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Business Owners Shifting Risks of Failure to Trade Creditors: Solutions are Needed — MEDIATBANKRY

By Donald L. Swanson “Lending to the most highly indebted companies in the U.S. and Europe is surging.”— Wall Street Journal [Fn. 1] When a large business files for bankruptcy, there is one group that almost always suffers. It is a group with little-to-no power. It is the unsecured trade creditors. It is those that supply […]

via Business Owners Shifting Risks of Failure to Trade Creditors: Solutions are Needed — MEDIATBANKRY

I completely agree that trade creditors almost always wind up with little or nothing.   The trade creditors associations should organize and lobby for the amendments to the Bankruptcy Code that the author recommends.

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Fox in the Hen House: Why Interest Rates Are Rising

WEB OF DEBT BLOG

The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?

On March 31st the Federal Reserve raised its benchmark interest rate for the sixth time in 3 years and signaled its intention to raise rates twice more in 2018, aiming for a fed funds target of 3.5% by 2020. LIBOR (the London Interbank Offered Rate) has risen even faster than the fed funds rate, up to 2.3% from just 0.3% 2-1/2 years ago. LIBOR is set in London by private agreement of the biggest banks, and the interest on $3.5 trillion globally is linked to it, including $1.2 trillion in consumer mortgages.

Alarmed commentators warn that global debt levels have reached $233 trillion, more than three times global GDP; and that…

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Astonishing California bill would shut down free speech, require fact-checkers

Jon Rappoport's Blog

Astonishing California bill would shut down free speech, require fact-checkers

by Jon Rappoport

April 9, 2018

California used to be trumpeted as the cutting edge of American culture.

It still is, except the culture is now all about censoring free speech.

California Senator Richard Pan, who was behind the infamous 2015 law mandating vaccinations for schoolchildren (SB277), has stepped up to the plate and introduced another bill.

This one would clamp down on criticism of ANY Official Story.

The bill is titled “SB1424 Internet: social media: false information: strategic plan.”

It targets social media based in California. But as you read the bill, you see it appears to define social media as any Internet blog, website, or communication.

SB1424 is brief. Read it:

This bill would require any person who operates a social media, as defined, Internet Web site with a physical presence in California to develop a strategic…

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Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services

WEB OF DEBT BLOG

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their National Convention in Minneapolis to investigate establishing a postal banking system.  The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.”

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What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime

the infrastructure in the United States is decaying rapidly, I agree that using a postal savings bank to help fund much needed improvements is a good idea.

WEB OF DEBT BLOG

The U.S. Postal Service (USPS) is the nation’s second largest civilian employer after WalMart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email. What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have not yet even been born.

The Carper-Coburn bill (S. 1486) is the subject of congressional hearings this week. It threatens to make the situation worse, by eliminating Saturday mail service and door-to-door delivery and laying off more than 100,000 workers over several years.

The Postal…

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Warren’s Post Office Proposal: Palast Aims at the Wrong Target

WEB OF DEBT BLOG

Investigative reporter Greg Palast is usually pretty good at peering behind the rhetoric and seeing what is really going on. But in tearing into Senator Elizabeth Warren’s support of postal financial services, he has done a serious disservice to the underdogs – both the underbanked and the US Postal Service itself.

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Saving the Post Office: The Models of Kiwibank and Japan Post

WEB OF DEBT BLOG

Neither rain nor sleet nor snow may have stopped the Pony Express, but the nation’s oldest and second largest employer is now under attack.  Claiming the Postal Service is bankrupt, critics are pushing legislation that would defuse the postal crisis by breaking the backs  of the postal workers’ unions and mandating widespread layoffs.  But the “crisis” is an artificial one, created by Congress itself.  

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