Millions of older Americans say they will never be able to retire. They simply don’t have the savings. According to CNN, “Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings…50% have less than a three-month cushion and 27% had no savings at all….”
There is nothing useful about essentially costless transfers of value on a peer-to-peer basis? There is no value to monetary transfers that eliminate expensive and parasitic middlemen? There is no value to using a public key as a way to ask for payment, thus reducing enormous security concerns caused by providing all your private information to hundreds of merchants using credit cards? No value to being able to send millions of dollars across the globe in minutes rather than days? No value to free market currencies competing with state currencies? No value to economic freedom?
The Treasury’s website reports the amount of interest paid on the national debt each year, going back 26 years. At the end of 2013, the total for the previous 26 years came to about $9 trillion on a federal debt of $17.25 trillion. If the government had been borrowing from its own central bank interest-free during that period, the debt would have been reduced by more than half. And that was just the interest for 26 years. The federal debt has been accumulating ever since 1835, when Andrew Jackson paid it off and vetoed the Second U.S. Bank’s renewal; and all that time it has been accruing interest. If the government had been borrowing from its central bank all along, it might have had no federal debt at all today.
Secret negotiations established a banking cartel. It’s grown ever stronger through the years. It operates independently.
Rather than preventing financial crises, it precipitates new ones.
Talk about putting inmates in charge of the asylum!
Now we are reaping the noxious effects of a century of Fed policy.
Our economy remains mired in mediocrity.
A century ago politicians failed to understand that 19th century financial panics were caused by collusion between government and the banking sector.
In a report on tax collection performance, the UK’s House of Commons Public Accounts Committee (PAC) accused HM Revenue and Customs (HMRC) of being too lenient on multinational corporations while pursuing small companies.
Bitcoin will prevail. This isn’t just another e-currency, this is an entire framework for communicating information and money unlike no other ever before. This is the biggest revolution since linux and the more you use bitcoin the better and more complex you realise it is.
Net investment is down because there’s no demand. And there’s no demand because unemployment is high, wages are flat, incomes are falling, and households are still digging out from the Crash of ’08. At the same time, the US Congress and Team Obama continue to slash public spending wherever possible which is further dampening activity and perpetuating the low-growth, weak demand, perma-slump.
“The Government must stop claiming they are negotiating when they have refused to talk for two months and insist on forcing through proposals that are unaffordable, unworkable and unfair,” said FBU General Secretary Matt Wrack.
Congress has the power to amend the Fed – just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and to become an institution that serves all the people, not just the 1%, the Fed needs fundamental reform.
On RAI with Paul Jay, Chris Hedges discusses the psychology of the super rich; their sense of entitlement, the dehumanization of workers, and mistaken belief that their wealth will insulate them from the coming storms
Jean Bertrand Aristide once said that “it is better to be wrong with the people than right without them”. Post-Apartheid, it seems to me that Mandela made the worst possible choice – to be wrong without the people.
The “Paypal 14″ are back in court. They are accused of participating in DDoS attacks on Paypal when Paypal – in conjunction with Visa and Mastercard – cut off financial services to Wikileaks.
The eventual outcome of the trial will define not just how we see DDoS but the larger question of the right to protest online.
