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	<title>The People&#039;s Economics</title>
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		<title>Escaping the Sovereign Debt Trap: The Remarkable Model of the Commonwealth Bank of Australia</title>
		<link>http://www.peopleseconomics.com/?p=2324</link>
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		<pubDate>Fri, 06 Aug 2010 03:15:46 +0000</pubDate>
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		<description><![CDATA[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&#8217; economic woes. It is an innovative idea, with little precedent in the United States. North Dakota, currently the only state owning its own bank, also happens to be the only state sporting a budget surplus, and it has the lowest unemployment rate in the country; but skeptics can write these achievements off to coincidence. More data is needed and, fortunately, other precedents are available from other countries. One of the most dramatic is the Commonwealth Bank of Australia, which operated successfully as a government-owned bank for most of the 20th century, until it was privatized in the 1990s. The Commonwealth Bank&#8217;s creative founders demonstrated that a government-backed bank can make loans without capital. Denison Miller, the bank&#8217;s first governor, was fond of saying that the bank did not need capital because &#8220;it is backed by the entire wealth and credit of the whole of Australia.&#8221; The Commonwealth Bank&#8217;s accomplishments were particularly remarkable considering that for its first eight years, [...]]]></description>
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		<title>2010: Humanity’s Choice as Foreseen by Rudolf Steiner</title>
		<link>http://www.peopleseconomics.com/?p=2328</link>
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		<pubDate>Thu, 05 Aug 2010 03:27:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[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, Steiner and his work were criticized viciously by right-wing nationalists in Germany, which caused him to give up his residence in Berlin. Among the critics was Adolf Hitler, who attacked him in print as a traitor to Germany for his efforts to promote peace. The work of prophetic thinkers like Rudolf Steiner makes clear that the history of humanity proceeds through the evolution of consciousness, where changes take place in the psyche of people well in advance of their outward manifestations. Thus an understanding of what is happening before our eyes is never simple, nor can it be taken at face value. Discernment requires a level of knowledge that can only be achieved through study and insight. But only an approach that penetrates deeply into human nature allows us to see the real inner causes of events. Such causes can be positive or negative, constructive or [...]]]></description>
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		<title>The Death of Paper Money</title>
		<link>http://www.peopleseconomics.com/?p=2319</link>
		<comments>http://www.peopleseconomics.com/?p=2319#comments</comments>
		<pubDate>Wed, 28 Jul 2010 13:50:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[As they prepare for holiday reading in Tuscany, City bankers are buying up rare copies of an obscure book on the mechanics of Weimar inflation published in 1974. Ebay is offering a well-thumbed volume of &#8220;Dying of Money: Lessons of the Great German and American Inflations&#8221; at a starting bid of $699 (shipping free.. thanks a lot). The crucial passage comes in Chapter 17 entitled &#8220;Velocity&#8221;. Each big inflation &#8212; whether the early 1920s in Germany, or the Korean and Vietnam wars in the US &#8212; starts with a passive expansion of the quantity money. This sits inert for a surprisingly long time. Asset prices may go up, but latent price inflation is disguised. The effect is much like lighter fuel on a camp fire before the match is struck. People’s willingness to hold money can change suddenly for a &#8220;psychological and spontaneous reason&#8221; , causing a spike in the velocity of money. It can occur at lightning speed, over a few weeks. The shift invariably catches economists by surprise. They wait too long to drain the excess money. &#8220;Velocity took an almost right-angle turn upward in the summer of 1922,&#8221; said Mr O Parsson. Reichsbank officials were baffled. They [...]]]></description>
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		<title>Evolving Global Financial Crisis: The Dollar Will Head Down Again</title>
		<link>http://www.peopleseconomics.com/?p=2316</link>
		<comments>http://www.peopleseconomics.com/?p=2316#comments</comments>
		<pubDate>Wed, 28 Jul 2010 13:47:12 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[As we long ago predicted, 2005 was the beginning of the collapse of the housing bubble. The result was financial chaos and a credit crisis that enveloped the US, Europe and eventually the world. Some would like us to believe that materialism and selfishness were the reasons for bubbles, but the causes go far deeper than that. US, UK and European central banks, due to their greed for power, and a desire for world government, allowed debt to get totally out of control. America’s monetary problems began on August 15, 1971, when the country left the gold standard, although GATT, which became WTO in 1986, began the cycle of destruction in the early 1960s. The presidency of Ronald Reagan opened and initiated the floodgates of debt after cutting taxes far too much and then destroying upper income taxpayers with the 1986 Tax Reform Act, which thrust 8 million millionaires into bankruptcy. Reagan’s failure to cut spending set a precedent, which lives with us to this day. During his time in office debt doubled. The result was the economy came unglued in 1989 and didn’t recover until the beginning of 1994. His successors had the opportunity to purge the system of [...]]]></description>
