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Neoliberalism -- a new, more dangerous form of Corporatism

The ideology that dare not speak it's name is actually a New, More Dangerous, Form of Corporatism. In essence neoliberalims is an "internal colonialism" -- the colonialism applied to the host nation population, in which government becomes predatory and policies are completely and intentionally based on lies, on deception. In reality this "religion of freedom" (redefinition of the meaning of the word "freedom" and sophisticated speculation on it is at the center of neoliberal religion) is a coercive cult enforced by corrupt, deceitful financial oligarchy with the explicit goal of milking the common people (aka "deplorables"). "Free market" under neoliberalism actually means "state enforced freedom of financial oligarchy to loot". They have money to hire intellectual prostitutes (aka  professors of economics) to do the dirty job of creating elaborate mathness and neoclassic economy based smoke screen over the lies

Version 7.21

Skepticism and Pseudoscience > Who Rules America > Neoliberal Brainwashing

News Who Rules America Recommended books Recommended Links An introduction to Neoliberalism Neoliberalism as Trotskyism for the rich Globalization of Financial Flows
Neoliberalism 101: 12 best articles on neoliberalism Neoliberal rationality Neoliberal "New Class" as variant of Soviet Nomenklatura Neoliberalism and Christianity Key Myths of Neoliberalism Ayn Rand and her Objectivism Cult Anti-globalization movement
Brexit as the start of the reversal of neoliberal globalization Coming collapse of neoliberalism Pope Francis on danger of neoliberalism Over-consumption of Luxury Goods as Market Failure Definitions of neoliberalism Neoliberal Brainwashing Neoclassical Pseudo Theories
Neocon stooge formerly known as Anti-Globalist and Trump betrayal of his voters Is national security state in the USA gone rogue ? The problem of control of intelligence services in democratic societies Casino Capitalism Neocolonialism as Financial Imperialism War is Racket Inverted Totalitarism
Financial Crisis of 2008 as the Crisis of Neoliberalism and shift to neo-fascism Neoliberal corruption Financial Sector Induced Systemic Instability of Economy Corruption of Regulators "Fight with Corruption" as a smoke screen for neoliberal penetration into host countries Deconstructing neoliberalism's definition of 'freedom' Resurgence of neofascism as reaction on crisis of neoliberalism and neoliberal globalization
Alternatives to Neo-liberalism Elite Theory Neoliberal Compradors Fifth column Color revolutions Key Myths of Neoliberalism Audacious Oligarchy and "Democracy for Winners"
If Corporations Are People, They Are Psychopaths IMF as the key institution for neoliberal debt enslavement Gangster Capitalism Neoliberalism as a Cause of Structural Unemployment in the USA Neoliberalism and inequality Blaming poor and neoliberalism laziness dogma Corporatist Corruption: Systemic Fraud under Clinton-Bush-Obama Regime
Peak Cheap Energy and Oil Price Slump The Deep State Predator state Disaster capitalism Harvard Mafia Small government smoke screen Super Capitalism as Imperialism
The Great Transformation Monetarism fiasco Neoliberalism and Christianity Republican Economic Policy In Goldman Sachs we trust: classic example of regulatory capture by financial system hackers Ronald Reagan: modern prophet of profligacy Milton Friedman -- the hired gun for Deification of Market
Media-Military-Industrial Complex Neocons New American Militarism Media domination strategy Libertarian Philosophy Frederick Von Hayek Neoliberal Deregulation
Neoliberal Brainwashing -- Journalism in the Service of the Powerful Few YouTube on neoliberalism History of neoliberalism PseudoScience Related Humor Politically Incorrect Humor Humor Etc


Even though I agreed with him, I warned that whenever someone tried to raise the issue, he or she was accused of fomenting class warfare.
“There’s class warfare, all right, "Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning."

- New York Times

Make no mistake, the neo-Liberal fuckers are just as bad as the Stalinists

May '68 and its Afterlives [Review]

Neoliberal ideology acted as a smokescreen that enabled the financially powerful to rewrite the rules and place themselves beyond the law.

Church , 10 Jun 2013 17:21

Keynes gave the capitalist ruling class tools to extend its existence, the neo-liberals, contemptuously dismissed them as cowardly compromises -- "Real Men bust Unions" is the neo-liberal motto. Now the reckoning is coming and Keynes is suddenly looking very clever. And modern.

bevin | May 26 2020 15:34 utc | 64

Due to the size the introduction was moved to a separate page: Neoliberalism: a primer 

NOTE: Best articles on neoliberalism can be found at Neoliberalism 101: 12 best articles on neoliberalism



NEWS CONTENTS

Old News ;-)

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For the list of top articles see Recommended Links section

(Research materials to the paper Neoliberalism: an Introduction)

[May 12, 2021] No doubt the US/UK deep state, now more than ever, are busy trying to sow conflict and division in Eurasia

May 12, 2021 | www.moonofalabama.org

Canadian Cents , May 13 2021 0:38 utc | 76

An interesting read from Pepe Escobar at Saker's site, related to the comments by Max @24 and JB @25:
https://thesaker.is/insider-view-the-tragedy-of-the-us-deep-state/

No doubt the US/UK deep state, now more than ever, are busy trying to sow conflict and division in Eurasia, to divide-and-rule Mackinder's "World Island" and hence the world.

[May 11, 2021] Sen. Paul Shreds Fauci Over 'Gain-Of-Function' Funding

May 11, 2021 | www.zerohedge.com

Paul alleged that the National Institutes of Health (NIH) had used a middle-man to funnel money to the Wuhan Institute of Virology via EcoHealth Alliance - which worked with the lab on bat coronavirus projects.

Paul specifically referenced so-called "gain-of-function" research which in this case has been focused on how to make animal viruses more transmissible to humans - specifically bat coronaviruses .

"Government scientists like yourself who favor gain of function research," Paul began...

...only to have Fauci interject "I don't favor gain of function research in China," adding "You are saying things that are not correct."

Paul pushed back - continuing:

"[Those who favor gain of function] say that COVID-19 mutations were random and not designed by man."

"I do not have any accounting of what the Chinese may have done," Fauci shot back, adding that he's in favor of further investigation, but that the NIH had nothing to do with the origins of COVID-19.

"We have not funded gain of function research on this virus in the Wuhan Institute of Virology," he added.

"No matter how many times you say it, it didn't happen."

More from Sen. Paul via Twitter:


Senator Rand Paul @RandPaul · May 11, 2021 Dr Fauci dissembled or tried to hide his long time support for 'gain-of-function' research which creates super-viruses that jump from animals to humans.

ohm 4 hours ago (Edited) remove link

You can't sit on your thumbs and run year long investigations and background checks while thousands are dying .

But that's just the point, thousands were not dying . Instead of seeking out opposing viewpoints, he relied on the bogus Ferguson model that predicted 2 million deaths presented by Fauci and Birx. Plenty of qualified opposing voices were out there - John Ionnides of Stanford for instance. Trump needs to own up to his mistakes and vow not to repeat them.

nodhannum 3 hours ago

How many renminbi do they pay you comrade...as in be "han" or be gone. I've been to a number of seminars given by Fauci back in his HIV days but he is a lying sob now. It's getting hard for the fellow to cover hisw *** now even with the Maserati marxists in power here.

Plus Size Model 1 hour ago

https://www.nih.gov/about-nih/who-we-are/nih-director/statements/nih-lifts-funding-pause-gain-function-research

smallblockchevy350 3 hours ago

Rand 2024. I wanted Rand over Trump in 2016 too, but the MSM memed Trump into being the GOP candidate somehow.

replaceme 5 hours ago

So now fauci is on record lying about it, nice.

HRH of Aquitaine 2.0 5 hours ago

Yeah. Classic psychopath. He can't help himself at this point.

win95o PREMIUM 5 hours ago remove link

Why would Fauci say the following in 2017:

"There will be a surprise outbreak"

https://www.youtube.com/watch?app=desktop&v=puqaaeLnEww

YesitsTrue98 4 hours ago

"We are not prepared for a pandemic," Biden tweeted on Oct. 25, 2019, saying the country needs leadership that "mobilizes the world to stop outbreaks before they reach our shores."

this_circus_is_no_fun 4 hours ago

At first Fauxi denied the allegation. Then, after Paul cornered him with facts, Fauxi said something like "this is why we did that". So, he admitted that he did what he was denying just a few seconds before . He is literally incapable of telling the truth. I guess he's not called Fauxi for nothing.

adonisdemilo 5 hours ago

Fauci has known from day one what's going on and going wrong. He's up to his neck in it and taking a good look at his body language under questions from Rand Paul, HE'S CONTINUING TO LIE.

chinese.sniffles 5 hours ago

Dr. Fauci:

Have you or your team send or granted permission for work projects to Wuhan or China?

What were those projects?

Why did you send them?

Why did you not do these projects in the USA?

Were any of these projects illegal in the USA?

etc. simple line of questioning, let him perjure himself.

thezone 5 hours ago

Fauci (the politician) knew to not write a check out to the lab directly. It was great to hear Dr Paul bring up EcoHealth. A shell company to facilitate.

surfer4444 5 hours ago

Exactly, blame it on the sub contractor....an old game and the elite are using it well

radical-extremist 5 hours ago remove link

Fauci knows full well the story in the Democrat State News media will be about how he was ATTACKED by Rand Paul, and not about him lying under oath about funding the Wuhan Lab.

chiquita 5 hours ago

This information has been out for a while if you follow War Room, Steve Hilton, and some other sources. Peter Navarro has been hammering at Fauci relentlessly for the last few months and now the MSM is going after Navarro, trying to discredit him. Gee, I wonder why when it looks like the truth about Fauci is falling apart.

What a mess_man 4 hours ago (Edited)

Tucker blew this wide open last night. Of course lots of us here knew all this many months ago. Fauci is lying through his teeth here, and both he and Daszak are deep in the Chicom's pockets. As Tucker said, in a functioning world there would be a criminal investigation. Instead Biden and Co. kiss his *ss and make him our foremost authority on Covid and vaccines. Clown world for sure.

Meatballs 3 hours ago (Edited)

Actually, Saagar beat Tucker to the punch. Either way, the unraveling has begun.

https://youtu.be/6Pk0wLN5uuU

vic and blood PREMIUM 2 hours ago remove link

Don't let the bioweapon profiteer, Daszak, off the hook.

Both greedy psychopaths should hang for their crimes against humanity.

Furthermore, we have no business sharing infectious disease technology with China, even if they could run a lab properly.

Itinerant 4 hours ago

This story is about 14 months old, though not for the MSM.

Actual documentation of the grants from the NIH via the Eco Alliance have been circulating in the public domain for all that time. In it they exactly describe the gain-of-function research that is being outsourced to China, the viruses involved, the methods, the type of experiments, and the aims of the research ... exactly and technically.

There is no room for caveats, or 'allege' or interpretation or anything like that.
The evidence is rock hard and crystal clear.

toady 4 hours ago

Yet there are no prosecutions.

dogbert8 5 hours ago remove link

Finally, the unmasking (pun intended) of Fauci has started.

bsdetector 5 hours ago

Just listened to the questions and answers. Fauci qualifies his answers with information that was not sought in the questions. His answers change the character of his denials... "we did not fund GOF research on this virus in the Wuhan Institute of Virology."

OK Dr. Fauci, please identify the viruses that you did fund for GOF research at the Institute.

Jack Mayorhaufer 5 hours ago

master gaslighters once they reach certain status and paygrade on the Hill

novictim 2 hours ago remove link

"I don't know how many times I can say it? We did not fund gain of function research to be done in the Wuhan Institute of Virology ...(under his breath) because we funded Eco Health Alliance/Peter Daszak which granted the research funding to do gain of function research in the Wuhan Institute of Virology."

CleeTorres 2 hours ago

A simple internet search shows Fauci is lying about funding for this research. But he knows the media won't do their jobs.

Onthebeach6 2 hours ago (Edited) remove link

Let me assist Dr Fauci with the truth.

Why US outsourced bat virus research to Wuhan

Dr Christina Lin

April 2020

"A U.S. NIH-funded $3.7 million project was approved by Trump's Covid-19 advisor Dr. Anthony Fauci in 2015, after the Obama White House imposed a ban on 'monster-germ' research. In October 2014, the federal government declared a moratorium on gain-of-function research to weaponize viruses related to influenza, Middle East respiratory syndrome (MERS) and severe acute respiratory syndrome (SARS). As a result, the research was outsourced to China's Wuhan Institute of Virology, which is currently at the center of scrutiny for the Covid-19 pandemic."

https://www.ispsw.com/wp-content/uploads/2020/04/689_Lin.pdf

boyplunger7777 4 hours ago remove link

Fauci looks very nervous . Perhaps why he has been so adamant about constantly moving the goalposts? If you were guilty of something wouldn't you keep changing the focus and appear to be very helpful and concerned?

Max21c 3 hours ago (Edited) remove link

Which people in & around the National Security Council, CIA, and Pentagon are involved in this attempt to gain access, penetrate and spy on the PLA Biological Weapons/Warfare programs via funding mechanisms route? Which people had contact with this institute and programs and what if anything did the spy games produce?

When are they in Washington going to establish civilian rule over the US military and CIA and National Security Council?

When are they going to knock off these silly spy games and spy world operations off and stop this nonsense which produces zero positive results?

What did the gangsters on the Intelligence/Spy Committees in Congress know? What did the gangsters atop the Pentagon, CIA, National Security Council know?

Which Washingtonian assholes are going to go to prison for this boomerang disaster?

How many other groups similar to "EcoHealth Alliance" operate as part of the US/UK intelligence "community" and what other stupid stuff are the idiots mixed up in?

TheRapture 3 hours ago remove link

There is a great deal of evidence (NIH, State Dept grants to offshore USA bioweapons research, Bat Lady was the protege of Dr. Ralph Baric at UNC who has been doing coronavirus bioweapon research for more then twenty years, initial and simultaneous infections in Wuhan at different locations suggesting an intentional release, etc., etc., etc.) And of course, Trump had motive, opportunity and means to stage a false flag to destroy China's economy and damage China's political relations with other countries.

It is likely the USA, no doubt using a CIA proxy, released SARS-CoV-2 in simultaneously in multiple locations in Wuhan. The evidence is substantial. But most Americans can't bring themselves to stare down that particular rabbit hole.

WorkingClassMan 3 hours ago

I'd rather an honest CCP commie ruling the roost than those traitors anyway.

"If I had but one bullet and were faced by both an enemy and a traitor, I would let the traitor have it."
― Corneliu Zelea Codreanu, For My Legionaries

sarret PREMIUM 3 hours ago

Fauci is such a liar, pulling school kid mentality out of a hat to answer serious questions. Likely in his mind he knows it all to be true but since the correct name is 中国科学院武汉病毒研究所 then unless you say that name, or the exact name of the exact subsidiary that was funding or was being funded, then it is not correct and therefore he can answer the question incorrectly without calling himself a liar internally and without saying what the error was in the question that led him to be able to this.

In all respects he just disregards the spirit of the question when he knows full well that he is in the wrong, but denies it every single time based on some concocted fabrication in his mind that the question is not precise enough to nail him to the cross.

Completely disingenuous, can't trust a word he says.

Fish Gone Bad 4 hours ago

Lawyer speak:

We have not funded gain of function research on this virus

They funded all kinds of gain of function on all kinds of permutations of the virus, just not THIS virus.

radical-extremist 5 hours ago remove link

Fauci is also responsible for the deaths of hundreds of men in San Francisco by covering up Bath Houses as the origin of the spread of AIDS...for Mayor Diane Feinstein's political career. No one dares talk about this today.

the Mysterians 5 hours ago

"I did not have sex with that woman!"

Flying Monkees 5 hours ago (Edited)

What could possibly be the reason for gain-of-function research if not bio-warfare?

These evil, irresponsible, arrogant a-holes need to pay.

Posa 5 hours ago

The Eco-Alliance grant from Fauci's NIAID states

We will use S [ie the Spike Protein that makes the SC-2 virus highly infectious] protein sequence data, infectious clone technology, in vitro and in vivo infection experiments and analysis of receptor binding to test the hypothesis that % divergence thresholds in S protein sequences predict spillover potential.

That has been interpreted as a commitment to Gain of Function research on the Spike Protein which is the key to turning SARS into a virulently transmissible pathogen.

surfer4444 5 hours ago remove link

Exactly...im just baffled how this PoS can blatantly lie to a Senate committee and get away with it...there is zero accountability in our government...end times

Posa 5 hours ago

Fauci can lie because his audience is a convention of lazy, cowardly , illiterate dunces. If Rand Paul were serious he would have had the damn grant in front of him and read the same quotes as I provided in this post. PAul would have held these hearings last year when his Party controlled the Senate.

Posa 4 hours ago

NOTE: This post was censored by The Hill. Typical free speech in America.

George Bayou 5 hours ago

"11 labs in the US create these super-viruses in the US and one of them collaborated with Wuhan Virology Inst -- Fauci has supported NIH funds for all these labs!"

Why is this a-hole still working?

notfeelinthebern 4 hours ago (Edited)

Yap, yap,. yap. Another dog and pony show and the show is painfully old. They parade personage after personage before congress and ask lots of questions. The swamp rats in the hot seat lie by omission and with sleight of hand answers and when done with the act walk away with smug faces....The show must go on.

George Bayou 5 hours ago

Here's an interesting article on Dr. Baric and what he was doing, mutating virus using serial passaging so that the virus are able to infect a completely different species:

https://nymag.com/intelligencer/article/coronavirus-lab-escape-theory.html

Take, for instance, this paper from 1995: "High Recombination and Mutation Rates in Mouse Hepatitis Viruses Suggest That Coronaviruses May Be Potentially Important Emerging Viruses." It was written by Dr. Ralph Baric and his bench scientist, Boyd Yount, at the University of North Carolina. Baric, a gravelly voiced former swim champion, described in this early paper how his lab was able to train a coronavirus, MHV, which causes hepatitis in mice, to jump species, so that it could reliably infect BHK (baby-hamster kidney) cell cultures. They did it using serial passaging: repeatedly dosing a mixed solution of mouse cells and hamster cells with mouse-hepatitis virus, while each time decreasing the number of mouse cells and upping the concentration of hamster cells. At first, predictably, the mouse-hepatitis virus couldn't do much with the hamster cells, which were left almost free of infection, floating in their world of fetal-calf serum. But by the end of the experiment, after dozens of passages through cell cultures, the virus had mutated: It had mastered the trick of parasitizing an unfamiliar rodent. A scourge of mice was transformed into a scourge of hamsters. And there was more: "It is clear that MHV can rapidly alter its species specificity and infect rats and primates," Baric said. "The resulting virus variants are associated with demyelinating diseases in these alternative species." (A demyelinating disease is a disease that damages nerve sheaths.) With steady prodding from laboratory science, along with some rhetorical exaggeration, a lowly mouse ailment was morphed into an emergent threat that might potentially cause nerve damage in primates.

GeneKelly 5 hours ago remove link

"We have not funded gain of function research on this virus in the Wuhan Institute of Virology,"

Sociopaths can lie without registering on a detector by simply defining terms differently in their cerebral cortex and then answering -- from their perspective truthfully -- "no" because the question doesn't match their internal definition.

So Fauci wasn't funding "gain of function". He was actually funding "increasing the virulence of pathogens" or "enhancing the pathogens' ability to infect different species".

Rand and others will have to ask the question a hundred ways to force Fauci to spill the beans.

DeeDeeTwo 1 hour ago remove link

Tucker finally called Fauci a "criminal" at least twice and said, "In any functioning society Fauci would be investigated."

Txjac 5 hours ago

Fauci also owns the patents on the Moderna and Pfizer vaccines

Everybody All American 5 hours ago remove link

How is it that only one Congressman dare questions Dr. Fauci? One tough questioner. These cowards all need to hang for the crimes they are allowing. If they think we are just going to sit back and watch this man for much longer lead us they are sadly mistaken.

Downhill from here 5 hours ago

Being an MD, Paul has some credibility on the topic. At least educationally and by training, Fauci and Paul are peers.. More than likely other R's are letting him take point.

replaceme 5 hours ago (Edited)

I forgot, that's the same dr daszak that sent the letter to the lancet saying that covid didn't come from Wuhan, and that he had no reason to falsely say this. THAT Dr daszak. Got it.

Wilde1 2 hours ago remove link

https://vaccineimpact.com/2020/anthony-fauci-40-years-of-lies-from-azt-to-remdesivir/

Totally_Disillusioned 2 hours ago (Edited)

"We [NIH/Fauci] did not fund gain of function research to be done in Wuhan." What the weasel didn't say is that the NIH did in deed fund Dr Baric who was working in collaboration with Wuhan with gain of function experiments on the SARS virus. Baric worked with Ft Dettrick and Univ NC researchers who in turn were collaborating with Canada and Wuhan.

Fauci can parse words but he's a traitor and ought to be held responsible along with all others involved with this.

scraping_by 5 hours ago (Edited) remove link

One amendment to the story --

Carlson was quoting a story by Nicholas Wade, former science editor to the NYT. Published in Medium. So it's not just a talking head repeating newsroom copy, as in CNN.

zorrosgato 14 minutes ago remove link

Fauci is part of a flawed system and don't be fooled in believing he is part of any solution. His endorsing of impractical mask mandates along with mandatory vaccinations of the population, using unproven genetically engineered drugs is proof enough.

https://medium.com/swlh/mrna-therapy-a-new-form-of-gene-medicine-5d859dadd1e

Looking4 6 hours ago

wonder which university in North Carolina could possibly be involved in this ???? :) to be sure they would not have a "bat lab"...would they?

[May 11, 2021] Neoliberalism taken to the limit

May 11, 2021 | www.zerohedge.com

ay_arrow

Make_Mine_A_Double 6 hours ago (Edited)

But China can do our bio-chemical warfare research cheaper than we can - it only makes sense to use the theory of 'comparative advantage'.

I think outsourcing our bio-chemical weapons program to our existential enemy is really brilliant and saves the taxpayers money...

replaceme 6 hours ago

Did the NIH give that work special oversight, eg no oversight? Yes, yes they did...

[May 11, 2021] 11 Plunging Stocks Are Badly Burning Cathie Wood's ARK Invest

May 11, 2021 | finance.yahoo.com

C athie Wood's ARK Invest is still red-hot, but now in the opposite way: It's getting burned by many collapsing stocks including some in the S&P 500.

[May 10, 2021] How many times can a declared "expert" be wrong before they are not an expert anymore!

Apr 15, 2021 | www.zerohedge.com
lwilland1012 1 hour ago

How many times can a declared "expert" be wrong before they are not an expert anymore!

INTJ Economist 1 hour ago

Ask an economist. Wrong more than 50% of the time and still fully employed. When was the last time an economist got fired for being wrong?

[May 09, 2021] As the world has become more complex, people have relied more and more on stereotypes and simplifications to help them interpret and filter events around them

Notable quotes:
"... As the world has become more complex, people have relied more and more on stereotypes and simplifications to help them interpret and filter events around them. Propaganda manipulates this desire for simplicity – handing people easy answers rather than winning them over with rational arguments. Society then rallies around these stereotypes and squashes dissents with 'herd mentality', an irrational set of psychological behaviors where individuals are swept along with a group, overriding their own rational assessments ..."
May 09, 2021 | www.moonofalabama.org

psychohistorian , May 5 2021 19:47 utc | 85

Below is a repeat of a Glenn Diesen quote from karlof1 comment # 57

"
"As the world has become more complex, people have relied more and more on stereotypes and simplifications to help them interpret and filter events around them. Propaganda manipulates this desire for simplicity – handing people easy answers rather than winning them over with rational arguments. Society then rallies around these stereotypes and squashes dissents with 'herd mentality', an irrational set of psychological behaviors where individuals are swept along with a group, overriding their own rational assessments."
"

Think about the vaccine situation and what just happened to the medical profession in the West....they got railroaded into agreeing that there was not an off the shelf "ivermectin" to the virus and guaranteed future income to Big Pharma is more important.

Hey docs!!! Do no harm! Your complicity in this war crime against humanity is noted. What are the responsible and humanistic actions to take now and why does the public not see evidence that you are organizing to do them?

karlof1 , May 5 2021 19:50 utc | 86

Until the reality of the CIA--to undermine peaceful relations and promote wars required for Military Keynesianism--is taught in grade school, it will always find recruits. As with the FBI, government sponsored propaganda was and remains required to manufacture the reasons for their existence. Nations that promote an equitable polity have no need for a secret police force, but do need some force to counter attempts from the outside to foment destabilization. For example, today's Russia is freer than at any previous time in its history as only extremist ideologies are banned while Communism--still deemed extremist by the West--is relegated to a normal ideology with status as a normative political party. Indeed, I'd argue that Russia remains the only genuine Liberal Western nation, which is a reality Russophobes are unable to accept or even contemplate. The same also applies to the concept of Communism thanks to the unwillingness to even attempt to understand Marx. And as Western thought gets subsumed by Wokeness, the ideological divide between Neoliberal nations and all others will continue to grow.

[May 09, 2021] CPI Is A Lie! We can't trust CPI to tell us the truth about inflation by Peter Schiff

Highly recommended!
Notable quotes:
"... The CPI is calculated by analyzing the price of a "basket of goods." The makeup of that basket has a big impact on the final CPI number. According to WolfStreet , 10.9% of the CPI is based on durable goods (computers, automobiles, appliances, etc.). Nondurable goods (primarily food and energy) make up 26.6% of CPI. Services account for the remaining 62.5% of the basket. This includes rent, healthcare, cellphone service etc.) ..."
"... The things the government includes and excludes from the basket can make a profound difference in that final CPI number. Back in 1998, the government significantly revised the CPI metrics. Even the Bureau of Labor Statistics (BLS) admitted the changes were "sweeping." ..."
"... In 1998, the BLS followed the recommendations of the Boskin Commission. It was appointed by the Senate in 1995. Initially called the "Advisory Commission to Study the Consumer Price Index," its job was to study possible bias in the computation of the CPI. Unsurprisingly, it determined that the index overstated inflation " by about 1.1% per year in 1996 and about 1.3% prior to 1996. The 1998 changes to CPI were meant to address this "issue." ..."
"... As Peter pointed out, there is a lot of geometric weighting, substitution and hedonics built into the calculation. The government can basically create an index that outputs whatever it wants. ..."
"... Peter said there is a bit of irony in government officials and central bankers constantly complaining about "not enough inflation." ..."
"... They're the ones that are cooking the books to pretend that inflation is lower than it really is. Because what they're really trying to do is get the go-ahead to produce more inflation, which is printing money." ..."
"... And there are other things that hide inflation. For instance, shrinking packaging so there is less product sold at the same price, or substituting lower quality ingredients, or requiring consumers to assemble items themselves. ..."
"... They find different ways to lower the quality and not increase the price, and I'm sure that the government is not picking up on any of that. If the quality improves, yeah, yeah, they calculate that. But they probably ignore all the circumstances where the quality is diminished." ..."
"... The bottom line is we can't trust CPI to tell us the truth about inflation. ..."
May 04, 2021 | www.zerohedge.com

Via SchiffGold.com,

We've been talking a lot about the specter of inflation. Despite the Fed's assurances not to worry because any price increases we're seeing are transitory, some people are indeed worried. A former JP Morgan managing director warned about inflation and echoed Peter Schiff's view that the central bank is powerless to fight it.

And we're seeing rising prices all over the place, from the grocery store to the gas station. Even the government numbers flash warning signs . But as Peter Schiff explains in this clip from an interview with Jay Martin, it's probably even worse than we realize because the government cooks the numbers when it calculates CPI.

The monthly rises in CPI through the first quarter show an upward trend. The CPI in January was up 0.3%. It was up 0.4% in February. And now it's up 0.6% in March. That totals a 1.013% increase in Q1 alone. The question is does this really reflect the truth about inflation? Peter doesn't think it does.

The government always makes changes to their methods of measuring things, whether it's GDP, or inflation, or unemployment. And they always tweak the numbers to produce a better result as a report card. "

https://www.youtube.com/embed/lnPrsBzIZsw

Imagine if students in a school had the ability to change the metrics by which they were graded or the methodology the teacher used to calculate their grades.

Would it surprise anybody that all of a sudden they started getting more As and Bs and fewer Cs and Ds? The government always wants to make the good stuff better, like economic growth, and the bad stuff better, like unemployment or inflation. So, they want to find ways to make those numbers little and the good numbers big."

The CPI is calculated by analyzing the price of a "basket of goods." The makeup of that basket has a big impact on the final CPI number. According to WolfStreet , 10.9% of the CPI is based on durable goods (computers, automobiles, appliances, etc.). Nondurable goods (primarily food and energy) make up 26.6% of CPI. Services account for the remaining 62.5% of the basket. This includes rent, healthcare, cellphone service etc.)

The things the government includes and excludes from the basket can make a profound difference in that final CPI number. Back in 1998, the government significantly revised the CPI metrics. Even the Bureau of Labor Statistics (BLS) admitted the changes were "sweeping."

According to the BLS, periodic changes to the CPI calculation are necessary because "consumers change their preferences or new products and services emerge. During these occasions, the Bureau reexamines the CPI item structure, which is the classification scheme of the CPI market basket. The item structure is a central feature of the CPI program and many CPI processes depend on it."

In 1998, the BLS followed the recommendations of the Boskin Commission. It was appointed by the Senate in 1995. Initially called the "Advisory Commission to Study the Consumer Price Index," its job was to study possible bias in the computation of the CPI. Unsurprisingly, it determined that the index overstated inflation " by about 1.1% per year in 1996 and about 1.3% prior to 1996. The 1998 changes to CPI were meant to address this "issue."

As Peter pointed out, there is a lot of geometric weighting, substitution and hedonics built into the calculation. The government can basically create an index that outputs whatever it wants.

I think this period of "˜Oh wow! We have low inflation!' It's not a coincidence that it followed this major revision into how we calculate it."

Peter said there is a bit of irony in government officials and central bankers constantly complaining about "not enough inflation."

They're the ones that are cooking the books to pretend that inflation is lower than it really is. Because what they're really trying to do is get the go-ahead to produce more inflation, which is printing money."

Peter said the CPI will never reveal the true extent of rising prices.

And there are other things that hide inflation. For instance, shrinking packaging so there is less product sold at the same price, or substituting lower quality ingredients, or requiring consumers to assemble items themselves.

They find different ways to lower the quality and not increase the price, and I'm sure that the government is not picking up on any of that. If the quality improves, yeah, yeah, they calculate that. But they probably ignore all the circumstances where the quality is diminished."

The bottom line is we can't trust CPI to tell us the truth about inflation.

[May 09, 2021] Fed Shamelessly Gives Warnings of Vague and Ominous Risks While Saying Don t Expect Us to Do Anything About It

May 09, 2021 | www.nakedcapitalism.com

Fed Shamelessly Gives Warnings of Vague and Ominous Risks While Saying Don’t Expect Us to Do Anything About It Posted on May 7, 2021 by Yves Smith

If anyone in the Congressional committees that oversee the Fed had an operating brain cell, they should flay the Fed for its indefensible posture of ignorance and powerlessness. I have to confess to being too annoyed to read the underlying document, its semi-annual report on financial stability and am so instead relying on what I take to be a fair-minded recap in the Financial Times, Fed warns of hidden leverage lurking in financial system .

What I find most disturbing is the rank dishonesty of the Fed, in what looks to be deliberate mischaracterization of the Archegos implosion, made worse by the central bank’s “And how can you expect us to know what’s going on?†anticipatory blame avoidance. To put this another way, the Fed is trying to pre-sell a “whocoulddanode?†defense when that sort of guilty faced, foot-shuffling act is unacceptable after the Fed was caught out being way behind the curve in the runup to the global financial crisis.

Archegos was not a systematic event. Not even close. One hedge fund with so few investors that it ran on a “friends and family†basis (tarted up as “family officeâ€) blew up. It did not bring down any other players. It did briefly roil markets in the stocks Archegos held. Banks collectively lost a bout $10 billion . By comparison, Paribas paid $8.9 billion in economic sanctions fines to the Department of Justice in 2014, which in current dollar terms is $10.0 billion. No one suggested the Paribas fine was systemic or even a health-threatening blow.

The troubling issue was how did this one hedge fund get to be so leveraged? Here is where the Fed misdirects Congress and the general public:

The US Federal Reserve has warned that existing measures of hedge fund leverage “may not be capturing important risksâ€, pointing to the collapse of Archegos Capital as an example of hidden vulnerabilities in the global financial system….

Hwang’s high-wire act was hard to monitor because family offices face limited disclosure requirements and because he used derivatives known as equity total return swaps. These instruments enabled Archegos to profit from rises in individual stocks with payments equal to only a fraction of the size of the underlying positions.

First, the hand-wringing about Archegos being a hedge fund able to do sneaky things in dark alleys is all wet. Do you seriously think regulators have all that much visibility into the much bigger (but also known to be tightly run) Citadel? How about the personal portfolios of very large investors? And what about multinational corporations that run their Treasury operations as profit centers, or Apple, which runs an internal hedge fund out of Nevada?

In other words, if the Fed thinks the problem is particular player, “hedge funds†is far too narrow a frame. “Leveraged financial speculators†is closer to the mark.

And they are secretive about their holdings. Any large trader will spread his business among multiple execution firms because the firms can and will trade against him if they know his positions.

Second, the problem is not the opaqueness of the hedge fund’s activity, even though if you read the Financial Times’ account, you would think that that is the the Fed’s big worry. It’s the ability to achieve high levels of leverage. And that’s the fault of the regulatory regime.

In passing, in the section excerpted above, the report mentions total return swaps. A short definition from Wikipedia:

Hedge funds use Total Return Swaps to obtain leverage on the Reference Assets: they can receive the return of the asset, typically from a bank (which has a funding cost advantage), without having to put out the cash to buy the Asset. They usually post a smaller amount of collateral upfront, thus obtaining leverage.

Due to the hour and the state of Google, I can’t find data on the size of the total return swap market, but at the time Archegos blow, it was under $300 billion, which means too small to wreck the financial system (well, unless perhaps they blew up Deutsche Bank).

Perhaps more important, regulators had decided they didn’t like them but from what I can infer, have also been slow to shut down the market. That’s a mistake since it’s clear the purpose of total returns swaps is pure speculation, and any additional price discovery benefit is too marginal to allow the use of so much leverage.

More generally, the Fed and financial regulators seem unwilling to do two essential things. The first is to say “no†to certain activities. Andrew Haldane, in a paper I have mentioned repeatedly, explained that the only answer to the level of societal harm posed by financial crises is prohibition, as in not allowing certain activities. From his seminal speech, The $100 Billion Question, cited in a 2010 post :

More support comes from Andrew Haldane of the Bank of England, who in a March 2010 paper compared the banking industry to the auto industry, in that they both produced pollutants: for cars, exhaust fumes; for bank, systemic risk. While economists were claiming that the losses to the US government on various rescues would be $100 billion (ahem, must have left out Freddie and Fannie in that tally), it ignores the broader costs (unemployment, business failures, reduced government services, particularly at the state and municipal level). His calculation of the world wide costs:

….these losses are multiples of the static costs, lying anywhere between one and five times annual GDP. Put in money terms, that is an output loss equivalent to between $60 trillion and $200 trillion for the world economy and between £1.8 trillion and £7.4 trillion for the UK. As Nobel-prize winning physicist Richard Feynman observed, to call these numbers “astronomical†would be to do astronomy a disservice: there are only hundreds of billions of stars in the galaxy. “Economical†might be a better description.

