A thing I think he doesn't give enough attention to is the role the Fed DOES play. The Fed indirectly controls bank lending rate through a couple mechanisms. The first is whatever rules it has for declaring a bank solvent. They've eliminated reserve requirements but now it's something like a stress test or whatever. A bank can't keep lending
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#MichaelCohen is now testifying that he “re-negotiated” certain bills #Trump felt were too high. This testimony is significant to the case: it shows Cohen directly interacting w/ Trump on #money, & Trump minutely focused on what he paid & received.
Cohen says he would keep Trump apprised of each & every task he completed. He says that it was important to him to gain credit from his new boss, & that Trump would tell him he had done a “fantastic” job.
70 yrs after #SCOTUS delivered its landmark decision outlawing school segregation, #BrownVBoardOfEducation ranks as perhaps the court’s most venerated decision….
Most everything else related to the decision…is complex.
Nearly 7/10 Americans say more should be done to integrate schools…a figure that has steadily climbed from 30% in 1973….But a deeper look into the views of both Black & White people shows skepticism about the success of #Brown….
Because of #Brown, #school ofcls may no longer deliberately separate students by #race —but under more recent #SCOTUS orders, they aren’t allowed to deliberately mix them by race either. #Integration advocates today have stopped looking to the #federal courts for help & are pursuing #state lawsuits instead.…some #Black leaders have concluded that the answer is not integration…but more #money & #opportunity for high #poverty#schools….
#money -- some awesome #books about how fiat money system works … (fiat money is Govt-issued currency that isn’t backed by any #commodity such as #gold)
When the UK’s deputy foreign secretary has to admit that around 40% of all money laundered globally likely flows through London & the Crown Dependencies, you can bet that such an estimate will be on the low side.
There are many reasons that the UK's global reputation is increasingly tarnished & the work in financial services to hide & process criminal/illegal funds is contributing to that malaise.
So much for the value of financial services to the UK
Why not start the day with a little political economy
For those of you new to the idea that money is primarily the result of private credit creation in the banking sector, here's a nice (concise) summary of the position, linking the history of money, the role of the state & the importance of banks credit creation activity.
The key point, is there is no 'natural' economy, only one made from rule/laws of exchange & state interventions.
Fair point - if you're not using digital payments, you should make the effort to get used to them. Cash is (mostly) going away. (This article also contains a guide to getting started with digital.)
Cash is dead. Why are we still pretending it isn’t?
Our nearby small market town used to have 3 banks; they're all closed (taking their cash machines with them), and this week one of the two remaining cash machines was removed from the supermarket where it was located.
So, we're down to a single cash machine in an area with a radius (I'm guessing) of around 20 miles.
The cashless society doesn't represent consumer choice, its pace is being forced by financial institutions keen to charge fees on transactions!
Like counting cards in Vegas, but this one was used to beat a TV game show out of some big 💰:
"After weeks of painstaking scrutiny Michael realized that the bouncing prize selector did not actually move randomly; it always followed one of five lengthy sequences"
The show was in 1984, the article from 2011. Via Hacker News.
The #transaction is the first known instance of #money flowing from Crow to the #SupremeCourt justice. The sale netted the #GOP#megadonor two vacant lots & the house where Thomas’ #mother was living (& still is).
“Everything at 100 pesetas”
(Everything at a low price)
A throwback sign on a side street in Petrer, Alicante, Spain.
The peseta was Spain’s monetary unit from 1868 until 2002 when it was replaced by the euro. The original exchange rate was approximately: 166 pesetas = 1 euro.
OC The Web is Indeed Being Looted by Corporate Fat Cats
Ed Zitron posted another solid article on the state of the web that I think belongs here....
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OC Dutch Authorities Bust Alleged Gambling Platform Scam, Seize Millions (coinedition.com)
Dutch authorities arrested a suspect and seized millions in a crackdown on an alleged gambling scam on the Zkasino platform.
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