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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

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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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Forced to Store Fuel at Sea, 🦖 Oil Refiners at Breaking Point

By Bloomberg on Apr 23, 2020 11:21 am
Oil tanker loading

By Jack Wittels, Firat Kayakiran and Javier Blas (Bloomberg) — Oil refiners are hunting for vessels to store jet-fuel and gasoline that nobody is buying, sending freight rates sharply higher, an indication that the global refining system is fast approaching a breaking point. Until now refiners had mostly been storing unwanted product on site, but the […]  Read full story...

;D
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AskProfWolff: "Socialism With Chinese Characteristics"
8,493 views•Apr 23, 2020


Democracy At Work
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Get your copies of Prof. Wolff's books with d@w: "Understanding Socialism" and "Understanding Marxism" https://www.democracyatwork.info/books

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AskProfWolff: Worker Co-ops in Massachusetts
« Reply #858 on: April 26, 2020, 03:52:17 pm »
AskProfWolff: Worker Co-ops in Massachusetts
2,795 views•Apr 26, 2020


Democracy At Work
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Is 🦕🦖 Big Oil finally getting stranded?
« Reply #859 on: April 26, 2020, 04:41:35 pm »
Is 🦕🦖 Big Oil finally getting stranded?
6,905 views•Apr 26, 2020


Just Have a Think
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Thanks to Russia and Saudi Arabia, global oil production has not decreased in reaction to the abrupt halt in our economies. That means all the pipelines, all the oil tankers, all the refineries and all the storage facilities are full to capacity with a commodity that nobody can use right now. Oil producers large and small are haemorrhaging money in a way that is genuinely threatening to their existence, and people are learning how to work from home in a way that may mean we choose to travel far less when the pandemic finally ends. So is this a 'Perfect Storm' that spells the end for BIG OIL?

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Research Links
INTERNATIONAL ENERGY AGENCY REPORT
https://www.iea.org/articles/the-global-oil-industry-is-experiencing-shock-like-no-other-in-its-history

RYSTAD REPORT 😷 😵
https://www.rystadenergy.com/globalassets/pdfs/rystad-energy_covid-19-report_15-april_2020_final-public-version.pdf

GUARDIAN ARTICLE
https://www.theguardian.com/environment/2020/apr/01/the-fossil-fuel-industry-is-broken-will-a-cleaner-climate-be-the-result

BLOOMBERG REPORT ON REFINERIES
https://www.bloomberg.com/news/articles/2020-04-08/some-of-america-s-oil-refineries-face-closure-amid-demand-plunge

GREENPEACE ARTICLE
https://www.greenpeace.org/international/story/29458/peak-oil-decline-coronavirus-economy/

#strandedassets  #bigoil  #coronavirus
Category People & Blogs
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AGelbert

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The Oil Driller Bankruptcies BEGIN
« Reply #860 on: April 27, 2020, 05:36:33 pm »


🦖 Diamond Offshore Files for Bankruptcy Amid Historic Crude Crash 

By Bloomberg on Apr 26, 2020 11:56 pm

By David Wethe and Jeremy Hill (Bloomberg) — 🦖 Diamond Offshore Drilling Inc., the rig contractor controlled by 😈 Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in […]  Read full story...
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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The Heisenberg Currencies, macro, commodities, geopolitics

The Heisenberg Report

Apr. 26, 2020 11:49 AM ET

SNIPPET:

The bottom line is as follows. There is no economy currently. Not in major, western nations anyway. The manufacturing sector hasn't completely rolled over yet, but the services sector simply ceased to exist starting late last month.

To help illustrate the point, I’ve updated a visual I frequently use to help capture the scope of the malaise for America’s small businesses. For those who don't follow my work elsewhere, a quick explainer is in order. The data I tap into for this comes from Homebase, a scheduling and time tracking tool used by more than 100,000 local businesses covering 1 million hourly employees.

According to numbers current through April 21, hourly employees working at local businesses are still down around 60% (and more, on weekends). Hours worked fell as much as 75% on April 12.

(Heisenberg, Homebase)

The data compares a given day to the median for that day of the week for the period January 4 to January 31. That’s how Homebase captures the effect of COVID-19.

According to the company, Homebase’s customers in the US consist mostly of restaurant, food & beverage, retail and services and are largely individual owned/operator managed. That makes this data particularly well-suited to this situation, given the pain is concentrated in the services sector, and particularly in food & beverage.

The message is clear: Main Street isn't just hurting, it is disappearing in a very literal sense. As Atlanta Fed boss Raphael Bostic warned earlier this month, "May is going to loom large, in terms of the transition of concern from this being a liquidity issue… to this perhaps translating and transferring into a solvency issue, and whether companies can exist at all."

Full article:

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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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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Mehdi Hasan and Rev. Dr. William Barber II on Bailing Out People, Not Corporations
1,647 views•Streamed live 79 minutes ago


SAVE

The Intercept
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The Intercept’s Mehdi Hasan speaks with Rev. Dr. William Barber II on Covid-19, poverty, and the coronavirus stimulus bill that handed out trillions of dollars to corporations and gave crumbs to working people. How did the bill fail to meet the needs of poor and working Americans, and what would a just and equitable stimulus look like?

