PCB Solutions is more than a rigid and flexible PCB manufacturer. Yes, we do manufacture components and ship them to customers all around the world, and it’s true that we fabricate and customize components to our customers’ liking, but that is only part of what we do. We also give back to the community through the Chuan Ai Lu Engstrom Memorial Scholarship. This year, we were excited by all of the amazing applications we received. Unfortunately, we can only award one winner, but we do want to take a moment to honor Seok Lee.

A 1.5-generation Korean-American, Seok joined the United States Army in 2014. This taught Seok a great deal about personal responsibility. While many college students think that their parents owe them, Seok understands that nothing is free. Everything comes out of hard labor and sacrifice. Seok also understands the importance of paying it forward and helping the next generation. It’s that kind of attitude that helps one generation after the next thrive. We are excited to see what Seok is able to accomplish through the years.


Do You Know Who is Robbing Our Money?

Citizens often hear phrases such as “economic boom” or “economic bust” in news. During economic boom, stocks, real estate, and overall consumer prices grow substantially. However, it is only the social wage growth that stays low. At some point, news claims that economy is in a recession and the entire world seems to fall down. Many people are losing jobs and those who remain take any disadvantages to sustain living. After a few cycles of boom and bust, only debt remains and hope seems to be a luxury.

The reason why prices are changing is not because economy is “getting better” or “worse” as repeatedly mentioned in media, but because the value of money is changing. Value of money is determined by how much money Federal Reserve prints. However, Federal Reserve, as an independent entity uninfluenced by government agencies, has implemented expansionary policies that caused severe economic problems since its creation. Therefore it is crucial that government monitors Federal Reserve because it has enormous power that affects the entire nation. It is essential that the government monitors FRB’s spending by requiring an audit to be submitted to Congress.

In 2008 housing crisis, FRB’s enormous spending created two major problems: polarization of banks and the rise of national debt. As of 14 Jan 2015, Bloomberg reports that the net worth of the top six U.S. private banks Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of America, and JP Morgan Chase was 11 trillion dollars, which accounted for 67% of the entire U.S. financial industry. During years following, big banks have increased in size through merging and acquisitioning smaller banks, which lead to polarization in the financial market. Big banks’ growth was due to massive bail-out policies implemented during the housing crisis. Since 2008, the six banks’ net worth has grown 37% while 1400 small banks have closed down. Problem was that the government went in huge debt to rescue these banks. To the right is the chart of public debt growth since 1998. As it can be seen, public debt grew exponentially since the housing crisis in 2008.

Authorities argue that auditing Federal Reserve violates traditional American value of freedom of privacy. However, it was after the establishment of Federal Reserve, a private bank, that major problems started occurring. Since its establishment in 1912, FRB gained the ability to coin and lend out money to local banks. Ironically, the authority to print U.S. dollars did not belong to the government, but a private bank controlled by its largest shareholders, biggest corporations in America. Today, FRB exists as a secret entity totally excluded from the regulations of government agencies such as FBI and CIA. The standards FRB uses to make the most important economic decisions that influence the entire world are kept secret. Consequently, a private bank (FRB) established to suit the interest of the rich brought numerous economical problems. After the leaders of huge corporations created FRB, they influenced FRB to lower reserve requirements and interest rates to make funding of their businesses easier. At the same time, lower requirements enabled local banks to aggressively lend out to even the poorest people, creating a massive bubble in the economy. In 1929, just after 17 years of FRB’s creation, bubble popped and the nation fell into a deep depression. FRB and the government implemented policies such as massive bail-out of falling banks, but economy suffered enormously. Similar to 1929, today many industries are still suffering despite massive economical programs such as quantitative easing. First figure illustrates the percentage change in industrial production index. As it can be seen, the change only hovers around 0% – 1% after 2008. Second figure illustrates the manufacturer’s new orders of durable goods. It shows that the current manufacturing level is similar as it was in 2008 immediately before the housing crisis.

In physics, there is a concept called conservation of energy. Similarly, whether it’d be government, household, or corporations, an entity has to pay back billions of dollars printed to save corrupt institutions. FRB Chairman Ben Bernanke’s irresponsible printing simply does not mean that the public debt disappears through inflation. But rather, the debt is now a burden that all of our citizens must carry. The reason why the associates of the FRB enjoy so much wealth is because they monopolize money supply. Because of this, the government, local banks, and ultimately the citizens has to pay fees (interest rates) to borrow FRB’s money. But as seen in Great Depression, it is only a timely matter that the banking cartel system established by FRB’s irresponsible decisions falls apart. Because there is no way to pay back so much debt caused by expansionary spending.

Therefore, it is critical that citizens be aware that FRB is a private institution representing the interests of its shareholders, the rich corporations. They must also realize that FRB’s unlimited money printing policy is subtlely robbing public wealth and adding it to the rich through inflation. Acting as the representatives of the rich, FRB has made too many costly economical mistakes that made its citizens suffer. Today, only 8% of U.S. population has to work full-time to sustain the entire population, yet 45.3 million Americans live in poverty due to financial trickery imposed by FRB. Therefore, regulation of FRB is critical to welfare of future America.