Economic illiteracy is nearly everywhere you look and that article is a prime example. Bruno Moschetto suggests France is not bankrupt because the state is not indebted in a foreign currency.
Actually, France does have its debts in a foreign currency, euros. Note that France cannot print euros at will to pay its debts (the very essence of a foreign currency).
Will Cyprus go the South American way? (Nervous Nelly)
In her first act, Zelia, as she was known, went on national television to tell the country that all bank accounts were being frozen and that no-one could access more than 50,000 new cruzados in the currency of the time (a sum then worth about $1,250).
But while precious metals have been subject to price manipulation by the legacy establishment, even if ultimately the actual physical currency equivalent asset, its "value" naively expressed in some paper currency, may be in the possession of the beholder, to date no price suppression or regulation schemes of virtual currencies existed.
Shopping on the poverty line – what can you eat? (westcoastjan)
I remember I was in the Wall Street area. You see a lot of people with suits and ties, nice sunglasses, nice iPods. But on the street, you also see beggars. You see people sleeping on the trains, you know, in the wee hours in the morning because that is the only way you can sleep.
When I was in Calcutta, I remember that as we were driving from the airport to the city itself, the left lane on the roads were actually full of homeless people sleeping.
Indonesia's wage wars (westcoastjan)
Said Iqbal, the head of Indonesia's confederation of trade unions and the man behind many of the protests, has become a hero of sorts for Indonesia's workers.
Labelled aggressive and uncompromising by industry bosses, he has helped to secure a 40% jump in the minimum wage in some parts of Indonesia – mainly through a combination of organising massive protests and threatening to shut down factories.
What You Think Is True Might Be False and Costly! (GE Christenson)
Cyprus Bank Accounts – Depositors believed their accounts were insured up to 100,000 Euros. According to the news, they are insured unless the EU, the IMF, Cypriot Bankers, the Parliament, or whoever chooses to “tax” (steal, appropriate, bail-in, confiscate) perhaps 10% of those accounts. Ouch! A 10% (maybe nothing, maybe 15% – still negotiating) theft of “insured” assets and pension funds is being discussed now. Could a 10% or 20% confiscation occur when the next crisis strikes? (This is not the first theft of deposits or pension assets – there have been other examples throughout history.) If you have money in Spanish or Italian banks, you might want to reconsider its safety.
Andy and Michael discuss Cyprus and what it may means to individual property rights, the euro project and the future nature of money.
They then discuss a few of the ideas and concepts that will be the focus of some lectures at the Austrian Economics Research Conference 2013. McKay considers whether hyperinflation can happen and the current global fiat currency architecture.
One reason for the opposing trends that renewable energy and fossil fuels are experiencing can be found within the basic fundamentals of the energy sources:
The renewable energy industry relies on mass manufacturing and ever more efficient technologies to harvest energy from limitless natural resources; this leads to constantly cheaper prices of electricity.
“Feebates,” rebates to purchasers of high-fuel-economy (i.e., miles per gallon [mpg]) vehicles balanced by a tax on low-mpg vehicles is a complementary policy that would assist manufacturers in selling the more-efficient vehicles produced to meet fuel economy standards.
Improving the efficiency of conventional vehicles is, up to a point, the most economical and easiest-to-implement approach to saving fuel and lowering emissions, the report says. This approach includes reducing work the engine must perform — reducing vehicle weight, aerodynamic resistance, rolling resistance, and accessories — plus improving the efficiency of the internal combustion engine powertrain.
Gold & Silver
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