HSBC Global Head Of FX Cash Trading Arrested At JFK Airport ~ ZeroHedge


Tyler Durden's picture

 

A historic event took place moments ago when Mark Johnson, the global head of cash FX at HSBC was arrested at JFK airport for his role in a “conspiracy to rig currency benchmarks”, and specifically for frontrunning customer orders. He is the first person charged by the US in the ongoing FX rigging probe.

As Bloomberg reports, a “senior manager at HSBC Holdings Plc was arrested in New York for his role in a conspiracy to rig currency benchmarks, according to two people familiar with the matter, becoming the first person to be charged in the Justice Department’s three-year investigation into foreign-exchange rigging at global banks.”

The DOJ adds that Mark Johnson, 50, a U.K. citizen and U.K. and U.S. resident, and Stuart Scott, 43, a U.K. citizen and resident, were charged by complaint with conspiracy to commit wire fraud.  Johnson was arrested last night at JFK International Airport in Queens, New York, and will be arraigned later today before U.S. Magistrate Judge Lois Bloom of the Eastern District of New York

From Johnson’s bio:

Johnson is global head of foreign exchange cash trading at HSBC, based in London. Prior to joining HSBC in 2010, he was founding managing partner and chief investment officer at Johnson Stewart Partners. Before that, he was global head of trading at Deutsche Bank.

More details:

Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, was taken into custody at John F. Kennedy International Airport Tuesday and is scheduled to appear before a judge in federal court in Brooklyn Wednesday morning, said the people, who asked not to be named because the case hasn’t been made public. He’s charged with conspiracy to commit wire fraud, the people said.

 

According to Bloomberg, Johnson’s arrest comes more than a year after five global banks pleaded guilty to charges related to the rigging of currency benchmarks. HSBC, which wasn’t part of those criminal cases, in November 2014 agreed to pay $618 million in penalties to U.S. and British regulators to resolve currency manipulation allegations. HSBC, which still faces investigations by the Justice Department and other authorities for the conduct, has set aside $1.3 billion for possible settlements, according to an August filing.

 

Rob Sherman, an HSBC spokesman, and Peter Carr, a Justice Department spokesman, declined to comment.

From the DOJ complaint:

“As alleged, the defendants placed personal and company profits ahead of their duties of trust and confidentiality owed to their client, and in doing so, defrauded their client of millions of dollars,” stated United States Attorney Capers.  “When questioned by their client about the higher price paid for their significant transaction, the defendants wove a web of lies designed to conceal the truth and divert attention away from their fraudulent trades.  The charges and arrest announced today reflect our steadfast commitment to hold accountable corporate executives and licensed professionals who use their positions to fraudulently enrich themselves.”

“The defendants allegedly betrayed their client’s confidence, and corruptly manipulated the foreign exchange market to benefit themselves and their bank,” said Assistant Attorney General Caldwell.  “This case demonstrates the Criminal Division’s commitment to hold corporate executives, including at the world’s largest and most sophisticated institutions, responsible for their crimes.”

The full details, as revealed in the DOJ complaint, allege that in November and December 2011, Johnson and Scott misused information provided to them by a client that hired HSBC to execute a foreign exchange transaction related to a planned sale of one of the client’s foreign subsidiaries.

HSBC was selected to execute the foreign exchange transaction – which was going to require converting approximately $3.5 billion in sales proceeds into British Pound Sterling – in October 2011.

HSBC’s agreement with the client required the bank to keep the details of the client’s planned transaction confidential.  Instead, Johnson and Scott allegedly misused confidential information they received about the client’s transaction.

On multiple occasions, Johnson and Scott allegedly purchased Pound Sterling for HSBC’s “proprietary” accounts, which they held until the client’s planned transaction was executed.  The complaint alleges that, as part of the scheme, both Johnson and Scott made misrepresentations to the client about the planned foreign exchange transaction that concealed the self-serving nature of their actions.

Specifically, the complaint alleges that Johnson and Scott caused the $3.5 billion foreign exchange transaction to be executed in a manner that was designed to spike the price of the Pound Sterling, to the benefit of HSBC and at the expense of their client.  In total, HSBC allegedly generated profits of roughly $8,000,000 from its execution of the FX Transaction for the Victim Company, including profits generated from the front running conduct by Johnson, Scott, and other traders whom they directed.

* * *

Also on Tuesday, the U.S. Federal Reserve banned former UBS Group AG trader Matthew Gardiner from the banking industry for life for his role rigging currency benchmarks.  Gardiner used electronic chat rooms, with names including The Cartel and The Mafia, to facilitate the rigging of foreign-exchange benchmarks and to disclose confidential customer information to traders at other banks, the Fed said in astatement Tuesday. That matter is separate from the one involving Johnson, the people said.

Recall that DOJ unwillingness to prosecute HSBC was the ultimate catalyst that prompted former AG Eric Holder to admit that some banks are “too big to prosecute.” Perhaps with this arrest things are slowly starting to change.

Now, if frontrunning clients is officially an arrest-worthy offense, we can’t wait for the DOJ to unleash a crackdown on criminal HFT algos whose only purpose in “life” is to do just that.

http://www.zerohedge.com/news/2016-07-20/hsbc-global-head-fx-cash-trading-arrested-jfk-airport

Abundance is Coming | Russian Scientists Announce Historic Discovery Rendering the Entire System Obsolete


(Stillness in the Storm Editor) Our world is plagued by scarcity and the trappings of dependency on systems that provide material resources. The powers that should not be have reduced humanity to dependents on the state and use corporations to provide all our Earthly needs. But with the advent of advanced technology and clean energies, resource independence is not only possible but an inevitability.

According to the following article, Russian scientists have discovered a method of transmutation that allows any element or substance to be transformed into another. In times of old, this was called Alchemy, yet in modern times, due to popularize science fiction like Star Trek, we call this replication or 3D printing.

3D printers are an emerging technology that empowers cottage industry innovators to liberate themselves, and their patrons, from dependency on parasitic corporations. The potential of personal manufacturing to change our materially based world is amazing. Consider that the vast majority of humanity slaves away in underpaying jobs, because in order to procure items needed for modern life, we need to earn-a-living. But if goods can be produced locally, the cost of production would drop considerably, and if materials can also be produced via the transmutation process cited by the Russian scientists, then this provides a cheap and almost limitless supply for the masses.

Related Abundance is Inevitable–The Paradox of Consumption is Over | Radical new economic system will emerge from collapse of capitalism

To be sure our world has been on the edge of this shift for decades while nefarious powers, acting from behind the scenes, do everything they can to hold back the rising tide of innovation. But in this age of information, when the secrets of antiquity are accessible via a few keystrokes on a computer, the times of material dependence and financial enslavement are coming to an end.

One day future generations will look back at these times and wonder how over 7,000,000,000 people allowed themselves to be so disempowered by relying on a handful of elite companies to provide for everyone’s material needs.

