Virg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his state, making a state-owned Bank of Michigan a real possibility. Bernero is one of at least a dozen candidates promoting that solution to the states’ economic woes. It is an innovative idea, with little precedent in the United...
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Rudolf Steiner (1861-1925) was an Austrian philosopher and esotericist and founder of one of the key modern spiritual movements in the West. He is best known for his books and lectures before and after World War I, when he founded the Anthroposophical Society with its present-day headquarters in Dornach, Switzerland. After World War I,...
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Thamizarasi does not know job safety or regular income. Work comes and goes for this 40-something agri-labourer in Alakudi, a village in Thanjavur district in Tamil Nadu. This month, for instance, farm owners did not need labourers like her because the local dam was yet to release water to irrigate their fields. During such...
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Thomas Ferguson: A few small useful measures, but the bill strengthens the Fed and is weak on big issues. Thomas Ferguson is Professor of Political Science at the University of Massachusetts, Boston and a Senior Fellow of the Roosevelt Institute. He received his Ph.D. from Princeton University and taught formerly at the Massachusetts Institute...
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I first knew Mozambique through close contact in Dar es Salaam with FRELIMO in the early and difficult years – the 1960s and the first-half of 1970s – of its armed liberation struggle. Then Mozambique was seeking both to unite itself and to find political and military purchase against an intransigent and arrogant Portuguese...
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It looks like the next big wave of deflation is upon us. Looking at some key fundamentals, we see the labor market is again shredding jobs (652,000 in June), the money supply is contracting at levels not seen since the Great Depression and the US Federal Governments finances are in complete disaster. We stand...
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Banks Profit from Near-zero Interest Rates: Another Reason for States to Own Their Banks While individuals, businesses and governments suffer from a credit crisis created on Wall Street, the banks responsible for the crisis are tapping into nearly-interest-free credit lines and using the money to speculate or to make commercial loans at much higher...
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Most Americans know that the U.S. economy is in bad shape, but what most Americans don’t know is how truly desperate the financial situation of the United States really is. The truth is that what we are experiencing is not simply a “downturn” or a “recession”. What we are witnessing is the beginning of...
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Derivatives come to the movies As if attacks from paparazzi and star-crazed fans weren’t enough, Hollywood stars may soon have a literal price put on their heads by investors in the Cantor Exchange, a real-money trading platform where people can bet on the gross profits of upcoming movies. Sales of The Dark Knight skyrocketed...
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Understanding the Nature of the Global Economic Crisis The people have been lulled into a false sense of safety under the ruse of a perceived “economic recovery.” Unfortunately, what the majority of people think does not make it so, especially when the people making the key decisions think and act to the contrary. The...
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As the states’ budget and credit crises deepen, four states have initiated bills for state-owned banks, and candidates in seven states have included that solution in their platforms. “Hundreds of job-creating projects are still on hold because Michigan businesses and entrepreneurs cannot get bank financing. We can break the credit crunch and beat Wall...
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Evidence of a Financial Coup in America How much more evidence of a financial coup and the THEFT of TRILLIONS of DOLLARS do we need before the media and our politicians do something, anything, to restore a rule of law in this nation? What is it going to take? About four months ago, I...
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This is an open letter to the economics, finance and banking communities. I don’t have any dog in the fight, other than to figure out and then publicize what is best for the greatest number of people. People I greatly respect advocate for federal-level public banking, state public banks or a return to the...
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Or Why the Market Was Down for 7 Days in a Row We are witnessing an epic battle between two banking giants, JPMorgan Chase (Paul Volcker) and Goldman Sachs (Geithner/Summers/Rubin). Left strewn on the battleground could be your pension fund and 401K. The late Libertarian economist Murray Rothbard wrote that U.S. politics since 1900,...
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It all started with Sting, this fad for owning one’s very own patch of tropical rainforest, though it is probably unfair to blame him entirely for creating the boom industry that buying up forests piecemeal has become. It is 20 years since the musician first set foot in Brazil and pledged to fight the...
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Architect of Credit Default Swaps behind the Development of “Carbon Derivatives” As I have previously shown, speculative derivatives (especially credit default swaps) are a primary cause of the economic crisis. And I have pointed out that (1) the giant banks will make a killing on carbon trading, (2) while the leading scientist crusading against...
