Tag: The United States

Can America Make a Course Correction? We’ve Done It Before

Written by on October 22, 2020 in Books, Conscious Living, Media & Arts, Thrive with 0 Comments
Can America Make a Course Correction? We’ve Done It Before

A new book looks to the last century to understand how Americans can overcome the challenges they face today. #thrive #America

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The Truth About Capitalism

The Truth About Capitalism

In the years leading up to the economic crisis in 2008, banks increased the funding for the riskiest loans (called subprime loans), from $30 billion a year to over $600 billion a year, rigged even higher interest rates on those loans, and then, while the bankers were making billions of dollars of profits off the borrowers’ high interest repayments, they made further profits betting against their customers ever being able to pay back the loans they had just been given. The FBI warned the government about this in reports as early as 2006, the IMF’s chief economist, Raghurum Rajan, presented a paper to the men in charge of all the world’s major banks, including the Federal Reserve, warning of the potential collapse of the system due to dangerous incentives, and journalist Allan Sloan published articles in Fortune magazine and The Washington Post in 2007 – nothing was done.

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