The current day globalist capitalism that became dominant since the mid-1980s, could not have been successful without the Marxist weakening and breaking down of the moral standards in the West. To build the economy without a strong ethical foundation has legalized greed, theft and lack of accountability among the ruling elites. The Billionaire World and Karl Marx: The socialist …
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The Economic Situation of the West: The highly successful historic capitalist system is replaced by an entirely different economy today
Once upon a time America had a capitalist economy. Bank deposits were used for loans that expanded productive ability. America produced its own goods and grew its own food. America’s currency was backed by gold and inflation was nonexistent. New technology brought into play by new investment improved the productivity of labor, and living standards rose. Profits were plowed …
Read More »American economy great only for equity owners
We have been hearing about the great economy for a decade while the labor force participation rate declined, real family incomes stagnated, and debt burdens rose. The American economy has been great only for large equity owners whose stock ownership benefitted from the trillions of dollars the Fed poured into financial markets and from buy-backs by corporations of their …
Read More »Digital Currency: Big Brother will be in your wallet every hour and every day
Digital Currency: The new digital currency will make trackable every transfer of money to family, charities, friends, clients. The nation’s central banks who issue the virtual money will have total control over how you spend it. Big Brother will, in other words, control your wallet every hour of every day. “You will not be able to buy a stick …
Read More »Economic Ethics: Trust as ethical principle defines the difference between constructive and self-destructive Capitalism
A study of requirements for the optimal functioning of Capitalism quickly uncovers the need for a strong focus on trust. This applies to economics on the micro level as well as the macro perspective. Trust is one of the ethical principles that make the difference between constructive and self-destructive operation in profit-driven financial businesses. In cultures where social development …
Read More »The Fed anti-inflation policy: Mindless greed and mindless desire for power are hard to correct
The Federal Reserve’s Anti-inflation Policy Makes No Sense. Another agenda is in play. Dear readers and fellow economists, the Federal Reserve is treating a rise in prices from supply shocks and disruptions from the Covid lockdowns and sanctions against Russia, Iran, and other countries as if it were a monetary inflation. It is true that too much money is chasing …
Read More »The trend of cutting dependence on the US dollar is gaining steam across the globe
As the dollar declines, so does Washington’s power. Cutting dependence on the US dollar: The De-Dollarization discussion suffers from holdover thinking that a reserve currency is needed. No reserve currency is needed. Countries can settle their trade balances in their own currencies or contracts can specify the currencies of trade transactions. Countries with low inflation and low debt will have stronger …
Read More »The Global Financial Revolution and the End of the PetroDollar hegemony
No country has successfully challenged the U.S. dollar’s global hegemony—until now. How did this happen and what will it mean? Foreign critics have long chafed at the “exorbitant privilege” of the U.S. dollar as global reserve currency. The U.S. can issue this currency backed by nothing but the “full faith and credit of the United States.” Foreign governments, needing …
Read More »Dwindling trust in the US Dollar as World Reserve Currency: Debt, printing money, lack of control
Here’s your ‘reserve currency’ thought for the day: Every US dollar is a check written on an account that is overdrawn by over 30 trillion dollars. It’s true. The “full faith and credit” of the US Treasury is largely a myth held together by an institutional framework that rests on a foundation of pure sand. In fact, the USD …
Read More »US Power Will Decline With the Dollar: Saudi, Russia, China moving away from petrodollar
Saudi Arabia’s recent announcement that the government is open to accepting payment for oil in currencies other than the dollar is a major announcement ignored by the presstitutes. The end of the petrodollar would have severe adverse effects on the value of the dollar and on US inflation and interest rates. For a half century the petrodollar has supported …
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