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A Paradigm Shift: APEC Offers No Clear Answers Like scores of journalists, I attentively listened as Singapore Prime Minister Lee Hsien Loong delivering his closing remarks, and for the last time answering journalists’ questions. It was the conclusion of 17th Apec Economies Leaders’ Meeting in Singapore, on November 15, and Prime Minister Lee was...
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“We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic...
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The United States does not control its own destiny. Rather it is controlled by an international financial elite, of which the American branch works out of big New York banks like J.P. Morgan Chase, Wall Street investment firms such as Goldman Sachs, and the Federal Reserve System. They in turn control the White House,...
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Whenever I hold my two-year old grandson, Grant, in my arms I wonder what this world will look like six decades from now, when he is my age. I know that if we “stay the course” it will be ugly. The current economic meltdown is a harbinger. Panama’s chief of government, Omar Torrijos, foresaw...
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HOW much political power can one number exert? Gross domestic product (GDP) is a strong candidate for the world’s most potent numerical indicator. Politicians use it to rank states in order of production, and to guide policies to maintain their place in the pecking order. Its year-on-year changes dictate whether an economy is “in...
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Pouring money into the private banking system has only fixed the economy for bankers and the wealthy; it has not done much to address either the fundamental problem of unemployment or the debt trap so many Americans find themselves in. President Obama’s $787 billion stimulus plan has so far failed to halt the growth...
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State and local leaders are considering creating publicly owned banks that can funnel credit to where it is needed most: directly into the local economy. The credit crunch is getting worse on Main Street, despite a Wall Street bailout now in the trillions of dollars. The Federal Reserve’s charts show that “base money” is...
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Text presented to the American Monetary Institute 2009 Conference It is not difficult to come up with methods to solve today’s economic crisis through monetary reform. Many of us are doing it. The key, as I have been writing for the past several years, is to treat credit as a public utility, not the...
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Companies from US, UK and Australia have the most concentrated financial power. A recent analysis of the 2007 financial markets of 48 countries has revealed that the world’s finances are in the hands of just a few mutual funds, banks, and corporations. This is the first clear picture of the global concentration of financial...
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Although the Department of Commerce claims that GDP measures the final value of goods and services produced in the United States in a given period of time, it merely measures the income of the politically sanctioned commercial class. GDP is used as an indicator of how well that commercial class is doing; it is...
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Entering the Greatest Depression in History Introduction While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which...
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“Blowing Bubbles” and “Using Palliatives” which “Make Things Worse” BIS Slammed Federal Reserve and Other Central Banks for Blowing Bubbles and then “Using Gimmicks and Palliatives” which “Will Only Make Things Worse” If you have any doubt that the Fed and other central banks should have known that a crash was coming, all you...
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William White predicted the approaching financial crisis years before 2007′s subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy. William White had a pretty clear idea of what he wanted to do with his life after shedding his pinstriped suit and...
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President Obama has repeated his call for a public option in health care, in order to create some competition for the insurance companies and keep them honest. We the people need to call for a public option in banking, in order to create some competition for the private banks and keep them honest. In...
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Details emerge of how the Fed secretly doled out trillions of dollars during the financial crisis The Federal Reserve is one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. But now, as details emerge of how the Fed secretly doled out more than a trillion dollars...
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The “world food crisis” of 2007-08 was the tip of an iceberg. Hunger and food crises are endemic to the modern world, and the eruption of a rapid increase in food prices provided a fresh window on this cultural fact. Much like Susan George’s well-known observation that famines represent the final stage in an...
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The State could walk away & create its own credit machine Four Wall Street banks, which received $15-25 billion each from the taxpayers, have rejected California’s IOUs because the State is supposedly a bad credit risk. The bailed out banks would seem to have a duty to lend a helping hand, but they say...
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Dollar vulnerability no surprise to us, collapse is the cost for not paying attention, Fed failures the cause of devaluations, stimulus plans may well be insufficient to bolster economy, Jobless rate indicates where we stand now in our weakened economy Re-emergence of dollar vulnerability has taken almost all professionals by surprise. That has been...
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This June, the doors will open at the Evergreen Cooperative Laundry, a state-of-the-art, nearly $6 million facility in Cleveland, Ohio. What’s so special about this laundry? In a word, ownership. The business will be 100 percent owned by its 50 employees, virtually all of whom live in the surrounding community. Life is tough in...
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The Mondragón Cooperative Corporation (MCC), the largest consortium of worker-owned companies, has developed a different way of doing business—a way that puts workers, not shareholders, first. Here’s how it played out when one of the Mondragón cooperatives fell on hard times. The worker/owners and the managers met to review their options. After three days...
