Our interest in a Warren campaign has to do with the opening it would present to address what we see as the most important issue facing America — the crisis of fiat money. We wrote about this in the editorial “Elizabeth Warren’s Chance.” She entered public life through the door of bankruptcy law, which she teaches at Harvard. It’s hard to think of a door more likely to bring one face to face with the hardest truths.

Yet Mrs. Warren completely misses the story. She comprehends the importance of the explosion of the bankruptcy rate. Through much of our history it had perked along at under two, or even one, personal bankruptcy filing per one thousand Americans. Then it took off. It soared to something like six per thousand. For Mrs. Warren this is about the evil of rich people and the depredations of the big banks. But were that the problem, why did the rate suddenly take off?

After all, we’ve had rich people and banks for centuries. So there’s got to be another explanation. The explosion in the bankruptcy rate, it turns out, began in the mid-1970s, coincident with America’s default on the dollar — that is, with the end of the gold-exchange standard that was set up at Bretton Woods, New Hampshire, at the end of the World War II. Could the soaring bankruptcy rate that has so energized Elizabeth Warren’s career be but a feature of the age of fiat money?

Or, to put it another way, could Senator Warren be failing to understand her own signature issue? Our point is simply that this question would make for a great campaign. It is an issue for her potential opponents to comprehend down to the ground. It is the great tragedy of John Boehner’s speakership in the House and of Governor Romney’s candidacy for president that neither of them has managed to bring this issue to the fore of the mainstream Republican campaign. A Warren candidacy would be a slow pitch.

The soaring personal bankruptcy rate isn’t the only tragedy that has emerged in the age of fiat money. We’ve also written — in “Yellen’s Missing Jobs” — of the soaring jobless rate. Between 1947 and 1971, unemployment averaged only 4.7%. Since 1971, unemployment has averaged 6.4%. “If President Obama had been able to deliver that at pre-1971 rates, he’d be bound for glory,” we’ve written. Instead, the tragedy of unemployment has consumed his entire presidency.

Even the 6.1% to which the latest jobs report indicates unemployment has fallen is nothing to cheer about. It is the same rate that obtained in 1978, when the Federal Reserve was given its second mandate — in the Humphrey-Hawkins Act — to promote full employment. It was given the assignment because of an unemployment crisis and a generation later, an unemployment crisis has consumed an entire presidency, even while the Federal Reserve has been running a radical, low-interest rate policy.

All this is material in which it would repay the Republican candidates — and, for that matter, Secretary Clinton — to become fluent. Yet only a few Republicans seem focused on the fiat dollar that lies at the heart of this political story. According to Mr. Klein, after all, President Obama is being advised by the First Lady and aide Valerie Jarrett that Elizabeth Warren is his “Mini-Me.” That is why, Mr. Klein reports, the president has promised Mrs. Warren his “complete support.” Comprehending the crisis of fiat money is the way to beat her on her own issue.

One of the higher profile financial planning firms in the area has gone bankrupt.

Reeves Financial Services has filed to bankruptcy leaving almost 420 thousand dollars in debts and listing about 27 thousand dollars in assets.

The firm at one time listed offices in Hamilton, Burlington, Kitchener and Toronto.

Theres no indication that owner Scott Reeves has filed for personal bankruptcy.

The Financial Services Commission of Ontario says people who bought insurance through Reeves Financial should check with the insurance company issuing the policy to be sure their coverage is unaffected.

It adds if they placed investments through Reeves, they should seek legal advice.

(Hamilton Spectator)

1. Ex-developer Dillin works to sort out tangled finances in Texas as he keeps tabs on Levis Commons

Nearly 10 years ago, developer Larry Dillin was the toast of northwest Ohio.

His Levis Commons shopping-living-entertainment complex opened in Perrysburg and was an immediate success and Mr. Dillin, head of his fast-growing Dillin Corp. development company, became a highly sought visionary for a variety of projects in the Toledo area.

But that was then.

