I have been writing for the last two years or so that the strategy of the Federal Reserve has been to engineer a “soft landing” from the horrendous financial bubbles that were created during the disastrous presidency of George W. Bush. Since President Obama came to power in January 2009, his administration has been partners […]
A “run on the dollar,” or any currency, for that matter, takes place when the currency is losing its value. This happens when a country’s debt becomes so great that there is danger of a major default–that is, large scale or even national bankruptcy. At that point, people whose wealth is in that currency, or […]
After the collapse of the Soviet Union caused it to split up into its components, the newly-established nations each faced an economic crisis. In Russia the crisis lasted for a decade. Inflation had destroyed the currency. There was no banking sector to speak of. And the central government had failed to monetize the nation’s potential […]
We recently discovered an interesting and important blog named “The UsuryFree Eye Opener.” This is how it describes itself: “The UsuryFree Eye Opener is the electronic arm of the UsuryFree Network. It seeks active usuryfree creatives to help advance our mission of creating a usuryfree lifestyle for everyone on this planet. Our motto is ‘peace […]
From Private Enterprise Money by E.C. Riegel (pub. 1944) The present money system has three basic evils: a) It permits money to be issued privately, only by a limited number of persons and corporations who have bank credit, and makes such credit subject to fee. Thus it establishes credit as a privilege rather than a […]
Steven Pearlstein, business columnist for the Washington Post, published a column on January 6 entitled, “Recession Over? Not Unless We Make a Major Shift.” The problem is that the “major shift” Pearlstein writes about won’t solve the problem even if it takes place. So is the recession ending? The professional cheerleaders from Wall Street think […]
If you want to get an idea of what America once was like, read the poems of Walt Whitman. Whitman was born in Long Island in 1819 and grew up in Brooklyn, N.Y. His family was poor, but even though he left school at the age of 11 he gave himself an education by reading […]
While Congressman Ron Paul’s Free Competition in Currency Act is not a workable proposal, it points to a deeply serious problem with the Federal Reserve System that must be faced if the U.S. economy is to have a future. Over the last 40 years the Federal Reserve, with the acquiescence of Congress and the executive […]
The crisis of 2008-2009 exposed the U.S. financial system as being unstable, subject to abuse, and tending to favor the rich while putting everyone else deeper into debt. The housing bubble was based on the biggest credit inflation in history. It raised the prices of homes to unprecedented levels but created the deepest recession in […]
The United States does not control its own destiny. Rather it is controlled by an international financial elite, of which the American branch works out of big New York banks like J.P. Morgan Chase, Wall Street investment firms such as Goldman Sachs, and the Federal Reserve System. They in turn control the White House, Congress, […]