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Wall Street is bankrupt. Instead of trying to save it, we can build a new economy that puts money and business in the service of people and the planet—not the other way around. Whether it was divine providence or just good luck, we should give thanks that financial collapse hit us before the worst...
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New Ways To Do Money Old Economy: The measure of a healthy economy is a growing GDP. Get Real: A healthy economy meets real needs within ecological limits. Old Economy: All you need is money. Get Real: You can’t eat money. What we need is healthy families, communities, and ecosystems. Old Economy: Booms and...
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Rebecca Adamson offers Native American views on scarcity, Wall Street, and how to thrive in hard times. Indigenous peoples have known hard times. There are signs of drought, crop failure, and forced migration over the millennia, and of course these peoples survived centuries of colonialism. When we were looking for some wisdom on building...
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During the Great Depression, my grandfather ran a butter creamery in rural Minnesota. Growing up, I heard how a group of farmers stormed in one day and threatened to burn the place down if he didn’t stop production. I had no idea who those farmers were or why they had done that—it was just...
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The way money is created and issued, who creates it and in what form—as debt or debt-free, in one currency or another—largely determines whether a financial system works fairly and efficiently or not. In our global village, money shapes our lives at personal, household, local, national, and international levels. The system now in place...
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Buying local isn’t just about freshness. Source: Published in Yes! Magazine.
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Local currencies value time, build community, and keep business moving even when credit dries up. Total dependence on one currency is like total dependence on one crop, or, for that matter, a single energy source: there’s always the risk that crop failure or a cutoff in supply will topple the whole system. This is...
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Americans want to invest locally: here’s how. The Obama Administration believes that the best way to repair our financial system after the Great Crash of 2008 is to improve the performance and oversight of global banks and investment firms. A growing number of Americans, however, would prefer to pull their retirement savings out of...
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Social activist and local living economies advocate shares her investment secrets I have always felt uneasy about the stock market. As a longtime organizer and a local restaurant founder and owner, I put nearly all of my money, time, and energy into my local community, rather than into global corporate investments. When I inherited...
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Jim Rogers, the bow tie-wearing fund manager who made George Soros a billionaire, thinks it’s time to get back to the land. Agriculture has “been a terrible business for 30 years,” he says in this CNBC Asia discussion of China’s stimulus package. “It’s about to be a fabulous business.” Rogers points out that global...
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In 1900, Argentina was one of the richest, most promising countries in the world. Just 100 years later it was, well…Argentina. A beautiful, cultured, wonderful place that’s such an economic basket case that many of its promising young people emigrate to Mexico to find work and opportunities. What happened to this country so rich...
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With the annual U.S. government deficit recently projected at $1.2 trillion (not counting additional spending expected from the fiscal stimulus package now before Congress) and President Barack Obama warning about “red ink...
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The world economy is not only showing few signs of recovery, but we are also looking at the end of the American century, according to German author and economist William Engdahl. In an exclusive interview with RT, he highlights the different ways in which the crisis has affected America and Europe and their subsequent...
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Almost completely lost in the drama over the war supplemental for Afghanistan, Iraq and Pakistan is a sneaky play by the US Treasury Department to get $108 billion in tax dollars for the International Monetary Fund through the supplemental. Of course, if Treasury can get the money through the supplemental, it can avoid any...
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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof and Robert J. Shiller Princeton University Press, 230 pp. The Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do About It by Robert J. Shiller Princeton University Press, 196 pp. By now...
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But, you may ask, won’t the powers that be step into the breach again and abort the crisis before it gets a chance to run its course? Yes, certainly. That, by now, is standard operating procedure, and it cannot be excluded that it will succeed in the same ambiguous sense that it did after...
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Introduction Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation...
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The Federal Reserve Act was legislated in 1913 to end recessions, panics and depression. Over that almost 100-year period they have been eminently no more successful then their predecessors. The Fed is a private corporation, which guides US monetary policy. Its staff is from Wall Street, banking, and transnational conglomerates and occasionally from academia....
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This is the second in our Contours of Crisis paper series. The first article set the stage for the series. It began by outlining the conventional view that this is a finance-led crisis, that this turmoil was triggered and amplified by “financial excesses”; it then described the domino sequence of collapsing markets—a process that...
