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Author Topic: Money  (Read 2067 times)

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AGelbert

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Re: Money
« Reply #150 on: March 04, 2017, 02:25:46 pm »
Economist Who Predicted Brexit & Trump Brilliantly Explains Capitalism's Collapse

Agelbert NOTE: Professor Mark Blyth gets it: Capitalism is basically Socialism for the parasitic rich and the shaft for everybody else. We need Socialism for ALL.

See below:

Published on Mar 11, 2014

Author and professor at Brown University, Mark Blyth discusses his book, "Austerity: The History of a Dangerous Idea" (Oxford University Press, USA, 2013). Commentators on the panel: Alex Gourevitch, Postdoctoral Research Associate, Political Theory Project and Sharon Krause, Political Science, Brown University.

In "Austerity: The History of a Dangerous Idea," Blyth demolishes the conventional wisdom, marshaling an army of facts to demand that we recognize austerity for what it is, and what it costs us.

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AGelbert

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Re: Money
« Reply #151 on: March 05, 2017, 03:24:29 pm »
Quote
President Trump’s across-the-board federal hiring freeze is particularly damaging to veterans, who rely heavily on the government for jobs once they leave military service.

Trump’s Hiring Freeze Puts Veterans Out of Work

J. David Cox Sr. 
 March 1, 2017
 
SNIPPET:

President Trump made a special point on the campaign trail of pledging his support for veterans, yet his government-wide hiring freeze delivers a double whammy to the nation’s military veterans. Not only do veterans now face staffing shortages at VA medical facilities and benefits offices, but their main source of employment—the federal government—is drying up.  :(

Jay Cadmus, a 30-year-old Air Force veteran, had been struggling for months to find a full-time job after completing a decade of active duty. He was ready to start work on February 5 at a defense civilian agency in Salt Lake City when the word came down that his start date had been postponed indefinitely, due to the federal government’s hiring freeze.

Robert Banks is in a similar predicament. A disabled Army veteran, Banks, 44, has worked numerous jobs in the federal government—most recently helping disabled veterans with prosthetics at the Grand Junction VA Medical Center in Colorado. Eager to move closer to his daughter, Banks accepted a position in January with the Naval Undersea Warfare Center in Newport, Rhode Island. Only after quitting his VA job and driving east did he learn that his new job was on hold due to the hiring freeze.

Cadmus and Banks are not the only veterans losing out on job opportunities under Trump. Across the country, scores of veterans who have served the nation with honor and distinction are discovering just how much harder it is to get a job thanks to the federal hiring freeze that Trump ordered January 23 as one of his first official acts.

Why is the federal hiring freeze causing such hardship for our military veterans? Simply put, the federal government is the nation’s largest single employer of veterans. Nearly one-third of all federal employees are veterans—about 623,000.

Federal agencies hired 71,000 veterans in fiscal 2015 alone, including 31,000 disabled veterans. The government increased its hiring of veterans from 31 percent to 33 percent between fiscal years 2013 and 2014. Not coincidentally, 2014 was the first year since 2009, when President Obama established a program to increase veterans’ employment, that the federal government hired more workers than it let go.

Simply put, the number one engine getting veterans back to work in the United States is the federal government. When government jobs dry up, so do veterans’ employment leading opportunities.

Trump’s hiring freeze couldn’t come at a worse time for veterans. The unemployment rate for veterans who have served since 9/11 hit 6.3 percent in January, up from 4.4 percent in September. (That’s compared with 4.8 percent unemployment in the population as a whole.) Around half a million veterans currently are unemployed, and more than a million are underemployed.


Full article:

http://prospect.org/article/trump%E2%80%99s-hiring-freeze-puts-veterans-out-work
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AGelbert

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Re: Money
« Reply #152 on: March 06, 2017, 08:28:15 pm »
 

March 6, 2017

High Frequency Trading in the Trump Era   

White-collar criminologist Bill Black sits down with the Real News to spell out how the ballooning HFT industry works exactly, and where it's headed under President Trump.


http://therealnews.com/t2/story:18589:High-Frequency-Trading-in-the-Trump-Era

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AGelbert

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Re: Money
« Reply #153 on: March 06, 2017, 08:54:40 pm »
 

Agellbert NOTE: Don't miss this excellent 5 part interview where Professor Hudson exposes Orwellian Doublethink (I call it mindfork!) used to confuse us so the plutocratic parasites can continue to steal from we-the-people. 



'J is for Junk Economics': Michael Hudson on TRNN (1/5)

Michael Hudson, author of the newly released 'J is for Junk Economics,' says the media and academia use well-crafted euphemisms to conceal how the economy really works.




'J is for Junk Economics': Michael Hudson on TRNN (2/5)

 Trump's infrastructure plan will privatize all the benefits for the financiers and make sure that the population at large gets zero benefit from it while paying the costs, says economist Michael Hudson.




