrum to the protected elite class, towards which the central banks are directing their money-printing firehoses.
Why should we care about this bifurcation? History.
2,000 years ago, in Plutarch’s time, it was already ‘old wisdom’ that unhealthy wealth imbalances ended badly for society. More…
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