Economic


Sweden child migrant tests ‘reveal many adults’

6th Dec 2017

A Swedish investigation into migrants claiming asylum as children suggests that three-quarters of those tested were over the age of 18.

Sweden’s national forensic medicine agency checked the age of nearly 8,000 people and found that some 6,600 were 18 or over.

The checks were only carried out in cases where there were doubts as to the person’s age.

Child migrants are less likely to be sent back to their country of origin.

Between mid-March and late October, the agency (Rättsmedicinalverket) carried out a total of 7,858 age assessments.

Of those, examinations suggested 6,628 were 18 or older (84%), and 112 “possibly” 18 or older , The Local newspaper reports.

The Migration Agency has so far made 5,700 decisions on the basis of those assessments. In 79% of those cases, the agency decided to formally consider the applicant as older than they had initially claimed in their asylum application, reports Svenska Dagbladet.

How are the ages of child migrants verified?

Age assessment is carried out by taking X-rays of wisdom teeth and MRI scans of knee joints, which are then analysed to determine age.

Such medical tests are controversial, with some experts saying dental evidence is not reliable.

Many asylum seekers do not have identity documents as they may have lost them as they fled conflict or a natural disaster , says the International Organization for Migration.

In other cases their country of birth may not have the structures in place to record births, so it is not unusual for people not to know their exact age, says The Local.

 

 

source/read more: https://www.bbc.co.uk/news/amp/world-europe-42234585

Huge gap opens between WA’s rich and poor: new economics report

australian-flag

22nd Oct 2016

THERE is still a huge gap between the rich and the poor, underemployment has risen and Western Australia’s gross state product growth has dropped.

According to a new Bankwest Curtin Economics Centre report the poorest 20 per cent of WA households hold just 0.8 per cent of the state’s total net wealth.

Back to the Future, released on Wednesday night, examined the state’s economic trends following the post-mining boom.

It found the wealthiest 20 per cent of WA households hold almost two-thirds of the state’s total net household wealth.

BCEC director Alan Duncan said a quarter of single WA women didn’t have superannuation assets, compared to one in ten men.

“This had created a noticeable and persistent gender wealth gap,” he said.

“There are also strong signals emanating from the labour market that career pathways will be less straightforward.

“For the first time since 2006, WA’s unemployment rate has surpassed the nation’s.”

Furthermore, the report found the underemployment ratio has risen in WA more rapidly than other states and territories.

Underemployment increased to 10 per cent in 2016, it was six per cent in 2011.

“Labour demand has also been decreasing with the WA Internet Vacancy Index recently falling below the national rate,” Professor Duncan said.

“More West Australians will need to hold multiple jobs at any point in time to make up preferred work hours and multiple job turnovers and career shifts.

“Mining continues to be the primary contributor to the state’s economic output after the boom, despite the mining labour force shrinking by 20 per cent in the past three years.”

Although the employment share of the health care and social assistance industry has grown.

Health care and social services, and arts and recreation had the highest employment growth rates in 2014-15.

“After a prolonged period of economic growth driven by the resources boom, WA’s economic trajectory has returned to a ‘new normal’ which is more consistent with national economic growth rates,” Professor Duncan said.

“A key consideration is whether we have the right policy settings in place to manage the future of work which is increasingly precarious.”

Other key findings:

• WA’s gross state product growth rate dropped from 9 per cent in 2011-12 to 3.5 per cent in 2014-15, below the state’s long-term average growth rate of 4.7 per cent.

• WA’s mining workforce has shrunk from nearly 106,000 fulltime employees in mid-2013 to around 84,000 FTE by the end of 2015.

• The average inflation rate in Perth declined from 3 per cent during the resources boom to under 2 per cent during the post-boom period.

• For the first time since 2006, the WA’s unemployment rate surpassed the nation’s unemployment rate in mid-2015.

• As at August 2016, the unemployment rate in WA was over 6 per cent.

• WA’s migration numbers dipped from a net inflow of 8,898 in 2012 to a net outflow of 3,005 in 2015.