It is clear that banks would not have deep enough pockets to foot this bill. Assuming that a crisis occurs every 20 years, the systemic levy needed to recoup these crisis costs would be in excess of $1.5 trillion per year. The total market capitalisation of the largest global banks is currently only around $1.2 trillion. Fully internalising the output costs of financial crises would risk putting banks on the same trajectory as the dinosaurs, with the levy playing the role of the meteorite.

Yves here. So a banking industry that creates global crises is negative value added from a societal standpoint. It is purely extractive. Even though we have described its activities as looting (as in paying themselves so much that they bankrupt the business), the wider consequences are vastly worse than in textbook looting.

Back to the current post. The original sin of the Fed, at least with respect to crises in the modern era, is the decision by Alan Greenspan to do nothing about derivatives. I recall in the mid 1900s gasping out loud when I read that he intended to take a “let a thousand flowers bloom†approach. By then, I had had one of the top derivatives firms as a client and had an appreciation as to how dangerous they could be.

There is a role for derivatives in highly liquid markets for hedging. Banks generally have the underlying volumes of cash transactions to manage FX futures and options on an OTC basis. But all things being equal, it’s preferable to have a central exchange (more stable market structure) or else highly distributed position-taking. Anything in the middle is more prone to meltdowns.

But an even bigger issue is aside from well-established categories of pretty simple derivatives, there’s no justification for allowing financial intermediaries to offer much in the way of OTC derivatives. The overwhelming uses of high margin OTC derivatives are for accounting gimmickry, tax avoidance, or achieving high levels of leverage on the cheap (which means having the bank or lender as bagholder). None of these are positive from a societal standpoint.

So all of the Fed’s mealy-mouthing about hidden leverage is utter rubbish. Yes, asset valuations are strained due to super cheap money and too much speculative froth. But as we saw in the collapse of the monster dot-com bubble, the mere collapse of speculative bubbles, even really big ones, does not do systemic damage (although they can set off recessions as the speculators lick their wounds and the folks with bezzle-based revenues take hits). What does systemic damage is high levels of leverage, particularly leverage on leverage, which was what turned the housing crash from an S&L crisis x 1.5X level event to a global financial crisis.

For the Fed at this juncture to profess to be so stupid about the fundamental problem as cover for their unwillingness to take on Big Finance is depressing, although in another way, not exactly surprising.


Tony , May 7, 2021 at 7:55 am

I see your point but on the opaqueness of hedge funds, there has been quite some progress since 2007.
Private Funds have to report info to the SEC which is then aggregated and published on their website:
https://www.sec.gov/divisions/investment/private-funds-statistics.shtml

The problem with Archegos was that (i) it was not registered as Private Fund and hence did not have to report data to the SEC and (ii) rules around TRS have not been finalized. For example, it is unclear to me if TRS have to be reported to swap repositories (supervised by CFTC/SEC) or not at the current juncture. If TRSs were to be reported then a supervisor could have seen that by analyzing the data.

Yves Smith , May 7, 2021 at 8:23 am

While I appreciate your point, a Form ADV is filed only annually and a Form PF, quarterly. The Form ADV deadline for filing the Dec 31 report is March 31. Forms PF are due within 60 days of the quarter end. Then the SEC has to compile the data.

This is too far in arrears to be useful in identifying regulatory risks.

It would also not capture a risk the SEC might legitimately be concerned about, which is size of position relative to typical trading volumes. That is what brought down LTCM and later Amaranth Capital. LTCM took a monster position in of all things interest rate swaps, a classic “short volâ€. But then the swap spreads widened and some traders figured out there was a whale in trouble and sold into the short, increasing LTCM’s distress.

The SEC is in the liquid markets business. I doubt it has any basis for judging liquidity risk in OTC markets. So even if it had the info on an LTCM-type situation, it would be very unlikely to recognize it, even assuming it was timely (60 days in arrears might as well be a year stale from a trading risk perspective).

Harry , May 7, 2021 at 10:09 am

“But an even bigger issue is aside from well-established categories of pretty simple derivatives, there’s no justification for allowing financial intermediaries to offer much in the way of OTC derivatives. The overwhelming uses of high margin OTC derivatives are for accounting gimmickry, tax avoidance, or achieving high levels of leverage on the cheap (which means having the bank or lender as bagholder). None of these are positive from a societal standpoint.â€

TRS is for regulatory arbitrage or leverage. Margins on TRS are tiny. Its a loss leader of a product, designed to keep you in the frame for higher value deals. It does have the advantage that you might see when “a whale†is exiting a big position, but clearly thats not foolproof, eh CS?

dummy , May 7, 2021 at 12:09 pm

We are witnessing the slow moral bankruptcy of the nation.
I have no doubt that the Fed corruption of money will be identified as the main culprit by future historians.
How did the Fed manage to become such a powerful monster in our society?

tegnost , May 7, 2021 at 2:55 pm

By the systematic unraveling of sensible and necessary regulations?

Anonymous , May 7, 2021 at 3:10 pm

Look no further than the Congress.

If they can impeach a President in one week, they could impeach the entire FOMC before lunch (i.e., pass a veto-proof law to abolish it or redefine so-called mandate)

But, why would they? They are all multi-millionaires and direct beneficiaries of the monetary policy.

Sound of the Suburbs , May 7, 2021 at 12:25 pm

How do banks really work?
Our knowledge of banking has been going backwards since 1856.
Credit creation theory -> fractional reserve theory -> financial intermediation theory
“A lost century in economics: Three theories of banking and the conclusive evidence†Richard A. Werner
http://www.sciencedirect.com/science/article/pii/S1057521915001477

Nearly all today’s policymakers think banks are financial intermediaries.
The financial system looks a lot safer than it is when you think banks are financial intermediaries.

Bankers get to create money out of nothing, through bank loans, and get to charge interest on it.
https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf
What could possibly go wrong?
Bankers do need to ensure this money gets paid back, and this is where they get into serious trouble.
Banking requires prudent lending.

Credit Suisse pumped loads of money into Archegos, but they couldn’t get it back again and the loss crystallised.
Banks can pump out a lot of loans in the good times as the money comes out of nothing.
When the bad times come, the losses crystallise in the system.

Why did the US financial system to collapse in 1929?
If someone can’t repay a loan, they need to repossess that asset and sell it to recoup that money. If they use bank loans to inflate asset prices they get into a world of trouble when those asset prices collapse.
As the real estate and stock market collapsed the banks became insolvent as their assets didn’t cover their liabilities.
They could no longer repossess and sell those assets to cover the outstanding loans and they do need to get most of the money they lend out back again to balance their books.
The banks become insolvent and collapsed, along with the US economy.

When banks have been lending to inflate asset prices the financial system is in a precarious state and can easily collapse.

What was the ponzi scheme of inflated asset prices that collapsed in Japan in 1991?
Japanese real estate.
They avoided a Great Depression by saving the banks.
They killed growth for the next 30 years by leaving the debt in place.
https://www.youtube.com/watch?v=8YTyJzmiHGk

What was the ponzi scheme of inflated asset prices that collapsed in 2008?
“It’s nearly $14 trillion pyramid of super leveraged toxic assets was built on the back of $1.4 trillion of US sub-prime loans, and dispersed throughout the world†All the Presidents Bankers, Nomi Prins.
They avoided a Great Depression by saving the banks.
They left Western economies struggling by leaving the debt in place, just like Japan.
It’s not as bad as Japan as we didn’t let asset prices crash in the West, but it is this problem has made our economies so sluggish since 2008.

The last lamb to the slaughter, India
They had created a ponzi scheme of inflated asset prices in real estate, but it collapsed.
https://www.wsj.com/articles/indias-ghost-towns-saddle-middle-class-with-debtand-broken-dreams-11579189678
Now they need to recapitalize their banks.
Their financial system is in a bad way, recovery isn’t going to be easy.

Sound of the Suburbs , May 7, 2021 at 12:30 pm

Shadow Banks

“The Great Crash 1929†John Kenneth Galbraith
“By early 1929, loans from these non-banking sources were approximately equal to those from the banks. Later they became much greater. The Federal Reserve Authorities took it for granted that they had no influence over these fundsâ€
He’s talking about “shadow bankingâ€.
They couldn’t control the lending from shadow banks in the 1920s either.

Japan ventured into shadow banking in the 1980s.
Jusen were nonbank institutions formed in the 1970s by consortia of banks to make household mortgages since banks had mortgage limitations. The shadow banks were just an intermediary put in place to get around regulations.

This is how shadow banks pose a threat to the financial system.
They are just intermediaries put in place to get around regulations.
The banks need to get the money they loan out back again, and whether they use shadow banks as an intermediary or not, doesn’t make a lot of difference.
The dangers are the same.

Sound of the Suburbs , May 7, 2021 at 2:52 pm

I just remembered something else from “The Great Crash 1929†John Kenneth Galbraith

They thought leverage was great before 1929; they saw what happened when it worked in reverse after 1929.
Leverage acts like a multiplier.
It multiplies profits on the way up.
It multiplies losses on the way down.

JBird4049 , May 7, 2021 at 5:29 pm

“ Our knowledge of banking has been going backwards since 1856.â€

Well, yeah, or is it being driven in reverse gear? Just asking.

I mean Ricardo, Mills, Marx, Minsky, Keynes and many others all seem to understand banking in particular, and economics in general, very well, but they have gone into the memory hole alone with large portions of Adam Smith’s mangled, Bowdlerized, expurgated work.

Taking introductory courses in economics is like studying fantasy. Not because of the lies as such as all the blasted omissions that have been created since the early twentieth century.

John Emerson , May 7, 2021 at 2:40 pm

Veblen spoke pretty clearly about the parasitical, predatory nature of finance.

Phichibe , May 7, 2021 at 3:07 pm

Yves, pieces like this are one of the reasons I come to NC daily. I want to post a longer response on this subject of deliberate opacity as I have been mulling this over for nearly 20 years â€" since Enron’s SPE abuse and then Lehman’s Repo 105 fraud. But for now I’ll content myself with a big thank you and a hearty vote for more of your stringent analysis and (a)stringent prose. I hope your health issues permit your writing and tormenting the Davos/FIRE set of neoliberal Vandals who’ve destroyed our stability while enriching themselves as never before.

Best,

P

Sue inSoCal , May 7, 2021 at 4:42 pm

Hear hear. I agree heartily with P, above. Enron comes to mind regularly these days. Seems like we’ve seen this untethered derivatives movie before, too, and it’s a horror show. Yves, I feel like a dufus when it comes to global and national economics, but I certainly learn it here. (Which why I love this site.)
Thank you.

plunk , May 7, 2021 at 3:13 pm

Banking requires prudent lending. SoS

Borrowing short to lend long is inherently risky and government should in no way privilege or bear that risk.

Yet government does so since we have only a SINGLE payment system (besides mere physical currency, coins and paper CB or Treasury Notes) that must work through private banks or not at all. So the banks hold the economy hostage.

We could fix that by providing an ADDITIONAL, inherently risk-free payment system via debit accounts for all at the Central Bank (or Treasury) and by abolishing all other privileges, explicit and implicit, for private depository institutions.

Then whether the banks were “prudent†or not would be irrelevant to the general welfare.

The alternative to genuine reform is merely to kick-the-can down the road a bit further via regulation and/or even more privileges for private banks to make them more stable â€" as if systematic injustice should or even can be truly stable.

Neohnomad , May 7, 2021 at 3:20 pm

“The Fed and financial regulators seem unwilling to do two essential things. The first is to say “no†to certain activities.†paragraphs go on to support this point.

I need to apologize for my lack of reading comprehension but I’m not understanding what the second thing (that the regulators are unwilling to do) is?

Is it about the OTC derivatives or tamping down on leverage in general?

Tinky , May 7, 2021 at 4:07 pm

And it never gets old:

FRONTLINE: The Warning

Brooksley Born warns of the dangers of opaque derivative markets; Greenspan and Summers, et al, crush her, and pave the way to further crises.

http://video.pbs.org/video/1302794657​

1 Kings , May 7, 2021 at 6:22 pm

And crimes..

nothing but the truth , May 7, 2021 at 5:52 pm

chutzpah.

they’re the ones forcing grandma into speculative markets by squeezing returns.

djrichard , May 7, 2021 at 8:54 pm

New markets for debt must be found. And if that means fraud (or too much risk) so be it. Usually, the Federal Reserve waits for the muppets to show up en masse before taking the punch bowl away. Problem is, the muppets have been gun shy since they got burned back in the Global financial crisis. So what’s a poor Federal Reserve to do but to keep the party going?

djrichard , May 7, 2021 at 9:00 pm

By the way, that’s why I think there’s all the gnashing of teeth over the risk of inflation. It’s not because the talking heads are worried about the consequences to main street. It’s because they’re worried it will bring the party to an end after all the muppets start becoming playahs again.

[May 09, 2021] Pay a Living Wage or 'Flip Your Own Damn Burgers'- Progressives Blast Right-Wing Narrative on Jobs -

May 09, 2021 | www.nakedcapitalism.com

cocomaan , May 8, 2021 at 7:22 am

God, I really hate Reich. Posturing buffoon.

I remember when my mom used to bring me to the Walmart super center when I was a kid, around 1990. They were exploding in popularity. The cheap goods were a blessing for our growing family. But we all know how the goods got so cheap.

The 1990s for Walmart was the equivalent of the 2010’s for Amazon. The low wage job model worked for them then and continues to work for them now.

And in the 1990s, Reich was running around being Labor Secretary, of all things.

There’s some simple solutions to this, like strengthening collective bargaining, but that’s nowhere in sight.

Employers will pay the lowest possible wage until they absolutely need to.

Geo , May 8, 2021 at 7:41 am

He quit after the first term and wrote a book about how frustrated he was by Clinton’s refusal to address widening income disparity and labor issues.

https://www.google.com/amp/s/www.chicagotribune.com/news/ct-xpm-1997-05-15-9705150278-story,amp.html (1997 book review which discusses his anger at Clinton and his failures)

Totally agree with your point about labor markets. But, Just because he wasn’t successful doesn’t mean he didn’t try. Correct me if I’m wrong (I often am) but I don’t think he’s the villain. Seems to have been trying to do good in whatever way he can and is also very open about the corruption and greed that makes change so difficult.

[May 08, 2021] In 1999, the Wall Street Journal had 286 articles on bubbles. Here are a few of the titles

May 08, 2021 | www.wsj.com

J

In 1999, the Wall Street Journal had 286 articles on bubbles. Here are a few of the titles J John Smith

Not only is this not true, the evidence shows that bubbles are called in advance. In 1999, the Wall Street Journal had 286 articles on bubbles. Here are a few of the titles,

"When the Bubble Bursts..."
"The Bubble Won't Burst"
"Bursting Mr. Geenspan's Bubble"
"Fed `Bubble' Policy: Watch, Don't Pop'"
"Fed Governor Meyer Counters Suggestions Of a Market Bubble"

And on, and on, etc., etc.

In 1999, the Wall Street Journal had 286 articles on bubbles. Here are a few of the titles J John Smith
Not only is this not true, the evidence shows that bubbles are called in advance. In 1999, the Wall Street Journal had 286 articles on bubbles. Here are a few of the titles,

"When the Bubble Bursts..."
"The Bubble Won't Burst"
"Bursting Mr. Geenspan's Bubble"
"Fed `Bubble' Policy: Watch, Don't Pop'"
"Fed Governor Meyer Counters Suggestions Of a Market Bubble"

And on, and on, etc., etc.

[May 08, 2021] Dogecoin is now valued at more than Ford.

May 08, 2021 | www.wsj.com

R


Dogecoin is now valued at more than Ford. R Robert A

Dogecoin is now valued at more than Ford.
Economics?
Lunacy is more like it.
This is just more proof that the dollars are becoming more worthless.
Whistling past the graveyard.
Dogecoin is now valued at more than Ford. R Robert A
Dogecoin is now valued at more than Ford.
Economics?
Lunacy is more like it.
This is just more proof that the dollars are becoming more worthless.
Whistling past the graveyard.
Dogecoin is now valued at more than Ford. R Robert A
Dogecoin is now valued at more than Ford.
Economics?
Lunacy is more like it.
This is just more proof that the dollars are becoming more worthless.
Whistling past the graveyard.

[May 07, 2021] Crooks are selling to fools

finance.yahoo.com

...retail investors have been net buyers of stocks for 10 straight weeks, hedge funds have been sellers, client data from BofA Global Research showed, with the four-week average of net sales of equities by hedge funds hitting their highest levels since the firm began tracking the data in 2008.

[May 06, 2021] Aldous Huxley Foresaw Our Despots - Fauci, Gates, The Vaccine Crusaders

This is starting to look really like staging of "Brave new world..." Today's society is closer to Huxley's "Brave New World" than to Orwell's "1984". But there are clear elements of both. If you will, the worst of both worlds has come true today.
May 06, 2021 | www.zerohedge.com

Authored by Patricia McCarthy via AmericanThinker.com,

In 1949, sometime after the publication of George Orwell's Nineteen Eighty-Four , Aldous Huxley, the author of Brave New World (1931), who was then living in California, wrote to Orwell. Huxley had briefly taught French to Orwell as a student in high school at Eton.

Huxley generally praises Orwell's novel, which to many seemed very similar to Brave New World in its dystopian view of a possible future. Huxley politely voices his opinion that his own version of what might come to pass would be truer than Orwell's. Huxley observed that the philosophy of the ruling minority in Nineteen Eighty-Four is sadism, whereas his own version is more likely, that controlling an ignorant and unsuspecting public would be less arduous, less wasteful by other means. Huxley's masses are seduced by a mind-numbing drug, Orwell's with sadism and fear.

The most powerful quote In Huxley's letter to Orwell is this:

Within the next generation I believe that the world's rulers will discover that infant conditioning and narco-hypnosis are more efficient, as instruments of government, than clubs and prisons, and that the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging and kicking them into obedience.


Aldous Huxley.

Could Huxley have more prescient? What do we see around us?

Masses of people dependent upon drugs, legal and illegal. The majority of advertisements that air on television seem to be for prescription drugs, some of them miraculous but most of them unnecessary. Then comes COVID, a quite possibly weaponized virus from the Fauci-funded-with-taxpayer-dollars lab in Wuhan, China. The powers that be tragically deferred to the malevolent Fauci who had long been hoping for just such an opportunity. Suddenly, there was an opportunity to test the mRNA vaccines that had been in the works for nearly twenty years. They could be authorized as an emergency measure but were still highly experimental. These jabs are not really vaccines at all, but a form of gene therapy . There are potential disastrous consequences down the road. Government experiments on the public are nothing new .

Since there have been no actual, long-term trials, no one who contributed to this massive drug experiment knows what the long-term consequences might be. There have been countless adverse injuries and deaths already for which the government-funded vaccine producers will suffer no liability. With each passing day, new side-effects have begun to appear: blood clots, seizures, heart failure.

As new adverse reactions become known despite the censorship employed by most media outlets, the more the Biden administration is pushing the vaccine, urging private corporations to make it mandatory for all employees. Colleges are making them mandatory for all students returning to campus.

The leftmedia are advocating the "shunning" of the unvaccinated. The self-appointed virtue-signaling Democrats are furious at anyone and everyone who declines the jab. Why? If they are protected, why do they care? That is the question. Same goes for the ridiculous mask requirements . They protect no one but for those in operating rooms with their insides exposed, yet even the vaccinated are supposed to wear them!

Months ago, herd immunity was near. Now Fauci and the CDC say it will never be achieved? Now the Pfizer shot will necessitate yearly booster shots. Pfizer expects to make $21B this year from its COVID vaccine! Anyone who thinks this isn't about money is a fool. It is all about money, which is why Fauci, Gates, et al. were so determined to convince the public that HCQ and ivermectin, both of which are effective, prophylactically and as treatment, were not only useless, but dangerous. Both of those drugs are tried, true, and inexpensive. Many of those thousands of N.Y. nursing home fatalities might have been prevented with the use of one or both of those drugs. Those deaths are on the hands of Cuomo and his like-minded tyrants drunk on power.

Months ago, Fauci, et al. agreed that children were at little or no risk of getting COVID, of transmitting it, least of all dying from it. Now Fauci is demanding that all teens be vaccinated by the end of the year! Why? They are no more in danger of contracting it now than they were a year ago. Why are parents around this country not standing up to prevent their kids from being guinea pigs in this monstrous medical experiment? And now they are " experimenting " on infants. Needless to say, some have died. There is no reason on Earth for teens, children, and infants to be vaccinated. Not one.

Huxley also wrote this:

"The surest way to work up a crusade in favor of some good cause is to promise people they will have a chance of maltreating someone. To be able to destroy with good conscience, to be able to behave badly and call your bad behavior 'righteous indignation' -- this is the height of psychological luxury, the most delicious of moral treats ."

- Crome Yellow

Perhaps this explains the left's hysterical impulse to force these untested shots on those of us who have made the decision to go without it. If they've decided that it is the thing to do, then all of us must submit to their whims. If we decide otherwise, it gives them the righteous right to smear all of us whom they already deplore.

As C.J. Hopkins has written , the left means to criminalize dissent. Those of us who are vaccine-resistant are soon to be outcasts, deprived of jobs and entry into everyday businesses. This kind of discrimination should remind everyone of ...oh, Germany three quarters of a century ago. Huxley also wrote, "The propagandist's purpose is to make one set of people forget that certain other sets of people are human." That is precisely what the left is up to, what BLM is planning, what Critical Race Theory is all about.

Tal Zaks, Moderna's chief medical officer, said these new vaccines are "hacking the software of life." Vaccine-promoters claim he never said this, but he did. Bill Gates called the vaccines " an operating system " to the horror of those promoting it, a Kinsley gaffe. Whether it is or isn't hardly matters at this point, but these statements by those behind the vaccines are a clue to what they have in mind.

There will be in the next generation or so a pharmacological method of making people love their servitude and producing dictatorship without tears , so to speak, producing a kind of painless concentration camp for entire societies so that people will in fact have their liberties taken away from them but will rather enjoy it.

This is exactly what the left is working so hard to effect: a pharmacologically compromised population happy to be taken care of by a massive state machine. And while millions of people around the world have surrendered to the vaccine and mask hysteria, millions more, about 1.3 billion, want no part of this government vaccine mania.

In his letter to Orwell, Huxley ended with the quote cited above and again here because it is so profound:

Within the next generation I believe that the world's rulers will discover that infant conditioning and narco-hypnosis are more efficient, as instruments of government, than clubs and prisons, and that the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging and kicking them into obedience.

Huxley nailed the left more than seventy years ago, perhaps because leftists have never changed throughout the ages. 61,497 173


Fat Beaver 14 hours ago (Edited)

If i am to be treated as an outcast or an undesirable because i refuse the vax, i will immediately become someone that has zero reverence for the law, and i can only imagine 10's of millions will be right there with me.

strych10 14 hours ago

Welcome to the club.

We have coffee in the corner and occasional meetings at various bars.

Dr. Chihuahua-González 13 hours ago

I'm a doctor, you could contact me anytime and receive your injection.

Fat Beaver 13 hours ago (Edited)

I've gotta feeling the normie world you think you live in is about to change drastically for the worse...

sparky139 PREMIUM 10 hours ago

You mean you'll sign papers that you injected us *wink *wink? And toss it away?

bothneither 2 hours ago

Oh geez how uncommon, another useless doctor with no Scruples who sold out to big Pharma. Please have my Gates sponsored secret sauce.

Unknown 6 hours ago (Edited)

Both Huxley and Orwell are wrong. Neoliberalism (the use of once office for personal gains) is by far the most powerful force that subjugates the inept population. Neoliberalism demolished the mighty USSR, now destroying the USA, and will do the same to China. And this poison dribbles from the top to bottom creating self-centered population that is unable to unite, much less resist.

Deathrips 15 hours ago (Edited) remove link

Tylers.
You gonna cover Tucker Carlsons show earlier today on FOX news about vaxxx deaths? almost 4k reported so far this year.

https://www.youtube.com/watch?v=LIJQuk-qK2o

19331510 14 hours ago (Edited)

https://www.openvaers.com/covid-data/death-stats

AGE Deaths

0-24 23

25-50 184

51-65 506

66-80 1164

81-100 1346

U 321

R.I.P.

Joe Joe Depends 13 hours ago

India up in arms about mere 1%

spanish flu was 3%

JimmyJones 9 hours ago

Is the population of india up in arms or is the MSM?

Nelbev 10 hours ago

Facebook just flagged/censored it, must sign into see vid, Tuck also failed to mention mRNA and adenovirus vaxes were experimental and not FDA approved nor gone through stage III trials. Beside deaths, have blood clot issues. Good he mentioned how naturally immune if get covid and recovered, better than vaccine, but not covered for bogus passports. Me personally, I would rather catch covid and get natural immunity than be vaccinated with an untested experimental vaccine.

19331510 14 hours ago

Covid19 links.

Websites:

https://www.americasfrontlinedocs.com/media/

https://covid19criticalcare.com/

https://childrenshealthdefense.org/

https://childrenshealthdefense.org/defender/

https://www.constitutionalrightscentre.ca/category/news/

https://doctors4covidethics.medium.com/

https://www.flemingmethod.com/

https://gbdeclaration.org/

https://www.lifesitenews.com/

https://healthimpactnews.com/

https://www.mercola.com/

https://drleemerritt.com/

https://www.drtenpenny.com/

https://principia-scientific.com/

https://standupcanada.solutions/canadian-doctors-speak

https://thehighwire.com/

https://vaccinechoicecanada.com/ https://vaccinechoicecanada.com/links/general-links/

Video Sharing : https://www.bitchute.com/ ; https://brandnewtube.com/ ; https://odysee.com/ ; https://rumble.com/ https://superu.net

Healthcare Professionals :

Dr. Jayanta Bhattacharya; Dr. Geert Vanden Bossche; Dr. Ron Brown; Dr. Ryan Cole; Dr. Richard Fleming; Dr. Simone Gold; Dr. Sunetra Gupta; Dr. Carl Heneghan; Dr. Martin Kulldorff; Dr. Paul Marik; Dr. Peter McCullough; Dr. Joseph Mercola; Dr. Lee Merritt; Dr. Judy Mikovits; Dr. Dennis Modry; Dr. Hooman Noorchashm; Dr. Harvey Risch; Dr. Sherri Tenpenny; Dr. Richard Urso; Dr. Michael Yeadon;

A list of Canadian doctors: https://standupcanada.solutions/canadian-doctors-speak

Lawyers : Dr. Reiner Fuellmich; Rocco Galati;

Drug Adverse Reaction Databases:

http://www.adrreports.eu/en/index.html (Search; Suspected Drug Reactions Reports for Substances) COVID-19 MRNA VACCINE MODERNA (CX-024414); COVID-19 MRNA VACCINE PFIZER-BIONTECH; COVID-19 VACCINE ASTRAZENECA (CHADOX1 NCOV-19); COVID-19 VACCINE JANSSEN (AD26.COV2.S)

https://vaers.hhs.gov/data.html

Research papers :

https://cormandrostenreview.com/report/ (pcr tests)

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7680614/ (face masks)

https://onlinelibrary.wiley.com/doi/epdf/10.1111/eci.13484 (lock downs)

https://www.nejm.org/doi/full/10.1056/NEJMc2026670 (child/teacher morbidity)

https://www.medrxiv.org/content/10.1101/2020.11.01.20222315v1 (transmission by children)

https://www.cdc.gov/mmwr/volumes/70/wr/mm7010e3.htm (masks/restaurants)

https://www.mdpi.com/1648-9144/57/3/199 (biased trial reporting)

Covid19 links.

Websites:

https://www.americasfrontlinedocs.com/media/

https://covid19criticalcare.com/

https://childrenshealthdefense.org/

https://childrenshealthdefense.org/defender/

https://www.constitutionalrightscentre.ca/category/news/

https://doctors4covidethics.medium.com/

https://www.flemingmethod.com/

https://gbdeclaration.org/

https://www.lifesitenews.com/

https://healthimpactnews.com/

https://www.mercola.com/

https://drleemerritt.com/

https://www.drtenpenny.com/

https://principia-scientific.com/

https://standupcanada.solutions/canadian-doctors-speak

https://thehighwire.com/

https://vaccinechoicecanada.com/ https://vaccinechoicecanada.com/links/general-links/

Video Sharing : https://www.bitchute.com/ ; https://brandnewtube.com/ ; https://odysee.com/ ; https://rumble.com/ https://superu.net

Healthcare Professionals :

Dr. Jayanta Bhattacharya; Dr. Geert Vanden Bossche; Dr. Ron Brown; Dr. Ryan Cole; Dr. Richard Fleming; Dr. Simone Gold; Dr. Sunetra Gupta; Dr. Carl Heneghan; Dr. Martin Kulldorff; Dr. Paul Marik; Dr. Peter McCullough; Dr. Joseph Mercola; Dr. Lee Merritt; Dr. Judy Mikovits; Dr. Dennis Modry; Dr. Hooman Noorchashm; Dr. Harvey Risch; Dr. Sherri Tenpenny; Dr. Richard Urso; Dr. Michael Yeadon;

A list of Canadian doctors: https://standupcanada.solutions/canadian-doctors-speak

Lawyers : Dr. Reiner Fuellmich; Rocco Galati;

Drug Adverse Reaction Databases:

http://www.adrreports.eu/en/index.html (Search; Suspected Drug Reactions Reports for Substances) COVID-19 MRNA VACCINE MODERNA (CX-024414); COVID-19 MRNA VACCINE PFIZER-BIONTECH; COVID-19 VACCINE ASTRAZENECA (CHADOX1 NCOV-19); COVID-19 VACCINE JANSSEN (AD26.COV2.S)

https://www.openvaers.com/

Research papers :

https://cormandrostenreview.com/report/ (pcr tests)

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7680614/ (face masks)

https://onlinelibrary.wiley.com/doi/epdf/10.1111/eci.13484 (lock downs)

https://www.nejm.org/doi/full/10.1056/NEJMc2026670 (child/teacher morbidity)

https://www.medrxiv.org/content/10.1101/2020.11.01.20222315v1 (transmission by children)

https://www.cdc.gov/mmwr/volumes/70/wr/mm7010e3.htm (masks/restaurants)

https://www.mdpi.com/1648-9144/57/3/199 (biased trial reporting)

Ultramarines 15 hours ago (Edited)

His making of the gamma and delta workforce was quite prescient. We are seeing it play out now, we all know gammas and delta. There was a really good ABC tv movie made in 1980 Brave New World. Excellent show, it shows the Alphas and names them Rothchild and so on. Shows what these people specifically want to do to the world. I wonder if the ruling psychopaths actually wait for science fiction authors to plan the future and then follow their script.

Mineshaft Gap 10 hours ago

If Huxley were starting out today no major publisher would touch him.

They'd tell him Brave New World doesn't have a diverse enough of cast. Even the mostly likable totalitarian guy named Mustapha turns out to be white! A white Mustapha. It's soooo triggering. Also, what's wrong with a little electronic fun and drug taking, anyway? Lighten up , Aldous.

Meanwhile his portrait of shrieking medieval Catholic nuns who think they're possessed in The Devils of Loudun might remind the leftist editors too uncomfortably of their own recent bleating performances at "White Fragility" struggle sessions.

Sorry, Aldous. Just...too...problematic.

[May 06, 2021] Neoliberals do try and just fool the masses. If that doesn't work, they stick the boot in.

May 06, 2021 | www.zerohedge.com


play_arrow 3

Sound of the Suburbs 12 hours ago (Edited) remove link

They do try and just fool the masses.

If that doesn't work, they stick the boot in.

In the beginning ........

Mankind first started to produce a surplus with early agriculture.

It wasn't long before the elites learnt how to read the skies, the sun and the stars, to predict the coming seasons to the amazed masses and collect tribute.

They soon made the most of the opportunity and removed themselves from any hard work to concentrate on "spiritual matters", i.e. any hocus-pocus they could come up with to elevate them from the masses, e.g. rituals, fertility rights, offering to the gods . etc and to turn the initially small tributes, into extracting all the surplus created by the hard work of the rest.

The elites became the representatives of the gods and they were responsible for the bounty of the earth and the harvests.

As long as all the surplus was handed over, all would be well.

The class structure emerges.

Upper class – Do as little as they can get away with and get most of the rewards

Middle class – Administrative/managerial class who have enough to live a comfortable life

Working class – Do the work, and live a basic subsistence existence where they get enough to stay alive and breed

Their techniques have got more sophisticated over time, but this is the underlying idea.

They have achieved an inversion, and got most of the rewards going to those that don't really do anything.

As soon as anyone started thinking about this seriously, the upper class would be in trouble.

The last thing they needed was "The Enlightenment" as people would start thinking about this seriously.

Any serious attempt to study the capitalist system always reveals the same inconvenient truth.

Many at the top don't create any wealth.

That's the problem.

Confusing making money and creating wealth is the solution.

The classical economists identified the constructive "earned" income and the parasitic "unearned" income .

Most of the people at the top lived off the parasitic "unearned" income and they now had a big problem. This problem was solved with neoclassical economics.

Neoclassical economics is a pseudo economics, which is more about hiding the inconvenient truths discovered by the classical economists than telling you how the economy works.

Things had already gone horribly wrong by the 1930s.

In the 1920s, the economy had been booming, the stock market had been soaring and nearly everyone had been making lots of money.

In the 1930s, they were wondering what the hell had just happened as everything had appeared to be going so well in the 1920s and then it all just fell apart.

They needed a better measure to see what was really going on in the economy and came up with GDP.

In the 1930s, they pondered over where all that wealth had gone to in 1929 and realised inflating asset prices doesn't create real wealth, they came up with the GDP measure to track real wealth creation in the economy.

The transfer of existing assets, like stocks and real estate, doesn't create real wealth and therefore does not add to GDP.

The real wealth creation in the economy is measured by GDP.

Real wealth creation involves real work, producing new goods and services in the economy.

The rentiers are exposed again.

What they need to do is get neoclassical economics back again.

They wrap it in a new ideology, neoliberalism, so no one will notice the return of their special economics.

[May 05, 2021] FED Powell on tough question: Not sure what the exact nature of that question is

May 05, 2021 | www.zerohedge.com

ReadyForHillary 1 hour ago

When will the economy be able to stand on its own feet?

He immediately followed with:

I'm not sure what the exact nature of that question is.

HA HA HA HA! HA HA HA HA HA HA HA HA!