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		<title>A Decade of Declining Home Prices Ahead</title>
		<link>http://www.peopleseconomics.com/?p=2312</link>
		<comments>http://www.peopleseconomics.com/?p=2312#comments</comments>
		<pubDate>Wed, 28 Jul 2010 13:43:03 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[The housing depression will last for a decade or more. This is by design. The Fed has been working with the banks to withhold inventory so prices do not fall too fast or too far. That way the banks can manage their write-downs without slipping into insolvency. But what&#8217;s good for the banks is bad for the country. Capital impairment at the banks, means no credit expansion in the near-term. It means the economy will continue to contract, unemployment will remain high, and deflation will push down wages and prices. Everyone will pay for the mortgage-backed securities scam that was engineered by the banks. Typically, personal consumption expenditures (PCE) and real estate lead the way out of recession. But not this time. Both PCE and RE will stay depressed and act as a drag on employment and growth. Last week, in testimony before the congress, Fed chair Ben Bernanke made it clear that the Central Bank has no intention of providing extra monetary stimulus to make up for rapidly-dissipating fiscal stimulus or the winding down of government subsidies for auto, home, and appliance purchases. The economy must muddle through on its own. But without additional pump-priming, disinflation will turn to [...]]]></description>
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		<title>Mobile Banking Sees Success in Senegal</title>
		<link>http://www.peopleseconomics.com/?p=2307</link>
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		<pubDate>Mon, 26 Jul 2010 08:25:49 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Africa]]></category>
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		<description><![CDATA[Financial services are reaching the world&#8217;s poorest by mobile phone. Thanks to a mobile banking system launched last month in Senegal, people with no previous access to bank accounts were able to watch the World Cup via satellite services that they paid for electronically with a few taps on a mobile phone. The service is a clear sign that mobile banking is taking off in Africa, giving some of the world&#8217;s poorest people a way to access financial services. The system, which is called Yoban&#8217;tel by Obopay and was launched on June 24 by Obopay and Société Générale de Banques au Sénégal, lets customers use text messages to transfer money to satellite and cell-phone providers. Users walk into a participating store and make a deposit into their Yoban&#8217;tel account. They can then use that money to pay bills. Obopay hopes to extend Yoban&#8217;tel to other utilities, like electricity and water. Other collaborators in the country include Tigo, a telecommunications provider; CanalSat Horizons, a satellite provider; and Crédit Mutuel du Sénégal. &#8220;[People can] load money into their account, pick up money if someone sent it to them, and also pay their bills,&#8221; says David Schwartz, Obopay&#8217;s head of product and corporate [...]]]></description>
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		<title>The Local Touch: Financial Inclusion in Rural India</title>
		<link>http://www.peopleseconomics.com/?p=2301</link>
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		<pubDate>Thu, 22 Jul 2010 04:44:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<category><![CDATA[Padhuaaru]]></category>
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		<description><![CDATA[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 dry spells, to keep the home fires burning, Arasu pawns her jewellery. She used to do that with a moneylender, paying 36-60 % as interest. The only bank in Vallam, a village 7 km away, offered the same loan for much less. But she, like millions across rural India, wasn&#8217;t entitled to a loan from a bank because she didn&#8217;t have any land to pledge. For the past year, though, she has been borrowing at 16%, in Alakudi itself, from a local &#8216;bank&#8217; called Pudhuaaru. Pudhuaaru is not a bank, but it works like one. So, villagers can deposit and withdraw money at a Pudhuaaru branch—almost the way they would in a bank. They can take loans, that too not at punitive microfinance rates or moneylender rates, but at reasonable bank rates. They can buy life insurance or cattle insurance. There are 57 Pudhuaaru branches in [...]]]></description>
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		<title>Financial Reform Bill Shows Power of Wall Street</title>
		<link>http://www.peopleseconomics.com/?p=2298</link>
		<comments>http://www.peopleseconomics.com/?p=2298#comments</comments>
