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Author Topic: Money  (Read 6843 times)

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AGelbert

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Trump’s New Tariffs on China Help Pay for his Corporate Tax Cut

August 2, 2019

Trump's claim that China is paying for the tariffs is completely false and basically serves to redirect income from his poor supporters to his wealthy supporters. Not only that, the policy will have the consequence of further isolating the United States, says Michael Hudson


https://therealnews.com/stories/trumps-new-tariffs-on-china-help-pay-for-his-corporate-tax-cut
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Re: Money
« Reply #631 on: August 05, 2019, 01:10:06 pm »
Quote
Wall Street Journal editorial board issues economic warning to Trump over his new China tariffs
http://renewablerevolution.createaforum.com/general-discussion/doomstead-diner-daily/msg13090/#msg13090

Next week should be very interesting. The  Plunge Protection Team will have their market rigging hands full doing their Orwellian thing to the Stock Market.

... , but not funny".

Arthur Stanton Eric Johnson, the actor that gave us so many great laughs, died recently.


Monday, August 5, 2019

Quote
China Hits Back at 🦀 Trump by Weakening Yuan, Halting Crop Imports
China responded to President Donald Trump’s tariff threat with another escalation of the trade war on Monday, letting the yuan tumble to the weakest level in more than a decade and asking ;) state-owned companies to suspend imports of U.S. agricultural products.
http://renewablerevolution.createaforum.com/general-discussion/doomstead-diner-daily/msg13110/#msg13110





But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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NASDAQ drops 🌠 3.47% on Monday August 5, 2019 😀
« Reply #632 on: August 05, 2019, 04:35:35 pm »
NASDAQ drops 🌠 3.47% on Monday August 5, 2019 😀
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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In 33 Years The Rich Will Own All the Wealth in America!  >:(
8,002 views


Thom Hartmann Program
Published on Aug 6, 2019

According to new data from the federal reserve, if current trends of the rich getting richer and the middle class getting poorer continues at their current rate, in 33 years the top 10% of Americans will own one hundred percent of all American wealth. Everyone else will be in poverty and in debt. Right wing billionaires like Donald Trump are cheering this on, calling for more tax cuts on rich people and less power for working people through the continuing destruction of unions and fighting the minimum wage.

They tell us that the problem is not corporate monopoly and rich people taking everything for themselves....

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Category News & Politics
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Neoliberalism Has Met Its Match in China
« Reply #634 on: August 08, 2019, 06:17:23 pm »

TruthDig

August 7, 2019

By Ellen Brown

SNIPPET:

As economist Michael Hudson observed in a June interview with journalist Bonnie Faulkner, making American products cheaper abroad will do little for the American economy, because we no longer have a competitive manufacturing base or products to sell. Today’s workers are largely in the service industries—cab drivers, hospital workers, insurance agents and the like. A cheaper dollar abroad just makes consumer goods at Walmart and imported raw materials for U.S. businesses more expensive.

What is mainly devalued when a currency is devalued, Hudson says, is the price of the country’s labor and the working conditions of its laborers. The reason American workers cannot compete with foreign workers is not that the dollar is overvalued. It is due to their higher costs of housing, education, medical services and transportation. In competitor countries, these costs are typically subsidized by the government.

Full article:

 

But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Re: Money
« Reply #635 on: August 08, 2019, 06:40:37 pm »

TruthDig

August 7, 2019

By Robert Reich

SNIPPET:

The phrase “pulling yourself up by the bootstraps” itself is rubbish. Its origins date back an 18th-century fairy tale, and the phrase was originally intended as a metaphor for an impossible feat of strength.


Full article:

 
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Robert Reich: What's the Real American Story?
« Reply #636 on: August 08, 2019, 07:42:37 pm »
Robert Reich: What's the 😈👹💵🎩 Real American Story?
200,336 views


Robert Reich
Published on Mar 4, 2019

Robert Reich examines Trump's dark vision for America, and how to create a progressive message for the future.

Watch More: The Big Picture ►►


Category News & Politics
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Agelbert NOTE: QUOTE of the day (and month and year for the last 20 years or so!):

Ihe market doesn't follow any logic or real world event. It is nothing but a computer simulation that algos can understand.

Trying to apply the movements of the market to the general economy, or tie the economy to the market is a fool's errand.

There is no true price discovery and the price level of any stock corresponds with nothing real.

It is the epitome of garbage, the most worthless exercise in the history of the world.
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Re: Money
« Reply #638 on: August 13, 2019, 03:12:40 pm »
Agelbert NOTE: This article by Stockman, a Capitalist True Believer, has some typical sniping at all things socialist  ::), but it has some merit in other points he makes.

08/13/2019  Authored by David Stockman via Contra Corner blog

SNIPPET:

In any event, here is the culprit. During the 15 year period between 2003 and 2018, there was indeed a "glut", but it was one of central bank bond-buying, not honest-to-goodness real money savings out of current production and income.