– Justin

SourceGeopolitics

by Eclink Learning

In another challenge to the Khazarian Mafia’s Babylonian paper magick financial system and the entire pyramid of cartels, two Russian scientists revealed a groundbreaking scientific discovery that is expected to change every system built for the last millennia.

Chemical transmutation, specifically involving lead into gold, was first heard within the occult science known as alchemy. Then, it was that same occultism that continue to suppress using the “national security” all encompassing excuse against free energy activist John Bedini, who successfully transmuted copper into gold by using 5000 Celsius of heat, further explaining why countries above the Ring of Fire, like the Philippines, have so much natural gold deposit that’s been extracted by foreign mining firms decades ago.

To put it simply, there is more than one way to produce gold, naturally and artificially. And this very valuable element has more than one application, too, not just in the realm of electronics industry, but also within our physical well-being, and has been made part in man’s pursuit for longevity for thousands of years.
Related RV/Gold Bait and Switch? – Secular Value vs Absolute Value – Hidden History of Gold

So, why is the knowledge pertaining to all of the above are not available up to now?

In a word, capitalism.

The profit oriented capitalism, in conjunction with the monetary based economic system, has aborted humanity’s march towards space age progress. It has deterred us from achieving our full potential.

All technologies that have been discovered, and are deliberately suppressed by patent acquisition and shelving, can make the existing control paradigm obsolete overnight. Those who are addicted to these control systems need to be neutralized if we are to make it to the next level of our evolution that’s been delayed for more than 100 years.

Related Science Conspiracy: Suppressed Free Energy Science

This is exactly what the BRICS countries are trying to do.

For the last several years since its inception, the BRICS tried several methods and strategies to start this paradigm shifting change that is not only expected to affect their own population, but that of the entire planet.

In order to weaken the clout of the Rothschild banking dynasty that is protecting the status quo, both Russia and China started buying vast quantities of gold available in the open market. This didn’t cause a significant increase on the price of gold and silver right away because those prices were already under intense systematic rigging in the first place, in order to protect the “integrity” of the legal tender, global exchange currency, i.e. Federal Reserve’s US dollar.

Related Analysis of BRICS, Putin, the IMF, The Chinese Yuan and much more | The Fall Of America Signals The Rise Of The New World Order

However, the stable and low gold prices only fed the desire of Russia and China to buy even more gold bullion using their huge reserve US dollars, a gradual yet deliberate dollar dumping, further undermining the already weakened Western economies. This resulted to the massive resignations of banking CEOs in the early part of 2012. These massive banking resignations were punctuated in June of the same year by World Bank President Zoellick and a year later by Pope Benedict XVI, the Vatican being at the apex of Corporatocracy and the entire fiat banking system on the planet.

Since then, the BRICS established direct exchanges using sovereign asset-based currencies to sustain their own economies while requiring others, especially the West, to do the same in exchange for their oil and industrial products.

Now, the financing world is separated between the East’s asset denominated and the West fiat based economies.

As the Brexit referendum was looming, Rothschild’s henchman George Soros invested heavily on Asian gold mines and made at least $2 trillion revenue overnight. This gives the Rothschild banking dynasty more fuel to sustain their sinister plans for the West, i.e. technocratic dictatorship.

So, how would humanity defeat a cunning enemy which is agile enough to play from one financial market into another, in a wink?

Since waging war is not a feasible option considering the possibility of a nuclear MAD, or mutually assured destruction, the only option left would then be the total destruction of the financial system itself.

But how exactly should the BRICS do it?

Barely a few weeks ago, a conference was held in Geneva, Switzerland, purposely to announce the discovery of a method to transmute any element into another element in the periodic table, and beyond.

This discovery was made possible by two Russian theoretical and experimental scientists who were trying to figure out how to fuel a spacecraft using any element found in space. Now, that’s a good scientific excuse, indeed.

The transmutation process does not involve nuclear reaction and heavy water. The economic consequence of the industrial scale of such a process cannot be projected at this point, they say.

Vladislav Karabanov: “Today, here in Geneva, we are making public a discovery and a technology which without any exaggeration could be of historic significance.

The essence of this discovery and the technology boils down to the development of an industrial method for the transformation of chemical elements into other elements and their isotopes.

What we’ll have to show you today is the transmutation without nuclear reactors, without heavy water, or anything of the kind, to obtain a transmutation of elements. Our approach to transmutation of chemical elements is biochemical in nature.

It is still too early to fully grasp the economic and civilization significance of this technology. It would not be an exaggeration to say that this discovery is a veritable revolution that’s going to open a new chapter in our technological progress. Unlikely as it may sound, this is a fact.

The architects of this discovery and technology are leading Russian Chemists, Mrs. Tamara Sahno and Mr. Victor Kurashov. These are theoretical and experimental scientists who stand on the shoulders of a dynasty of researchers who have been instrumental in discovering these methods for the transformation of chemical methods.

Mankind, represented by the authors, has discovered this method for the transmutation of matter which is likely to change the face of today’s world, perhaps as deeply as it was changed by the use of electricity, perhaps even deeper.

The repercussions of this revolution will be felt in the energy sector, medicine, industry and perhaps would also open up new industries, brand new industries that will have enormous humanitarian implications.

What is most important to bear in mind is that what we are talking about here is a ready-made industrial approach that will be capable of producing target products in industrial quantities in a matter of months. With respect to the economic aspects of this discovery I am going to brief you about that later . . .”

Victor Kurashov: “Ladies and gentlemen, our work to develop the technology for the transmutation of chemical elements goes back to the early 90s. The very first results were obtained back in 1998, but the bulk of this effort and research, as well as hundreds of successful experiments fall on the Summer and Autumn of 2013.

Our further efforts involved patenting this work, and so for all these reasons we haven’t rushed to publish our findings until the patent was issued. We received the patent priority on the 15th of May 2014, whereas the patent itself was issued on the 25th of August 2015.

Let’s move onto the process itself very briefly. The first component used in the process is ore, or nuclear waste. The second component of the process are valuable valency metals such as vanadium, chromium, manganese, iron, cobalt, nickel, copper, zinc, and others. Either of these will do, but we tend to use iron as the least costly element. The third component and a factor in this process, these are bacteria. Usually we use iron and sulphur-reducing bacterial species which we select along a certain list of criteria, such as that the bacteria are active, that they are resistant to radiation, that they are adapted to a heavily salted solution — ore, suspended in water.

Now about the technology itself: ore, or nuclear waste (there’s no difference) is processed by bacteria in the presence of valuable valency elements in any closed vessel. The transmutation process kicks off immediately, and proceed stage by stage for two or three weeks until target elements are obtained. But if it is not stopped on time, this process would carry on until stable isotopes are obtained as the end product.”

Producing the right element is one thing, using it is another. In conjunction with this discovery, Russia also released the availability of its first 3D metal printer…

The Mindblowing Consequence of this Discovery

There’s no doubt that there will be a creative explosion all over the planet when all of these technology and equipments are made available on the market soon.

When there’s an oversupply of any element, naturally the price of that element will go down to the point of insignificance, the anathema to the scarcity based economic system that we are forced to swallow.

