Economic Articles from 2020
Paul Volcker’s Long Shadow
by Ellen Brown
Posted January 26, 2020
The power to create money can be a good and necessary tool in the hands of benevolent leaders working on behalf of the people and the economy. But like with the Sorcerer’s Apprentice in Disney’s “Fantasia,” if it falls in the wrong hands, it can wreak havoc on the world. Unfortunately for Volcker’s legacy and the well-being of the rest of us, his signature policies led to the devastation of the American working class in the 1980s and ultimately set the stage for the 2008 global financial crisis.
And that is Paul Volcker’s true legacy. At a time when the Fed’s credibility was “greatly diminished,” he restored to it the life-and-death power over the economy that it continues to exercise today. His “shock therapy” of the early 1980s broke the backs of labor and the unions, bankrupted the savings and loans, and laid the groundwork for the “liberalization” of the banking laws that allowed securitization, derivatives, and the repo market to take center stage. Volcker’s chosen strategy essentially loaded all the pain onto the working class, an approach to monetary policy that has shaped Fed policy ever since. More…
[Economic] [Political] [Social]
Mega Global-Companies Dwarf Power Of Many Nations
by Bruce Wilds
Posted January 18, 2020
When the value of Apple and Amazon soared above one trillion dollars they became the first companies to reach this milestone. It is difficult to deny that in our modern world many large companies already have more power than most nations and their power continues to grow at an alarming rate. In the past, it was large oil conglomerates that held the power but today much of it has shifted to technology companies. This power is reflected in companies ability to bend regulations in the area of trade, in some ways, the anti-globalism movement could be viewed as an attempt to halt large companies in their tracks. This is one of the reasons anti-globalist and those wanting more limits of trade have rushed to embrace the use of tariffs.
For years many economists have discounted the implications and disregarded how the greed of these companies have added too many problems in the world. For example, if it is bombs you want, they will gladly make them for you, and while doing this they gain power and add to their profits. This train of thought brings front and center the question of whether mega-global companies are working in the direction of taking over the world and even dominating governments and countries. This is in some ways an extension of the New World Order with CEOs pulling the strings. The power they wield is often masked behind the facade of a figurehead leader but it is very real. More…
It is difficult to deny that in our modern world many large companies already have more power than most nations and their power continues to grow at an alarming rate.
Perhaps it is time to revisit how corporate charters are created, and regulated? Perhaps it is time to have sunset clauses in these charters similar to how corporate charters were initially issued?
[Media] [Justice] [Economic]
$21 Trillion Heist: It’s Only Theft When You’re Not Wealthy Enough to Get Away With It
By Tim Nuell
Posted January 14, 2020
Perhaps the Washington Post and the New York Times have their top teams of investigative journalists tracking the trail of the missing $21 Trillion. Maybe MSNBC, FOX and CNN are all simply waiting for the February ratings period to drop their bombshells about the missing money. But don’t bet on it.
Both Forbes and Reuters reported the news back in December. Still, the major corporate media outlets that currently control the country’s group think have somehow managed to keep 21 trillion worms nestled neatly inside a can with an open lid.
The idea that $21 Trillion slipped through the cracks at the Defense Department and HUD, under the watch of both political parties, doesn’t fit the desired narrative at the nation’s top newspapers either. The fact that their legions of journalists have not attempted to publicly debunk the story speaks volumes about the report’s legitimacy. With that in mind, the reality that no major newspaper has shed any light on the work done by Skidmore and his team, much less expanded upon it, is shameful at the very least. At its worst, the press appear as potential co-conspirators in a coverup, even if nothing nefarious is actually afoot. More…
At least $21 TRILLION is missing from 2 federal agencies and this figure is likely even higher once other agencies are considered. How much is $21 Trillion? It’s enough to give $1 million to 21 million different people. It’s also enough to give $65,000 to every living human being in America.
Why is this story not on the front pages of every newspaper? Why is this not the lead story of every newscast? Why are none of the political candidates talking about this.
Financial Rape of America
By Greg Hunter
Posted January 13, 2020
Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts warns that the “financial rape of America” is nothing more than “re-engineering” the debt based economy. This “rape” is happening from earth to space, and it connects to $21 trillion in “missing money” that has disappeared from the federal budget since the late 1990’s.
The “rape of America” is happening with the pension funds, according to Fitts. Fitts is worried about the value of the U.S. dollar. Fitts says, “I have never been worried about the U.S. dollar, and we have argued a lot about this, but I am now starting to get very concerned. . . . The biggest buyers of U.S. Treasuries are U.S. pensions. Basically, the U.S. pensions are buying trillions of dollars of U.S. Treasuries, and the money goes into the government, and then the money goes out the back door. In the meantime, the taxpayers, including those pension beneficiaries, are on the hook for those Treasuries. So, you are giving away real money, and all you are getting is a liability. . . .So, the federal government literally becomes a laundry mechanism. More…
Congress Just Passed Nightmare Legislation that Strips Trillions in Wealth from the Middle Class
By Pam Martens and Russ Martens
Posted January 1, 2020
Five days before Christmas, while the impeachment debate distracted voters, the President signed into law the so-called Secure Act – which was a sickening bi-partisan attack on the wealth-building capability of the middle class.
Making the dirty deed even more Grinch-worthy, the attack on the assets of the middle class comes after the Trump tax overhaul in 2017 gave a windfall to the super wealthy by doubling their estate tax exclusion from $11 million per couple to $22 million. Now someone has to pay for that and both Democrats and Republicans in Congress have stealthily decided it’s going to be Millennials – who are already buried under student loan debt with a meager average net worth of $8,000.
The only people that will gain security from the Secure Act are the Wall Street wealth advisors who are already looting two-thirds of the average 401(K) over a worker’s career through fees; the insurance industry that browbeat members of Congress into signing the legislation into law and got an insurance annuity payout option included; and the lawyers who will rack up millions of new billable hours from rewriting trusts that no longer make any sense as a result of this wholesale sell-out of the middle class in America. More…
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