The Olympics
Jul27

The Olympics

Few if any cities or countries have been better off after they hosted the Olympic Games.  The people of Boston have figured that out and told the Olympic Committee no thanks. The city of Boston is ending its bid for the 2024 Olympic Games, conceding to residents who’ve vocally protested the idea for months. Poll numbers have shown that a majority of people in the region were opposed to hosting the Games, which have become...

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With Infrastructure, Government Failure Buoys The Private Sector
Jul27

With Infrastructure, Government Failure Buoys The Private Sector

The United States is home to many contradictions, but none are as perplexing as what our great country can and cannot afford. We are told, for example, that our economy cannot afford a living wage, even as Congress continues to favor the rich with tax breaks and loopholes. But wages are far from the only casualty of our government’s spectacularly poor stewardship of public funds. In fact, most of us witness some of the most egregious...

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A Return To An Economy Of Artisans And Farmers?
Jul24

A Return To An Economy Of Artisans And Farmers?

There is a very long but very worthwhile read in the Atlantic, A World Without Work.  Although outsourcing is given much of the blame for the decline of manufacturing jobs in the United States it”s probably industrial robots that are more responsible.  In some cases the are simply more efficient and in other cases, like the circuit boards in the device you are reading this post on, would be impossible for human workers to...

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The Euro
Jul17

The Euro

The Euro was never an economic instrument but a political one.  It never made any sense economically, a point made by economists on both side of the aisle at the time.  The British wisely made the decision to not join it.  The IMF basically said the Euro as it is configured is not working.  Matt O’Brien says that The euro is a disaster even for the countries that do everything right. The euro might be worse for you than...

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Driverless Cars Will Send U.S. Cities Scrambling for Revenue
Jul15

Driverless Cars Will Send U.S. Cities Scrambling for Revenue

Before we know it, self-driving cars will be everywhere. Once the stuff of science fiction, we’ll soon be seeing people asleep at the wheel. Or maybe there won’t be a wheel at all, and we’ll be free to climb into the back seat to sneak in some more sleep on the way to work. Or finish reading the paper. Or just take in the scenery, for once. While Google used to be the only name in town when it came to autonomous cars, it seems every...

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Congo looks to insect farming in fight against hunger
Jul15

Congo looks to insect farming in fight against hunger

By Aaron Ross KINSHASA (Reuters) – There is no shortage of protein in Kinshasa’s Gambela Market, from cows to antelope and snakes. But it is the blue and silver bowls brimming with twitching crickets, termites and slithering mealworms that do the briskest trade. Experts hope that the love of edible insects in Democratic Republic of Congo may hold the key to tackling widespread hunger among its roughly 65 million people by...

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Hillary Clinton Tries To Sound Like Sanders & O’Malley While Avoiding Specifics
Jul14

Hillary Clinton Tries To Sound Like Sanders & O’Malley While Avoiding Specifics

Hillary Clinton’s big economic speech has mostly been greeted with yawns. Previously the conventional wisdom was that Hillary Clinton was one of Wall Street’s favorite candidates, and her speech has not changed this. She did include a number of points which sounded good, but lacked any specifics to make a convincing case that she would really bring about any changes. Politico summed up the reaction in an article entitled Clinton...

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Greece pays dearly while Germany rises as hegemon
Jul13

Greece pays dearly while Germany rises as hegemon

Germany has emerged as the economic hegemon of Europe as 19 Eurozone partners that use the euro currency acquiesced to its demands and imposed an unconditional surrender upon Greece, the zone’s weakest and nearly bankrupt member. Very active diplomacy personally by President Barack Obama and Treasury Secretary Jack Lew failed to prevent Germany’s Angela Merkel from imposing her will. She had good reasons to do so because previous...

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Greeks defy Europe with overwhelming referendum “No”
Jul05

Greeks defy Europe with overwhelming referendum “No”

By Lefteris Papadimas and Renee Maltezou ATHENS (Reuters) – Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country’s euro zone membership into further doubt and deepening a standoff with lenders. As the euro slid more than 1 percent against the dollar and European stock and bond markets were poised to take a sharp hit with the resumption of trade on...

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Does Argentina Show Greece There May Be Life After Default?
Jul05

Does Argentina Show Greece There May Be Life After Default?

As Greeks go to the polls today to vote in a referendum that could have huge consequences for their country and for all of Europe, Martin Guzman, writing in The Huffington Post’s World Post, argues that there can be life after default — and points to Argentina. Here are a few big chunks of it (edited down): When, five years ago, Greece’s crisis began, Europe extended a helping hand. But it was far different from the...

