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Topic Summary

Posted by: AGelbert
« on: October 09, 2019, 12:15:55 pm »

Economic Update: A Growing U.S. Left
46,599 views•Oct 7, 2019


Democracy At Work
135K subscribers

[S9 E38] A Growing U.S. Left

**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

THIS WEEK'S TOPICS (w/timestamps):
01:20 - Updates on California events (LA Times labor union, 80,000 Kaiser workers to strike, new state public banking law);
04:22 - gross inefficiency of private car industry;
07:01 - wide global use of wealth taxes vs "conservative" claims;
11:06 - anti-left politics in US labor history;
13:57 - announcements;
15:04 - SPECIAL GUEST: Prof. Wolff interviews Michael Brooks, the host of “The Michael Brooks Show” about his podcast and the state of the state today.

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Category News & Politics
Posted by: AGelbert
« on: September 26, 2019, 04:21:47 pm »

💣 The developed world is on the brink of a financial, economic, social and political crisis
516,701 views•Aug 27, 2019


Livewire Markets
20.9K subscribers
Donald Amstad from Aberdeen Standard Investments delivers a sobering assessment on the state of developed market economies.

Livewire Markets is an Australian based investment website providing access to the investment insights and opinions of fund managers and investment professionals. Registration is free and gives you access to our daily newsletter featuring the most popular articles and videos.

Visit the Livewire website for more information: https://www.livewiremarkets.com

Developed economies are at a crisis point, the powers of unconventional monetary policy are exhausted, and markets are just beginning to wake up to this. That’s the sobering assessment on the current state of the global economy delivered by Donald Amstad from Aberdeen Standard Investments 

His view is that when developed markets finally crack, there will be serious implications for every asset class and economy. However, those economies where monetary policy remains relatively ‘normal’ will be those best placed to respond. In his view, the emerging markets have more levers to pull when compared to developed markets, where the money printing taps have been turned on and interest rate settings are near zero.

The irony is that during the Asian crisis it was the IMF and central bankers from developed markets that convinced the emerging market governments not to print money and ‘take their medicine.’ Amstad says that this was a cathartic process for these economies, and they are now looking on in bewilderment as the West has resorts to money printing of an unprecedented scale.

“In the emerging world, economic and monetary policy is broadly orthodox. It is the West that is running unorthodox economic and monetary policy and it is the West, ironically, that is now on the cliff edge.”

Implications for investors

Amstad says that unconventional monetary policy has been pushed to the limit and that negative yielding bonds are playing havoc with pension funds and with the profitability of banks and other financial institutions. He highlights that while the United States is awash with debt, it is the $125 trillion of unfunded government liabilities that is most concerning.

Furthermore, he says that investors are faced with a scenario where the key defensive or ‘risk-free’ asset in their portfolios appears to be in a bubble. Historically, it has been riskier asset classes that have been the source of financial malaise. For example, it was credit markets in 2007, tech stocks in 2000 and equities in 1987. However, during these periods' bonds have acted as a buffer for balanced portfolios, Amstad questions if this will be the case today.

“What we have never had to cope with before is if there is a bubble in the risk-free asset class. What happens when that goes pop. What is the new risk free?”

Social implications

Central banks have been playing a game of ‘whack-a-mole', using monetary policy tools to quash any flare up in volatility. Under this regime it has been the wealthiest 0.1 per cent of the world population that has benefited from asset price inflation. Amstad argues that we are already seeing financial and economic troubles becoming political and social flare ups.

He expects that these social tensions will only continue to escalate if developed world policy makers are unwilling to take their medicine.

“If they do come out with another bout of QE then banks are going to go bust, pension funds are going to go bust, insurance companies are going to go bust. And if it pushes the stock market back up again, then the 99.9% are probably not going to tolerate more handouts. That leads to social and political instability.”

Watch the full video below for a sobering assessment on the state of developed market economies and the implications for investors.

"I am very worried about the West. I think it is verging on catastrophe and what is interesting of course is the markets are just beginning to wake up to this."

For all the latest insights from Australia's leading Fund Manager's sign up to Livewire for free at http://www.livewiremarkets.com

Category News & Politics
Posted by: AGelbert
« on: September 24, 2019, 01:44:39 pm »

Robert Reich: Trump's Economy Revealed
9,324 views•Published on Sep 24, 2019


Robert Reich
149K subscribers

Former Secretary of Labor Robert Reich explains how the economy seems to be doing well under Trump, but a closer look reveals the true story.