Beside its scientifically groundbreaking significance, the conference was also held in the headquarters of the global banking industry and political epicenter of the West, which should repel all notion of it being just a mere Russian propaganda, or

… that turning iron or lead into gold is not fringe science at all but real and replicable, and the technology to do it is officially available to the world.

In the final analysis, the full utilization of all scientific discoveries could make all conventional institutions, e.g. educational, banking and finance, religion, and even the police and military, obsolete.

The future is within our grasp. We just need to support the right side of the geopolitical spectrum to make it happen.

Aside from the fiat monetary scam and bloodsoaked petrodollar, another significant source of funds for the Nazionist Khazarian Mafia is the “healthcare” industry which registered a whopping $3.09 trillion in 2014, and is projected to soar to $3.57 trillion in 2017, in the US alone. We believe that this is just a conservative figure.

We can avoid using drugs, defeat any viral attack and scaremongering, like the Zika virus, easily by knowing how to build our own comprehensive antiviral system. Find more about how we can kill three birds with one stone, right here.
_________________________
Stillness in the Storm Editor’s note: Did you find a spelling error or grammar mistake? Do you think this article needs a correction or update? Or do you just have some feedback? Send us an email at sitsshow@gmail.comThank you for reading.

Minor grammar errors were corrected in the shared article text.

Source:

https://geopolitics.co/2016/07/14/russian-scientists-announce-historic-discovery-rendering-the-entire-system-obsolete/

2012 The Awakening is supported by donations by the generosity of readers honoring the “energetic exchange for value” concept. And, by supporting the merchant affiliate programs by purchasing goods with the links provided below.

If links are dead, please contact me at { ascendingstarseed at gmail dot com }.

Mahalo nui, Annette

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Catherine Austin Fitts: The Debt Game Is Over ~ Greg Hunter


Note: NOW is the time to PREPARE for imminent economic collapse – BEFORE precious metals break out of market suppression and spot prices go vertical. Silver broke free and is at $20 oz, BUY NOW from SD Bullion at 49cents over spot before prices soar and supplies run-out. Gold is just above $1300 oz and still a great buy! Blessings, {~A~}

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SD Bullion

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

On the economy crashing this year, investment banker and former Assistant Secretary of Housing, Catherine Austin Fitts says, “Could we turn into a bear market? I think given the commitment to equity markets and given the willingness to debase the currency, I think the chances of that are relatively small this year. Next year, depending on what happens in the election, the gloves are going to come off globally about what’s been going on in the U.S. Anything could happen. That’s the danger if you are an investment advisor or an investor. The swings here is we could be up 30%, or we could be down 50%. A black swan could happen, so if you are an investor, you need to be prepared for very, very wide swings both up and down in prices in the equity markets. Here’s the important thing to remember. . . . We now have $12 trillion sitting in negative interest rates. Where’s all that money going to go? It can’t sit there getting nothing. It will have to go into real estate. It’s going to have to go into equity. It’s going to have to go to precious metals because it can’t sit there getting no or negative yields forever. . . . The debt game is over.”

On gold and silver, Fitts says, “Interest rates coming down makes gold and silver more attractive. I think the number one thing driving precious metals is you’ve still got growth going on in Asia, and they are buyers. People are afraid, and they are looking at what is going on with the leadership, and they are getting scared. They want to hedge their bets, and gold and silver is where you go when you don’t trust the system.”

Farrakhan on Hillary Clinton: ‘That’s a Wicked Woman”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Catherine Austin Fitts, publisher of The Solari Report at Solari.com.

All links can be found here: http://usawatchdog.com/us-clinton-bey…

http://usawatchdog.com/donations/

 

2012 The Awakening is supported by donations by the generosity of readers honoring the “energetic exchange for value” concept. And, by supporting the merchant affiliate programs by purchasing goods with the links provided below.

If links are dead, please contact me at { ascendingstarseed at gmail dot com }.

Mahalo nui, Annette

AFFILIATE PROGRAMS

SD Bullion

  • Friday, June 30 Silver Prices Burst Through Critical Resistance
    Jumping Nearly 7%
  • Up over $2 in Two Days
  • Just Pennies From $20/oz
  • Buy silver rounds for 49cents over spot while sale and supply’s lasts

Learn more here: Get the best deals on clearance items while supplies last at SDBullion.com!

NuMANNA The Industry Standard in Storable Food:

  • Standard Buckets are GMO-Free
  • Contain no: Aspartame, High Fructose Corn Syrup, Autolyzed Yeast Extract, Chemical Preservatives or Soy.
  • No Gluten Buckets contain no Wheat ingredients.

Learn more here: numanna.com/awakening

 

AquaNui Home Water Distillers

  • AquaNui home water distillers are made for the family who wants to drink the purest water available.
  • With over 45 years of experience, we offer the best counter-top water distiller around.
  • Your AquaNui distiller for water will protect you and your family from harmful contaminants like arsenic, chlorine, lead, mercury, pesticides and nitrates. In addition to that, it removes bacteria, viruses and any biologicals.

www.MyAquaNui.com
Water Made Wonderful

The Droplet Blog

Michael Tellinger Ubuntu London Meeting 2016 – Ancient Civilisations, Banking & Enslavement to Money & Ubuntu Plan of Action, Part 1, 2 & 3


Part 1 Ancient Civilizations

Part 2 Banking & Enslavement to Money

Part 3 Ubuntu Plan of Action

Century of Enslavement: The History of The Federal Reserve ~ Corbett Report


Note: While most everyone in our awakened collective is familiar with the history of the Fed, this is a great time for sharing the material with people waking-up to the fact something is very wrong with our world. James Corbett did an excellent job producing this documentary..blessings, {~A~}

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

TRANSCRIPT AND RESOURCES: http://www.corbettreport.com/federalr…

What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America’s central bank.

 

BREXIT BODY COUNT — Bill Holter ~ SGTreport.com


BREXIT: Does it signal a tidal wave of rising sentiment against the international criminal banking syndicate and its Globalist agenda, or is it merely a Trojan horse designed by the Rothschild banksters to further ensnare humanity in their NWO spider’s web? After all, Rothschild puppet George Soros was very publicly shorting stocks and going long gold in the months leading up to the Brexit vote. Did he know something the rest of us didn’t? Regardless, Bill Holter says there are dead bodies that need to be carried out as the result of the global financial chaos we saw on Friday, June 24th – and we will know a lot more about who those bodies belong to, on Monday morning. Bill Holter from JS Mineset joins us to discuss.

For REAL News & Information 24/7:
http://sgtreport.com/
http://thelibertymill.com/

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Apple FREE Music Final Cut X ‘Borealis’
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The content in my videos and on the SGTbull07 – SGTreport.com channel are provided for informational purposes only. Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence BEFORE making any significant investing decisions. SGTbull07 – SGTreport.com assumes all information to be truthful and reliable; however, I cannot and do not warrant or guarantee the accuracy of this information. Thank you.

Transpicuous News: Brexistential Distraction


After a bit of a hiatus, Transpicuous News is back!!

