Category Archives: Business & Economy

“The Crisis Has Become Pandemic” – System To Collect Defaulted Student Loans Is No Longer Functioning

The system used by the Dept. of Education to collect on defaulted student loans came to a standstill in the last month, leaving an estimated 91,000 accounts in limbo, when the agency ordered debt collectors under contract to stop making collections on accounts. Consumers who expected their student loan payments to be deducted from their bank accounts this month have reportedly found the funds untouched, and their calls to the companies unanswered thanks to a Department of Education’s order prohibiting the debt collection companies from working on default accounts in response to two lawsuits against the agency.

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Federal Shortfall Equals $670K Per Household

Newly published data from the U.S. Treasury shows that the federal government has amassed $84.3 trillion in debts, liabilities, and unfunded Social Security and Medicare obligations. This amounts to $670,000 for every household in the U.S., a fiscal burden that equals 93% of the nation’s private wealth, including the combined value of every American’s assets in real estate, corporate stocks, small businesses, bonds, savings accounts, cash, and personal goods like automobiles and furniture.

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Fear Not the Robots – Jobs Aren’t Scarce

Economics begins with the proposition that people, individually and collectively, are not able to command sufficient productive resources to satisfy unlimited consumption desires. In economics, this is called the “scarcity proposition.” The flip-side of the scarcity proposition, one that economists and others usually ignore, is that limitless consumption desires, relative to productive resources, means the number of tasks for people to do is also limitless. This means, jobs aren’t scarce! And, the introduction of robots simply increases the size of the community’s economic pie.

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Auto Bubble Burst Begins As Subprime Delinquencies Soar To 2009 Levels

Record auto sales have been propped up by low interest rates, a perpetual loosening of auto lending standards with terms being stretched to the max and a wave of leases, all of which have allowed the American consumer to trade up to more expensive vehicles while maintaining low monthly payments. With rates recently on the rise and a flood of lease returns driving down used cars prices the tailwinds that have been propelling auto sales to record highs over the past several months look set to change course.

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States are Moving to Abolish Federal Fiat Currency

Spearheaded by legislative efforts in Utah, Texas, and Oklahoma, a substantial number of states have undertaken efforts to reinstitute gold and silver as money. Numerous states are increasingly concerned about the nation’s Fed-based fiat monetary system, which debases the dollar, enables protracted, yawning deficit spending and trade deficits, and runs up huge, unpayable debts. With Utah, Texas, and Oklahoma blazing a trail back to constitutional money, states such as Louisiana, Arizona, South Carolina, and Kansas have been inspired to once again make gold and silver legal tender with which to conduct commerce in their jurisdictions.

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