Economics

The Looming Bank Collapse

Post published:June 10, 2020
Post category:Economics News Politics Society

The U.S. financial system could be on the cusp of calamity. This time, we might not be able to save it. Story by Frank Partnoy After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks, and it could be cataclysmic. Imagine if, in addition to all the uncertainty surrounding the pandemic, you woke up one morning to find that the financial sector had collapsed. To hear more feature stories, get the Audm iPhone app. You may think that such a crisis is unlikely, with memories of the 2008 crash still so fresh. But banks learned…

Gavin Newsom Declares California a ‘Nation-State’

Post published:April 10, 2020
Post category:Articles Economics Environment Health History Politics Regimes Safety Society

California this week declared its independence from the federal government’s feeble efforts to fight Covid-19 — and perhaps from a bit more. The consequences for the fight against the pandemic are almost certainly positive. The implications for the brewing civil war between Trumpism and America’s budding 21st-century majority, embodied by California’s multiracial liberal electorate, are less clear.

233 Politicians Just Voted to Steal Social Security's $2.9 Trillion Surplus

233 Politicians Just Voted to Steal Social Security’s $2.9 Trillion Surplus

Post published:February 21, 2020
Post category:Economics Politics Regimes Society Washington DC

FOR IMMEDIATE RELEASE April 12, 2018Contact: Linda Benesch, lbenesch@socialsecurityworks.org Legislation That Would Surreptitiously Steal Social Security’s $2.9 Trillion Surplus Has Been Defeated – But 97% of Republicans Voted For It (Washington, DC) — The following is a statement from Nancy Altman, President of Social Security Works, in reaction to nearly every Republican member of the House of Representatives, as well as seven Democrats, voting for a Constitutional amendment requiring that all annual revenue and spending balance every year. The amendment failed to attain the two-thirds majority required to pass it into law: “Every pay period, starting with our first jobs, America’s workers contribute to Social Security. The program uses those funds to pay all benefits and related administrative costs. Social Security does not add even a penny to the deficit, as Republican President Ronald Reagan so clearly stated when he was president. When Social Security runs a surplus, Social Security holds the funds in trust.…

Canadians! More No-Waste Grocery Stores Are Coming to a City Near You

Post published:March 17, 2019
Post category:Economics Environment Food Health Society

And the trend doesn’t just apply to grocery stores. And the trend doesn’t just apply to grocery stores. The Soap Dispensary and Kitchen Staples in Vancouver, for instance, sells bulk and packaging-free beauty and household products, as well as food. This is a welcomed trend for environmentally-savvy consumers. “We’ve got a massive plastic packaging problem,” Barb Hetherington, a board member for Zero Waste Canada, told Global Citizen. “We’ve got so much packaging in the world that our recycling systems can’t handle it.” The average person in North America or Western Europe consumes about 100 kilograms of plastic, and the bulk of that is due to packaging, according to Zero Waste Canada. Related Stories June 18, 2018 New Toronto Grocery Store Lets Its Customers Pay What They Can Hetherington argues that the zero-waste shopping experience not only reduces the amount of packaging that has to be manufactured and recycled, but because…

Billionaire Musk releases all Tesla patents to help save the Earth

Post published:March 10, 2019
Post category:Celebreties Economics Environment Life Style Security Society Transportation

Tesla CEO Elon Musk and Shanghai's Mayor Ying Yong attend the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China Jan. 7, 2019. Aly Song, Reuters SAN FRANCISCO - Elon Musk announced Thursday he had released all of the electric carmaker Tesla's patents, as part of an effort to fight climate change. In a blog post, the colorful billionaire founder of Tesla promised the company "will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology." It was a remarkable move in an industry where the smallest idea or seed of invention is carefully guarded to protect its monetary value. And it in fact came on the same day US prosecutors charged a Chinese national with stealing secrets from Apple's self-driving vehicle project. "Tesla Motors was created to accelerate the advent of sustainable transport," Musk said. "If we clear a path to the creation of compelling…

Growing Food in Wet Climates

Post published:December 18, 2018
Post category:Discoveries Economics Environment Food Health Life Style Nutrition

So I’ve shifted from a hot, dry climate to a cooler, wet one. And it’s a radically different ball game. Slugs replace aphids. Mould occludes drought issues. I’m once again swatted by the importance of climate-specific information. But where to find it?As you’ve probably worked out by now, I take most advice with a shedload of salt. If you can’t show me hard evidence of success, take cover. But, when it comes to a burgeoning garden in a wet climate, I know a woman who knows. Let me hand over to the eloquent Kristen Krash of Sueño de Vida in Ecuador for her hard-won tips. Sueño de Vida is a naturally-built haven in Ecuador. I Imagined Endless Crops - I Was WrongWhen I first landed at my new home on seven acres of sub-tropical cloud forest, I was ecstatic. It was dry August and the sun shone in the bright…

D.C. Council gives final approval to Airbnb regulations

Post published:December 10, 2018
Post category:Economics Life Style News Politics Society Washington DC

Property owners won’t be able to use secondary homes for short-term rentals under the new rules By Andrew Giambrone Nov 15, 2018, 11:54am EST D.C. residents who use Airbnb or similar booking services to rent out their homes will likely have to abide by new regulations starting next October, when they are set to go into effect. The policies represent the first time the city has charted comprehensive laws for short-term rental units—an effort that has sparked a fierce debate spanning roughly the past two years. District lawmakers on Tuesday unanimously green-lit rules for short-term rentals, after they had delayed a final vote on the rules last month. The legislation bans property owners from renting out any homes other than their primary residences for fewer than 30 days at a time, commonly done through platforms such as Airbnb and VRBO. It also restricts to 90 the total number of days…

Emotional General Motors Workers Seen Wiping Away Tears After Company Lays Off 14,500 People

Post published:December 1, 2018
Post category:Articles Economics News Politics Regimes Society

By Jack Phillips November 28, 2018 Updated: November 28, 2018 Photos this week show emotional General Motors workers in Ontario, Canada, wiping away tears after the company laid off more than 14,000 employees just days before the holidays. The firm made the announcement on Nov. 26, saying it will shutter seven plants in the United States and Canada. It said it plans to cut 15 percent of its workforce to save $6 billion and adapt to “challenging market conditions,” and it will abandon many car models. “I don’t know how I’m going to feed my family,” Matt Smith, a worker at an Ontario factory, said outside the plant, News.com.au reported. “It’s hard. It’s horrible.” Smith said his wife also works at the plant, adding they have an 11-month-old baby. Members of Unifor local 222 gather at the union hall before the press conference with union leaders in Oshawa, Ontario, on…