[May 05, 2021] Capital power is over labor, and it extracts money from labor in various ways, but most especially during debt conversions after the financial crisis like crisis of 2008

May 05, 2021 | www.unz.com

Mefobills , says: May 5, 2021 at 1:44 pm GMT • 4.8 hours ago

@animalogic respasses, as we forgive those who trespass against us ." is the translation presented in the Revised Standard Version of the Bible. What is lost in translation is the fact that Jesus came "to preach the gospel to the poor to preach the acceptable Year of the Lord": He came, that is, to proclaim a Jubilee Year, a restoration of deror for debtors: He came to institute a Clean Slate Amnesty (which is what Hebrew דְּרוֹר connotes in this context).

It is quite possible to have balanced civilizations that lasts for thousands of years; however it is impossible in the West, since the west is based on faulty assumptions about reality.

[May 05, 2021] Machines are expensive

May 05, 2021 | www.unz.com

Mancubus , says: May 5, 2021 at 12:54 pm GMT • 5.6 hours ago

I keep happening on these mentions of manufacturing jobs succumbing to automation, and I can't think of where these people are getting their information.

I work in manufacturing. Production manufacturing, in fact, involving hundreds, thousands, tens of thousands of parts produced per week. Automation has come a long way, but it also hasn't. A layman might marvel at the technologies while taking a tour of the factory, but upon closer inspection, the returns are greatly diminished in the last two decades. Advances have afforded greater precision, cheaper technologies, but the only reason China is a giant of manufacturing is because labor is cheap. They automate less than Western factories, not more, because humans cost next to nothing, but machines are expensive.

[May 04, 2021] Nuances of discrimination: a t Citi it was very obvious any remotely competent black was promoted way beyond there competency, although that was largely limited to back and middle office roles

Neoliberals policies for minority students in education can be called “the soft bigotry of low expectations.”
Racists want discrimination based on race; wokesters want discrimination based on race too. One in the name of bigotry, one in the name of “tolerance.” Does the motive really matter if the outcome is the same?
Notable quotes:
"... the ONS dataset is A09, Labour Market status by ethnic group, is testament to white folks ingenuity to overcome such discrimination ..."
May 03, 2021 | www.unz.com

LondonBob , says: April 26, 2021 at 10:49 am GMT • 6.6 days ago

@dearieme

My uncle did admissions at Cambridge and he actively discriminated against Public School boys, despite being one himself. He was actually involved in hiring that black woman to be the Master at Christ's College.

Similarly at Citi it was very obvious any remotely competent black was promoted way beyond there competency, although that was largely limited to back and middle office roles.

Still the ONS dataset is A09, Labour Market status by ethnic group, is testament to white folks ingenuity to overcome such discrimination and the free market at work.

[May 04, 2021] Fake CVs, fake results, by James Thompson

Notable quotes:
"... Hiring is a lot more complex and constrained, than this writeup suggests. In stacks of resumes that I used to review, I found almost all applicants exaggerate or lie. ..."
"... Employers (or the ones the future worker will work directly "" like local manager) are in the majority of cases DO NOT hire directly. ..."
"... There is either a staffing firm/ recruitment firm between, often also a different websites (for job seekers) which only redirects towards those. ..."
"... The problem with the HR/ recruitment firms/ jobseeker websites themselves. They dictate who will work somewhere. ..."
"... It's a new world of fraud, total fraud. Biden is an absurd fraud. They are all frauds, because actual accomplishments, real work, are so very much more difficult than lies. ..."
"... There's nothing new under the sun. It's always been fraud, flimflam and bamboozle. Somebody once said, you can fool all of the people some of the time and some of the people all of the time, but not all of the people all of the time. But, then again, he could have just been fooling around. ..."
May 03, 2021 | www.unz.com

ruralguy , says: April 24, 2021 at 8:54 pm GMT "¢ 8.2 days ago

Hiring is a lot more complex and constrained, than this writeup suggests. In stacks of resumes that I used to review, I found almost all applicants exaggerate or lie. That was very problematic, because once you hire a person, it's hard to get rid of them, even with "at-will" employment.

... ... ...

Reaper , says: May 2, 2021 at 11:19 am GMT "¢ 14.8 hours ago

There is a major problem with the article/ whole employment process:

Employers (or the ones the future worker will work directly "" like local manager) are in the majority of cases DO NOT hire directly.(Respect for the ones, who do.)

There is either a staffing firm/ recruitment firm between, often also a different websites (for job seekers) which only redirects towards those.

Also many company have a HR department, etc... The problem with the HR/ recruitment firms/ jobseeker websites themselves. They dictate who will work somewhere.

Wish to be workers should meet directly with the ones they supposed to work for.

Vojkan , says: May 2, 2021 at 11:34 am GMT "¢ 14.6 hours ago

To see whether racial discrimination exists, researchers send the same CV to employers with the same level of qualifications but different names attached, to see if the foreign-sounding names lead to a greater degree of rejection. They often find that to be the case.

Given that British blacks most often bear British sounding names and that foreign whites too bear foreign sounding names, I don't see how the difference in treatment can be put down to racial bias. Moreover, I don't see anything wrong in giving precedence to compatriots over foreigners. It is the opposite that is unsound.

As a French national with a foreign sounding name, I never expected to be given precedence over native French candidates and always counted solely on my competence to get a position. If the world we live in were still normal, that would be the normal attitude because in a normal world people are allowed to prefer their kin vs folks they don't know from Adam. It is the opposite that isn't normal.

Discard national preference and you get foreign tribes' nepotism.

Sick of Orcs , says: May 2, 2021 at 12:41 pm GMT "¢ 13.5 hours ago

researchers send the same CV to employers with the same level of qualifications but different names attached, to see if the foreign-sounding names lead to a greater degree of rejection. They often find that to be the case.

Because it's a lose-lose to hire a Tyrone or Abdul. Even if they're the most qualified, they're "high-maintenance," arriving with extra-legal protections and considerations. Down the road they can always hide behind the specter of racism if their performance is found lacking.

Just another serf , says: May 2, 2021 at 6:28 am GMT "¢ 19.7 hours ago

It's a new world of fraud, total fraud. Biden is an absurd fraud. They are all frauds, because actual accomplishments, real work, are so very much more difficult than lies.

Indians are fantastic fraudsters. Africans are fraud specialists. Many Asians are not so much CV fraudsters as they are test cheaters.

Reaper , says: May 2, 2021 at 1:38 pm GMT "¢ 12.5 hours ago
@Vojkan foreigners."

Agreed as they do it in Swiss. They prefer to employ their folk, if find a suitable person and wait up to 6 months before consider an outlander. Only then ready to employ someone else.

BUT: Will not employ a dullard just because they share a citizenship/ ancestors. About 20% are foreigners among the employed, in Geneva probably most of the employed.

And this is strictly the opposite what is common in many place (and self-appointed "nationalists" demand): No matter how incompetent but employ the dullard native, while send home the competent/ hardworking.

Against meritism/ competition and bad for business.

Ghost of Bull Moose , says: May 2, 2021 at 2:38 pm GMT "¢ 11.5 hours ago

There are plenty of dishonest Europeans, but honesty as a high value seems Western. Subcons caught in a lie will grin and do a head waggle something between a nod and a shake. Blacks will insist the lie is true. East Asians will lie until you demonstrate they cannot get away with it. Latin Americans only lie when they speak.

HallParvey , says: May 2, 2021 at 3:27 pm GMT "¢ 10.7 hours ago
@Just another serf

It's a new world of fraud, total fraud.

There's nothing new under the sun. It's always been fraud, flimflam and bamboozle. Somebody once said, you can fool all of the people some of the time and some of the people all of the time, but not all of the people all of the time. But, then again, he could have just been fooling around.

[May 03, 2021] Bullying Epidemic - Facts, Statistics and Prevention

May 03, 2021 | www.educationcorner.com

by Becton Loveless

Bullying is an epidemic. It is rampant, widespread, pervasive and the effects can be catastrophic. It occurs in our communities, in our schools – and sadly – even in our homes. Bullying statistics are staggering, scary and merit serious consideration and immediate action. Consider the following:

Facts and Statistics

2 National Center for Education Statistics and Bureau of Justice Statistics

Types of Bullying

When most people think about bullying they envision some kind of physical intimidation. However, bullying can take on many forms which are just as emotionally and psychologically damaging as physical intimidation and harassment. There are four general forms of bullying. These include:

https://e591c5ed6f38711a3115f71a47fa9434.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Where Does Bullying Occur?

The majority of bullying occurs at school, outside on school grounds during recess or after school, and on the school bus – or anywhere else students interact unsupervised. Bullying may also occur at home between siblings or in the community where kids congregate. Cyberbullying takes place online and via digital communication devices.

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According to one statistically significant study, middle school age students experienced bullying on school grounds in the following locations:*

https://e591c5ed6f38711a3115f71a47fa9434.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

* Bradshaw, C.P. (2007). Bullying and peer victimization at school: Perceptual differences between students and school staff. 36(3), 361-382.

Anti-bullying Laws and Policies

Currently, there aren't any Federal anti-bullying laws. However, state and local lawmakers have taken steps to prevent bullying and protect the physical, emotional and psychological well being of children. To date, 49 states have passed anti-bullying legislation. When bullying moves into the category of harassment, it then becomes a violation of Federal law. Criminal code as it relates to bullying by minors varies from state to state. The map below shows the states that have established anti-bullying laws, anti-bullying policies, and both anti-bullying laws and policies.

[May 03, 2021] Freightwaves claims that companies pay $70,000 For A Part-Time Drivers, which is questionable

Probably $25 an hour or $50K a year is more realistic. Part time jobs are even better to hem to avoid money crunch and at the same time continue to look for an IT job. Might be a viable option for younger healthy IT specialists. CDL course from a reputable truck driving school is around $3500 and they provide you a truck for the DMV exam, but you can try self-study and might pass written exam from a second try as there is nothing complex in the test, saving half of those money.
Notable quotes:
"... What's happening, he said, is that drivers are looking at the fact that they can make $70,000 'and stay home a little more.' ..."
"... To put the numbers in perspective, Todd Amen, the president of ATBS, which prepares taxes for mostly independent owner-operators, said in a recent interview with the FreightWaves Drilling Deep podcast that the average tax return his company prepared for drivers' 2020 pay was $67,500. He also said his company prepared numerous 2020 returns with pay in excess of $100,000. ..."
May 02, 2021 | www.zerohedge.com

By John Kingston of Freightwaves,

David Parker is the CEO of Covenant Logistics and he was blunt with analysts who follow the company on its earnings call Tuesday.

'How do we get enough drivers? ' he said in response to a question from Stephens analyst Jack Atkins. 'I don't know.'

Parker then gave an overview of the situation facing Covenant, and by extension other companies, in trying to recruit drivers. One problem: With rates so high, companies are encountering the fact that a driver doesn't need to work a full schedule to pull in a decent salary.

'We're finding out that just to get a driver, let's say the numbers are $85,000 (per year) ,' Parker said, according to a transcript of the earnings call supplied by SeekingAlpha. ' But a lot of these drivers are happy at $70,000. Now they're not coming to work for me, unless it's in the ($80,000s), because they're happy making $70,000.'

Seasonally adjusted long distance truck drivers. Source: BLS To learn more about FreightWaves SONAR, please go here.

What's happening, he said, is that drivers are looking at the fact that they can make $70,000 'and stay home a little more.'

The result is a tightening of capacity. Parker said utilization in the first quarter at Covenant was three or four percentage points less than it would have as a result of that development. ' It's an interesting dynamic that none of us have calculated,' he said.

To put the numbers in perspective, Todd Amen, the president of ATBS, which prepares taxes for mostly independent owner-operators, said in a recent interview with the FreightWaves Drilling Deep podcast that the average tax return his company prepared for drivers' 2020 pay was $67,500. He also said his company prepared numerous 2020 returns with pay in excess of $100,000.

Parker was firm that this was not a situation likely to change soon. 'There's nothing out there that tells me that drivers are going to readily be available over the medium [term in] one to two years,' he said. 'And that's where I'm at.'

Paul Bunn, the company's COO and senior executive vice president, echoed what other executives have said recently: Additional stimulus benefits are making the situation tighter. He said that while offering some hope that as the benefits roll off, 'that might help a bit.'

But what the government giveth the government can sometimes taketh away. Bunn expressed another familiar sentiment in the industry today, that an infrastructure bill adding to demand for workers would create more difficulty to put drivers behind the wheel. Construction, Bunn said, is 'a monster competitor of our industry' and if the bill is approved, 'that's going to be a big pull.'

Labor is going to be a 'capacity constraint' through the economy, Bunn said, while conceding that trucking is not unique in that. And because of that labor squeeze, capacity in many fields is going to be limited. ' The OEMs, the manufacturers are limited capacity ,' Bunn said. 'They're not ramping up in a major, major way because of labor, because of commodity pricing, because of the costs.'

All that means is that capacity growth is going to be 'reasonable,' Bunn said. 'It's not going to be crazy, people growing fleets [by] significant amounts.'

'It's all you can do just to hold serve, ' he added.

... ... ...

[May 03, 2021] Tucker Carlson Says People Who Wear Masks Outside Should Be Mocked by Paul Joseph Watson

Apr 27, 2021 | www.zerohedge.com

Authored by Paul Joseph Watson via Summit News,

Leftists reacted with fury after Fox News host Tucker Carlson said people who wear masks outside should be mocked and that parents who made their kids wear them were engaging in "child abuse."

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https://imasdk.googleapis.com/js/core/bridge3.453.0_en.html#goog_1043494571

Carlson noted that masks were "purely a sign of political obedience like Kim Il-Sung pins in Pyongyang" and that the only people who voluntarily wear masks outside are "zealots and neurotics."

He then asserted that the tables should be turned on Biden voters who have been harassing conservatives for almost a year for not wearing a mask in public.

"The rest of us should be snorting at them first, they're the aggressors – it's our job to brush them back and restore the society we were born in," said Carlson.

"So the next time you see someone in a mask on the sidewalk or on the bike path, do not hesitate. Ask politely but firmly, ' Would you please take off your mask? Science shows there is no reason for you to be wearing it. Your mask is making me uncomfortable, " he added.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1386921015943602178&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcovid-19%2Ftucker-carlson-says-people-who-wear-masks-outside-should-be-mocked&sessionId=2230b0fb24328ba2a6edaa853064249defa128d8&siteScreenName=zerohedge&theme=light&widgetsVersion=b5cd9ac%3A1619504549508&width=550px

"We should do that and we should keep doing it until wearing a mask outside is roughly as socially accepted as lighting a Marlboro on an elevator."

The Fox News host went on to call mask wearing "repulsive" while asserting that forcing children to wear masks outside should be illegal.

"Your response when you see children wearing masks as they play should be no different from your response to seeing someone beat a kid in Walmart. Call the police immediately. Contact Child Protective Services. Keep calling until someone arrives," Carlson said.

"What you're looking at is abuse, it's child abuse, and you are morally obligated to attempt to prevent it," he added.

As expected, Carlson immediately began trending on Twitter, with hysterical leftists hyperventilating over Tucker once again challenging their cult. Many called for the Fox News host to be fired while others ludicrously described him as a "national security threat."

As we highlighted yesterday , even Dr. Fauci now admits that the risk of vaccinated people spreading COVID outside is "minuscule," and yet some health professionals are pushing for the mask mandates to be made permanent.

The transmission of COVID-19 outdoors is almost non-existent, making mask mandates merely a political tool of population control.

In a recent open letter to the German government and state premiers, five leading members of the Association for Aerosol Research (GAeF) wrote, "The transmission of SARS-CoV-2 viruses takes place indoors almost without exception. Transmission outdoors is extremely rare and never leads to cluster infections as can be observed indoors."

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Fiscal.Enema 8 hours ago (Edited)

In all fairness... Tucker should have pointed out that SOME MASKS do filter out the virus most of the time.

Wearing a mask outdoors in most situations is ridiculous, stupid, and dangerous.

3M N95's 1860 which are electrostatically charged have good filtration protection against most virus.

https://www.3m.com/3M/en_US/company-us/all-3m-products/~/3M-Health-Care-Particulate-Respirator-and-Surgical-Mask-1860-N95-120-EA-Case/?N=5002385+3294795990&rt=rud

Why the us government did not fund this type of mask for all is telling what the overall strategy is.

Controlling you, your neighbor, and others that think for themselves.

Its not about the virus

Robert Neville 7 hours ago

Actually, M95 masks filter out 95% of particles over 4 microns in diameter in perfect conditions. In the real world it is much less effective than that. Viruses are generally less than one micron in size so they are ineffective for most viruses. Also, the masks are so hard to breath through that some version have an exhale valve so they do nothing to protect others if you are infected. Most masks don't protect your eyes. The only thing that works is a space suit that is decontaminated before you remove it. The rest is virtue siganling.

Fiscal.Enema 6 hours ago

https://www.cidrap.umn.edu/news-perspective/2012/04/lab-study-supports-use-n95-respirators-flu-protection

PUT THAT IN YOUR PIPE AND SMOKE IT!

Properly fitted n95's do protect against virus and the science proves it.

Dickweed Wang 10 hours ago (Edited)

This is an excerpt from the "Stanford Study" from November 2020 (that's been making the rounds in the alternative media and conservative media space recently) about the uselessness of masks in preventing "the virus":

A meta -analysis among health care workers found that compared to no masks, surgical mask and N95 respirators were not effective against transmission of viral infections or influenza-like illness based on six RCTs [28] . Using separate analysis of 23 observational studies, this meta -analysis found no protective effect of medical mask or N95 respirators against SARS virus [28] . A recent systematic review of 39 studies including 33,867 participants in community settings (self-report illness), found no difference between N95 respirators versus surgical masks and surgical mask versus no masks in the risk for developing influenza or influenza-like illness, suggesting their ineffectiveness of blocking viral transmissions in community settings [29] .

It's predictable that the usual suspects have come out of the woodwork to "fact check" and disparage the entire paper (do an internet search for 'Stanford Mask Paper' and you'll see what I'm talking about). Their main criticism is 'that wasn't published by Stanford', while they totally ignore the claims made in the paper. When you look at the people and organizations doing the fact checking it really shows that the entire mask issue is a political/control ploy. Here's the link to the entire paper if anyone is interested:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7680614/

[May 03, 2021] He who wear mask while alone in car should also wear condom while alone in bed. The power of propaganda about wearing masks outdoor coming from TV truly rots your brain

From comments: " Tucker is right on this one. If you wear a mask outside you truly are a moron. You may as well add goggles and a butt plug." ... "Don't forget about those solo drivers with masks on!", "Maskers are stupid scared virtue signalers"
May 03, 2021 | www.zerohedge.com

Dickweed Wang 10 hours ago (Edited)

As an anti-mask militant for quite a while now I've been going out of my way to ask people with masks on outdoors why they're wearing one (I've really tried to be polite but it's getting increasingly hard to do that). In literally hundreds of instances I haven't gotten a straight answer yet. It's stunning that people are so gullible but it shows what the power of propaganda really is. 99% of that is coming from teevee, which truly rots your brain.

Capt Tripps 10 hours ago remove link

They are signaling the submission to a tyrannical state. That submission makes us all less free.

safelyG 10 hours ago

mister tucker is wrongeddy wrong wrong.

we must all wear multiple masks. indoors. outdoors. at work. at play. while we sleep. while we bathe. while we eat. while we sing praises unto the most high.

and we must remain 8 feet apart, one from the other. at all times.

and report our whereabouts and our contacts and our body temperature. to the authorities.

get your vacines!

lovingly,
bill n melinda

radical-extremist 10 hours ago

When Tucker Carlson says to tell people to take off their masks and call CPS on parents who mask their children he's trolling the Left. And because the Left has no sense of humor or irony or hypocrisy...they're of course OUTRAGED, which was his point.

Realism 10 hours ago remove link

I like it best when hiking outside, in 75 degree weather with a nice breeze, you see people put up their mask as they walk by

Pure comedy, it's hard to understand the stupidity if you think you'll get any disease much less Covid walking by someone

And importantly, would you really be hiking if you had Covid LOL

aztrader 10 hours ago

Mask wears see it as a badge of honor because they "care" about other people. In reality, it's a badge of Stupidity and ignorance.

Prince Velveeta 10 hours ago (Edited) remove link

California is an open-air mental ward. I was just out there and the collective idiocy is astounding. People jogging with masks on , exaggerating their breathing as they pass you in some competitive virtue signaling event. I witnessed some idiot jogging up the hill past my family member's house, with a bandana on his face, being sucked into his mouth as he's gasping for air.....

[May 03, 2021] Free markets are only free for parasites and usurers to run their schemes.

May 03, 2021 | www.unz.com

Mefobills , says: May 2, 2021 at 8:14 pm GMT • 5.9 hours ago

@HallParvey st absolutely destroy them.

I said: Okay, I get it, if you lend them the money, then they can pay. This is like a Ponzi scheme: you lend the investors enough to pay the interest and keep current. That was my introduction to how the balance of payments worked between the United States and the third world and how political the whole credit problem was.

Free markets are only free for parasites and usurers to run their schemes. Lolbertarianism is an ideology of our (((friends))), and I think its adherents are dupes. I no longer think they are well meaning dupes either, they have a personality defect, where they lack empathy.

[May 03, 2021] The CIA Used To Infiltrate The Media... Now The CIA Is The Media by Caitlin Johnstone,

Apr 16, 2021 | www.zerohedge.com

Authored by Caitlin Johnstone,

Back in the good old days, when things were more innocent and simple, the psychopathic Central Intelligence Agency had to covertly infiltrate the news media to manipulate the information Americans were consuming about their nation and the world. Nowadays, there is no meaningful separation between the news media and the CIA at all.

me data-google-container-id=

Analysis: US blinks first on Russia-Ukraine tensions

Journalist Glenn Greenwald just highlighted an interesting point about the reporting by The New York Times on the so-called “Bountygate†story the outlet broke in June of last year about the Russian government trying to pay Taliban-linked fighters to attack US soldiers in Afghanistan.

“One of the NYT reporters who originally broke the Russia bounty story (originally attributed to unnamed ‘intelligence officials’) say today that it was a CIA claim,†Greenwald tweeted .

“So media outlets - again - repeated CIA stories with no questioning: congrats to all.â€

Indeed, NYT’s original story made no mention of CIA involvement in the narrative, citing only “officials,†yet this latest article speaks as though it had been informing its readers of the story’s roots in the lying, torturing , drug-running , warmongering Central Intelligence Agency from the very beginning. The author even writes “The New York Times first reported last summer the existence of the C.I.A.’s assessment,†with the hyperlink leading to the initial article which made no mention of the CIA. It wasn’t until later that The New York Times began reporting that the CIA was looking into the Russian bounties allegations at all.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1382793565714153472&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fcia-used-infiltrate-media-now-cia-media&sessionId=77ef0dadbd05c9f3bcb1de7857a624713a43f3d8&siteScreenName=zerohedge&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=550px

This would be the same “Russian bounties†narrative which was discredited all the way back in September when the top US military official in Afghanistan said no satisfactory evidence had surfaced for the allegations, which was further discredited today with a new article by The Daily Beast titled “ U.S. Intel Walks Back Claim Russians Put Bounties on American Troops â€.

The Daily Beast , which has itself uncritically published many articles promoting the CIA “Bountygate†narrative, reports the following:

It was a blockbuster story about Russia’s return to the imperial “Great Game†in Afghanistan. The Kremlin had spread money around the longtime central Asian battlefield for militants to kill remaining U.S. forces. It sparked a massive outcry from Democrats and their #resistance amplifiers about the treasonous Russian puppet in the White House whose admiration for Vladimir Putin had endangered American troops.

But on Thursday, the Biden administration announced that U.S. intelligence only had “low to moderate†confidence in the story after all. Translated from the jargon of spyworld, that means the intelligence agencies have found the story is, at best, unproven â€" and possibly untrue.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1382769897420296194&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fcia-used-infiltrate-media-now-cia-media&sessionId=77ef0dadbd05c9f3bcb1de7857a624713a43f3d8&siteScreenName=zerohedge&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=550px

So the mass media aggressively promoted a CIA narrative that none of them ever saw proof of, because there was no proof, because it was an entirely unfounded claim from the very beginning. They quite literally ran a CIA press release and disguised it as a news story.

This allowed the CIA to throw shade and inertia on Trump’s proposed troop withdrawals from Afghanistan and Germany, and to continue ramping up anti-Russia sentiments on the world stage , and may well have contributed to the fact that the agency will officially be among those who are exempt from Biden’s performative Afghanistan “withdrawal†.

In totalitarian dictatorships, the government spy agency tells the news media what stories to run, and the news media unquestioningly publish it. In free democracies, the government spy agency says “Hoo buddy, have I got a scoop for you!†and the news media unquestioningly publish it.

In 1977 Carl Bernstein published an article titled “ The CIA and the Media †reporting that the CIA had covertly infiltrated America’s most influential news outlets and had over 400 reporters who it considered assets in a program known as Operation Mockingbird . It was a major scandal, and rightly so. The news media is meant to report truthfully about what happens in the world, not manipulate public perception to suit the agendas of spooks and warmongers.

Nowadays the CIA collaboration happens right out in the open, and people are too propagandized to even recognize this as scandalous. Immensely influential outlets like The New York Times uncritically pass on CIA disinfo which is then spun as fact by cable news pundits . The sole owner of The Washington Post is a CIA contractor , and WaPo has never once disclosed this conflict of interest when reporting on US intelligence agencies per standard journalistic protocol. Mass media outlets now openly employ intelligence agency veterans like John Brennan, James Clapper, Chuck Rosenberg, Michael Hayden, Frank Figliuzzi, Fran Townsend, Stephen Hall, Samantha Vinograd, Andrew McCabe, Josh Campbell, Asha Rangappa, Phil Mudd, James Gagliano, Jeremy Bash, Susan Hennessey, Ned Price and Rick Francona, as are known CIA assets like NBC’s Ken Dilanian, as are CIA interns like Anderson Cooper and CIA applicants like Tucker Carlson.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1382777804014641152&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fcia-used-infiltrate-media-now-cia-media&sessionId=77ef0dadbd05c9f3bcb1de7857a624713a43f3d8&siteScreenName=zerohedge&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=550px

This isn’t Operation Mockingbird. It’s so much worse. Operation Mockingbird was the CIA doing something to the media. What we are seeing now is the CIA openly acting as the media. Any separation between the CIA and the news media, indeed even any pretence of separation, has been dropped.

This is bad. This is very, very bad. Democracy has no meaningful existence if people’s votes aren’t being cast with a clear understanding of what’s happening in their nation and their world, and if their understanding is being shaped to suit the agendas of the very government they’re meant to be influencing with their votes, what you have is the most powerful military and economic force in the history of civilization with no accountability to the electorate whatsoever. It’s just an immense globe-spanning power structure, doing whatever it wants to whoever it wants. A totalitarian dictatorship in disguise.

And the CIA is the very worst institution that could possibly be spearheading the movements of that dictatorship. A little research into the many, many horrific things the CIA has done over the years will quickly show you that this is true; hell, just a glance at what the CIA was up to with the Phoenix Program in Vietnam will.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1382856410443186179&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fcia-used-infiltrate-media-now-cia-media&sessionId=77ef0dadbd05c9f3bcb1de7857a624713a43f3d8&siteScreenName=zerohedge&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=550px

There’s a common delusion in our society that depraved government agencies who are known to have done evil things in the past have simply stopped doing evil things for some reason. This belief is backed by zero evidence, and is contradicted by mountains of evidence to the contrary. It’s believed because it is comfortable, and for literally no other reason.

The CIA should not exist at all, let alone control the news media, much less the movements of the US empire. May we one day know a humanity that is entirely free from the rule of psychopaths, from our total planetary behavior as a collective, all the way down to the thoughts we think in our own heads.

May we extract their horrible fingers from every aspect of our being.

* * *

New book: Notes From The Edge Of The Narrative Matrix .

The best way to get around the internet censors and make sure you see the stuff I publish is to subscribe to the mailing list for at my website or on Substack , which will get you an email notification for everything I publish. My work is entirely reader-supported , so if you enjoyed this piece please consider sharing it around, liking me on Facebook , following my antics on Twitter , or throwing some money into my tip jar on Ko-fi , Patreon or Paypal . If you want to read more you can buy my books . For more info on who I am, where I stand, and what I’m trying to do with this platform, click here . Everyone, racist platforms excluded, has my permission to republish, use or translate any part of this work (or anything else I’ve written) in any way they like free of charge.

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19,360 115

[May 03, 2021] New kind of leadership

Apr 26, 2021 | finance.yahoo.com

Archegos is a Greek word denoting leadership. The place where the eponymous family office led UBS, and a growing roll call of investment banks, was into a morass.

[May 03, 2021] This Bull Market Has a Troubling Reliance on Speculation by James Mackintosh

Highly recommended!
See also Investors Big and Small Are Driving Stock Gains With Borrowed Money - WSJ The stock market definitely has gambling problem. Just look at Yahoo Finance coverage. It is insane. They cheerleading reckless behaviour and ignore each and every warning sign.
Notable quotes:
"... In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. ..."
"... The parallel in the stock market is the hunt for the greater fool . Sure, GameStop shares bear no relation to the reality of the company, but I can make money from buying an overpriced stock if I can find someone willing to pay even more because they 'like the stock.' ..."
"... The concern for investors: How much of the market's gain is thanks to this pure speculation, and how much to the justifiable gains of the improving economy and low rates? If too much comes from speculation, the danger is that we run out of greater fools and prices quickly drop back. ..."
Mar 26, 2021 | www.wsj.com

In Minsky's second stage, borrowers plan only to repay the interest, and refinance when the main debt is due to be repaid; much company debt works like this. It is taken out with a plan to roll it over indefinitely. Interest rates matter a lot: If they go down when the company needs to refinance, it will pay less.

The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out.

A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded.

In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example.

The parallel in the stock market is the hunt for the greater fool . Sure, GameStop shares bear no relation to the reality of the company, but I can make money from buying an overpriced stock if I can find someone willing to pay even more because they 'like the stock.'

Wild bets became obvious this year, as newcomers armed with stimulus, or 'stimmy,' checks drove up the price of many tiny stocks, penny shares and those popular on Reddit discussion boards.

The concern for investors: How much of the market's gain is thanks to this pure speculation, and how much to the justifiable gains of the improving economy and low rates? If too much comes from speculation, the danger is that we run out of greater fools and prices quickly drop back.

... ... ...

Write to James Mackintosh at James.Mackintosh@wsj.com

[May 03, 2021] Buffett- Trading apps contributing to 'casino aspect' of stock market

May 03, 2021 | finance.yahoo.com

Warren Buffett on Saturday said RobinHood and other trading apps were contributing to the "casino aspect" of the stock market, which has grown more prevalent over the past year to year-and-a-half. In response to a question about the trading apps at Berkshire Hathaway Inc.'s annual meeting, Buffett said that while there was nothing illegal or immoral about short-term, speculative trading activity, "I don't think you build a society around people doing it."

Vice Chairman Charlie Munger expressed stronger misgivings, calling it "just godawful that something like that would draw investment from civilized men and decent citizens; it's deeply wrong. We don't want to make our money selling things that are bad for people."

[May 03, 2021] Note on colledge entrance discrimination

May 03, 2021 | www.unz.com

,

LondonBob , says: April 26, 2021 at 10:49 am GMT • 6.6 days ago
@dearieme

My uncle did admissions at Cambridge and he actively discriminated against Public School boys, despite being one himself. He was actually involved in hiring that black woman to be the Master at Christ's College. Similarly at Citi it was very obvious any remotely competent black was promoted way beyond there competency, although that was largely limited to back and middle office roles.

Still the ONS dataset is A09, Labour Market status by ethnic group, is testament to white folks ingenuity to overcome such discrimination and the free market at work.

[May 03, 2021] Neoliberals inflated education costs in the USA top colleges to the level at which it now is totally oriented on rich and foreigners; it reached the stage when it is not worth the money for the common folk

Community colleges are still holding at the level when it makes sense to spend money. Selected state colleges too.
May 03, 2021 | www.wsj.com

In fall 2011 the National Student Clearinghouse Research Center found that higher education enrollment was slightly more than 20.5 million students. By fall 2019 that figure had dropped to about 18.2 million, a decline of slightly over 11%. During those eight years the number of 18- to 24-year-olds remained roughly constant.

We have long had a social consensus that it's worth four years of our children's lives and very large sums of their parents' money to see their knowledge, mental capacity, and career prospects greatly expanded by going to college. Attitudes and habits formed by this consensus were bound to lag behind the reality of academia as it now is. Yet the NSCRC numbers show that already about 1 in 9 have mustered the courage and independence of thought to face reality and stop wasting time and money.

This illicit conversion of a vital social institution to an alien use deprives all Americans of the benefits of a properly functioning system of higher education. It also means that a destructive and long since discredited political ideology is now using colleges and universities to gain a degree of influence over society that it could never have achieved at the ballot box. That's election interference on a scale not remotely matched by anything that was alleged in the 2020 election.

When academia's astonishing message to society is, "We'll take your money, but we'll do with it what we want, not what you want," the response ought to be simple: "No you won't." The question is, can the millions of people who make up that wonderful abstraction called "society" act in a way that is sufficiently concerted and organized to deliver the message effectively? Many have already made a good start. But the rest need to join if we are ever again to have college campuses that aren't as academically incompetent as they are politically malevolent.

Mr. Ellis is a professor emeritus of German literature at the University of California, Santa Cruz and author of "The Breakdown of Higher Education: How It happened, the Damage It Does, and What Can Be Done."

[May 02, 2021] If I'm going to lose the house gambling, it's more respectable to do so in the stock market.

May 02, 2021 | www.wsj.com
SUBSCRIBER 2 hours ago Borrowing money to gamble on the stock market is not a very smart thing to do in my opinion. Like thumb_up 7 Reply Share link Report R

If I'm going to lose the house gambling, it's more respectable to do so in the stock market. SUBSCRIBER 2 hours ago

Borrowing money to gamble on the stock market is not a very smart thing to do in my opinion.

[Apr 27, 2021] We Can t Police These People by Gregory Hood

Apr 27, 2021 | www.unz.com
We Can’t Police These People GREGORY HOOD • APRIL 21, 2021 • 2,300 WORDS • 16 COMMENTS • REPLY Tweet Reddit Share Share Email Print More RSS Share to Gab After a jury found Derek Chauvin guilty on all three counts, people celebrated outside of the Hennepin County Government Center and marched downtown in Minneapolis, Minnesota, on April 20, 2021. (Credit Image: © Dominick Sokotoff / ZUMA Wire)

“Nothing is more certainly written in the book of fate than that these people are to be free. Nor is it less certain that the two races, equally free, cannot live in the same government. Nature, habit, opinion has drawn indelible lines of distinction between them.†â€" Thomas Jefferson

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1384615385127817225&lang=en&origin=https%3A%2F%2Fwww.unz.com%2Fghood%2Fwe-cant-police-these-people%2F&sessionId=d2e5069c452172e4f5d4a2eb4c42221d839ce747&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=500px

The trial was pointless . We knew the outcome . We knew the threat. Convict Derek Chauvin of murder, or cities will burn . Jurors surely knew they would be doxxed if they didn’t vote to convict; one potential juror was dismissed after he dared mention this fear.