		<pubDate>Fri, 16 Jul 2010 07:55:26 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[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 of Technology and the University of Texas, Austin. He is the author or coauthor of many articles and several books, including Golden Rule (University of Chicago Press, 1995) and Right Turn (Hill &#38; Wang, 1986). Transcript PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I&#8217;m Paul Jay in Washington. And now joining us from Boston, where he says it&#8217;s altogether too hot—but then it&#8217;s altogether too hot in Washington, too—is Tom Ferguson. He teaches at the University of Massachusetts Boston. He&#8217;s a senior fellow at the Roosevelt Institute. Thanks for joining us, Tom. THOMAS FERGUSON, POLITICAL SCIENTIST AND AUTHOR: Thanks, I guess. I mean, it&#8217;s really hot up here. JAY: So the question is—the new finance reform bill that&#8217;s passed the House is going to be voted on in the Senate soon. Does it actually put any heat on Wall Street? We were [...]]]></description>
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		<title>How Brokers Became Bookies: The Insidious Transformation of Markets Into Casinos</title>
		<link>http://www.peopleseconomics.com/?p=2273</link>
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		<pubDate>Thu, 15 Jul 2010 06:55:13 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[Ever since December 2008, the Federal Reserve has held short-term interest rates near zero. This was not only to try to stimulate the housing and credit markets but also to allow the federal government to increase its debt levels without increasing the interest tab picked up by the taxpayers. The total public U.S. debt increased by nearly 50% from 2006 to the end of 2009 (from about $8.5 trillion to $12.3 trillion), but the interest bill on the debt actually dropped (from $406 billion to $383 billion), because of this reduction in interest rates. One of the dire unintended consequences of that maneuver, however, was that municipal governments across the country have been saddled with very costly bad derivatives bets. They were persuaded by their Wall Street advisers to buy municipal swaps to protect their loans against interest rates shooting up. Instead, rates proceeded to drop through the floor, a wholly unforeseeable and unnatural market condition caused by rate manipulations by the Fed. Instead of the banks bearing the losses in return for premiums paid by municipal governments, the governments have had to pay massive sums to the banks &#8212; to the point of pushing at least one county to [...]]]></description>
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		<title>Mozambique: Not Then But Now</title>
		<link>http://www.peopleseconomics.com/?p=2291</link>
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		<pubDate>Mon, 12 Jul 2010 07:32:46 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[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 colonialism. And FRELIMO – under the leadership of, first, Eduardo Mondlane (to be assassinated by the Portuguese) and, after him, of Samora Machel – did indeed manage, by 1975, to lead the country to victory. Along the way, FRELIMO succeeded in liberating zones in Mozambique adjacent to its rear bases in Tanzania and Zambia where it built a new social infrastructure of agricultural coops, schools and health services. Equally important, it forged an impressive corps of politically conscious and disciplined leadership cadres (see Cabaço, 2001 and 2009). Building Socialism Then, in the very first years of Mozambique&#8217;s independence, FRELIMO also launched a bold experiment in socialist development. The intention: to implement a society-wide programme that would liberate the country&#8217;s economic potential while also meeting the needs of the vast majority of Mozambique&#8217;s population. The result? As Norrie MacQueen, a careful chronicler of the The Decolonization of [...]]]></description>
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		<title>Understanding Political Art</title>
		<link>http://www.peopleseconomics.com/?p=2284</link>
		<comments>http://www.peopleseconomics.com/?p=2284#comments</comments>
		<pubDate>Sun, 11 Jul 2010 07:23:25 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[What is political art? What makes art political? It is very difficult to define political art. Views on what makes art political can range from the idea that all art is political (i.e. it either implicitly supports or explicitly opposes the status quo) to pointing out, for example, the obviously political murals on walls around Belfast. As a way of narrowing the former and broadening the latter I suggest here a view of political art that uses three categories: Portrayal, Promotion, or Projection. Portrayal In the first category ‘Portrayal’ covers art that says ‘this is what happens if, is happening now or happened in the past’. This kind of art describes events or situations that people find themselves in as a result of social or political structures. Any political perspective is implicit in the art but is also free-floating. For example, a painting of a white man whipping black slaves describes a particular situation where the black man may say, ‘Yes! That is how we are treated!’ yet the slave-owner may say, ‘Yes! That is the way to treat them!’ Thus both sides can see the confirmation of their point of view in the work of art. For the slaves, [...]]]></description>