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This is the first in a series of short articles we plan to write on the current crisis. Our aim in this series is threefold: to outline some of the important contours of the crisis; to situate these patterns in historical context; and to reflect on their possible causes and implications. Since the crisis...
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Calls for nationalizing the banking industry have been bubbling since at least last September 2008, when the current Banking Panic began in the wake of the Lehman Brothers bank collapse, the initial AIG bailout, and the quick absorption of Merrill Lynch-Wachovia-Washington Mutual banks by their larger competitors, Bank of America, Wells Fargo, and JP...
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Do Economists Understand the Causes and Consequences of the Crisis? Classical/neoclassical economics has consistently protected the wealth of the privileged; it has preserved the status quo. This is capitalism’s intent, and the evidence for it is overwhelming. It has impeded the improvement of the human condition for two hundred years, and unless it is...
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THE LEVEL OF PUBLIC IGNORANCE on the topic of the U.S. and world monetary system is astonishing. This is part of the plan, of course, because the monetary elite control not only the financial system but also the news media, the publishing industry, and the educational system. The blueprint for control was put together...
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SHARE Microcredit Program from E. F. Schumacher Society The Self-Help Association for a Regional Economy (SHARE) is a model community-based nonprofit that offers a simple way for citizens to create a sustainable local economy by supporting businesses that provide products or services needed in the region. SHARE makes micro-credit loans available at manageable interest...
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Microenterprise is an escape valve for social tension at times of crisis, and microbusinesses do a better job of weathering the storm than bigger companies because they are used to overcoming difficulties – a positive effect that is further multiplied when it involves women. “Microbusiness owners have always operated in tough conditions. For them,...
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We take a look at how one North Carolina town is trying to become more self-sufficient by moving toward being able to feed, fuel and finance itself. The town of Pittsboro houses the nation’s largest biodiesel cooperative, a food co-op, a farmers’ market and, most recently, its own currency, the Pittsboro Plenty. Pittsboro is...
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E. F. Schumacher Society Local Currencies and Self-Financing Tools The theory, history, and practice of the Schumacher Society’s work with local currencies is detailed in Local Currencies: Catalysts for Sustainable Regional Economies. Additionally, Bob Swann, founder of the E. F. Schumacher society, wrote several clear, compelling essays on local currencies, which can be found...
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A Video in Six Parts Written and Produced by Richard C. Cook This is a six-part professional-quality video that is over two hours in length. Each part consists of a lecture by Richard C. Cook on the economic crisis and its solution. This is the most in-depth and complete critique of our debt-based monetary...
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Money & Barter Some say that gold is not money; perhaps they are right, perhaps not. Money is a funny thing, an odd sort of duck, as no one seems to know for sure, just what it is – and what it isn’t. Who invented the stuff; and for what reason; from whence did...
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Yes, the government prints our paper money. But that’s only a small fraction of the money in use. Most of the money in national economies is created when banks write it into their customers’ accounts out of thin air as bank loans. 1. You earn $100 and put it in the bank. And then…...
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Web of Debt: The Shocking Truth About Our Money System by Ellen Hodgson Brown Our money system is not what we have been led to believe. The creation of money has been “privatized,” or taken over by a private money cartel. Except for coins, all of our money is now created as loans advanced...
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Are you aware that the U.S. Constitution states that only Congress has the authority to create money; this money must be backed by gold and silver; and “bills of credit,” also known as Federal Reserve Notes, are illegal under Article I? Are you aware that our government is violating all of these stipulations at...
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Just how did we get into this economic mess? The answers are both complex and troubling. Blame greed, irresponsibility, lax government oversight, conflicts of interest and especially blind faith in a housing boom that seemingly had no end. But end it did, setting off a chain reaction that has left the economy in tatters...
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Paul Grignon’s 47-minute animated presentation of “Money as Debt” tells in very simple and effective graphic terms what money is and how it is being created. In many nations debt is becoming a serious problem, with a huge proportion of people living in a world of loans and credit cards, building up unmanageable debts....
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Fuelling a new world money supply A paper written ahead of the recent G20 summit by Zhou Xiaochuan, governor of the Chinese central bank, caused quite a stir. Zhou called for the establishment of a global reserve currency, a step which would firmly tip the balance of economic power in the direction of emerging...
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Peter Millar: Seven-fold increase in gold needed to avert debt depression While it is almost three year old, a study of the enduring importance of gold in the world economic system by R. Peter W. Millar, founder of Valu-Trac Investment Research Ltd. in Scotland (www.valu-trac.com), seems ever more compelling to share with you. Millar...
