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Author Topic: Money  (Read 1931 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.

Leges         Sine    Moribus     Vanae   
Faith,
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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
--

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?   


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

 

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