'J is for Junk Economics': Michael Hudson on TRNN (3/5)


Trump is planning to turn the U.S. economy into a Russian-style kleptocracy, says economist Michael Hudson.



March 3, 2017

'J is for Junk Economics': Michael Hudson on TRNN (4/5)


Economist Michael Hudson takes on the mythology surrounding government budgets and explains how the term 'stability' has been used as a cover for financial fraud.




March 4, 2017

'J is for Junk Economics': Michael Hudson on TRNN (5/5)

Economist Michael Hudson explains why social security does not need to be 'pre-funded' by its beneficiaries.

SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries, coming to you from Baltimore.

   I'm speaking with Michael Hudson about his new book "J Is For Junk Economics: A Guide to Reality in the Age of Deception".

   Thanks for joining me again, Michael.

MICHAEL HUDSON: Good to be here.

SHARMINI PERIES: So, Michael, on page 260 of your book you deal with the issue of social security and it's a myth that social security should be pre-funded by its beneficiaries. Progressive economic taxes should be abolished in favor of a flat tax. Just one tax rate for everyone you say. We talked about this earlier but let's apply what this actually means when it comes to Social Security.

MICHAEL HUDSON: The mythology is to try to convince people that after all, if they're the beneficiaries of social security, it should be pre-funded. Well, that's like saying that you're the beneficiary of an education, you have to pay for the schooling. You're the beneficiary of healthcare, you have to pay for that. You're the beneficiary of America's military spending, that keeps us from being invaded next week by Russia, you have to spend for all that.

Where do you draw the line? Nobody really anticipated in the 19th century that people would have to pay for their own retirement. This was viewed as an obligation of society and you had the first pension social security program in Germany under Bismarck. And the whole idea is social security is a public obligation. There are certain rights of citizens and the rights should be after your working life you deserve a retirement. And you have to be able to afford this retirement and not have to beg in the street for money. So the wool that's been pulled over people's eyes is to imagine that because they're the beneficiaries of social security they have to actually pay for it.

And this was Alan Greenspan, a trick that he pulled basically in the 1980s when he was head of the Greenspan Commission. He said, "Let's achieve what we need to do in America. We need to traumatize the workers. We need to squeeze them so much that they will never have the courage to strike. Never have the courage to ask for better working conditions. Let's really squeeze them and the best way to do it is to very sharply increase their taxation. But we won't call it a tax. Of course it's a tax, but we will say it's not a tax, it's your contribution to your social security." And now this is 15.4% of everybody's pay check. It comes right off the top. What Greenspan did was say, "Let's make the wage earners, as a whole, pay this FICA cut out of their pay check every month, let's lend it to the government and now with all of this huge surplus that we're squeezing out of the wage earners there's a cut-off point now." The cut-off is around 120,000. Rich people don't have to pay for the social security funding, only the wage earner class has to. This is lent to the government to actually enable the government to say, "We have so much extra money in our budget pouring in from social security that now we can afford to cut taxes on the rich."

So the sharp increase in social security tax for the wage earners went hand-in-hand with the sharp reduction in the taxes on real estate, on finance and on the ... TA(?) part of society. The people who live on economic rent, not by working, not by producing goods and services but by making more money on their real estate, on their stocks and bonds in their sleep. And that's how the five percent have basically been able to make their money.

So the whole idea that social security has to be funded by the beneficiaries has all been a setup for them to claim now, we can't afford to pay any of the money because the budget doesn't have enough money. Social security's running a budget and after running a surplus since 1933, for 70 years, now we have to begin paying it out, that's the deficit, that's the disaster, we have to begin cutting back social security. What Donald Trump is saying we want wage earners to have to starve in the street after they retire.

   The federal reserve has just published statistics saying the average American families, 55 and 60 years old, only has about $14,000 worth of savings. This isn't enough. The whole idea is there's been a vast looting of pension funds, very largely by Wall Street and that's why the investment banks have had to pay tens of billions of dollars of penalties for cheating the pension funds. The current rate of return risk-free is 0.1% on government bonds so the pension funds don't have enough money to pay pensions. So the idea is that what people thought there was going to be available for their retirement, all of a sudden isn't.

There are so many corporate pension funds that are going bankrupt that the Pension Fund Guarantee Corporation doesn't have enough money to bail it out. It's in deficit. And if you're going to be a corporate raider, if you're going to be a Governor Romney or whatever and you take over a company, you do what Sam Zell did with the Chicago Tribune, you loot the pension funds, you empty it out to pay the bond-holders that have lent you the money to buy out the company and you say, "I'm sorry there is nothing there. It's wiped out." Half of the employee stock ownership programs have gone bankrupt. That was already a critique made in the 1950s and the 1960s.

In Chile, the Chicago boys, who really developed this program, University of Chicago economists, made it possible for the Chilean who privatized and who privatized the social security system, to set aside a pension fund managed by the company, mostly they invested in its own stock. The company would then set up an affiliate that would actually own the company under an umbrella then leave the company with the pension fund to go bankrupt having already emptied out all of the pension fund and a loan to be a corporate shell.