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Economic Update: Capitalism's Unemployment Problem
46,166 views•Apr 27, 2020


Democracy At Work
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[S10 E17] Capitalism's Unemployment Problem

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Capitalism's recurring unemployment problem was never solved and makes the system fundamentally unstable. Today's high levels of unemployment are hugely costly in both human and financial terms. On this week's episode we analyze why capitalism prepares so poorly for and then endures its recurring unemployment. We also examine several alternatives to unemployment that would serve society better but threaten capitalism.
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Category News & Politics
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NY Gov. Andrew Cuomo Blasts 🐘 Republicans for Coronavirus 'Bail Out' Comments | NowThis
10,857 views•Apr 28, 2020


NowThis News
686K subscribers

We are the #1 giver’ — NY Gov. Andrew Cuomo set Republicans straight on exactly who is getting ‘bailed out’ by the federal government amid COVID-19.
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In US news and current events today, states across the U.S. are still dealing with the fallout from the coronavirus pandemic. New York Governor Andrew Cuomo has quickly risen as a leader with his near-daily COVID-19 press briefing, where he provides coronavirus updates and responds to the Donald Trump administration and federal government's coronavirus comments during the pandemic.

During one of NY Gov. Andrew Cuomo's recent coronavirus briefings, Andrew Cuomo set the record straight on who is bailing who out during the coronavirus pandemic. 'Nobody would be bailing out New York state. New York state has been bailing them out,' Andrew Cuomo said.

Follow NowThis News for more coronavirus updates and COVID-19 news.

#Coronavirus #AndrewCuomo #Trump #News #NowThis #NowThisNews
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How Can Oil Be Worth Less Than Zero?
« Reply #866 on: April 29, 2020, 08:11:22 pm »

How Can Oil Be Worth Less Than Zero?
2,168 views•Apr 29, 2020


The Real News Network
395K subscribers

Dan Dicker traded oil futures for 25 years on the NYSE. He explains how COVID-19 created a perfect storm for oil markets , and why it still doesn't 🥺 make green energy inevitable.

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AGelbert

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Agelbert RANT :

The favored Orwellian phrase that Social Darwinists use to disguise their mens rea modus operandi
“Never attribute to malice that which is adequately explained by stupidity.” 

While the above quip is of occasional accuracy, it seldom applies to Social Darwinists, no matter what wing of the American Duopoly, and the behavior they elicit.

In fact, this Orwellain phrase was itself cleverly formulated with the malice aforethought goal of wide dissemination through frequent repetition. That purpose is to keep observant humans from following the advice that experience teaches all of us to wisely heed:

“Never attribute to stupidity that which is adequately explained by malice.”

For those who may find the above to be merely a "conspiracy theory" that "violates" Occam's razor, let me make it clearer to you.

You are all familar with the phrase, "Follow the Money". Nobody calls that "conspiracy theorist" methodology. Everybody agrees that it is a rational course of action.

How would you respond if you were told, over and over that, "Following the money is for envious fools who see crime where there are only riches that resulted from hard work and great skill"?

How about this one?: "Where there is smoke, assuming there is a fire is for irrational nervous nellies."?

What about these three iterations of Capitalist (i.e Social Darwinist) happy talk?:
1. Behind every great fortune lies a great mind.
2. Every great fortune begins with a job creator with a great idea.
3. At the root of every great fortune there was a gifted individual.

Knowledgeable individuals may have noticed the above seem slightly, to put it mildly, inaccurate.

Here are the more correct versions of the above:
1. Behind every great fortune lies a great crime.
2. Every great fortune begins with a crime.
3. At the root of every great fortune there was a crime.

The above three are all popular versions of this one that you have all heard: "Behind every great fortune there is a crime."—Balzac
Although Balzac didn't actually say the above, that's what most of us have read. Most intelligent and observant people accept that as mostly, if not always, true.

IOW, when crime is involved, the default reason is mens rea, not stupidity. That is the wisdom that the Social Darwinists scheme to try to remove from human consciouness though Orwellian phrases.

Here's what Balzac actually said:
Here is the original in French from a serialization of “Le Père Goriot” published in “Revue de Paris” in 1834: "Le secret des grandes fortunes sans cause apparente est un crime oublié, parce qu’il a été proprement fait."
English translation published in the year 1900:
"The secret of a great fortune made without apparent cause is soon forgotten, if the crime is committed in a respectable way."

Balzac saw through the facade of "civilized" Capitalism. He exposed the criminal depravity of the rich, not just in pointing out the mens rea behind fortune building, but in their deliberate corruption of the fundamental values of society (i.e. "rich equals respectable").

The fact is that the the term "Rich equals Respectable" is, in additon to being an oxymoron, Orwellian.

The purpose of falsely equating riches with respectability is to eliminate morallity, the true measure of respectability, from public consciousness.
   
What I want to communicate to you is that the work of the   mens rea crowd cursing humanity is to convince you that, not only are their in-our-faces crimes, "not crimes", but their (despicably immoral) behavior is "respectable" behavior that we should all "admire and wish to emulate".

FAR more often than not, Rich equals Unrespectable.

They are not stupid; they are evil.


“Never attribute to stupidity that which is adequately explained by malice.”  
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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Anti-Capitalist Chronicles: Revolutionary Transformation Requires a Collective Response
2,663 views•Apr 30, 2020


Democracy At Work
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[S2 E09] Revolutionary Transformation Requires a Collective Response

To our Patreon community: thank you for supporting David Harvey's Anti-Capitalist Chronicles  on Patreon! Your support helps us compensate the staff and additional workers it takes to put an episode together. Thank you for being a part of the ACC team!

If you would like to support this project visit us at https://www.patreon.com/davidharveyacc

In this episode, Prof. Harvey argues that we cannot survive this viral crisis without a radical reconfiguration of the social and institutional arrangements. Any revolutionary transformation of society has to operate across all dimensions: technology, relation to nature, social relations, production apparatuses, social reproduction, institutional arrangements, State apparatuses and mental conceptions.

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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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Nancy Altman: Social Security is Going Strong
« Reply #869 on: May 01, 2020, 12:04:01 am »
Nancy Altman: Social Security is Going Strong
287 views•Apr 30, 2020


The Zero Hour with RJ Eskow
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Category News & Politics
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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