As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation’s second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is close, with state bank bills now passing their first round of hearings in both states’ senates.
The post The Public Banking Revolution Is Upon Us appeared first on BSNEWS.
What federal deficits do increase is the federal debt; and while the debt itself can be rolled over from year to year (as it virtually always is), the exponentially growing interest tab is one of those mandatory budget items that taxpayers must pay. Predictions are that in the next decade, interest alone could add $1 trillion to the annual bill, an unsustainable tax burden.
President Trump has stepped up his criticism of the Federal Reserve, saying of its aggressive interest rate hikes that it has “gone crazy.” The same charge has been leveled against Trump, but there may be a method to his madness . . . .
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The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?
The post Fox in the Hen House: Why Interest Rates Are Rising appeared first on BSNEWS.
“One Belt, One Road,” China’s $1 trillion infrastructure initiative, is a massive undertaking of highways, pipelines, transmission lines, ports, power stations, fiber optics, and railroads connecting China to Central Asia, Europe and Africa. According to Dan Slane, a former adviser in President Trump’s transition team, “It is the largest infrastructure project initiated by one nation in the history of the world and is designed to enable China to become the dominant economic power in the world.”
Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors.
The post Student Debt Slavery: Bankrolling Financiers on the Backs of the Young appeared first on BSNEWS.
Italy’s non-performing loans (NPLs) then stood at €210bn, at a time when the ECB was buying €120bn per year of outstanding Italian government bonds as part of its QE program. The July 2016 Financial Times quoted Goldman’s Francesco Garzarelli, who said, “by the time QE is over – not sooner than end 2017, on our baseline scenario – around a fifth of Italy’s public debt will be sitting on the Bank of Italy’s balance sheet.”
Why is it that certain ‘regimes’ become ripe for imperial subversion or overthrow? What was it, in particular, that linked together the list of countries that retired general Wesley Clark shared in his famous 2007 interview as being next in the sights of the United States’ bellicose intentions and most of which since have indeed been plunged into horrendous wars?
The post Finance, War, and the Rule of Rogue Law appeared first on BSNEWS.
Americans could save $1 trillion over 10 years by financing infrastructure through publicly-owned banks like the one that has long been operating in North Dakota.
The post How to Cut Infrastructure Costs in Half appeared first on BSNEWS.
If you’ve been to Europe recently or if you look at European media sources you’re probably aware of the enormity of the Italian banking crisis and of the fears that the contagion from the crisis will have world-wide repercussions. Trump hasn’t tweeted about it yet so it isn’t really being covered by US mass media.
