Negative Interest Rates and the War on Cash (2)
by Raúl Ilargi Meijer
Posted October 1, 2016
History teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated.
The existence of escape routes for capital preservation undermines the viability of the banking system, which is already over-extended, over-leveraged and extremely fragile. This time cash serves that role. We can therefore expect cash to be increasingly disparaged in order to justify its intended elimination. More…
A New Economic System for a World in Rapid Disintegration
By C.J. Polychroniou and Lily Sage
Posted September 30, 2016
We live in ominously dangerous times. The world capitalist system — having fueled colonialism, imperialism and the constant intensification of labor power exploitation for roughly 500 years — now threatens the planet with an ecological collapse of unprecedented proportions.
Unsustainable resource exploitation, water pollution (the transformation of lakes, rivers and oceans into garbage dumps) and massive economic inequality are at the root of the possibly irreversible collapse of industrial civilization. Meanwhile, however, too many of us remain caught up in abstract and ahistorical predictions of collapse that fail to offer an alternative realistic vision of a future socio-economic order. More…
In Praise of Class Traitors; Former Goldman Exec Runs for NJ Governor on Public Banking Platform
By Matt Stannard
Posted September 24, 2016
Days after Phil Murphy’s call for a publicly-owned Bank of New Jersey sent shockwaves across state and national media, the proposal received an unexpected favor: Governor Chris Christie attacked it, saying the bank itself would eventually need to be bailed out and invoking the common trope that government bureaucrats shouldn’t be running the banks.
Murphy, a Democrat and the only declared candidate for New Jersey governor (the election is next year), quickly had his campaign team respond: “Given Chris Christie’s nine credit downgrades, lagging economic growth, budget shortfalls built on putting politics before families, broken promises, and subservience to Donald Trump, we’ll consider the source.” More…
Financial Totalitarianism in Historical Context
by Nicole Foss
Posted September 13, 2016
The same confused, greedy and corrupt central authorities which have set up the global economy for a major bust through their dysfunctional use of existing powers, are now seeking far greater central control, in what would amount to the ultimate triumph of finance over people.
They are now moving to tax what ever people have left over after paying taxes. It has been tried before. As previous historical bubbles began to collapse, central authorities attempted to increase their intrusiveness and control over the population, in order to force the inevitable losses as far down the financial foodchain as possible. More…
The Secret Global Court: Why Corporate Criminals & Corrupt Politicians Desperately Want TPP
by Mike Krieger
Posted September 3, 2016
Obama needs to ensure he gets well compensated after leaving office for a job well done protecting, defending and further enriching the global oligarch class. This is precisely why he’s so adamant about passing the TPP during the upcoming lame duck session of Congress, when he knows “representatives” who no longer face reelection can be coerced or bribed into voting for this monumental public betrayal.
The Trans-Pacific Partnership (TPP) ins’t really a free trade deal, it’s a way for global oligarchs to consolidate, grow and protect their enormous wealth. The investor-state dispute settlement system (ISDS) is perhaps the most nefarious and objectionable aspect of the deal, with this shadowy court system being used to accomplish the following for the super rich and powerful: More…
The Money Myth Exploded
by Louis Even
Posted August 16, 2016
One evening, when our boys were sitting on the beach going over their problem for the hundredth time, they suddenly saw approaching a small boat with a solitary man at the oars. They learned that he was the only survivor of a wreck. His name: Oliver.
“Even though we’re lost and cut off from the rest of the world,” they told him, “we haven’t too much to complain about. The earth and the forest are good to us. We lack only one thing — money. That would make it easier for us to exchange our products.”
“Well, you can thank Providence,” replied Oliver, “because I am a banker, and in no time at all, I’ll set up a system of money guaranteed to satisfy you. Then you’ll have everything that people in civilization have.” A banker!… A BANKER!… An angel coming down out of the clouds couldn’t have inspired more reverence and respect in our men. For, after all, are we not accustomed, we people in civilization, to genuflect before bankers, those men who control the lifeblood of finance? More…
When Systems Crumble: Looking Beyond Global Capitalism
By Richard D. Wolff
Posted August 14, 2016
As global capitalism staggers painfully, unevenly and dangerously in the wake of its 2008 collapse, its critics divide into two broad camps. One commits to fixing or reforming a capitalism that has somehow lost its way. The other finds capitalism irreparably inadequate and seeks transition to a new and different system.
The two camps see many of the same faults: how capitalism relentlessly deepens inequalities of income, wealth, power and access to culture; capitalism’s instability (those socially costly cycles it never managed to prevent); and its consequent injustices. Sometimes the two camps can ally and work together. However, at other times — such as now — the camps become more wary of, disaffected from, and competitive with one another. Adding complexity these days, the critics favoring system change are also redefining — for potential recruits and for themselves — the new system they seek. More…
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