Tag Archives | Economy
Okay, maybe not crashing the economy, but the My Little Pony-loving subculture does catch a little flack in this article from American Public Radio. Disinfonaut “Anarchy Pony”, why must you anger The Economy? ScapePonies!
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New numbers out Thursday show America’s third quarter gross domestic product rose 2.8 percent, well above what economists predicted. The headline number may sound good at first, but it masks signs of ongoing economic weakness deeper in the report.
A bit of digging shows that 0.83 percentage point of the GDP boost came from the change in real private inventories. It may sound like an obscure technicality, but it is not. It’s actually quite simple and simply bad.
“Stores were accumulating a lot of goods to sell, but people weren’t buying them,” says Julia Coronado, chief North American economist at BNP Paribas.
You can see this at Big Fun Toy Store, a Cleveland shop specializing in collectibles.
Bitcoin has achieved the impossible, becoming the world’s most valued currency not created by any central bank or government entity. Earlier today, markets saw Bitcoin go above $300 per coin with a total market capitalization above $3.2 billion.
As Bloomberg News noted, today’s price spike might have to do with the BTC China exchange coming online, providing another way for international users to buy and sell their Bitcoin holdings.
At time of publication, I hold a small quantity of Bitcoin. The price of Bitcoin is volatile, not insured, and may lose value.
Could this be the stepping stone to the exchange of completely electronic currency?
VIA NBC NEWS
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VANCOUVER (Reuters) – A silver and blue ATM, perched up next to the espresso bar in a trendy Vancouver coffee shop, could launch a new era for
the digital currency bitcoin, offering an almost instant way to exchange the world’s leading virtual money for cash.
The value of a bitcoin soared from $13 in January to a high of $266 in April as more businesses and consumers used them to buy and sell online. Some investors are also treating bitcoins like gold, using them to hedge against currency fluctuations and speculating on their rise.
The kiosk, which looks like the average ATM but with hand and barcode scanners, opened for business on Tuesday and by mid-morning people were lined up to swap their bitcoins for cash, or to deposit cash to buy more bitcoins.
Anders Hayden writes at Solutions:
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Since the Industrial Revolution, two main motivations have driven the movement for work-time reduction. Free time away from the job improves individual well-being, while reducing work hours can cut unemployment by better distributing the available work. These historical motivations for work-time reduction have been joined by a new rationale: the need to reduce the impact of human societies on the environment.
The urgency of reducing humanity’s impacts on the earth is well documented. Estimates of our ecological footprint suggest that we need 1.5 planets to sustain current consumption practices, while studies of humanity’s “safe operating space” have concluded that we have already crossed some critical planetary boundaries, including safe levels of carbon dioxide in the atmosphere.
Two dominant responses to this threat have emerged. One has been to carry on with business as usual, pursuing endless economic expansion while downplaying or denying the severity of environmental problems.
“A really efficient totalitarian state would be one in which the … of slaves who do not have to be coerced, because they love their servitude.” – Aldous Huxley
“By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.” – John Maynard Keynes
Just a short examination of the inner workings of the insidious horror that is the “Federal” Reserve system.
*$5.00 in fiat currency to the first con$umer cannibal, who can reveal the dominant stock holders of Molech Inc, aka The Federal Reserve.
Aaron Cynic writes at Diatribe Media:
Glitches in the Electronic Benefit Transfer (EBT) system caused major problems for recipients of food stamps over the weekend in 17 states. The problems began on Saturday when Xerox, the company responsible for running the system, experienced “technical difficulties” during a “routine test” of its backup systems. In some cases, EBT beneficiaries were unable to use their cards. In others, the spending limit on the cards was removed, allowing EBT users to purchase as much as they wanted.
As typical with any big breaking news story, the internet was flooded with comments and conversation about the matter, and much of the storm was filled with anger at people who receive any kind of government assistance in getting food at all. It seems that the Reagan era myth of the “welfare queen” still lives and breathes along with many other myths about food stamps in America.… Read the rest
In a sign of things to come for the U.S. tech industry, Ladar Levison, the owner of Lavabit, the secure private encrypted email provider that shut down after 10 years of operation (2, 3) because he decided not to abide by the demands made by the United States government to spy on their 400,000 plus users, explains that if he loses his case against the U.S. government he will most likely hand over his company to someone overseas and let them run it. It’s important to note that the U.S. government already new that this would be the end result, that revelations about NSA’s PRISM program would hurt American Technology companies, but they didn’t really care.
Levison clarifies his position in the following interview on Democracy Now!. The segment in which he makes these comments occurs at approximately the 11 minute mark, but the whole interview is well worth watching, especially the part just before these comments where he explains how the U.S.… Read the rest
Our government representatives would like us to believe that the subprime mortgage crisis (2, 3, 4, 5) could not have been predicted. The truth is, the collapse was expected and authorities were well aware that crimes were being committed.
It is said that if you want to find the corrupt, follow the money. This catchphrase, however, cannot be used as a preventative measure; it can only be used in retrospect to punish perpetrators of a crime. It does very little to protect us from predators. This is unfortunate when applied to our current crony capitalistic system; a wrong decision in our personal finances can mean the difference between living a life of debt servitude or one of freedom.
In our current centralized economic system, the best way to avoid pitfalls and preserve wealth, improving lifestyle, is to pay close attention to changes in laws and be mindful of their implications.… Read the rest
The truth is out. We are living in a time when a shocking four out of 5 U.S. adults will struggle with joblessness or poverty. This revelation not only flies directly in the face of another drop in unemployment, but reconfirms what many of us had already known, we’re in trouble.
If you find yourself looking for a job, you’re in an over-crowded market where the young and educated are relegated to jobs well below their intellectual station. This is due in part to the heavy competition at the of the top of the job market among the highly-skilled. Basically, those left out of the jobs they really want are knocked down a peg, creating what Economist Paul Beaudry calls “cascading.” The top pushes down on the middle and the middle pushes down on the bottom, burying those who are most vulnerable and under-qualified.… Read the rest