There is a debate to be had about police conduct. I’m not going to back the blue unconditionally after Charlottesville , Ashli Babbit , and the ruthless manhunt for January 6 rioters. Derek Chauvin would have carried out the same orders against us. However, what Derek Chauvin did to George Floyd isn’t even close to what happened to white man Daniel Shaver , gunned down in a hotel hallway by a police officer who was later acquitted and was paid for his mental suffering . This is about race, not police. I expect police will crack down further on law-abiding whites while ignoring black crime .

The howls for Derek Chauvin’s head were primal. I haven’t heard such cries of triumph since O.J. Simpson was acquitted .

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Of course, Derek Chauvin was hardly a champion of white identity . In 2018, the Twin Cities Pioneer Press gave a fawning profile to his then-wife, Hmong refugee Kellie Chauvin. She called her husband a “gentleman†and “just a softie.†Less than two years later, just three days after George Floyd’s death , she divorced him. Her lawyer told journalists about her “utmost sympathy†for Floyd’s family.

What’s so striking about the Derek Chauvin case is that it could have happened anywhere. Every police officer (or white person who lives in a black neighborhood) knows about the sob stories, the wailing, the lying, and the sudden switch from threats to begging and back again when blacks face cops. Floyd himself had tried this soft-shoe routine when he was arrested in 2019. Derek Chauvin and his three colleagues had probably seen far worse.

Yet it was Derek Chauvin’s blasé attitude during the arrest, his business-like nature, that doomed him. If he had acted less professional, by panicking or begging Floyd to remain calm, it would have been different. The other officers were just as relaxed. They must feel dumbfounded that their attempts to subdue a raving man on drugs led to something close to a revolution. The prosecutor’s closing argument was something out of a nursery rhyme, denying that George Floyd’s heart problems and drug-taking caused his death, but rather that Derek Chauvin’s “heart was too small.†(The media loved it.)

Whether a routine arrest like this becomes a cause depends on countless factors. If the teenager Darnella Frazier had not taken a video , nothing would have happened. Even with body cam footage, I suspect there would have been no case. Without a simple image to rouse the simple masses, no one would have cared.

The sanctification of George Floyd makes this even more surreal. The #MeToo movement took down powerful men who had made inappropriate jokes or crude gestures decades ago, but a criminal who spent his last moments on earth trying to rip-off shopkeepers and lying to police has become a holy figure , complete with literal claims of miracles. George Floyd’s life and death were practically a caricature of what the crudest “racist†would conjure out of a hateful imagination. A white man with his record would have been treated exactly the same , but because Floyd was black, journalists made him a saint. Most people let others build their reality . Post-white America has a new faith .

Fox News host Greg Gutfeld, author of The Bible of Unspeakable Truths and The Joy of Hate , said that even if Derek Chauvin wasn’t guilty of all charges, he thought the verdict was a good thing. “I want a verdict that keeps this country from going up in flames,†he explained. That’s the bravery of American conservatives for you. While the country didn’t “go up in flames,†there were some troubling signs last night that worse is to come.

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The guilty verdict didn’t calm the streets. It didn’t even calm the politicians. The President of the United States said that “this can be a moment of significant change.†Kamala Harris , whose parents are immigrants, intones that this won’t “heal the pain that existed for generations.†Barack and Michelle Obama want “true justice,†which requires “that we come to terms with the fact that Black Americans are treated differently, every day.†(I don’t think they mean affirmative action.) Alexandria Ocasio-Cortez said the verdict wasn’t justice and doesn’t want people to think the system works. Empty-headed celebrities demand that more be done.

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The guilty verdicts didn’t douse the fire; it fed the flames. It’s yet more proof: rioting works.

And now, we’ve already had a member of Congress demanding that policing be abolished because it can’t be reformed:

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Rep. Tlaib represents Detroit , where the already-ruined city saw a huge increase in homicides and shootings in 2020, just another part of what was undoubtedly the largest single-year increase in the murder rate in American history. Almost all the added victims were black. “The community†doesn’t seem to care, so there’s no reason politicians should.

Let’s hear no wailing about “black lives.†The main victims of the crime wave are black, with victims including children , partygoers , and funeral guests . Voters who elect progressive prosecutors don’t seem to care any more than the “community†does. Do they prefer bloodshed to good police work?

Vox tells us BLM has led to a reduction in “police homicides†in areas where there were protests. Of course, at least some of these homicides would have been justified use of force. Yet the very same research Vox cites says that between 2014 and 2019, there were “somewhere between 1,000 and 6,000 more homicides than would have been expected [absent protests]†in those places. Even if we accept the unhinged premise that police suddenly stopped gunning down blacks for no reasons, the result of BLM was thousands of dead blacks â€" and nice houses for the movement’s co-founder .

Still, it’s not about blacks. It’s about us. Rudyard Kipling, a poet who wouldn’t get far in our affirmative action world , wrote :

It is always a temptation for a rich and lazy nation,

To puff and look important and to say: â€"

“Though we know we should defeat you, we have not the time to meet you.

We will therefore pay you cash to go away.â€

And that is called paying the Dane-geld;

But we’ve proved it again and again,

That if once you have paid him the Dane-geld

You never get rid of the Dane.

We paid the Dane-geld. We’ve shamefully paid it to people with far less nobility and courage than the Vikings. The Minnesota protester screaming that riots worked is right. They worked because they had media backing. If others ran the press, the Cannon Hinnant case alone could have changed everything. Instead, most whites haven’t heard of it, nor about the others of our race butchered every year .

Our loss of identity leaves us vulnerable to moral blackmail. Whites seem to be in a permanent state of shellshock. White conservatives want to be left alone, with Tucker Carlson saying that what the nation needs “more than anything†is “a moment to catch our national breath.†Really? Conservatives know something is wrong, but don’t dare recognize the real problem. Republicans who collaborate with this rotten system have shut down even halting steps towards white identity .

Meanwhile, over the last decade, white liberals have radically changed their views on race and actively discriminate against whites . It’s more correct to say that new views were inserted into their brains through hysterical media coverage of police shootings. Those who call themselves “very liberal†are hopelessly deluded. A majority think that police gun down over 1,000 unarmed black men a year â€" almost 100 times the actual number.

https://www.bitchute.com/embed/5Bf07CnmFidD/

Statistics can’t compete with sob-stories, and stories give people meaning. I believe many Americans get their moral purpose for life from them.

There are also specific benefits in keeping the system going. Activists and politicians build careers. Blacks get a chance of hitting the “ ghetto lottery †(assumed they aren’t killed) and becoming heroes. It’s a strong incentive to turn a petty scam into an epic showdown. Journalists who want to lead a social revolution or just get clicks (or both) fall right in line.

Even as this is written, there is a case in Columbus, Ohio that could be our next George Floyd-style passion play. Officers arrived at a chaotic brawl and shot a black girl. Body cam footage shows the girl trying to stab someone before she was shot. Nonetheless, the image the Associated Press uses for the story is a Black Lives Matter protest. It looks like yet another case of a degenerate “community†causing chaos, attracting the police, and causing a racial confrontation.

This is what the dead girl’s aunt told The Daily Beast:

The police are going to lie. I’m so thankful that someone from the family was actually on the scene,†[Aunt] Bryant said . . . . “The police are going to lie. The police are going to cover up for themselves. They don’t care. At this point, I feel like they’re just out to kill Black people. They’re not here to protect and serve. That isn’t happening. That’s been over a long time ago. They’re not here to protect and serve. They’re here to kill Black folks.

Like many other whites, I’m exhausted. Unlike Tucker Carlson , I don’t think we need a chance to catch our breath or pursue change more slowly. We need radical change.

Every confrontation between a white officer and a non-white criminal is a potential riot . The process is corrupt because judges, jurors, and politicians know that the mob has a veto over the verdict. The rule of law is dead.

The answer is separation . Without it, this will never stop.

https://www.bitchute.com/embed/2vb9uMyWhLuW/

The strange reality is that there is almost no difference now between being a notorious white advocate or any white guy. Derek Chauvin went, in just one day, from a heartwarming “softie†who married a Hmong refugee to the embodiment of white supremacy. A few days ago, it was a soldier who stopped a black guy from accosting women. He had to be chased from his home. Tomorrow it could be you.

You could try to stop a crime. You could fight back against an assault. Maybe you just look at someone the wrong way. Maybe you do nothing at all. But if you donated $10 to a cause the media don’t like â€" or even if you didn’t â€" you could be the mark for the next great hate hoax.

I write this reluctantly. Many of us become white advocates kicking and screaming, afraid to see the truth. We all get here through experience , usually painful.

However, no matter how far you run, how earnestly you plead, what you say, or even whom you marry, you will always be white to those with power. That means many despise you. At some point, you must decide to stand or kneel, and a society that kneels before the memory of a George Floyd is not one worth serving or saving.

Credit Image: © Matthew Hatcher/SOPA Images via ZUMA Wire

Whites created this country. They sustain it. Without whites, there is no America. America is an extension of Western Civilization, white civilization, on this continent. Whites pay to support people who hate, curse, and sometimes kill us. We gain nothing. They owe everything. What they have, we gave them, through weakness, folly, and good intensions .

People celebrated outside of the Hennepin County Government Center after a jury found Derek Chauvin guilty on April 20, 2021. (Credit Image: © Dominick Sokotoff / ZUMA Wire)

We deserve reparations for trillions wasted in a 60-year effort to babysit a population that pays us back with violence and hatred. Most importantly, we deserve liberation from this albatross that prevents any kind of real national life. Almost any price would be worth paying if we could be sovereign and free, something our ancestors took for granted.

All the quasi-theological abstractions about “privilege†and “critical theory†melt away before one immutable truth: They need us; we don’t need them. Until we have the will to say so, all of us â€" including you â€" are just one “viral†incident away from ruin.


Dr. Charles Fhandrich , says: April 21, 2021 at 6:10 pm GMT • 10.8 hours ago

Don’t know who Gregory Hood is but I do know after reading all of his essays, that he is the most erudite writer on race issues. I find him fair and balanced basically sticking to the relevant issue of what ever he is writing about.

SafeNow , says: April 21, 2021 at 7:14 pm GMT • 9.7 hours ago

“Almost any price would be worth paying if we could be sovereign and free…â€

This essay is superb…but worryingly, only as far as it goes. What, very specifically, is the separation plan, and what is the price that might have to be paid and IS worth paying, and what is the price that is NOT worth paying? The action-plan cannot be safely specified, because we have already come too far for one to safely specify it. Already. And worse is to come.

Besides individual ramifications, there is this. In Trump vs. Hawaii, Justice Roberts declined to overrule Korematsu (the Japanese-internment case). He wrote that Korematsu had been “overruled by history.†Group internment remains the law of the land.

And yes, I am too cowardly to speak-out. Again. I was an undergraduate at an elite University exactly when (late 60s) and where this all started. I (and my friends, and like-minded faculty members and administrators) were all too cowardly to speak out, and take action, then. Too much to lose. I apologize to the younger generations.

Jimmy le Blanc , says: April 21, 2021 at 7:23 pm GMT • 9.5 hours ago

American Renaissance is a joke. No mention of the (((real problem))) at all. Until we can discuss and point to the (((instigators))) of our present day horror, we will achieve nothing. The funny and ironic thing about all of this is, (((they))) will suffer as much as any White at the hands of the Frankenstein’s monster they created. I guess Whites can take some small comfort in those just desserts.

Katrinka , says: April 21, 2021 at 7:37 pm GMT • 9.3 hours ago

The U.S. had a good run while it lasted. My plan is to move on. Whites really should consider leaving. Problem is when we establish a new area they will just come to move in on us all over again.

Chris Moore , says: • Website April 21, 2021 at 7:41 pm GMT • 9.2 hours ago

Fox News host Greg Gutfeld, author of The Bible of Unspeakable Truths and The Joy of Hate, said that even if Derek Chauvin wasn’t guilty of all charges, he thought the verdict was a good thing. “I want a verdict that keeps this country from going up in flames,†he explained. That’s the bravery of American conservatives for you.

This is how greed-driven “Jews†(Gutfeld is a partially Hebrew, greed-driven Globalist and stooge for Conservatism Inc) have destroyed the neoconned American right, and ultimately the nation. Having no soul or backbone, brushing it all under the carpet in deference to the Golden Calf markets, Satanic Hebrews like Gutfeld will appease the irrational mob all day long, and then just prior to collapse, invoke their “Jewish†heritage and flee to Israel.

This us why they are known as Judenrats , and have always been.

And “liberal†Judenrats are even worse, but had trouble penetrating the GOP until the ((neocons)) came along and sold it on easy-money wars.

Anything for a buck, no matter how Satanic. Morality never enters into the equation. They’re only destroying animal goyim nations, after all.

steinbergfeldwitzcohen , says: April 21, 2021 at 9:29 pm GMT • 7.4 hours ago

Whites don’t need blacks, browns or Jewish parasites.
The day we refuse to be intimidated and believe the lies is the day we get our countries back.
Demand that Congress exercise their constitutional power over money creation.
National strike.
Something.
We need to turn this cancer around rather than waiting for the ship to hit the iceberg. That will be the financial collapse lurking. It is the perfect opportunity for radical reform including constitutional admendments. It will be a blessing in disguise: angry masses looking for soneone to blame. Tptb will try to throw US to the angry masses but we throw them.

Paulbe , says: April 21, 2021 at 10:49 pm GMT • 6.1 hours ago
@Katrinka

The comment above yours expresses well why “moving on†may not be possible. Its not just America they want.

Ultrafart the Brave , says: • Website April 22, 2021 at 12:52 am GMT • 4.1 hours ago
@steinbergfeldwitzcohen y intractable endemic racial frictions in the USA are being systematically nurtured and nourished by malign agents embedded in the American governmental and media frameworks.

The behaviour and loyalties of your Senator Maxine Waters makes this abundantly clear, beyond any ambiguity or doubt.

So there is a cancer, for sure, eating away at the American Republic.

To extend the analogy, the danger with any cancer is permitting it to get past the point of no return, after which the host cannot possibly recover and is inevitably consumed.

So you better find a cure soon, preferably something holistic which feeds the healthy constituents and promotes healing at the same time as extinguishing the poisonous infections.

Otherwise Team America may suffer a tragic and permanent demise.

Phibbs , says: April 22, 2021 at 12:56 am GMT • 4.0 hours ago

Don’t forget that Jews own the media and the politicians. The culture of vicitmhood, cancel culture, “wokeness,†race-baiting and multi-racialism all either originate in the Jewish community or are strongly supported by Jews. Jews brought down white, Christian Russia in 1917 and they are in the process of doing that here. Jews hate us Christian whites and that fact is reflected in their media.

ThreeCranes , says: April 22, 2021 at 1:03 am GMT • 3.9 hours ago

Mighty fine piece of writing.

unwoke , says: April 22, 2021 at 2:34 am GMT • 2.4 hours ago

“All the quasi-theological abstractions about “privilege†and “critical theory†melt away before one immutable truth: They need us; we don’t need them. Until we have the will to say so, all of us…â€

Us who? White liberals don’t want you & don’t need you & never will accept you, let alone agree any hare-brained scheme to ‘separate’ or have a racial homeland. And they’re using Blacks to tell you that.
And until we have the will to say so, nothing will result from DOA dreams about a separate state for “usâ€. A separate quasi-theological state abstraction based on race will melt away in immutable reality as quickly as the communist belief in a dictatorship of the proletariat abstraction. You have to make it here; there is no “us†anymore. Get ready for 2022 or civil war as you will, but there’s no escape to la-la land.

ruralguy , says: April 22, 2021 at 2:46 am GMT • 2.2 hours ago

In the 1960 census, Minnesota was 98.8% white. In 1973, Time magazine ran an article on the “Good Life in Minnesota.†It really was. We led the nation in education. In 1960, there were 1,400 violent crimes in the State. Now, it is 13,000 to 14,000. What happened? We had mass migration from Chicago. Our Minnesota socialists offered generous welfare benefits that attracted Chicago’s blacks and resettled many refugees from failed countries, like Somalia, to the State. The State went from low crime, highly educated, to much crime, much disorder, and a feeling we now live in a 3rd world country. Today, we have armed soldiers with machine guns on the corners of the streets in Minneapolis. You’d think the woke monsters that censure our news and who form the Chauvin jury would awake from their idiocy, but instead, they censure the facts, portray cops as the bad guys, portray drug abusing criminal degenerates like George Floyd as saints.

RoatanBill , says: April 22, 2021 at 3:07 am GMT • 1.8 hours ago

It looks like blacks are now untouchable. This can only cause them to increase their savage ways.

Realistically, wouldn’t it be better if every white person that wanted to be armed could do so, and do so without a gov’t permission slip? The reason we can’t pack a piece is because the gov’t says the police will protect us. I know that’s a lie, do you?

Get rid of street cops like Chauvin because they are the ones that aren’t there to protect us and end up in Floyd type situations. We should be demanding our Constitutional rights to carry a weapon if we want to AND have the laws changed so if we take out some POS there’s nothing to worry about.

Just think if a shop keepers in Portland put a shotgun round through their window through the same hole made by the brick some antifa or blm POS threw. All the rioting and destruction would have been cut off in seconds as these miscreants scatter. That’s the only way to handle the low life trash that currently has immunity via a justice system that is broken.

Eliminate street cops. Demand our Constitutional rights. Tell the gov’t to change the laws that allow for deadly force when attacked by some miscreant.

Robert Dolan , says: April 22, 2021 at 3:38 am GMT • 1.3 hours ago

It was a show trial.

A witch hunt.

And the Pollards were behind it.

Watch as cops refuse to police black areas….and black communities that are already under siege will EXPLODE in mayhem.

Magic Dirt , says: April 22, 2021 at 3:40 am GMT • 1.3 hours ago

Intentions. Not “intensionsâ€. Weird error.

Ray Caruso , says: April 22, 2021 at 4:09 am GMT • 47 minutes ago

No, Whites cannot police them, just like we cannot educate them. That’s why the only acceptable solution is to expel them from White countries. Any other course of action will mean the end of civilization because their presence is incompatible with civilized life. Fuck them all and their cuckservative fans.

[Apr 26, 2021] Services, which accounted for about 40% of GDP in the 1950s, now account for about 60% of it

Apr 26, 2021 | www.wsj.com

The U.S. isn't driven by manufacturing like it once was. Services, which accounted for about 40% of GDP in the 1950s, now account for about 60% of it. Many of the effects of the Covid-crisis were also unique, such as the way it hammered services like travel and restaurant spending while touching manufacturing far more lightly.

That makes it easy to spin plausible stories where things go well or poorly. For example, the work-from-home revolution the crisis helped spark might help businesses run more efficiently, boosting productivity, raising potential GDP and allowing the economy to run faster over the long run without overheating. Or, the thicket of supply-chain problems the crisis caused , and difficulties scaling up services to meet demand, could cause a more serious bout of inflation than most economists expect. Other uncertainties abound, including how successful President Biden will be getting his remaining spending and tax plans passed.

[Apr 24, 2021] When The Market Unravels There Will Be -No Place To Hide- - David Stockman - YouTube

Apr 24, 2021 | www.youtube.com

peter plouf , 4 hours ago

The current financial world has been reduced to a one-legged bar-stool in a bar where drinks are on the house. There is no scenario where this does not end well no matter how euphoric we are in the moment.

[Apr 24, 2021] -Our Bullish Conviction Is Now Lower-- JPM Joins Major Banks In Turning Bearish On -Easy- Market Gains - ZeroHedge

Apr 24, 2021 | www.zerohedge.com

Yen Cross 21 hours ago

FOAD- JPM. What you really mean to say is the stimmy money is running down so you're running outta sheep to fleece.

Rainman 21 hours ago

There's been so much stimmy the shoeshine boy who are doing dollar averaging...

Soloamber 20 hours ago

Criminal investment bank speaks and no one listerns .

venturen 21 hours ago (Edited)

We are on a Permanent High Plataue of Zero Interest Easy Money... We don't need jobs, businesses or revenue!

https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

Soloamber 20 hours ago

Translation JP Morgan has it's shorts in place .

Time to kick the legs out of the casino .

Hezekiah PREMIUM 17 hours ago (Edited)

Even those with half a brain can twig that JP Morgan are a bunch of crooks. Simply Google "JP Morgan fines".

Those who are market savvy should Google "JP Morgan fines".

Surely in literally everly market segment the CEO, Jamie Dimond, would be banged up in prison?!!!!!!!!!!!!!!!!!!

nsurf9 21 hours ago (Edited)

You think this guy understands that, even with more than 50% of the, country in plandemic lock-down, shutter/closed and/or bankrupt for a solid year, the "markets" have literally doubled.

Wake me up when the Treasury Securities Operational Details daily theft goes to zero.

Gentleman Bastard 21 hours ago remove link

This just means that JPM like the other whores have taken their short positions and will now do everything in their power to ensure that they cash out.

[Apr 22, 2021] Pastors as black Bolsheviks: some black churches try to hold Home Depot hostage

"History Does Not Repeat Itself, But It Rhymes" -- Mark Twain (attributed). This is a naked fight for political power using very questionable means.
Apr 22, 2021 | www.zerohedge.com

Corporations, especially those headquartered in Georgia, have come out against the legislation signed by Governor Kemp. Republicans describe the bill as one that addresses election integrity while Democrats call it a voter suppression law – "Jim Crow 2.0". Coca-Cola and Delta were among the first to make a point to virtue-signal after the governor signed the bill, only to be exposed as taking part in the process and giving input into the legislation. Both were fine with the law until the governor signed it and grievance activists did their thing. Coke soon discovered that not all of its consumers think that companies should be making policy – that 's the job of lawmakers- and now it is trying to clean up the mess it made for itself.

Churches have increasingly played a part in American politics and this is an escalation of that trend. Evangelical churches have shown support for conservative and Republican candidates while black churches get out the vote for Democrats. This threat of bringing a large-scale boycott over state legislation is a hostile action against the corporation. It's political theatre. Groups like Black Voters Matter, the New Georgia Project Action Fund (Stacey Abrams), and the Georgia NAACP are pressuring companies to publicly voice their opposition and the religious leaders are doing the bidding of these politically active groups.

When SB 241 and HB 531 were working through the legislative process, the groups put pressure on Republican lawmakers and the governor to abandon the voting reform legislation. They also demanded that donations to any lawmakers supporting the legislation be stopped. The Georgia Chamber of Commerce tried to remain bipartisan while still voicing support for voting rights but then caved and expressed "concern and opposition" to some provisions . At the time, several large Georgia companies were targeted by activists, including Aflac, Coca-Cola, Delta Airlines, Home Depot, Southern Company and UPS.

The Georgia Chamber of Commerce previously reiterated the importance of voting rights without voicing opposition against any specific legislation. In a new statement to CNBC, the Georgia Chamber said it has "expressed concern and opposition to provisions found in both HB 531 and SB 241 that restrict or diminish voter access" and "continues to engage in a bipartisan manner with leaders of the General Assembly on bills that would impact voting rights in our state."

Office Depot came out at the time and supported the Chamber's statement. The Election Integrity Act of 2021, originally known as Georgia Senate Bill 202, is a Georgia law overhauling elections in the state that was signed into effect by the governor and we know what happened. Office Depot has not delivered for the activists as they demand so now the company faces boycott drama. The religious leaders are taking up where the activist groups left off.

African Methodist Episcopal Bishop Reginald Jackson said the company has remained "silent and indifferent" to his efforts to rally opposition to the new state law pushed by Republicans, as well as to similar efforts elsewhere.

" We just don't think we ought to let their indifference stand ," Jackson said.

The leader of all his denomination's churches in Georgia, Jackson had a meeting last week with other Georgia-based executives to urge them to oppose the voting law, but said he's had no contact with Home Depot, despite repeated efforts to reach the company.

Faith leaders at first were hesitant to jump into the boycott game. Now the political atmosphere has changed and they are being vocal. Jackson focused on pressuring Coca-Cola first. After that company went along to get along, before it realized its error, Jackson moved his focus onto other companies.

"We believe that corporations have a corporate responsibility to their customers, who are Black, white and brown, on the issue of voting ," Jackson said. "It doesn't make any sense at all to keep giving dollars and buying products from people that do not support you."

He said faith leaders may call for boycotts of other companies in the future.

So, here we are with Home Depot in the spotlight. There are four specific demands leveled at Home Depot in order to avoid further action from the activists.

Rev. Lee May, the lead pastor of Transforming Faith Church, said the coalition is "fluid in this boycott" but has four specifics requests of Home Depot: To speak out publicly and specifically against SB 202; to speak out against any other restrictive voting provisions under consideration in other states; to support federal legislation that expands voter access and "also restricts the ability to suppress the vote;" and to support any efforts, including investing in litigation, to stop SB 202 and other bills like it.

" Home Depot, we're calling on you. I'm speaking to you right now. We're ready to have a conversation with you. You haven't been ready up to now, but our arms are wide open. We are people of faith. People of grace, and we're ready to have this conversation, but we're very clear those four things that we want to see accomplished ," May said.

The Rev. Timothy McDonald III, senior pastor of the First Iconium Baptist Church, warned this was just the beginning.

"It's up to you whether or not, Home Depot, this boycott escalates to phase two, phase three, phase four," McDonald said. "We're not on your property -- today. We're not blocking your driveways -- today. We're not inside your store protesting -- today. This is just phase one."

That sounds a lot like incitement, doesn't it? Governor Kemp is speaking out, he has had enough. He held a press conference to deliver his comments.

"First, the left came for baseball, and now they are coming for Georgia jobs," Kemp said, referring to MLB's decision to move this year's All-Star Game from Atlanta over the new laws. "This boycott of Home Depot – one of Georgia's largest employers – puts partisan politics ahead of people's paychecks."

"The Georgians hardest hit by this destructive decision are the hourly workers just trying to make ends meet during a global pandemic. I stand with Home Depot, and I stand with nearly 30,000 Georgians who work at the 90 Home Depot stores and 15 distribution centers across the Peach State. I will not apologize for supporting both Georgia jobs and election integrity," he added.

"This insanity needs to stop. The people that are pushing this, that are profiting off of it, like Stacey Abrams and others, are now trying to have it both ways," Kemp said. "There is a political agenda here, and it all leads back to Washington, D.C."

The governor is right. The activists are in it to federalize elections, not to look out for Georgians, who will lose jobs over these partisan actions. The law signed by Kemp increases voting rights, it doesn't limit them .

[Apr 22, 2021] Market Cap Of Money-Losing Companies Surpasses Dot Com Bubble Record

Apr 22, 2021 | www.zerohedge.com

DHS Fusion Center 6 hours ago

Is Paul Krugman available to talk about how great everything is now or is he still being investigated for distribution of child ****?

archipusz 5 hours ago

I needed a cross dressing analyst to explain this mkt to me. Thanks.

YesWeKahn 6 hours ago

This is Powell speaking:

There is no bubble, this is just a optimism of "not happening" reopening and "not working" vaccine.

[Apr 20, 2021] How slogans "Diversuty, inclution and equity" are abused on campuses

Apr 20, 2021 | www.wsj.com

B

Brian N SUBSCRIBER 4 hours ago

With politics leaning ever more left on university campuses, I hope Dr Ladapo doesn't lose his job at UCLA for writing a cogent and concise opinion piece.
RICHARD SANDOR SUBSCRIBER 3 hours ago
Brian : Yes, an expensive university in my largely Democrat-controlled state state has a student group which wants to ' censor ' the university president for not being focused enough on ' diversity, inclusiveness and equity . ' Hope the parents realize the high price they are paying for this left wing indoctrination. mrs

[Apr 19, 2021] Tucker- Elites pushed false narrative to get what they want - YouTube

Apr 19, 2021 | www.youtube.com


Gavriel Akhadu , 2 days ago

When Trump said that we are up against "The Invisible Enemy", this is the enemy he was talking about.

Dichroic Sounds , 22 hours ago (edited)

They've been doing this forever, we're just now becoming aware of it. The false narrative goes much deeper than stealing an election.

Jonathan Sterling , 1 day ago

The politician most responsible for pitting ordinary men and women against each other, ruining marriage among ordinary people, then accusing someone else of "having no soul" is ironic.

remigiusz wσjcik , 1 day ago

The biggest problem of it is that media cannot be prosecuted for it and they definitely should be

Robert Jackson , 1 day ago

No war in the last 50 years was started without the support of the press. Julian Assange Truths like this are why they can't let him surface.

KyleHboc , 2 days ago

They knew the bounties story was fake and they all ran with it anyway.

Rogue Agent , 1 day ago

It's the Orwellian narrative: "We have enemies overseas." Enemies that aren't real enemies because we really don't actually want to start a war with them but we need to put on a show to keep the people distracted from looking at who are the real enemies inside their own country.

Cui Bono , 1 day ago

Biden is so full of it, as if he would dare say anything to Putin, then he really would find out how hot things can get behind the gym.

Mari Olsdatter , 1 day ago

These self-appointed "elites" should exchange their lives for the slain lives of the military victims of their lies.

CARRIE REGAN , 1 day ago

All of their dirty tricks are played out and predictable now. These demons will lie about anything and everything.

Das Karnickel , 2 days ago

I remember when journalists had to show their proof and quote their sources. It's now all propaganda.

[Apr 19, 2021] Tucker Carlson mentions replacement in the context of immigration. Hatred ensues. by Kevin MacDonald

Notable quotes:
"... The Washington Post. ..."
Apr 19, 2021 | www.unz.com
Tucker Carlson Mentions Replacement in the Context of Immigration. Hatred Ensues. KEVIN MACDONALD APRIL 10, 2021 3,200 WORDS 396 COMMENTS REPLY Tweet Reddit 7 Share Share 1 Email Print More 8 SHARES Share to Gab

The ADL, always attuned to any indication that their subjects are getting restless, is insisting that Tucker Carlson be fired. What brought on their ire was Tucker's use of the word 'replacement' in the context of a discussion of Joe Biden's Open Border policy. Mentioning replacement in the context of immigration is pretty much in the same category as doubting that all races have the same potentialities or the official holocaust narrative. Be prepared for hatred. Tucker, as quoted in The Hill :

"I know that the left and all the little gatekeepers on Twitter become literally hysterical if you use the term 'replacement,' if you suggest that the Democratic Party is trying to replace the current electorate," Carlson said. "But they become hysterical because that's what's happening actually. Let's just say it. That's true.

Of course it's true, and what's being replaced is the traditional White population of the country. But Tucker couldn't say that without even more outrage. So he made it all about the current electorate, which is certainly not just White people.

"I mean, everyone's making a racial issue out of it. Oh, the, you know, white replacement? No, no, this is a voting rights question," Carlson added later, saying changes to the population "dilute the political power" of current registered voters.

This is disingenuous but I suppose it's what you have to say to keep your job in the mainstream media -- and even that might not be enough. Carlson's statement is consistent with his repeated assertions of color-blindness, and he's careful to restrict his comments to illegal immigration. His argument is completely color-blind: "every time they import a new voter, I become disenfranchised as a current voter" -- an argument that would apply to any American citizen no matter what their race. "How dare you think I care particularly about White voters!" But isn't it obvious that such an argument would also apply to legal immigration?

Of course the ADL immediately labeled his comments as "white supremacy":

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1380528052061544455&lang=en&origin=https%3A%2F%2Fwww.unz.com%2Farticle%2Ftucker-carlson-mentions-replacement-in-the-context-of-immigration-hatred-ensues%2F&sessionId=bae20299ec2ff4eb2bcb0b7849d5e1eb3c8a0d73&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=500px

Not clear how replacement theory is "anti-Semitic," but I suppose that Greenblatt considers anything he dislikes as anti-Semitism. After quoting Greenblatt's tweet, The Hill noted that "the ADL head explained that the "Great Replacement" theory "is a white supremacist tenet that the white race is in danger by a rising tide of non-whites," linking to a Daily Beast article saying the whole idea was a "racist lie." But how much of a "racist lie" is it when the White population is steadily dwindling, probably to around 60 percent, and the left wants to dramatically increase the rate at which it is dwindling?

Greenblatt also emailed Fox News, writing "Carlson's full-on embrace of the white supremacist replacement theory on yesterday's show and his repeated allusions to racist themes in past segments are a bridge too far. Given his long record of race-baiting, we believe it is time for Carlson to go." This assertion that Carlson is making a "full-on embrace of white supremacist replacement theory" is a bald-faced lie, but obvious lies seem to be more and more common in high places these days -- witness Biden's lie about the new Georgia voting laws as "Jim Crow on steroids." A full-on embrace of "white supremacist replacement theory" would at least reference a specific concern for White people losing political clout. Instead, Carlson religiously repeats his mainstream conservative, color-blind mantras firmly rooted in individualist ideology ("every time they import a new voter "). Officially, he could care less about White people as White people. One wonders if Fox would stand by their most popular talking head if he did come out and just say it. I am pretty sure he believes it.

Officially, Carlson's heart is bleeding for all those Black, Brown, and Asian citizen-voters whose political clout is being diluted. But of course, that would be wildly inaccurate, particularly in the age of identity politics where non-Whites are strongly encouraged to identify with their racial group and do all they can to advance its interests. The collective power of non-Whites is being increased by immigration and everyone knows it, and White political power is decreasing in an age when hatred of Whites is becoming increasingly obvious -- at a time when Critical Race Theory is dominating the educational establishment and corporate board rooms. CRT is a theory that essentially says it's fine for non-Whites to hate Whites while at the same time encouraging White guilt about the supposed sins of their ancestors. One can only imagine the horrors that await a politically powerless White minority.

And it's not just White political power that is waning. There is clearly a program to replace Whites as part of the American elite.

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1380156593074008066&lang=en&origin=https%3A%2F%2Fwww.unz.com%2Farticle%2Ftucker-carlson-mentions-replacement-in-the-context-of-immigration-hatred-ensues%2F&sessionId=bae20299ec2ff4eb2bcb0b7849d5e1eb3c8a0d73&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=500px

Given the voting behavior of non-Whites, it doesn't make much sense to say that America's non-White voters are being replaced when they are being "replaced" by more non-White voters, although I suppose one could make the argument that the traditional American Black population will have less political clout given that the preponderance of immigrants are from Latin America and Asia. But in any case, they ain't White , and the ADL and the Democrats are quite well aware that all non-White groups strongly skew Democrat. In general, the Democrats are in favor of increased legal immigration, amnesty for illegals, and non-enforcement at the border, all of which are on the table with Biden in the White House and a Democrat Congress. Putting these ideas into law along with allowing no-ID voting would give Democrats more or less immediate and permanent hegemony given that Texas and Florida are the largest destinations of immigrants -- as noted in my comments on the January 6 "insurrection," The Left Will Now Enact Permanent Hegemony. " Their strategy also includes packing the Supreme Court , in case some of their laws are challenged; Biden is already laying the groundwork by establishing a commission packed with a super-majority of liberals .

