…It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, “never to borrow a dollar without laying a tax in the same instant for paying the … Continue reading
Category Archives: Economy
Attack on Paper Money Laws
Paper money, paper money, and paper money! Is now, in several of the states, both the bubble and the iniquity of the day. That there are some bad people concerned in schemes of this kind cannot be doubted, but the far greater part are misled. People are so bewildered upon … Continue reading
Trade Deficit With China
U.S.-China Trade Facts U.S. goods and private services trade with China totaled $579 billion in 2012 (latest data available). Exports totaled $141 billion; Imports totaled $439 billion. The U.S. goods and services trade deficit with China was $298 billion in 2012. China is currently our 2nd largest goods trading partner … Continue reading
The Petrodollar
Petrodollar refers to United States dollars earned through the sale of its petroleum (oil) to another country. Origin In 1971 Richard Nixon was forced to close the gold window taking the U.S. off the gold standard and setting into motion a massive devaluation of the U.S. dollar. In an effort … Continue reading
Worldwide Jobs Crisis 2014-2030
In a report prepared for the G20 Labor and Employment Ministerial Meeting Melbourne, Australia, 10-11 September 2014, the World Bank warns the world faces a jobs crisis. 600 million jobs will need to be created worldwide by 2030 to cope with the expanding population. The report makes it clear that … Continue reading
Universal Basic Income
America is running out of jobs. It’s time for a universal basic income.The politics of a guaranteed income get a lot easier when you acknowledge that the U.S. is no longer the land of opportunity Free money for everyone! With weak job growth, rising poverty, and the rich continuing to … Continue reading
Selling Water & Energy To China
Here’s further proof, should it be needed, that the most cost-effective way to reduce the abysmal (and growing) gap in the distribution of wealth in the United States is to create a mechanism for the American working classes to produce hydrogen by electrolysis of seawater and sell it to China … Continue reading
The Labor Participation Rate
As of March 2013, the percentage of working-age adults in the labor force -known as the participation rate- fell to 63.3%, the lowest since May 1979. Since unemployed people who stop looking for work are not counted as unemployed, the official unemployment rate is grossly understated. Part of the … Continue reading
China’s Achievements
In less than two generations, without vast oil reserves or mountains of debt, China has peacefully transformed itself into the world’s preeminent manufacturing powerhouse, and for that it deserves the highest praise and admiration. America’s trade deficit with it stems in part from China’s lower labor and medical care costs, … Continue reading
Public Debt
Currently the only way the government can maintain its liquidity is thanks to the Federal Reserve, which as of April 2013 holds 16% of total outstanding Treasuries -essentially Federal IOUs purchased by the Fed with money created out of thin air. How long this can continue is anyone’s guess.