Watch More: The 7 Biggest Failures of Trumponomics ►►

Category News & Politics
Posted by: AGelbert
« on: September 23, 2019, 07:34:58 pm »

Economic Update: U.S. Economy and the 💵🎩 Market
18,829 views•Published on Sep 23, 2019


Democracy At Work
131K subscribers

[S9 E36] U.S. Economy and the Market

**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

This week on Economic Update Professor Wolff delivers an analysis of the state of the U.S. economy at summer's end, 2019 and it’s a decidedly mixed picture.

In the second half of this week’s show, Professor Wolff presents a counter to the imaginary 'free market’ with a critique of the institution that is “the market” focusing on its structure, social effects, and particular beneficiaries.

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Category News & Politics
Posted by: AGelbert
« on: September 20, 2019, 07:39:29 pm »

George Monbiot: How to Really Take Back Control
22,121 views

1:03:39

Published on Mar 23, 2018

Truthfal
292 subscribers
George Monbiot speaking at Falmouth University.
www.truthfal.com

Category News & Politics
Posted by: AGelbert
« on: September 18, 2019, 07:56:34 pm »

Did The Banks Just Tell Us A Massive Crash is Coming? w/Richard Wolff
43,769 views•Published on Sep 17, 2019


Thom Hartmann Program
174K subscribers

The Fed just dumped $75 Billion into the economy.... and possibly to avert a massive financial crash

Monday morning, large short term loans became unavailable and rates for these gigantic loans shot up

High interest rates caused financial crashes in the past

The Fed panicked and flooded the market with lots of money!

The question is why were short term loans unavailable, where did that money go and what shot up the interest rates?

Richard Wolff

➡️Please Subscribe to Our Channel: https://www.youtube.com/user/thomhart...
Posted by: AGelbert
« on: September 16, 2019, 10:59:29 pm »

Economic Update: Capitalism in Denial
25,850 views•Published on Sep 16, 2019


Democracy At Work
128K subscribers

[S9 E35] Capitalism in Denial

**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

The first half of this week’s episode of Economic Update features a discussion by Professor Wolff on the parallels of declining capitalism in the UK and the U.S. and how the denials of the systemic problems inherent with capitalism are making the economic situations in both countries profoundly worse.

In the second half of this week’s show, Professor Wolff presents two longer segments on (1) the political economy of immigration, and (2) why the basic problem of Central and South America is 2-3 centuries of capitalism producing and reproducing extreme inequality, staggering poverty, and corrupt government elites. That is the crucial context for the Cuban and Venezuelan efforts, however imperfect and against U.S. opposition, to break out of capitalism.

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Category News & Politics
Posted by: AGelbert
« on: September 15, 2019, 03:08:10 pm »

The Last Time Banks Did This... They Caused A Financial Crash w/Richard Wolff
What happens if the government wants to stimulate the economy, by telling the banks they can lend out part of their held deposits or all of it?

The last time the banks were able to lend out their reserves... we found ourselves in a global financial crash!


We never learn anything, do we?

Quote
“We are the United States of Amnesia, we learn nothing because we remember nothing.”
― Gore Vidal

It depends on the definition of "we". After every single financial crash the USA has gone through since at least 1913, and probably long before, the concentration of wealth and power has increased for TPTB 1% elite predators. They learned early on how to push the horses and sparrows BULLSHIT that we-the-people are the sparrows quite happy with picking the "trickle down" seeds out of the elite horse droppings. There hasn't been ANY downside for those that are responsible for establishing the conditions that bring about these public impoverishing crashes. So, they continue to do what they do.

Long pitchforks.
Posted by: Surly1
« on: September 15, 2019, 10:08:25 am »

The Last Time Banks Did This... They Caused A Financial Crash w/Richard Wolff
What happens if the government wants to stimulate the economy, by telling the banks they can lend out part of their held deposits or all of it?

The last time the banks were able to lend out their reserves... we found ourselves in a global financial crash!

We never learn anything, do we?

Quote
“We are the United States of Amnesia, we learn nothing because we remember nothing.”
― Gore Vidal
Posted by: AGelbert
« on: September 14, 2019, 09:21:42 pm »

The Last Time Banks Did This... They Caused A Financial Crash w/Richard Wolff
35,436 views•Published on Sep 12, 2019


Thom Hartmann Program
171K subscribers

Banks make their money from depositors by lending to others.

