Poverty is moving to the suburbs – the question is what to do about it

Poverty is moving to the suburbs – the question is what to do about it
There’s much more of this than there used to be. Credit: Maisna

The conventional image of suburbia is one of bland affluence and social homogeneity. Suburbs are where the middle classes aspire to make their nests. They are the idealised safe havens for raising children and growing old. They are where white people migrate to flee ethnic diversity.

In the United States suburbia has sprawled into vast expansions of the city, the suburbs become synonymous with the American dream. Homo Americanus's natural habitat is supposedly the leafy suburban neighbourhood with manicured lawns and white picket fences.

So ingrained is the association between wealth and the outer circles of a city that the word "suburban" has long since become shorthand for bourgeois materialism – and an inviting target for social critics. Suburbia is where nothing happens. "Same old boring Sunday morning, old men out washing their cars," as the song Sound of the Suburbs would have it.

For real life and social authenticity you must descend into the inner city, the locus of , ethnic ghettos, human struggle and cultural vibrancy. To speak of suburban poverty is something of an oxymoron. Or is it?

The 21st-century poor

Not any longer. Emerging evidence of decentralised deprivation, particularly in the US, suggests that social commentators may need to start searching for a new metaphor. The rise of suburban poverty has been highlighted as one of the most significant trends that may come to characterise 21st-century cities.

Recent research by the Brookings Institute of Washington DC, for example, finds in American cities as varied as San Francisco, Cleveland, Chicago and Seattle "a series of communities in transition … from outposts of the middle class to symbols of modern American poverty". Suburbia is now "home to the largest and fastest-growing poor population in the country and more than half of the metropolitan poor".

This side of the pond

The same thing appears to have been happening in the UK. Research by the London-based Smith Institute found the same trend in England and Wales. It found 6.8m people living in poverty in the suburbs, comprising 57% of all those in poverty. It also found that this was rising.

Between 2001 and 2011, the institute reports that the number of people living in the suburbs experiencing above-average levels of poverty rose by 34%. It found a 25% rise in the number of unemployed households, compared to 9% elsewhere. And in the eight biggest English cities – London, Leeds, Birmingham, Newcastle, Liverpool, Manchester, Sheffield and Bristol – the suburbs had become poorer relative to inner-city areas over the same time period.

No equivalent study had looked north of the border. This is an intriguing omission, particularly given the closely drawn outcome of the recent referendum for Scottish independence. A big question in that debate was whether and to what extent Scotland is different.

Glasgow calling

I have been part of a research team that has sought to remedy this, initially by looking at Glasgow. We have sought to improve on what has been done before by developing new methods to overcome the problem of gauging whether we are observing genuine change in the urban distribution of poverty rather than random churn in population movements. We are currently applying this to Edinburgh, Aberdeen, Dundee and Inverness and are likely to look to England and Wales in due course, so it will be interesting to see to what extent our findings match those of the Smith Institute.

In our study of Glasgow, it is worth pointing out that much of the poverty concentrates on housing estates on the edges of the city. There are one or two areas of inner-city poverty, but nothing equivalent to, say, London. Yet the wealthier suburbs are also concentrated in the outer areas. To avoid getting into what counts as suburban, which is actually much more complex than you might think, we focused on whether the indicators of poverty were moving outwards.

Sure enough, poverty became noticeably less centralised in Glasgow between 2001 and 2011. The concentration of people on income support in outer areas rose 27%, while it rose 59% for those on incapacity benefit and 48% for those on Job Seekers' Allowance.

This doesn't mean that the suburbs of Glasgow are likely to become the new ghettos of deprivation any time soon. Poverty is still largely concentrated in the inner cities and former council estates. But the results do provide the first evidence that the same trend that has been witnessed in England, Wales and the US is also happening in Scotland.