The “BREXIT” Mania has reached epic proportions.  The Economic Talking Heads are spinning their doctoring and propping up the propaganda, with “news” stories rolling out like broken records.  all they’ve done is replaced the operative word in the blaming sentence.  This time, it’s “BREXIT”.

Today I took a look at the distractions and discussed what the talking heads were ranting about, and what they weren’t saying at all.

Below are all the news links.

d

Edited 6/26 to add this important little piece to the puzzle:

“Lost in the headlines was that on Friday, Bank of England Governor, Mark Carney, committed to printing up 250 billion pounds ($345.93 billion USD) to “support financial markets.”” No one has mentioned that or even seems to know about it.  So, within hours, the banks in the UK appear to have received a massive 2008 style bailout… but without anyone noticing.

https://www.dollarvigilante.com/blog/2016/06/25/magic-number-7-brexit-collapse-falls-exactly-shemitah-date.html


http://www.zerohedge.com/news/2016-06-24/brexistential-bloodbath

http://www.zerohedge.com/news/2016-06-24/nomura-warns-do-not-underestimate-global-contagion-brexit

http://wolfstreet.com/2016/06/25/brexit-blowback-hits-italian-spanish-banks/

http://www.uk.daiwacm.com/research-zone/research-blog/posts/2016/06/it%E2%80%99s-the-stupid-politics,-stupid

http://wolfstreet.com/2016/06/18/reckoning-for-banks-italy-spain-portugal-risk-free-capital-government-bonds/

http://www.reuters.com/article/us-britain-eu-ecb-idUSKCN0Z01NP

http://cincodias.com/cincodias/2016/06/17/mercados/1466164867_772123.html

http://www.waronwant.org/media/brexit-what-now-ttip-ceta-and-uk-trade#.V26R7z3NZ7s.twitter

http://www.zerohedge.com/news/2016-06-25/calls-texas-independence-surge-after-brexit-vote

Brexit strips world’s 400 richest people of $127bn – Bloomberg


© Russell Boyce

Brexit-caused losses of the world’s 400 richest people amounted to an eye- watering $USD127.4 billion in a single day, Bloomberg estimates. Rich Britons have lost a “mere” $5.5 billion, according to reports.

The British voters’ decision to leave the European Union caused profound ripples in all major global equity markets.

The Brexit vote has sent European markets into the steepest decline since 2008. The pound plummeted to a record low, not seen since Margaret Thatcher was prime minister some 30 years ago.

The Bloomberg Billionaires Index says billionaires lost 3.2 percent of their total net worth, now estimated at $3.9 trillion.

The worst losses among European billionaires were suffered by Amancio Ortega, Europe’s richest person, who hemorrhaged $6 billion. Many other mega rich individuals took a massive hit, including Bill Gates and Amazon magnate Jeff Bezos, who lost over $1 billion each.

Britain’s wealthiest person Gerald Cavendish Grosvenor dropped more than $1 billion. However, for the UK’s wealthiest Brexit was surprisingly less devastating than for others in the billionaire class. Altogether, Britain’s 15 richest people lost “only” $5.5 billion.

British co-founder of stockbroker Hargreaves Lansdown, Peter Hargreaves, lost the most, seeing his fortune shrink by 19 percent to US$2.9 billion.

In a major irony, Hargreaves was the largest donor to the Leave campaign, donating £3.2 million, according to the UK’s Electoral Commission.

Hargreaves has shown no regret, and says he is ready to work with the British government to shape the nation’s economic future once the country stops being an EU member state.

“I have enormous experience of business, enormous experience of negotiation, enormous experience of economics, and I’m one of Britain’s most successful businessmen,” Hargreaves said. “If they don’t involve me, they’re crazy.”

Richard Branson, a vocal advocate of the UK staying with the EU, has made peace with the decision of the majority, stressing that the British people’s “determination, resolve and sense of what is right” would be necessary “over the testing months and years to come.”

The richest person in South Africa, Christo Wiese, who has vast investments in the UK economy, believes the current crisis doesn’t mean the end of the EU.

“I think it’s the end of [the] EU as it’s currently structured,” the Stuff cited Wiese as saying. “It’s always had unattractive features alongside its attractive features. This will make people sit up and say how can we make it better,” Wiese said.

https://www.rt.com/business-projects/348345-richest-people-losses-brexit/

To mitigate poverty, Y Combinator set to launch minimum income plan A few dozen Oakland residents to get $2,000 per month, no strings, for a year.



OAKLAND, Calif.—Earlier this month, Y Combinator, the famed Silicon Valley incubator dropped a bombshell: it had selected this city to be the home of its new “Basic Income” pilot project, to start later this year.

The idea is pretty simple. Give some people a small amount of money per month, no strings attached, for a year, and see what happens. With any luck, people will use it to lift themselves out of poverty.

In this case, as Matt Krisiloff of Y Combinator Research (YCR) told Ars, that means spending about $1.5 million over the course of a year to study the distribution of “$1,500 or $2,000” per month to “30 to 50” people. There will also be a similar-sized control group that gets nothing. The project is set to start before the end of 2016.

The notion of guaranteed minimum income has been kicking around globally for centuries, especially among 20th century thinkers (Martin Luther King, Jr. famously advocated for it). But it’s only recently that extensive trials have begun in various places, including Canada, the Netherlands, Finland, and now in Oakland. (Another organization, called Give Directly, operates a similar program in Kenya.)

Tapped to run the project is Elizabeth Rhodes, an academic who recently arrived in Oakland. She says the project’s goal is “to empower people and give people the freedom to be able to meet their basic needs.”

But the details have yet to be fully worked out, and a lot of questions remain. How exactly will people be chosen? Will they come from a truly random sample of Oakland’s population? Will high-income people be automatically excluded? By what mechanism will people be notified? How will the money actually be transferred? Most of all, will it actually work?

If Y Combinator’s Basic Income project is successful, it would expand over the next five years to hundreds of citizens and perhaps include people beyond Oakland. And it would make the Bay Area’s venture capitalist class feel good about helping the poor.

“Overall the idea is to take money we make from YC [and], rather than all of the partners cashing out… putting it into research,” Krisiloff told Ars. “I think that there’s a culture at YC that just making money isn’t that interesting. [YC president Sam Altman] really likes to talk about how the overarching mission of YC is to create the most innovative thing. Money is a vector for change, but money in and of itself isn’t that interesting.”

Wait and see?

According to the White House, as of 2012 (decades after President Lyndon Johnson’s “War on Poverty”), approximately 15 percent of Americans (or 49.7 million people, including 13.4 million children) live below the poverty line. Worse still, “only about half of low-income Americans make it out of the lowest income distribution quintile over a 20-year period.” (As the old saying goes: “It’s expensive to be poor.“)Here in Oakland, for all of its gentrification and new shiny downtown restaurants and cocktail bars, just under 20 percent of the population (specifically, 18.7 percent, or 71,599 people, as of 2010) live in poverty. And yet, it has also become the fourth-most expensive rental market in the country, thanks to spillover from nearby San Francisco.