Biden's immigration plan calls for an increase in "diversity" visas to 80,000 from 55,000 and has an emphasis on family unification -- a code word for chain migration and a bedrock of Jewish attitudes on immigration since the 1920s and continuing up to the 1965 immigration law ( here, p. 283) and beyond. What this means is that one lucky visa recipient from, say, Africa, could bring in his immediate (likely large) family and when they became citizens, they could bring in their brothers and sisters outside the quota limit, who could in turn bring in their spouses and children, etc. All these new people would be able to immigrate outside the quota system for legal immigrants. And all could become citizens.

Tucker Carlson Is a Mass Murdering Terrorist!

Comment on the left has explicitly compared Carlson's mild comments to the manifesto of the Christchurch and El Paso murderers.

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-2&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1380671618876207106&lang=en&origin=https%3A%2F%2Fwww.unz.com%2Farticle%2Ftucker-carlson-mentions-replacement-in-the-context-of-immigration-hatred-ensues%2F&sessionId=bae20299ec2ff4eb2bcb0b7849d5e1eb3c8a0d73&theme=light&widgetsVersion=ff2e7cf%3A1618526400629&width=500px

I found the above clip from The Daily Show on Max Boot's Twitter feed . Boot, former neocon (i.e., a liberal-leftie masquerading as a conservative active in promoting U.S. fealty to Israel and moving the GOP to the left on social issues). And now, because of obsessive Trump hate, now is firmly and explicitly ensconced on the left at The Washington Post. Boot wrote that Carlson "the top-rated host on Fox "News" Channel, has been attracting attention for a while with his vile rhetoric against immigrants. Yet now he's reached a new low."

As the left-leaning Media Matters for America has chronicled , Carlson has a long history of ugly statements. He has called Iraqis " semiliterate primitive monkeys " and said that Afghanistan is "never going to be a civilized country because the people aren't civilized." He has complained that an influx of poor immigrants " makes our own country poor and dirtier and more divided ." He has repeatedly described immigration as an " invasion ," and called the urgent threat posed by white supremacists a " hoax " and "a conspiracy theory used to divide the country and keep a hold on power."

And that new low is that Tucker said something a mass murderer had said, implying, I guess, that if Hitler said the sky is blue, it would be extremely racist for anyone else to say it.

The Guardian noted in 2019 that there were already disturbing parallels between Carlson's rhetoric and that of white supremacist killers in El Paso, Tex., and Christchurch, New Zealand. For example, in one of his books, Carlson wrote: "When confronted or pressed for details, [proponents of diversity] retreat into a familiar platitude, which they repeat like a zen koan: diversity is our strength. But is diversity our strength? The less we have in common, the stronger we are? Is that true of families? Is that true in neighborhoods or businesses? Of course not."

And here is what the fiend who killed 51 people at two Christchurch mosques said in his manifesto: "Why is diversity said to be our greatest strength? Does anyone even ask why? It is spoken like a mantra and repeated ad infinitum . But no one ever seems to give a reason why. What gives a nation strength? And how does diversity increase that strength?"

On Thursday night, Carlson moved even closer to white supremacist ideology by explicitly endorsing the Great Replacement theory, which holds that shadowy elites are orchestrating a plot to replace native-born White people with immigrants of color. The New Zealand shooter's manifesto was literally headlined "The Great Replacement," and the neo-Nazis who marched in Charlottesville chanted "Jews will not replace us."

... ... ...

[Apr 19, 2021] Tucker Carlson Doubles Down on Replacement, Explicitly Mentions White Replacement, and Targets the ADL's Hypocrisy(!) by Kev

Notable quotes:
"... New York Times. ..."
"... Individualism and the Western Liberal Tradition ..."
"... Personality and Social Psychology Bulletin ..."
Apr 19, 2021 | www.unz.com
Tucker Carlson Doubles Down on Replacement, Explicitly Mentions White Replacement, and Targets the ADL's Hypocrisy(!) KEVIN MACDONALD APRIL 14, 2021 2,400 WORDS 411 COMMENTS REPLY Tweet Reddit 13 Share Share 2 Email Print More 15 SHARES Share to Gab

In a previous article I noted that Tucker Carlson's comments on 'replacement' in the context of immigration had unleashed a torrent of hatred from the ADL and the liberal media. When the ADL goes after public figures, the usual response is groveling apology in a typically futile effort to prevent getting ostracized or fired. After all, the ADL's Jonathan Greenblatt had tweeted that Carlson's comments were "anti-Semitic, racist, and toxic." Accusations of racism -- and especially anti-Semitism -- are pretty much a death sentence for anyone so accused.

So I was gratified that Carlson didn't back down. Indeed, he doubled down, with a 20-minute opening monologue elaborating on exactly why the Democrat Party is completely wedded to importing a new electorate and has been doing so for decades. He also mentioned that Whites (and Blacks) are being replaced as voters, that the entire project is immoral, and he called out the hypocrisy of the ADL. As he notes, it's not about compassion as usually advertised, but about power. And everyone with any brains knows it.

https://www.youtube.com/embed/h0e4QjoJ4wc?feature=oembed

To date, Carlson's monologue is the most powerful and most explicit statement in the mainstream media that Whites -- as Whites -- have an interest in immigration. Indeed, a vital interest. In making his argument, he discussed states like California and Virginia that have become reliably Democrat because of immigration, and he mentions Vermont that is now blue because of disenchanted New Yorkers who brought their politics with them when they moved there. He says the same thing is happening to Montana and Idaho as yoga instructors, Google vice-presidents, and assorted rich White folks leave California for greener pastures. It will happen to your state. And the result will be permanent hegemony of the left because the imported electorate are reliable clients of the Democrat Party. 'Client' is the right word (from the Latin for 'dependent') because these people come to the U.S. for better pay and all the free stuff -- medical care, welfare if they have children, and the promise of eventual citizenship and the right to bring in their relatives. This description applies at least to the Mexicans, Central Americans, and Africans who have flooded our shores (that IQ thing again). They remain toward the bottom of the socioeconomic ladder and dependent on the government. Hence reliably Democrat. California went from being the envy of the world to having poverty levels on par with Mississippi. Without explicitly mentioning Whites, he notes that the middle class is leaving in droves, resulting in the cost of a U-Haul being five times higher for people leaving the state as for entering. He portrays the middle class as one of the victim groups of the Great Replacement as America is transformed into a society with a hostile, ultra-wealthy elite who are politically supported by a dependent mass of Democrat voters.

Tucker also doubled down on his voter-replacement logic, but this time he was explicit about White people's vote being replaced, noting that Whites went from 90 percent of Californians to 30 percent since 1960, which means that how White people vote matters much less than it used to. It's shocking to hear someone in the mainstream media claim that Whites and their vital interests are victims of the immigration tsunami. One can easily imagine a situation where, even if White Californians woke up (far too many are still drinking the Kool-Aid), they couldn't win a statewide election. And that's the whole point. Permanent hegemony.

But because the interests of Whites are definitely not supposed to be paramount, he emphasized that Blacks in California have also been losing political clout rapidly, with very large declines in cities like Los Angeles and San Francisco. In my previous article, I noted that the voter replacement argument doesn't apply so much to Blacks because the people replacing them have pretty much the same politics. But I stand corrected. Identity politics has changed everything. Black Californian politicos like Maxine Waters, Willy Brown, and Kamala Harris may well become a thing of the past. Harris was replaced by Alex Padilla, a Latino, after being elevated to the vice-presidency, a result that was not warmly greeted by the Black political establishment.

California progressives had pushed [Gov. Gavin] Newsom to appoint Representative Barbara Lee [who is Black] or another like-minded Democrat. Mr. Newsom was also under pressure to appoint a Black woman to take the place of Ms. Harris, the only Black woman in the Senate. Representative Karen Bass and Ms. Lee were at the top of that list. The Congressional Hispanic Caucus strongly backed Mr. Padilla. The L.G.B.T.Q. community and Equality California lobbied for Robert Garcia, the mayor of Long Beach. Black Women United, a co-founder of Black Lives Matter, and a range of Black elected officials pushed for Ms. Bass or Ms. Lee.

As Blacks become less of a demographic force, they will also become less of a political force. There will be less official sympathy for Black issues like BLM, reparations, dealing with criminals, and centering on Black grievance in the educational system.

Tucker also did some dog-whistling on Jewish involvement by mentioning Michelle Goldberg's NYTimes op-ed, " We can replace them, " which celebrates replacing the White electorate by doing a screen shot of Goldberg's statement: "The potential is there; Georgia is less than 53 percent non-Hispanic White." He didn't mention Goldberg's ethnicity, but anyone who knows anything about the media knows she is a strongly identified Jew writing for a Jewish-owned publication that is the crown jewel of the elite liberal-left media. As Tucker noted, Goldberg is "a New York Times columnist, not some QAnon blogger."

The left pretends that demographic replacement is an obsession on the right, but in fact, it's an obsession on the left. "It's the central idea of the modern Democratic Party." So true. And so refreshing to hear it in the mainstream media.

As always, the left pretends that their plan to replace the White population is a moral imperative. In 2019 then-Senator Harris condemned Trump's plan to deport illegals on the basis that Trump was trying to "remake the demographics of the country"; she tweeted that such actions are "deeply reprehensible and an affront to our values." Of course, the left would never think of remaking the demographics of the country!

What's immoral -- and obviously so -- is the left's scheme to remake the electorate in opposition to the legitimate interests of the traditional White majority. Tucker confronted the issue head-on, turning the tables on the leftist moralizers by framing their actions as "cheating." This is an important message for Whites to hear. What is happening to the White population of America is profoundly immoral. It's an important message because we Whites are uniquely prone to framing our actions in moral terms. As often discussed here, a major weakness of uniquely individualist culture characteristic of the West is that individualists are highly prone to forming moral communities rather than kinship-based communities typical of the rest of the world. It's a very exploitable weakness, and our hostile elites have taken full advantage by defining the legitimate interests of Whites as immoral, as Greenblatt and Harris do. Moral communities are fine as long as they serve the community's interests, and in the long history of the West, they have indeed been a strength. But the problem now is that the people who define the moral communities of the West since World War are the hostile elite who have shaped academic and media culture, i.e., strongly identified Jews and Jewish-owned mainstream media like the New York Times. So now a substantial proportion of Whites think it's a moral imperative to replace the White population. No other culture anywhere at any time has ever felt a moral imperative to replace its founding population.

However, the best part about Tucker's monologue was that he confronted the ADL directly by highlighting their lack of principle. Confronting any powerful Jewish organization is virtually unheard of in American media and political culture where groveling, apologies, and firing are the norm. And he chose a particularly glaring weakness in Jewish rationalizations of the adversarial culture they have championed in the U.S.: Jewish hypocrisy in claiming the moral high ground in America by insisting that any opposition to immigration is racist and hence immoral, while legitimizing Israel's ethnocentric immigration policy because it threatens the legitimate interests of its Jewish population. In fact, these activist Jews are consummate ethnic nationalists -- exactly what they condemn in White Americans. White Americans deserve just what the ADL and the rest of the activist Jewish community want for Jews, a safe homeland that remains theirs.

Granted, Carlson didn't mention that the ADL was leading the charge against him, but anyone paying the least bit of attention to this episode knows damn well that the ADL is leading the campaign against him. Carlson quoted from the ADL website:

With historically high birth rates among Palestinians, and a possible influx of Palestinian refugees and their descendants now living around the world, Jews would quickly be a minority in a bi-national state, thus ending any semblance of equal representation and protections. In this situation, the Jewish population would be politically -- and potentially physically -- vulnerable. It is unreasonable and unrealistic to expect the Jewish population to expect the state of Israel to voluntarily subvert its own sovereign existence and national identity and become a vulnerable minority in what was once its own territory.

This is another recurrent theme on TOO -- that the traditional White majority will become a hated and oppressed minority ( 58 articles ) because of the immigration of non-Whites in a culture dominated by an elite with a long history of hatred toward the White majority of the U.S. We already see a multitude of examples of hatred toward Whites emanating from the elite media, liberal-left politicians, and just ordinary non-Whites (like this one from James Edwards on Twitter), and hate crimes against Whites are ignored or quickly buried. Why would anyone think this will stop if and when Whites become a minority? It will increase. But the ADL thinks that Jews, who have been and continue to be the leading force enacting a multicultural United States, beginning with their influence in passing the 1965 immigration law , should retain sovereignty in Israel because ceding sovereignty would be dangerous for Jews. This is massively hypocritical, as Tucker implies, and he invited Greenblatt on his show to explain why the same principles that he champions for Israel should not exist in the United States. I rather doubt that will happen.

In fact, Greenblatt repeated his attacks on Carlson in a letter to Fox News , demanding that he be fired while never mentioning that Carlson had broached the hypocrisy of the ADL. Pretty clearly he wants to avoid the issue like the plague. Fox News CEO Lachlan Murdoch responded with a typical mainstream media mantra: "Fox Corporation shares your values and abhors anti-semitism, white supremacy and racism of any kind." But he rejected the argument that Carlson had endorsed "anti-semitism, white supremacy and racism," retreating to Carlson's original voting rights argument. Always a safe move to refuse to avoid issues that vitally affect White America by presenting them in non-racial terms.

In his letter to Murdoch, Greenblatt claimed that Carlson "did not accidentally echo these talking points; he knowingly escalated this well-worn racist rhetoric. At a time of intense polarization, this kind of rhetoric galvanizes extremists and lights the fire of violence."

Intense polarization indeed. That's what happens when there is a powerful attempt to dispossess the founding population of the country. Ultimately the polarization is a result of Jewish activism which has been a necessary condition for the immigration and multiculturalism that is tearing the country apart.

Greenblatt thinks that Tucker's message will galvanize "extremists." Let's hope that it does indeed galvanize the White population. In any case, it's important for Carlson to not let this issue drop. It was courageous of him to broach the issue, but it needs to be repeated, just as the messages of the left on race and multiculturalism are continually repeated on TV, movies, print media, and throughout the educational system.

The message of White replacement is powerful. As I noted in Chapter 8 of Individualism and the Western Liberal Tradition :

Individualists are less naturally ethnocentric, and the left has created a culture that encourages Whites to inhibit expressions of ethnocentrism while encouraging non-Whites to be ethnocentric. Because the media is dominated by the left and because even the conservative media is terrified of appearing to advocate White interests, explicit messages that would encourage Whites to become angry and fearful about their future as a minority are rare [and when they occur, they are subjected to vicious attacks, as has happened to Carlson]. Indeed, the media rarely, if ever, mentions that Whites are well on their way to becoming a minority. And this for good reason: Whites in the United States and in Canada who are given explicit demographic projections of a time when Whites are no longer a majority tend to feel angry and fearful. They are also more likely to identify as Whites and have sympathy for other Whites. [1]

In other words, while I have emphasized the ability of the higher brain centers to inhibit ethnocentrism, explicit messages indicating that one's racial group is threatened are able to trigger ethnocentrism. This is especially important because many Whites live far from the areas of their countries undergoing the demographic shifts. Their day-to-day life of living in an essentially White environment hasn't changed while the population centers of New York, California, Toronto, and Vancouver have changed beyond all recognition from what they were 50 years ago. An obvious inference to be made is that pro-White activists should appeal to Whites' higher brain centers with explicit messages emphasizing these transformations.

White replacement is our most powerful message. Let's hope Tucker continues to repeat it. We certainly will.

Note

[1] H. Robert Outten, Michael T. Schmitt, and Daniel A. Miller, "Feeling threatened about the future: Whites' emotional reactions to anticipated ethnic demographic changes," Personality and Social Psychology Bulletin 38 (2011): 14–25.


goldgettin , says: April 15, 2021 at 4:12 am GMT • 3.9 days ago

Go Tucker Go.There is a lot of room to advance on this front. It shouldn't take much more to expose the complete hypocrisy of their argument,but what has being right got to do with it? We're talking about trillions upon trillions of "wealth,"not, "debt" and the self absorbed,egotistical materialists will do everything under the sun to continue ignoring reality,i.e.humanity.Money is "the GOD"and nobody should get in the way of "the PROPHET$" that assumed divine authority after the black book was written.Gold, diamonds,private jets,yachts,islands and lots of "faithful followers" to do all the work. They will assassinate anything that threatens "THIS"religion,good luck.

Robert Dolan , says: April 15, 2021 at 4:27 am GMT • 3.9 days ago

Tuck has the moral high ground ..not only are we being replaced ..but Greenblatt's buddies GLOAT openly about our replacement ..that doesn't really seem like being a light unto the nations.

follyofwar , says: April 15, 2021 at 5:23 am GMT • 3.8 days ago

For a long time, Tucker has been more than just a political talk show host. He's become a Man on a Mission; even more so since Biden's enablers stole what was left of our "democracy," and fixed November's election. Will Fox fire him due to growing Corporate and Jewish pressure, or will the Murdoch's continue to have the guts to back him?

No one can know for sure. But Tucker, to a large extent, has Fox News over a barrel. He's even recently expanded his reach, with his newest show on the subscription based Fox Nation, where he is able to do long form interviews without commercial interruption. The Murdoch's must be keenly aware that, if they fire their number one ratings star, they've just flushed their consistently most watched cable news network down the toilet.

There's another huge issue, never mentioned on TV except with derision, that I'd love to see Tucker address one day soon: SECESSION! It's the only way forward.

Apex Predator , says: April 15, 2021 at 5:26 am GMT • 3.8 days ago

I think ol' Tucker may have bit off more than he can chew on this one. He touched the 3rd rail pretty strongly on live TV and Big Jew doesn't like that whatsoever. Given that Israel is supported by both right leaning Neocons and the more liberal Jonathan Greenblatts of the world his days may truly be numbered now.

stevennonemaker88 , says: April 15, 2021 at 7:07 am GMT • 3.8 days ago

Tucker does a good job of poking holes in idiotic liberalism. However, I think it is interesting that almost no one mentions the elephant in the room, which is that whites went from a fertility rate of 3.7 to 1.7 in the space of 60 years. Americans in general started murdering their babies, and swallowed all the jewish lies and "isms" hook, line and sinker. That is why you have lost your country. The brown tide is a symptom of the problem, not the cause. The problem is a nation given over to greed, foolishness, and perversion.

Nicolas Bonnal , says: Website April 15, 2021 at 7:15 am GMT • 3.8 days ago

Bravo Kevin et bravo Tucker. Ceux qui vont mourir vous saluent.
https://nicolasbonnal.wordpress.com/

Anonymous [124] Disclaimer , says: April 15, 2021 at 7:15 am GMT • 3.8 days ago

Since she first appeared as a talk show host on MSNBC during Obama's first presidential campaign, Rachel Maddow has been bragging about how Democrats were going to ascend to a permanent majority in the Congress and permanently control the presidency by virtue of unhindered "minority" migration into this country. The concept had been floated before by numerous analysts and even termed the "Reconquista" which Hispanic spokespersons enthusiastically embraced as the rightful recovery of their stolen patrimony from the Gringos.

I distinctly recall Maddow gloating about this anticipated outcome night after night while she demeaned the incipient shrinkage of a "rump Republican Party" to complete irrelevance when this desired scenario came to pass. She spoke excitedly about recruiting not only the tidal wave of Hispanic migrants into the Democratic fold to cohabit with the long loyal blacks, but also assumed that every foreigner, including all Orientals, East Indians, Middle Easterners and Black Africans should naturally ally with the liberal Dem philosophies: literally every immigrant but White Europeans (the "Eurotrash") would be a part of the coming new Democratic Golden Age.

Nobody on the left ever thought of calling her and her bigoted ideas to be "racist," and she is never called out for being "racist" when she spouts her totally hysterical over-the-top Russophobia (or is "Russophrenia" a more correct descriptor?). Why doesn't the ADL pick a bone with her while they are attacking Tucker Carlson who has always been much less excitable and far more logical that Maddow even when she is sober and not fixing mixed drinks on air.

stevennonemaker88 , says: April 15, 2021 at 7:16 am GMT • 3.8 days ago

I am also amazed that he pointed out the hypocrisy of Israel and the ADL live on the air!

brabantian , says: April 15, 2021 at 7:27 am GMT • 3.7 days ago

Tucker is on fire. He's gone radical on covid, too, suggesting the US government knows the vaccines don't work and is intentionally hiding that, with a conspiracy behind the idea of demanding people continue to wear masks and stay apart (this article takes that negatively):
https://www.thedailybeast.com/tucker-carlson-goes-full-tinfoil-hat-maybe-the-vaccine-doesnt-work-and-theyre-not-telling-you-that

Screenshot of some of the recent Tucker statements relevant to above article (should be able to click to enlarge)

[Apr 19, 2021] GOP's new 'America First Caucus' follows in some blatantly white nationalist footsteps

Apr 19, 2021 | www.msnbc.com

A newly formed "America First Caucus" in Congress, supported by a few far-right Republicans in the House of Representatives, is looking to recruit new members with an old set of arguments.

These white nationalist tropes found a receptive audience in the American people.

Its platform, now circulating in Washington, is little more than a retread of the white nationalist screeds of the 1910s and 1920s.

"America is a nation with a border, and a culture, strengthened by a common respect for uniquely Anglo-Saxon traditions," asserts the section on immigration. "History has shown that societal trust and political unity are threatened when foreign citizens are imported en-masse into a country."

A century ago, these same sorts of arguments about the "Anglo-Saxon" character of the United States and the threat that "foreign" elements would bring to its politics and culture were quite widespread.

... ... ...

The popular panic over immigration and the pseudo-scientific justifications for nativism and racism came together in the push for the National Origins Act of 1924, a quota-based measure that drastically reduced immigration from southeastern Europe and banned all Asians from immigrating entirely.


Kevin M. Kruse

Kevin M. Kruse is a professor of history at Princeton University. A specialist in modern American political, social and urban/suburban history, he is the author and editor of several books, including "White Flight" (2005), "One Nation Under God" (2015) and "Fault Lines: A History of the United States since 1974" (2019). He grew up in Nashville, Tennessee, and earned his bachelor's degree from the University of North Carolina at Chapel Hill and his master's and doctoral degrees from Cornell University.

[Apr 19, 2021] British liberal journalist and academic George Monbiot has written about his own experiences being dragged away from his family at the tender age of 8 to be 'educated', that is emotionally crippled, in an elite British private boarding school (primary stage prep-school).

Apr 19, 2021 | www.moonofalabama.org

ftmntf , Apr 18 2021 14:33 utc | 122

See: https://www.monbiot.com/2008/01/22/unsentimental-education/

"British private schools create a class culture of a kind unknown in the rest of Europe. The extreme case is the boarding prep schools, which separate children from their parents at the age of eight in order to shape them into members of a detached elite. In his book The Making of Them the psychotherapist Nick Duffell shows how these artificial orphans survive the loss of their families by dissociating themselves from their feelings of love(14). Survival involves "an extreme hardening of normal human softness, a severe cutting off from emotions and sensitivity."(15) Unable to attach themselves to people (intimate relationships with other children are discouraged by a morbid fear of homosexuality), they are encouraged instead to invest their natural loyalties in the institution.

This made them extremely effective colonial servants: if their commander ordered it, they could organise a massacre without a moment's hesitation (witness the detachment of the officers who oversaw the suppression of the Mau Mau, quoted in Caroline Elkins's book, Britain's Gulag(16)). It also meant that the lower orders at home could be put down without the least concern for the results. For many years, Britain has been governed by damaged people.

I went through this system myself, and I know I will spend the rest of my life fighting its effects. But one of the useful skills it has given me is an ability to recognise it in others. I can spot another early boarder at 200 metres: you can see and smell the damage dripping from them like sweat. The Conservative cabinets were stuffed with them: even in John Major's "classless" government, 16 of the 20 male members of the 1993 cabinet had been to public school; 12 of them had boarded(17). Privately-educated people dominate politics, the civil service, the judiciary, the armed forces, the City, the media, the arts, academia, the most prestigious professions, even, as we have seen, the Charity Commission. They recognise each other, fear the unshaped people of the state system, and, often without being aware that they are doing it, pass on their privileges to people like themselves.

The system is protected by silence. Because private schools have been so effective in moulding a child's character, an attack on the school becomes an attack on all those who have passed through it. Its most abject victims become its fiercest defenders. How many times have I heard emotionally-stunted people proclaim "it never did me any harm"? In the Telegraph last year, Michael Henderson boasted of the delightful eccentricity of his boarding school. "Bad work got you an 'order mark'. One foolish fellow, Brown by name, was given a double order mark for taking too much custard at lunch. How can you not warm to a teacher who awards such punishment? Petty snobbery abounded," he continued, "but only wets are put off by a bit of snobbery. So long as you pulled your socks up, and didn't let the side down, you wouldn't be for the high jump. Which is as it should be."(18) A ruling class in a persistent state of repression is a very dangerous thing."

See also

https://www.monbiot.com/2012/04/23/dark-hearts/

And

https://www.monbiot.com/2012/10/08/the-empire-strikes-back/

[Apr 15, 2021] The Financial Instability Hypothesis by Hyman P. Minsky -- SSRN

Apr 15, 2021 | papers.ssrn.com

The Financial Instability Hypothesis (FIH) has both empirical and theoretical aspects that challenge the classic precepts of Smith and Walras, who implied that the economy can be best understood by assuming that it is constantly an equilibrium-seeking and sustaining system. The theoretical argument of the FIH emerges from the characterization of the economy as a capitalist economy with extensive capital assets and a sophisticated financial system.

In spite of the complexity of financial relations, the key determinant of system behavior remains the level of profits: the FIH incorporates a view in which aggregate demand determines profits. Hence, aggregate profits equal aggregate investment plus the government deficit. The FIH, therefore, considers the impact of debt on system behavior and also includes the manner in which debt is validated.

Minsky identifies hedge, speculative, and Ponzi finance as distinct income-debt relations for economic units. He asserts that if hedge financing dominates, then the economy may well be an equilibrium-seeking and containing system: conversely, the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a "deviation-amplifying" system. Thus, the FIH suggests that over periods of prolonged prosperity, capitalist economies tend to move from a financial structure dominated by hedge finance (stable) to a structure that increasingly emphasizes speculative and Ponzi finance (unstable). The FIH is a model of a capitalist economy that does not rely on exogenous shocks to generate business cycles of varying severity: business cycles of history are compounded out of (i) the internal dynamics of capitalist economies, and (ii) the system of interventions and regulations that are designed to keep the economy operating within reasonable bounds.

[Apr 15, 2021] Anatomy of a Stock Market Bubble by FRANK VENEROSO

Highly recommended!
Notable quotes:
"... much like the dot-com period, there is a broad subset of stocks (mostly in technology) that have become completely untethered, particularly since the summer of 2020, from business fundamentals like earnings and even sales -- driven higher only by euphoric market participants extrapolating from a past extraordinary trajectory of prices. ..."
"... A lot of today's US stock market has become what I call a "pure price-chasing bubble." Examination of the history of comparable pure price-chasing bubbles shows there has been a set of key causal factors that contributed to these rare (I have found nine in total) market events; the presence of most of these factors has usually been necessary for markets to reach the requisite escape velocity. ..."
"... To fuel the bubble further, there was a rapid expansion of bank money beginning three years before the market peak -- but the expansion of credit was even greater, owing to an explosion of margin credit (with implied annuaized interest rates sometimes reaching 100 percent) through an informal system utilizing postdated checks ..."
"... The US market certainly exhibits an exceptional record of price appreciation, with the S&P 500 having risen by almost 500 percent over more than a decade. In contrast to most other bubbles, however, it is notable that US economic growth over this period has been relatively anemic. ..."
"... Due to a sustained high rate of corporate equity purchases financed with debt, this overarching expansion of credit has also made its way into the last decade's bull market and steepened its price trajectory. ..."
"... The role of message boards and chat rooms -- with their millions of participants, all in instant real-time contact -- has created crowd dynamics in speculative stock market favorites at a pace without parallel in other pure price-chasing bubbles. ..."
"... a peak will be reached, a decline will follow, and the psychological dynamics in play on the way up will go into reverse and will accelerate the fall. ..."
"... Moreover, in the context of a grossly underestimated mass of corporate debt, history tells us the consequences of the bursting of the US stock market bubble should be another financial crisis and another recession ..."
Apr 01, 2021 | www.levyinstitute.org

According to Frank Veneroso, a broad subset of today's US stock market has become what he calls a "pure price-chasing bubble." Examination of the history of comparable pure price-chasing bubbles shows there has been a set of key causal factors that contributed to these rare market events.

The most extreme such case was an over-the-counter market in Kuwait called the "Souk al-Manakh." This exemplar of a pure price-chasing phenomenon may shed light -- albeit unflattering -- on the current US equity market, Veneroso contends.

[Apr 14, 2021] Yes, in fact USA has adjusted capitalism from elements of socialism (the New Deal welfare state") and than switching to neoliberalism (crony-capitalism)

Is neoliberalism the dead end for the USA or the USA elite will manage to do hat trick?
Apr 14, 2021 | www.moonofalabama.org
Jackrabbit , Apr 11 2021 0:30 utc | 73

vk @Apr10 17:05 #22

Some observations:

We should stop seeing capitalism as this unmovable, eternal and indestructible system ...

Yes, in fact USA has adjusted capitalism as needed/wanted with socialism (the "welfare state") and neoliberalism (crony-capitalism).

=
... capitalism and the USA are historically specific phenomena, and they will - 100% certainty - collapse and disappear eventually.

Still, a collapse can take many forms and affect the world's people in different ways. We can't just expect that capitalism will die of natural causes and the world will inevitably be a better place for it. We are right to be wary of the worst outcomes.

=
... you just need to last longer than your political enemy. The fact that USA outlived the USSR gave it almost 17 years of incontestable supremacy ...

You make "outlasting" seem like a random thing. USSR didn't just lose the roll of the dice.

=
No one takes neoliberalism seriously anymore, even among the high echelons of the economics priesthood.

Examples?

=
It is in this world that the Ukraine chose to align with the American Empire. To put it simply, it chose the wrong side at the wrong time: it chose the West in an era that's shifting to the East.

But their "choice" wasn't a free and knowledgeable one, was it? The West was pushing for that change for 10 years and Nuland bragged of spending $5 billion to achieve it.

And the "choice" was for the entirety of Ukraine to move into the West. Ukraine suffers greatly from not having Crimea and Donbas. For example, the West had planned gas fracking in eastern Ukraine (by Burisma). That, of course, never happened.

=
The euphoria of the fall of socialism masked the degeneration of capitalism that was started at the same time and it particularly impacted the Warsaw Pact (Comecon) and the Western ex-USSR nations.

Ukraine was already an oligarchic nightmare when Maidan happened.

=
Nazism is not a system, it is just crazy liberalism, and I hope the white supremacists and traditionalists in the West take note of that - if they don't want to be crushed.

Nazism lives on in the form of the combination of: neoliberalism, neoconservativism, and neocolonialism (aka Zionism). And those who adhere to these ideologies don't seem to have any concern about being crushed. AFAICT the beatings will continue until morale improves .

!!

vk , Apr 11 2021 1:13 utc | 76

@ Posted by: Jackrabbit | Apr 11 2021 0:30 utc | 72

It's hard to track neoliberalism because the neoliberals don't consider themselves "neoliberal": they're just "normal" or simply "liberal". They are the Hadean ideology par excellence, the ideology that disguise itself as a-ideological, the invisible ideology.

But we can infer the death of neoliberalism as codified in the Washington Consensus list from 2008 onward by the set of policies enforced in the USA, the UK, Japan and other developed European countries (where neoliberalism are expected to be hegemonic), and here I'm specifically asking you to focus on the so-called "austerity" (which is a more regressive form of neoliberalism, but is not technically neoliberalism) and the rise of MMT through money printing or, in the case of Japan, more T-bond issuance, in a complete disregard to national (sovereign) debt after the pandemic (and, in the USA's case, even before that). Also pay attention to the list of Economy "Nobel" (Riksbank) Prize winners post-2008 - none of them being neoliberals in the academic sense of the word, nor having a neoliberal past (apparently).

The only place left where neoliberalism is still alive and well, albeit weakened, is in Latin America and the so-called "emerging economies" (Turkey, South Africa and Russia). But those are not the dominant part of the world in the capitalist sense, it would be akin to the Roman Empire surviving only as a remnant in pieces of Hispania or Gallia.

[Apr 14, 2021] Outcomes of #Metoo - BLM - Antifa - Cancel Culture by Walrus

Apr 14, 2021 | turcopolier.com

I wrote a post on the above-mentioned subject but I deleted it. I will not discuss the demonisation of White heterosexual Males in all its forms for fear of cancellation. I will instead leave you with my conclusions – which are consistent with The Walrus Law; Governments achieve the reverse of their stated objectives.

Conclusion 1. No white male corporate manager is going to risk their career by engaging in any of the following actions:

– Mentoring female subordinates.
– Taking one on one meetings with any female.
– Participating in any but the most innocuous social functions with female subordinates and certainly not where alcohol is present.
– In fact avoiding any one on one situation with a female.
– It also stands to reason that women will not be employed or promoted if sufficient excuse can be found. There wasn't a glass ceiling. There is now.

Why? Because a female subordinate can now permanently end a males career in a microsecond by the act of alleging any impropriety thanks to #metoo. No proof is required.

Conclusion 2. The British/ European/ American class system is coming back with a vengeance. Young men and their parents will confine their search for partners and social interactions, to females of the same social strata, values, financial resources and background as their own. This is not a guarantee of marital harmony, It does however decrease the likelihood of a male being accused of relationship and career destroying improprieties twenty years after the alleged event. You can forget marrying 'for love' outside your social class.

Conclusion 3. Male behaviour in the upper and middle classes is indeed going to change. We will witness the return of the Chaperone for males. We will witness the end of many mixed sex parties and entertainments because of the ever present threat of denouncement. Expect single sex private schools to flourish. Co -education is an invitation for a young males career to be finished before it even starts – all it takes these days is an allegation made perhaps years and years after the alleged "event". The first a young male will know about it is when he is arrested and handcuffed.

Conclusion 4. The nature of families is going to change. We are going to see the return of stereotyped roles. Case in point? As a Grandfather I have decided I will have nothing more to do with the informal upbringing of grand daughters – there is too much risk that if they go off the rails in puberty or get involved in drugs, mental illness, etc. they will conveniently blame sexual abuse by a relative as the cause. That means I will never allow myself to be alone with them or be responsible for them ever and the rest of the family know it. Period. The personal risk is just too great

I have examples to back up each conclusion but I will not share them with you.

I have not addressed the American race and firearm based issues but I would expect that changes to firearm laws and characterisation of various behaviors as "extremist' will also have the same opposite effect from what Government intended.

6,454 total views, 128 views today

Posted in Walrus | 39 Comments
  1. Bill H. says: April 10, 2021 at 10:51 am

    Indeed. I suspect that if I were of dating age (and single) today I would go on to die celibate. A minority of women have made engaging with the entire gender entirely too dangerous. Reply

  2. Avatar Oilman2 says: April 10, 2021 at 11:14 am

    I brought this up on another blog I read.

