Bankocracy

Australian Central Bank Cuts Key Rate to Record-Low 2.75%

"The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment. Governor Glenn Stevens reduced the overnight cash-rate target by a quarter percentage point to 2.75 percent, saying in a statement that the Aussie’s record strength 'is unusual given the decline in export prices and interest rates.' He joins global counterparts in embracing record-low rates in an economy where inflation is contained, mining spending is predicted to crest, and credit growth remains subdued." Continue reading →

Continue ReadingAustralian Central Bank Cuts Key Rate to Record-Low 2.75%

California, New York and DC look to ban 3D-printed guns

"A handgun made almost entirely using a consumer-grade 3D printer fired a bullet over the weekend for the first time in the history of the infant technology. If some lawmakers have their way, it will also be the last. Defense Distributed of Texas announced on Sunday that researchers fired a bullet designed for a traditional .380-caliber firearm with a gun built all but exclusively using digital blueprints, some plastic and an $8,000 printer. The only item aside from the bullet not printed out was a single nail that served as the firing pin. As early s Tuesday, though, California State Senator Leland Yee was already looking to pass a bill that would outlaw other 3D weapons." Continue reading →

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Ron Paul On The Bubbles the Federal Reserve Is Creating

"Although many were up in arms when the Fed said it would buy $600 billion in government debt outright for the previous round, QE2, all seems quiet about the magnitude of QE3 because it doesn’t come with huge up-front total price tag. But by year’s end the Fed’s balance sheet could hit $4 trillion. With no recovery in sight, where’s all this money going? It is creating bubbles. Bubbles in the housing sector, the stock market, and government debt. The stock market has been hitting record highs for the past two months as investors seek to capitalize on the Fed’s easy money. As long as the Fed keeps the spigot open, nominal profits are there for the taking." Continue reading →

Continue ReadingRon Paul On The Bubbles the Federal Reserve Is Creating

Senate bill would offer college students the same interest rates as banks

"Sen. Elizabeth Warren (D-MA) introduced a bill on Wednesday that would give college students the same interest rates on their federal student loans as banks do when borrowing from the Federal Reserve. 'If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class,' Warren said. The Student Loan Fairness Act would call for the Fed to 'float the money' to the department for one year, giving Congress enough time to enact a long-term agreement on student loan rates." Continue reading →

Continue ReadingSenate bill would offer college students the same interest rates as banks

Bill Bonner: ‘War’ takes place in the shadows

"How long will it be before the clandestine terrorist agencies begin their own campaigns of terror? Perhaps they already have. With so many secret agencies plotting, conniving, enticing, luring, fomenting, and sowing their evil seeds, it won't be long before something takes root. One group of spooks will lay a trap...and catch another group....and accuse a third group, whom they will mistake for real terrorists. One bomb will go off. Another attempt will be thwarted at the last minute. Still another group, led on a double-agent and financed by secret funds provided by the taxpayer, will be hauled in front of the TV cameras." Continue reading →

Continue ReadingBill Bonner: ‘War’ takes place in the shadows

Obama may back FBI proposal for expansive Internet wiretapping powers

"The United States may soon require Internet companies to build in the capacity to let federal investigators wiretap their users, according to The New York Times. The Obama administration is weighing a proposal that would fine companies that do not comply with wiretap orders. An earlier proposal by the Federal Bureau of Investigation (FBI) would have required all companies to build in this capacity from the outset — a costly mandate that critics worried would stifle tech innovation and small businesses. Attorney Albert Gidari Jr., who specializes in representing technology companies, told the Times: 'We’ll look at lot more like China than America after this.'" Continue reading →

Continue ReadingObama may back FBI proposal for expansive Internet wiretapping powers

How Congress Puts Itself Above the Law

"Some apparently have faith in the high moral character of their elected officials and argue that we shouldn't have to enact a constitutional amendment to make sure Congress follows the same laws all Americans do. Yet history shows that is definitely not the case. Over the decades, Congress has passed innumerable statutes that regulate every aspect of life in the American workplace, then quickly exempted themselves. Critics advance the rather sensible and straightforward proposition that U.S. lawmakers should live by the same laws they impose on private employers and state and local elected officials." Continue reading →

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Colleges In U.S. Offer Highest-Ever Discount to Entice Students

"Private nonprofit colleges are offering students tuition discounts of 45 percent, on average, in response to a changing financial environment that stems from the weak economic recovery. Price reductions, designed to boost attendance, were at an all-time high in 2012 and outpaced the rate during the recession, according to a study of 383 private-nonprofit four- year schools. The reduction in tuition revenue comes at a bad time for colleges, as the number of U.S. high-school graduates is expected to decline through the rest of the decade, according to a report released in January by the Western Interstate Commission on Higher Education." Continue reading →

Continue ReadingColleges In U.S. Offer Highest-Ever Discount to Entice Students

Young people are three times as likely to be unemployed in global economy

"Global youth unemployment has risen to close to its crisis peak and will climb higher as the economic recovery falters, a report by a UN agency has warned. The International Labour Office said the youth unemployment rate had been falling since hitting 12.7% in 2009, but this year had climbed again to stand at 12.6%. The rate is forecast to reach 12.8% by 2018. The ILO paints a grim picture for school leavers and graduates across large parts of the world, saying young people continue to be almost three times more likely than adults to be unemployed." Continue reading →

Continue ReadingYoung people are three times as likely to be unemployed in global economy

The Obamacare Nightmare Will Officially Start October 1

"What's really going on here is a program that attempts to suck in the youth to pay for the healthcare of the elderly. It's insane. On top of that, the first year penalty for not buying insurance is small ($95), so most young will opt out, meaning the revenue to support the structure will have to come from massive premium hikes paid by those older who opt to stay in the system. There is no other way out if Obamacare goes into effect. Well, there is one way out. According to Emanuel: 'The president connects with young people, too, so he needs to use that bond and get out there to convince them to sign up for health insurance to help this central part of his legacy.'" Continue reading →

Continue ReadingThe Obamacare Nightmare Will Officially Start October 1