Why does all this matter? Welfare policy and regeneration frameworks have historically been geared towards . Fragmentation and dispersal of poverty could raise new challenges for policy developers and additional problems of social isolation for those unlucky enough to find themselves poor in suburbia. Area-based policies, for example for support services, are most effective if those in greatest need are concentrated in particular sectors of the city.

This is therefore something that needs to be taken much more seriously by those who decide how poverty should be tackled. The more that poverty finds new places to live, the more that anti-poverty policies have to move to keep up with it. The battle against poverty in the 21st century may need to take on very different forms to what it was before.

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Separate and unequal in suburbia

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Jan 09, 2015
What the Scots should do is re-read Adam Smith and abolish their socialist state.

Jan 10, 2015
What the Scots should do is re-read Adam Smith and abolish their socialist state.

Or rather than looking to an age when e.g. bloodletting was accepted science, they could look to countries today like Denmark and Norway and embrace increased government social intervention.

Maybe you would care to offer up some alternate country that is an exemplar of laissez-faire, where most of that country's citizens are therefore industrious and economically well off?

No doubt his work was seminal, but today the world, the economy, is way more complex than it was in Adam Smith's day. I understand you'd prefer things be simple, but they aren't.

Jan 10, 2015
@trggesogn - I almost took you seriously there until you mentioned socialist state.

Jan 10, 2015
embrace increased government social intervention.

That doesn't work the way you believe in Denmark and Norway.
You would have to import the Scandinavian culture into Scotland.
Culture is the key, but Norway IS rethinking its socialist welfare state.
" In 1999 the former Swedish social democratic minister of business, Björn Rosengren, famously called Norway "the last Soviet state" due to the lack of willingness to adopt market policies. But now even Norway is shifting with the recent election of a centre‑right government formed by Erna Solberg. Making the transition from a full-scale welfare state to a system which consistently rewards work more than public handouts will be a difficult one for Norway. Hopefully, the newly elected government will draw inspiration from the neighbor to the east."

Jan 10, 2015
"The Scots once built prosperity as they excelled at trade and inventiveness. Scotland was synonymous with enterprise. Figures such as Adam Smith and David Hume represented the Scottish Enlightenment in the 18th century which taught the world the merits of free markets, self reliance and individual liberty. Lessons which the Scots have since forgotten themselves.

It is not necessary for Scotland to separate for those lessons to be rediscovered but England should turn off the tap of subsidies - ultimately for the benefit of the Scots as
well as themselves."

"The Scots pilot suing for racism after being told: 'Your country's a welfare state paid for by the English middle classes'"


Jan 10, 2015
US dollar is surging as predicted in the death throes of the empire feeding upon itself. The petrodollar will become prohibitive and force nations to dump it in favor of gold-backed trading, at which point Americans will find themselves even more useless than at present with their warmongering. Overnight USA will become the third world nation it was destined to be. Satellites will break off and renegotiate with Eurasia while the confederate backwaters slide into Detroit status. Russia and China have 22,000 tonnes of gold respectively while USA has about 200 tons

Stupid Americans think they have hurt Russia. They can't do basic math which reveals that a 50% reduction in the price of oil coupled with a 50% reduction in the rouble relative to the petrodollar EXACTLY cancel out. Import prices jumped for a fortnight then returned to base level. Meanwhile USA shale oil industry will die within months causing immense defaults in the junk bond market, precipitating a recession

Jan 10, 2015
but today the world, the economy, is way more complex than it was in Adam Smith's day.

Only because govts around the world have made it so by attempting to control money.
State control of money enables them to more easily inflate the currency, plunder more wealth and make people more dependent and impoverished.
Economics is quite simple if you don't want to control the lives of others.

Jan 10, 2015
@ryggie Only because govts around the world have made it so by attempting to control money.
Precious metals are real money and USA sold/stole it all to fund endless wars and build underground cities for their bankster buddies so when the collapse comes you're kill each-other while they watch you like a reality TV show. Crazy thinking but standard NAZI strategy

What do you think they're doing with those nuclear-powered continuous tunnel diggers mentioned on physorg? Do you see any public projects using nuclear tunnel diggers?