In fact, the central banks collectively jammed their big fat thumbs on the scale of global supply and demand for savings and borrowings to the tune of $22 trillion. That is, $22 trillion of "demand" for government bonds and other securities that was funded by digital credits issued to the selling bond dealers that had been snatched from thin monetary air.

Not only has that saturated the markets with trillions of excess liquidity than can slosh into bond-buying in an instant in response to a risk-off headline, but more importantly, it has taught 😈 speculators a powerful lesion: Namely, to buy what central banks are buying or signaling they will be soon buying because that is literally the greatest front-running opportunity in recorded history.

Full article:

https://www.zerohedge.com/news/2019-08-13/stockman-slams-risible-myth-savings-glut-and-lunacy-sub-zero-yields


But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Is America Becoming a Third World Country?
« Reply #639 on: August 13, 2019, 08:32:37 pm »

Robert Reich: Is America Becoming a Third World Country?
21,448 views


Robert Reich
Published on Aug 13, 2019

Former Secretary of Labor Robert Reich breaks down what America has in common with developing countries.

Watch More: The Real American Story ►►

https://youtu.be/vvCtwDAQta0

Category

News & Politics
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Exposing the Flaw in Trickle Down Economics
2,073 views


Thom Hartmann Program
Published on Aug 12, 2019

Republicans have been shoving trickle down theory down Americans throats forever but there are fatal flaws in the Trickle Down Theory and one caller exposes them.
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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Wed, 08/14/2019

SNIPPETS:

First China mocked Trump's unsolicited tariff delay "olive branch" as evidence that the US is now losing the trade war. Now, the Asian superpower has also made it clear that the proposed delay - which came out of the blue and was not made in exchange for any concessions from Beijing - will be too little, too late, and that if Trump hopes China will resume agricultural imports from the US simply in exchange for the 2.5 month delay in imposing the new Chinese import tariffs, he will be waiting for a long time.

So if Trump is expecting Beijing - as a token of its appreciation - to resume importing US agri products in coming weeks, he will not only be disappointed, but will most likely respond with even harsher measures at what he sees as China's "irrational" obstinacy. In other words, it's only a matter of time before the trade war returns front and center, in its most violent iteration to date.

Not surprisingly, the market seems to agree.    



Quote
He-Mene Mox Mox 17 minutes ago

Well, guess Trump is stuck bailing out the farmers with American taxpayer dollars.  In the meanwhile, their markets are ruined, and will never get them back again, because the Chinese are already buying from the South Americans, and the South Americans are not about to give up their newly found agricultural markets with China to appease the U.S.,. From most other countries' perspectives, why do they need the U.S. anyway?  They are nothing but trouble to deal with. Bye, Bye, U.S.,!!!





« Last Edit: August 15, 2019, 06:19:04 pm by AGelbert »
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

AGelbert

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The CPI Constantly Understates Inflation: Why This Will Lead To Catastrophe

Sat, 08/17/2019 - 13:15

Submitted by Bruce Wilds of Advancing Time


The purpose of the consumer price index (CPI) is to reflect just how much inflation is eating into both our incomes and our savings. Consumer inflation has been estimated since the 1700s, by measuring price changes in a fixed-weight basket of goods. This method was seen as a way of measuring the cost of maintaining a constant standard of living. In the last 30 years, a growing gap has become obvious between government reporting of inflation, as measured by the CPI, and the perception of actual inflation held by the general public.

Currently, the government understates inflation by using a formula based on the concept of a “constant level of satisfaction” that evolved during the first half of the 20th century in academia. This extended into the BLS re-weightings sales outlets such as discount or mass merchandisers with Main Street shops. Those promoting this change claim it is simply another way to measure inflation and it still reflects the true cost of living. Politicians 😇😉 touting the benefits of this system created it as a way to 😈 reduce the cost of living adjustments for government payments to Social Security recipients, etc. By moving to a substitution-based index and weakening other constant-standard-of-living ties those reporting inflation have muddied the water as to just how much we are being impacted by inflation.

The general argument was that changing relative costs of goods results in consumers substituting less-expensive goods for more expensive goods.  Allowing for a substitution of goods within the formerly "fixed-basket" would allow the consumer flexibility in obtaining a “constant level of satisfaction." This adjustment to the inflation measure was touted as more appropriate for the GDP concept in measuring shifting demand and weighting actual consumption. Other tricks were also used to give the illusion of less inflation. In cases where the quality of the product are deemed by the government to be "improved" prices in the CPI, calculations are now adjusted lower to offset the higher quality. Extending this idea the Baskin Commission Report, December 4, 1996, actually used steak and chicken for its substitution example.

Bloomberg recently reported that a shopping trip to Walmart cost an astounding 5.2% more in June than it did just a year ago. Sadly, this is the type of inflation directly impacts many of the consumers that can least afford it. Recently product manufacturers like Coca-Cola, Pepsi, and Procter & all started raising prices across the board, which means that "something has to give." Retailers can only absorb so much of these increases before being forced to pass them on to consumers. Walmart values low prices and it is a key part of their marketing strategy but higher wages, transportation costs, and e-commerce investments have all pressured Walmart to bump some prices higher.