 

 

 

source:http://www.perthnow.com.au/news/western-australia/huge-gap-opens-between-was-rich-and-poor-new-economics-report/news-story/c37a471d449c29d0a3b53d5845cdf60e

Russian Scientists Announce Historic Discovery Rendering the Entire System Obsolete

gold review

17th July 2016

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.

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.

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.

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 aboutthe 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.”

The Russian patent RU 2563511 awarded to Mrs. Tamara Sahno and Mr. Victor Kurashov available at Google Patent repository says [in Google translation]:

gold n

“The invention relates to the field of biotechnology and chemical transmutation. Radioactive feedstock containing radioactive chemical elements or isotopes, treated with an aqueous suspension of bacteria of the genus Thiobacillus, in the presence of variable valence elements. As the use of radioactive materials or ore radioactive waste nuclear fuel cycle. The process leads to obtaining polonium, radon, France, radium, actinium, thorium, protactinium, uranium, neptunium, americium, nickel, manganese, bromine, hafnium, ytterbium, mercury, gold, platinum, and their isotopes. The invention allows to obtain valuable radioactive elements, to carry out the inactivation of nuclear waste from the conversion of waste radioactive isotopes of elements into stable isotopes. 2 ZP f-ly, 18 ill., 5 tab., 9 pr.

The invention relates to chemical transmutation of radioactive isotopes and transformation, that is to artificially produce some chemical elements from other elements. In particular, the method allows to obtain rare and valuable elements: polonium, radon, francium, radium, and actinides – actinium, thorium, protactinium, uranium, neptunium, and various isotopes of these and other elements.

Known transformation of chemical elements, the formation of new isotopes of elements and new chemical elements during nuclear fission and synthesis of chemical elements used in conventional nuclear rectors, in nuclear power plants (NPPs) in research nuclear reactors, for example, by irradiation of the chemical elements with neutrons or protons, or alpha particles.

A method of obtaining the radionuclide nickel-63 in the reactor from a target comprising obtaining enriched Nickel-62 nickel target, the irradiation target in the reactor, followed by enrichment of irradiated product from nickel-63 at extraction of nickel-64 isotope product (RU 2313149, 2007). The advantage of the method is to obtain a high quality product which is designed for use in stand-alone sources of electrical energy, in the detectors of explosives and so on. The reproducibility of the results was confirmed by the analysis of the isotopic composition of elements by mass spectrometry.

However, the method is complicated and unsafe degree requires industrial safety.

It is also known the transmutation of elements – long-lived radioactive nuclides, including those arising in irradiated nuclear fuel (RU 2415486, 2011). The method consists in irradiating neutron flux transmutable material, the irradiation is carried out with neutrons obtained in the nuclear fusion reactions in the pre-formed neutron source plasma, at a certain placement of the scattering medium neutrons. This method is based on the reactions of nuclear fusion in a tokamak is also complex and requires special equipment.

A method of obtaining radionuclides Th-228 and Ra-224, which is also implemented in a reactor technology. The technology is quite complex and has a safety limit (RU 2317607, 2008).

Thus, upon receipt of the chemical elements and their isotopes, in general, are conventionally used nuclear reactions involving nuclear reactors or other sophisticated equipment at high energy costs.

Attempts have been made to solve the problem of obtaining radioactive isotopes in the process of nuclear transmutation of elements more secure manner using the microorganisms. Known in particular isotopes conversion method using microorganisms comprising growing microbial culture Deinococcus radiodurans on a nutrient medium containing the necessary for transmutation of initial isotopic components, and deficient close chemical analogues of the target element. The composition of the medium is introduced, such starting isotopic components which are radioactive and transmutation process can lead to the formation of the target chemical element in the form of a stable or radioactive isotope, which is absorbed by the microbial culture and then remains steady or remains radioactive or decomposed to the desired stable isotope (RU 2002101281 A, 2003). This method does not provide a high yield of the desired isotope, and also requires the use of ionizing radiation as a trigger and response factor supports.

