I can’t argue with Will on this. We should be ashamed of ourselves. We have allowed profligate spending. We borrow to pay our current bills. We elect people who year after year expand government and who pass laws which reduce our liberty and fundamentally our very humanity. It is we who have allowed this to happen.
Nomi Prins is a very interesting and talented financial journalist and attached is a great in-depth interview with her on Democracy Now. She discusses her new book All the President’s Bankers.
In the book she explores the relationship between the banking establishment and the American presidency. It probably won’t come as a shock but she finds that in many respects Wall Street and Washington have long been partners, and particularly since the establishment of the Federal Reserve in 1913.
Indeed we do. With the Fed coming out and saying (essentially) that it has abandoned the 6.5% unemployment target for raising rates, it is high time we start using a real number. As we said last week, the unemployment rate as currently calculated is little more than a propaganda tool at this point, and not even a good one.
You know, that is a really good question.
It’s not often that I laugh when reading about Treasury bonds. But I did reading this article.
Some of the secret history anyway.
You want to know why our central banks aren’t honest? (Aside from the fact that they are by their very nature dishonest.) You want to know why politicians (when they have a clue what is going on economically) aren’t honest? Perhaps it is the mind boggling amount of debt which has kept the game going.
The entire economic activity of the USA constitutes $17 trillion. There is $100 trillion in debt floating around the globe right now according the Bank for International Settlements.