Banks lend out almost all the money they have on deposit and this means that there could be a bank panic if a lender can’t retrieve their deposits.

The banks are supposed to hold a percentage of every dollar in reserves, which means they have a large pile of money.

What happens if the government wants to stimulate the economy, by telling the banks they can lend out part of their held deposits or all of it?

The last time the banks were able to lend out their reserves... we found ourselves in a global financial crash!

Dr. Richard Wolff explains to Thom how all this works.

➡️Please Subscribe to Our Channel: https://www.youtube.com/user/thomhart...
Posted by: AGelbert
« on: September 08, 2019, 05:11:21 pm »

Trump to Return Fannie Mae and Freddie Mac to the 💵🎩😈 Private Sector: "Be Very Afraid"
5,792 views


The Real News Network
Published on Sep 8, 2019

Prof. Richard Wolff explains that Trump's plan to re-privatize the mortgage loan companies Freddie Mac and Fannie Mae opens the door to the factors that caused the 2008 financial crisis

Subscribe to our page and support our work at https://therealnews.com/donate.

Category News & Politics
Posted by: AGelbert
« on: September 07, 2019, 05:18:41 pm »

Economic Update: Corporate Capitalism in Decline [FULL EPISODE]
94,966 views


Democracy At Work
Published on Sep 2, 2019

We are off this week due to the federal holiday, but we hope you enjoy this older episode with guest Chris Hedges!

**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

---
THIS WEEK'S TOPICS (w/timestamps):
00:54 - Capitalism and hurricanes;
10:36 - the business of drug addiction and overdose;
18:13 - how poverty has caused hookworm to resurface in North America;
20:34 - announcements;
22:16 - and the economics of elite universities' tax avoidance.
28:10 - SPECIAL GUEST: Chris Hedges joins Wolff to talk about a declining, decaying capitalism. 
--------------------------------------------------------
Chris Hedges is a columnist for TruthDig; he teaches at Princeton University in a program for incarcerated prisoners; he's a Pulitzer Prize winning journalist and a New York Times best selling author. His most recent work is called "America the Farewell."
___________________________________________________________________
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________________________________________________________________
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Category News & Politics

Posted by: AGelbert
« on: September 05, 2019, 01:36:10 pm »

Robert Reich: Why Right-to-Work is Wrong
29,586 views


Robert Reich
Published on Aug 8, 2018

Robert Reich explains how right-to-work laws hurt workers and unions.

Watch More: How to Prevent Future🦀 Trumps ►►



For more videos like these, be sure to subscribe. If you'd like to support our work, you can do so here: www.inequalitymedia.org/donate

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Category News & Politics
Posted by: AGelbert
« on: August 27, 2019, 06:00:46 pm »

Economic Update: Working Class History and the 2020 Election
61,307 views


Democracy At Work
Published on Aug 19, 2019

[S9 E32]  Working Class History and the 2020 Election

**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

THIS WEEK'S TOPICS

This week on Economic Update, Professor Wolff explores the historic parallels of the U.S. working class and politics in the U.S. He begins by exploring how and why the Great Depression of the 30’s married the U.S. working class to FDR's Democratic Party and then explains how that led to both the Democratic and Republican parties becoming pro-capitalist - which has led to both parties presiding over the exponential growth of income and wealth inequalities along with the political power the richest 10% have, and exploit, over the working class in the U.S. today. Professor Wolff goes on to show that because of this, Trump landing in the White House was a result of the working class’ disgust with both parties. Professor Wolff ends with a discussion about the implications of this history for the upcoming 2020 election.
__________________________________________________________

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________________________________________________________________

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Category News & Politics
Posted by: AGelbert
« on: August 27, 2019, 04:12:10 pm »


Zeronetwork 40 minutes ago: America is fighting wars since 93 to save $. Sadam’s crime was trying to sell oil in euro. Qaddafi tried to sell in gold and so on. But ameis out of ammo now.

 


Tue, 08/27/2019 - 14:48

Posted by: AGelbert
« on: August 24, 2019, 08:44:59 pm »

Posted by: AGelbert
« on: August 22, 2019, 12:35:28 pm »

Agelbert NOTE: This program, Published on November 26, 2018, is every bit as pertinent today as it was last Novenmer, if not more so.

