(Scott B) You’ve probably heard the saying ‘printing money out of THIN air’ – and most likely you’ve heard it regarding todays banksters. It’s blamed for many things, most commonly the seeming ability by banksters to print money from nowhere…
money
The Global Debt Problem
(Alasdair Macloed) It has been recently estimated that global debts stand at $284 trillion equivalent, representing 355% of global GDP. Estimates such as these must be treated with caution, and they probably underestimate financial sector debt. Furthermore, no allowance in these figures is made for OTC derivatives, which according to the Bank for International Settlements have a gross value of $15.48 quadrillion(!), netting out at $609 trillion.
New York Finalizing Plan to Send Many Illegal Immigrants $20,000 Checks
(Kipp Jones) Democrats in New York are working on creating a fund that would give some illegal aliens and ex-convicts more than $27,000 apiece in direct payments for financial hardships related to the coronavirus pandemic.
Investment Banker Speaks Out— “It’s An Industry That Rewards Psychopaths.”
(Mayukh Saha) ‘Investment banker’ is a title that thousands of people around the world dream about achieving.
Biden Gang Already In Deals with Ukraine – $125 Million of US Tax-payer Money on its Way to Ukraine Right Now
(Joe Hoft) The Bidens are back at it, getting involved in Ukraine. This time $125 million of US taxpayer dollars is at stake.
More Shady Happenings At The Vatican, I Wonder Where All That Money Went?
(We Love Trump) Wasn’t the first time and it won’t be the last! Not too long ago we wrote several pieces about the Italian defense contractor Leonardo, and not too long after that the vatican went dark…..
Stop Being So Optimistic about a Universal Basic Income
(Christopher England) On the topic of socialism, G.K. Chesterton once remarked, “I do not propose to prove … that socialism is a poison; it is enough if I maintain that it is a medicine and not a wine.” Chesterton’s point is that socialist reform proposals, even if they really do address an underlying economic crisis, should never be mistaken for true human flourishing, which always requires a substantial degree of self-sufficiency and independence. A man whose life depends on continual doses of strong medicine remains a sick man, and he cannot fully partake of the good things in life, such as drinking wine.
‘The $16 Trillion Virus’: Economists Estimate Financial Toll of COVID-19 on US
(Tom Ozimek) Former U.S. Treasury Secretary Lawrence Summers and fellow Harvard University economist David Cutler argued in an essay on Monday that the pandemic will end up costing the United States $16 trillion, around four times the toll exacted by the 2007–08 Great Recession.
Man Ordered To Pay Spousal Support Even Though He Wasn’t Married, Had No House Or Children
(Ashe Schow) A wealthy Toronto businessman is on the hook to pay his ex-girlfriend more than $50,000 a month for the next 10 years after a court determined they were long-time spouses despite never being married and never living together.
Glass-Steagall Act
(Edward Morgan) The Glass-Steagall Act, part of the Banking Act of 1933, was landmark banking legislation that separated Wall Street from Main Street by offering protection to people who entrust their savings to commercial banks. Millions of Americans lost their jobs in the Great Depression, and one in four lost their life savings after more than 4,000 U.S. banks shut down between 1929 and 1933, leaving depositors with nearly $400 million in losses. The Glass-Steagall Act prohibited bankers from using depositors’ money to pursue high-risk investments, but the act was effectively undercut by looser restrictions in the deregulatory environment of the 1980s and 1990s.
THIS IS BIG: In Unprecedented Monetary Overhaul, The Fed Is Preparing To Deposit “Digital Dollars” Directly To “Each American”
(Zero Hedge) Over the past decade, the one common theme despite the political upheaval and growing social and geopolitical instability, was that the market would keep marching higher and the Fed would continue injecting liquidity into the system. The second common theme is that despite sparking unprecedented asset price inflation, prices as measured across the broader economy – using the flawed CPI metric and certainly stagnant worker wages – would remain subdued (as a reminder, the Fed is desperate to ignite broad inflation as that is the only way the countless trillions of excess debt can be eliminated and has so far failed to do so).
“Financially Devastated” — 83% of NYC Restaurants Unable to Pay July Rent
(Activist Post) The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.
Man is Honoring Handshake From 28 Years Ago, Splitting Lottery Jackpot With a Friend After Winnings Millions
(Good News Network) “A handshake’s a handshake,” said the lottery winner in Wisconsin who is living up to an agreement made with his buddy almost three decades ago.
Is The Nationwide Coin Shortage Being Used To Push Us Toward A Cashless Society?
(Michael Snyder) The coin shortage in the United States is becoming quite severe, and a lot of people are deeply concerned about where this might be leading us. But if you don’t run a business or deal with coins on a regular basis, you may not even know that it is happening.
Retail Sales Jump Nearly 20% In May, Economy Shows Signs Of Resurgence
(Emily Zanotti) Retail sales had an incredible rebound in May, according to economic experts, charging up 17.7% as stores and other businesses reopened following coronavirus-related lockdowns.