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		<title>Economic Downward Spiral: The Next Big Wave of Deflation is Upon Us</title>
		<link>http://www.peopleseconomics.com/?p=2280</link>
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		<pubDate>Sat, 10 Jul 2010 07:22:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[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 on unbelievably shaky ground right now and this time around there isn’t any room for another massive fiscal stimulus from a soon to be impotent Federal Reserve. It appears that a good amount of mainstream economists and financial journalists are finally recognizing that the worst may still be to come. This comes from Ambrose Evans-Pritchard of the Telegraph earlier this week, “Let us be honest. The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP”. As we watch the various stock indexes begin their slow and inevitable decline, it appears that no amount of monetary stimulus or meddling from the Fed can stop the next leg down. Liquidity is rapidly fleeing the financial system. Again, as Pritchard notes, money market funds declined 37% in the [...]]]></description>
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		<title>The US Treasury and the Federal Reserve are Manipulating the Gold Market</title>
		<link>http://www.peopleseconomics.com/?p=2277</link>
		<comments>http://www.peopleseconomics.com/?p=2277#comments</comments>
		<pubDate>Thu, 08 Jul 2010 07:10:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Articles]]></category>
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		<category><![CDATA[Understanding Money]]></category>
		<category><![CDATA[Federal Bank]]></category>
		<category><![CDATA[Financial manipulation]]></category>
		<category><![CDATA[Gold Market]]></category>

		<guid isPermaLink="false">http://www.peopleseconomics.com/?p=2277</guid>
		<description><![CDATA[Recently we were again witness to three gold market takedowns. The first was engineered just prior to and into gold and silver options expiration. Then prior to the ETF GLD gold option expiry and the last manipulative attack commenced just prior to the dreadful unemployment housing and inventory statistics. This sort of action began in 1988 with the signing of the Executive Order by President Ronald Reagan entitled the President’s Working Group on Financial Markets,” ostensibly created to neutralize events such as the October 1987 collapse of the US stock market. Needless to say, that was not the real intention of the creation of such an order. As it has turned out the Treasury and the N.Y. Fed manipulates markets 24/7 worldwide, and they have a particular interest in the suppression of gold and silver prices; they being the antitheist of the US dollar. It should be noted that there were several times that the US Treasury and the privately owned Fed manipulated gold and silver prior to August 1988. We have found in 50 plus years of tracing this manipulative activity by the US government that it happens over and over again. There is no doubt in our minds [...]]]></description>
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		<title>Gulf Oil Spill &#8220;Could Go on Years and Years&#8221; &#8230;</title>
		<link>http://www.peopleseconomics.com/?p=2266</link>
		<comments>http://www.peopleseconomics.com/?p=2266#comments</comments>
		<pubDate>Sat, 12 Jun 2010 06:36:57 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[Energy & Economy]]></category>
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		<category><![CDATA[Oil Economy]]></category>
		<category><![CDATA[F. William Engdahl]]></category>

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		<description><![CDATA[The Obama Administration and senior BP officials are frantically working not to stop the world’s worst oil disaster, but to hide the true extent of the actual ecological catastrophe. Senior  researchers tell us that the BP drilling hit one of the oil migration channels and that the leakage could continue for years unless decisive steps are undertaken, something that seems far from the present strategy. In a recent discussion, Vladimir Kutcherov, Professor at the Royal Institute of Technology in Sweden and the Russian State University of Oil and Gas, predicted that the present oil spill flooding the Gulf Coast shores of the United States “could go on for years and years … many years.” [1] According to Kutcherov, a leading specialist in the theory of abiogenic deep origin of petroleum, “What BP drilled into was what we call a ‘migration channel,’ a deep fault on which hydrocarbons generated in the depth of our planet migrate to the crust and are accumulated in rocks, something like Ghawar in Saudi Arabia.”[2] Ghawar, the world’s most prolific oilfield has been producing millions of barrels daily for almost 70 years with no end in sight. According to the abiotic science, Ghawar like all elephant [...]]]></description>
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		<title>War, Politics and the Economic Crisis: Why We Barely Know What’s Going On</title>
		<link>http://www.peopleseconomics.com/?p=2263</link>
		<comments>http://www.peopleseconomics.com/?p=2263#comments</comments>
		<pubDate>Sat, 12 Jun 2010 06:33:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<category><![CDATA[Economy & War]]></category>

