What Wall Street Costs America
by Matt Stannard
Posted January 31, 2016
The 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
By William D. Cohan
Posted January 29, 2016
Nearly 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…
Cashless Society War Intensifies During Global Epocalypse
by David Haggith
Posted January 25, 2016
Charging people to keep their money in the bank is hard to do so long as cash is available, as people may just withdraw all of their money from those banks in the form of the national cash and squirrel the cash away. In order to penetrate the twilight zone of economics, central banks need to abolish cash to terminate this escape route. Then they can force savers to spend, thereby increasing the flow of money through the economy, by raising the cost of holding money in a bank account as high as it takes to get people to spend their money. No sense letting perfectly good money waste away in an expensive bank account.
Transitioning into a cashless society is the ultimate central planner’s dream as it gives central banks total control over money, and money is their proprietary product. More…
Davos 2016: robots will steal 5 million jobs by 2020
by Jena McGregor
Posted January 23, 2016
The World Economic Forum kicked off on Tuesday, and the theme of this year’s gathering of the world’s leaders, celebrities, billionaires and the merely wealthy will be what it calls the “Fourth Industrial Revolution”.
That’s its term for the accelerating pace of technological changes, especially those that are “blurring the lines between the physical, digital and biological spheres” — the combination of things such as artificial intelligence, robotics, nanotechnology and 3D printing. To go with that theme, the WEF has released research looking at the effect all that change will have on jobs. It projects that by 2020, 7.1 million jobs are expected to be lost, versus just 2 million gained. More…
The Citadel is Breached: Congress Taps the Fed for Infrastructure Funding
by Ellen Brown
Posted January 22, 2016
For at least a decade, think tanks, commissions and other stakeholders have fought to get Congress to address the staggering backlog of maintenance, upkeep and improvements required to bring the nation’s infrastructure into the 21st century. Countries with less in the way of assets have overtaken the US in innovation and efficiency, while our dysfunctional Congress has battled endlessly over the fiscal cliff, tax reform, entitlement reform, and deficit reduction.
Both houses and both political parties agree that something must be done, but they have been unable to agree on where to find the funds. Republicans aren’t willing to raise taxes on the rich, and Democrats aren’t willing to cut social services for the poor. More…
China Flexes Muscles At Shanghai Gold Exchange
by Jeff Nielson
Posted January 21, 2016
The New Cold War between West and East has already become a Luke-Warm War , and it threatens to become a full-fledged “hot” war. After years of passively reacting to Western crime and aggression; both China and Russia have shown an increasing tendency to adopt a more proactive stance. On the economic front, China has leaped into the international gold market, suddenly and decisively .
After having purchased no gold on the open market for at least six years; China’s government has now made large, open market purchases of gold every month , for six, consecutive months. This has already totaled roughly 100 tonnes. Ultimately, this is gold which comes out of the warehouses of the Big Bank crime syndicate. More…
Shipping Said to Have Ceased…. Is the Worldwide Economy Grinding to a Halt?
by Jeff Berwick
Posted January 13, 2015
Last week, I received news from a contact who is friends with one of the biggest billionaire shipping families in the world. He told me they had no ships at sea right now, because operating them meant running at a loss. This weekend, reports are circulating saying much the same thing: The North Atlantic has little or no cargo ships traveling in its waters. Instead, they are anchored. Unmoving. Empty.
Commerce between Europe and North America has literally come to a halt. For the first time in known history, not one cargo ship is in-transit in the North Atlantic between Europe and North America. All of them (hundreds) are either anchored offshore or in-port. NOTHING is moving.
This has never happened before. It is a horrific economic sign; proof that commerce is literally stopped. More…
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This site is designed for people who wish to follow important events, but do not have time to do a lot of reading. If you follow this site for a period of time, the daily fresh stories in different categories will over time provide you with an understanding of the “big picture” by showing you both the problems and the solutions. Hopefully this will inspire you to listen to your inner wisdom and become part of the solution.