Economic Update: Why Capitalism Demonizes Government
56,536 views


Posted by: AGelbert
« on: August 21, 2019, 03:44:45 pm »

No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon. - Matthew 6:24 King James Version (KJV)

Pope Francis Confronts the “Idolatry of Money” – RAI with Matthew Fox (7/8)
August 20, 2019

With his criticism of excessive capitalism and of climate change, Pope Francis has become the target of the far-right, and especially of the secretive Opus Dei sect within the Catholic Church, explains former priest Matthew Fox


https://therealnews.com/stories/pope-francis-confronts-the-idolatry-of-money-rai-with-matthew-fox-7-8

Posted by: AGelbert
« on: August 21, 2019, 01:22:24 pm »

I guess that means you too believe Trump ain't goin' away in 2020. I hope you and my wife are wrong. But really, it does not matter what any of us think. We are all just doing our time in the valley of tears.

Quote
I worry about it, because of the way he "jokes" about making his office permanent. As the old Slavic proverb has it, "Many a truth is told in jest."

I too hope I am wrong, but when it comes to outrages to both past practice and common decency, this    administration rarely disappoints.

True.
Posted by: Surly1
« on: August 21, 2019, 06:57:43 am »

The problem Trump has is that he thinks the economy is Wall Street. I am hoping that he continues to believe that baloney because it will guarantee the end of his political career in 2020. While it is true that Trump does this trial ballon stuff as a reality TV show stunt to keep people interested, anyone with two brain cells to rub together knows that Trumplethinskin is owned by American Oligarchs. So, this may be a distraction to prevent people from concentrating on all his white supremacist racist kotowing and thoroughly perverted connections to Epstein, da MOB and so on.

A capital gains cut and/or even a payroll tax cut are just a way of borrowing against the future to force the eventual confiscation of SSi and Medicare. As George Carlin said, "They're coming for your Social Security and Medicare, and you know what? they'll get it."


He could just back off from this continuous frontal attack on working and retired middle class and poor Americans just before the election and win/steal another 4 years in the White House. My wife thinks he ain't goin' away.

She may be right. Trump has too many friends in high (perverted) places. He makes average perverts among the rich look respectable. So, they may just keep him there for the hell of it.

He has several fallbacks. Mitch McConnell. the Supreme Court, to vitiate any conceivable electoral challenge. (You thought the fix was in for Bush v. Gore?) The Russians. And if all else fails, his phalanx of heavily armed fascist goons. Which will give the armed forces some pause. No one wants another Branch Davidian compound at the White House. ... Hmm, wait a minute...

I guess that means you too believe Trump ain't goin' away in 2020. I hope you and my wife are wrong. But really, it does not matter what any of us think. We are all just doing our time in the valley of tears.

I worry about it, because of the way he "jokes" about making his office permanent. As the old Slavic proverb has it, "Many a truth is told in jest."

I too hope I am wrong, but when it comes to outrages to both past practice and common decency, this administration rarely disappoints.
Posted by: AGelbert
« on: August 20, 2019, 10:13:30 pm »

The problem Trump has is that he thinks the economy is Wall Street. I am hoping that he continues to believe that baloney because it will guarantee the end of his political career in 2020. While it is true that Trump does this trial ballon stuff as a reality TV show stunt to keep people interested, anyone with two brain cells to rub together knows that Trumplethinskin is owned by American Oligarchs. So, this may be a distraction to prevent people from concentrating on all his white supremacist racist kotowing and thoroughly perverted connections to Epstein, da MOB and so on.

A capital gains cut and/or even a payroll tax cut are just a way of borrowing against the future to force the eventual confiscation of SSi and Medicare. As George Carlin said, "They're coming for your Social Security and Medicare, and you know what? they'll get it."


He could just back off from this continuous frontal attack on working and retired middle class and poor Americans just before the election and win/steal another 4 years in the White House. My wife thinks he ain't goin' away.

She may be right. Trump has too many friends in high (perverted) places. He makes average perverts among the rich look respectable. So, they may just keep him there for the hell of it.

He has several fallbacks. Mitch McConnell. the Supreme Court, to vitiate any conceivable electoral challenge. (You thought the fix was in for Bush v. Gore?) The Russians. And if all else fails, his phalanx of heavily armed fascist goons. Which will give the armed forces some pause. No one wants another Branch Davidian compound at the White House. ... Hmm, wait a minute...