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		<description><![CDATA[In war as in Politics and finance, the real &#8220;action&#8221; is now covert hidden from the public &#8212; deceptive and dishonest Defending America covertly has become an ongoing theme for one more TV series. Salute the flag and praise NBC (GE) for its latest effort to persuade the population to accept the kind of secret operations that now drive the war in Afghanistan.  Their latest show is called “Covert Affairs” and airs on the patriotically named USA Network. This fiction is based on faction, glamorizing the work of our unaccountable CIA at home and at war with Piper Perabo who has been promoted from dancing barmaid in Coyote Ugly into a CIA trainee “who is suddenly thrust into the inner sanctum of the agency after being promoted to field operative.” The dumbed down formula is tried and true , showcasing what TV pros call  “the three S’s:” Sex, Spies, and Sensationalism. It’s a “world of bureaucracy, excitement and intrigue,” the network tells us, on the frontlines of protecting our declining way of life. Doug Limon, an old friend who directed the first Bourne blockbuster is exec producing this propaganda exercise. And if that’s not bad enough, the series about covertly [...]]]></description>
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		<title>Some Big Lies of Science</title>
		<link>http://www.peopleseconomics.com/?p=2260</link>
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		<pubDate>Wed, 09 Jun 2010 06:13:23 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[“The majority of politicians, on the evidence available to us, are interested not in truth but in power and in the maintenance of that power. To maintain that power it is essential that people remain in ignorance, that they live in ignorance of the truth, even the truth of their own lives. What surrounds us therefore is a vast tapestry of lies, upon which we feed.”– Harold Pinter, Nobel Lecture (Literature), 2005 The maintenance of the hierarchical structures that control our lives depends on Pinter’s “vast tapestry of lies upon which we feed.” Therefore, the main institutions that embed us into the hierarchy, such as schools, universities, and mass media and entertainment corporations, have a primary function to create and maintain this tapestry. This includes establishment scientists and all service intellectuals in charge of “interpreting” reality. In fact, the scientists and “experts” define reality in order to bring it into conformity  with the always-adapting dominant mental tapestry of the moment. They also invent and build new branches of the tapestry that serve specific power groups by providing new avenues of exploitation. These high priests are rewarded with high class status. The Money Lie The economists are a most significant example. [...]]]></description>
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		<title>The Economic Crisis: Class Struggles Heat Up in Greece</title>
		<link>http://www.peopleseconomics.com/?p=2257</link>
		<comments>http://www.peopleseconomics.com/?p=2257#comments</comments>
		<pubDate>Wed, 09 Jun 2010 06:09:13 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<category><![CDATA[Lessons on Recession]]></category>
		<category><![CDATA[Understanding Money]]></category>
		<category><![CDATA[Euro Crisis]]></category>
		<category><![CDATA[Global Economy]]></category>
		<category><![CDATA[Greece Debt Crisis]]></category>

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		<description><![CDATA[Workers in Greece today stand in the forefront of the converging European class struggles against big capital&#8217;s attempt to make working people pay the costs of its crisis. Mobilizations against this austerity drive are spreading across Europe. In France, strikes and demonstrations were held on May 27 and a day of actions is planned for June 24. In Portugal, 300,000 working people demonstrated in the streets of Lisbon on May 30 to express their rejection of the socialist government&#8217;s austerity plan. In Spain, public employees took to the streets on June 2. In Italy, a national demonstration was held in Rome on June 5, with strikes and other actions planned up to June 14. In Great Britain, the unions and left-wing organizations are organizing a day of demonstrations on June 22. In Romania public employees took to the streets on June 4. The ongoing resistance in Greece shows labour activists and militants of the anti-capitalist left that their struggles can create new paths forward in determining the outcome of the present economic crisis. The latest 24-hour general strike in Greece, held on May 20, registered a success of the labour movement in overcoming the propaganda campaign of the mass media [...]]]></description>
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		<title>How to Avoid Another Lehman-style Credit Collapse</title>
		<link>http://www.peopleseconomics.com/?p=2242</link>
		<comments>http://www.peopleseconomics.com/?p=2242#comments</comments>
		<pubDate>Sun, 06 Jun 2010 05:57:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<category><![CDATA[Monetary System]]></category>
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		<category><![CDATA[Lehman Brothers]]></category>