So it's all a shell game basically for this. And there's no social security problem whatsoever. Of course, the government has enough money to pay social security. That's what the tax system is all about. But if you do what Donald Trump does and you say we're not going to tax the rich and if you do what Alan Greenspan did and we're not going to make rich people even contribute to the social security system, then, of course, it's going to show a deficit. It's supposed to show a deficit when people retired. It was always intended to show a deficit but now that the government actually isn't using social security surpluses to make the pretense that you can afford in the budget to cut taxes on the rich     , now they're baiting and switching. So it's basically part of the shell game and explaining that myth is partly what I tried to do in my book.

SHARMINI PERIES: And if the rich people don't have to contribute to the social security base, are they able to draw on it?

MICHAEL HUDSON: They will draw social security up to the given wage that they didn't pay social security on, which is up to $120,000 these days. So yes, they will get the little bit but all of the real wealth, the people that make more than $120,000, all that is completely exempt from the social security system. What they have done are the rich people who run the corporations give themselves golden parachutes.

And even for the companies that have engaged in massive financial fraud, the large banks, City Bank, Western Union -- all of these have golden parachutes. They still are getting enormous pensions for the rest of their lives. And they're talking as if, well, the pensions are in deficit, corporate pensions, but that's because the corporate pensions, for the leading officers, are quite different from the pensions to the blue-collar workers and the wage earners as a whole, so again, there's a whole kind of fictitious economic statistics that are used in the dictionary is mathy-ness(?). The idea that if you can put a number on something it's somehow is scientific and the number you put on is realistic when it really is the product of corporate accountants and lobbyists reclassifying income in a way that it doesn't appear to be income.

And somehow taking money out and giving it to the richest 5% and making it appear as if all this deficit is the problem of the 95%, that's blame the victim economics. And you could say that's the way that the economic accounts are being presented by congress to the American people is a blame the victim economics. >:( That it's your fault social security's going bankrupt and it's all a mythology of saying we should not treat retirement as a public obligation just as we should not treat healthcare as a public obligation. We should have the highest healthcare costs in the world so that out of your pay check, which is not increasing, you're going to have to pay more and more for FICA withholding for social security, more and more for healthcare for the pharmaceutical monopoly and the health insurance monopoly. More and more to use public services for transportation to get to work because the state is not funding that anymore because we've cut taxes on the rich and so we don't have the money to do it. And you're going to privatize the roads so now you're going to have to pay to use the road to drive to work if you don't have public transportation.

So you're turning the economy really into what used to be called feudalism. Except we don't have serfdom, people can live wherever they want, but they all have to pay to this new sort of hereditary financial real estate public enterprise class that is transforming the economy.

SHARMINI PERIES All right, Michael. Many, many, many things to learn from your great book, "J Is For Junk Economics: A Guide to Reality in the Age of Deception". Michael is actually on the road promoting the book. So if you have an opportunity to see him at one of the places he's going to be speaking you should check out his website, michaelhudson.com

   And so I thank you so much for joining us today, Michael. And, as most of you know, Michael Hudson is also a regular guest on The Real News Network and we'll be unpacking his book and some of the concepts in it on an ongoing basis. So please continue to stay tuned for those interviews.

   Thank you so much for joining us today, Michael.

MICHAEL HUDSON: Pleasure.

SHARMINI PERIES: And thank you for joining us on The Real News Network.

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=18584


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AGelbert

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Re: Money
« Reply #154 on: March 20, 2017, 05:23:12 pm »
Enjoy this timeless financial wisdom Published on Sep 24, 2015 


Michael Hudson, Financial Parasites Like Libertarian Peter Schiff
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AGelbert

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Re: Money
« Reply #155 on: March 20, 2017, 06:37:19 pm »


Modern Money & Public Purpose 1: The Historical Evolution of Money and Debt


Published on Sep 22, 2012

Moderator: William V. Harris, William R. Shepherd Professor of History and Director, Center for the Ancient Mediterranean, Columbia University

Speaker 1: L. Randall Wray, Research Director of the Center for Full Employment and Price Stability and Professor of Economics, University of Missouri-Kansas City

Speaker 2: Michael Hudson, President, Institute for the Study of Long-Term Economic Trends and Distinguished Research Professor, University of Missouri-Kansas City

Tuesday, September 11, 2012

About the Seminar Series:

Modern Money and Public Purpose is an eight-part, interdisciplinary seminar series held at Columbia Law School over the 2012-2013 academic year. The series aims to present new perspectives and progressive policy proposals on a range of contemporary issues facing the U.S. and global macroeconomy. Seminars will feature a mix of academics and practitioners on topics ranging from the history of debt and money and the structure of the financial system to economic human rights for the 21st century.

http://www.modernmoneyandpublicpurpos...