Also known process for the preparation of stable isotopes by nuclear transmutation type of cold fusion elements in microbial cultures (RU 2052223, 1996). The method consists in the fact that the cells of microorganisms are grown in a culture medium deficient isotope target (target isotopes) impact factors contributing to the destruction of the interatomic bonds and leading to an increase in its concentration of free atoms or ions of hydrogen isotopes. The medium is prepared on the basis of heavy water and injected into it scarce for the environment unstable isotopes that decay at the end to form the desired stable isotopes. As a factor that destroys the interatomic bonds using ionizing radiation. This method is based on the use of ionizing radiation, it is not designed for commercial scale requires a high energy and cost.

All of the chemical elements and their isotopes and by-products obtained until now complex and unsafe traditional methods by conventional nuclear reactions in small (sometimes – in micro) amounts clearly insufficient for the energy, industrial, industrial, technical and scientific needs of mankind. Described microbial process for the transmutation of chemical elements allows you to receive all of these chemical elements and their isotopes in almost unlimited quantities, simple to perform, safe for workers and the public, environmentally friendly way that does not require large material flow rates, heat, electricity and heating, while providing this energy, industrial, technical and scientific problems of civilization. These elements and isotopes are enormous reserves of energy, have an extremely high value and selling price on the market.

Microbiological method is proposed transmutation of the chemical elements and isotopes of chemical conversion elements, characterized in that the radioactive feedstock containing radioactive chemical elements or isotopes, treated with an aqueous suspension of bacteria of the genus Thiobacillus, in the presence of any s, p, d, f-elements with variable valency. Selection of elements with variable valence based on the principle of creating a high redox potential. That is, this selection key, or simply on the orientation of these or other elements of variable valency brought into the reaction medium, a redox potential value which is optimal in the range of 400-800 mV (for example, in Examples 1, 2, 3, 4 Eh = 635 mV, 798 mV, 753 mV and 717 mV, respectively).

Items with variable valence, as in the reduced and oxidized forms, creating a standard redox potential, involved in a start-up and control mechanisms of initiation and acceleration of alpha, beta minus and beta plus decay of radioactive isotopes of elements any kind of group of bacteria Thiobacillus.

The method leads to the production of polonium, radon, France, radium, actinium, thorium, protactinium, uranium, neptunium, americium and their isotopes as well as nickel, manganese, bromine, hafnium, ytterbium, mercury, gold, platinum, and their isotopes. As radioactive materials containing radioactive chemical elements can be used ore or radioactive nuclear waste cycles…”

Google Patent

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 headquarter 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.

 

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

Another Climate Alarmist Admits Real Motive Behind Warming Scare

global warming is

31st March

Fraud: While the global warming alarmists have done a good job of spreading fright, they haven’t been so good at hiding their real motivation. Yet another one has slipped up and revealed the catalyst driving the climate scare.

We have been told now for almost three decades that man has to change his ways or his fossil-fuel emissions will scorch Earth with catastrophic warming. Scientists, politicians and activists have maintained the narrative that their concern is only about caring for our planet and its inhabitants. But this is simply not true. The narrative is a ruse. They are after something entirely different.

If they were honest, the climate alarmists would admit that they are not working feverishly to hold down global temperatures — they would acknowledge that they are instead consumed with the goal of holding down capitalism and establishing a global welfare state.

Have doubts? Then listen to the words of former United Nations climate official Ottmar Edenhofer:

“One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with the environmental policy anymore, with problems such as deforestation or the ozone hole,” said Edenhofer, who co-chaired the U.N.’s Intergovernmental Panel on Climate Change working group on Mitigation of Climate Change from 2008 to 2015.

So what is the goal of environmental policy?

“We redistribute de facto the world’s wealth by climate policy,” said Edenhofer.

For those who want to believe that maybe Edenhofer just misspoke and doesn’t really mean that, consider that a little more than five years ago he also said that “the next world climate summit in Cancun is actually an economy summit during which the distribution of the world’s resources will be negotiated.”