Many smaller specialty retailers like O’Reilly Automotive and Tractor Supply Company have also been hiking prices. Many of these hikes have been blamed on the trade war and tariffs but the economic reality for what is occurring goes much deeper. For years consumer prices have been held down by America importing goods from countries with cheap labor but that has a hidden cost which is the loss of manufacturing jobs. Another huge issue is that inflation varies drastically from one sector of the economy to another. When it comes to assessing real-world inflation that is having a direct impact on consumers, the Fed is conspicuously  absent from this important conversation. The day to day increases in prices we see add credence to the informal evidence and occasional surveys that indicate the general public believes inflation is running well above official reporting. The numbers government pumps out today are politically motivated and the result of changes made in the 1990s when Washington moved to change the nature of the CPI.

Agelbert NOTE: The above two FASCIST TOOLS engineered the continous, and increasingly cruel, theft of billions of dollars from Americans in the poor and middle classes in order to further enrich the empathy deficit disordered  American Oligarchs

These changes were promoted under the cover of academic theories and the sinister move was masked by the contention that the CPI overstated inflation. Katharine G. Abraham, then commissioner of the Bureau of Labor Statistics, laid out her recollections in an August 1996 paper: “Back in the early winter of 1995, Federal Reserve Board Chairman Alan Greenspan testified before the Congress that he thought the CPI substantially overstated the rate of growth in the cost of living.  Greenspan's testimony generated a considerable amount of discussion but the general public paid little if any attention. In truth, the cuts in reported inflation were part of an effort to reduce the federal deficit without anyone in Congress having to do the politically impossible which was to register a vote that would harm the image of Social Security.

While the substitution-related alterations to inflation methodologies were made beginning in the mid-1990s the introduction of major changes to concepts geared towards making us feel better about things began in the 1980s. The aggregate impact of the reporting changes since 1980 has been to reduce the reported level of annual CPI inflation by roughly seven percentage points meaning there is no question as to the understatement of inflation. If the methodological changes did not reduce CPI inflation reporting significantly, the politicians would not have pushed the changes through. The important issue is that without these changes, Social Security checks would be more than double what they are today.


A big factor in a false cost of living is that the purchasing consumer is not given a choice when paying out-of-pocket the full price for a product declared to have quality improvements they do not want or need. An example of this is the government-mandated the use of a gasoline formulation that was to improve auto emissions. It added ten cents per gallon to gasoline costs, but that cost was excluded from CPI calculations even though the person filling his or her gas tank suffered the actual out-of-pocket expense. This is also clearly seen in new computer and televisions. New features are deemed quality improvements resulting in downside price adjustments to the CPI even when the consumer may not use or want them. Also absent from this formula is recognition of how housing prices vary so greatly across the nation.

To understand how just how large the impact has been on the CPI it is important to note that 24.0% of the total current CPI-U (the CPI for all urban consumers) is rooted in the category of “homeowners’ equivalent rent of residences.” This means that instead of reflecting some measure of home prices, as was the case before 1983, the BLS estimates the cost of housing based on what homeowners theoretically would pay to rent their own homes from themselves. The BLS then estimates how much homeowners raise the rent on themselves each month. Starting in 1989, the BLS skewed these estimates further by beginning to adjust that imaginary series for quality adjustments that would make the consumer feel good or better enjoy their residence.

Years ago when America was experiencing what the late Allen Meltzer described as "The Great Inflation" his take was that inflation generally was not considered a major problem until it rose into the double-digit area. I maintain the manipulation of data to artificially lower the official rate of inflation feeds into the illusion of economic stability. This helps both politicians and central banks sell the idea that inflation is not and will not become a problem. This false information is then used by individuals to plan and make decisions concerning their investments and retirement needs. I further contend that inflation would be much greater if more money was flowing into tangible goods rather than paper investments and promises. For proof as to the real cost of inflation just look at the surging replacement cost resulting from recent storms and natural disasters. Beware, if you are taking the CPI numbers being reported to heart you will pay dearly in coming years.

https://www.zerohedge.com/news/2019-08-17/cpi-constantly-understates-inflation-why-will-lead-catastrophe

INFLATION IS, and ALWAYS HAS BEEN, THEFT.
But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

Surly1

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Re: Money
« Reply #643 on: August 17, 2019, 03:09:45 pm »
The CPI Constantly Understates Inflation: Why This Will Lead To Catastrophe

They have been using the CPI as a happy speak marketing tool for years across every administration, taking care to jigger the metrics when they don't like the result.. Just another reason few people trust government t reports and statistics... because they can't.

AGelbert

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Re: Money
« Reply #644 on: August 17, 2019, 03:37:14 pm »
The CPI Constantly Understates Inflation: Why This Will Lead To Catastrophe

They have been using the CPI as a happy speak marketing tool for years across every administration, taking care to jigger the metrics when they don't like the result.. Just another reason few people trust government t reports and statistics... because they can't.


But Peter said unto him, Thy money perish with thee, because thou
hast thought that the gift of God may be purchased with money. Acts 8:20

 

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