sound money

Feds mobilize against additional hits on their pocketbooks

"Federal workers have had enough. Now if only they can convince elected officials not to hit them again. As the White House and Congress look for ways to avoid a Jan. 1 'fiscal cliff' of budget cuts and tax increases, federal employee groups are increasingly mobilized against more hits on their pocketbooks. The Federal Workers Alliance (FWA), a coalition of 20 unions representing more than 300,000 employees, scheduled a 'federal employee day of action' on Tuesday to pressure officials not to take any more away from the workforce in the name of deficit reduction." Continue reading →

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Ben Bernanke – Revisiting The Helicopter Speech

"He referred to economist Milton Friedman’s famous 'helicopter drop' of money as a solution for deflation. In essence, the suggestion was that, if there is deflation, it may be cured simply by dumping new currency from helicopters. For this suggestion to come from a member of the Board of Governors of the Fed caused many economists and investors to worry that the US economy may not be in the most competent hands. The comment was so unnerving that much of the rest of the speech failed to generate much discussion; yet, in it, Mr. Bernanke revealed other points from his philosophy on dealing with deflation that most certainly deserve review." Continue reading →

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Sweden’s War on Cash Runs Into a Wall–and a Heroic Bank

"The anti-cash movement has been vigorously promoted by major Swedish commercial banks as well as the Riksbank, the Swedish central bank. For three of the four major Swedish banks combined, 530 of their 780 office no longer accept or pay out cash. Fortunately, it seems that the Swedish people are not falling for the anti-cash propaganda spewed by bankers. It is reported that last year the value of cash transactions in Sweden were 99 billion krona, only a marginal decrease from ten years ago. Even more heartening is the fact that Handelsbanken, the largest bank in Sweden, is committed to serving consumers who demand cash." Continue reading →

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Scientists say ‘robot boy’ can be built within nine months

"Robotics engineers say that they can build a humanoid robot 'boy' that will help with everyday tasks within nine months. The childlike 'Roboy' will have special artificial muscles and tendons, and is designed as a companion and helper for sick and elderly patients. A team at the University of Zurich’s Artificial Intelligence Lab, headed by professor Rolf Pfeifer, has enlisted up 15 project partners and more than 40 engineers in the creation of what they hope will be the most advanced humanoid robot ever built. Pfeifer said that the team hope Roboy will be a model for 'service robots' that work alongside humans." Continue reading →

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Better Than Human

"Imagine that 7 out of 10 working Americans got fired tomorrow. What would they all do? It’s hard to believe you’d have an economy at all if you gave pink slips to more than half the labor force. But that—in slow motion—is what the industrial revolution did to the workforce of the early 19th century. Two hundred years ago, 70 percent of American workers lived on the farm. Today automation has eliminated all but 1 percent of their jobs, replacing them (and their work animals) with machines. But the displaced workers did not sit idle. Instead, automation created hundreds of millions of jobs in entirely new fields." Continue reading →

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The Fiscal Cliff’s Structural Endgame

"This Grand Bargain is coming apart as the promises made to everyone cannot possibly be met. Claims on welfare and disability programs are skyrocketing at the same time that the demographics of an aging populace are causing 10,000 people a day to enter Social Security and Medicare, the two costliest government programs. Meanwhile, the upper middle class that pays most of the taxes has been slammed with lower income and a devastating drop in their housing-based net worth." Continue reading →

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Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795

"The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses. The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December--up from 8,805,353 in November. The overall number of Social Security program beneficiaries also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December." Continue reading →

Continue ReadingSocial Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795

U.S. drone strikes intensify in Yemen

"Yemen saw a drastic increase in the clandestine attacks, with strikes against Al-Qaeda in the Arabian Peninsula (AQAP) militants rising from 18 in 2011 to 53 in 2012. This 'drone war' is officially classified, and the US does not provide any information on the strikes. President Barack Obama only incidentally recognized their existence at the end of January in an online exchange. In Yemen, between 397 and 539 militants were killed by drone strikes, according to the New America Foundation, which did not specify the number of civilian victims. The drones used there are operated both by the CIA and by the Joint Special Operations Command." Continue reading →

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Bahrain, a Brutal U.S. Ally

"The United States speaks about supporting human rights and democracy, but while the Saudis send troops to aid the Khalifa government, America is sending arms. The United States is doing itself a huge disservice by displaying such an obvious double standard toward human rights violations in the Middle East. Washington condemns the violence of the Syrian government but turns a blind eye to blatant human rights abuses committed by its ally Bahrain. This double standard is costing America its credibility across the region; and the message being understood is that if you are an ally of America, then you can get away with abusing human rights." Continue reading →

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