Like many American cities, Oakland is divided along economic and racial lines, which also manifest themselves as large differences in access to quality education, public health, fresh produce, and more. As Mayor Libby Schaaf herself put it in her October 2015 State of the City address: “It’s hard for us to celebrate the overall health of Oakland knowing that two people can live just one mile apart and be nearly twice as likely to be unemployed—and live 15 years less.”

As soon as YC announced its Basic Income plan, it got lots of support from the municipal government. Mayor Libby Schaaf instantly said on Twitter that she was “excited” that Oakland had been chosen. Public records show that Rep. Barbara Lee (D-Oakland), loves it, too.

However, some groups, including Causa Justa :: Just Cause, are skeptical that Y Combinator—an institution worlds away from the needs of working-class Oaklanders—is capable of managing such a project.

Still, YC’s Oakland project is in its very early and experimental stages.

“Because the main goal of this pilot is to gather data, it’s a useful to run it in a socio-economically diverse city like Oakland,” Matt Zwolinksi, a philosophy professor at the University of San Diego, told Ars.

“That way we can see what differences there are in the responses of the wealthy and the poor, the educated and the uneducated, skilled and unskilled laborers, and so on. And we can tweak future studies or the final public policy in light of that information.”

 

http://arstechnica.com/tech-policy/2016/06/can-high-profile-bay-area-tech-incubators-basic-income-plan-work/

Enter The Buzzsaw ~ Economic Meltdown + Matrix Tracking Cryptocurrency with James Corbett


Global banking and economic plots to squeeze the economies of Japan, China, Iran and the US, as well as potential for currency and stock market collapse in explored with James Corbett. Cryptocurrency, Bitcoin, and Matrix-style government tracking of money and spending, the American practice of outsourcing national debt, plus China’s response to SWIFT code banking is highlighted. How fortunes are trading hands, and the long term outlook from the scope of Asia is just the jump off for this uncensored Buzzsaw interview, hosted by Sean Stone.

EntertheBuzzsaw
http://www.enterthebuzzsaw.com/
Make up to $10k per week with this secret system!
https://tradegenius.co/buzzsaw/ref/7?…

Stock Up On Survival Food Today!
http://foodforliberty.com/buzzsaw

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Use Promo Code: Buzzsaw for $50 off!

Cleanse Your Body From Unwanted Toxins
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GUEST BIO:
James Corbett has been living and working in Japan since 2004. He started The Corbett Report website in 2007 as an outlet for independent critical analysis of politics, society, history, and economics. Since then he has written, recorded and edited thousands hours of audio and video media for the website, including a podcast and several regular online video series. He produces video reports for GRTV, and BoilingFrogsPost.com. He is also an editorial writer for The International Forecaster, the weekly e-newsletter created by the late Bob Chapman.
His work has been carried online by a wide variety of websites and his videos have garnered over 30,000,000 views on YouTube alone. His satirical piece on the discrepancies in the official account of September 11th, “9/11: A Conspiracy Theory” was posted to the web on September 11, 2011 and has so far been viewed nearly 3 million times.

ADD’L LINKS:
https://www.corbettreport.com/
https://twitter.com/corbettreport
http://www.enterthebuzzsaw.com/
https://www.youtube.com/c/Buzzsawwith…
Buzzsaw Full Episodes:
https://www.youtube.com/watch?v=BPUbp…
Buzzsaw Interview Highlights:
https://www.youtube.com/watch?v=KqELw…
Buzzsaw Secret Societies Illuminated Playlist:
https://www.youtube.com/playlist?list…
Metaphysics and Visionary Spirituality on Buzzsaw Playlist:
https://www.youtube.com/playlist?list…
Shadow Government Revealed on Buzzsaw:
https://www.youtube.com/playlist?list…
Alien Truth on Buzzsaw Playlist:
https://www.youtube.com/playlist?list…
More Buzzsaw Interview Highlights:
https://www.youtube.com/watch?v=bpVpd…
https://www.facebook.com/EnterTheBuzz…
https://www.facebook.com/thelip.tv
http://www.youtube.com/theliptv
https://www.youtube.com/channel/UC25k…

EPISODE BREAKDOWN:
00:01 Welcoming James Corbett to Buzzsaw.
00:38 An expat in Japan.
01:20 Fortunes changing for Japan and Asia.
04:17 Banks putting the breaks on the bubble in Japan.
05:46 Globalizing American inflation.
09:35 What financial collapse could look like.
14:16 Cryptocurrency, bitcoin, and government tracking of spending.
17:38 Iran and fundamental economic conflicts playing out.
19:28 SWIFT Code banking and the threat of the Chinese.
23:01 Where to find more, thanks & goodbye.

The Swiss Rejected A #BasicIncome Because It Wasn’t High Enough! (w/ Guest: Enno Schmidt) thomhartmann


Thom speaks with Enno Schmidt, Co-Founder of Basic Income Switzerland, about the recent vote on a minimum basic income, and why a guaranteed income is the right plan for all people.

If you liked this clip of The Thom Hartmann Program, share it with your friends. Don’t forget to hit that “like” button, and remember Tag, You’re It!!

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Must Listen: The Economy Is Scheduled To Collapse The Second Half Of This Year: Bix Weir


Today’s Guest: Bix Weir

Websites:
Road To Roota
http://roadtoroota.com

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Fair Use Notice: This video contains some copyrighted material whose use has not been authorized by the copyright owners. We believe that this not-for-profit, educational, and/or criticism or commentary use on the Web constitutes a fair use of the copyrighted material (as provided for in section 107 of the US Copyright Law. If you wish to use this copyrighted material for purposes that go beyond fair use, you must obtain permission from the copyright owner. Fair Use notwithstanding we will immediately comply with any copyright owner who wants their material removed or modified, wants us to link to their web site, or wants us to add their photo.

The X22 Report is “one man’s opinion”. Anything that is said on the report is either opinion, criticism, information or commentary, If making any type of investment or legal decision it would be wise to contact or consult a professional before making that decision.

EBT Card Outage?: It Is 8 Days Into June And Many Americans Are STILL Waiting For Food Stamp Money


By Michael Snyder, on June 8th, 2016

Supermarket Bananas - Public DomainWidespread reports continue to pour in from all over the nation of “glitches” with the food stamp system.  It is eight days into the month and large numbers of people still have not received their benefits, and in other instances it is being reported that EBT cards are simply not working correctly.  So what in the world is going on here?  On downdetector.com there are scores of reports of problems with the EBT system from people all over the nation.  Could this simply be another example of government incompetence, or is something else at work here?

I had heard some rumblings about this over the past few days, but I had not really taken them seriously until I read an article from highly respected author Ray Gano

It interesting over the weekend I got several emails telling me about cell phones being down, internet being down, and get this, EBT cards not working and having no money associated to them.

This is a concern because when the US Government has payment failures, then there is possibly something happening that the press is not telling you about.