    The law of unintended consequences

    We are an adaptive bunch; witness how successful Prohibition was, or the alleged 'War on Drugs'. Look at how Trumps border wall was rapidly shot to hell with a few acetylene torches and some hinges – making really nice gates for the coyotes to run people through.

    It's interesting that there is no actual, physical way that the number of guns out here 'in the wild' is even known, much less can be seized. Guns can be seized by the ATF/FBI/etc. making a huge raid on a single family and killing them all as examples – but once that card is played, the ante will be upped and things will not be as easy for them. The gun grabbers are literally about 200 years too late, as the gun cow is long out of the barn.

    The Covidian Cult is waning finally – in spite of the push by the globalist CDC, WHO, Big Pharma, MSM and many others. It's hard to push fear of dying when there is nothing to base it on any longer.

    So now we are back to Ukraine, where Biden is both well known and well connected. Russia will swat anything approaching her borders, and may swat hard. I would not be surprised to see our puny couple of ships in their sea crippled electronically, again. But Russia doesn't want what NATO and Biden are serving for dinner.

    It's the same old SSDD of world ending disasters to keep everyone afraid of everyone else while the big wheels in government are sending contracts out to their family members and their various foundations using money leveraged against our grandkids.

    57 genders; women cannot be approached without opening yourself to legal actions and yet they are all in the military and government positions in far larger percentages than people realize. Our local school principal was recently accused of "inappropriate conduct" with a female teacher who is so obese she requires an electric scooter to move her bulk about. Having actually seen this female, it was obvious to me, as a man with normal appetites, that approaching her would have resulted in disgorgement of the previous meal and not engorgement of anything.

    It's human nature that when you forbid something unilaterally, it becomes more attractive to many, just for the sake of flouting convention. Perhaps that is what the morbidly obese teacher is striving for?

    We are entering the Land of Unintended Consequences, and there is no way but through.

[Apr 14, 2021] Slaughter Central- The United States as a Mass-Killing Machine -

Notable quotes:
"... By Tom Engelhardt Originally published at TomDispatch ..."
"... Have Gun -- Will Travel ..."
"... Have Gun -- Will Travel ..."
Apr 14, 2021 | www.nakedcapitalism.com

Slaughter Central: The United States as a Mass-Killing Machine Posted on April 14, 2021 by Yves Smith

Yves here. Tom Engelhardt tries to get his arms around US weapons sales and use. The figures are depressing, particularly in comparison to those of our nominal peers. And the intensity of our fixation with killing has only grown only over time. Just look at TV. In its early, tamer days, frontier shows like The Rifleman and Gunsmoke gave weapons top billing. Now in our post-Vietnam, post Archie Bunker of greater realism, police shows have gory gunplay as their prime offering, with big side portions of blowing things up and car chases/crashes. We even have a prime time show, The Blacklist, where the lead is assured to shoot at least one person every episode. Better to look at the fictionalized version, where we know no actors were hurt, than clips of the real thing from the Middle East, which are oddly absent from news shows.

By Tom Engelhardt Originally published at TomDispatch

By the time you read this piece, it will already be out of date. The reason's simple enough. No matter what mayhem I describe, with so much all-American weaponry in this world of ours, there's no way to keep up. Often, despite the headlines that go with mass killings here, there's almost no way even to know.

On this planet of ours, America is the emperor of weaponry, even if in ways we normally tend not to put together. There's really no question about it. The all-American powers-that-be and the arms makers that go with them dream up, produce, and sell weaponry, domestically and internationally, in an unmatched fashion. You'll undoubtedly be shocked, shocked to learn that the top five arms makers on the planet -- Lockheed Martin, Boeing, Northrop Grumman, Raytheon, and General Dynamics -- are all located in the United States.

Put another way, we're a killer nation, a mass-murder machine, slaughter central. And as we've known since the U.S. dropped atomic bombs on Hiroshima and Nagasaki in August 1945, there could be far worse to come. After all, in the overheated dreams of both those weapons makers and Pentagon planners, slaughter-to-be has long been imagined on a planetary scale, right down to the latest intercontinental ballistic missile (ICBM) being created by Northrop Grumman at the cost of at least $100 billion. Each of those future arms of ultimate destruction is slated to be " the length of a bowling lane " and the nuclear charge that it carries will be at least 20 times more powerful than the atomic bomb dropped on Hiroshima. That missile will someday be capable of traveling 6,000 miles and killing hundreds of thousands of people each. (And the Air Force is planning to order 600 of them.)

By the end of this decade, that new ICBM is slated to join an unequaled American nuclear arsenal of -- at this moment -- 3,800 warheads . And with that in mind, let's back up a moment.

Have Gun -- Will Travel

Before we head abroad or think more about weaponry fit to destroy the planet (or at least human life on it), let's just start right here at home. After all, we live in a country whose citizens are armed to their all-too-labile fingertips with more guns of every advanced sort than might once have been imaginable. The figures are stunning. Even before the pandemic hit and gun purchases soared to record levels -- about 23 million of them (a 64% increase over 2019 sales) -- American civilians were reported to possess almost 400 million firearms. That adds up to about 40% of all such weaponry in the hands of civilians globally, or more than the next 25 countries combined.

And if that doesn't stagger you, note that the versions of those weapons in public hands are becoming ever more militarized and powerful, ever more AR-15 semi-automatic rifles, not .22s. And keep in mind as well that, over the years, the death toll from those weapons in this country has grown staggeringly large. As New York Times columnist Nicholas Kristof wrote recently , "More Americans have died from guns just since 1975, including suicides, murders and accidents (more than 1.5 million), than in all the wars in United States history, dating back to the Revolutionary War (about 1.4 million)."

In my childhood, one of my favorite TV programs was called Have Gun -- Will Travel . Its central character was a highly romanticized armed mercenary in the Old West and its theme song -- still lodged in my head (where so much else is unlodging these days) -- began:

"Have gun will travel is the card of a man.
A knight without armor in a savage land.
His fast gun for hire heeds the calling wind.
A soldier of fortune is the man called Paladin."

Staggering numbers of Americans are now ever grimmer versions of Paladin. Thanks to a largely unregulated gun industry , they're armed like no other citizenry on the planet, not even -- in a distant second place -- the civilians of Yemen, a country torn by endless war. That TV show's title could now be slapped on our whole culture, whether we're talking about our modern-day Paladins traveling to a set of Atlanta spas ; a chain grocery store in Boulder, Colorado; a real-estate office in Orange, California; a convenience store near Baltimore; or a home in Rock Hill, South Carolina.

Remember how the National Rifle Association has always defended the right of Americans to own weapons at least in part by citing this country's hunting tradition? Well, these days, startling numbers of Americans, armed to the teeth, have joined that hunting crew. Their game of choice isn't deer or even wolves and grizzly bears , but that ultimate prey, other human beings -- and all too often themselves. (In 2020, not only did a record nearly 20,000 Americans die from gun violence, but another 24,000 used guns to commit suicide.)

As the rate of Covid-19 vaccination began to rise to remarkable levels in this country and ever more public places reopened, the first mass public killings (defined as four or more deaths in a public place) of the pandemic period -- in Atlanta and Boulder -- hit the news big-time. The thought, however, that the American urge to use weapons in a murderous fashion had in any way lessened or been laid to rest, even briefly, thanks to Covid-19, proved a fantasy of the first order.

At a time when so many public places like schools were closed or their use limited indeed, if you took as your measuring point not mass public killings but mass shootings (defined as four or more people wounded or killed), the pandemic year of 2020 proved to be a record 12 months of armed chaos. In fact, such mass shootings actually surged by 47%. As USA Today recounted , "In 2020, the United States reported 611 mass shooting events that resulted in 513 deaths and 2,543 injuries. In 2019, there were 417 mass shootings with 465 deaths and 1,707 injured." In addition, in that same year, according to projections based on FBI data, there were 4,000 to 5,000 more gun murders than usual, mainly in inner-city communities of color.

In the first 73 days of Joe Biden's presidency, there were five mass shootings and more than 10,000 gun-violence deaths. In the Covid-19 era, this has been the model the world's "most exceptional" nation (as American politicians of both parties used to love to call this country) has set for the rest of the planet. Put another way, so far in 2020 and 2021, there have been two pandemics in America, Covid-19 and guns.

And though the weaponization of our citizenry and the carnage that's gone with it certainly gets attention -- President Biden only recently called it "an international embarrassment" -- here's the strange thing: when reporting on such a binge of killings and the weapons industry that stokes it, few here think to include the deaths and other injuries for which the American military has been responsible via its "forever wars" of this century outside our own borders. Nor do they consider the massive U.S. weapons deliveries and sales to other countries that often enough lead to the same. In other words, a full picture of all-American carnage has -- to use an apt phrase -- remained missing in action.

Cornering the Arms Market

In fact, internationally, things are hardly less mind-boggling when it comes to this country and weaponry. As with its armed citizenry, when it comes to arming other countries, Washington is without peer. It's the weapons dealer of choice across much of the world. Yes, the U.S. gun industry that makes all those rifles for this country also sells plenty of them abroad and, in the Trump years, such sales were only made easier to complete (as was the selling of U.S. unmanned aerial drones to "less stable governments"). When it comes to semi-automatic weapons like the AR-15 or even grenades and flamethrowers, this country's arms makers no longer even need State Department licenses, just far easier-to-get Commerce Department ones, to complete such sales, even to particularly abusive nations. As a result , to take one example, semi-automatic pistol exports abroad rose 148% in 2020.

But what I'm particularly thinking about here are the big-ticket items that those five leading weapons makers of the military-industrial complex eternally produce. On the subject of the sale of jet fighters like the F-16 and F-35 , tanks and other armored vehicles, submarines (as well as anti-submarine weaponry), and devastating bombs and missiles , among other things, we leave our "near-peer" competitors as well as our weapons-making allies in the dust. Washington is the largest supplier to 20 of the 40 major arms importers on the planet.

Buy the Book

When it comes to delivering the weapons of war, the U.S. leads all its competitors in a historic fashion, especially in the war-torn and devastated Middle East. There, between 2015 and 2019, it gobbled up nearly half of the arms market. Unsurprisingly, Saudi Arabia was its largest customer, which, of course, only further stoked the brutal civil war in Yemen, where U.S. weapons are responsible for the deaths of thousands of civilians . As Pentagon expert William Hartung wrote of those years, U.S. arms deliveries to the region added up to "nearly three times the arms Russia supplied to MENA [the Middle East and North Africa], five times what France contributed, 10 times what the United Kingdom exported, and 16 times China's contribution." (And often enough, as in Iraq and Yemen , some of those weapons end up falling into the hands of those the U.S. opposes.)

In fact, in 2020, this country's arms sales abroad rose a further 2.8% to $178 billion. The U.S. now supplies no fewer than 96 countries with weaponry and controls 37% of the global arms market (with, for example, Lockheed Martin alone taking in $47.2 billion in such sales in 2018, followed by the four other giant U.S. weapons makers and, in sixth place, the British defense firm BAE).

This remains the definition of mayhem-to-come, the international version of that spike in domestic arms sales and the killings that went with it. After all, in these years, deaths due to American arms in countries like Afghanistan and Yemen have grown strikingly. And to take just one more example, arms, ammunition, and equipment sold to or given to the brutal regime of Rodrigo Duterte for the Philippine military and constabulary have typically led to deaths (especially in its "war on drugs") that no one's counting up.

And yet, even combined with the dead here at home, all of this weapons-based slaughter hardly adds up to a full record when it comes to the U.S. as a global mass-killing machine.

Far, Far from Home

After all, this country has a historic 800 or so military bases around the world and nearly 200,000 military personnel stationed abroad ( about 60,000 in the Middle East alone). It has a drone-assassination program that extends from Afghanistan across the Greater Middle East to Africa, a series of "forever wars" and associated conflicts fought over that same expanse, and a Navy with major aircraft carrier task forces patrolling the high seas. In other words, in this century, it's been responsible for largely uncounted but remarkable numbers of dead and wounded human beings. Or put another way, it's been a mass-shooting machine abroad.

Unlike in the United States, however, there's little way to offer figures on those dead. To take one example, Brown University's invaluable Costs of War Project has estimated that, from the beginning of the invasion of Afghanistan in 2001 to late 2019, 801,000 people , perhaps 40% of them civilians, were killed in Washington's war on terror in Afghanistan, Iraq, Pakistan, Yemen, and elsewhere. Of course, not all of those by any means were killed by the U.S. military. In fact, some were even American soldiers and contractors. Still, the figures are obviously sizeable. (To take but one very focused example, from December 2001 to December 2013 at TomDispatch , I was counting up civilian wedding parties taken down by U.S. air power in Afghanistan, Iraq, and Yemen. I came up with eight well-documented ones with a death toll of nearly 300, including brides, grooms, musicians, and revelers.)

Similarly, last December, Neta Crawford of the Costs of War Project released a report on the rising number of Afghan civilians who had died from U.S. air strikes in the Trump years. She found that in 2019, for instance, "airstrikes killed 700 civilians -- more civilians than in any other year since the beginning of the war." Overall, the documented civilian dead from American air strikes in the war years is in the many thousands, the wounded higher yet. (And, of course, those figures don't include the dead from Afghan air strikes with U.S.-supplied aircraft.) And mind you, that's just civilians mistaken for Taliban or other enemy forces.

Similarly, thousands more civilians were killed by American air strikes across the rest of the Greater Middle East and northern Africa. The Bureau of Investigative Journalism, which followed U.S. drone strikes for years, estimated that, in Afghanistan, Pakistan, Somalia, and Yemen, by 2019 such attacks had killed "between 8,500 and 12,000 people, including as many as 1,700 civilians -- 400 of whom were children."

And that, of course, is just to begin to count the dead in America's conflicts of this era. Or thought of another way, in this century, the U.S. military has been a kind of global Paladin. Its motto could obviously be "have gun, will travel" and its forces and those allied to it (and often supplied with American arms) have certainly killed staggering numbers of people in conflicts that have devastated communities across a significant part of the planet, while displacing an estimated 37 million people .

Now, return to those Americans gunned down in this country and think of all of this as a single weaponized, well-woven fabric, a single American gun culture that spans the globe, as well as a three-part killing machine of the first order. Much as mass shootings and public killings can sometimes dominate the news here, a full sense of the damage done by the weaponization of our culture seldom comes into focus. When it does, the United States looks like slaughter central.

Or as that song from Have Gun -- Will Travel ended:

Paladin, Paladin,
Where do you roam?
Paladin, Paladin,
Far, far from home.

Far, far from home -- and close, close to home -- indeed.


Fireship , April 14, 2021 at 7:26 am

The US is a failed experiment. It was always based in nihilism. What we are seeing is like the rise in human sacrifices of the Mayans as their world was being eclipsed by the Spanish. Ironically, "thoughts and prayers" are offered up at these sacrifices too. Did the Mayans realize it was futile?

As more and more Americans realize that it is over and that the American dream is bunkum, expect to see more carnage.

Tom Stone , April 14, 2021 at 8:06 am

That figure of 400 Million guns in the USA is undoubtedly low, The late Kevin RC O'Brien looked at production reports for various manufacturers and came up with the figure of 300 Million sold in the USA this century alone.
Sales of rifles aren't broken out by rifle type or model, but the best guess is that there are somewhere between 10-15 Million AR 15 style rifles owned by us Citizens if you take into account home made versions such as those made from 80% recievers or laminated wood.
The last reporting period was 2019 and a total of a little less than 400 murders were committed by people using rifles of any kind, you ere 4 x as likely to be beaten to death with fists and feet than killed by someone using any kind of rifle.
Want to reduce violent crime?
Reduce poverty, inequality and lack of opportunity, when the majority of the populace has a stake in society they act like it, when they don't you get what we have.

dcblogger , April 14, 2021 at 8:26 am

American gun culture is pure idolatry
https://www.youtube.com/watch?v=wWmdoI3fHI0&t=70s

David , April 14, 2021 at 9:05 am

TBH the article is a mess, and reading it is rather like being accosted by a stranger in a bar with a strong personal agenda (" and another thing.")
But (as a non-Murkin) I just wanted to make the point that we're into American Exceptionalism again, in this case of the negative rather than the positive kind. You get the feeling that the author's knowledge of the outside world is pretty much limited to what's on CNN, and that perhaps he doesn't actually know that the US isn't the only nuclear power in the world. And so on.

How do you put an article like this into context?
Well, for a start, you wouldn't make comparisons with Yemen unless you had been to Yemen, would you? There are lots of guns in Yemen (virtually the entire adult male population is armed) but these are in addition to the massive holdings of the military. And we're talking serious stuff here: AK47s are 7.62mm automatic weapons, and there are millions of them. It was not uncommon for males you passed in the street to be carrying these weapons, and once outside the cities (as in Afghanistan) they were everywhere. Shooting incidents were common, the more so since, after midday, a lot of the male population was blasted out of its skull on Khat, which is an amphetamine-like substance derived from chewing a local plant. There were occasional clashes when security forces from different tribes opened fire on each other. Oh, and many tribesmen in the city carry long bladed knives, and fatal stabbings in the street are very common. All that's in peacetime, of course.

Second, as in the Yemeni example above, the vast majority of all the deaths in wars since 1989 have been from the use of Soviet, Russian and Chinese weaponry, often dating back to the 1970s. The wars in the DRC from about 1996-2000, involving seven nations and known as "Africa's World War" killed anything between two and five million people, depending on how you calculate the figures, and were almost exclusively fought with Soviet and Chinese supplied weaponry. During the Cold War, the Soviets and Chinese flooded Africa with millions of AK47s, Makarov automatic pistols, landmines, and 12.7 and 14.5mm heavy machine-guns. As any African specialist will tell you, these were the real weapons of mass destruction, because, unlike the F35, they actually work. Together with Soviet-era tanks and APCs, they were also the principal weapons used in the fighting in Syria and Libya, and in Yemen before (and mostly since) the Saudi-led intervention. Oh, and those photos you've seen of the Myanmar military firing on the people? They use mostly weapons supplied by China.

This is not whataboutism. Two wrongs don't make a right. But I wish that, just occasionally, writers from the US would take the trouble to do a bit of research about the rest of the world. Perhaps it's true that there is a link between the sale of F35s to Japan and gun violence among black youths in the inner cities, but that has to be argued, not just assumed. I don't know how you measure these things, but I seriously doubt that the US is somehow a uniquely psychopathically violent country. The author needs to get out more.

PlutoniumKun , April 14, 2021 at 9:19 am

I assume the authors point is that there is an inherent violence to US culture, and it is exporting it. There may well be some truth in this, but you can well look at plenty of other places in the world where there is a cultural worship of violence (or there was at times past) and it infected other nations. Japan and Germany as obvious examples. But on the optimistic side of things, both those countries at least partially cured their addition to worshiping militarism, although to be fair, the USAF had a major say in that.

The one thing that is often missing from this sort of analysis, is they way other countries use the US's (and others) addition to militarism as a means of exerting control. An obvious example is the Middle East, where the vast military expenditures are as much a means of purchasing influence in Washington (and London and Paris and Moscow) as it is a way of building up their respective militaries.

David , April 14, 2021 at 11:33 am

I think that may well be his point, or the point he's trying to make. I think it's true, at least to some extent, but it's hardly a unique case, and there are plenty of other societies in the world where you feel (correctly) much more threatened by violence than I ever have in the US.

Keith Newman , April 14, 2021 at 10:30 am

@David
Mr. Engelhardt is a US writer who understandably focuses on current US issues. He lays out his point at the start: the U.S is "a mass-murder machine". He illustrates it by pointing out how the US supplies weapons around the world, promoting, funding, and facilitating violence, and itself slaughters people, directly and through proxies, by the millions. He also outlines the remarkable violence prevalent in the U.S. These facts are undeniable.
With respect to context, of course the U.S. is not now, nor has it been in the past, the source of ALL evil in the world. However It has been the source of a very large part of it in the past century. From a practical point of view, what would be the point of Mr. Engelhardt focusing on Russian and Chinese actions in, say, the 1980s, when his own country is engaging in "mass murder" right now? It leads nowhere except to distract from current slaughter that he may be able to help slow down.
The US as "a uniquely psychopathically violent country": the author does not actually say that. Nonetheless the US is certainly a very violent country compared to other developed countries and for that matter past imperialist countries. Collectively Britain, France, Belgium, etc., etc., massacred millions, even tens of millions, of people in their empires but to my knowledge were not especially violent at home. Germany was an exception to this. The fact it slaughtered white people at home is what made its actions unacceptable to the majority of the elites of most European countries.
The link between US violence abroad and at home: Chris Hedges has written about this. I suggest you read what he has to say.

Alex Cox , April 14, 2021 at 12:05 pm

It is absurd to pretend that Russia or China is anything like as great a danger to peace as the United States is. Forty four years ago Martin Luther King observed, ""As I have walked among the desperate, rejected, and angry young men, I have told them that Molotov cocktails and rifles would not solve their problems But they asked, and rightly so, 'what about Vietnam?' They asked if our own nation wasn't using massive doses of violence to solve its problems, to bring about the changes it wanted. Their questions hit home, and I knew that I could never again raise my voice against the violence of the oppressed in the ghettos without having first spoken clearly to the greatest purveyor of violence in the world today: my own government."

The US was the greatest purveyor of violence in the world then; it is an even greater purveyor of violence today.

The only criticism I would make of the article is the disparagement of Palladin. Though his business card read, 'Have Gun, Will Travel', in almost every episode the protagonist was able to resolve the situation without killing anyone. The episodes are very entertaining, as was his sidekick, Kim Chan (Kam Tong), who went by the extremely un-woke nickname of Hey Boy.

David , April 14, 2021 at 12:21 pm

It would indeed be absurd to pretend that Russia or China is as great a threat to world peace as the US, which is why I didn't say that.

rowlf , April 14, 2021 at 9:34 am

I am always amazed at the hypocrisy of US politicians complaining of violence in the US while ignoring or even approving of violence committed by the US outside the US borders.

I also support censoring violence in entertainment media.

Starry Gordon , April 14, 2021 at 11:56 am

Censoring anything, including displays of violence, would require state force, which is based on the use of guns and other weapons -- another 'war to end war', I suppose.

Starry Gordon , April 14, 2021 at 12:15 pm

According to the Violence Policy Center (about which I know nothing but will provisionally trust), motor vehicle deaths still outnumber gun deaths, although guns are closing the gap. [1] As I have been hit by private cars far more often than I have been shot at -- I ride around on a bicycle as basic transportation, so the ratio is about 10:0 -- I'd like to suggest that the proper metaphor for mortal violence in the US is the automobile, rather than the gun. However, urban liberals like to focus on their political rivals, and gun fans tend to be suburban or rural, so guns rather than vehicles are the choice of symbol. Yet again, tribalism permeates every discussion, indeed, it seems, almost every thought.

[1]https://vpc.org/regulating-the-gun-industry/gun-deaths-compared-to-motor-vehicle-deaths/

[Apr 12, 2021] Dark Money by Jane Mayer is about how some nominally right-wing libertarian sociopaths, (i.e. the Kochs and their coterie) seek to control American politics through various 'charitable' think tanks and stealth infiltration of top ranked universities

Apr 12, 2021 | peakoilbarrel.com

I have just finished reading a couple of weighty tomes with similar themes: Dark Money by Jane Mayer is about how some nominally right-wing libertarian sociopaths, (i.e. the Kochs and their coterie) seek to control American politics through various 'charitable' think tanks and stealth infiltration of top ranked universities; and The Age of Surveillance Capitalism by Shoshana Zuboff, which is about how some nominally left-wing(ish) libertarian whiz kid sociopaths seek to control the whole world through social media.

My main take away is that libertarian ideology is just shorthand for narcissistic entitlement and psychopathic greed.

[Apr 11, 2021] Another professional outrage group wants Fox News host Tucker Carlson FIRED: This time it's the ADL

Apr 11, 2021 | www.rt.com

Ms No PREMIUM 2 hours ago

The Jewish Anti-defamation league is after Tucker Carlson. That's as bad as it gets. They have more money than God.

Anti-Defamation League chief Jonathan Greenblatt "Tucker must go"...."white supremacist tenet that the white race is in danger by a rising tide of non-whites" that is "anti-Semitic, racist and toxic."

https://www.sott.net/article/451245-Another-professional-outrage-group-wants-Fox-News-host-Tucker-Carlson-FIRED-This-time-its-the-ADL 1 odb 2 hours ago

"To find out who really rules you, find out who it is that you can't criticize". Voltaire. play_arrow

[Apr 09, 2021] A modest suggestion for semi-vacant malls

Apr 09, 2021 | www.zerohedge.com

Cock Strong 38 minutes ago

Bezos notches another $100 billion.

Mando Ramos 7 minutes ago (Edited)

My simple solution is to turn the vacant malls into giant marijuana growing operations,and huge meth labs,and use the revenue from the meth and weed sales to balance the Federal budget..As an additional plus,you put the Mexican drug cartels out of business,which can't be a bad thing,either

FurnitureFireSale 26 minutes ago

The smile on the side of the Prime trucks looks like a big wang (Bezos's?) saying "F-U, take THIS!" to all the small businesses. Once you see it, you cannot unsee it.

Puppyteethofdeath 14 minutes ago

Turn them into homeless shelters.

744,000 Americans filed for 1st time unemployment last week.

Every week the numbers are the same.

no cents at all 5 minutes ago

Yet mall property owners and their ilk have equity prices in the stratosphere. Same with cruise lines. A mystery. (Although doesn't take scooby doo to understand why)

is scooby canceled yet?

aarockstar 7 minutes ago

A 60 year retail experiment goes bust...

[Apr 09, 2021] Ethnicity Is a Bad, Often Destructive, Reason to Hire

Highly recommended!
Apr 08, 2021 | www.wsj.com

Judge James C. Ho is absolutely correct to imply it is profoundly offensive to be offered opportunity based on race rather than merit (" Notable & Quotable: Judges ," March 27).

When I was approaching graduation and beginning my job search, a friend of the family, who was Jewish himself, approached me with an opportunity. His accounting firm, one of the "Big Eight" firms, had inquired if he knew any young Jewish accountants it could hire because it didn't have any Jews working in the firm. The family friend told me this was a wonderful opportunity and that I would be made partner and become prosperous. He was shocked when I responded no, and asked why. I told him if I accepted this offer, I would never know if I was successful because I was Jewish or because I was talented and skilled.

I have never once regretted my decision.

[Apr 08, 2021] There is no inflation, it is just that everything costs more.

Apr 08, 2021 | www.wsj.com


B
BA Byron SUBSCRIBER 1 day ago @ Anthony

Economists: " There is no inflation, it is just that everything costs more. "

[Apr 07, 2021] Jamie Dimon in the eyes of ZH crowd

Such comments were definitely impossible before 2007. The level of vitriol is simply incredible. That spells trouble...
Apr 07, 2021 | www.zerohedge.com

10 hours ago

Jamie has Jerome's phone number.

That makes Jamie brilliant. play_arrow 5 play_arrow 1


zorrosgato 10 hours ago

"flush with savings"

HA!

Yen Cross 10 hours ago

Jack, ****, Dimon? Which one was it Z/H Google moderator?

I donate at Christmas.

Basil 20 minutes ago

whats gone wrong is the cancer of progressiveism. wokeism, social justice nonsense.

Gadbous 29 minutes ago

Don't you want to just slap these people?

MuleRider 18 minutes ago

You misspelled decapitate.

GrandTheftOtto 2 hours ago

"It was a year in which each of usfaced difficult personal challenges"

boundless hypocrisy...

Mr. Rude Dog 2 hours ago remove link

" Americans know that something has gone terribly wrong, and they blame this country's leadership: the elite, the powerful, the decision makers - in government, in business and in civic society," he wrote.

"This is completely appropriate, for who else should take the blame?"

Lets see if he projects the problem back on the citizens...Let's see what happens.

"But populism is not policy, and we cannot let it drive another round of poor planning and bad leadership that will simply make our country's situation worse."

I knew the so called elites could not take the blame... You know populism always makes bad decisions with the economy, our monetary system, our infrastructure and just managing our tax money in general...Yes I knew Jamie could not take the blame..LOL.!!!!

QE4MeASAP 2 hours ago

So Dimon is giving the state of the union instead of Biden?

Budnacho 2 hours ago

Jamie Dimon....Friend of the Little Guy....

Tomsawyer2112 PREMIUM 11 hours ago

He doesn't believe a word of what he just said. But he knows that if he wants his bank to continue to be an extension of the government and curry favor then he needs to tow the line. I am sure he also has his eye on a future role as Fed Lead or US Treasurer but might be tough since he's not a diversity candidate.

oknow 2 hours ago

Someone turn off his mike, dont need your sorry *** confession

Just confiscate his wealth and make him do 9 to 5 jobs for the rest of his life.

ChromeRobot 9 hours ago remove link

This guy is a rarity in the banking industry. He's a billionaire. Running a bank I was often told in my early years in finance was foolproof. Everybody needs money and they have it. Hard to fk up. Somehow this "titan" has gamed it to do really well doing something incredibly easy. Positioning yourself to be a SIFI helps too! Too big to fail has it's perks.

a drink before the war 10 hours ago

What Jamie is really saying without saying it is " I get paid in stock options however since the pandemic JPM and other banks haven't been allowed to do stock buy back but come June we get back to the NORMAL and with the FED printing money and giving it to us we going to talk this stock WAY up no matter what because I got almost two years of stock options I gotta get paid for!"

lay_arrow 2
archipusz 10 hours ago

If you want to get to the top, you must speak the party line narrative.

The truth is something different altogether.

Eddie Haskell 10 hours ago

If you want to be a state-approved oligarch you've gotta suck the right dickie. Good job.

Detective Miller 38 minutes ago

"Jaimie Tells Bagholders To 'Buy Buy Buy!!!'"

Onthebeach6 38 minutes ago

The US is addicted to helicoptor money.

The world looks fine to an addict until the supply is cut off.

sbin 41 minutes ago

Jimmy going to lock himself in jail and forfeit his assets?

34k of jerkoff.

Nuk Soo Kow 2 hours ago

How magnanimous of Jamie to blame elitists and civic "leaders" for the structural problems in America. It was the banksters that pushed NAFTA and helped China engineer it's currency against the dollar, which led to massive outflows of productive capital. It was the banksters via the use of financial legerdemain who engineered the collapse in 2008 (not to mention every other banking panic and collapse prior to). It's high time to throw out this den of vipers once and for all.

Nature_Boy_Wooooo 2 hours ago

He lost me at.....

We need more cheap immigrant labor...... housing is unaffordable for many.

No **** moron!......you suppressed our wages and increased demand for housing.

PT 10 hours ago remove link

I always consult the fox when I want to know about the state of the hen house.

QuiteShocking 10 hours ago

Economic boom?? Is really just trying to get back to where we were previously before the pandemic hit with things opening back up etc... More people have been working from home so different spending patterns are developing.. but could change... Supply chain chaos makes it seem like shortages and inflation etc... It may only last through 2023?? but with Dems in charge this is not a given with their anti business slant??

same2u 11 hours ago

UBI for the rich= stock market...

Hope Copy 3 hours ago (Edited)

Jamie knows that the core of Crypto is at the CIA and that the pseudo Republic has far to much Fascist politics at the core .. There has been a competitive failure at most all levels of the government in recent times with a 'winner take all' at the cost of keeping competitive practices alive (not to mention kickbacks).. Of course China is laughing even though they have a history of cutting corners (and outright fraud) in every economic sector.

Mario Landavoz 20 minutes ago

Banker. That's all ya need to know.

Just a Little Froth in the Market 40 minutes ago

But the CEO was very candid about China...

"China's leaders believe America is in decline... The Chinese see an America that is losing ground in technology, infrastructure and education – a nation torn and crippled . . . and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals

This is correct.

Joe A 55 minutes ago

He is just mocking and taking a piss at everybody. That America is such a mess is because of people like him with his scorched earth robber baron rogue capitalism. But there is a way to redeem yourselves. Just make all your assets available to the American people. And oh, blow your own brain out.

Abi Normal 3 hours ago remove link

What else is he supposed to say? As long as things don't go bad for Jamie it's cool.

OrazioGentile 3 hours ago

The Banksters, after years of mismanagement, borderline fraud, and endless bailouts now see that investments in unicorn startups, selling mindless BS to each other, and the quick buck lead to a burned out husk called America?!? Now?!? Let all of them live in the great paradise called the Cayman Islands that they helped build and see how far they get selling "capital instruments" to each other. The last 20 years have taught most Americans that hard work is meaningless to get ahead IMHO.

[Apr 07, 2021] Jamie Dimon: "This boom could easily run into 2023 because all the spending could extend well into 2023."

When did market cheerleading became the key responsibility of all key executives in major banks?
Apr 07, 2021 | www.zerohedge.com

Bay of Pigs 9 hours ago

Legs Dimon has always been a serial liar.

He's incapable of being honest.

One Moment Please 9 hours ago

My neighbors and I are not experiencing any of this 'economic boom' he speaks of.

Maybe we abide in some mysterious economic dead zone?

Mr..Lucky 10 hours ago

"Stock prices have reached what looks like a permanently high plateau," Yale economist Irving Fisher.

[Apr 06, 2021] UBS Predicts 80,000 More Retail Stores Will Close In Five Years

Apr 06, 2021 | www.zerohedge.com

archipusz 1 hour ago

Market surges on 80,000 retail outlet closings optimism.

[Apr 05, 2021] Only the Retired Professors Dare to Speak Out Freely

Apr 05, 2021 | www.wsj.com

Over the months there have been letters to the editor regarding academia. April 4, 2021 2:59 pm ET

Listen to this article 1 minute 00:00 / 00:37 1x

Over the months there have been letters to the editor regarding academia, "Academic Freedom Long Ago Withered Away" (Letters, March 5) being a case in point. I find it interesting that for the most part they are written by professors emeriti or retired academics, not active ones with a job to lose. This is very telling in and of itself.

Kenneth White

Chicago


[Apr 02, 2021] Under neoliberalism there is little different between waitress and teacher

Notable quotes:
"... America does not have any teachers ? America has information transfer agents ! ..."
"... It that regard what is the diff between waitress and teacher [under neoliberalism] ? NOTA ! ..."
Apr 02, 2021 | www.zerohedge.com

Mrcool PREMIUM 17 minutes ago

America does not have any teachers ? America has information transfer agents !

It that regard what is the diff between waitress and teacher [under neoliberalism] ? NOTA !

[Apr 02, 2021] But let's be reasonable - how is it possible to have 700K - 800K initial jobless claims every week and create nearly a million new jobs?

