In a microcosm Puerto Rico looks very much like the United States might in just a few years, and for the same reasons.
A survey conducted by Harvard University indicates that a majority of Millennials do not support capitalism. While the results may be troubling, however, some contend that the Millennials’ antipathy toward capitalism is misplaced frustration at the crony capitalism, corporatism, and socialistic systems that have hijacked a once free market. Furthermore, the study’s findings may simply underscore what has already been revealed in previous surveys — that Millennials do not actually know what capitalism or socialism mean.
After driving interest rates into the negative in numerous countries around the world and despite being charged with reducing systemic financial risk, central banks around the world are speculating in risk to improve their portfolio returns. The irony of aiding and abetting yet another financial bubble is apparently lost in the equation.
Move over, Andrew Jackson. Your time on the face of the $20 Federal Reserve Note is at an end. You are being replaced by Harriet Tubman.
Seizing on the media- and government-manufactured “Panama Papers” brouhaha, governments and globalist organizations announced a wave of new edicts and agreements last week in a plot to kill what remains of financial privacy rights and impose a radical global tax regime on humanity. The Obama administration, the United Nations, the World Bank, the International Monetary Fund, Socialist International, the European Union, and more are fully behind the effort. Of course, as this magazine has documented, those establishment forces, socialist groups, international organizations, tax-funded shills, and bloated governments have been pushing the same dangerous agenda for years without much success. Now they see their chance.
Despite a moribund economy, the Dow Jones Industrial Average has more than doubled in value over the past seven years, recently surpassing 18,000. Is the run-up in stock prices sustainable, or is another bubble forming — one which could burst at any moment?
While the media-manufactured “scandal” of “rich people” allegedly hiding money from politicians in offshore accounts continues to be exposed as largely bogus, there have been some interesting revelations of alleged corruption among politicians and dictators to emerge from the so-called Panama Papers. The ruthless Communist Chinese dictatorship, which is censoring all news about the leak in domestic outlets, appears to be the regime with the most top level officials implicated.
Hundreds of other tyrants, politicians, bureaucrats, judges, crony bankers, officials, and their family members have also been ensnared, according to news reports about the leaked documents. Despite the lack of media attention, even the Hillary Clinton campaign, via senior Democrat operatives John and Tony Podesta and the Kremlin bank their firm represents, has been indirectly caught up in the maelstrom.
Ten or the largest banks have $147 billion in revolving credit lines to the oil industry that are likely to expand their exposure to the energy industry just when they'd rather reduce it.
There is a positive in all of the underfinanced public retirement plans: Massive implosions of pension plans will force beneficiaries to become more self-reliant and less dependent upon governments' and politicians' promises.