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		<description><![CDATA[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 rates. By forming their own banks, states too can tap into very low interest rates, and can buffer themselves from another Lehman-style credit collapse. Keeping interest rates low is considered the first line of defense for central banks bent on easing the credit crisis and getting banks to lend again. The Federal Reserve’s target for the federal funds rate &#8212; the overnight interest rate that banks charge each other – has been kept at a rock-bottom 0% to 0.25% ever since December 2008. A growing number of economists now think it could stay there well into 2011 or even 2012, prompted by fears that a spreading debt crisis in Europe could hurt a budding U.S. recovery. Dirk van Dijk, writing for the investor website Zacks.com, explains what a good deal this is for the banks: “Keeping short-term rates low . . . is particularly helpful to [...]]]></description>
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		<title>Social Crisis in America. Coming Soon.</title>
		<link>http://www.peopleseconomics.com/?p=2237</link>
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		<pubDate>Sun, 06 Jun 2010 05:49:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<guid isPermaLink="false">http://www.peopleseconomics.com/?p=2237</guid>
		<description><![CDATA[In the old days the U.S. government used different tactics to trick the population into accepting policies that only the elite wanted. For example, it took legions of hired speakers (propagandists) to travel the country and to explain to people the “necessity” of fighting WWI and WWII. Movie stars were put on the government payroll, too, dazzling and awe-striking working people into buying war bonds and constantly cheerleading the war effort. Not much has changed.  Although the corporate-controlled media is a highly effective tool to influence the public to accept wars-for-profit (Iraq and Afghanistan), some policies are so unpopular they require the old tactics be revived. Take for instance Social Security.  The corporate-elite have written tirelessly on this subject recently. They agree that it should be reduced, and that you should wait until you reach an older age before receiving it.  Working people disagree. Thus, a series of national “town halls” has been organized to convince people of the “necessity” of this policy (usabudgetdiscussion.org).  The stated purpose is to have a national “discussion” to figure out ways to best deal with the nation’s budget deficit. But instead of the government organizing these town halls, the corporate establishment will – a fact that reveals much [...]]]></description>
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		<title>Desperate Financial Situation, Biggest Debt Bubble in World History: Fifty Statistics About The U.S. Economy</title>
		<link>http://www.peopleseconomics.com/?p=2234</link>
		<comments>http://www.peopleseconomics.com/?p=2234#comments</comments>
		<pubDate>Sun, 06 Jun 2010 05:45:40 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<category><![CDATA[American Debt]]></category>
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		<category><![CDATA[US Economy]]></category>

		<guid isPermaLink="false">http://www.peopleseconomics.com/?p=2234</guid>
		<description><![CDATA[Most Americans know that the U.S. economy is in bad shape, but what most Americans don&#8217;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 &#8220;downturn&#8221; or a &#8220;recession&#8221;.  What we are witnessing is the beginning of the end for the greatest economic machine that the world has ever seen.  Our greed and our debt are literally eating our economy alive.  Total government, corporate and personal debt has now reached 360 percent of GDP, which is far higher than it ever reached during the Great Depression era.  We have nearly totally dismantled our once colossal manufacturing base, we have shipped millions upon millions of middle class jobs overseas, we have lived far beyond our means for decades and we have created the biggest debt bubble in the history of the world.  A great day of financial reckoning is fast approaching, and the vast majority of Americans are totally oblivious. But the truth is that you cannot defy the financial laws of the universe forever.  What goes up must come down.  The borrower is the servant of the lender.  Cutting corners always catches up with you in the end. Sometimes it takes cold, hard numbers [...]]]></description>
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		<title>WHO Scandal Exposed: Advisors Received Kickbacks From H1N1 Vaccine Manufacturers</title>
		<link>http://www.peopleseconomics.com/?p=2247</link>
		<comments>http://www.peopleseconomics.com/?p=2247#comments</comments>
		<pubDate>Sat, 05 Jun 2010 05:58:09 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[A stunning new report reveals that top scientists who convinced the World Health Organization (WHO) to declare H1N1 a global pandemic held close financial ties to the drug companies that profited from the sale of those vaccines. This report, published in the British Medical Journal, exposes the hidden ties that drove WHO to declare a pandemic, resulting in billions of dollars in profits for vaccine manufacturers. Several key advisors who urged WHO to declare a pandemic received direct financial compensation from the very same vaccine manufacturers who received a windfall of profits from the pandemic announcement. During all this, WHO refused to disclose any conflicts of interests between its top advisors and the drug companies who would financially benefit from its decisions. All the kickbacks, in other words, were swept under the table and kept silent, and WHO somehow didn&#8217;t think it was important to let the world know that it was receiving policy advice from individuals who stood to make millions of dollars when a pandemic was declared. WHO credibility destroyed The report was authored by Deborah Cohen (BMJ features editor), and Philip Carter, a journalist who works for the Bureau of Investigative Journalism in London. In their report, [...]]]></description>
