Category: economy


President Obama’s top telecom regulator, Tom Wheeler, told fellow FCC commissioners before the Christmas holiday that he intends to circulate a draft proposal internally next month with an eye toward approving the measure weeks later, said one official who spoke on the condition of anonymity because the agency’s deliberations are ongoing.

It’s still unclear what rules Wheeler has in mind for Internet providers. Analysts and officials close to the agency say that momentum has been building recently for far more aggressive regulations than Wheeler had initially proposed. Advocates of strong net neutrality, including President Obama, have urged the FCC to begin regulating Internet service providers using the same law it uses to oversee telephone companies

washingtonpost.com

 

On Jan. 14, 2014, a federal court of appeals struck down the Federal Communications Commission’s Open Internet Order, which was designed to prevent Internet service providers from blocking or slowing users’ connections to online content. The court did not comment on the validity of these rules but simply said that the FCC had used the wrong legal foundation to justify them.

In response, on May 15 FCC Chairman Tom Wheeler released flawed Internet rules that would let ISPs charge content companies for priority treatment — relegating all other content to a slower tier of service.

Wheeler’s plan would let telecom giants like AT&T, Comcast and Verizon pick winners and losers online and discriminate against online content and applications. And it would destroy the open Internet.

savetheinternet.com

Time for Net Neutrality Opponents to Reconsider Their Position

Has Atlas Shrugged?

Has Atlas Shrugged? (via http://www.thebrennerbrief.com)

Last month, another 130,000 Americans dropped out of the labor force, The labor participation rate is 63.9 percent, which is roughly the same rate as the 1970s. Unemployment dipped to 7.7 percent as a result of the participation rate, but remains chronically high. Companies such as JC Penney, Google, and Wal-Wart, have all announced future layoffs. Jerry Murray, Wal-Mart’s VP of finance and logistics, made news after his leaked emails referred to the company’s monthly sales figures as a “total disaster.” In March, consumer confidence fell to the lowest level we have seen since December 2011. As the market corrects from the record highs last week, the American small business is still feeling the pain and wondering: Has Atlas Shrugged?

English: Graph showing U.S. dollar and Japanes...

The U.S dollar is shrinking as a percentage of the world’s currency supply, raising concerns that the greenback is about to see its long run as the world’s premier denomination come to an end.

When compared to its peers, the dollar has drifted to a 15-year low, according to the International Monetary Fund, indicating that more countries are willing to use other currencies to do business.

While the American currency still reigns supreme — it constitutes $3.72 trillion, or 62 percent, of the $6 trillion in allocated foreign exchange holdings by the world’s central banks — the Japanese yen, Swiss franc and what the IMF classifies as “other currencies” such as the Chinese yuan are gaining.

(Read More: Hedge Funds Reap Billions on Yen Bets)

“Generally speaking, it is not believed by the vast majority that the American dollar will be overthrown,” Dick Bove, vice president of equity research at Rafferty Capital Markets, said in a note. “But it will be, and this defrocking may occur in as short a period as five to 10 years.”

Bove uses several metrics to make his point, focusing on the dollar as a percentage of total world money supply.That total has plunged from nearly 90 percent in 1952 to closer to 15 percent now. He also notes that the Chinese yuan, the yen and the euro each have a greater share of that total.

via Is the Dollar Dying? Why US Currency Is in Danger.

 

40 Ways That China Is Beating America

English: USA deficit, China surplus, 2000-2014...

China is wiping the floor with the United States on the global economic stage, and most Americans are so clueless that they have absolutely no idea what is happening. The number one global economic superpower is in an advanced state of decline, and the number two global economic superpower is becoming stronger with each passing day. Unless something truly dramatic happens, it is only a matter of time before China overtakes America and become the dominant economic force on the planet. In fact, China is already exercising economic superiority over the United States in a whole host of ways. China produces more goods than we do, China does more total trade in goods with the rest of the world than we do, China produces more cars than we do, China produces more gold than we do, China consumes more energy than we do, China produces more coal than we do and China produces more steel than we do. Every single year, we buy far more from them than they buy from us, and this has made them exceedingly wealthy. Our politicians regularly make trips over to China to beg them to lend us back some of the money that they have taken from us. Today, we owe China more than a trillion dollars and the Chinese are sitting on the biggest pile of foreign currency reserves that the world has ever seen. All of this wealth has fundamentally transformed the nation of China over the past couple of decades. Just check out the startling photographs of China from space in this article that show how China dramatically changed between 1992 and 2010. As China continues to become stronger and as America continues to become weaker, will our children some day wake up in a world where the Chinese are telling them what to do?

via 40 Ways That China Is Beating America.

 

THE GRAND KREMLIN PALACE, MOSCOW. President Pu...

Central banks around the world have printed money to escape the global financial crisis, and as Bloomberg reports, IMF data shows Russia added 570 metric tons in the past decade. Putin‘s fears that “the U.S. is endangering the global economy by abusing its dollar monopoly,” are clearly being taken seriously as the world’s largest oil producer turns black gold into hard assets. A lawmaker in Putin’s party noted, “the more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency.”

Putin’s gold strategy fits in with his resource nationalism, statist agenda, as Bloomberg notes when Russia defaulted in 1998 it took 28 barrels of oil to buy one ounce of gold, was 11.5 barrels when Putin came to power and when in 2005 it had fallen to 6.5 barrels (less than half what it is now), he went all in, telling the central bank to buy.

via Russia Flips Petrodollar On Its Head By Exporting Crude, Buying Record Gold | Zero Hedge.

 

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