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by Charles Hugh-Smith
An independent, critical account of the American economy would soon raise questions about the structural causes of inequality. That some sectors of the economy will be doing better than others is natural. If you’re a landlord or mobile-apps coding genius in San Francisco, the economy is excellent. Those working in the vast North American oil-patch are experiencing a boom economy. Realtors in resurgent markets such as Miami are having their [...] Nice insights from the piece ”The Perils of a Gold Standard.” The “joke” among economists (who aren’t exactly the wittiest group) is that economists are still trying to determine whether economic booms “cause” sunspots; or whether sunspots “cause” economic booms. An illustration of correlation. There are an infinite set of such correlations. and The poorest people always spend 100% of every dollar that comes into their possession. therefore a dollar in the hands of someone near the [...] The Daily Bail - Congressman Peter King (R-NY) with Laura Ingraham – Oct. 7, 2011 Runs 1 minute. The establishment protectors of corporate America and the Wall Street Kleptocracy are growing scared. “It’s really important for us not to give any legitimacy to these people in the streets,” said King on Laura Ingraham’s radio show Friday evening. “I remember what happened in the 1960s when the left-wing took [...] Keith Olbermann, host of “Countdown” on Current TV: “Figuratively, where does it (Occupy Wall Street) go from here, do you think? Based upon your experience and what you’ve seen in your three trips down there.” Michael Moore: “I think that, not only is this going to continue, these cities that you mentioned. This is what is so wonderful about this. There really isn’t anything driving this [...] by ZH While Bloomberg has done a tremendous job of digging through 29,346 pages of FOIA data, its discovery is not at all surprising: that Wall Street’s (not to mention the rest of the world’s) biggest banks received a total of $1.2 trillion in previously secret Fed loans, in addition to the trillions in public backstops and loans from the US Treasury. As a reminder, “denominated in [...] oftwominds.com The only way out of the Eurozone end-game is massive debt forgiveness and a return to national currencies. The first will destroy the banks, the second will destabilize the German export economy. “Extend and pretend” is an endgame, not a fix. Despite having described why the Eurozone is doomed on numerous occasions, I missed certain dynamics of the EU’s endgame. At the risk of overwhelming [...] By Silver Shield,on July 25th,2011 “It is well enough that people of the nation do not understand our banking and monetary system,for if they did,I believe there would be a revolution before tomorrow morning.” -Henry Ford While the world waits with baited breath on the Contrived Drama of the Debt Ceiling,the real show has already been played out,secretly and behind the scenes. The first audit of the privately owned and foreign [...] Charles Hugh Smith The banks of Europe are the new Feudal Manors and Masters. All Europeans now serve them as debt-serfs in one way or another. If we knock down all the flimsy screens of artifice and obscuring complexity, what we see in Europe is a continent of debt-serfs, indentured to the banks under the whip of the European Union and its secular [...] From Charles Hugh Smith from Of Two Minds 500 Million Debt-Serfs: The European Union Is a Neo-Feudal Kleptocracy The banks of Europe are the new Feudal Manors and Masters. All Europeans now serve them as debt-serfs in one way or another. If we knock down all the flimsy screens of artifice and obscuring complexity, what we see in Europe is a continent of debt-serfs, indentured to the banks under [...] by Charles Hugh Smith from Of Two Minds The U.S. Is A Kleptocracy, Too If we dare look at the plain facts of the matter, we have to conclude the U.S. is a kleptocracy not unlike Greece, only on a larger and slightly more sophisticated scale. Yesterday, I noted that Greece Is a Kleptocracy; the U.S. is a kleptocracy, too. Before you object with a florid speech about [...] by Charles Hugh Smith from Of Two Minds Greece Is A Kleptocracy Strip away the bailouts and the bogus austerity plans, and the truth is revealed: Greece is a kleptocracy, and the banks and the ECB Eurocrats are both complicit. Despite a veritable flood of financial and political analysis about Greece, nobody seems to have noticed the obvious: Greece is a kleptocracy. Just as a refresher, here [...] by zh The only man in Congress (with Grayson now gone) who is sufficiently intelligent to realize that the primary culprit behind the US economy’s boom-bust cycle is the Federal Reserve, continues to press for the termination of Ben Bernanke’s public “service” which has resulted in a collapse in American purchasing power in the 100 years since the first Jekyll Island meeting. Yet Paul takes a [...] |
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