We have a serious debt problem, but solutions such as the World Economic Forum’s “Great Reset” are not the future we want. It’s time to think outside the box for some new solutions. In ancient Mesopotamia, it was called a Jubilee. When debts at interest grew too high to be repaid, the slate was wiped […]
The post A Monetary Reset Where the Rich Don’t Own Everything (Part 1) first appeared on Dissident Voice.
The Fed has options for countering the record inflation the U.S. is facing that are more productive and less risky than raising interest rates. The Federal Reserve is caught between a rock and a hard place. Inflation grew by 6.8% in November, the fastest in 40 years, a trend the Fed has now acknowledged is not […]
For months, the ruling elite at home and abroad have used their media to incessantly repeat the nonsense that economies around the world are doing very well and rebounding nicely. Endless headlines from around the globe screamed wantonly about how economies everywhere were breaking all kinds of growth records and that everything looked bright and […]
In October 2019, in a speech at an International Monetary Fund conference, former Bank of England governor Mervyn King warned that the world was sleepwalking towards a fresh economic and financial crisis that would have devastating consequences for what he called the “democratic market system”. According to King, the global economy was stuck in a […]
The post The Fear Pandemic and the Crisis of Capitalism first appeared on Dissident Voice.
Imagine this scenario if you will… You are the head of a small family of 5 people, including your 3 children, you live in a small street in an average house, and drive 2 average Ford or Chevy cars. You have a normal mortgage, credit card bills, which you manage to keep on top of, […]
The post The Debt Tsunami first appeared on Dissident Voice.
On June 2, 2020, Jan Dehn of Ashmore Investment Management Limited remarked:
If central banks were to allow asset prices to reflect the actual underlying fundamentals – record levels of debt, record low productivity growth, record unemployment, record populism – the resulting crashes in financial markets would be so large that most Western economies would be plunged into deep and lasting depressions.1
I am not trying to be cute and play with words. That title is meant to convey what it says, so let me explain.
Insolvent Wall Street banks have been quietly bailed out again. Banks made risk-free by the government should be public utilities.
When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans.
Great Depression
Since the 2008 economic collapse engineered by Wall Street, most of the world’s economies have been running on gas fumes and more bankrupt schemes and failed policies. Few, if any, economies have been able to return to weak pre-2008 economic growth levels. Even the Chinese and Indian economic “miracles” are not that miraculous.
The coronavirus pandemic is worlds apart from the financial meltdown of 2008-09. Even so the government’s response was identical in one telltale way. Congress once again gave a special dose of tender loving care to taxpayers who need it the least.
