Who's Up For A Game Of: Pocket The Buck, Pass The Buck?...Apparently Some NYC Council Members Are

According to news sources, like The Gotham Gazette, approximately $4.7 million of NYC taxpayers' money was allocated by city council members to fictitious organizations. Funds were embezzled via fake non-profits like, "The New York Foundation for Community Development" and "The American Association of Concerned Veterans."

This revelation comes amidst a time when the city is already at least 9 figures in the red. With such a deficit in the city's balance sheet, you would think that city officials would be extra vigilant about how every alloted dollar is being spent. However, despite very tough financial times, some elected officials have been playing fast and loose with discretionary funds. Two council staffers have already been indicted on embezzlement charges.

It is bizarre that such a fiasco would unfold under the gaze of a billionaire mayor who specializes in finance. The fact that the administration of a financial wizard would let millions of dollars slip through the cracks (especially during a fiscal crunch), rings of either: gross incompetence and negligence, or a case of "the fox guarding the hen house."

As of yet, no one has taken responsibility for dropping the ball on watchdogging the funds. The buck is being passed as to who is to blame. However, some government officials who are appalled by the theft of funds, are asking that the Council Speaker, Christine Quinn, step down from her position. This request is due to the fact that the "missing" funds were parceled out to various council members and organizations solely at her discretion.

So Much For The Old American Myth That War Boosts The Economy

Almost every American history teacher I ever had spewed the economic theory of how good war is for the American economy. Well in 2008, that myth is being debunked. With the U.S. having occupied Iraq for over half-a-decade, the U.S. economy has entered an extremely perilous time.

Having traditionally based their power on being a leader in industry, the U.S. is seeing its status take a dive. Today, it is being reported that the U.S. dollar has sunk to an all-time low against the Euro. I can only imagine what this forecasts for the future of American economics. American inflation has already spun out of control. According to CNN, "U.S. inflation is coming in three times as high as expected in March- on top of escalating food and energy prices."

[SIDEBAR: You can only sidestep universal law and karma for so long. There are repercussions for every action. Warmongering, greed, and the worship of money, will only cause an equal and opposite reaction. My economic theory says: Extreme materialism, in which the power of money is so over-valued, will eventually create an economic environment where money is rendered powerless.(SIDEBAR within a SIDEBAR: Ben Bernanke should consult me on this...Lol).

Only a change of values and character can fix this. There's no way we can rectify our country's problems with the same mindset that created them. We need a leader cut from the cloth of Gandhi...now more than ever!].

Is This What All Of The Smoke & Mirrors Is Camouflaging?...

Since David Paterson was inducted into office on Monday and publicly confessed to his private-life sins, his visage has covered the front page of almost every New York news periodical. His picture has been captioned with a variety of witticisms and puns alluding to his indiscretions.

However tucked away in the New York Post, in an article that took up less than an eighth of a page, is one if the most stirring official acts that David Paterson has committed during his brief tenure as governor thus far. The headline of this article states that "Paterson Rejects Tax On Wealthy."

In an effort to close the $5 Billion gap in the New York State budget, the democrats suggested a .85% income tax increase for residents who make more than $1 Million a year. David Paterson rejected this proposal made by his party members. Instead, he has opted to side with republican Mayor Bloomberg, and is declining a tax increase on his wealthier constituents.

According To The New York Post, in lieu of the less than 1% income tax increase for the affluent citizens of New York, David Paterson is requesting $800 Million in cuts. Where exactly these cuts will be applied has remained to be seen. Without the specific details, I am unsure of what the resulting damage of Governor Paterson's plan will be. However, $800 Million of cuts seems like a frightening proposition. I venture to guess that most of those cuts are likely to adversely affect those who are most in need. After all, isn't that how it usually works? We will soon find out since the state's constitution mandates that the state's budget must be finalized by April 1st. [Sidebar: April fool's day...how apropos.]

We're Going To Pay For This In More Ways Than One

According to a new book written by a Nobel Prize winning economist, a conservative estimate of the cost of America's war for 2008 will be $12 Billion (yes that's billion with a "B") per month (multiply that by 12 for all you math fanatics). Once again, this is a conservative estimate.

As an American citizen, I fear the repercussions of such treachery and waste. This doesn't even count the lives lost and the families affected.

[Source: www.cnn.com. Click here for full article.]

Economic Revolution

One year, pre-9/11/01, I decided that I would do something "responsible and grown-up" with some of my leftover birthday money. Being positively influenced after hearing a platinum-plus rapper/entrepreneur talk about his investments in an interview, I decided that I wouldn't strictly use my funds to feed into my fashion fetish. Instead, I decided to invest in oil stocks, just like the enterprising rapper said he had. I was proud of my decision, and the restraint that I exercised when I invested my money instead of splurging on a shopping spree.

It was my first foray into investments of any kind. It was an even more pioneering effort for me because I don't come from a background where purchasing stocks is the norm. I was proudly attempting to set an economic trend for the generations that would come after me. However, my enthusiasm surrounding my financial moves has sadly waned.

In the aftermath of 9/11, and the "war for oil," I began to learn about corporate greed and destruction. This was a subject matter that I was not previously knowledgeable about. Once I began to get a glimpse of how the oil companies operate, my previously "responsible investment" was now marred by a dark cloud. This lead me to think whether or not a "clean dollar" actually existed in this economy.

We can let our imaginations stretch, and go down the list of the different ways that people can generate income that is peripherally comprised of dirty money. Just to scratch the surface: What about, salespeople who sell clothes that are unknowingly manufactured in sweat shops? What about teachers who teach from the mundane Board of Education curriculum? What about city employees who get their checks from corrupt city municipalities?

With so much blood and grime on practically every American dollar, the American economic system is destined to collapse- just on the principle of karma alone. This is why I feel WE NEED AN ECONOMIC REVOLUTION.

A revolution is defined as "an upheaval characterized by great change." I feel that we need a huge change to the economic system. It may be unrealistic to think that we can start from scratch. However, we can overhaul the standards by which our money is made and spent.

I suggest that we begin to research who we spend our money with, and attempt to ensure that we treat our dollars like we treat our votes at the ballot box. We should hold the companies that are campaigning for our dollars to task about how their goods and services are being provided, and what they are doing with their profits.

I also strongly suggest the emergence of budding entrepreneurs who build companies based on the intention of exercising real responsibility and financial power. Businesses that consciously adhere to making money in a way that is not unconscionable and exploitative are a necessity in the economic system. This type of economic revolution is our challenge and privilege. If we can pull this off, it will assuredly pay dividends for generations to come.