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Bundesbank corrects textbook mistakes on money creation, rejects 100%-money

In the April-edition of their monthly report, the Bundesbank has belatedly joined the Bank of England in explicitly stating that the treatment of banks and money creation in most textbooks is wrong: banks are not intermediaries; they create money ex-nihilo. This helps the Bundesbank to reject criticism that central banks are currently “printing” too much money. At the same time, the Bundesbank rejects the proposal of 100%-money, i.e. bank deposits fully backed by central bank money.

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Will California’s minimum wage put “non-elite restaurants“ out of business, as “Harvard-Shock-Study” suggests?

Recently, California’s legislature decided that by 2022 the state’s minimum wage will rise to $15 from currently $10. A number of cities, including San Francisco, have already started hiking their own minimum wage. Thus, a Harvard-linked study of the effects of these regional minimum wage hikes on restaurant closures met with great media interest in California and beyond. The popular anarcho-finance website Zero Hedge titled “Harvard Shock Study”. Breitbart found its own anti-elite twist with the headline “Harvard Research: Minimum Wage Hikes Put Non-Elite Restaurants Out of Business”. We take a closer look at the findings of the study.

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The EU-Commission wants to know your opinion on cash restrictions. Do let them know!

As an esteemed member of the European public, you might be unaware that the EU-Commission is keen on knowing your opinion on possible restrictions on cash payments. Now you know. You should certainly let the EU know about your opinion, so they don't make their decision based only on the input of those who make money on digital payments or want your data. You can answer the questionnaire in English or any other official EU-language. There is an opportunity to upload a document, in which you lay out your position on cash restrictions.

Indian ministers and CEOs flock to the US to report to the digital colonizers

To “prepare the next generation of world leaders”, the Massachusetts Institute of Technology (MIT) will hold its 2017 MIT India Conference, this time  on “Digital India”. Members of the Indian government and CEOs are travelling to Cambridge to report on the “success” of the US inspired crackdown on the use of cash. As usual, the plight of the cash-using poor and the data-security and privacy nightmare resulting from mandatory biometric identification are unlikely to be discussed.

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How India became Bill Gates' guinea pig: A conspiracy as recounted by the main actors

Microsoft’s Bill Gates is one of the richest and most influential people on earth. He announced in 2015 that his Bill & Melinda Gates Foundation was aiming at achieving full digitalization of the payment systems of India and other populous developing countries by 2018. This “financial inclusion” program for India dates back to well before Narendra Modi came to power. It was elevated to official US policy by Executive Order in 2012, because the President saw vital US security interests are at stake.

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A $500 bn pot of gold: How Boston Consulting and Google pushed Modi to end the era of cash

Boston Consulting Group (BCG), the omnipresent US-consulting company, and Google, the global data miner, issued a joint report in July 2016 on the “$500 bn Pot of Gold”, which is the Indian digital payment market. Even though the authors deny it, the report gives much reason to suspect that the authors knew that something radical was imminent from the Indian government. The report is remarkably honest about the aims of the whole exercise.

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The Group of Thirty might finally end its scandalous existence

The European Ombudswoman has announced that she will investigate the membership of the President of the European Central Bank (ECB), Mario Draghi, in the Group of Thirty. this is a shadowy forum of the most senior executives from large commercial banks and the most important central banks.The Group of Thirty meets behind closed doors without the press and without minutes taken. Some of the institutions are being supervised by the ECB. This group could come to an end, in its current form, if the EU-Ombudswoman finds fault with Draghi’s membership.

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