Economic Glance
Most people think that banks lend solely from their base of deposits. Some also know that with fractional reserve banking, they can loan out many times more than they actually have in reserves.
Germany's central bank has admitted in writing that banks create credit out of thin air.
Workers' share of health care costs spiked 70% in 10 years, study finds
While Congress argues over how to extend health insurance to the growing number of people without it, most Maine businesses and workers struggle with a different problem: how to afford the insurance they have.
Excellus board voted itself a 37 percent pay raise
The raises for the 17 outside directors came at the same time the nonprofit insurer lost money on its operations and cut the pay of its top executives.
The same year, Excellus increased health insurance rates on average 8 percent. For 2010, the insurer raised its rates an average of 8.8 percent. Both years, some customers saw substantially higher rate increases.
The Federal Reserve: The Greatest Scam in History
When the bill for the Federal Reserve was being considered, some brave politicians spoke out against its creation calling it “the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed” and Congressman Victor Murdock said, “I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil – the concentrated control of credit.”
Social Security to start cashing Uncle Sam's IOUs
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits - billions more each year. Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes - nearly $29 billion more.
Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs - in the form of Treasury bonds - which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.
Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.
Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy
Joseph Stiglitz - former head economist at the International Monetary Fund (IMF) and a nobel-prize winner - said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is "corrupt" and undermines democracy.
Stiglitz stressed that the Fed banks have clear conflicts of interest, since the banks are largely governed by a board of directors that includes officers of the very banks they're supposed to be overseeing:
GM India to Hire 1,000 Staff in 2010
The company will hire 150 to 200 engineers at its powertrain center in the technology hub of Bangalore, P. Balendran, vice president at General Motors India Pvt. Ltd., told a news conference to launch an automatic transmission version of the Chevrolet Cruze sedan.
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