This post was published at World Alternative Media
This post was published at World Alternative Media
The following video was published by misesmedia on Jul 27, 2017
Mises University 2017. Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2017.
Visa recently announced its new Cashless Challenge program, which offers $10,000 to restaurants willing to transition into accepting only digital payments. As the largest credit card processor in the U. S., it’s no surprise Visa is spearheading this campaign.
Under the guise of increasing transparency and efficiency, they’ve partnered with governments around the world to help convert financial systems into cashless models, but their real incentive is the billions of dollars in extra transaction fees it would generate.
‘We are declaring war on cash,’ Visa spokesman Andy Gerlt proudly proclaimed after the program was announced.
The food-based small businesses Visa is targeting are among those that benefit most from accepting cash from customers. When transactions are for amounts less than $10, the fees charged cut significantly into profits. Only 28% of food trucks currently accept credit card payments because of the huge losses they incur from them. The bribe from Visa may seem appealing up front but will be mostly paid back to them over the next few years in fees alone.
This post was published at Zero Hedge on Jul 24, 2017.
The following video was published by X22Report on Jul 24, 2017
Existing home sales slump, this is the weakest summer since 2011, this is not a good sign. Caterpillar sales increase because of the purchases from China and the Asian sector, this is fading already. Obama’s economy was one of the weakest economies we have seen since 1971. IMF forecast for US growth has been revised lower, it also revised global growth. Visa and other credit card issuers are pushing a cashless society to increase profits through transaction fees. Turkey and many other countries are purchasing a huge amount of gold. Janet Yellen confirms that the US dollar is collapsing.
The war on cash may have hit a snag in Europe.
A lot of people apparently don’t want to play along.
If a recent survey published by the European Commission is any indication, the bankers and central planners have their work cut out for them as they push toward a cashless society. Ninety-five percent of respondents opposed a proposal to put an upper limit on cash payments.
As ZeroHedge reported via the Wolfstreet.com, the commission announced it was exploring the option of imposing a ceiling on cash payments earlier this year. The plan was to begin implementing the cross-regional measures as soon as 2018. The commission survey was intended to create ‘a veneer of respectability and accountability.’
That didn’t work out so well.
Most telling was the answer to the following question:
‘How would the introduction of restrictions on payments in cash at EU level benefit you, or your business or your organisation (multiple replies are possible)?’
This post was published at Schiffgold on JULY 24, 2017.
The hyperinflationary-hell in Venezuela’s currency is deepening as a crippling dollar shortage and a threat of oil sanctions (amid President Maduro’s attempts to rewrite the constition to maintain his grip on power) take their toll on the economy.
Venezuela’s Latin American neighbors urged President Nicolas Maduro to refrain from actions that might exacerbate the country’s political crisis in a disappointment to some regional governments that favored more direct and forceful criticism. As Bloomberg reports, Mercosur, South America’s largest trade bloc, called on ‘the government and the opposition not to carry out any initiative that could divide further Venezuelan society or aggravate institutional conflicts,’ in a joint statement issued at the end of a summit in Mendoza, Argentina. Member countries Brazil, Argentina, Uruguay and Paraguay were joined by Chile, Colombia, Guyana and Mexico in signing the statement.
International condemnation of the Maduro government’s plan to rewrite the country’s constitution to maintain its hold on power is gathering pace after the U. S. said it would impose sanctions on Venezuelan officials if Maduro goes ahead.
As we noted earlier in the week, The Trump administration is mulling over sanctions against senior Venezuelan government officials, and additional measures could include sanctions against the country’s oil industry, such as halting imports into the U. S., according to senior Washington officials who spoke to media.
This post was published at Zero Hedge on Jul 22, 2017.
Ever since the beginning of the Crisis in 2008, Irish policymakers insisted staking the claims to the heroic burden sharing of the post-Crisis fiscal adjustments across the entire society, the claims closely mirrored by the supporting white papers, official state-linked think tanks and organizations, and even the IMF.
Time and again, independent analysts, myself included, probed the State numbers and found them to be of questionable nature. And time and again, Irish political and policy elites continued to insist on the credit due to them for steering the wreck of the Irish economy out of the storm’s path. Until, finally, by the end of 2016, Ireland officially was brought to enjoy falling official debt burdens and drastically declining deficits. The Hoy Grail of fiscal sustainability, delivered by FF/GP and subsequently (and especially) the FG/LP coalitions was in sight.
