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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IMF tells governments how to subvert public resistance against elimination of cash
The International Monetary Fund (IMF) in Washington has published a Working Paper on “de-cashing”. It gives advice to governments who want to abolish cash against the will of their citizenry. Move slowly, starting with seemingly harmless measures, is part of that advice.
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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.
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Modi, Yunus and the financial inclusion mafia
The war on cash that is currently being waged in India and other developing countries is the culmination of a “financial inclusion”-campaign originating in the US in the 1990s. The purported goal and the US institutions pushing the agenda are the same as in two earlier financial-inclusion-drives, which have been thoroughly discredited: the subprime mortgage banking frenzy in the US and the microcredit-hype around Muhammad Yunus and his Grameen Bank.
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Indian ministers and CEOs flock to the US to report to the digital colonizers
5. 03. 2017 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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