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		<title>The Battle for Thailand</title>
		<link>http://www.peopleseconomics.com/?p=2250</link>
		<comments>http://www.peopleseconomics.com/?p=2250#comments</comments>
		<pubDate>Wed, 26 May 2010 06:06:55 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<guid isPermaLink="false">http://www.peopleseconomics.com/?p=2250</guid>
		<description><![CDATA[Nearly a week after the event, Thailand is still stunned by the military assault on the Red Shirt encampment in the tourist center of the capital city of Bangkok on May 19. The Thai government is treating captured Red Shirt leaders and militants like they&#8217;re from an occupied country. No doubt about it: A state of civil war exists in this country, and civil wars are never pretty. The last few weeks have hardened the Bangkok middle class in its view that the Red Shirts are &#8220;terrorists&#8221; in the pocket of ousted Prime Minister Thaksin Shinawatra. At the same time, they have convinced the lower classes that their electoral majority counts for nothing. &#8220;Pro-Thaksin&#8221; versus &#8220;Anti-Thaksin&#8221;: This simplified discourse actually veils what is — to borrow Mao&#8217;s words — a class war with Thai characteristics. Epic Tragedy No doubt there will be stories told about the eight weeks of the &#8220;Bangkok Commune.&#8221;  As in all epic tragedies, truth will be entangled with myth. But one thing will be clear: The government&#8217;s decision to order the Thai military against civilian protesters can never be justified. The casualties are still being counted. Government sources say some 52 people were killed in the [...]]]></description>
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		<title>Will Hollywood Go The Way of Enron?</title>
		<link>http://www.peopleseconomics.com/?p=2230</link>
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		<pubDate>Mon, 03 May 2010 06:26:09 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[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 after Heath Ledger died unexpectedly, and so did sales after the deaths of Michael Jackson, Elvis Presley and Marilyn Monroe. Will greed-driven investors now be laying in wait for the stars of movies they have bet on? The Cantor Exchange (CE) is based on a virtual trading platform called the Hollywood Stock Exchange (HSX), a web-based, multiplayer simulation in which players buy and sell “shares” of actors, directors, upcoming films, and film-related options. The difference is that where the HSX uses virtual money, CE will turn the game into a real casino using real dollars. On April 21, Cantor Exchange reported that it had just received regulatory approval from the Commodity Futures Trading Commission (CFTC), which oversees futures exchanges. “This is a significant step forward in achieving our ultimate goal,” it said in a letter, “which is to launch a market in Domestic Box Office Receipt [...]]]></description>
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		<title>Computer Program Designed To Save The Free Market Turned Into A Monster</title>
		<link>http://www.peopleseconomics.com/?p=2219</link>
		<comments>http://www.peopleseconomics.com/?p=2219#comments</comments>
		<pubDate>Fri, 23 Apr 2010 13:03:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs. Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain. Keiser isn’t just speculating about this. He claims to have invented one of the most widely used programs for doing the rigging. Not that that’s what he meant to invent. His patented program was designed to take the manipulation out of markets. It would do this by matching buyers with sellers automatically, eliminating “front running” – brokers buying or selling ahead of large orders coming in from their clients. The computer program was intended to remove the conflict of interest that exists when brokers who match buyers with sellers are also selling from their own accounts. But the program fell into the wrong hands and became the prototype for automated trading programs that actually facilitate front running. Also called High Frequency Trading (HFT) or “black box trading,” automated program trading [...]]]></description>
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		<title>Big Fat Greek Deb: William Engdahl Video</title>
		<link>http://www.peopleseconomics.com/?p=2223</link>
		<comments>http://www.peopleseconomics.com/?p=2223#comments</comments>
		<pubDate>Wed, 21 Apr 2010 13:04:06 +0000</pubDate>
		<dc:creator>admin</dc:creator>
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		<description><![CDATA[The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let&#8217;s get some analysis with economist and author William Engdahl. Source.]]></description>
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