Mad as they are, Edenhofer’s comments are nevertheless consistent with other alarmists who have spilled the movement’s dirty secret. Last year, Christiana Figueres, executive secretary of U.N.’s Framework Convention on Climate Change, made a similar statement.

“This is the first time in the history of mankind that we are setting ourselves the task of intentionally, within a defined period of time, to change the economic development model that has been reigning for at least 150 years, since the Industrial Revolution,” she said in anticipation of last year’s Paris climate summit.

“This is probably the most difficult task we have ever given ourselves, which is to intentionally transform the economic development model for the first time in human history.”

The plan is to allow Third World countries to emit as much carbon dioxide as they wish — because, as Edenhofer said, “in order to get rich one has to burn coal, oil or gas” — while at the same time restricting emissions in advanced nations. This will, of course, choke economic growth in developed nations, but they deserve that fate as they “have basically expropriated the atmosphere of the world community,” he said. The fanaticism runs so deep that one professor has even suggested that we need to plunge ourselves into a depression to fight global warming.

Perhaps Naomi Klein summed up best what the warming the fuss is all about in her book “This Changes Everything: Capitalism vs. the Climate.”

“What if global warming isn’t only a crisis?” Klein asks in a preview of a documentary inspired by her book. “What if it’s the best chance we’re ever going to get to build a better world?”

In her mind, the world has to “change, or be changed” because an “economic system” — meaning free-market capitalism — has caused environmental “wreckage.”

This is how the global warming alarmist community thinks. It wants to frighten, intimidate and then assume command. It needs a “crisis” to take advantage of, a hobgoblin to menace the people, so that they will beg for protection from the imaginary threat. The alarmists’ “better world” is one in which they rule a global welfare state. They’ve admitted this themselves.

 

 

source: http://www.investors.com/politics/editorials/another-climate-alarmist-admits-real-motive-behind-warming-scare/

Govt to ditch GST on Bitcoin

pig with money

21st March 2016

But transactions will be subject to anti-money laundering laws.

The federal government will ditch the so-called ‘double taxing’ of Bitcoin payments by scrapping the GST charged on digital currencies, Treasurer Scott Morrison announced today.

The goods and services tax is currently levied on the supply of the virtual money as well as the actual products and services purchased by consumers.

This double taxation situation stems from the government trying to come to terms with digital currencies to bring them in line with Australia’s dollar.

In 2014, the Australian Tax Office decided that everyday Bitcoin investors would not be taxed for using the currency below a $10,000 threshold.

The ATO’s guidance meant GST would be charged twice: for the goods or service provided, and also for the supply of the digital currency used to pay for them.

A year later, however, the senate economics references committee recommended Bitcoin be treated as a normal currency for GST purposes, and not as an intangible asset as classified by the ATO in its 2014 guidance.

The government has now opted to adopt this approach and will work with the finance industry to introduce new law for GST as applied to digital currencies.

“We will take steps to address the double GST treatment of digital currencies,” Morrison said in Sydney today.

“We won’t be taxing digital currencies.”

Despite the change to GST on Bitcoin transactions, there could be further bureaucracy ahead for digital currencies in order to regulate their use by criminals and terrorists.

“Removing the ‘double taxation’ treatment for GST on digital currencies and applying adequate anti-money laundering and counter-terrorism financing rules may facilitate further developments or use [of digital currencies] in the future,” the government said.

 

 

 

source:http://www.itnews.com.au/news/govt-to-ditch-gst-on-bitcoin-417219

Australia’s net foreign debt tips over $1 trillion as second widest current account deficit recorded

pig with money

2nd March 2016

Australia’s net foreign debt has expanded beyond $1 trillion for the first time on record.

Net foreign debt in the December quarter came in at $1,006 billion — an increase of 2.8 per cent on the previous quarter’s $971 billion.

Figures released by the Australian Bureau of Statistics also show that the quarterly current account deficit has blown out to $21.1 billion, the second deepest deficit since the data was first recorded in 1959.

The December quarter deficit widened 12 per cent from the $18.8 billion deficit reported in the September quarter.

It is only $49 million less than the largest seasonally adjusted deficit, recorded in the June quarter last year.