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AGelbert

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Re: Money
« Reply #156 on: March 23, 2017, 09:24:46 pm »
How Class Works by Dr. Richard Wolff



Marxism 101: How Capitalism is Killing Itself with Dr. Richard Wolff


Published on Mar 22, 2016

Despite a concerted effort by the U.S. Empire to snuff out the ideology, a 2016 poll found young Americans have a much more favorable view of socialism than capitalism. 

Though he died 133 years ago, the analysis put forward by one of the world’s most influential thinkers, Karl Marx, remains extremely relevant today. The Empire’s recent rigged presidential election has been disrupted by the support of an avowed socialist, Bernie Sanders, by millions of voters.

To find out why Marx’s popularity has stood the test of time, Abby Martin interviews renowned Marxist economist Richard Wolff, Professor Emeritus of Economics at UMass - Amherst, and visiting professor at the New School in New York.

Prof. Wolff  gives an introduction suited for both beginners and seasoned Marxists, with comprehensive explanations of key tenets of Marxism including dialectical and historical materialism, surplus value, crises of overproduction, capitalism's internal contradictions, and more.
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AGelbert

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Re: Money
« Reply #157 on: April 03, 2017, 09:51:38 pm »
Agellbert NOTE: Professor Hudson exposes Orwellian Doublethink (I call it mindfork!) used to confuse us so the plutocratic parasites can continue to steal from we-the-people. 

D@W Exclusive: Michael Hudson on Junk Economics

Michael Hudson, author of the newly released 'J is for Junk Economics,' says the media and academia use well-crafted euphemisms to conceal how the economy really works.


Published on Apr 2, 2017

D@W's Paul Sliker and Dante Dallavalle talk with author and economist Michael Hudson, one of the world’s six economists who accurately predicted the 2007-2008 financial crisis. His new book, J is for Junk Economics, reveals how the mainstream economic vocabulary has been turned around in an Orwellian way to mean just the opposite of what words used to mean. Michael explains how the media and academia use well-crafted euphemisms to conceal how the economy really works, the economy under Obama vs. Trump, and what might be coming next.

Help us reach 50,000 subscribers! SUBSCRIBE and share this video with friends.

For more from d@w visit our website: www.democracyawork.info
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AGelbert

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Re: Money
« Reply #158 on: April 10, 2017, 08:43:27 pm »


Is There a Crisis of Capitalism When Private Companies Cause Car Accidents to Make Money?   



Thom Hartmann Program

Published on Apr 10, 2017

Thom covers a story of private red light camera companies purposely shortening yellow light times to increase ticket revenue, but are they putting human lives at risk to make a quick, predatory buck?

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AGelbert

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Re: Money
« Reply #159 on: April 13, 2017, 07:18:08 pm »
Global Capitalism April 2017: Trump’s Big Economic Plans Fade


Democracy At Work   

Published on Apr 13, 2017


Help us reach 50,000 subscribers! SUBSCRIBE to our channel and suggest our channel to friends.

Special thanks to this month's sponsor: John O'Sullivan of Ludlow, England. To sponsor an upcoming episode visit: www.democracyatwork.info/sponsor
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Global Capitalism: "As Trump’s Big Economic Plans Fade, What's Next?" with Richard D. Wolff

Co-sponsored by Democracy at Work, Left Forum & Judson Memorial Church
Wednesday, April 12th 2017 at 7:30pm

Judson Memorial Church (239 Thompson Street at Washington Square, Manhattan)

These programs begin with 30 minutes of short updates on important economic events of the last month, then Wolff analyzes several major economic issues. This month, these issues will include:

1. Two connected failures: to repeal Obamacare, to get “tax reform”

2. The injustice of the US tax system (in honor of April 18 tax due day)


3. The economics of the US-China link and its bumpy contradictions


Our goal: To develop all participants’ understanding and ability to explain current economic events and trends to others. We open the floor to questions and comments when time permits.


Agelbert NOTE: More proof that Capitalism is actually Robin Hood IN REVERSE.   

And yes, the tax system is part and parcel of the socially destructive Capitalist mens rea modus operandi. Did you know that Yale University doesn't pay property tax on its GOLF COURSE (no classes are held there, sports fans)? Did you know that, BECAUSE OF THAT, the poor and middle class of New Haven have to FUND the police, fire department, etc., that the YALE STUDENTS, FACULTY (AND THEIR CHILDREN) USE?   


