May 11th, 2014
in Op Ed
Special Article from Money Morning
by Shah Gilani, Money Morning
U.S. Securities and Exchange Commission Chairwoman Mary Jo White told a House of Representatives panel a week ago Tuesday that -
"The markets are not rigged. The U.S. markets are the strongest and most reliable in the world."
by Hunter Lewis, AgainstCronyCapitalism.org
The economist offering this "solution" has been feted by the Obama White House economic staff, the International Monetary Fund, and by many of the people running world economies today. His ideas are definitely "in play."
Thomas Piketty, the forty-two year old French economist whose book, Capital in the Twenty-first Century, became an overnight sensation and unexpected bestseller, is being hailed as the new Keynes, an economic thinker who can lead us out of our current economic malaise, just as Keynes is alleged by his followers to have lead us out of the Great Depression.
After initially celebrating the new-found freedom to spend their pension savings how they want, people are now waking up to what scrapping the annuity really meant.
One reason for forcing people to buy these income-for-life policies on retirement was that they then don’t have to worry about incorrectly guessing when they’ll die. Compulsory annuities’ main point, however, was one of social justice: they ensure no one is forced into destitution through living an unexpectedly long time, by allowing cross-subsidy from the savings of those who die sooner.
May 9th, 2014
in Op Ed
Why Jerry Brown’s Rainy Day Fund Is a Bad Idea for California
by Ellen Brown, Web of Debt
There is no need to sequester funds urgently needed by Main Street to pay for Wall Street's malfeasance. Californians can have their cake and eat it too - with a state-owned bank.
Governor Jerry Brown is aggressively pushing a California state constitutional amendment requiring budget surpluses to be used to pay down municipal debt and create an emergency "rainy day" fund, in anticipation of the next economic crisis.