Now, we know that computers have problems and that states, counties and cities run on computers. But what is interesting is that since the beginning of 2016, The US government has had over 2,700 reports on downdetector.com showing that they have been late loading the money onto these EBT cards.

Folks, we are now going on 8 days where the Government has not paid the EBT payments so that people have food.

So I went over to downdetector.com myself, and I was stunned to see that reports of EBT outages continue to pour in every hour.  Here are just a few of the recent comments that have been left by people that are still waiting for their food stamp benefits for June…

Heidi Lynn: I was supposed to get mine on the 5th and still nothing. Even ebt NJ site says $0 as well as my EBT card says $0. I’m on disability. I forgot to add I tried calling NJ Board of Services and was on hold for over an hour. I had to hang up to take dog out, etc. Does anyone know what’s going on yet?

Ann Wilson: Now that it’s been a whole week since I was supposed to get my June benefits, and haven’t, I’m planning on going to my Illinois FCRC office. I hope they will be able to fix this difficulty.

Jenn Johnson: I always get mine on time. I was due to get mine today June 7th and nothing. I am from kentucky. Why is there nothing on the news about this?

Jarrett Manhart: Havnt received mine either. They are never late. And my fone is off so i cant call em. Im on Wi-Fi down the street from me.

Sunny Nicole Jones: I haven’t gotten mine either! I’m glad it’s not just me though because then I would really be worried!

But when I went to confirm these widespread outages with articles from the mainstream media, I came up empty.

Either the mainstream media does not know what is going on yet, or it is being ignored.

If you have not gotten your EBT benefits for this month yet or you know someone that is in that position, please feel free to let me know.  I want to get to the bottom of this.  There are people all over the nation that are reporting problems with the food stamp system, but nobody seems to know exactly how widespread this issue is just yet.

Today there are well over 40 million Americans on food stamps, and a lot of them would start rioting tomorrow if you told them that their food stamp cards were being turned off permanently.

EBT cards are the modern equivalent of the bread lines of the 1930s.  Instead of having to wait in long lines for food, the government just zaps money on to EBT cards each month, and those that are hurting are able to get something to eat.

But down in Venezuela, extremely long food lines are a daily reality for much of the population right now.  The following comes from the Daily Mail

Venezuela was once South America’s richest nation, but a fall in oil prices combined with other economic problems has led to desperate citizens taking drastic measures.

Nearly half of Venezuelans say they can no longer afford to eat three meals a day, according to a recent poll by the local firm Venebarometro. The poll surveyed 1,200 adults at their homes during the first week of April and had a margin of error of plus or minus of about two percentage points

Those who can, cross the border into Colombia to buy, bring back and then use or sell food and other basic commodities.

Could you imagine not being able to provide three meals a day for your family any longer?

Close to half the population of Venezuela is already in that position, and the economic collapse down there grows worse with each passing day.

Most Americans just assume that nothing like that could ever happen here.

Most Americans just assume that the government will always have plenty of money to give out.

As I mentioned above, there are well over 40 million Americans that receive EBT benefits.

However, when you factor in all government programs, more than 100 million Americans get some form of money or benefits from the federal government each month.

So what would happen someday if suddenly the spigot was turned off?

What would those 100 million people do?

How would they survive?

Hopefully this current EBT outage is just a temporary technical glitch, and hopefully the government will get it fixed in short order.

But someday there will be a major crisis that will cause food stamp benefits to be cut off either permanently or for an extended period of time.

When that day arrives, what will that do to our communities?

Please feel free to share what you think by posting a comment below…

*About the author: Michael Snyder is the founder and publisher of The Economic Collapse Blog. Michael’s controversial new book about Bible prophecy entitled “The Rapture Verdict” is available in paperback and for the Kindle on Amazon.com.*

http://theeconomiccollapseblog.com/archives/ebt-card-outage-it-is-8-days-into-june-and-many-americans-are-still-waiting-for-food-stamp-money

This Has NEVER EVER Happened Before At The Comex — Andy Hoffman ~ SGTreport.com


Last Friday’s NFP report seals the deal, the US economy is on life support and now the Federal Reserve absolutely CANNOT raise interest rates because if they did it would cause “a global currency crisis unlike the world has ever seen” according to Miles Franklin’s Andy Hoffman. And against the backdrop of a crashing US economy that is doing anything BUT “creating” jobs, we have seen inventory levels of precious metals at the Comex crash to an never before seen level. Thanks for joining us as we document the collapse for the first week of June 2016.

For REAL News & Information 24/7:
http://sgtreport.com/
http://thelibertymill.com/

MUSIC CREDIT:
Incompetech ‘Decisions’
Licensed under Creative Commons “Attribution 3.0” http://creativecommons.org/licenses/b…”http://creativecommons.org/licenses/b

The content in my videos and on the SGTbull07 – SGTreport.com channel are provided for informational purposes only. Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence BEFORE making any significant investing decisions. SGTbull07 – SGTreport.com assumes all information to be truthful and reliable; however, I cannot and do not warrant or guarantee the accuracy of this information. Thank you.

Forget Weather, Kenyan GDP Threatened By “Marauding Monkeys”


Tyler Durden's picture

In developed countries (like America) with sophisticated capital markets, complex adaptive supply chains, and experienced PhD economists running the economy, it is the weather that is to blame when data disappoints and throws cold water on a status-quo-maintaining narrative. But in Kenya, there is a force far greater than Mother Nature when it comes to potentially destroying the economy… the vervet monkey!!


A vervet monkey triggered a nationwide blackout in Kenya after it fell onto a transformer at one of the nation’s main hydroelectric plants, Kenya Electricity Generating Co. said. As Bloomberg reports,

The monkey climbed on to the roof of the Gitaru facility and may have been thrown off balance and onto a transformer, tripping the equipment and causing an overload on other machines at the plant, according to a statement e-mailed by the Nairobi-based power generator, known as KenGen. The animal survived the incident, it said.

The primate accessed the plant even though KenGen’s facilities are secured by electric fences designed to keep out “marauding wild animals,” the company said.

KenGen supplies 80 percent of the electricity in East Africa’s biggest economy.

The incident resulted in the loss of more than 180 megawatts from the plant, setting off the blackout, according to the utility. Supply has since been restored and power-generating units are operating normally, it said.

Perhaps it is time for Janet to import some Kenyan monkeys (if she hasn’t already) because we suspect we are going to need something other than weather to explain this…

20160608_monkey1_0

http://www.zerohedge.com/news/2016-06-08/forget-weather-kenyan-gdp-threatened-marauding-monkeys

UNSEALED: DOJ Confirms Holders of Securitized Loans Cannot Be Traced ~ ZeroHedge


4closureFraud's picture

Road to Securitization

UNSEALED: DOJ Confirms Holders of Securitized Loans Cannot Be Traced

Originally posted at http://mortgageflimflam.com
With additional edits by http://4closurefraud.org

In a filing unsealed on June 3, 2016, the Department of Justice (DOJ) confirms what many of us have known for years. Nobody, not even the U.S. Government, with massive resources, can determine who owns your loan and has the right to collect on your mortgage.