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AGelbert

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Re: Money
« Reply #160 on: April 24, 2017, 09:43:39 pm »
Maritime Flags of Convenience Visualized

August 20, 2016 by John Konrad


http://gcaptain.com/maritime-flags-of-convenience-visualized/

Agelbert NOTE:
The following is from May 12, 2012. But it's still rather BUSY out there now. I'm looking forward to the day when all that shipping STOPS. 
This Mesmerizing Interactive Map Displays Ship Movements Across the Globe

April 22, 2017 by Mike Schuler

http://gcaptain.com/this-mesmerizing-interactive-map-displays-ship-movements-across-the-globe/
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AGelbert

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Re: Money
« Reply #161 on: April 25, 2017, 05:43:15 pm »

Russia Leaving Global Banking System: Dumping US Dollar for Gold

AnonHQ

Russia is one of the more powerful nations in the world.  With the power, however, comes enemies. One of its enemies has a slight financial hold over Russia, and that power comes in the form of Dollars. The relationship between the east and west is now at a stalemate; Moscow’s reaction to western encroachment and accusations comes from President Vladimir Putin, who has proposed to withdraw the Russian state from the international banking system, moving towards a more traditional gold-based system.

Russia isn’t alone in this. BRICS nations such as Brazil, India, China, and South Africa are all planning their exit from the international banking mafia for more financial independence.

However, for President Putin, the threat came in the form of the Worldwide Interbank Financial Telecommunication system, or the SWIFT system, which allows easy transfer of money internationally, such as via American express. The problem, however, is the international banks are threatening to bar Russian access from this system if they leave the ‘big club.’

Many economists have informed the world leaders of the consequences facing them if they remove Russia from the SWIFT system. Ewald Nowotny, an economist and a policy maker for the European Central Bank highlighted how if Russia is removed from the SWIFT system international companies conducting business in Russia will be the first to suffer.
global banking

However, according to Elvira Nabiullina, a Russian economist and former economic advisor to President Putin and the head of the Central Bank of Russia, if Russia is removed from the Worldwide Interbank Financial Telecommunications then Russia’s banks won’t collapse. She explained how they have devised a new system that will continue operations in the SWIFT format and will work as an alternative for the country.

According to a report published last year, more than three hundred banks in Russia have adopted the SWIFT alternative – the System for Transfer of Financial Messages, or SPFS as the Russians call it.

Furthermore, to enhance the SPFS system, Russia’s Central Bank’s first international branch in Beijing was opened, and the Chinese opened a financial institution in Russia to strengthen the financial relationship between the two nations and the beginnings of the ‘de-dollarization’.

As for the Federal Reserve and other international financial institutions that trade in non-physical currency and futures, and all other riskier practices; are now buying bulk quantities of physical gold – leaving their old practices behind.

According to Mac Slavo who writes for SHTFplan, the NGOs ran by Soros have been questioned and kicked out, along with Rothschild establishments.

“It seems that only all out war will ever settle these power plays for the dominance or death of the U.S. petrodollar, which is ultimately controlled by the same few hands that steer and control the central banks of nearly all the world’s nations,” wrote Mac Slavo. “Only by stealth and monotony have these activities remained in the shadows.”


Thank you for that extremely important news, AZ.


That is interesting. You know AZ, any serious study of 90% PLUS of every bellicose action the U.S. has initiated will reveal that the main reason behind those actions were, and are, forcing anybody and everybody out there to accept the "full faith and credit" of fiat ex-nihilo created currency by the plutocrats (i.e. THE MOST DEFENDED counterfeiting racket in history).

What Russia just did is fightin' words for the U.S. corporate crook fascist bastards ruining the place.



There may not be a banking system after next week.

El Diablo Blonde Pompadour  may tell the fed to **** themselves.


Are you kidding? Trumpelthinskin worships the ground the Fed defecates on.  :P

The only way the banking system disappears is if the bankers want it to (temporarily while nuclear war decreases 90% of the population).

NASA says they are working on a cool greenhouse gizmo to keep astronauts fed in space. I'll betcha the plutocrats already have several working versions of that to enable them (in theory  ;) bankers are greedy, but not particularly intelligent) to live in their bunkers while we-the-people get wasted.     

NASA is designing small away-from-home-ecosystems to make space exploration sustainable

Last updated on April 25th, 2017  at 1:45 pm by Alexandru Micu


http://www.zmescience.com/science/nasa-greenhouse-sustainability/

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AGelbert

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Re: Money
« Reply #162 on: May 03, 2017, 03:08:47 pm »
Class Warfare Breaks Out In Philly 

Trashing a strangers property is not justice.  When the FBI pretends to be anarchists plywood is already in the basement ready to board up the windows.  The means to pay the glaziers the next day is already worked out. 
.
.
.
Social control.  Keep the haters hating.

Trashing a strangers property is not justice. 

Yes it is, it is a form of retribution for the inequity of the distribution of wealth.  It matters not who the "stranger" is, only that the stranger is displaying an inordinate amount of wealth.  So you get payback for his greed by destroying his wealth.  That is Justice.

For those of you who are against the idea of Capital Punishment for the Rich, this is certainly a better solution, and probably would be a worse torture for them than death itself.

RE

I'm torn by this.  On the one hand I feel as you do RE.  On the other, at this point in my life, if I could be rich, I would be. 

Money, money, money...it's always about the fuckin' money and whether you have enough of it or not.  GM lamented the other night about this because apparently I feel the same way about money that her father did, and he blew his head off in the end. 