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Greek catastrophe and Euro creditor’s rage (Grexit, Part 1/2)
Jul03

Greek catastrophe and Euro creditor’s rage (Grexit, Part 1/2)

Greece is on the edge of economic and social catastrophe which all the kings men may not be able to put together again for decades. Experts and historians will strive for years to apportion blame for the unfolding human tragedy in the cradle of European civilization. It is happening despite Europe’s longest ever era of peace, prosperity and broad-based social uplift. All financial spigots for Greece have been firmly turned off. The...

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Grexit and the stakes for Europe (Grexit, Part 2/2)
Jul03

Grexit and the stakes for Europe (Grexit, Part 2/2)

A Grexit would strike at the heart of public perceptions about Europe’s most inspiring project to finally end wars and build peace through voluntary cooperation among peoples long divided by blood-soaked mistrust. That project was the 28-nation European Union bolstered later by a 19-member Euro currency zone. It is a monument to the political will of peoples to erase enmities that caused the death of at least 70 million in Europe’s...

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Greece: with referendum looming ‘Yes’ vote ahead, opinion poll suggests
Jul03

Greece: with referendum looming ‘Yes’ vote ahead, opinion poll suggests

Just days before Sunday’s (July 5) referendum in Greece, a new opinion poll suggest the ‘Yes’ camp has pulled 1.4 percent ahead in what has been a close-run race. A previous poll put the ‘No’ vote in the lead. In a referendum which could determine the country’s future in Europe, Greeks will be asked to...

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Greece In Arrears
Jul01

Greece In Arrears

The International Monetary Fund confirmed Tuesday that Greece missed its scheduled $1.5 billion debt repayment, becoming the first advanced economy to default in the IMF’s seven-decade history. In a statement, the IMF also confirmed that it had received a further bailout request from the Greeks, “which will go to the Executive Board in due course.”...

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Greece in shock as banks closed after snap referendum call
Jun29

Greece in shock as banks closed after snap referendum call

By Karolina Tagaris and Michele Kambas ATHENS (Reuters) – Stunned Greeks faced shuttered banks, long supermarkets lines and overwhelming uncertainty on Monday as a breakdown in talks between Athens and its international creditors plunged the country deep into crisis. With Greece’s bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded by phone with European...

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The Trouble With Fiat Currency
Jun25

The Trouble With Fiat Currency

“I’ll gladly pay you Tuesday for a hamburger today” ~ J. Wellington Wimpy The problem with fiat currency is it has no intrinsic value.  We have a world economy based of fiat currency and it’s catching up with us.  James Howard Kunstler explains that the catch up is being played out in Europe now but the rest of the world will not be far behind. Nobody knows what will happen next in the struggle to wring some...

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True Blue Americans See Red Over Displays Of Rebel Flag
Jun22

True Blue Americans See Red Over Displays Of Rebel Flag

Support For The Stars And Bars Flagging, Except in: Georgia, Mississippi, Arkansas, Florida, Alabama The View From The U.S. Virgin Islands By JOHN McCARTHY TMV Columnist One of the things to come out of the debate over what is wrong with South Carolina after nine African-American citizens were massacred Wednesday in an historically black church is the symbolism of the Confederate flag flying in public places in the American South. It...

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Here’s Why Repealing Obamacare Would be a Financial Disaster
Jun21

Here’s Why Repealing Obamacare Would be a Financial Disaster

This past Friday, the Congressional Budget Office (CBO) and the Joint Committee on Taxation reviewed the main provisions of President Barack Obama’s healthcare plan, formally known as the Patient Proection and Affordable Care Act (ACA). The CBO found repealing the ACA would increase the federal deficit by at least $137 billion, while leaving 19 millions of… graphic via...

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Sanders Surge Surprises Clinton In South Carolina
Jun18

Sanders Surge Surprises Clinton In South Carolina

While it is encouraging to see Bernie Sanders do better than expected in his neighbor state of New Hampshire, for his campaign to have any real chance he will have to also obtain support in other states. Backing from organized labor could help Sanders compete with Clinton nation-wide. Today Politico reports Bernie Sanders surge forms backdrop for Hillary Clinton S.C. visit This humid Southern city just a few miles from the Atlantic...

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Sanders Doing Well In Second New Hampshire Poll; Sanders & O’Malley Criticize Clinton on Trade
Jun17

Sanders Doing Well In Second New Hampshire Poll; Sanders & O’Malley Criticize Clinton on Trade

A second poll out of New Hampshire shows Bernie Sanders gaining on Hillary Clinton. Previously I reported on a poll from Morning Consult which showed 44 percent choosing Clinton and 32 percent supporting Sanders. A new Suffolk University poll shows Clinton at 41 percent and Sanders at 31 percent. Sanders has also been receiving larger than expected crowds to hear him speak. Several pundits have compared Bernie Sanders to Eugene...

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