The crash in commodity prices drove exports down by 4.9 per cent, outweighing the 0.8 per cent in imports.

Exports of non-rural goods — principally resources — fell by $2.7 billion to $45.5 billion on the back a 6 per cent slide in prices.

The value of iron ore and mineral exports fell by 10 per cent, while export volumes were down 3 per cent.

Coal exports fell by a similar amount.

Exports of rural goods rose 5 per cent, with a 10 per cent increase in volumes outweighing a 5 per cent fall in prices.

The values of imports remained steady, with a 10.3 per cent fall in fuel prices for the quarter negating a rise in volumes.

The result drove Australian terms of trade — the ratio of export prices to import prices, or the amount of import goods an economy can purchase per unit of export goods — was down another 3 per cent.

This is a decade low and more than 30 per cent below the peak reached in 2011.

 

 

source:http://www.abc.net.au/news/2016-03-01/australia’s-net-foreign-debt-tips-over-$1-trillion/7210622

6.5M people with active Social Security numbers are 112 or older

16th Feb 2016

Roughly 6.5 million people with active Social Security numbers are age 112 and older, according to an audit by the Social Security Administration’s inspector general.

The March 4 audit concluded that the administration “did not have controls in place to annotate death information” on the the main electronic file, called Numident, for Social Security numberholders who exceeded maximum reasonable life expectancies and were likely deceased.

“We obtained Numident data that identified approximately 6.5 million numberholders born before June 16, 1901 who did not have a date of death on their record,” the report states.

The inspector general said the questionable identification numbers put the government at risk of fraud and waste. Some of the numbers assigned to long-dead people were used fraudulently to open bank accounts, and thousands of numbers were apparently used by illegal immigrants to apply for work, CNS News reported.

“During Calendar Years 2008 through 2011, SSA received 4,024 E-Verify inquiries using the SSNs of 3,873 numberholders born before June 16, 1901,” the report said. “These inquiries indicate individuals’ attempts to use the SSNs to apply for work.”

Sens. Ron Johnson, Wisconsin Republican, and Tom Carper, Delaware Democrat, who head the Senate committee that oversees the Social Security Administration, issued a joint statement Monday urging the agency to clean up its files, CNS News reported.

“It is incredible that the Social Security Administration in 2015 does not have the technical sophistication to ensure that people they know to be deceased are actually noted as dead,” Mr. Johnson said. “Making sure Social Security cleans up its death master file to prevent future errors and fraud is a good government reform we can all agree on.”

Mr. Carper agreed, saying eliminating such errors by simply keeping track of who has died is a “relatively simple problem that the government should pursue as a high priority.”

The inspector general made recommendations to the administration for resolving the discrepancies and correcting its death records, but the agency disagreed.

“The recommendations would create a significant manual and labor-intensive workload and provide no benefit to the administration of our programs,” Social Security management said in a response to the review, The Washington Post reported.

The agency agreed to other proposals, including one to resolve cases in which multiple individuals are using the same Social Security number.

SSA stated that, while it had concerns about the resource impact and error risk of correcting very old non-beneficiary records, it would explore the legal and technical feasibility, as well as the cost, to establish an automated process to update these records,” the report said. “SSA agreed to complete its analysis by the end of FY 2015.”

 

source: http://www.washingtontimes.com/news/2015/mar/10/65m-people-with-active-social-security-numbers-are/

Investor George Soros says the world could be heading towards a financial crisis similar to the 2008 GFC

evil soros

10th jan 2016

The world could be headed towards a new global financial crisis similar to that which decimated markets in 2008, says billionaire investor George Soros.

Speaking at an economic forum in Sri Lanka Thursday, the 85-year-old drew similarities between the current economic environment and the financial crash of 2008.

“When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008,” he said.

“Unfortunately China has a major adjustment problem and it has a lot of choices and it can actually transfer to the rest of the world its own problems by devaluing its currency and that is what China is doing,” Soros said of the world’s second largest economy.

