As some of you that have watched Money As Debt and Zeitgeist already know, what we use as money is a scam in itself.
There's another scam you might not know about and that's the political decision to end interest free lending to the government and the public sector:
>In 1974 the Bank for International Settlements (the bank of central bankers) formed the Basel Committee to ostensibly establish global monetary and financial stability... The Basel Committeeโs solution to the โstagflationโ problem of that time was to encourage governments to borrow from private banks, that charged interest, and end the practice of borrowing interest-free from their own publicly owned banks. Their argument was that publicly owned banks inflate the money supply and prices, whereas chartered banks supposedly only recycle pre-existing money. What they purposefully suppressed was that private banks create the money they lend just as public banks do.
Of course, what happened after this dubious reform was that public debt has been going up all over the world regardless of any overspending.
This is because the government and public sector are being treated like a private entity that has to grow and make "profit" to be able to pay off the permanent debt owed to commercial banks.
This is the same phenomenon that is forcing the gradual liquidation and privatization of public services as pushing the world to continually liquidate assets for lack of purchasing power is precisely what banks are doing in practise.
Interestingly, 1973 to 1974 is when mass unemployment started appearing all over Europe and that might simply be because of the missing interest problem in the sense that banks don't create the extra credit or money necessary to repay all the debt owed them.
This dishonest and reckless experiment was doomed to failure from the start because the private sector is already saddled by a permanent debt and there's only so much you can tax people to fund the public sector before people get really angry.
It's all a f***ing racket and people fell for it.
The Bold Economic Move Joe Biden Refuses to Make
Stymied by Congress, the president could make $1 trillion in student loans disappear all by himself.
>As Senator Elizabeth Warren sees it, President Joe Biden can solve a lot of problemsโfor millions of Americans financially, and for himself politicallyโwith a single move that neither Senator Joe Manchin nor any Republican in Congress could veto. The president, she says, should unilaterally wipe out up to $50,000 in student-loan debt for every federal borrower in the country.
>
>Warren has been beating this drum for just about two years, ever since she unveiled the proposal in a bid to outflank her rivalsโincluding Bidenโin the 2020 Democratic presidential primary.
[...]
> But the scale of what Warren and other progressives are proposing is something else entirely: Blanket, permanent loan forgiveness would alter the long-term finances of individual Americans more directly than any other single unilateral action by a president. The estimated $1.7 trillion in total outstanding student-loan debt is roughly the cost of the Build Back Better Act that Biden is trying to push through Congress. Canceling up to $50,000 per borrower would wipe away about $1 trillion of that debt.
[...]
>To Warren, the legal case is open-and-shut.
>
>โThere is no legal obstacle,โ she told me, arguing that Biden can use the same statutory authority for a mass forgiveness that he and other recent presidents have used to cancel debt for some subgroups of people. โDo you know how I know that the president can cancel student-loan debt? Because President Obama did it, President Trump did it, and President Biden has already done it.โ
[...]
> The progressives hoping to change Bidenโs mind on student debt now see May 1 as their deadline, too, believing that the best time to permanently forgive loans is before millions of people must begin paying them again. I asked Warren what she had heard from the president, and whether she believed her year-long push would ultimately succeed. She told me she wouldnโt discuss her private conversa
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๐gATERheads๐,
Spoke to the IR (Investor Relations) team this morning. Here is what I can report back to you all. They cannot disclose information that isn't provided in their public statements.
- They don't foresee any reason to do an ATM at the current levels. They believe their 37 million cash is plenty to get them through the next quarter.
They also said had seen the Seeking Alpha hit piece and were unsure where that author had pulled their estimated cash burn numbers for this quarter.
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As far as working capital needs: they seem to think they are fine at this current time. They have looked at APL line of credit but that would not be a share dilution event....just a line of credit for inventory needs. (Once again no share dilution)
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Can't share forecasts on DealMojo or growth. The goal of DealMojo is said to be aiming for a long term partnership with them for increasing revenues, which they hope will bring further growth over time.
4.. No new SKUs being launched at the moment like said in the Earnings call. Depending on how the 2022 year goes, maybe they could launch new ones
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Supply chains are a key. The shipping issues of months ago have quite a lag time. This means improvements for during Q3 could take until end of Q4 and Q1 to improve numbers. Because the shipping (edited)
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Replacement of Inventory is all about timing. It depends on when you need things. They were an (Adjust or A just ? in Time ) model meaning they bought inventory when they needed the items. They got hit hard with the shipping because of that. Currently everyone had got hit hard so its across the board but things have been improving recently.
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Naked Shorts - The company hired a 3rd party to look at this. They are extremely aware that retail and shareholders are concerned about this. They are also shareholders themselves. They will not comment further but they are acutely aware of what is going on.
They are exploring all means to make sure that share holders (themselves included) are protected from this. That means exploring all possibilities just like other companies are looking into.
- Buying and Selling: Aterian Management has windows when they can buy and sell. Its all regulated. They can't just buy t
Need educational/professional advice about what to do with my future with Political Science background.
Hello everyone. I am a 23M and Iโve just recently finished a Masterโs degree in Public Policy/Political Science. I spent a good chunk of my first year and all of my second year doing it online because of COVID. I wonโt say where but I did my degree at a private university. Because this university was located in DC, I thought it was a good choice and make logical sense. However, I moved back home in 2020 once COVID kicked off, which is far from DC.
While I have no undergrad debt, my Masterโs degree has left me with about 90k in loan debt. Iโm nervous because payments are coming up, I wasnโt able to network and I still canโt find a job. I ask what my next steps should be. Iโm looking currently to work in law firms as a form of a legal assistant in my area. I currently still live at my motherโs house.
