Ten Common Sense Economic Truths

Ten Common Sense Economic Truths
by David Korten
Posted February 22, 2016

living economies are possibleThe more closely I look, the more obvious it is that the Old Economy fails because it is based on false values, assumptions, and logic. Those who are working to create a New Economy from the bottom-up intuitively recognize and act on 10 common sense truths foundational to a sound economy.

A proper money system roots the power to create and allocate money in people and communities in order to facilitate the creation of livelihoods and ecologically balanced community wealth. Money properly serves life, not the reverse. Wall Street uses money to consolidate its power to expropriate the real wealth of the rest of the society. Main Street uses money to connect underutilized resources with unmet needs. Public policy properly favors Main Street. More…

When Cash Is Outlawed… Only Outlaws Will Have Cash

When Cash Is Outlawed… Only Outlaws Will Have Cash
by Bill Bonner
Posted February 20, 2016

Lawrence Summers, why would anyone listen to him?Harvard economist Larry Summers is a reliable source of claptrap. And a frequent spokesman for the Deep State. “It’s time to kill the $100 bill,” he wrote in the Washington Post.

And now, Mr. Summers wants us to bring our cash to the town square. Instead of $100 bills, he wants to force us to use electronic notations faithfully recorded in a federally regulated bank. Have you ever seen one of these “electronic dollars,” dear reader?

The Deep State wants you to use money it can easily control, tax, and confiscate. And paper currency is getting in its way. More…

Why would ANYONE listen to a man who was a key proponent for the deregulating of financial institutions and risky derivatives, who did not forsee the 2008 crash that was the inevitable result even after whistle blowers (whom he ridiculed) provided warnings, and who then went on to micro-manage and lose $1.8 BILLION of Harvard University’s endownment funds to a risky mix of stocks, bonds, hedge funds, and private equity?

Central Banks Are Trojan Horses, Looting Their Host Nations

Central Banks Are Trojan Horses, Looting Their Host Nations
By Washington’s Blog
Posted February 15, 2016

central banks are trojan horsesEconomics professor Richard Werner – who created the concept of quantitative easing – has documented that central banks intentionally impoverish their host countries to justify economic and legal changes which allow looting by foreign interests.

The Fed’s main program for dealing with the financial crisis – quantitative easing – benefits the rich and hurts the little guy, as confirmed by former high-level Fed officials, the architect of Japan’s quantitative easing program and several academic economists. Indeed, a high-level Federal Reserve official says quantitative easing is “the greatest backdoor Wall Street bailout of all time”. Some economists called the bank bailouts which the Fed helped engineer the greatest redistribution of wealth in history. More…

Financial Oligarchy vs. Feudal Aristocracy

Financial Oligarchy vs. Feudal Aristocracy
by Ismael Hossein-Zadeh – Anthony A. Gabb
Posted February 14, 2016

NYPD protecting thos stealing their pensions from their accusersUnder the feudal mode of production, peasants were often allowed to cultivate plots of land for themselves on a rental basis. However, those tenant farmers rarely succeeded in becoming landowners in their own rights because a major share of what they harvested was taken away by landlords as rent, often leaving them with a bare subsistence amount of what they produced. When the harvest was poor, they incurred debt. If peasants were unable to pay off their debts, they could find themselves reduced to the condition of serfs or slaves.

Today, under conditions of market dominance by parasitic finance capital, a similar relationship can be detected between the powerful financial oligarchs (as feudal lords of our time), on the one hand, and the public at large (as peasant population of today), on the other. In the same manner as the landed aristocracy of times past extracted rent by virtue of monopolistic ownership of land, so today the financial oligarchy extracts interest and other financial charges by virtue of having concentrated the major bulk of national resources in their hands in the form of finance capital. More…

How State Banks Bring the Money Home

How State Banks Bring the Money Home
by Stacy Mitchell
Posted February 9, 2016

community banks help communitesOne of the most significant, but least noticed, consequences of the rapid and dramatic consolidation of the banking industry over the last decade is how much it has hindered the U.S. economy’s ability to create jobs.

To begin to understand this, take a look at each end of the banking spectrum. On one end are the nation’s 6,900 small, locally owned, community banks. These institutions control $1.4 trillion in assets. That’s 11 percent of all bank assets. They currently have $257 billion in loans to small businesses and farms on their books.

On the other end, four giant banks—JP Morgan Chase, Bank of America, Citibank, and Wells Fargo—now command $5.4 trillion in assets, or 40 percent of the total. Given that they are nearly four times as large as all local banks combined, one might expect that they would have made four times the small-business loans, or about $1 trillion. In fact, these banks have a mere $85 billion in small-business and farm loans on their balance sheets. More…

What Wall Street Costs America

What Wall Street Costs America
by Matt Stannard
Posted January 31, 2016

worhippint the golden calfThe financialization of the United States economy has distorted our social, economic, and political priorities. Cities and states across the country are forced to cut essential community services because they are trapped in predatory municipal finance deals that cost them millions of dollars every year. Wall Street and other big corporations engaged in a systematic effort to suppress taxes, making it difficult for cities and states to advance progressive revenue solutions to properly fund public services.

Banks take advantage of this crisis that they helped create by targeting state and local governments with predatory municipal finance deals, just like they targeted cash-strapped homeowners with predatory mortgages during the housing boom. Predatory financing deals prey upon the weaknesses of borrowers, are characterized by high costs and high risks, are typically overly complex, and are often designed to fail. More…

‘Too Big to Fail’ Banks Thriving a Few Years After Financial Crisis

‘Too Big to Fail’ Banks Thriving a Few Years After Financial Crisis
By William D. Cohan
Posted January 29, 2016

too big to fail is just too bigNearly eight years after the onset of the financial crisis, its unintended consequences continue to startle and amaze.

Who would have thought that the big banks would pay nearly $200 billion in fines and other considerations to various branches of federal and state governments and that not a single top Wall Street executive would be held responsible for perpetrating the wrongdoing represented by those huge fines?

And who would have thought that nearly a decade after the start of the crisis some of those big banks, in particular JPMorgan Chase and Wells Fargo, would have year after year of record, or near-record, profits? More…

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Great story on why we need to remove ALL of our elected government representatives

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