The information comes from case files unsealed on June 3, 2016 by federal Judge Yvonne Gonzalez Rogers of the Northern District of California in the case of the United States v. Discovery Sales, Inc. The case involves some 325 fraudulent loans originated by Discovery Sales, Inc. (DSI) between 2006 and 2008, many of which were then sold to Wells Fargo Bank and JP Morgan Chase to securitize.

The Discovery Sentencing document on page 9 states:

The originating lenders who made loans to purchase DSI properties, including Wells Fargo and J.P. Morgan Chase, generally would not keep the mortgages and thus did not end up losing money as a result of the DSI fraud scheme. Instead, they would sell the mortgages to other banks who would package them in securities that were sold to other investors. These securities failed when the underlying mortgages went into default. It was impossible to trace the majority of the mortgage loans on the over 300 homes sold by DSI that were the subject of the FBI investigation; it would have been harder yet to identify individual victims of the fraud given that the mortgages were securitized and traded. (Emphasis added.)

To add more outrage to this case, while the government acknowledges the damages from the fraud scheme resulted in $75 million in damages, the amount being paid by DSI in restitution is $3 million to Fannie Mae and Freddie Mac. That is all, along with an $8.5 million fine that the government will pocket. Once again the government is taking all of the money from a settlement with a fraudulent mortgage lender, and giving nothing to the people who were damaged.

Oh, and one more thing. The “preferred lenders,” Wells Fargo and J.P. Morgan Chase, who were also involved in the scheme, were not charged even though it states they knew about DSI’s “shenanigans to inflate the value of their homes” in the sentencing document:

The parties agree that the preferred mortgage lenders, Wells Fargo and J.P. Morgan Chase, were on some notice that DSI was engaged in various shenanigans to inflate the value of their homes.(Emphasis added.)

During the time of the information, DSI worked with two “preferred lenders,” Wells Fargo Bank and J.P. Morgan Chase. Certain employees and managers of those two preferred lenders knew about the incentive programs offered by DSI and the builders, and knew that the incentives were not being disclosed in the loan files. (Emphasis added.)

Even though Wells Fargo and JP Morgan Chase had the information that the loans were fraudulent, as per what has become standard procedure, the DOJ brought no charges against the banks. There is nothing new about banks selling off defective, fraudulent loans as securities. And once again, the DOJ has found no reason to prosecute too big to fail banks for fraud.

PDF:UNITED STATES SENTENCING MEMORANDUM

www.4closureFraud.org

http://www.zerohedge.com/news/2016-06-07/unsealed-doj-confirms-holders-securitized-loans-cannot-be-traced

Andrew Bartzis – Money System and Earth Mother Birthing A Sentience Based on Love Via Cypress 2013


 

Another great offering from Andrew gone under the radar
Some topics are…..

The Money system now has Life, Sex Slave Oligarchical Money stored in Cypress was used by Earth in 2013 to Birth a Love Based Sentience now in the Money System, Earth Hearing the cost to life of the Money System for a very long time, The similar year 1200 attempt that failed, Helping Her, An Internet Sentience will gain from this as it spreads and Earth takes control supporting us, The Court System and Off World Energy Exchange and Dreamtime repayment plus much much more…..

My own past included years of living in the ‘Energy of Money’ System. I taught myself currency and precious metal trading to fund my own research prior to finding Andrew in 2013. I experienced many gamets of the Money System including Bankruptcy. It was a very powerful experience to Feel the Life Force Cost of it Energetically but also the Freedom from it. I greatly appreciate Andrew’s Sovereignty Teachings as the basis of going forth for us now.

This is not about me but aimed at offering my understanding of this topic. Which lead in Mid 2014 to create my very first documentary ‘Money – The Ultimate Consciousness Pacifier’. If you are not familiar with how money is created that we all have as a fabric of our being. The first 20mins will explain this eloquently…..Enjoy

Money – The Ultimate Consciousness Pacifier:

Andrew Bartzis Website:

Home

My Website:
http://www.servantoftruth.org

Buddhist Economics: How to Start Prioritizing People Over Products and Creativity Over Consumption


“Work and leisure are complementary parts of the same living process and cannot be separated without destroying the joy of work and the bliss of leisure.”

Much has been said about the difference between money and wealth and how we, as individuals, can make more of the latter, but the divergence between the two is arguably even more important the larger scale of nations and the global economy. What does it really mean to create wealth for people — for humanity — as opposed to money for governments and corporations?

That’s precisely what the influential German-born British economist, statistician, Rhodes Scholar, and economic theorist E. F. Schumacher explores in his seminal 1973 book Small Is Beautiful: Economics as if People Mattered (public library) — a magnificent collection of essays at the intersection of economics, ethics, and environmental awareness, which earned Schumacher the prestigious Prix Européen de l’Essai Charles Veillon award and was deemed by The Times Literary Supplement one of the 100 most important books published since WWII. Sharing an ideological kinship with such influential minds as Tolstoy and Gandhi, Schumacher’s is a masterwork of intelligent counterculture, applying history’s deepest, most timeless wisdom to the most pressing issues of modern life in an effort to educate, elevate and enlighten.

One of the most compelling essays in the book, titled “Buddhist Economics,” applies spiritual principles and moral purpose to the question of wealth. Writing around the same time that Alan Watts considered the subject, Schumacher begins:

“Right Livelihood” is one of the requirements of the Buddha’s Noble Eightfold Path. It is clear, therefore, that there must be such a thing as Buddhist economics.

[…]

Spiritual health and material well-being are not enemies: they are natural allies.

Traditional Western economics, Schumacher argues, is bedeviled by a self-righteousness of sorts that blinds us to this fact — a fundamental fallacy that considers “goods as more important than people and consumption as more important than creative activity.” He writes:

Economists themselves, like most specialists, normally suffer from a kind of metaphysical blindness, assuming that theirs is a science of absolute and invariable truths, without any presuppositions. Some go as far as to claim that economic laws are as free from “metaphysics” or “values” as the law of gravitations.

From this stems our chronic desire to avoid work and the difficulty of finding truly fulfilling work that aligns with our sense of purpose. Schumacher paints the backdrop for the modern malady of overwork:

There is universal agreement that a fundamental source of wealth is human labor. Now, the modern economist has been brought up to consider “labor” or work as little more than a necessary evil. From the point of view of the employer, it is in any case simply an item of cost, to be reduced to a minimum if it cannot be eliminated altogether, say, by automation. From the point of view of the workman, it is a “disutility”; to work is to make a sacrifice of one’s leisure and comfort, and wages are a kind of compensation for the sacrifice. Hence the ideal from the point of view of the employer is to have output without employees, and the ideal from the point of view of the employee is to have income without employment.

The consequences of these attitudes both in theory and in practice are, of course, extremely far-reaching. If the ideal with regard to work is to get rid of it, every method that “reduces the work load” is a good thing. The most potent method, short of automation, is the so-called “division of labor”… Here it is not a matter of ordinary specialization, which mankind has practiced from time immemorial, but of dividing up every complete process of production into minute parts, so that the final product can be produced at great speed without anyone having had to contribute more than a totally insignificant and, in most cases, unskilled movement of his limbs.