Well, here’s a new instalment of holes that the official narrative conceals. CSO’s latest data for full fiscal year 2016 on headline fiscal performance metrics was published earlier this month. It makes for an enlightening reading.
This post was published at True Economics on Friday, July 21, 2017.
One of my greatest concerns with all this Global Warming nonsense is that nobody seems to ever plot weather against the rise and fall of civilization. When you do, you arrive at a strikingly different perspective of global warming. The greatest advancements in civilization have ALWAYS taken place during periods of global warming. When the temperatures drop, crops fail, death becomes widespread, and society seems to barricade itself in withdrawing from trade.
History is constantly being re-written as new discoveries are made, The global warming period that allowed the rise of Rome included the warming of the seas to the point that the Romans did sail to Canada where Roman swords have been discovered in addition to sending ambassadors to China.
This post was published at Armstrong Economics on Jul 20, 2017.
“It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident…And yet none of this conduct has been punished in any significant way.”
Charles Ferguson, Inside Job
‘The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true. It really happened. These suspicions are valid.’
“The historical evidence is overwhelming. Many societies have done well for a while – until powerful people get out of hand. This is an easy pattern to see at a distance and in other cultures. It is typically much harder to recognize when your own society now has an elite less subject to effective constraints and more able to exert power in an abusive fashion. And given the long history of strong institutions in the United States, it appears particularly difficult for some people to acknowledge that we have serious governance issues that need to be addressed.”
This post was published at Jesses Crossroads Cafe on 17 JULY 2017.
The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media. Paul and Sigurdson also discussed false flag attacks, the dawn of a cashless society and the dangers of monetizing national debt.
Paul started by saying Yellen’s attitude scares him because “central bankers are always wrong – especially before a bust.”
‘There is a subjective element to when people lose confidence, and when is the day going to come when people realize we’re dealing with money that has no intrinsic value to it, we’re dealing with too much debt, too much bad investment and it will come to an end. Something that’s too good to believe usually is and it usually ends. One thing’s for sure, we’re getting closer every day and the crash might come this year, but it might come in a year or two.’ ‘The real test is can it sustain unbelievable deficit financing and the accumulation of debt and it can’t. You can’t run a world like this, if that were the case Americans could just sit back and say ‘hey, everybody wants our money and will take our money.’
This post was published at Zero Hedge on Jul 15, 2017.
Government bureaucrats connive ways to gain power as they treat the people like mushrooms – they keep us in the dark and feed us mountains manure and mainstream media conspire to make sure we remain buried so deep we cannot reach the surface for air. They foam at the mouth of the through of creating a cashless society. The abolition of cash would be absolutely ‘absurd’ and it is interesting how they argue against creating voter ID requirements saying it will prevent minorities from voting because they are backward and do not live in the modern world. As stupid and racist as that argument really is by the left, can you imagine eliminating cash from people who are so backward according to their arguments?
This post was published at Armstrong Economics on Jul 15, 2017.
A world in which “we do these things because they’re easy” has one end-state: collapse.
On September 12, 1962, President John F. Kennedy gave a famous speech announcing the national goal of going to the moon by the end of the decade. (JFK’s speech on going to the moon.) In a memorable line, Kennedy said we would pursue the many elements of the space program “not because they are easy, but because they are hard.” Our national philosophy now is “we do these things because they’re easy”– and relying on debt to pay today’s expenses is at the top of the list. What’s easier than tapping a line of credit to buy whatever you want or need? Nothing’s easier than borrowing money, especially at super-low rates of interest. We are now totally, completely dependent on expanding debt for the maintenance of our society and economy. Every sector of the economy–households, businesses and government–all borrow vast sums just to maintain the status quo for another year.
This post was published at Charles Hugh Smith on THURSDAY, JULY 13, 2017.
– India gold imports in H1, 2017 greater than all of 2016
– India imported 521 tonnes of gold in first half of 2017
– H1 figure for gold imports $22.2 Bln versus $23 Bln in all ’16
– Gold demand was up 15% year- on-year in the first quarter
– June gold imports climbed to an estimated 75 tonnes from 22.7 tonnes a year ago
– Annual total set to surpass 900 tons, strongest year since ’12
– ‘I trust gold more than the currencies of countries’ – 63% of Indians in Survey
Gold imports into India have surged in the last six months thanks to festivals, economic recovery and concerns over a new tax regime and the push for the cashless society in India.