Jan 10, 2015
@ryggesogn2 - yeah so right. I know lets sell off the state assetts - that was built by tax payers money. Then pay for the services at an inflated price. Better yet, allow state owned national assetts from other countries have shares in that once state owned company, so that they can live it large and be able to afford to continue to run services that we claim we can no longer afford? A case of selling the cow then buying the milk. Mean while we will complain of dwindling money have sold the state assets that we could have run at a profit so that we could have a government running a surplas that could to support state owned companies. But no that just too sensible.

Jan 10, 2015
@ryggesogn2 -Not only that but lets allow the banks to keep printing money - devaluing the currency - and forever increasing inflation. Then the government will have another good excuse to say we have not got the money to run the service - so lets have a tax cut for the middle class and the rich. That wont add insult to injury - will it?

Jan 10, 2015
crass your government is already privatized it is simply the propaganda taught in your schools that claims otherwise. All projects and even some leaders are incorporated. Look up USA under Dun and Bradstreet you will see it is a corporation. The stockholders for these corporations are hidden and private, but they benefit 100% because they own the project YOU paid for. That is the Crown model. Privatization is simply making the paperwork public as they assume anyone who was wise to the public good has died

Jan 10, 2015
sell off the state assetts

What state assets?
banks to keep printing money

Only the govt can print money and inflate its value.

Jan 10, 2015
"major change is needed to rescue Mexico's oil industry, where production has declined, and where Pemex hasn't had the finances or expertise needed to tap the country's vast deep-water and shale reserves.

While oil output has been rising in the U.S. and Canada, Mexico's production has fallen 25 percent since 2004 despite increased investment."

"a better energy sector could add at least a full percentage point to Mexico's annual growth rate, which was scaled back dramatically this year from a projected 3.5 percent to 1.3 percent. "

Mexico nationalized its oil industry in 1938.

Jan 10, 2015
What NOT to do about poverty:

"Shoppers thronged grocery stores across Caracas today as deepening shortages led the government to put Venezuela's food distribution under military protection."

"The price for Venezuela's oil, which accounts for more than 95 percent of the country's exports, has plunged by more than half from last year's peak in June to $47 a barrel this month. "

Recall Venezuela nationalized its oil industry.

Jan 11, 2015
@ryggesogn2 - "Only the govt can print money and inflate its value." So you havnt heard about fractional reserve banking, where the banks dont actually have the money to loan for mortgages etc... (as at best they only have ten per cent in cash in the bank, as 90 percent has been lent out) where the banks then have to spirit the money out of thin air, and because of the double entry book keeping what happens on one side has to entered on the other to balance the books, and once the the figures are on the books, the entry never leaves the system - in other words printing money!!!

"What state assets?" - National industries.

Jan 11, 2015
Production has declined in the oil industry as there is a glut of oil at the present time which has lead to reduced prices. The problem for venezuela is that it needed to rely upon one asset - oil. No diversification, reliance upon one thing. Not that it has been nationalised. Its a world thing not just one country to poke out and say see nationalised doesnt work. What about the shale oil industry in USA then. They are private and yet still are suffering yet you do not mention that ryggesogn2?

Jan 11, 2015
@kochevnik - I agree. There is a lack of education. I will have to look to see whether its what you claim for other governments.

Jan 11, 2015
Socialist states run out of other people's money, destroying economies, creating poverty and leave the country vulnerable.

"UK Forced To Turn To Allies With 'Begging Bowl' Says Defence Spokesman"

reliance upon one thing. Not that it has been nationalised.

Yes, it is. The socialist state made the decision to rely on oil.
What about the shale oil industry in USA then. They are private and yet still are suffering yet you do not mention that ryggesogn2?

Suffering? How? Exploration efforts will be cut back, but production will continue.
If not for the private oil exploration in the US, there would be no oil price drop. Obama refused to allow exploration of oil on govt property.

