Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.
— Canadian Prime Minister William Lyon Mackenzie King, 1935Read more
British MP Jeremy Corbyn has proposed a “People’s QE” that has critics crying hyperinflation and supporters saying it’s about time.Read more
Predictions are that we will soon be seeing the “nuclear option” — central bank-created money injected directly into the real economy. All other options having failed, governments will be reduced to issuing money outright to cover budget deficits. So warns a September 18 article on ZeroHedge titled “It Begins: Australia’s Largest Investment Bank Just Said ‘Helicopter Money’ Is 12-18 Months Away.”
The Dodd-Frank regulations are so lethal to community banks that some say the intent was to force them to sell out to the megabanks. Community banks are rapidly disappearing — except in North Dakota, where they are thriving.Read more
Here is a power point I gave last night at an American Freedom Alliance event in Los Angeles on whether the federal debt can be repaid (yes), how it can be repaid (by simply issuing the money), and why that would stimulate the economy without leading to hyperinflation.Read more
In uncertain times, “cash is king,” but central bankers are systematically moving to eliminate that option. Is it really about stimulating the economy? Or is there some deeper, darker threat afoot?Read more
What if I told you about a wildly successful bank, one which has made over $104 million in profits this year with more to come? What if I also told you that the bank was in the business of helping people more than it was in the profit-making business? And that despite that public service mandate, the bank regularly outperforms Goldman Sachs and a host of other Wall Street giants?Read more
Criticism of gentrification is the new criticism of segregation--that is, the space for moral arguments against white-enforced separation now includes both moral and economic arguments against the radical pushing up of value for the kinds of properties that exclude poor and minority residents.
In the past, this blog has featured analysis of what big banks have done, quite disgustingly, to the City of Baltimore. JP Morgan-Chase, Bank of America, Barclays, Citi-Bank, and Deutsche Bank manipulated interest rates and financially crippled Baltimore and other cities and states in the process. The subprime mortgage crisis devastated homeowners, particularly people of color, in the city, and tanked the economy as a whole. But things appear to be getting even worse for black residents of Baltimore.Read more
In the drama The Rock, T.S. Eliot writes:
When the Stranger says: “What is the meaning of this city?
Do you huddle close together because you love each other?”
What will you answer? “We all dwell together
To make money from each other”? or “This is a community”?