Do I want to be concerned about money?  Hell no, but then who really does want to be?  That's why we want a lot of it...so that we don't have to be concerned with having enough.  If you don't have enough than it's a constant concern.  As time moves forward we will definitely have more of this type of behavior.  The more the unequal divide between haves and have-nots grows the more chances we'll have for this type of lashing out.  The more desperate people get the more desperate measures they will take for some type of justice. 

I learned at 18 years old, while studying "criminal justice" in college that there is no justice.  In fact, this realization was the beginning of the end of my college career.  I lost interest in studying criminal justice after 18 hours of classes on the topic.  What was the point in learning how to pretend that there is such a thing as justice in our system?  The cops get them and the lawyers get them off, pending they have the  money that is.  Now the cops mostly don't even get them, at least not the ones that deserve to be gotten.  Now the cops mostly get the down trodden and desperate, the mentally abused, the non-violent drug offenders, and the innocent, and then they are forced into legal slavery via a for profit private prison industry.  What type of behavior would you expect in return? 

The economic non-persons continue to grow, as do the refugees.  This while the rich get even richer, and the divide between haves and have-nots grows even more as a society.  In real terms this divide is bigger now than it has ever been.  Albeit it's hard to tell when there is free entertainment and cheap beer.  I expect to see more of this type of behavior as we move forward.  I imagine most of those involved really don't have much to lose, and so why not lash out and get some justice for yourself.  They damn sure aren't going to get any justice any other way because they can't afford to get it. 

And there it is again!  You have to be able to afford to be the change just as you have to be able to afford to buy your legal justice.  Otherwise you resort to vandalism. 


LD,
Your worthy thoughts are discussed and paraphrased in detail in a famous book. If you have not read Les Misérables. please do. The cop in the story is the K-Dog type of character. Those types are very inflexible, lack empathy and are quick to demonize the desperate downtrodden as "criminals" while they look the other way when the privileged elite criminals (who sanctimoniously and perpetually demand that the government defend their "property rights")  cynically and deliberately destroy the property rights of the poor by toxic pollution zoning and racist police activity ONLY in poor neighborhoods, along with destroying the dignity of the poor by requiring them to work for unjust subsistence wages[/i]).

I am sick to death of cherry picking bigots who see only what they want to see and play word games to avoid facing the objective truth that our society is about as sick and odious as it can get BECAUSE of those that run it, not because of those victimized by it.


Les Misérables by Victor Hugo
Quote
Upton Sinclair described the novel as "one of the half-dozen greatest novels of the world," and remarked that Hugo set forth the purpose of Les Misérables in the Preface:[3]

So long as there shall exist, by reason of law and custom, a social condemnation, which, in the face of civilization, artificially creates hells on earth
, and complicates a destiny that is divine with human fatality; so long as the three problems of the age—the degradation of man by poverty, the ruin of women by starvation, and the dwarfing of childhood by physical and spiritual night—are not solved; so long as, in certain regions, social asphyxia shall be possible; in other words, and from a yet more extended point of view, so long as ignorance and misery remain on earth, books like this cannot be useless.   

https://en.wikipedia.org/wiki/Les_Mis%C3%A9rables

Leges         Sine    Moribus     Vanae   
Faith,
if it has not works, is dead, being alone.

AGelbert

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Re: Money
« Reply #163 on: May 04, 2017, 02:17:40 pm »
https://www.rt.com/usa/387052-puerto-rico-bankruptcy-promesa/
‘Breaking point’: Puerto Rico files for historic $70bn bankruptcy
4 May, 2017

The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in US history, after failed negotiations with creditors over its $70 billion debt crisis. That’s more than four times the debt Detroit collapsed under.

On Wednesday, the Financial Oversight and Management Board for Puerto Rico announced they had moved to place the US territory into federal bankruptcy court, making it the largest entity of the US government to seek refuge from creditors in the courts in history.

Chairman of the Oversight Board José Carrión said the filing was made to “provide a method for the Commonwealth and its instrumentalities to achieve fiscal responsibility and access to the capital markets,” according to a press release.

US territories are barred from filing for a traditional bankruptcy like most US cities or states. Last year, Congress approved the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) to address the impending financial crisis Puerto Rico was already facing.

Under the PROMESA bill, the oversight board and the Title III process were created. Title III, which is similar to the Chapter 9 bankruptcy, allows Puerto Rico and other US territories to restructure their debt under the supervision of a federal judge.

The announcement came a day after major creditors sued Puerto Rico over defaults to its bonds. The Commonwealth held several meetings with creditor representatives to come to an agreement. However, on Monday at midnight, a temporary court stay that protected Puerto Rico from lawsuits expired and negotiations were ended.

“We have sustained our position to negotiate in good faith, but before the current scenario, we choose to protect our people,” Puerto Rico Governor Ricardo Rossello said in a tweet Wednesday.

