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The Waterworks Of Money

The Waterworks Of Money

Authors: Carlijn Kingma (cartographer), Thomas Bollen (investigative journalist) and Martijn van der Linden (professor…

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The Waterworks Of Money

Authors: Carlijn Kingma (cartographer), Thomas Bollen (investigative journalist) and Martijn van der Linden (professor New Finance at The Hague University of Applied Sciences).

The money system visualized as an irrigation system

Most countries are dealing with a ‘cost of living crisis’. High inflation is eating into the budgets of ordinary people, which were already tight. Over the past decade wages have fallen sharply behind compared to corporate profits and shareholder remuneration. Meanwhile the collapse of US banks and the bailout of Swiss banking giant Credit Suisse show that financial instability remains an ongoing threat.

And there may be more skeletons in the closet. Not only within the tightly regulated banking sector, but also at ‘non-banks’. In April 2023 Klaas Knot, chair of the Financial Stability Board, warned for the known unknowns at other financial institutions: ‘If they are hidden for a very long period of time, sometimes the problem then grows so big, that it only becomes unhidden or visible when it's too big to deal with.’

The problems of cost of living and financial instability cannot be seen in isolation from the design of our money system.

Floods and droughts

The money system is to the economy what an irrigation system is for farming lands. Just as irrigation helps crops grow, money allows the economy to flourish. But if the architecture is fragile, or the sluices and floodgates are mismanaged, severe droughts will cause hardship and suffering.

During the past decade the super-rich and large corporations could borrow at record low interest rates. In 2019 hedge fund billionaire Ray Dalio warned of the consequences of what he considered a ‘broken system’. He pointed out that while ‘money is essentially free for those who already have money and creditworthiness’, it’s ‘essentially unavailable’ to those who don’t. This, he explained, contributes to the widening wealth gap, opportunity gap, and political divides we see today. The financial sector flooded certain parts of the economy while other parts remained parched.

During the pandemic the floodgates were opened even further. Although some free paychecks were sent to the people at the bottom of society – in the US for example several programmes were rolled out to support the unemployed – the chasm between the poor and rich grew further. The easy money boosted the markets for yacht-backed-loans and securities, dividends, share buy-backs, and M&A deals to new highs in 2021 and 2022. This came at the price of higher inflation. Ordinary citizens in many countries now struggle to make ends meet. Even despite pay raises, their real wages (accounting for the net effects of inflation) have further declined.

‘The Waterworks of Money’, an architectural map of the money system drawn by cartographer Carlijn Kingma

The two-tiered state

Fixing the design flaws within society’s irrigation system is not a commercial or technocratic task, but a democratic one – or as the American economist John H. Cochrane succinctly put it: ‘We voters need to tell our politicians which kind of central bank we want.’

The same applies for other parts of our money system; the payment infrastructure, the tax regime and the investment of our pension savings. Who gets the power to create and allocate new money––and for what purposes? How can we make large corporations pay their fair share of taxes instead of shifting the burden to family businesses? And what needs to be done if we want the rules of a market economy to apply for the banking sector as well? Answering the big questions that shape our economy, requires continuous political engagement.

In a democracy, the power to design the money system––and the laws and institutions that govern it––is ultimately in the hands of the people. However, in practice there is a big obstacle impeding the democratic process. ‘In the age of the CDS and CDO, most of us are financial illiterates,’ wrote US financial journalist Matt Taibbi in 2009. Taibbi tried to raise awareness of the dangers of ‘financial illiteracy’. He argued that by making finance needlessly complex, the bankers transformed our democracy into a ‘two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.’ Anyone unfamiliar with the jargon of economists, bankers and tax experts is excluded from the public debate on how our monetary system should work.

Why reform is necessary

After every crisis, the consequences of this exclusion become visible. In the aftermath of 2009, ordinary citizens footed the bill for the bank bailouts––the US Treasury spent 420 billion dollars and European countries roughly 1.6 trillion euros (Estimated costs of bailouts by EU member state governments €1.6tn, US $426.4bn. Howarth, D., and S. James (2022). Banking Politics: Structural Reform in Comparative Perspective. Oxford: Oxford University Press). Meanwhile, the bankers were negotiating the conditions of their own rescue packages and drafted future regulations.

The actual power over our monetary architecture is in the hands of a small and exclusive group – often employed by, or with close ties to the financial sector. In essence, they propped up the existing banking architecture, without addressing the fundamental design flaws that make it so fragile. When former American president Barack Obama signed the new banking regulations in 2010 he said: ‘There will be no more tax-funded bailouts. Period.’ However, in 2023 the US government had to dip into the public purse again to save four large banks from bankruptcy, and prevent ‘contagion’ to the rest of the financial system. Privatizing profits while socializing risks and losses has become standard practice.

The Waterworks of Money

In his 2009 polemic Taibbi concluded: ‘There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power.’ To put the power back into the hands of the people, we need to demystify the world of finance.

With this mission in mind, we (cartographer Carlijn Kingma, investigative financial journalist Thomas Bollen, and professor New Finance Martijn van der Linden) worked for two and half years to map ‘The Waterworks of Money’, an architectural visualization of our money system that bypasses the economic jargon. Kingma spent 2300 hours drawing this map by hand, based on in-depth research and interviews with more than 100 experts––from central bank governors and board members of pension funds and banks to politicians and monetary activists.

In an animated video, we walk you through a metaphorical representation of our money system, its hidden power made manifest.  Only if ordinary citizens develop their own vocabulary to participate in the debate about our money system, can they tell their politicians which kind of ‘financial irrigation system’ they want.

The Waterworks of Money is at the moment exhibited in Kunstmuseum Den Haag, and reproductions can be seen at the Dutch pavilion at the Venice Biennale. For more info, see waterworksofmoney.com

Tyler Durden Wed, 06/21/2023 - 21:00

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Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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