Jan 11, 2015
"What state assets?" - National industries.

Like ....what?
So you havnt heard about fractional reserve banking, where the banks dont actually have the money t

ALL banks are regulated, controlled and essentially owned by the state.
How long would a truly private, fractional reserve system last?

Why can't a private, non-govt bank print its own money? Its value would be determined by the market.

Jan 11, 2015
" If I were in charge of one of the big joint stock banks in Zurich, and assuming there were no legal prohibitions, I would announce that I would issue certificates and open checking accounts in terms of some new monetary unit. I would claim exclusive rights for it, holding myself responsible to redeem on demand, at the option of the holder, for a specified number of U.S. dollars, Swiss francs or D-Marks.

I would further announce my intention, although without assuming a legal obligation, to control the quantity of this issue so as to keep its purchasing power as nearly constant as possible (measured against a specified list of commodities)."

Bit coin is one example of free-market money.

"In Somalia, the government fiat money turned into private commodity money.'

Jan 11, 2015
"They are where white people migrate to flee ethnic diversity. "

Well if you define ethnic diversity as street gangs, high crime rates, terrible schools and loud music at all hours of the night I suppose that people do move to the suburbs to escape diversity.

Jan 11, 2015
Production has declined in the oil industry as there is a glut of oil at the present time which has lead to reduced prices.
Oil supply on Earth is unchanged. What changed is DEMAND for oil which has dropped precipitously due to an emerging worldwide depression. This depression is wrought by the collapse of the bankster currency (not money) system causing panic among elites to take drastic action including inciting WWIII with Russia. The collapse is delayed by transferring the quantitative easing (currency debasement) from USA to Japan and Europe before hyperinflation strikes USA. In essence all currencies will become crap, but equal crap. The losers will be savers. Perhaps debotrs will benefit. Will all currencies debased worldwide nations may eliminate several digits from their currency and reissue the bills. However the EU is already breaking up with Greece and soon Germany as well as the Nordic countries repatriating their gold and demonstrating disinterest in funding

Jan 11, 2015
"They are where white people migrate to flee ethnic diversity. "

If there was a Pulitzer Price for racism this author would surely get one.

Jan 12, 2015
@ryggesogn2-"Socialist states run out of other people's money, destroying economies, creating poverty and leave the country vulnerable."

And yet, what Thatcher failed to mention that with what we have now you always run out of other peoples money to steal.

"ALL banks are regulated, controlled and essentially owned by the state.
How long would a truly private, fractional reserve system last?"

I'm not sure about that. Dont they call themselves private entities. Yes I know lloyds banking group is pretty much state owned. Doing a quick bit of research, it has been admitted thatthe twelve banks of the Fed 'are' private entities.

"Why can't a private, non-govt bank print its own money? Its value would be determined by the market."

But its not is it.

Jan 12, 2015
@kochevnik - About oil. I agree (its obvious) that there is a world wide depression and yes this does effect the price. Indeed you could measure the strength of the economy by fuel consumption. Shale oil did not help. But I would still hold there is also a glut. A double whammy.

Do you think gold will play a part in the debasement of the currencies when it happens. Or will we just go straight onto SDR's?

Jan 12, 2015
@ryggesogn2-Another thing that pure capitalism leads to is a cartel. The accumulation of money by a few. Which is another thing we have now.

Jan 12, 2015
Poverty is moving to the suburbs – the question is what to do about it?

> kill the poor people. Poverty solved, gone,
> by the value judgement that money represents they are a drag on future growth.
> a war would sort it out.

>> also exterminate the Apple developers of IOS 8.

Jan 12, 2015
Poverty moves where living(space) is cheap. Maybe it's just a natural progression: When housing in the suburbs was built the (then) new houses were expensive. So middle class moved there.
Now, 30-50 years on the houses have been worn down (but not torn down) - so they are much cheaper to rent.
Conversely the inner city blocks for residents were built 100 years ago. When they wore down poverty moved there. Now they're being torn down/gentrified because they are cheap to buy and will make a lot of profit when the new buildings are sold. The rich/middle class are moving back into the cities now that the pollution problem is not so great anymore.

