Moving from Gold-Redeemable to Irredeemable Currency

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by: Keith Weiner When we saw the following comment from a prominent otherwise-free-marketer, we knew it was time to write this article. “…the value of the Fed’s “liabilities”(which are so in name only) [scare quotes and parenthetic comment in original] bears only a very loose connection to the value of its assets.” This statement seems … Read more

Banks Are Literally Begging Americans To Take Out Loans And Max Out Credit Cards — DO THE OPPOSITE. Pay off your debts, and start using CASH for everything.

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Last month when looking at the latest bank balance sheets, we showed that something was “terminally broken” in the US financial system: specifically, we showed that a “stunning divergence” had emerged between the total deposits at big banks which had just hit a record high courtesy of the Fed’s QE (as the fungible reserves injected by … Read more

“Made in China” Products Suffer Logistics Problems

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Chinese home appliance company Hisense has big plans to sell more goods overseas, but it said global shipping congestion has multiplied costs and caused delays. It’s not been easy, generally, for Chinese multinationals. Out of about 3,400 Chinese companies that operate internationally, only about 200 make more than $1 billion in sales overseas, said James … Read more

Twitter enlists Associated Press for fact-checking help despite record of journalistic flubs

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Twitter this week announced the rollout of a new fact-checking initiative that will rely in part on a major news organization that regularly published reports on the now-debunked Trump-Russia collusion theory and other disproven attacks on the Trump administration. The social media company said in an announcement on Monday that it had enlisted both The … Read more

New Infrastructure Bill Looks to Raise $30B Through Crypto Taxes

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A bipartisan infrastructure bill in Congress proposes to raise $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. According to a draft copy of the bill shared with CoinDesk, any broker that transfers any digital assets would need to file a return under a modified information reporting regime. … Read more

ADP Report: Private Sector Added 330k Jobs in July – Far Short of 653k Estimate

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The 330,000 new positions is sharp deceleration from the 680,000 added in June and the lowest total since February. Leisure and hospitality led gains with 139,000 during a month in which goods-producing industries contributed just 12,000 jobs. Job creation at private companies tumbled in July as fears mounted over the spreading coronavirus delta variant, payroll … Read more

Frontier suspends crew for duct taping belligerently drunk passenger to his seat as they landed in Miami.

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That moment when you start to sober up and realized you’re taped to a seat tens of thousands of feet in the air. https://twitter.com/SweeneyABC/status/1422537706173775875 Within hours of the largest flight attendant union demanding support for the suspended crew, Frontier is out with a new statement. Frontier says their first statement was rushed, but still will … Read more