Highly recommended!
If we are to believe authorities the USA. added 916K jobs in March, and the official unemployment rate is at 6% (note the word official; the current official U6 unemployment rate as of March 2021 is 10.70%; so the real number is probably much higher than 10%)
Fudging data became as prominent as it was in the USSR. The neoliberal empire can't afford objective stats.
Notable quotes:
"... monthly data is collected over a brief timeframe - just a few days - and that the calculations are seasonally adjusted. ..."
"... Yes, at least half the sheep population think they are real. It's insane how dumb people are today. ..."
Apr 02, 2021 | www.zerohedge.com

variousmarkets

I spent the last 2 weeks digging into the numbers - especially timing of the surveys and data collection. I get the fact that weekly claims don't reflect new hires. I also realize that monthly data is collected over a brief timeframe - just a few days - and that the calculations are seasonally adjusted.

But let's be reasonable - how is it possible to have 700K - 800K initial jobless claims every week and create nearly a million new jobs? Does anyone really believe any of these numbers?

Globalistsaretrash

Yes, at least half the sheep population think they are real. It's insane how dumb people are today.

[Apr 02, 2021] Our politicians are for sale to the highest bidders. It's no longer democracy, but full-fledged plutocracy with a veneer of "democracy" that's visibly cracked and flaking off to anyone but the willfully blind

Apr 02, 2021 | www.moonofalabama.org

Canadian Cents , Apr 1 2021 21:18 utc | 42

Paul Damascene @22, thanks, I looked up the LBJ/Pearson anectdote and came across this:

https://www.cbc.ca/canadaus/pms_presidents1.html

Apparently it was "You pissed on my rug!". I guess if they update that book and article, they'll include Trump characterizing Justin as "weak and dishonest" - which I would say, based on his 7 years as PM, is blunt but accurate.

I think you're right that any US concessions are just a reprieve. That non-agreement-capable thing. Freeland and Justin don't care, they're looking forward to getting rich after leaving office, like the Clintons, Obama, etc. as a reward for their service to plutocracy.

William Gruff @19, Hoarsewhisperer @16, agreed. That, it seems to me is the root of the problem. Our politicians are for sale to the highest bidders. It's no longer democracy, but full-fledged plutocracy with a veneer of "democracy" that's visibly cracked and flaking off to anyone but the willfully blind.

solo @38, good point. Saudi Arabia also sided with China on Xinjiang:

Importantly, the Crown Prince said Saudi Arabia 'firmly supports China's legitimate position on the issues related to Xinjiang and Hong Kong, opposes interfering in China's internal affairs under any pretext, and rejects the attempt by certain parties to sow dissension between China and the Islamic world.'

Plainly put, Saudi Arabia has undercut the current US campaign against China regarding Xinjiang. It is a snub to the Biden administration.

https://www.indianpunchline.com/the-china-iran-pact-is-a-game-changer-part-i/

[Apr 02, 2021] Ironically, and sickeningly, the Americans, Europeans, Canadians, Australians and other partners, talk loftily about respecting "values' and 'rules-based international order'. They are the ones who are trashing any semblance of order.

Apr 02, 2021 | www.moonofalabama.org

karlof1 , Apr 2 2021 19:32 utc | 84

Today's Strategic-Culture Editorial speaks for me, and I'd bold it all:

"What Washington and its allies are doing is trampling over international law and kicking it to the curb. Their conduct is that of rogue states who perceive themselves to be above the law, entitled to act in whatever way they please with no accountability.

"Ironically, and sickeningly, the Americans, Europeans, Canadians, Australians and other partners, talk loftily about respecting "values' and 'rules-based international order'. They are the ones who are trashing any semblance of order. It is these NATO powers that have launched numerous criminal wars of aggression without any mandate from the UN Security Council. They have carried out covert regime-change operations which have unleashed mayhem and terrorism. They impose unilateral sanctions on nations suffering from NATO's intrigues, such as Syria and Venezuela. They run assassination programs and torture-renditions to black sites around the world. Their troops kill Afghan civilians in cold blood after kicking down their doors in the middle of the night. The United States rips up nuclear arms control treaties with Russia, while sailing warships into Chinese territory."

So, under the tenets of International Law, both Russia and China have the right to counter-attack and have. But the initial law breaking by the Outlaws must be stopped, and it appears they must be forced to do so. And since two of the Outlaws sit on the UNSC, using that organizations Article 7 powers won't do the job as the Veto will be invoked. IMO, the only alternative is to turn to the UNGA and ask it to override the deadlocked UNSC and warrant the arrest of the Outlaws by all UN member states wherever they may be.

I hope barflies take the time to read the editorial as it ends with an excellent news item that's more than apt for our times.

[Apr 02, 2021] Biden's son Hunter, the "smartest guy" his father knows, has his feet firmly in his mouth in excerpts from an interview this Sunday

Apr 02, 2021 | www.moonofalabama.org

PJB , Apr 2 2021 21:50 utc | 107

Meanwhile Biden's son Hunter, the "smartest guy" his father knows, has his feet firmly in his mouth in excerpts from an interview this Sunday about his 💻 that was full of underage porn & business dealings involving his father when VPOTUS.

https://www.zerohedge.com/political/hunter-biden-laptop-certainly-could-be-mine

Will the media still try to bury this, or is it time to replace old Joe?

ZH does a good job tee Ukraine v Russia today:

https://www.zerohedge.com/geopolitical/frightening-escalation-looms-russia-warns-nato-against-sending-any-troops-ukraine

[Apr 02, 2021] As Michael Hudson astutely put it--the parasite finally ate the host. In this case, the neocon insanity in the US is merely a private symptom of a larger ailment."

Apr 02, 2021 | www.moonofalabama.org

karlof1 , Apr 2 2021 19:10 utc | 78

Today's Martyanov Blog is really good and incorporates some of Hudson's views, this being most prescient:

"But behind all of that is a systemic and irresolvable crisis of financial predatory capitalism, which goes under different monikers, but remains the same, as Michael Hudson astutely put it--the parasite finally ate the host. In this case, the neocon insanity in the US is merely a private symptom of a larger ailment."

The earlier longer excerpt he includes is also worth experiencing--it was from the latest discussion with Escobar. I suggest reading it.

[Apr 02, 2021] 'The world will never be the same-' Coursera CEO on learning post pandemic

Apr 02, 2021 | finance.yahoo.com

'The world will never be the same:' Coursera CEO on learning post pandemic Reggie Wade · Writer Fri, April 2, 2021, 12:43 PM More content below More content below ^IXIC +1.76% COUR +1.73%

The online learning platform Coursera ( COUR ) saw a big pop following its Nasdaq ( ^IXIC ) debut this week. Coursera revenue was up 60% last year, and CEO Jeff Maggioncalda predicts online learning is here to stay even after the pandemic eventually winds down.

"The world needs more access to high-quality learning. ... There will be a new normal that emerges. We don't know what that will look like either in terms of how we work remotely versus in an office and how we will learn online and also on campus. But it's pretty clear that the world will never be the same again and that online learning will be a big part of it," he told Yahoo Finance Live.

"So we really think about the long term, all the structural reasons why people will need to learn continuously through their lives to learn new skills as the world goes more digital," he said.

Dec 27, 2019 Mountain View / CA / USA - Coursera headquarters in Silicon Valley; Coursera is an American online learning platform that offers massive open online courses, specializations, and degrees

One area that Coursera is looking to expand is its degree and certification programs. Maggioncalda tells Yahoo Finance that the company can use technology to shake up traditional degree offerings.

"What we've seen for centuries is that college degrees are the most meaningful, recognized learning credential that there is, and the credential type hasn't really innovated that much over the last period of history. We think with technology, the ability to create not only degrees but other types of credentials," he said.

"It will be a portfolio of credentials. We believe that will serve lifelong learning needs in a world where people need to keep learning, even as they're working," he added.

[Apr 01, 2021] Neoliberalism in the USA persists, althouth in zombie state:

Apr 01, 2021 | yro.slashdot.org

Supreme Court Lets FCC Relax Limits On Media Ownership

An anonymous reader quotes a report from The New York Times:The Supreme Court unanimously ruled on Thursday that the Federal Communications Commission has the authority to relax rules limiting the number of newspapers, radio stations and television stations that a single entity may own in a given market . The decision is likely to prompt further consolidation among broadcast outlets, some of which say they need more freedom to address competition from internet and cable companies. Critics fear that media consolidation will limit the perspectives available to viewers.

The rules at issue in the case, initially adopted between 1964 and 1975, had been meant "to promote competition, localism and viewpoint diversity by ensuring that a small number of entities do not dominate a particular media market," Justice Brett M. Kavanaugh wrote for the court. But the rules, he added, were a relic of a different era -- "an early-cable and pre-internet age when media sources were more limited." "By the 1990s, however, the market for news and entertainment had changed dramatically," Justice Kavanaugh wrote. "Technological advances led to a massive increase in alternative media options, such as cable television and the internet. Those technological advances challenged the traditional dominance of daily print newspapers, local radio stations and local television stations."

The case, Federal Communications Commission v. Prometheus Radio Project, No. 19-1231, concerned three rules. One barred a single entity from owning a radio or television station and a daily print newspaper in the same market, the second limited the number of radio and television stations an entity can own in a single market, and the third restricted the number of local television stations an entity could own in the same market.

In 2017, the commission concluded that the three rules no longer served their original purposes of promoting competition and the like. The vote was 3 to 2 along party lines, with the commission's Republican members in the majority.

Clarification ( Score: 5 , Informative) by JBMcB ( 73720 ) on Thursday April 01, 2021 @06:09PM ( #61226092 )

They were not deciding if media consolidation was OK. They were deciding if the FCC had the regulatory authority to make such a change. The court decided, unanimously, that they did.

If they had decided otherwise, it would open up any such regulatory changes to lawsuits against the change. This includes further tightening media ownership rules, or changing rules on pollution, or regulations on corporate governance.

https://reason.com/volokh/2021... [reason.com] Reply to This Share What SCOTUS should have done ( Score: 5 , Insightful) by DeplorableCodeMonkey ( 4828467 ) on Thursday April 01, 2021 @06:24PM ( #61226140 )

Is they have should have gone for the throat and said FCC, SEC, FTC, FEC, etc. rule-making is unconstitutional per se because all legislative and pseudo-legislative activity must be enacted explicitly by only the Congress.

It would have utterly horrified and enraged progressives and big corporation-loving republicans, but it would have been considered a judicial Gettysburg for the forces of populism on both sides because it would have gutted the power of the administrative state to render the people's assembly a vestigial organ.

[Apr 01, 2021] Archegos's Collapse Is a Wakeup Call for Regulators

Apr 01, 2021 | www.wsj.com

...history shows that one messy unwind can easily spread. The U.S. Office of Financial Research finds that the ten largest hedge funds were leveraged far more heavily than the next 40 largest funds, as of June. And many family offices may not be counted in these statistics at all, which mostly rely on disclosure forms they are able to avoid.

There are some obvious responses for regulators, such as mandating disclosure of the total return swaps that allowed Archegos to build big positions out of the public eye. But there are no easy answers to the wider challenge of overseeing leverage within the broadest financial complex when debt is almost free.

The system has held up under the latest strain, but this isn't a victory. Archegos means one who leads the way. Regulators must do what they can to ensure as few as possible follow.

Write to Rochelle Toplensky at rochelle.toplensky@wsj.com and Telis Demos at telis.demos@wsj.com

[Apr 01, 2021] Deutsche Bank Dodged Archegos Hit With Quick $4 Billion Sale - Bloomberg

Apr 01, 2021 | www.bloomberg.com

Swiss rival Credit Suisse expects a hit in the billions of dollars from Archegos, people with knowledge of the matter have said, while Nomura Holdings Inc. has signaled it may lose as much as $2 billion. Analysts at JPMorgan Chase & Co. estimate the Archegos blowup may cause as much as $10 billion of combined losses for banks.

David Herro, chief investment officer of Harris Associates -- one of Credit Suisse's biggest shareholders -- said on Bloomberg Television on Wednesday that the Archegos incident was a "wake-up call" for Credit Suisse and should lead to sweeping changes to its culture and oversight practices.

Shares of Credit Suisse tumbled 21% this week on concern over the size of its potential Archegos hit. Deutsche Bank is down 2.9%.

[Mar 31, 2021] Looks like Goldman and Morgan managed to sell thier shares in Archegos meltdown first as usual pushing other clients under the bus: Billions in Secret Derivatives at Center of Archegos Blowup

Casino capitalism is the fertile ground for the most sleazy types of speculators. The stock market has become a giant slot machine financed by 401K lemmings. The marks here are 401K investors.
Excessive leverage is a immanent feature of the pre-collapse stage of Minsky cycle. So those who argue that we are close to another crash get some additional confirmation due to this event. The Masters of the Universe rediscovered the hidden areas of huge risk, and like in 2008 are afraid but can't and do not want to anything.
TBTF such as Goldman and Morgan aid the most sleazy types as they bring outsized profits for them. So this a catch 22 as Goldman and other TBFT controls SEC not the other way around.
It would be prudent to view banksters as a special type of mafia and treat accordingly and prohibit for them serving in government. But this is impossible under neoliberal as financial oligarchy has all political power.
The question is: Is there another fund that's larger, that's more leveraged with the same characteristics that could prove to be a more systemic event? That's the major concern right now." Wall Street's hottest trades such as pure-tech plays and high-flying tech/media like the ones bet on by Hwang -- could be unwound. The Hwang blowup wakes up investors to the realization that many parts of the market are overvalued and it's time to sell -- and quickly as yields are going up. For the the FAANGS, the Tesla's out there -- the fundamentals don't support the stock. So it would be logical to a large correction.
Notable quotes:
"... The idea that one firm can quietly amass outsized positions through the use of derivatives could set off another wave of criticism directed against loosely regulated firms that have the power to destabilize markets. ..."
Mar 31, 2021 | finance.yahoo.com

Much of the leverage used by Hwang's Archegos Capital Management was provided by banks including Nomura Holdings Inc. and Credit Suisse Group AG through swaps and so-called contracts-for-difference, according to people with direct knowledge of the deals. It means Archegos may never actually have owned most of the underlying securities -- if any at all.

While investors who own a stake of more than 5% in a U.S.-listed company usually have to disclose their holdings and subsequent transactions, that's not the case with positions built through the type of derivatives apparently used by Archegos. The products, which are transacted off exchanges, allow managers like Hwang to amass exposure to publicly-traded companies without having to declare it.

The swift unwinding of Archegos has reverberated across the globe, after banks such as Goldman Sachs Group Inc. and Morgan Stanley forced Hwang's firm to sell billions of dollars in investments accumulated through highly leveraged bets. The selloff roiled stocks from Baidu Inc. to ViacomCBS Inc., and prompted Nomura and Credit Suisse to disclose that they face potentially significant losses on their exposure.

One reason for the widening fallout is the borrowed funds that investors use to magnify their bets: a margin call occurs when the market goes against a large, leveraged position, forcing the hedge fund to deposit more cash or securities with its broker to cover any losses. Archegos was probably required to deposit only a small percentage of the total value of trades.

The chain of events set off by this massive unwinding is yet another reminder of the role that hedge funds play in the global capital markets. A hedge fund short squeeze during a Reddit-fueled frenzy for Gamestop Corp. and other shares earlier this year spurred a $6 billion loss for Gabe Plotkin's Melvin Capital and sparked scrutiny from U.S. regulators and politicians.


The idea that one firm can quietly amass outsized positions through the use of derivatives could set off another wave of criticism directed against loosely regulated firms that have the power to destabilize markets.


Bob 2 days ago This is another major reminder that the stock market is not as rational as we want to believe. A small group of very large, leveraged funds can have far more impact on the market than dozens or hundreds of well thought out and researched programs. Sigh. Take your lumps and move on. Hasso 2 days ago 2008 - Hwang's Tiger Asia suffered losses from the Volkswagen short, 2012 - Hwang's Tiger Asia paid $44M to settle insider trading charges, banned 2014- Hong Kong fined him $5.3M & banned him for four years. 2021 - And here we are again.
Tyrone 2 days ago Gee, Credit Suisse involved in sleezy investments. Again. I'm shocked, just shocked!
Manohar 2 days ago Banks haven't learnt anything yet...you know why? Because its other people's money and the no one gets prosecuted when they are caught with hand in the cookie jar.
killer klown 2 days ago it's a sign that the market and it's regulators have learned nothing.........to even pretend that a penny difference in assumed earnings versus actual earnings using the GAAP accounting (which itself says it's not exact but generally accepted accounting principles)moves a stock is in itself a joke, this situation of a BIG BLACK BOX calls for the complete dismantle of the derivatives market which was created to lay off risk. Bill Hawng should be FLAT Broke his possesions seized, The board of Credit Suisse and Nomura et all should be unemployed as of 8:31 this morning. But they won't and it's only going to happen again and again.
Amvet 2 days ago Market manipulators have a free rein in the USA. Are politicians also involved? Reply 16 3 George 2 days ago Just amazing how some of the world's most sleazy characters have access to cosmic sums of money and remain under the radar and legal(???). Then nothing seems to happen except that loads of other folk get burned while they move on to the next bright idea. Reply 13 1 Rick 2 days ago So clearly limiting those who can purchase these to exclude amateur players has not been successful. Recklessness is not limited to amateurs. Mr. H. 2 days ago In 2008 high finance was playing very high risk games with clients money at the undefined edge between legal and illegal. A bunch of firms went away along with many billions of dollars because a bunch of players were playing CYA. They came up with the term "too big to fail" when they were picking winners and losers. "too big to fail" is is fetid bovine excrement. The SEC, that is the administrative government, was not doing its job! There were many questions about government employee competence to do those jobs. The government should have let the market place pick the winners and losers, then the government should have prosecuted everyone who failed to perform their fiduciary duty and set a major precedent about high risk play with other people's money; keep it legal or go to jail and lose your shirt. That is what should happen this time too! Noone 2 days ago Almost like something that is so dangerous and risky to both the market AND the "investor" that retail traders ARE BANNED from doing it should.. idk.. BE ILLEGAL FOR EVERYONE? Useless SEC. Do your job right.
Philip 2 days ago Ironic that Hedge Funds are the most unhedged game going.... Dan 1 day ago The managers of these HFs lack morality, they steal from other companies because they believe in their twisted little minds if they set up a system whereby they can trade in dark pools with illegal naked shorting, counterfeit shares and stock manipulation under the radar -- it makes the crime okay. All of this criminality is been done with the aid of supplementary leverage ratio (SLR) If they can manage to bankrupt the company they short with Government SLR they end up paying no tax and pocket the money GME/AMC and more for example.. Bingo the most audacious robbery attempt in the history of the state. Oh boys did they fail, wow what a spectacular failure. Now they have to deleverage destabilizing the entire market. Do these HF managers rank their values differently to the moral code we all live by? Obviously they do! There's no doubt they'll get lots of time to think about their behaviour when they're in the slammer. Each case will have to be evaluated on its own merit at some stage of course. On the face of it, all indications points to a tradeoff that benefits themselves at the disadvantaging of other. Sad for them! I rest my case!
Jodes 1 day ago The spikes in shares like ROKU, BIDU, SHOP and many more have huge parabolic spikes at the top accounting for the disfunctional market as we were seeing it at the top. They had huge buy orders to artificially spike the prices keep them up and then experts come in after and raise price targets and put a BUY rating on the stock. Then get retail to buy in and then drop them like a rock. Greedy and dispicibale. All probably done for a huge bonus. While retail suffers for their greed.
Vince 2 days ago More than 100 Trillion (with a T) are moving around the world in Derivatives each and every day., some say closer to 200 Trillion! You figure it our when THAT bubble bursts! Reply 2 1 SniffMopWho 2 days ago Interesting how these guys make millions and billions, just by pressing keys on a keyboard.
... 2 days ago More sleaze trying to bring down the market by making risky bets with swaps and derivatives, yet the regulators are caught asleep again. Just more proof of incompetence by Biden and his hired idiots at the SEC.

[Mar 31, 2021] Us market collapsed in March2020, but nobody has courage to admit that.

Mar 31, 2021 | www.unz.com

anon [406] Disclaimer , says:

[Mar 31, 2021] Citadel and friends have shorted the treasury bond market to oblivion using the repo market.

Mar 31, 2021 | www.zerohedge.com

play_arrow


Crash Overide 2 hours ago (Edited)

Speaking of treasuries... and Citadel, I thought it was an interesting read.

TL;DR- Citadel and friends have shorted the treasury bond market to oblivion using the repo market. Citadel owns a company called Palafox Trading and uses them to EXCLUSIVELY short & trade treasury securities. Palafox manages one fund for Citadel - the Citadel Global Fixed Income Master Fund LTD. Total assets over $123 BILLION and 80% are owned by offshore investors in the Cayman Islands. Their reverse repo agreements are ENTIRELY rehypothecated and they CANNOT pay off their own repo agreements until someone pays them, first. The ENTIRE global financial economy is modeled after a fractional reserve system that is beginning to experience THE MOTHER OF ALL MARGIN CALLS.

THIS is why the DTC and FICC are requiring an increase in SLR deposits. The madness has officially come full circle.

tnorth 4 hours ago

another month of completely rigged 'markets'

mtl4 4 hours ago remove link

Music is still playing, make sure you have a chair when it stops

this_circus_is_no_fun 1 hour ago remove link

Consider these two points:

  1. Treasuries are claimed to be backed by the "full faith and credit of the United States".
  2. In Q1, Treasuries suffer their biggest loss in 40 years.
y_arrow
Kreditanstalt 1 hour ago (Edited)

I've always wondered why seemingly contradictory and uncorrelated assets and asset classes alternately "soar" and "plunge" on different days, usually in random conjunction with others...

It seems so counterintuitively...MECHANICAL...or theory-driven, rather than rational "investing".

Almost like random BETTING

[Mar 29, 2021] Hedge fund blowup sends shockwaves through Wall Street and the City

Mar 29, 2021 | finance.yahoo.com

A little known hedge fund that blew up last week has sent shockwaves through the world of investment banking.

Shares in Credit Suisse ( CSGN.SW ) and Nomura ( 8604.T ) sunk over 10% on Monday after both warned they faced potentially billions in losses linked to hedge fund Archegos Capital.

Banks that worked with Archegos and lent it money to buy shares were scrambling to offload Archegos' investments after a handful of risky bets made by the hedge fund went bad. The rush to exit these positions hit public shares prices, leaving banks with huge losses.

Hedge funds typically borrow money from banks to invest, a process known as margin trading. This allows funds to leverage up the cash they hold and increase their positions -- potentially earning far greater returns if their bets come good. However, it also means hedge funds can theoretically lose more money than they hold in client funds.

If trades made on margin turn sour, banks will ask a client to put up more money as collateral to limit potential losses. This process is known as a margin call.

Archegos faced margin calls on its positions last week but failed to provide extra cash. As a result, banks began selling off stocks held on the hedge fund's behalf -- a fire sale known in the City as liquidating positions. The business press reported on Friday that Goldman Sachs ( GS ) and Morgan Stanley ( MS ) were selling huge chunks of shares in businesses including ViacomCBS ( VIAC ), Discovery ( DISCA ) and Chinese stocks Baidu ( BIDU ) and Tencent Music ( TME ). The block sales are estimated to be worth around $20bn (£14.5bn), according to the Financial Times .

Shares in Credit Suisse sunk after it warned of 'significant losses' linked to the blow up at Archegos Capital. Photo: Fabrice Coffrini/AFP via Getty Images

A little known hedge fund that blew up last week has sent shockwaves through the world of investment banking.

Shares in Credit Suisse ( CSGN.SW ) and Nomura ( 8604.T ) sunk over 10% on Monday after both warned they faced potentially billions in losses linked to hedge fund Archegos Capital.

Banks that worked with Archegos and lent it money to buy shares were scrambling to offload Archegos' investments after a handful of risky bets made by the hedge fund went bad. The rush to exit these positions hit public shares prices, leaving banks with huge losses.

Hedge funds typically borrow money from banks to invest, a process known as margin trading. This allows funds to leverage up the cash they hold and increase their positions -- potentially earning far greater returns if their bets come good. However, it also means hedge funds can theoretically lose more money than they hold in client funds.

If trades made on margin turn sour, banks will ask a client to put up more money as collateral to limit potential losses. This process is known as a margin call.

Archegos faced margin calls on its positions last week but failed to provide extra cash. As a result, banks began selling off stocks held on the hedge fund's behalf -- a fire sale known in the City as liquidating positions. The business press reported on Friday that Goldman Sachs ( GS ) and Morgan Stanley ( MS ) were selling huge chunks of shares in businesses including ViacomCBS ( VIAC ), Discovery ( DISCA ) and Chinese stocks Baidu ( BIDU ) and Tencent Music ( TME ). The block sales are estimated to be worth around $20bn (£14.5bn), according to the Financial Times .

"Things started going wrong for Archegos when shares of companies such as Viacom started to slide mid-last week," said Michael Brown, a senior market analyst at Caxton Business. "It was at that point that margins were called, and couldn't be provided, hence the block sales seen Friday."

A fire sale can have a negative impact on stock prices and shares in both ViacomCBS and Discovery sunk 27% on Friday. Banks therefore risked making less back from the sales than they lent to clients to fund the investments.

Credit Suisse on Monday warned it was facing "highly significant" losses linked to Archegos that could be "material to our first quarter results".

The Swiss lender didn't name Archegos but said: "A significant US-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks."

Credit Suisse said it was "in the process" of selling shares held by Archegos. The bank said it was "premature" to estimate how much it would likely lose from the crisis.

"We intend to provide an update on this matter in due course," Credit Suisse said.

Shares sunk 13.4% in Zurich.

"One would assume that, judging by the size of positions sold, the 'game is up' for Archegos," Brown said.

He said it was "unlikely" that Archegos would pose a systemic risk to the financial system. Neil Wilson, chief market analyst at Markets.com, said the hedge fund "appears to have been too concentrated in a number of risky stocks."

A hedge fund blow up is relatively unusual and Archegos' undoing has raised concerns that other funds could find themselves in similar positions.

"Block equity-trades stemming from margin-calls on Archegos will have sent the market's spidey senses a tingle," said Bill Blain, a senior strategist at Shard Capital. "Who is next?"

Alex Harvey, a portfolio manager at Momentum, said: "We tend to find out after the event that other funds get caught up as sometimes hedge funds may be crowded into similar trades."

"When we look at this and think about the GameStop saga and the decline in Tesla as two examples -- what we're seeing are more and more pockets of very unusual trading activity in some stocks," he said. "You worry that this sort of frothy trading activity in turn creates pockets of distress among investors and banks that leads to larger unwinds and losses for financials."

[Mar 28, 2021] I know they are China is copying USA's policy in 18th and 19th century.

Mar 28, 2021 | www.nakedcapitalism.com

Kouros , March 27, 2021 at 1:33 pm

What are the facts that indicate that "China wants to dominate the entire world"? There is little or no evidence of that. Just repeating this pabulum on and on doesn't make it true. It just makes hoi polloi think it is true.

Aaron , March 27, 2021 at 2:24 pm

There is no specific speech or document that clearly states that China wants to dominate the entire world. It is an inference from many things pieced together, some of which are:

1. China's behavior after it was admitted to WTO. When it happened in 1999, the expectation was that they would open up their market to global firms. Instead, what happened was rampant technology theft and currency manipulation. They manipulated their industrial policy to deny foreign firms a level playing field that Chinese companies were given in other countries.

2. The Belt and Road projects. These are basically debt traps for poorer countries in Asia, Africa and Europe in the name of infrastructure development. They give soft loans to these countries for economically unviable infra projects, and when they fail, the Chinese take ownership. Kinda like loan sharks loaning money to gamblers.

3. They have started grabbing territory from all neighbours using salami tactics, showing some old "maps" that was never agreed and claiming they own the area. (Google "Nine-dash line").

Add to this the planting of spies using Confucius institutes, secretly paying many academic researchers to steal technology (Example: Charles Lieber from Harvard), paying newspapers to carry China Daily propaganda supplements (WaPo, NYT, LA Ttimes, The Boston Globe, WSJ just for starters), the Houston embassy spying, They have done this stuff not just to USA but most major countries in the world.

Now of course we can ask, "But where did they say they want to rule the world?". Well, Hitler didn't either. In 1938, he solemnly swore to Neville Chamberlain, the British PM that he had no intention of conquering another country. We all know what happened after that. Naivete is dangerous in these situations. If a country acquires enough power, it will start having imperial ambitions. It's human nature. Germany under Bismarck in 1880s tried to stay away from conquering other countries as long as possible, but they couldn't resist the temptation. Now none of this means China will try to dominate the world at any cost. If others resist strongly enough, they will back off. But that's something we have to do, and get others to do.

Roger , March 27, 2021 at 3:12 pm

1. So China copied the way in which the US industrialized in the eighteenth and nineteenth century. Following the Washington Consensus script has a history of leading to dependency – Ha-Joon Chang has written some very good papers and books on the basic hypocrisy of the West in this area. In the eighteenth century Britain protected its infant textile industry against the Indian one with very high tariffs. They also stole woollen technology from the Dutch.
2. This is Western propaganda, perhaps reflecting the IMF/World Bank efforts of yore upon China. The "debt trap" BRI myth has been pretty much debunked among academic researchers, but that doesn't fit the Western anti-China discourse.
3. Grabbing territory from all their neighbours? What territory? Compare the nine-dash line mirrors to the declared hegemony of the US over the Caribbean and Central American nations – backed up by repeated invasions and destabilizations (Haiti, Panama, Nicaragua, Guatemala, Cuba etc.). Take a look at the US history of grabbing lands (the Philippines, Puerto Rico, half of Mexico, Hawaii), China is exceedingly tame compared to US history, as well as the US recent aggressions such as the illegal invasion of Iraq and destabilization of Syria.

The MSM that you quote are the purveyors of fake news with no actual backing apart from intelligence community briefings, the "stenographers of the intelligence community" as one commentator put it. This is the classic propaganda designed to rile up the population to support action against a new "enemy", very 1984.

Aaron , March 27, 2021 at 9:41 pm

1. Oh I know they are China is copying USA's policy in 18th and 19th century. That is what is concerning. That is a successful playbook to gain a lot of economic power very quickly. Of course the USA pointing fingers is hypocrisy. But that does not make this any less of a threat.
2. Debunked by "academic researchers"? Care to share some sources? Multiple countries like Malaysia, Kenya, Myanmar, Sierra Leone and Bangladesh have either cancelled projects or trying to renegotiate them. The reason is because the projects are nothing but jobs and demand creation programs for Chinese workers and companies. Contracts are awarded at inflated rates to Chinese contractors without competitive bidding. Then they bring in workers and equipment wholesale from mainland china. Some projects are economically viable, others are just white elephants, like the highway in montenegro or a port/airport in Sri Lanka in the middle of the jungle.
3. I am not denying what USA has done to other countries. China is just starting, so what they do looks tame. Give them a little time.

I fully agree that the MSM are purveyors of fake news. I was referring to how they all have taken Chinese money to print stuff favourable to them, and even articles entirely written by Chinese foreign ministry. Now of course, they might change tack and start beating the war drums if TPTB wants them to. That confirms my opinion that most MSM are just mouthpieces for hire with no moral principles.
https://www.theguardian.com/news/2018/dec/07/china-plan-for-global-media-dominance-propaganda-xi-jinping

Please note, I am not defending all the terrible things America has done. Pointing out that China is a threat need not come attached with any moral judgement on America.

Also, the proper response to China IMO should be more in economic policy than military saber-rattling. Tariffs are just a start. Why are we not building more manufacturing in USA? Sure, wages are high and prices will shoot up. But do we really need to import 15bn worth of sneakers (that's about 200 mn pairs a year)? Let us make shoes in America that may cost twice as mush, but three times more durable. Same with cellphones. Decrapifying products will go a long way in making american manufacturing viable. But that requires great sacrifice by the consumers. Shopping or goodies has been turned into a dopamine-drip. Investing class and business are just as addicted to high profit margins & ROIs. Cut the dependence on China, and watch them scramble to fix their internal issues like falling wages and unemployment. The pity is we have lost the will as a nation to make such sacrifices.

drumlin woodchuckles , March 28, 2021 at 2:53 pm

I am not sure the will does not exist. I think the will might be suppressed and thwarted.

We would need a Protectionist Party to explain everything you have touched on and run candidates on that basis and on that program to see whether the diffuse and muffled will might be uncovered and re-aggregated and recovered and weaponised for domestic political re-conquest of government and hence of political economic policy.

I envision a delicious scenario-vision in which the Protectionist Party finally wins all three branches and the Protectionist Party President makes a speech and at the end of that speech, AND IN MANDARIN to to make sure the prime perpetrator of export aggression hears the message and gets the point, the following phrase . . . . in MANDARIN, remember . . .

" America has stood up!"

Felix_47 , March 27, 2021 at 4:52 pm

Hmmnm "If a country acquires enough power it will start having imperial ambitions?" I agree completely with your statement. The rest seem pretty much what I have been reading in the Washington Post and New York Times lately. I am not sure about their objectivity. One thing is certain and that is that war talk very easily can slip into war. Having served in the military for over 30 years and deployed many times the best advice I ever got was from that political analyst Mike Tyson, "Everybody has a plan until they get punched in the face." War talk with China and Russia and Iran and trying to cripple economies with sanctions never has and never will work but we can always try to educate a new young generation of politicians like Joe.

km , March 27, 2021 at 4:53 pm

The last time China attacked another country was 1979.

The United States since that time?

Late Introvert , March 27, 2021 at 5:29 pm

Carry water for the MIC much?

Aaron , March 28, 2021 at 9:48 am

Nah. But I know we need a military to defend ourselves, especially if something that happens on the other end of the world would make the supermarket shelves go empty in a jiffy. I think we need to reduce external economic dependence and then cut the military to a fraction of it's current size, just enough to patrol the borders and coasts.

Darthbobber , March 27, 2021 at 8:01 pm

The bulk of the "rampant technology theft" was their insistence on building the requirement for specified technology transfers into the agreements that let companies set up shop there. They had watched neocolonialist behavior long enough not to want to be locked permanently into a subservient position. This part was of course not theft at all. For the rest of it, yeah, industrial espionage is a thing. But one notes that the firms generally stayed there.

Currency manipulation is only bad when the other guys do it. We have periodically deliberately weakened the dollar to try to address balance of trade issues, and in the aftermath of the '08 recession everybody was doing competitive devaluation, trying to accomplish by that means what they would have tried tariffs for in an earlier era.

I haven't seen a decent scholarly piece that concurs with the propaganda about belt and road loans as sinister debt traps.

Territorial disputes aside, most of those neighbors have China as a major trading partner, and none of the disputes have gone hot. The neighbors are also not entirely lacking in power. Russia and India are nuclear powers, and if Japan chose to field a more formidable military it could easily do so.

Phil in KC , March 27, 2021 at 10:29 pm

One of the hardest and most disturbing lessons we've learned from the Nixon China gambit was that capitalism doesn't necessarily lead to democracy. Nor is a democratic society a prerequisite for capitalism to flourish.

Aaron , March 28, 2021 at 9:35 am

That came much after the Nixon thaw with China, after the fall of Soviet Union. Francis Fukuyama solemnly proclaiming "End of History" and all that. The turning point was China being let into WTO in 1999. Clinton, Bush II and Obama swallowed that "capitalism leads to democracy" idea hook, line and sinker.