I know many people say with liberal arts degrees, your options are mostly either teacher or lawyer and Iโm fine with that. Iโm just debating whether or not I should go on to pursue a PhD (I donโt know in what though), and become a professor, or go on to law school and start a career in law (I wish I had done this instead sometimes). I am studying for the LSAT currently and I am also going to look for scholarships as well, if I decide to pursue more education. My dream was to be a Policy Analyst in the DMV area with my degree, but that seems to be slipping away by the day.
Iโm lost and depressed. I donโt know if I should go back to school on scholarships or what else I can really do. Iโm going to dispute some of the charges with my loan officer because it shouldโve only been around 70k. I scared for next year and I have a sinking feeling every day. I donโt know what the future will look like, or what my next move will be. I really could use some advice.
EDIT: Thank you, this sub and everyone has been really helpful! I appreciate all your comments and Iโll try my best to respond to everyone whoโs given me advice. I apologize if I miss you! But thank you everyone!
During the GFC (subprime, etc.) the high debt burdens were carried out by the private sector. This time debt is raised by the governments. Central-banks (FED one of the front runners) are buying bonds and keep yields low. This at a much faster rate than GDP growth! Higher rates on current debt burden will lead to a hugh draw down on growth.
Now, my penny question: How much further can this policy proceed before investors loose faith in the greenback?
As the world reserve currency I do believe we are still not there, butโฆ. What are the triggers? Thx for constructive feedback.
China's economy has been a shellgame for decades, never admitting or even producing a shred of credible financial data. Stupid western investors and the greedy corporations who want to make quick insane returns have been feeding into it. China has leveraged their economy multiple times, buying up their toxic assets to keep it afloat and it has only gotten worse with the risk taking. Xi has been cracking down on the worst lately, but it's not enough. Evergrande is just the tip of the iceberg of companies sucking more money from foreign investors and the central bank and leveraging the returns for more investment capital. Aka, if you get enough money, big idiot companies are willing to loan you more because surely, all that debt means you can pay it off, right?
Well, 3 more companies have just joined Evergrande in not meeting their bond payments. Default! clapclap Default! clapclap Default! https://archive.ph/YdzeF They are smaller in scale, but are ripples from Evergrande. This is not going to get better and can't be mitigated. It's too big.
Adding to what we already knew and this latest domino, however, is the fat dumb giant kid who is about to upend the entire table. Local governments have borrowed $8 trillion dollars and aren't paying it back. https://archive.ph/1GH95 By comparison, China's local governments hold $8.2 trillion in debt with a total economy production value (GDP) of $14 trillion, to the U.S.'s local government debt of $2 trillion with a total production value of $20 trillion. Considering China rarely pay their bills...this is going to really fucking hurt.
No wonder governments around the world are leveling off their Corona madness and trying to get their economies going from a cold start. Good luck!
$385bn of China's Belt and Road lending kept undisclosed: report
Beijing's loans to Pakistan cost 3.76% interest, while Western peers offer 1.1%
ADNAN AAMIR, Contributing writer
September 29, 2021 14:16 JSTUpdated on September 29, 2021 20:22 JST
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A staggering $385 billion of Chinese debt to other countries has been hidden from the World Bank and IMF thanks to the way the loans are structured, U.S.-based AidData said on Wednesday in its latest version of the Global Chinese Official Finance Dataset. The report also alleges that a major portion of Chinese development financing in Pakistan is composed of expensive loans.
The AidData report claims Beijing has made its overseas development finance nontransparent. It says that China systematically underreports its debt to the World Bank's Debtor Reporting System by lending money to private companies in lower middle income countries by using special purpose vehicles (SPVs), rather than to state institutions.
This makes it difficult for debtors and multilateral lenders to assess the costs and benefits of participating in the Belt and Road Initiative. It also heightens the possibility of debtors falling into debt traps with only one way to climb out: by selling geopolitically important assets to China.
The report further says that due to debt spending by China under the banner of the Belt and Road Initiative, 42 countries now have levels of public debt exposure to China in excess of 10% of GDP. For instance, the China Exim Bank-financed China-Laos railway project, valued at $5.9 billion -- equivalent to roughly one-third of Laos' GDP -- is funded exclusively with hidden debt.
Bradley C. Parks, executive director of AidData at the College of William and Mary, said the World Bank and the IMF are already aware of this problem. He told Nikkei Asia that this new report has quantified the scale of the problem.
"We estimate that an average government is underreporting its actual and potential repayment obligations to China by an amount that is equivalent to 5.8% of its GDP, based on individual underreporting estimates for 165 countries," said Parks, who is also one of the co-authors of the report.
The report also makes some interesting revelat
... keep reading on reddit โกBackstory: My mom is disabled. Growing up, we were on Section 8 housing. Until I went away to college in 2006, I helped take care of everything, filling out renewal forms and stuff. Once I was away at college, I taught my brother what to do and passed it on to him. Well, he fucked up and my mom was told in 2011 that she somehow owed Section 8 $1300. She and my brother had to move in with my grandparents and, while there, she paid off the $1300 sometime around 2013-14. I remember this distinctly because I was living in Japan at the time and she was so proud of it, she showed me the paid in full letter over Skype.
I came back from Japan in 2018. I've let my mom live with me since to help her build up a new savings and not have my brother constantly mooching off of her. Now that she's in a more stable place, I've helped her reapply to Section 8 so that she can get a place of her own again.
Cue crisis. We got notified that she was declined because she still owes the $1300, but that she could appeal the decision if she could pay it now or prove that it's already been paid off. We've looked everywhere for that letter, but it's nearly a decade old. Her online bank statements only go back to 2016 so, as of yet, we haven't been able to find any shred of evidence that she paid or made payments on it.
How do we prove payment on such an old debt?
EDIT: u/Unemployed_Dummie's advice was the key! They're showing she's all paid off now. Thank you!