I guess that means you too believe Trump ain't goin' away in 2020. I hope you and my wife are wrong. But really, it does not matter what any of us think. We are all just doing our time in the valley of tears.
Posted by: Surly1
« on: August 20, 2019, 09:04:22 pm »

The problem Trump has is that he thinks the economy is Wall Street. I am hoping that he continues to believe that baloney because it will guarantee the end of his political career in 2020. While it is true that Trump does this trial ballon stuff as a reality TV show stunt to keep people interested, anyone with two brain cells to rub together knows that Trumplethinskin is owned by American Oligarchs. So, this may be a distraction to prevent people from concentrating on all his white supremacist racist kotowing and thoroughly perverted connections to Epstein, da MOB and so on.

A capital gains cut and/or even a payroll tax cut are just a way of borrowing against the future to force the eventual confiscation of SSi and Medicare. As George Carlin said, "They're coming for your Social Security and Medicare, and you know what? they'll get it."


He could just back off from this continuous frontal attack on working and retired middle class and poor Americans just before the election and win/steal another 4 years in the White House. My wife thinks he ain't goin' away.

She may be right. Trump has too many friends in high (perverted) places. He makes average perverts among the rich look respectable. So, they may just keep him there for the hell of it.

He has several fallbacks. Mitch McConnell. the Supreme Court, to vitiate any conceivable electoral challenge. (You thought the fix was in for Bush v. Gore?) The Russians. And if all else fails, his phalanx of heavily armed fascist goons. Which will give the armed forces some pause. No one wants another Branch Davidian compound at the White House. ... Hmm, wait a minute...
Posted by: AGelbert
« on: August 20, 2019, 06:54:06 pm »

Agelbert NOTE: It's nice to see some Trumpers waking up to reality. 8)

Quote

IntelligenceActs
Seems to me that, more and more each day, this ASSHAT named Donald J Trump, continues to expose himself as an ELITIST pimp. Capital gains tax cut? Are you kidding me? 5% of the middle class owns stocks. I'm convinced. Trump works for the DEEP STATE. Sadly, I voted for him, but never again:).

Speculum
Capital gains tax cuts will do nothing to stimulate the economy. That money just stays back in the accounts of those who don't need the tax cut. The last tax cut given to corporations with no strings attached never got reinvested in the country, all that happened was stock buy backs. Reduce the personal income tax rate down to 15% and people will start spending, because that is the only thing that holds our economy together, along with the industrial military complex. I voted for the man. He spoke a great game. Sadly he fell through on what he said he would do.

Article the above comments are posted on:

Tue, 08/20/2019 - 15:59


The problem Trump has is that he thinks the economy is Wall Street. I am hoping that he continues to believe that baloney because it will guarantee the end of his political career in 2020. While it is true that Trump does this trial ballon stuff as a reality TV show stunt to keep people interested, anyone with two brain cells to rub together knows that Trumplethinskin is owned by American Oligarchs. So, this may be a distraction to prevent people from concentrating on all his white supremacist racist kotowing and thoroughly perverted connections to Epstein, da MOB and so on.

He could just back off from this continuous frontal attack on working and retired middle class and poor Americans just before the election and win/steal another 4 years in the White House. My wife thinks he ain't goin' away.

She may be right. Trump has too many friends in high (perverted) places. He makes average perverts among the rich look respectable. So, they may just keep him there for the hell of it. And believe you me, HELL has everything to do with Trump being where he is.

I will be pleasantly surprised if Trump loses the (s)election in 2020. But, my wife has been right on who wins the presidential election for decades. In fact, I don't recall when she was wrong.

They say there is a first time for everything. My hope is that Trump loses to Sanders. I do not think I can live another four years under the Trump Fascists. If Trump wins, I'll probably be dead long before 2024.

Posted by: AGelbert
« on: August 20, 2019, 12:42:11 pm »

 

Here Comes the 🦀 #TrumpRecession

August 20, 2019 8:00am by Barry Ritholtz 

https://ritholtz.com/2019/08/here-comes-the-trumprecession/



Posted by: AGelbert
« 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.


Posted by: Surly1
« 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.
Posted by: AGelbert
« on: August 17, 2019, 02:54:04 pm »


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.
Posted by: AGelbert
« on: August 14, 2019, 03:08:17 pm »

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.,!!!





Posted by: AGelbert
« on: August 13, 2019, 08:57:29 pm »

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.
Posted by: AGelbert
« 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 ►►

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