So I'll throw out a hypothesis that there may just be a 'natural' back-and-forth. In 30 years time the houses in the suburbs will be so delapidated that they have to be torn down to make way for new ones - and the cycle may begin anew.

Jan 12, 2015
When housing in the suburbs was built the (then) new houses were expensive

That's no normally why people move to suburbs.
They move because the cost of housing per sq. meter/ft of appropriate quality is less.

When they wore down

Why should they wear down? Why wouldn't it be cost effective to maintain the property?

In NYC, rent control keeps properties impoverished.

In many places, zoning restricts what an owner can do to upgrade and maintain his property.
Zoning prevents people from living above their place of business forcing office parks to be built in suburbs, etc.

Jan 12, 2015
@ryggesogn2-Another thing that pure capitalism leads to is a cartel. The accumulation of money by a few. Which is another thing we have now.

No, it does not. Never has and never will, UNLESS the govt supports the cartel with laws to restrict competition.
Look how well OPEC, a 'free market' cartel has worked. It hasn't because the members cheat and because there is competition in the oil market from non-OPEC members (when the govts stay out of the way).

Why do socialists keep lying about capitalism?

Jan 12, 2015
the Fed 'are' private entities.

No, it's not.
Why is the chairman appointed by the president?
The Federal Reserve is a bank cartel protected and regulated by the US govt.
The US mortgage industry is govt owned as is the student loan industry.
A 'govt sponsored enterprise' is an oxymoron.

Jan 12, 2015
look to countries today like Denmark

'there is a group of people that believes the Danes are lying when they say they're the happiest people on the planet. This group is known as "Danes.""

"Sweden thought better of liberal economics too: When its welfare state became unsustainable (something savvy Danes are just starting to say), it went on a privatization spree and cut government spending from 67% of GDP to less than half. "


Jan 13, 2015
@ryggesogn2- "something savvy Danes are just starting to say)" - by whose criteria are they savvy - people with your point of view no doubt. Its a cycle. A poltician gets out of bed one day and thinks I know... and so a big change is made to the political system of the country. But the politician is not that intelligent. Its just that they are in the right place at the right time to implement what they want. Doesnt make it correct, or better than the last set of policies. Just different, and something to leave their mark upon society - egotists that they are. But of course thay have to get a band of people and organisations behind them - like the press - important. They plan in advance. Prepare their arguements. Then use shock and awe with their prepared reasoning and excuses - like privatisation means the companies will be run more cost effectively. When in reality the nationalised company used say 3-4% inefficiency, while the privatised company is up to 25% inefficiency.

Jan 13, 2015
Hence the prices increase. But stick with what you have continuosly been told by rhe press.

Wasnt it Goebbels who said that if I can repeat a lie enough times eventually it will be believed. Also:-

A lie can be maintained only for such time as the State can shield the people
from the political, economic and/or military consequences of the lie. It thus
becomes vitally important for the State to use all of its powers to repress
dissent, for the truth is the mortal enemy of the lie, and thus by extension,
the truth is the greatest enemy of the State. '

- Joseph Goebbels

Jan 13, 2015
the nationalised company used say 3-4% inefficiency,

Like the US postal service or AMTRAK?

Hence the prices increase

Like how the price of first class stamps keep rising?

Prices also rise because the govt keeps inflating the currency.

Jan 13, 2015
The big lie of big govt:

"The offshore centers are merely a response to bad tax, regulatory and spending policies in most of the major, rich countries. The major countries could conquer the offshore centers, but as the smart people know, that would make the rich countries poorer, and without a convenient scapegoat. Or, the rich countries could reduce the size of their own governments, cut tax rates on capital, and make their regulatory systems cost-efficient. Such actions would reignite growth and job creation — but reduce the power of the political and international bureaucratic classes — so they continue the big lie."