Late last month in Austin, where the 58-year-old developer now resides, Mr. Dillin filed for Chapter 7 personal bankruptcy protection.

In his petition, filed May 27 in the US Bankruptcy Court’s Western District of Texas, the former Perrysburg resident cited assets of $1.18 million. Liabilities totaled more than $139 million. READ MORE

2. Marijuana backers seek reforms in Ohio

Rob Ryan isn’t shy about the medicine he said has helped him tremendously — even though it’s illegal.

After a cancer diagnosis about 10 years ago, Mr. Ryan, now 60, began a regimen of the usual suspects. Chemotherapy and pills led to pain and weight loss. Then he added marijuana to the mix. He said the improvements were undeniable.

At that moment, he realized the earlier things he’??d heard about the banned drugs’ ill effects simply were not true.

“The government has a problem,” Mr. Ryan said of American drug policy. “It’s caught in a lie and it’?s getting exposed daily.”

Today, Mr. Ryan of Cincinnati is among the state’??s most public advocates for legalizing marijuana, medical and otherwise. Last fall, he was elected president of Ohio NORML, the state chapter of the National Organization for the Reform of Marijuana Laws.

The group’s aim is “to move public opinion sufficiently to legalize the responsible use of marijuana by adults,” according to the national group’??s Web site. READ MORE

3. Baltimore’s fight against blight could offer guidance to Toledo

Death threats did not deter Earl Johnson.

“Those threats just strengthened my resolve to make changes. I wasn’t scared of getting my head cut off or shot off, but I was scared of something happening to my wife. If something had happened to her because I didn’?t get involved, I couldn’t have lived with myself,” Mr. Johnson said.

He stepped up and then got down and dirty. Hundreds of others in Baltimore did the same.

Weary of worrisome dangers and destruction, the take-back-Baltimore movement has helped heal sections of the city wounded by caustic conditions.

Blight was kicked to the curb in the Oliver neighborhood in particular. Call it a modern-day Oliver twist. READ MORE

4. Jeep Cherokee to get stop-start engine technology

The Jeep Cherokee will be available with engine start-stop technology later this year, as Chrysler Group LLC continues to use that vehicle as a springboard for launching new technologies.

Start-stop systems automatically turn off the engine when a vehicle comes to a stop. The system seamlessly restarts the engine when the driver steps back on the accelerator.

Some Ram 1500s have been equipped with start-stop since the 2013 model year, but the 2015 Cherokee will be the company’?s first widespread application.

“The Cherokee is a very important play for introduction of technology in the company, and also due to the large volumes, it’s where we can get the most benefit for the largest number of customers,” said Brad Pugh, the vehicle’s chief engineer. READ MORE

5. AFSCME Local 7 approves new contract with City of Toledo

Members of Toledo’s largest municipal union Friday overwhelmingly approved a new three-year contract, the first full-term contract to be negotiated by Mayor D. Michael Collins.

The agreement provides for 1.5 percent pay increases in January of 2015, 2016, and 2017, according to a memorandum from the Collins administration to city council members.

The contract also eliminates, starting next month, the 3 percent employee share of pension contributions that the city has been paying.

Members of American Federation of State, County, and Municipal Employees Local 7 approved the contract by a 70 percent margin, said Steve Kowalik, regional director of AFSCME Council 8. The tally was not released. READ MORE

OUR TOWNS

Sylvania man, 85, bilked out of $28,000, police report

An 85-year-old Sylvania man was bilked out of $28,000 after a caller told him he won the Mega Millions lottery, a matter now under investigation by Sylvania police and the FBI.

The story is typical of scams used regularly to steal money from vulnerable people. Officials urge people to be careful before agreeing to give anyone money, especially strangers on the telephone.

The Sylvania victim, who declined to comment to The Blade, told police he was contacted by phone by someone claiming to be a representative of the multistate Mega Millions lottery who told him he had won a jackpot. The caller requested money to send the prize, a tactic such scammers often use. READ MORE