His speech came as world markets tumbled and oil prices reached new lows after China suspended its stock market when shares fell more than seven per cent for the second time this week.

“We are facing a very serious transitional problem which is quite recent and it is, I would say, (a situation) that amounts to a crisis, and we are at the beginning of that,” Soros said.

In the event which was attended by Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe, Soros said a weaker Chinese yuan was “inflicting deflationary pressures” on the rest of the world.

“I agree with Soros to the extent that China’s economy is creating a ripple effect throughout the global economy,” said Paul Mazzola. “But I’m not as pessimistic as him to think it will cause another global financial crisis.”

Speaking to news.com.au the former banker and associate head of the School of Finance at Wollongong University said he shared Soros’ belief that the artificial value of the yuan was “the source of the world’s global instability” but stopped short of saying it was time to panic.

Let’s get China right and it will go a long way to fixing global markets, he said.

COULD A REPEAT OF 2008 HAPPEN?

The man with a net worth of $US27.3 billion certainly knows a little something about financial markets, but it’s not the first time George Soros has made economic doomsday predictions by suggesting a repeat of 2008.

During a panel discussion in Washington in September 2011, he said the Greece-born European debt crunch was “more serious than the crisis of 2008.”

But as the scars of the global financial crisis begin to fade, the release of a new film will likely open up old wounds — at least in terms of public debate.

The film adaptation of Michael Lewis’ The Big Short was released on December 23 in the US and is due to hit Australian cinemas in early 2016. The film follows the real life journey of a handful of different traders who foresaw the collapse of the American subprime mortgage market and the subsequent banking crisis, and were able to successfully bet on it happening.

The film contains the suggestion that some of the negligent activities on Wall Street which precipitated the global financial crisis are still going on today.

However Paul Mazzola said the “learning experience” of the subprime mortgage disaster has brought about reforms in the US investment banking system and global financial markets, including Australia, which have safeguarded from future calamities.

“We’re better off now than we were before,” he said. “The structural reforms we’ve seen have kind of insulated the world from future disasters.”

But the central character in Lewis’ book, hedge fund manager Michael Burry, believes the state of the world economy could result in another catastrophe.

“We are right back at it: trying to stimulate growth through easy money. It hasn’t worked,” he toldNew York magazine in the wake of the film’s US release.

“It seems the world is headed toward negative real interest rates on a global scale. This is toxic. Interest rates are used to price risk, and so in the current environment, the risk-pricing mechanism is broken. That is not healthy for an economy,” he said.

Michael Lewis has also lamented the lack of significant change on Wall Street in the wake of the GFC.

“I regarded this crisis at bottom as a problem of incentives. People behaved badly because they were incentivised to behave badly, and the incentives haven’t really changed that much,” he said.

While Paul Mazzola understands the desire for dramatic regulatory change, he says it can be tough to achieve.

“There has been a lot of learning, but the action has been slow,” he said.

The 2008 crisis was not only fuelled by shoddy lending practices, but also by an unrelenting public desire for “cheap money” — something which Mazzola says has been largely rectified in the wake of 2008.

“The consumer world is acting a little bit more sensibly, ie: we’re not going as crazy on our credit cards,” he said.

George Soros on Thursday warned of a financial crisis not of the same nature of 2008, but perhaps the same significance.

The performance of Chinese markets in this week has plenty of investors spooked. Shares on major exchanges fell a sixth straight day today and crude oil prices touched multi-year lows as investors fretted over China’s economy and its ability to stabilise its stock market.

In a move that deepened concerns the People’s Bank of China set the yuan midpoint rate lower for an eighth consecutive day.

But despite the woeful week in Chinese markets, the troubling artificial value of the yuan and the warning from George Soros of a potential crisis in the making, comparisons to 2008 crisis seem far fetched.

“Let’s not overreact to the stock market just yet,” Mazzola said.