Jan 13, 2015
The worker's paradise?

"Strikes and worker protests continue to surge across China in fourth quarter"

Jan 13, 2015
@ryggesogn2-"Prices also rise because the govt keeps inflating the currency. " - Its inflation that causes prices to rise. Its private banks that cause inflation by printing money. (not entirely banks - greedy energy companies also increase inflation) Yes I stick with private. Its not government in control of the money. Its banks that are in control. A certain amount of inflation is needed for the whole sham to not fall apart. Does it say on the fiat that is issued this belongs to the government? BTW - whats wrong with workers striking?

Jan 13, 2015
Thats what makes me laugh about Osbourne. He complains about there being less money - well yes of course there is when the inflation rate is around six percent, there is six percent less spending power. So what does he do? He adds insult to injury by giving tax cuts. Then he uses tax payers money to fund a housing/mortgage boom, which then means that banks spirit more money out of thin air that increases inflation, which leads to Osbourne complaining about not having enough money. A 2nd in history. But why did he get a second? He had a great education. He comes from a rich background. He got a second in history. What happened? Now he is chancellor - god help this country!!!

Jan 13, 2015
There are no private banks as banks can't issue their own currency.
All currency is controlled by the govt.
The govt Federal Reserve bank cartel and the FDIC were created to cover up banks that made bad loans and loaned more money than assets.
There was a bank in Massachusetts that was punished by the US govt for failing to make more bad loans in 2008 like all other banks did.
It's called fascism.

Jan 13, 2015
"At first, the fascists used state spending, mainly for war, to eliminate business fluctuations. Only after they became dependent on the state did the leaders of big business and labor realize that they had merely traded consumer sovereignty for state sovereignty. Soon after they learned which one was the more exacting taskmaster.

To extend their control, the fascists bolstered fiscal expenditures with debt and monetary inflation. Not only did they hope thereby to dominate more and more industries with their expenditures, but also to boost public support for their regimes by generating economic prosperity. Instead, their reckless spending and inflating set in motion the boom-bust cycle. They took the depression as an opportunity to extend their power further by socializing investment with regulations while claiming that such measures would stabilize the business cycle."
"State control of money, credit, banking, and investment became the blueprint for fascist stabilization policy. "

Jan 13, 2015
"The fascist form of interventionism in America was built on the rump of state corporatism that emerged during the Progressive Era and the experience of state planning during the First World War.[16] The former culminated in the establishment of the Federal Reserve System to fully centralize state control of banks and monetary inflation and the latter set precedents for New Deal programs.

With the Fed in full swing, the Italian pattern during the Great Depression was seen in America, also.[17] Monetary inflation and credit expansion during the 1920s led to the bust which was used to justify greater state control of investment, through fiscal expenditures and regulation."
"the federal government coercively changes incentives banks have to lend into certain lines of production, as with the Fannie Mae and Freddie Mac."

Jan 14, 2015
Fractional reserve banking creates debt, not money.
A bank with real money, say gold coins could lend half its gold. No more gold was created. An IOU was put into the bank with a claim on that gold.

Jan 14, 2015
"Fractional reserve banking creates debt, not money." - I partly agree. But what is debt but more 000's created?

"A bank with real money, say gold coins could lend half its gold. No more gold was created. An IOU was put into the bank with a claim on that gold." - Again, from my limited perspective I agree. PM's is/are real money. But the claims I believe lead to fiat.

Also, I have thought about the banks being private institutions claim I made. It occurred to me today, from something I remember that, the Canadian govt had its own bank, that it was able to I think lend money from. So, yes there are private entities and nationally controlled entities. But the fed is private. Has no money of its own. Is funded by private banks. From what i read the fed is the third and successful attempt of private banks to control USA money.

Jan 14, 2015
there are private entities and nationally controlled entities.