Imports totalled 521 tonnes in the first half of this year, compared to just 510 tonnes in all of 2016.
This post was published at Gold Core on July 12, 2017.
The German publication DWN has come out and warned that the German Pensions system is collapsing. They wrote:
The core problem of the German economy and society is miserable demography. A positive development, namely the increasing longevity of the population, is an extremely negative groundbreaking, namely a small number of children. This is reflected in one of the lowest birth rates in the world – and this has been the case for decades. The record-breaking birth rate is by no means rooted in a biological, but in deeper social causes and inadequate policies at different stages. One consequence is a pension system that is not sustainably financed , because the ratio of contributors and receivers will drastically deteriorate.
This post was published at Armstrong Economics on Jul 10, 2017.
The government should take steps to curb black market transactions in gold, which have an adverse effect on the economy, according to Y.V. Reddy, a former governor of the Reserve Bank of India.
“Some of the demand for gold today stems from black market transactions, which have a nefarious influence on the economic systems and social fabric and deserve immediate and serious attention,” Reddy said in an article titled “The Voice of Authority” written in Gold Investor, a publication of the World Gold Council:
He said a number of measures needed to be taken to tackle black market transactions, adding that in the long term, if the financial sector expands and develops, the economy grows, and society evolves, the demand for gold arising from cultural factors, property rights, and general preferences should be resolved.
“Gold has the characteristics of a currency, competing with the official currency as a form of savings or a store of value. It is a commodity by definition — but its links with the financial sector provoke central bank concerns,” he added.
This post was published at India Times
The battle-lines are drawn. When the world’s big trading nations convene this week at a G20 summit in Hamburg, the stage is set for a clash between a protectionist America and a free-trading Germany.
President Donald Trump has already pulled out of one trade pact, the Trans-Pacific Partnership, and demanded the renegotiation of another, the North American Free-Trade Agreement. He is weighing whether to impose tariffs on steel imports into America, a move that would almost certainly provoke retaliation. The threat of a trade war has hung over the Trump presidency since January. In contrast, Angela Merkel, Germany’s chancellor and the summit’s host, will bang the drum for free trade. In a thinly veiled attack on Mr Trump, she delivered a speech on June 29th condemning the forces of protectionism and isolationism. An imminent free-trade deal between Japan and the European Union will add substance to her rhetoric.
There is no question who has the better of this argument. Mr Trump’s doctrine that trade must be balanced to be fair is economically illiterate. His belief that tariffs will level the playing field is naive and dangerous: they would shrink prosperity for all. But in one respect, at least, Mr Trump has grasped an inconvenient truth. He has admonished Germany for its trade surplus, which stood at almost $300bn last year, the world’s largest (China’s hoard was a mere $200bn). His threatened solution – to put a stop to sales of German cars – may be self-defeating, but the fact is that Germany saves too much and spends too little. And the size and persistence of Germany’s savings hoard makes it an awkward defender of free trade.
At bottom, a trade surplus is an excess of national saving over domestic investment. In Germany’s case, this is not the result of a mercantilist government policy, as some foreigners complain. Nor, as German officials often insist, does it reflect the urgent need for an ageing society to save more. The rate of household saving has been stable, if high, for years; the increase in national saving has come from firms and the government.
Underlying Germany’s surplus is a decades-old accord between business and unions in favour of wage restraint to keep export industries competitive. Such moderation served Germany’s export-led economy well through its postwar recovery and beyond. It is an instinct that helps explain Germany’s transformation since the late 1990s from Europe’s sick man to today’s muscle-bound champion.
This post was published at The Economist
Precious metals are ‘real assets’ and ‘best defence’ against bail-ins and cashless society in the economic crisis which is ‘on its way’
The risks posed to investors and savers from the coming economic crisis and the threat of bank bail-ins, negative interest rates, ‘helicopter money,’ capital controls and the ‘cashless society’ has been looked at in an excellent and timely article by economist John Adams, writing in the Daily Telegraph.
While the article is focused on how these risks threaten Australia and Australian investors and savers, the risks outlined are ones which threaten even those with modest amounts of wealth and all exposed to the western financial system.
