The worst thing about the government’s reckless response to the financial crisis of 2008, even worse than the trillions in taxpayer bailouts and backstops granted to the financial criminal that created the disaster, is the primary lesson that it sent to American society as a whole. Some people like to call it “moral hazard,” but in more pedestrian terms it really just boils down to: The Bad Guys Got Away with It.
While the negative results of this can be witnessed throughout all aspects of American life, it becomes most dangerous when it takes firm hold within institutions that wield considerable authority, whether that be banks, the IRS, or police departments. While I have spent countless hours documenting the impact within all of the above (and many more), this article focuses on the latest example of the abuse of authority from a domestic police force…
Many authorities have said it: banks do not lend their deposits. They create the money they lend on their books.
Robert B. Anderson, Treasury Secretary under Eisenhower, said it in 1959:
When a bank makes a loan, it simply adds to the borrower’s deposit account in the bank by the amount of the loan. The money is not taken from anyone else’s deposits; it was not previously paid in to the bank by anyone. It’s new money, created by the bank for the use of the borrower.
Unlike the rest of us, the lucky Swiss get to go to the polls next month and tell their central bank what to do about gold. A yes-vote will send shock waves through the gold market and shake central banks around the world at their foundations.
Gold has been in a bear market for three years. Technical analysts are asking themselves whether they should call an end to this slump on the basis of the “triple-bottom” recently made at $1180/oz, or if they should be wary of a coming downside break beneath that level. The purpose of this article is to look at the drivers of the gold price and explain why today’s market value is badly reflective of gold’s true worth.
Wasn’t it Michael Scott with Dunder Mifflin Paper Company who originally articulated your right to be a substrate? If the medium is the message and your transaction history is the message while your mobile phone is the medium/substrate, what does that make you – a simulation? Introducing CurrentC a training program whose unintentional consequences may be an opening of the flood gates bringing blockchain technologies to the well-trained masses and death by a thousand ant bites to Apple Pay.
A source has said that, for many many years, slothful and lackadaisical workers from Dublin corporation, (whom the corporation were afraid to sack due to pressure from the Unions), were always sent to the water service. Was this a case of willful neglect of our water service so that we would eventually, in frustration, demand privatization?
A prominent County Councillor from Ireland’s East coast has evidence that Irish Water are paying An Post (Irish Postal Service) to hold onto the hundreds of thousands of unopened ‘welcome packs’ that the public have sent back to Irish Water, until further notice.
We discuss the increasingly bankrupt British government as a sinking ship on George Osborne’s river of denial. We also discuss the remedy for the ‘too many poor people’ for democracy problem being global trade deals like TTIP and TPP whereby elected leaders can claim ‘their hands are tied’ by contractual obligations. In the second half, Max interviews Helena Norberg-Hodge of LocalFutures.org about the Economics of Happiness in a time of rising inequality.
In this week’s Metals & Markets, The Doc & Eric Dubin break down the week’s action discussing:
First Majestic Silver takes on the cartel-holds back 35% of Q3 silver production- CEO Keith Neumeyer issues call for silver miners to form their own cartel to put an end once and for all to paper manipulation
Russian/ US Geopolitical crisis escalates-Putin warns of MAJOR CONFLICT with US, loss of reserve currency status for dollar
Silver market tightens- premiums are on the rise as Royal Canadian Mint begins allocating silver maples, major private mints running production delays on PHYSICAL metal
Gold predictably capped at $1250-whats next for gold & silver?
Stacy Summary: I’ve read this recent blog post by Adam Curtis which has left me feeling quite nauseous! The creepiest bit is the part highlighting Herman Kahn’s vision from 1966 of how to create utopia without violence. Before the clip, here is the info you should read about Herman Kahn who was the founder of the Hudson Institute, an employee of the RAND Corporation and one of the inspirations for the character Dr. Strangelove.
Watch the clip here (hopefully non-UK can also watch?) in which he (along with his assistant) sets out how to create a Utopia without violence:
Obviously, this ‘Utopia’ has been enacted as populations have willingly given up their privacy in exchange for this ‘Utopia.’
Adam Curtis then goes on to highlight a clip with BF Skinner, also from the same 1966 film on Utopia.
The film records an experiment in a mental hospital in San Bernadino – California. The patients are given rewards in the form of plastic fake money if they do what the doctors consider the right social behaviour. They can then use that money at meal-times to buy their way onto a “nice” table – with tablecloth and flowers.
Those without the rewards have to eat – as one of the nurses puts it, “in less elegant conditions”.
What emerges in the hospital is a new, ordered hierarchy created by a system of reward – but one where the patients don’t feel controlled – instead they feel “empowered” because it was through their actions that they received the reward. Skinner makes clear in the film that he sees this as a model for how to run a future kind of society.
Watching these sections of the film does make you think that what is being described is spookily close to the system we live in today. And that maybe we have misunderstood what really has emerged to run society since the 1980s.
The accepted version is that the neo-liberal right and the free market triumphed. But maybe the truth is that what we have today is far closer to a system managed by a technocratic elite who have no real interest in politics – but rather in creating a system of rewards that both keeps us passive and happy – and also makes that elite a lot of money.