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AGelbert

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Economic Update: Virus Triggers Capitalist 🌠 Crash
12,843 views•Apr 20, 2020


Democracy At Work
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[S10 E16] Virus Triggers Capitalist Crash

**We make it a point to provide the show free of ads. Please consider supporting our work. Become an EU patron on Patreon: https://www.patreon.com/economicupdate

Today’s episode features an analysis (part 1) of how, why capitalism - especially in US - failed to prepare for or cope with a virus thereby enabling it to trigger another crash of capitalism (third this century: dot.com in 2000, sub-prime mortgage in 2008). In part 2, Prof. Wolff provides an analysis of  how to respond to crash better than the US govt by emphasizing re-employment in millions of new jobs rather than unemployment, emphasizing worker-coops, etc.
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Category News & Politics

Agelbert COMMENT: Prof. Wolff ✨ is  RIGHT!  As this article by Charles Hugh Smith makes crystal clear, a lot of things being held up with Fed FRAUD funny money wire and wax should have ended over ten years ago.

Wed, 04/22/2020 - 15:05

What's Collapsing Can't Be Saved: Our Fraudulent Economy

SNIPPET:

Pulling the sleeve down to hide the tracks doesn't mean the addict is cured.

Just for a change of pace, can we be bluntly honest about the U.S. economy? It's difficult to do because we've chosen to ignore all the realities, much like a family that hides all the addictions, drunkenness and lies in a dysfunctional household to maintain the outward illusion of a happy functioning family.

It's extraordinarily costly to maintain such a demanding masquerade. The psychological toll is immense, and the financial ruin that's always threatening to collapse the flimsy facade feeds the most destructive coping strategies.

Please don't claim that Daddy and Mommy aren't really addicts, addicted to lies, cheating and stealing to fund their corruption and maintain the absurdly threadbare happy-story facade of normalcy.

Being honest is painful but freeing. Once all the ugliness is exposed to sunlight, then healing becomes possible. As long as reality is cloaked, hidden, explained away, etc., the destruction only deepens until complete collapse of the masquerade is the only possible outcome.

We've reached that point: we can no longer deny the U.S. economy is little more than a grab-bag of skims, scams, fraud and corruption. Even if Covid-19 vanished from the Earth tomorrow, or the entire economy opened tomorrow, the collapsing of the fraud bubble cannot be reversed, any more than the addict can be "cured" with some makeup to mask the devastation and clean clothing to hide all the tracks.

Let's start with the most risible fraud: "value." Every skim and scam claims to be "creating value" for shareholders, customers, the planet, etc. But it's all fraud and lies. No value is being created; what's really happening is entrenched insiders have established corrupt relationships that funnel income streams into their own pockets at the expense of everyone else, who must be kept in the dark about how the skim/scam actually works.

"Value" is now defined as private gains skimmed under the false claim of "value to customers." Behind the bogus PR, product quality is ruthlessly slashed, quantity reductions are hidden by larger packaging, planned obsolescence is the Prime Directive of every corporation because all these frauds increase profits, which flow to an increasingly thin slice of America's financial elites.

The entire stock market rally of the past 20 years is nothing but a gigantic fraud based on stock buybacks funded by debt. Stocks go up because the majority owners of the stock borrow money from a banking sector that gives nearly free money to financiers and corporations. The corporate insiders buy back shares with the borrowed money, and the company services the loan.

The company's income is devoted to paying the debt taken on to boost the personal wealth of insiders. That's fraud. Or if you prefer, embezzlement.

Take away the stock buyback scam and the U.S. stock market collapses.

Take away a Federal Reserve devoted to lavishing nearly free money on financiers and corporations and the buyback scam collapses.

End of Snippet.

While CHS is right about the routine fraud we-the-people are subsjected to by TPTB, he doesn't want to go to the root of the matter, probably because he labors under the mistaken assumption that there is such a thing as "Ethical Capitalism". That is an oxymoron.

CHS, who is absolutely right about all the fraud and corruption destroying our government and our future, does not want to admit that the adjective "ethical", as applied to the "Capitalism", is a logical fallacy.

I do not hesitate to point directly to the root of the matter.

The root cause is the Capitalist Ideology/Religion of Social Darwinism. Said Ideology/Religion considers it perfectly reasonable to devastate the biosphere, while methodically destroying the lives of most humans as a 'get rid of the "useless eaters" bonus', for elite power and profit. 

SNIPPET: from Heat is Online (heatisonline) article titled: It's too late to stop climate change -- so what do we do now?

Now inevitable, the increasingly deadly consequences of Catastrophic Climate Change will be addressed, not in rational viable biosphere, multi-species preserving and protecting cooperative stewardship by caring humans, but by, as the linked article warns, "... the increasing insulation of the world's wealthy minority from the rest of humanity -- buying protection for their fortressed communities from the Halliburtons, Bechtels and Blackwaters of the world while the majority of the poor are left to scramble for survival among the ruins." ... ...

The key to our survival as a civil species during an era of profound natural upheaval lies in an enhanced sense of community. If we maintain the fiction that we can thrive as isolated individuals, we will find ourselves at the same emotional dead-end as the current crop of survivalists: an existence marked by defensiveness, mistrust, suspicion and fear.

As nature washes away our resources, overwhelms our infrastructures and splinters our political alignments, our survival will depend increasingly on our willingness to join together as a global community. As the former Argentine climate negotiator, Raul Estrada-Oyuela, said:  "We are all adrift in the same boat -- and there's no way half the boat is going to sink."   

To keep ourselves afloat, we need to change the economic and political structures that determine how we behave. In this case, we need to elevate the ethic of cooperation over the deeply ingrained reflex of competition. We need to elevate our biological similarities over our geographical differences. We need, in the face of this oncoming onslaught, to reorganize our social structures to reflect our most humane collective aspirations.

End of SNIPPETS.

All those "better angels" ETHICS BASED BEHAVIORS mentioned above,  that are desperately needed in order for our species to survive, are just NOT GONNA HAPPEN while every single member in good standing of TPTB is in the thrall of the CAPITALIST RELIGION of Social Darwinism.

There is no shortcut. We reap what we sow. All of us.

Read more: 🕯️

We Are Living in a Failed State


« Last Edit: April 23, 2020, 11:57:43 am by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

 

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