 

source: http://www.news.com.au/finance/economy/world-economy/investor-george-soros-says-the-world-could-be-heading-towards-a-financial-crisis-similar-to-the-2008-gfc/news-story/d4e5cc0a52246d0429db0b9299ab7c12

Switzerland to hold referendum on banning private banks from creating money

currency

26th Dec 2015

A radical initiative to strip private banks of their power to “create money” and make it exclusively a central bank privilege has gathered enough support for the Swiss government to announce a referendum on the issue. A vote in favor may result in a return to 100 percent reserve banking.

“Banks won’t be able to create money for themselves anymore, they’ll only be able to lend money that they have from savers or other banks, or even, if necessary, money that the Swiss National Bank has provided them,” the campaign said in a statement on their petition website.

As soon the petition concerning changes to the Swiss banking system had received more than 100,000 valid signatures, the Swiss government confirmed it would hold the referendum, according to the Telegraph. The date when the country will vote to decide whether private banks should be keep their power of creating money has not yet been set.

The move comes as part of the Swiss Sovereign Money Initiative (known as the Vollgeld-Initiative in German) that seeks to put an end to financial speculations. The group is concerned with the current state of affairs in traditional fractional reserve banking, where real coins, banknotes and central bank liabilities account for only a minor part of money in circulation, while most of it exists as electronic cash created by private banks.

“Most people believe that the money they have in their bank accounts is real money… This is wrong! Money in a bank account is… a promise the bank makes to provide money, but it is not itself legal tender,” they group explains in their statement.

The initiative claims that it strives to change the system so that it complies with the Swiss Constitution, guaranteeing safety and avoiding such phenomena as finance bubbles and empty money.

If the change is introduced, Swiss banks would have to look for a workaround to continue providing their clients with the usual set of services.

This won’t be a first referendum on monetary policy in the recent history of Switzerland. The Swiss voted against a law that would increase country’s gold reserves from 7 percent to 20 percent back in 2014, despite early polls showing increasing support for the initiative.

 

 

source: https://www.rt.com/business/327118-switzerland-money-banking-referendum/

Bernie Sanders: Bankers Have ‘Hijacked” the Federal Reserve

berniesanders

WASHINGTON (Reuters) – Democratic presidential candidate Bernie Sanders lambasted the Federal Reserve on Wednesday as an institution that has been “hijacked by the very bankers it regulates” and called for banning bank executives from regional Fed governing boards.

The populist Sanders last week criticized the Fed’s decision to raise interest rates and acknowledged proudly in a Saturday night debate that Wall Street won’t like him in the White House.

“Wall Street is still out of control,” Sanders wrote in a New York Times opinion piece.

Seven years after large U.S. banks were bailed out by the Treasury Department because they were too big to fail, the banks have become even bigger, leaving taxpayers at risk of another bailout, he said.

“To rein in Wall Street, we should begin by reforming the Federal Reserve,” Sanders wrote. “Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.”

The chief executives of the largest banks in America serve on Federal Reserve boards, he said, likening that to the chief of Exxon Mobile running the Environmental Protection Agency.

He said banking executives should be barred from serving on the boards of the Fed’s regional banks and board members should be nominated by the president and chosen by the Senate.

Sanders blamed the Fed’s decision last week to raise interest rates on pressure from bankers and said that, as a rule, the Fed should not hike rates until unemployment is lower than 4 percent.

Sanders’ relentless focus on the ills of Wall Street has kept pressure on Democratic front-runner Hillary Clinton, who has had friendlier relations with corporate America and received significant campaign donations from big banks – second only to Republican presidential contender Jeb Bush.

During the last Democratic debate, a moderator cited a 2007 Fortune magazine cover titled “Business Loves Hillary” and asked whether corporate America should love her in 2016. “Everybody should,” Clinton quipped.

In the opinion piece, Sanders called for “full and unredacted” transcripts of Federal Open Market Committee meetings to be released within six months instead of the current five years.

He also said the Government Accountability Office should conduct a “full and independent audit” of the Fed.

“The sad reality is that the Federal Reserve doesn’t regulate Wall Street; Wall Street regulates the Fed,” Sanders wrote.

Source: http://www.newsweek.com/bernie-sanders-bankers-wall-street-federal-reserve-us-economy-interest-rates-408672