Rossello sent a letter to the Financial Oversight and Management Board on Tuesday, saying he hopes the Title III proceedings will “accelerate the negotiation process, leading to as much creditor consensus where possible and achieving where necessary a prompt and efficient judicial resolution of any issues or disputes.”

Ted Hampton, an analyst at Moody’s Investor Service, says the bankruptcy process is a “positive step.”

"Although a court proceeding will take considerable time and likely involve losses for all Puerto Rico bondholders, it will be an orderly process," Hampton says.

On Wednesday, the oversight board declared the Commonwealth was “unable to provide its citizens with effective services,” according to court filings obtained by The Deal.

That document shows Puerto Rico’s 10-year recession has led them to declare a “fiscal and socioeconomic crisis without precedent” in its history. Since 2007, the Commonwealth said it has seen a 14 percent decline in gross national product, a 23 percent decrease in employed persons and a 10 percent drop in population.

According to the US Census Bureau, 46 percent of Puerto Rico’s residents live below federal poverty levels, compared to the national average of 14 percent and 36 percent in Detroit.

Puerto Rico has approximately $74 billion of bond debt and $48 billion of unfunded pension liabilities. The previous largest public bankruptcy in the US was set by Detroit in 2013 when it declared a total of $18 billion of bond debt and retirement obligations.

“The result is that Puerto Rico can no longer fully pay its debt and pay for government services. Nor can Puerto Rico refinance its debt—it no longer has access to the capital markets,” the oversight board said in the court filing. “In short, Puerto Rico’s crisis has reached a breaking point.”

Puerto Rico’s current fiscal plan sets aside $800 million a year for debt payments, however, it is only a fraction of the $35 billion it owes in interest in payments over the next 10 years. The cost of fully paying off their debt would be around $3.5 billion a year
.

I wanna know who is holding PR bonds?  Somebody is going to have to take a lot of write downs.



RE


People who do not know about what happened in Puerto Rico and WHY it happened should not post about Puerto Rico.

The Palloy post is not objective. People are dying because of this unrestrained Capitals Asset Stripping.

And this ain't no musical, RE.

Objectivity in posting on this subject dictates that you endeavor to explain how Puerto Rico was DELIBERATELY made a cash cow by Wall Street starting over 100 YEARS ago. The first fascist f u c k POTUS assigned to "govern" Puerto Rico at the beginning of the 20th century became a millionaire (in money of THAT TIME!) by "arranging" the laws so he could OWN all the sugar lands, set up a corporation, and sell sugar to the continental US - Puerto Rico and Cuba were the MAIN source of refined sugar to the US back then.

But in the middle 1950's Wall Street decided to REALLY get serious about asset stripping the place and began a gigantic "tax free" bond scheme.  For over half a century, retirement funds all over the USA have PROFITED from that bond scheme while the island economy was steadily impoverished.

Finally, the Ponzi scheme reached the point where the fraud became visible to all. So NOW, all the bought and paid for fascist bastards in the Banco Popular de Puerto Rico that now RUN that benighted island (a "BOARD" of NON-elected bankers that makes ALL the financial decisions on the Puerto Rico debt - a debt those same bankers made millions off of in fees  ) have decided that SOMEBODY has to take up the slack for all those "irresponsible" poor and middle class Puerto Ricans who "allowed" all that debt to accumulate. LOL!

It's the Greek trick all over again, of course.   

Please Doomstead Diners, stop blaming the victim. Puerto Rico has NEVER been actually allowed to govern itself. This is not their fault. This is the fault of asset stripping crooks in Wall Street and their lackeys in Puerto Rico, PERIOD.

RE,
That musical West Side Story left out the part about the repeated use of Puerto Ricans in Puerto Rico as test subjects for measuring the effects of a plethora of chemical toxins on humans.

It also leaves out the part about the massive amount of pollution from pharmaceutical corporations running wild down there.

Then there are the radionuclides in the water off of Vieques... The cancer rate is through the roof down there.

The wages are s h i t down there.

People have shorter, and more miserable life spans down there BECAUSE of all this empathy deficit disordered FOR CAPITALIST PROFIT activity down there.

It's not funny, RE; it's trajic.  :(
Leges         Sine    Moribus     Vanae   
Faith,
if it has not works, is dead, being alone.

AGelbert

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Re: Money
« Reply #164 on: May 04, 2017, 02:43:47 pm »
The current PR crisis has a lot to do with Big Pharma.


Puerto Rico's Pharmaceutical Industry 'Terminally Ill'
Mon, 11/19/2007 - 4:59am
by Michael Melia, Associated Press Writer

CIDRA, Puerto Rico (AP) — First to go was a factory that produced generic drugs. Next, a pharmaceutical supply company said it would close. Then, GlaxoSmithKline PLC said last month it would shut its plant in this central Puerto Rico city.
 
Many people in Cidra now fear their hillside city, which has depended on pharmaceutical manufacturing for more than 30 years, is terminally ill.
 