John Adams writes:
‘Globally, household, corporate and sovereign debt are at unprecedented levels. They are also linked through a fully integrated global financial system and an array of complex financial derivatives.
Given the scale of the system, the probability of a global stock, bond and real estate crash, coupled with a wave of corporate, bank and sovereign defaults via rising interest rates, increases dramatically.’
This post was published at Gold Core on July 6, 2017.
One thing that almost everyone can agree upon is that our system of public education is broken. We spend far more money on public education than anyone else in the world, and yet the results are depressing to say the least. Considering how much we are putting into education, we should be producing the best students on the entire planet, but it just isn’t happening. Personally, I attended public schools from kindergarten all the way up through law school, and the quality of education that I received was extremely poor. Even on the collegiate level, most of the courses were so ‘dumbed down’ that even the family dog could have passed them. And of course millions of other people all over the country would say the same sorts of things about their own educations. Many refer to what is happening to our society as ‘the dumbing down of America’, and if we don’t get things fixed the United States is on course to become a second class nation.
If you believe that I am exaggerating, I would like you to consider the following numbers. The following are 14 facts that prove that America’s absolutely pathetic system of education deserves an ‘F’ grade…
#1 Somewhere around 50 million students attend public schools in America today.
#2 Education is the most expensive item in 41 different state budgets.
#3 The latest PISA tests show that U. S. students are below average compared to the rest of the industrialized world…
This post was published at The Economic Collapse Blog on July 5th, 2017.
The best performing precious metal for the week was silver, with a fall of just 0.51 percent with platinum just behind that. Following wild price swings on heavy volume Monday and Tuesday in a suspected erroneous trade, gold traders and analysts remained bullish for a second week, reports Bloomberg. On Monday, 1.8 million ounces of the yellow metal were sold in a single minute and on Tuesday prices spiked in early European trading with about 815,000 ounces of gold bought in five minutes – a suspected reverse on the Monday fat finger trade. The euro has climbed to a 13-month high on speculation that Mario Draghi’s ECB is poised to reduce unprecedented monetary stimulus, writes Bloomberg News. This has allowed Europeans to pay the least this year to buy gold, the article continues, while comments from Fed Chair Janet Yellen this week did little to support the U. S. currency. HKEK and the Chinese Gold & Silver Exchange Society signed MoU on Thursday to consider cooperation on matters such as product promotion and storage vaults, according to a statement on the Hong Kong Exchanges & Clearing website. MoU signifies strategic partnership that aims to build a major gold and commodities trading center in Asia Pacific, said CGSE President Haywood Cheung in a statement, reports Bloomberg.
This post was published at GoldSeek on 3 July 2017.
Christian Economics: Teacher’s Edition
Moses chose able men out of all Israel and made them heads over the people, chiefs of thousands, of hundreds, of fifties, and of tens. And they judged the people at all times. Any hard case they brought to Moses, but any small matter they decided themselves (Exodus 18:25 – 26). Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God. Therefore whoever resists the authorities resists what God has appointed, and those who resist will incur judgment. For rulers are not a terror to good conduct, but to bad. Would you have no fear of the one who is in authority? Then do what is good, and you will receive his approval, for he is God’s servant for your good. But if you do wrong, be afraid, for he does not bear the sword in vain. For he is the servant of God, an avenger who carries out God’s wrath on the wrongdoer. Therefore one must be in subjection, not only to avoid God’s wrath but also for the sake of conscience. For because of this you also pay taxes, for the authorities are ministers of God, attending to this very thing. Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed (Romans 13:1 – 7).
The Bible mandates civil government. It categorically denies the legitimacy of the idea of a society without civil government. Throughout the history of Christianity, all ecclesiastical traditions have asserted the legitimacy of the state. There are no exceptions.
Paul went so far as to mandate that churches pray for civil rulers. ‘First of all, then, I urge that supplications, prayers, intercessions, and thanksgivings be made for all people, for kings and all who are in high positions, that we may lead a peaceful and quiet life, godly and dignified in every way’ (I Timothy 2:1 – 2). If civil government were illegitimate, Paul would not have commanded such a thing. He did not say to pray for leaders of gangs or criminal syndicates.
This post was published at Gary North on July 04, 2017.