2018/04/19: Currency today is created by private institutions who create as much money as banks and governments desire. This money is created out of thin air, literally by punching a few keys on a computer and sending tiny currents of electricity to a screen which displays whatever number the private corporation wants. It is not backed by anything of value, yet these private institutions charge interest to governments and private sector borrowers.
For every dollar created and loaned, the magical money-lender demands that dollar back plus interest. Since the lender is demanding more than was created, it is mathematically impossible to ever pay off debt, because the interest simply just doesn’t exist.
2018/09/07: The true story of how the City of London invented offshore banking: and set the rich free
Countries that were once democracies are becoming plutocracies; plutocracies are becoming oligarchies; oligarchies are becoming kleptocracies.
In the years after WWI, money flowed between countries pretty much however its owners wished, destabilising currencies and economies in pursuit of profit.
Many of the wealthy grew wealthier even while economies fell apart. The chaos led to the election of extremist governments in Germany and, ultimately, to the horrors of the second world war.
The allies wanted to prevent this ever happening again. So, at a meeting at the Bretton Woods resort in New Hampshire in 1944, they negotiated the details of an economic architecture that would - in perpetuity - stop uncontrolled money flows.
This, they hoped, would keep governments from using trade as a weapon with which to bully neighbours, and create a stable system that would help secure peace and prosperity.
To prevent speculators trying to attack these fixed currencies, cross-border money flows were severely constrained. Money could move overseas, but only in the form of long-term investments, not to speculate short term against currencies or bonds.
And the system was remarkably successful: economic growth in most western countries was almost uninterrupted throughout the 1950s and 1960s, societies became more equal, while governments made massive improvements in public health and infrastructure.
The anarchist virtual currency may be a hoax. It could also be the global economy's last safe haven
The US dollar is highly important in today's economy for three main reasons: the huge amount of petrodollars, the use of the dollar as the world's reserve currency, and the decision taken by US President Nixon in 1971 to end the dollar convertibility into gold.
2014/06/01: The vision of a free-floating digital cryptocurrency economy, divorced from the politics of colossal banks and aggressive governments, is under threat. Take, for example, the purists at Dark Wallet, accusing the Bitcoin Foundation of selling out to the regulators and the likes of the Winklevoss Twins.
Bitcoin sometimes appears akin to an illegal immigrant, trying to decide whether to seek out a rebellious existence in the black-market economy, or whether to don the slick clothes of the Silicon Valley establishment. The latter position – involving publicly accepting regulation and tax whilst privately lobbying against it – is obviously more acceptable and familiar to authorities.
The Ugandan government has implemented a law forcing mobile users to pay taxes to use mobile money and social media apps like Facebook, Twitter, Instagram, WhatsApp, and Skype.
Copyright Passive BIBO Currency Project 2013
Da oltre 70 anni i Paesi francofoni africani usano il franco CFA, moneta imposta a suo tempo dagli ex colonizzatori. Sulla base di alcune regole applicate al cambio e alle operazioni finanziarie tale moneta avvantaggia l'economia francese - commerci e multinazionali - più che quelle africane. Una delle regole è che il 50% delle riserve di cambio dei Paesi della zona franco devono essere depositate su un conto della Banca di Francia, a Parigi, conto che si stima ammontare a 10 miliardi di euro. A nulla finora sono valse proteste e critiche. L'attivismo anti-CFA è soprattutto quello di economisti e intellettuali africani, mentre la maggior parte dei capi di Stato rimane in bilico su posizioni di comodo.
Sweden's central bank governor has called for public control over its payment system. Others say a fully digital system is vulnerable to fraud and attack
Trends include delivery drones, pay-as-you-go off-grid power, and using blockchain to prevent land disputes.
In an exclusive interview with WIRED, Yanis Varoufakis discusses Bitcoin's bubble, the fantasy of apolitical money and the opportunities for the blockchain to reform Europe
Michael Hudson in a preface to the 2017 German edition of the 1972 classic Super-Imperialism. Hudson reflects on the will of the US to bend major institutions to its favor.
by James Corbett corbettreport.com November 12, 2017 Saudi Arabia, May 2017. A private yacht sails into the port by corbettreport
There's one incredible feature of cryptocurrencies that almost everyone seems to have missed, including Satoshi himself. But it's there, hidden away, steadily gathering power like a hurricane far out
The Sanders generation and a new economic idea.
Since 'political economy' became a subject in the 18th century, the predominant political dichotomy has been framed as labour versus capital. Marx talked about 'control of the means of production' as the essential political power that the workers needed to wrest from the capitalists. A great deal of activism and political theory continues in that vein: Gar Alpowitz work What then must we do? is all about rebuilding worker-owned coops and similar institutions. We have 150 years of history testifying to their effectiveness.
2016/10/21: Retirees will have 2.5 trillion hours of leisure time to fill over the next 20 years, according to a report from Bank of America Merrill Lynch. They will spend $4.6 trillion over that span—and a great deal of it will be on things like adventure and educational travel, and group activities that bring family and friends closer. This isn’t just about the well-to-do. Retirees with relatively few assets are nearly as likely as those that are wealthy to agree that in retirement they have greater freedom and flexibility to do whatever they want—and 95% in the Merrill Lynch survey said they value experiences over things.