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The Money Masters is a documentary, produced by Patrick S. J. Carmack and directed and narrated by William T. Still. It discusses the concepts of money, debt, and taxes, and describes their development from biblical times onward. It covers the history of fractional-reserve banking, central banking, monetary policy, the bond system, and the Federal...
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What is a fiat currency? A currency that’s created and controlled by a government. In other words, it exists by government “fiat.” Using the dollar as an example, the U.S. Federal Reserve creates new dollars simply by printing them or injecting electronic “reserves” into the banking system. The supply of dollars thus depends on...
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Could the IMF run out of money? Who’s your bailout daddy? Well, if you’re Ukraine, Iceland, Hungary, Belarus, and Pakistan right now, it’s the International Monetary Fund. New loan commitments made by...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) I’ve had two posts so far on the terms under which Treasury sold back to Old National the warrants on Old National stock that Treasury got in exchange for its TARP investment,...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) The big news on the banking front this week will be the public release of the stress test results, currently scheduled for Thursday (originally it was supposed to be today). Over at...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) My post about French sociology got a wide range of comments, ranging from “Without a doubt, your best post yet” to “Reading this post made me think, for the first time, of...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) Kevin Drum pointed me to Ryan Avent’s insightful review of Ben Bernanke’s recent speech on financial innovation. (How’s that for the Internets in action?) Bernanke’s brief was simple: to defend financial innovation...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) Only a few years ago, the accepted remedy for a recession was for the Federal Reserve to lower interest rates – namely, the Federal funds rate. Now, however, the economy has been...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) This is more of an advanced beginners topic – I already covered CDOs (collateralized debt obligations) in my first Beginners article – but I imagine that most of our readers are already...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) “Nationalization” has been the word of the last month, with support not only from the usual suspects, but from Lindsey Graham, Alan Greenspan, and (to some degree, although they won’t say the...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) There is nothing inherently wrong with convertible preferred stock. In Silicon Valley, for example, venture capitalists almost always invest by buying convertible preferred. The idea is that in the case of a...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) You may have seen in the news that the government is thinking about exchanging its “preferred stock” in Citigroup for “common stock.” Here’s one of many articles. Which, if you are at...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) One of our readers sent in a question which can be paraphrased roughly as: “During the boom everyone said we should be saving more. Now people are saying we should be spending...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) With the regularity of a pendulum, the focus of discussion has swung back to the banking system (September: Lehman and AIG; November: Citigroup; January: Bank of America, and everyone else). And as...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) What is a bad bank? . . . No, I don’t mean that kind of bad bank, with which we are all much too familiar. I mean the kind of “bad bank”...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) Joe Nocera has an article in today’s New York Times Magazine about Value at Risk (VaR), a risk management technique used by financial institutions to measure the risk of individual trading desks...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) Or, as I thought of titling this post, SEC does something useful! Accounting can seem a dreadfully boring subject to some, but it gets its moment in the sun whenever there is...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) An interest rate is the price of money. If you buy a 5-year CD from your bank, it will pay you something like 3% annual interest. You are selling the bank the...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) The most common point of comparison for our current economic crisis is, far and away, the Great Depression. The Depression is most often bracketed with some version of the phrase, “but we’re...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) No, this isn’t another article about how credit default swaps (CDS) have ruined or are going to ruin the economy. It’s about one of the nice side benefits of CDS: the habit...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) We had a comment last week asking for an explanation of, roughly, what it is that the Federal Reserve does, so I thought that would be a good topic for a Beginners...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) So, it looks like we’re in a recession. What’s a recession? A recession is a period when overall economic activity contracts. In most times, overall economic activity increases, for two reasons. First,...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) In honor of Paul Krugman, recent Nobel Prize winner and “inventor” of the currency crisis, we seem to be experiencing a global currency crisis. This may prompt the question: what is a...
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What happened to the global economy and what we can do about it We believe that everyone should be able to understand how the financial crisis came about, what it means for all of us, and what our options are for getting out of it. Unfortunately, the vast majority of all writing about the...
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ChrisMartenson Crash Course ChrisMartenson Crash course is a concise video seminar on how our economy, energy systems, and environment interact, and how they will impact the future. The Crash Course seeks to provide you with a baseline understanding of the economy so that you can better appreciate the risks that we all face.
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