ALL are nationally controlled.
The web site for the Federal Reserve is ***.gov.
The chairman is a political appointee.
The FED is NOT private.
private banks to control USA money.

You have it backwards. It is the govt that now controls banks and can create money out of thin air.
If the US govt couldn't create money and, and like US states, had to balance their budgets, they would have to curtail their fascism.

Jan 14, 2015
Thanks for the history lesson, ryggesogn2.

How about when does the system collapse and the things that proceed it?

Jan 14, 2015
when does the system collapse

When wealth is destroyed and Atlas shrugs.

Jan 14, 2015
Gold is money. Currency is not money, which is why it's called currency. Look at exchanges gold has absolute price. Currencies are always quoted in pairs, such as USD/JPY because currency has no inherent value. It only has value relative to other worthless currency. In other words, currency is not money, but a pure ratio. This ratio expresses relative rates of currency debasement between the two nation's central banksters via massive printing. In other words, a huge hidden tax upon savings and investment

USD was originally worth 1.3 grams of gold and has language stating it was redeemable for gold upon surrender. When woman actually demanded her silver (given the name sterling) security escorted her out of the bank

Jan 14, 2015
when does the system collapse

We were told by the govt the system would collapse in 2008 if the govt didn't bail everyone out for the bad loans the govt demanded the banks make.
"CHARLOTTE - First Union Capital Markets Corp. and Bear, Stearns & Co. Inc. have
priced a $384.6 million offering of securities backed by Community Reinvestment Act
(CRA) loans - marking the industry's first public securitization of CRA loans."
"CRA loans are loans targeted to low and moderate income borrowers and neighborhoods under the Community Reinvestment Act of 1977."
"The $384.6 million in senior certificates are guaranteed by Freddie Mac and have an
implied "AAA" rating. "
Wachovia press release, OCT 1997

Jan 14, 2015
The web site for the Federal Reserve is ***.gov.
The chairman is a political appointee.
The FED is NOT private.
More lies from ryggie

Jan 15, 2015
"As the outlook for the euro has darkened, the cost for the Swiss central bank of defending the peg by buying euros or selling francs has risen."

Too bad there is no free market money then people could decide for themselves what currency to value.

Jan 20, 2015
"Thereafter — with the creation of the Fed — monetary policy became a key issue for Woodrow Wilson. As recorded in Historical Beginnings. The Federal Reserve by Roger T. Johnson, (published by The Federal Reserve Bank of Boston, revised 2010)

On December 23, just a few hours after the Senate had completed action, President Wilson, surrounded by members of his family, his cabinet officers, and the Democratic leaders of Congress, signed the Federal Reserve Act. "I cannot say with what deep emotions of gratitude… I feel," the President said, "that I have had a part in completing a work which I think will be of lasting benefit to the business of the country."
The Fed is private?

Jan 20, 2015
"The painful irony is that central banks may have brought about exactly what they most feared by trying to keep growth buoyant at all costs, he argues, and not allowing productivity gains to drive down prices gently as occurred in episodes of the 19th century. "They have created so much debt that they may have turned a good deflation into a bad deflation after all." "

Jan 20, 2015
Swissy unpegged from EU sending euro crashing while Greece flees union. Next look to Hong Kong detaching from filthy war empire USD and imploding petrodollar sending USD into third world status. USD greenback will be replaced with domestic red 'shiyte' dollar befitting fascist empire in spirit of Hitler's red Deutsche mark with the Roman fasces and mace. Swissy will replace USD as top currency since USA guided by pathological agenda-driven fools and short-sighted greed, otherwise known as criminals. Largest oil producer on Earth Russia already announced it will not sell oil in dollars . Now markets simply need time to adapt to new reality and send US economy into oblivion. Deal is done

Jan 21, 2015
Vietvet will boldly save USA when $2trillion derivative explosion and Hong Kong depegging and US Treasure Bond dumping crash his hollowed out economy

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