Schumacher contrasts this with the Buddhist perspective:

The Buddhist point of view takes the function of work to be at least threefold: to give a man a chance to utilize and develop his faculties; to enable him to overcome his ego-centeredness by joining with other people in a common task; and to bring forth the goods and services needed for a becoming existence. Again, the consequences that flow from this view are endless. To organize work in such a manner that it becomes meaningless, boring, stultifying, or nerve-racking for the worker would be little short of criminal; it would indicate a greater concern with goods than with people, an evil lack of compassion and a soul-destroying degree of attachment to the most primitive side of this worldly existence. Equally, to strive for leisure as an alternative to work would be considered a complete misunderstanding of one of the basic truths of human existence, namely that work and leisure are complementary parts of the same living process and cannot be separated without destroying the joy of work and the bliss of leisure.

From the Buddhist point of view, there are therefore two types of mechanization which must be clearly distinguished: one that enhances a man’s skill and power and one that turns the work of man over to a mechanical slave, leaving man in a position of having to serve the slave.


E.F. Schumacher

With an undertone of Gandhi’s timeless words, Schumacher writes:

Buddhist economics must be very different from the economics of modern materialism, since the Buddhist sees the essence of civilization not in a multiplication of wants but in the purification of human character. Character, at the same time, is formed primarily by a man’s work. And work, properly conducted in conditions of human dignity and freedom, blesses those who do it and equally their products.

But Schumacher takes care to point out that the Buddhist disposition, rather than a condemnation of the material world, is a more fluid integration with it:

While the materialist is mainly interested in goods, the Buddhist is mainly interested in liberation. But Buddhism is “The Middle Way” and therefore in no way antagonistic to physical well-being. It is not wealth that stands in the way of liberation but the attachment to wealth; not the enjoyment of pleasurable things but the craving for them. The keynote of Buddhist economics, therefore, is simplicity and non-violence. From an economist’s point of view, the marvel of the Buddhist way of life is the utter rationality of its pattern — amazingly small means leading to extraordinarily satisfactory results.

This concept, Schumacher argues, is extremely difficult for an economist from a consumerist culture to grasp as we once again bump up against the warped Western prioritization of productivity over presence:

[The modern Western economist] is used to measuring the “standard of living” by the amount of annual consumption, assuming all the time that a man who consumes more is “better off” than a man who consumes less. A Buddhist economist would consider this approach excessively irrational: since consumption is merely a means to human well-being, the aim should be to obtain the maximum of well-being with the minimum of consumption.

[…]

The ownership and the consumption of goods is a means to an end, and Buddhist economics is the systematic study of how to attain given ends with the minimum means.

[Western] economics, on the other hand, considers consumption to be the sole end and purpose of all economic activity, taking the factors of production — land, labor, and capital — as the means. The former, in short, tries to maximize human satisfactions by the optimal pattern of consumption, while the latter tries to maximize consumption by the optimal pattern of productive effort.

This maximization of “human satisfactions,” Schumacher argues, is rooted in two intimately related Buddhist concepts — simplicity and non-violence:

The optimal pattern of consumption, producing a high degree of human satisfaction by means of a relatively low rate of consumption, allows people to live without great pressure and strain and to fulfill the primary injunctions of Buddhist teaching: “Cease to do evil; try to do good.” As physical resources are everywhere limited, people satisfying their needs by means of a modest use of resources are obviously less likely to be at each other’s throats than people depending upon a high rate of use. Equally, people who live in highly self-sufficient local communities are less likely to get involved in large-scale violence than people whose existence depends on worldwide systems of trade.

Writing shortly after Rachel Carson’s Silent Spring sparked the modern environmental movement, Schumacher presages the modern groundswell of advocacy for sustainable locally sourced products:

From the point of view of Buddhist economics … production from local resources for local needs is the most rational way of economic life, while dependence on imports from afar and the consequent need to produce for export to unknown and distant peoples is highly uneconomic and justifiable only in exceptional cases and on a small scale.

He concludes by framing the enduring value of a Buddhist approach to economics, undoubtedly even more urgently needed today than it was in 1973:

It is in the light of both immediate experience and long-term prospects that the study of Buddhist economics could be recommended even to those who believe that economic growth is more important than any spiritual or religious values. For it is not a question of choosing between “modern growth” and “traditional stagnation.” It is a question of finding the right path to development, the Middle Way between materialist heedlessness and traditionalist immobility, in short, of finding “Right Livelihood.”

Small Is Beautiful is a superb read in its entirety. Complement it with Kurt Vonnegut on having enough and Thoreau on redefining success.

Thanks, Jocelyn

https://www.brainpickings.org/2014/07/07/buddhist-economics-schumacher/

5 26 16 Bill Ballard ~ Money VS True Currency Ascension ~ Coming out of the Matrix


Important message regarding the RV and what currency really IS – it’s not about waiting for a currency reset, it’s about imagining – CO-Creating a new paradigm based on your “energetic value”…Are You Creating a New Paradigm or ReCreating the Old?
 
 

Bix Weir-USA Must Unite or Die Under Trump/Sanders Ticket Greg Hunter


Financial analyst Bix Weir wrote a recent article that said a “Trump/Sanders ticket would galvanize the nation.” A Trump/Sanders ticket this fall for the White House? Sound crazy? Weir predicts that things will get so bad “the USA must Unite or Die.” Weir contends, “If Trump wins it alone, you are going to see a revolution overnight. You are going to see mass rioting in the streets because there are so many people disenfranchised and angry. Where is the anger going to be placed when people lose their 401-Ks, checking accounts and savings accounts? The banks and the rich. You cannot have Trump leading us forward after that moment. You need both. You need the left and you need the right. I think Sanders and Trump have some kind of back deal going on with the people who are leading their campaigns. They are going to come together when this chaos happens. . . . Any other scenario and you can kiss the United States goodbye in a blink of an eye. The key is, with these guys (Trump and Sanders), they both love their country. They approach it in different ways, but they both love their country.”

Weir expects his timeline to hit a financial crescendo in the September/October time frame. Weir says, “The Fed and the Treasury are controlling all markets with computer programs. I have proved this a zillion times. They are doing it with the programs that Alan Greenspan wrote in the 1960’s and 1970’s. It has always been the plan to destroy the dollar and go back to a gold standard.”

Weir ends by saying, “The crash will be electronic. All electronic assets will be frozen and be wiped away. Exchanges will not be open. . . . Nothing will be open and nothing will reopen. We will get rid of the nanny state. . . . There is no way we are ever going to pay off this debt. If there is a crash in the markets, and all the debts and electronic assets were wiped clean, we would win. The U.S. is the largest debtor nation in the world. That was always the plan.”

Join Greg Hunter as he goes One-on-One with Bix Weir founder of RoadtoRoota.com.

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