National Banks – Ending the Stranglehold of Usury and the Private Money System
by John Reid
Posted March 23, 2016
We in the industrialised world, with large concentrations of people simply cannot exist without money. Even those unfortunate enough to be homeless and penniless still require charitable help, where money is also involved. Without money we basically cease to exist. The entire system, our entire being relies upon money.
Monetizing money isn’t much different from monetizing the air we breathe. And how ridiculous does that sound? However, this is how we are living, paying for something that should not be a commodity or ‘money maker’ for someone else.
‘Interest’ is the cost we unnecessarily pay to have access to that which is vital for our survival and when interest compounds (as it does) we may find ourselves in great financial distress. More…
Research for Transition
by David Charles
Posted March 14, 2016
The reality is that, rather than cooperatives, the value of the commons is predominantly extracted by “for profit” companies. Facebook is Michel’s most extreme example of this. The value of the company comes almost entirely from volunteer contributors: its users. But Facebook Inc. extracts 100% of the value.
Hypothetically, if Facebook had been happy with “only” the five billion dollars they asked for when they floated on the New York Stock Exchange instead of the sixteen billion they got, they could have paid over a hundred thousand contributors a hundred thousand dollars each. An extraordinary thought, especially when you consider that Facebook is now worth ten times that initial public offering. The problem with this current economic model is that most of the value created is not put back into the commons. More…
Rebooting Work: Programming the Economy for People
by Douglas Rushkoff
Posted March 7, 2016
Digital and robotic technologies offer us both a bounty of productivity as well as welcome relief from myriad repeatable tasks. Unfortunately, as our economy is currently configured, both of these seeming miracles are also big problems. How do we maintain market prices in a world with surplus productivity? And, even more to the point, how do we employ people when robots are taking all the jobs?
Back in the 1940’s, when computers were completing their very first cycles, the father of “cybernetics,” Norbert Wiener, began to worry about what these thinking technologies might mean for the human employees who would someday have to compete with them. His concern for “the dignity and rights of the worker” in a technologized marketplace were decried as communist sympathizing, and he was shunned from most science and policy circles. More…
Rahm Emanuel Is Trying To Pay Wall Street Banks Even More for Chicago’s Bad Financial Deals
By Saqib Bhatti
Posted March 6, 2016
In an unprecedented move on Wednesday, the Chicago City Council rebuked Mayor Rahm Emanuel’s plan to voluntarily pay banks $106 million in penalties to terminate the city’s remaining interest rate swap agreements. In another unprecedented move, I attempted to explain to my mother what had happened.
I told her, in a mix of English and our native Urdu, that the city had entered into these bad deals that had cost taxpayers millions of dollars, and that a group of us have been calling on the mayor to sue the banks to get the money back. I also told her that, instead of suing the banks, the mayor was trying to pay them all of the future payments for the next 15 years right now in order to get out of the deals.
My mother was shocked. “So instead of paying what he would over the next 15 years, he’s just paying them now?” she asked. I nodded. “That’s just more money for the banks,” she replied. “Why would he do that?” More…
Is Wall Street Making a Killing off Cities’ Debt?
by Susie Cagle
Posted March 3, 2016
Passions often run high at city council meetings in Oakland, California. But July 3, 2012 was something special. One after another, people stepped up to the microphone to plead with the council to stop paying its bills — and, for the most part, the council agreed. Those bills were from Goldman Sachs.
The meeting came after months of public discussion about how to exit a 1998 deal — a fixed-rate swap agreement tied to debt issued to finance pensions — that wasn’t working out the way the city had envisioned.
The 5.6 percent fixed rate would be a good deal, the city figured, if interest rates rose to 8 or 9 percent in good fiscal times. But they didn’t. The market crashed. Interest rates hit the floor. The swap deal soured. Oakland was stuck paying $4 million in annual interest to Goldman Sachs. By that year, the swap had a negative market value of approximately $15.5 million, the city treasurer informed the council in the lead-up to the July hearing. More…
Ten Common Sense Economic Truths
by David Korten
Posted February 22, 2016
The 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
by Bill Bonner
Posted February 20, 2016
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?
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