''This is going to be pretty bad for a lot of people,'' said Frank Ortiz, a 42-year-old construction worker sitting in a cafe near the gated GlaxoSmithKline campus.
 
Cidra, a city of about 50,000, is not alone its sense of looming dread. The pharmaceutical industry appears to be in retreat across Puerto Rico — long a global hub of drug manufacturing thanks to tax breaks and the territory's unfettered access to the U.S. market.
 
Over the past 18 months, five major drug manufacturing plants have either closed or announced plans to do so, eliminating 3,000 relatively high paying jobs. The closures are a largely a result of higher energy costs, changing tax rules and industry consolidation.
 
Industry experts predict Puerto Rico is in danger of losing its position as one of the top five global drug-making centers unless the island offers better incentives and shifts more toward research as companies seek more sophisticated production methods.
 
''We are very good at manufacturing pills, but the pharmaceutical sector in its own way has been changing in the last few years,'' said Deepak Lamba-Nieves, research director for the Center for the New Economy, an independent think tank in Puerto Rico.
 
The island's pharmaceutical industry, which still produces 13 of the 20 best-selling drugs in the United States, gained dominance in the 1970s with the help of U.S. incentives. It accounts for a quarter of the island's gross domestic product, with $36.5 billion in annual exports.
 
Some of the losses have been offset by new investments in biotechnology — a related industry that Gov. Anibal Acevedo Vila has courted aggressively, marketing the territory as ''Bio Island'' and developing special tax breaks for research and development.
 
In addition to Cidra plants owned by Teva Pharmaceutical Industries Ltd. and GlaxoSmithKline, the other companies that have closed or announced plans to shut plants are Schering-Plough Corp., Watson Pharmaceuticals Inc. and Bristol-Myers Squibb Co.
 
As they look for slack in global supply chains, many companies find Puerto Rico is no longer a bargain due to changing tax structures and the cost of electricity supplied by oil-fired power plants.
 
For Watson, which makes generic drugs, the cost of operating a factory it closed in Humacao this year was comparable with plants in Corona, Calif., and Carmel, N.Y.
 
A company spokeswoman, Patty Eisenhaur, said Watson would have had to expand its plant in Humacao, on Puerto Rico's southeastern coast, to make it financially viable.
 
At least three of the plants that are closing also were facing pressure from the Food and Drug Administration to make investments to resolve quality control problems.
 
In 2005, GlaxoSmithKline agreed to fix deficiencies that allowed tablets of Paxil, a treatment for depression, to split apart before reaching consumers. At the nearby Teva plant, acquired through a recent takeover of Ivax Corp., inspectors last year found drugs contaminated by manufacturing or cleaning equipment.
 
The U.S. tax breaks that transformed Puerto Rico from an impoverished, agrarian society to a manufacturing hub offered the best deals for companies that moved to depressed areas outside the capital.
 
Wage credits gave companies incentives to create the maximum number of jobs under section 936 of the U.S. Internal Revenue Service — approved by Congress in 1976 to allow companies to send profits to the U.S. with minimal taxes.
 
Since section 936 expired last year and companies are reducing the size of their workforces, a cloud of uncertainty has formed over small cities where pharmaceuticals have clustered including Cidra, Manati and Barceloneta.
 
''There is pain, sadness and even fear,'' said the mayor of Cidra, Angel Malave Zayas, whose city will lose $2.8 million in annual taxes and 900 jobs from the GlaxoSmithKline plant alone.
 
The companies that run the remaining pharmaceutical manufacturing plants, which employ more than 20,000 people, have kept their taxes low in many cases by declaring their operations here as foreign corporations, allowing them to take advantage of local tax structures.
 
But with a local law governing industrial tax breaks due to expire next year, some critics say lawmakers' inability to agree on a renewed version so far is making investors nervous and driving away business.
 
''We are losing time, we are losing momentum and we are being negatively hit,'' said Elizabeth Plaza, president of the local consulting firm Pharma Bio-Serve Inc., which recently opened a branch in Ireland.

https://www.manufacturing.net/news/2007/11/puerto-ricos-pharmaceutical-industry-terminally-ill



AND

I provide a historically accurate post and you post about the whining of the pharmaceutical industry. SHOW ME the profits from 50 years of pollution and being the NUMBER ONE suppler of valium (until via gra made there TOO took its place) and THEN we can TALK about the "jobs" and other allegedly "nice things" the pharmaceutical exploiting assholes provided for Puerto Rico.

An ENTIRE TOWN had to be evacuated near Humacao because Elli Lilly lied about WHAT THEY LEFT IN THE SOIL THERE to the developer who built a housing community on it!

Your post lacks objectivity because it focuses on the present while ignoring the pollution filled past.

I see that my plea for empathy for the people of Puerto Rico has fallen on deaf ears.  

Leges         Sine    Moribus     Vanae   
Faith,
if it has not works, is dead, being alone.

 

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