Two or more years ago, only a few libertarians and some innovative left thinkers were talking about guaranteed income. Last year, more proposals and opinions began to trickle in. Now, governments are experimenting with it, political parties and think tanks are endorsing it, and opposition is surprisingly mild.
In a way, it's not hard to see why. For countries with a strong tradition of social democracy and regulated markets, dividend income is another (more efficient) arrow in the quiver. And in the U.S., where half of all Americans are economically insecure and battles over minimum wage take place against a backdrop of a wholesale abandonment of supportable wage work, it's increasingly apparent that our capacity to create full-time livable work income for even most Americans is melting down.
Of course, part of the case for basic income is that the value of money itself is fluid, and can be democratized. That's what groups like Positive Money and PBI bring to the table. As for the rest of the story, here are several important reads from merely the last 30 days on the ideological convergence and current widespread embrace of basic income.Read more
While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.Read more
At the close of 2015, my colleague Ellen Brown's work took on a new, international-oriented urgency, an appropriate wrap-up to a year that had seen her publishing pieces on Greece's struggle against the European Central Bank.Read more
Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself.Read more
The Public Banking Institute doesn't endorse (or anti-endorse) political candidates, obviously, but we are concerned with public banking policy. As Senator from Vermont, Bernie Sanders has probably displayed better understanding of public banking as a matter of policy than any other national elected official in recent memory. But apart from his much-lauded support for resurrecting postal banking (a call that was little more than a flash in the pan in his campaign), we haven't heard anything about that understanding in almost two years.Read more
I've learned to go straight to the point when talking about raising interest rates (or lowering them, but you'd have had to go negative to go any lower than they were). My first question will always be how this will affect the day-to-day lives of the half of Americans in the throes of financial insecurity. This is an especially salient question when the rate adjustments are as small as the one announced last week.Read more
It was shady Wall Street deals that most recently destroyed the finances of Detroit. Now, as the city continues to struggle with water shutoffs and widespread financial indignities, Michigan wants to punish the victims again, by relaxing pollution regulations in a way that will disproportionately sicken the people of Detroit.Read more
Bank collusion has been a theme in the world of banking malfeasance news for some time. We know they've been caught colluding on currency exchange rates. We know that twelve banks settled a lawsuit in September admitting to credit default swap fixing. But a class action lawsuit filed Wednesday by The Public School Teachers' Pension and Retirement Fund of Chicago contends that ten of Wall Street's largest banks have "extract[ed] billions of dollars in monopoly rents, year after year . . ." and in doing so, wrecked Chicago teachers' retirement accounts.Read more