Aaron , March 28, 2021 at 9:33 am

Technology theft, spun any way, is still technology theft. Sure, Industrial espionage is "a thing" that everyone does. So is currency manipulation. Since we feel guilty that USA gained global power by doing all these, we should let others do it too, just to even the scales? Foreign policy mixed with moral feelings is a recipe for disaster.

drumlin woodchuckles , March 27, 2021 at 4:28 pm

Russia and China . . . soft-pedal one and hard-pressure the other? To prevent them co-operating? Too late.

That bus has left the station, that ship has sailed and sunk, that dog won't cut the mustard hunting-wise, etc.

[Mar 28, 2021] The one good thing about bringing back neoclassical economics. We know what led to Wall Street Crash in 1929. The same mistakes have been repeated globally.

Mar 28, 2021 | www.nakedcapitalism.com

Sound of the Suburbs , March 27, 2021 at 3:45 pm

The one good thing about bringing back neoclassical economics.
We know what led to Wall Street Crash in 1929. The same mistakes have been repeated globally.

At 25.30 mins you can see the super imposed private debt-to-GDP ratios.

https://www.youtube.com/watch?v=vAStZJCKmbU&list=PLmtuEaMvhDZZQLxg24CAiFgZYldtoCR-R&index=6

No one realises the problems that are building up in the economy as they use an economics that doesn't look at debt, neoclassical economics.

As you head towards the financial crisis, the economy booms due to the money creation of unproductive bank lending, as it did in the 1920s in the US.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

The financial crisis appears to come out of a clear blue sky when you use an economics that doesn't consider debt, like neoclassical economics, as it did in 1929.

1929 – US

1991 – Japan

2008 – US, UK and Euro-zone

The PBoC saw the Chinese Minsky Moment coming and you can too by looking at the chart above. The Chinese were lucky; it was very late in the day. Everyone has made the same mistake; only the Chinese worked out what the problem was.

Sound of the Suburbs , March 28, 2021 at 4:24 am

The Chinese don't seem too worried about the competition.

Putin and Xi are jealous of Wall Street.
No matter how hard they try, they have never been able to inflict the same level of damage to the West, Wall Street managed in 2008.

The Chinese know what to look out for to spot a financial crisis coming. They look for the problems brewing in private debt and inflated asset prices.
This nice Chinese chap tried to warn the Americans the US stock markets was at 1929 levels at Davos 2018.
https://www.youtube.com/watch?v=1WOs6S0VrlA
We know what a correction from 1929 levels looks like.
We have seen it before.

"They've done it again, I can't believe my luck. US stock markets are at 1929 levels, this isn't going to end well" president Xi
Xi has probably rung Putin up to tell him the good news.
I bet they had a right old laugh.

Luckily for the Chinese, the Americans have no idea what they are doing.
The Chinese have been making all the classic mistakes of neoclassical economics, but have been learning from them to ensure they don't make the same mistakes again.
We haven't been doing this in the West.

At the end of the 1920s, the US was a ponzi scheme of inflated asset prices.
The use of neoclassical economics, and the belief in free markets, made them think that inflated asset prices represented real wealth.
1929 – Wakey, wakey time

The use of neoclassical economics, and the belief in free markets, made them think that inflated asset prices represented real wealth, but it didn't.
It didn't then, and it doesn't now.

What was the ponzi scheme of inflated asset prices that collapsed in 2008?
"It's nearly $14 trillion pyramid of super leveraged toxic assets was built on the back of $1.4 trillion of US sub-prime loans, and dispersed throughout the world" All the Presidents Bankers, Nomi Prins.
It wasn't real wealth, just a ponzi scheme of inflated asset prices.

Real estate – the wealth is there and then it's gone.
1990s – UK, US (S&L), Canada (Toronto), Scandinavia, Japan, Philippines, Thailand
2000s – Iceland, Dubai, US (2008), Vietnam
2010s – Ireland, Spain, Greece, India
It wasn't real wealth, just a ponzi scheme of inflated asset prices.

It's been the same since Tulip Mania.
You can inflate asset prices, keeping them inflated is the hard bit.

Sound of the Suburbs , March 28, 2021 at 8:29 am

The battle of ideas.
Keynesian capitalism won the battle against Russian communism.

The Americans could clearly demonstrate the average American was much better off than their Russian counterparts.

Today's opioid addicted specimens might have struggled.

It was much easier for the Americans to win the war of ideas last time. This time they could be in trouble.

Look at the great system we've developed to concentrate wealth with the 1%.

http://static5.businessinsider.com/image/557ef766ecad04fe50a257cd-960/screen shot 2015-06-15 at 11.28.56 am.png

It's not quite the same, is it?

Sound of the Suburbs , March 28, 2021 at 8:30 am

Oh yeah, we had a system like that where all the wealth stayed at the top. We called it Feudalism. The Americans are progressing in the reverse direction.

drumlin woodchuckles , March 28, 2021 at 3:05 pm

Perhaps certain counter-Feudalist towns, cities, communities, etc. should study up on how certain Free Towns and Free Republics survived in Europe during the Feudalist Period. And try to set themselves up as the Free Towns, Free Cities, Free Republics in the midst of a future Feudalist America.

Phil in KC , March 28, 2021 at 3:59 pm

Thank you, RMO, you summarized US-Russian relations from 1991 to the start of the Putin era much better than me. We really missed an opportunity to integrate the Russians into the US-EU alliance (such as it was), especially with regard to NATO.

Bush Jr. compounded this failure by mistaking Putin for an ally in the war against terror, thinking that our concerns in the middle east paralleled Putin's affairs in Chechen. They could have, but didn't. Putin was a more strategic thinker.

My sense is that Putin played a waiting game for much of the first two decades of this century...

Phil in KC , March 28, 2021 at 4:01 pm

Sensible proposal once we codify and make manifest modern serfdom and indentured servitude (i.e. debt slavery). Shouldn't be too hard.

[Mar 28, 2021] Bubble Deniers Abound to Dismiss Valuation Metrics One by One by Vildana Hajric , Claire Ballentine , Lu Wang

Notable quotes:
"... How convinced should anyone be when dismissing the message of metrics like these? To be sure, both the market and economy are in uncharted waters. It's possible -- perhaps likely -- that old standards don't apply when something as random as a virus is behind the stress. At the same time, many a portfolio has been squandered through complacency. Market veterans always warn of fortunes lost by investors who became seduced by talk of new rules and paradigms. ..."
"... At 35, the CAPE is at its highest since the early 2000s. ..."
"... Another indicator raising eyebrows is called Tobin's Q. The ratio -- which was developed in 1969 by Nobel Prize-winning economist James Tobin -- compares market value to the adjusted net worth of companies. It's showing a reading just shy of a peak reached in 2000. T ..."
"... the signal sent by the "Buffett Indicator," a ratio of the total market capitalization of U.S. stocks divided by gross domestic product. ..."
"... Still, it's hard to ignore the risks to underlying assumptions. While rock-bottom rates underpin many of the arguments, this year has shown that the Fed still is willing to let longer-term interest rates run higher. And betting on huge upside earnings surprises is risky too -- it's rare to see a 16% beat historically. Before last year, earnings had exceeded estimates by an average 3% a quarter since 2015. ..."
"... "This happens in every bubble," said Bill Callahan, an investment strategist at Schroders. "It's: 'Don't think about the traditional value metrics, we have a new one.' It's: 'Imagine if everyone did XYZ, how big this company could be.'" ..."
"... To Scott Knapp, chief market strategist of CUNA Mutual Group, abandoning standard valuation measures because the environment has changed places investors in "pretty sketchy territory." Talk of watershed moments rendering traditional metric irrelevant as a signal, he says. "That's usually an indication we're trying to justify something," he said. ..."
Mar 287, 2021 | www.bloomberg.com

March 27, 2021

Everywhere you look, there's a valuation lens that makes stocks look frothy. Also everywhere you look is someone saying don't worry about it.

The so-called Buffett Indicator . Tobin's Q. The S&P 500's forward P/E. These and others show the market at stretched levels, sometimes extremely so. Yet many market-watchers argue they can be ignored, because this time really is different. The rationale? Everything from Federal Reserve largesse to vaccines promising a quick recovery.

How convinced should anyone be when dismissing the message of metrics like these? To be sure, both the market and economy are in uncharted waters. It's possible -- perhaps likely -- that old standards don't apply when something as random as a virus is behind the stress. At the same time, many a portfolio has been squandered through complacency. Market veterans always warn of fortunes lost by investors who became seduced by talk of new rules and paradigms.

"Every time markets hit new highs, every time markets get frothy, there are always some talking heads that argue: 'It's different,'" said Don Calcagni, chief investment officer of Mercer Advisors . "We just know from centuries of market history that that can't happen in perpetuity. It's just the delusion of crowds, people get excited. We want to believe."

relates to Bubble Deniers Abound to Dismiss Valuation Metrics One by One

Source: Robert Shiller's website

Robert Shiller is no apologist. The Yale University professor is famous in investing circles for unpopular valuation warnings that came true during the dot-com and housing bubbles. One tool on which he based the calls is his cyclically adjusted price-earnings ratio that includes the last 10 years of earnings.

While it's flashing warnings again, not even Shiller is sure he buys it. At 35, the CAPE is at its highest since the early 2000s. If that period of exuberance is excluded, it clocks in at its highest-ever reading. Yet in a recent post , Shiller wrote that "with interest rates low and likely to stay there, equities will continue to look attractive, particularly when compared to bonds."

Another indicator raising eyebrows is called Tobin's Q. The ratio -- which was developed in 1969 by Nobel Prize-winning economist James Tobin -- compares market value to the adjusted net worth of companies. It's showing a reading just shy of a peak reached in 2000. To Ned Davis, it's a valuation chart worth being wary about. Still, while the indicator is roughly 40% above its long-term trend, "there may be an upward bias on the ratio from technological change in the economy," wrote the Wall Street veteran who founded his namesake firm.

Persuasive arguments also exist for discounting the signal sent by the "Buffett Indicator," a ratio of the total market capitalization of U.S. stocks divided by gross domestic product. While it recently reached its highest-ever reading above its long-term trend, the methodology fails to take into consideration that companies are more profitable than they've ever been, according to Jeff Schulze, investment strategist at ClearBridge Investments.

"It's looked extended really for the past decade, yet you've had one of the best bull markets in U.S. history," he said. "That's going to continue to be a metric that does not adequately capture the market's potential."

At Goldman Sachs Group Inc., strategists argue that however high P/Es are, the absence of significant leverage outside the private sector or a late-cycle economic boom points to low risk of an imminent bubble burst. While people are shoveling money into stocks at rates that have signaled exuberance in the past, risk appetite is rebounding after a prolonged period of aversion, according to the strategists, who also cite low interest rates.

"Today is a very different situation -- I don't think we've got a broad bubble," Peter Oppenheimer, chief global equity strategist at the firm, said in a recent interview on Bloomberg Television. "Given the level of real rates, where they are, it's still likely to be broadly supportive for equities versus bonds."

Another rationale employed to dismiss certain valuation metrics is the earnings cycle. Corporate America is just emerging from a recession, with profits forecast to stage a strong comeback. The strong outlook for profits is why many investors are giving similarly stretched valuations the benefit of the doubt. Trading at 32 times reported earnings, the S&P 500 looks quite expensive, but with income forecast to jump 24% to $173 a share this year, the multiple drops to about 23.

The valuation case becomes more favorable should business leaders continue to blow past expectations. For instance, if this year's earnings come in at 16% above analyst estimates, as they did for the previous quarter, that'd imply a price-earnings ratio of less than 20. While that exceeds the five-year average of 18, Ed Yardeni is not troubled by what he calls "the New Abnormal."

"Valuation multiples are likely to remain elevated around current elevated levels because fiscal and monetary policies continue to flood the financial markets with so much free money," said the founder of Yardeni Research Inc. He predicts the S&P 500 will finish the year at 4,300, about an 8% gain from current levels.

Still, it's hard to ignore the risks to underlying assumptions. While rock-bottom rates underpin many of the arguments, this year has shown that the Fed still is willing to let longer-term interest rates run higher. And betting on huge upside earnings surprises is risky too -- it's rare to see a 16% beat historically. Before last year, earnings had exceeded estimates by an average 3% a quarter since 2015.

"This happens in every bubble," said Bill Callahan, an investment strategist at Schroders. "It's: 'Don't think about the traditional value metrics, we have a new one.' It's: 'Imagine if everyone did XYZ, how big this company could be.'"

Returns of 2%

Valuations are never useful market-timing tools because expensive stocks can get more expensive, as was the case during the Internet bubble. Yet viewed through a long-term lens, valuations do matter. That is, the more over-valued the market is, the lower the future returns. According to a study by Bank of America strategists led by Savita Subramanian, things like price-earnings ratios could explain 80% of the S&P 500's returns during the subsequent 10 years. The current valuation framework implies an increase of just 2% a year over the next decade, their model shows.

To Scott Knapp, chief market strategist of CUNA Mutual Group, abandoning standard valuation measures because the environment has changed places investors in "pretty sketchy territory." Talk of watershed moments rendering traditional metric irrelevant as a signal, he says. "That's usually an indication we're trying to justify something," he said.

[Mar 28, 2021] Willful Blindness - Wash and Rinse in Metals and Stocks

Mar 28, 2021 | jessescrossroadscafe.blogspot.com


"In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves."

John Kenneth Galbraith, The Great Crash of 1929

"Foolishness is a more dangerous enemy of the good than malice. One may protest against evil; it can be exposed and, if need be, prevented by use of force. Evil always carries within itself the germ of its own subversion in that it leaves behind in human beings at least a sense of unease.

In conversation with them, one virtually feels that one is dealing not at all with a person, but with slogans, catchwords and the like that have taken possession of them. They are under a spell, blinded, misused, and abused in their very being."

Dietrich Bonhoeffer, Prisoner for God: Letters and Papers from Prison

"The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated communist, but people for whom the distinction between fact and fiction, true and false, no longer exists."

Hannah Arendt, The Origins of Totalitarianism

"When we trade the effort of doubt and debate for the ease of blind faith, we become gullible and exposed, passive and irresponsible observers of our own lives. Worse still, we leave ourselves wide open to those who profit by influencing our behavior, our thinking, and our choices. At that moment, our agency in our own lives is in jeopardy."

Margaret Heffernan

Today was a general wash and rinse in the markets.

Wax on, wax off.

If you look at the charts you will see the deep plunges in the early trading hours in stocks and the metals, especially silver.

Simply put, it is called running the stops.

This is not 'the government' doing this.

These are the monstrous financial entities that we have allowed lax regulation and years of propagandizing to create, in the biggest Banks and hedge funds.

Most will run back to the familiar sources of their ideological addiction, the so-called 'news sites' that thrive on the internet and alternative radio funded by the oligarchs.

If you are one of those who cannot wait to run back to your familiar ideological watering hole to relieve the tension of thought, you might just be one of the willfully blind and lost.

Truth is more palatable to the sick at heart when it has been twisted out of shape.

The good news perhaps is that a cleaning out like this often proceeds a resumption of a move higher.

First they kick off the riff raff. Oh, certainly that does not include you, but those others, right?

Or not. It is not easy to think like a criminal when you are not privy to the same jealously guarded information and perverse perspective on life.

On the lighter side I have experienced no side effects from the first dose of the Coronavirus vaccine which I had the other day.

Let's see if the second shot has the same results.

The whole experience reminded me of 'Sabin Oral Sunday' back in 1960. I don't recall any anti-vaxxer or ideologically driven whack-a-doodlism back then, but I was too young to care. And polio shots were no fun. But it beat doing time in an iron lung.

And the band played on.

Have a pleasant evening.

[Mar 28, 2021] Real unemployment is double the 'official' unemployment rate

Notable quotes:
"... The Globe and Mail ..."
"... The Globe and Mail ..."
"... The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China ..."
Mar 28, 2021 | systemicdisorder.wordpress.com

How many people are really out of work? The answer is surprisingly difficult to ascertain. For reasons that are likely ideological at least in part, official unemployment figures greatly under-report the true number of people lacking necessary full-time work.

That the "reserve army of labor" is quite large goes a long way toward explaining the persistence of stagnant wages in an era of increasing productivity.

How large? Across North America, Europe and Australia, the real unemployment rate is approximately double the "official" unemployment rate.

The "official" unemployment rate in the United States, for example, was 5.5 percent for February 2015. That is the figure that is widely reported. But the U.S. Bureau of Labor Statistics keeps track of various other unemployment rates, the most pertinent being its "U-6" figure. The U-6 unemployment rate includes all who are counted as unemployed in the "official" rate, plus discouraged workers, the total of those employed part time but not able to secure full-time work and all persons marginally attached to the labor force (those who wish to work but have given up). The actual U.S. unemployment rate for February 2015, therefore, is 11 percent .

Share of wages, 1950-2014 Canada makes it much more difficult to know its real unemployment rate. The official Canadian unemployment rate for February was 6.8 percent, a slight increase from January that Statistics Canada attributes to "more people search[ing] for work." The official measurement in Canada, as in the U.S., European Union and Australia, mirrors the official standard for measuring employment defined by the International Labour Organization -- those not working at all and who are "actively looking for work." (The ILO is an agency of the United Nations.)

Statistics Canada's closest measure toward counting full unemployment is its R8 statistic, but the R8 counts people in part-time work, including those wanting full-time work, as "full-time equivalents," thus underestimating the number of under-employed by hundreds of thousands, according to an analysis by The Globe and Mail . There are further hundreds of thousands not counted because they do not meet the criteria for "looking for work." Thus The Globe and Mail analysis estimates Canada's real unemployment rate for 2012 was 14.2 percent rather than the official 7.2 percent. Thus Canada's true current unemployment rate today is likely about 14 percent.

Everywhere you look, more are out of work

The gap is nearly as large in Europe as in North America. The official European Union unemployment rate was 9.8 percent in January 2015 . The European Union's Eurostat service requires some digging to find out the actual unemployment rate, requiring adding up different parameters. Under-employed workers and discouraged workers comprise four percent of the E.U. workforce each, and if we add the one percent of those seeking work but not immediately available, that pushes the actual unemployment rate to about 19 percent.

The same pattern holds for Australia. The Australia Bureau of Statistics revealed that its measure of "extended labour force under-utilisation" -- this includes "discouraged" jobseekers, the "underemployed" and those who want to start work within a month, but cannot begin immediately -- was 13.1 percent in August 2012 (the latest for which I can find), in contrast to the "official," and far more widely reported, unemployment rate of five percent at the time.

Concomitant with these sobering statistics is the length of time people are out of work. In the European Union, for example, the long-term unemployment rate -- defined as the number of people out of work for at least 12 months -- doubled from 2008 to 2013 . The number of U.S. workers unemployed for six months or longer more than tripled from 2007 to 2013.

Thanks to the specter of chronic high unemployment, and capitalists' ability to transfer jobs overseas as "free trade" rules become more draconian, it comes as little surprise that the share of gross domestic income going to wages has declined steadily. In the U.S., the share has declined from 51.5 percent in 1970 to about 42 percent. But even that decline likely understates the amount of compensation going to working people because almost all gains in recent decades has gone to the top one percent.

Around the world, worker productivity has risen over the past four decades while wages have been nearly flat. Simply put, we'd all be making much more money if wages had merely kept pace with increased productivity.

Insecure work is the global norm

The increased ability of capital to move at will around the world has done much to exacerbate these trends. The desire of capitalists to depress wages to buoy profitability is a driving force behind their push for governments to adopt "free trade" deals that accelerate the movement of production to low-wage, regulation-free countries. On a global basis, those with steady employment are actually a minority of the world's workers.

Using International Labour Organization figures as a starting point, professors John Bellamy Foster and Robert McChesney calculate that the "global reserve army of labor" -- workers who are underemployed, unemployed or "vulnerably employed" (including informal workers) -- totals 2.4 billion. In contrast, the world's wage workers total 1.4 billion -- far less! Writing in their book The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China , they write:

"It is the existence of a reserve army that in its maximum extent is more than 70 percent larger than the active labor army that serves to restrain wages globally, and particularly in poorer countries. Indeed, most of this reserve army is located in the underdeveloped countries of the world, though its growth can be seen today in the rich countries as well." [page 145]

The earliest countries that adopted capitalism could "export" their "excess" population though mass emigration. From 1820 to 1915, Professors Foster and McChesney write, more than 50 million people left Europe for the "new world." But there are no longer such places for developing countries to send the people for whom capitalism at home can not supply employment. Not even a seven percent growth rate for 50 years across the entire global South could absorb more than a third of the peasantry leaving the countryside for cities, they write. Such a sustained growth rate is extremely unlikely.

As with the growing environmental crisis, these mounting economic problems are functions of the need for ceaseless growth. Once again, infinite growth is not possible on a finite planet, especially one that is approaching its limits. Worse, to keep the system functioning at all, the planned obsolescence of consumer products necessary to continually stimulate household spending accelerates the exploitation of natural resources at unsustainable rates and all this unnecessary consumption produces pollution increasingly stressing the environment.

Humanity is currently consuming the equivalent of one and a half earths , according to the non-profit group Global Footprint Network. A separate report by WWF–World Wide Fund For Nature in collaboration with the Zoological Society of London and Global Footprint Network, calculates that the Middle East/Central Asia, Asia-Pacific, North America and European Union regions are each consuming about double their regional biocapacity.

We have only one Earth. And that one Earth is in the grips of a system that takes at a pace that, unless reversed, will leave it a wrecked hulk while throwing ever more people into poverty and immiseration. That this can go on indefinitely is the biggest fantasy.

[Mar 28, 2021] D.C. spent around $30,115 per pupil in 2016-17, while in 2017-18, nearby Arlington County was expected to spend $19,340,

Mar 28, 2021 | www.unz.com

Seamus , says: March 25, 2021 at 8:32 pm GMT • 2.8 days ago

"Underfunded" is a euphemism for "have students with low test scores." E.g., "Washington D.C.'s underfunded schools."

D.C. spent around $30,115 per pupil in 2016-17, while in 2017-18, nearby Arlington County was expected to spend $19,340, the City of Falls Church to spend $18,219; the City of Alexandria, $17,099; Montgomery County, $16,030; Fairfax County, $14,767; Prince George's County, $13,816; Loudoun County, $13,688; City of Manassas, $12,846; City of Manassas Park, $11,242; and Prince William County, $11,222.

But I suppose those are hate facts.

https://townhall.com/columnists/terryjeffrey/2020/09/16/washington-dc-public-schools-spend-30k-per-student-23-of-8th-graders-proficient-in-reading-n2576265

https://www.insidenova.com/news/arlington/for-good-or-ill-arlington-per-student-spending-again-tops-region/article_0f441fe4-cef5-11e7-b4d4-cf5ac038e374.html

[Mar 28, 2021] Rudy Acu a on neoliberalism

Mar 28, 2021 | www.msn.com

In 2015, you wrote extensively about your concerns over neoliberalism in academia, calling it the worst threat to education. You wrote: "In order to offset the lack of public funding, administrators have raised tuition with students becoming the primary consumers and debt-holders. Institutions have entered into research partnerships with industry shifting the pursuit of truth to the pursuit of profits." To accelerate this "molting," they have " hired a larger and larger number of short-term, part-time adjuncts ."

This has created large armies of transient and disposable workers who "are in no position to challenge the university's practices or agitate for "democratic rather than monetary goals."

Yes, neoliberalism is hegemonic. It affects all minority communities...

[Mar 28, 2021] You know how we raised black test scores to the level demanded? We fudged the numbers

Mar 28, 2021 | www.unz.com

Anonymous [369] Disclaimer , says: March 25, 2021 at 11:18 am GMT • 3.2 days ago

"Underfunded" is a euphemism for "have students with low test scores." E.g., "Washington D.C.'s underfunded schools." Presumably, it means "underfunded relative to some theoretical amount of money, such as a gajillion dollars, that would be sufficient to raise these students' test scores to average."

My dad was a school administrator in one of the top county public school systems in the country. A politically deep-blue part of the country. He retired in the early '80's. I remember him telling me once after he retired that his school(s) would get constant demands from the school board to raise black (not many Hispanics then) test scores. He said the school(s) focused all kinds of resources on black students which yielded no appreciable results. He then said, "You know how we raised black test scores to the level demanded? We fudged the numbers."

[Mar 27, 2021] Study- The typical investment adviser can't beat the S P 500

Mar 27, 2021 | finance.yahoo.com

Justin Anderson Sat, March 27, 2021, 8:15 AM

Study: The typical investment adviser can't beat the S&P 500

If you work with an investment adviser, you've probably had a moment or two when you've lamented how much you're paying in fees.

And it's normal and healthy to regularly ask yourself -- and your adviser -- what you're supposed to be getting in return for those fees.

If your adviser answers that they're paid to "beat the market," it may be time to seriously re-evaluate the relationship. Because you might do better just using one of today's popular investing apps and putting your money into an S&P 500 index fund.

The fact is, most people who are paid to deliver higher returns than the stock market as a whole can't do it. Data from the S&P Dow Jones Indices shows 60% of large-cap equity fund managers underperformed the S&P 500 in 2020.

It was the 11th straight year the majority of fund managers lost to the market.

There are plenty of good reasons to pay an adviser or certified financial planner to help handle your investments , but beating the S&P 500 isn't one of them. The data says it probably won't happen.

What financial pros are up against
Andrey_Popov / Shutterstock

The S&P 500 has delivered inflation-adjusted returns of about 7% per year, on average, for the past 40 years.

So to beat the market, a financial adviser would need to design a portfolio that gets better returns than that.

Is it possible in a given year? Sure it is -- plenty of investors and mutual fund managers do it.

But is it possible to predict who will do it? And does the possibility justify the fees charged by the most prestigious fund managers, many of which operate on a "two and 20" model (2% of the portfolio's value plus 20% of profits)?

Buffett's famous bet
Laurent Gillieron/EPA/Shutterstock

Warren Buffett, who's justifiably famous for his sage money advice , has frequently argued that, for most people, a simple market-pegged portfolio is a smarter investment strategy than trying to pick winning stocks.

In January 2008, Buffett put this belief to the test: He bet a prominent hedge fund manager a million dollars that an S&P index fund would deliver better returns over 10 years than a fancy and expensive hedge fund portfolio consisting of actively selected stocks.


Buffett made this bet before the stock market collapsed during the financial crisis of that same year. But it didn't matter -- by 2015, the hedge fund manager had waved the white flag and admitted he'd lost.

Buffett's index fund had made 7.1% per year; the hedge fund had made 2.2%. It wasn't even close.

[Mar 26, 2021] Absurd NFT PRices Expose a Global Financial House of Cards - ZeroHedge

Mar 26, 2021 | www.zerohedge.com


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Absurd NFT PRices Expose a Global Financial House of Cards BY SKWEALTHACADEMY FRIDAY, MAR 26, 2021 - 5:59

The insanity of absurd NFT prices reveals the fraud of the global currency system. The pricing for assets worldwide has gone insane at a time when the vast majority of the world's population became poorer, not wealthier, over the past 12 months due to the global economic lockdowns. As an example, there was an article in the Philadelphia Inquirer the other day of a cassette tape of hip hop icon Nas's Illmatic album selling for $13,999 . Not a CD, but a cassette tape. A rectangular piece of cardboard, known as an NBA trading card, for star Luka Doncic's rookie trading card, recently auctioned for $4.6M. Luka Doncic is not a star that played in 1925, and for this reason, his rookie card is worth so much. Luka Doncic entered the NBA in the 2018-19 season, less than three years ago. Nostalgic or collector items are simply selling for insane price because, in my opinion, wealthy people have captured so much of the world's wealth through a global currency system designed and engineered to produce this end result, that they have no better use for their money than to pay $14,000 for a music item that the vast majority of people do not even have the necessary hardware to actually play and to pay more than $4.5M for a piece of cardboard. Anyone that truly understands the difference between a sound and an unsound monetary system realizes that the likelihood, under a sound monetary system, of people paying exorbitant prices for the types of assets and NFTs described above would be a fraction of the probability at which they are occurring today.

Banksy, a UK-based street artist infamous for mocking the very wealthy people that pay millions for his artwork, even titling a piece "Morons" which depicted an art auction with a framed picture of the words "I can't believe you morons actually buy this shit". Instead of being offended by the artist's mockery, someone paid nearly 44,000 pounds for it and it recently sold for nearly 10 times the original purchase price when the piece was destroyed and the act of destruction was turned into an NFT. By the way Banksy also sold a very simple drawing of a girl with a red balloon that was mounted inside a frame in which he had hidden a shredder. After it sold for $1.4M, Banksy remotely activated the hidden shredder and shredded his artwork into thin strips as perhaps "revenge" against the idiocy of narcissistic, wealthy art collectors that can't find any better use of their money than purchasing stencil created art for which no rational person would ever pay $1.4M. To demonstrate the idiocy of the art world, Sotheby's immediately coined the shredding of the art piece as "the first work in history ever created during a live auction", which art collectors worldwide seemed to accept, and thereby increased the value of the destroyed piece of art to perhaps as high as double the original auction price at the current time and avoiding a more rational valuation for the art piece to near zero.

I once read a book called the $12M Stuffed Shark, in which the author revealed that US hedge fund manager Steve Cohen paid $12M to an artist to kill a shark and put it in a vat of plexiglass sealed formaldehyde that he could display in the foyer of his house and basically concluded, after a careful introspection into the art world, that pieces of art like pyramids built from tiny Godiva chocolates and stainless-steel colored balloon animals ($58M or more) would be priced at whatever price dealers could convince the dumbest rich person it was worth. Certainly this conclusion seemed to be supported when someone purchased an "art installation" of a banana taped to the wall with duct tape at a Miami Beach art gallery for $120,000 at the end of 2019 . When people conclude that the best use for $5M or $58M is to buy a piece of cardboard or a steel balloon animal during a period in which Rome is burning (i.e. exploding homelessness numbers in Los Angeles nearing 70,000 as evidenced here and here ), either this is a sign of the fraud of the monetary system, the decline of civilization, or both. If you have ever lived in Los Angeles, as I have, and watch the video referenced in the second link, you will find it astonishing that massive homeless encampments have sprung up throughout Los Angeles in areas that prior to recent years, had no homelessness. (depending on the social media platform you may be watching this on, the soaring prices for which art that I consider to be the lowest form of art that many do not even consider as art is selling for such absurd prices, including NFTs that I will soon discuss, is certainly reflective of the rapid decline of civilization.

This rapid decline of civilization is also reflected in the fact that giant titans of the tech world and social media platforms continue to promote and push the most morally reprehensible content to the top positions of success on their platforms. When popular YouTube Logan Paul visited the "suicide forest" in Japan and found a dead body hanging from the tree, he filmed it and mocked the dead person and YouTube quickly promoted his video as one of their top trending videos on their entire platform for 24 hours, until Logan Paul, not YouTube executives, deleted the video due to the outrage it provoked. Another popular YouTuber, David Dobrik, has had many of his reprehensible videos monetize bullying and belittling of others, often promoted on YouTube among the top trending videos. Recently Dobrik came under fire for allegedly monetizing a video of an actual rape on his channel, and he was roundly mocked when his initial apology consisted of trying to blame the rape victim, who was allegedly underage and too drunk to consent to sex. In his "apology", Dobrik stated he always gains consent for his videos, but sometimes people he victimizes consent at first but then change their minds later, and that is why it appears in many of his videos that he is monetizing morally reprehensible behavior. In any event, YouTube executives allegedly allowed such morally and cowardly behavior to be monetized to massive sums of income for such YouTubers and seem to be more focused on demonetizing anyone that challenges a narrative, true or false, forwarded by the oligarchs.

And as ludicrous as are the prices paid for some of the assets I've mentioned above, the level of insanity paid for NFTs, in my opinion, are at an even exponentially higher level. For those of you that may not know what are NFTs, Non-Fungible Tokens are unique blockchain-based digital assets that represent an increasing number of commodities, from art and real estate to collectibles like sports trading cards. One platform, Original Protocol, recently auctioned off the world's first NFT music album by American DJ 3LAU. Collectively, the artist's fanbase paid out more than $11 million for 33 NFTs contained on 3LAU's album Ultraviolet. In this case, since musicians are routinely ripped off by giant record labels and often have such suffocating, unfair contracts that make it near impossible to earn any significant income from album releases, the digitization of music in the form of NFTs that allow musicians to control their income is a wonderful aspect of the new digital economy of NFTs.

The Non-Fungibility of NFTs and Most Cryptocurrencies Disqualify Them for Use in Financial Derivative Currency Swaps

NFTs sell digital representations of items, including some that used to be represented in the physical world, like trading cards and pieces of art. As is the case in the fine art world, an NFT's price is the highest price you can convince someone to pay for it, a pool of clients that often overlaps with the over indulgent, narcissistic people that comprise the bidders for modern art pieces that sell for millions of dollars. Perhaps the most amazing quality of NFTs is that they actually have a more meaningful value than any cryptocurrency not backed by any type of hard asset. For example, bitcoin is a digital asset, but one would be hard pressed to describe its intrinsic value. One cannot say its fungibility is its price because its price is denominated in fiat currencies with intrinsic values of near zero. Furthermore, for those that constantly and very wrongly argue that non hard-asset backed cryptocurrencies are sound money, if bankers truly believed that bitcoin even remotely qualified as sound money, they would have zero problem offering currency swap derivative contracts between any fiat currency and bitcoin.

Yet, there is not a single corporation in the entire world that has a currency swap that hedges their corporate cash treasury holdings with bitcoin. You can never have any type of financial contract without unlimited risk if it is denominated in bitcoin in which both parties realistically have no idea of the price range of that currency for the maturity of that contract. No rational party will lock themselves into a contract in which a currency presents unlimited risk to them. The simple understanding of why there are no derivative currency swaps or hedging contracts denominated in bitcoin should easily explain to any rational person the very reason why BTC is not considered as sound money by a single banker in the entire world. On the contrary, even as volatile in price as gold and silver may be, gold and silver mining companies routinely hedge their inventory risk and their revenue risk of yet-to-be-mined gold and silver ounces by establishing open positions of gold and silver futures contracts years into the future.

You can't argue that BTC's intrinsic value is the block of the blockchain that records the transaction, because whether that block is used to record an NFT, BTC, or ownership of real estate, a photo or song, the price represented by that block could possibly vary from just a few dollars to several million dollars. So the blockchain has no intrinsic value either. However, with NFTs, its value, is more uniquely determinable than the block upon which a bitcoin transaction is stored that records the price of bitcoin, because that value is simply the highest price willing to be paid by all available bidders at any given time. If there are no available bidders willing to bid on a particular NFT for weeks or perhaps months on end, then one can assume the price of that NFT, even if the last paid price was $100,000, is likely zero. But even if there is one available bidder for that NFT at a price of $1,000,000 then the market price of that NFT is $1M. Though one may state that the bidding mechanism is much more controlled in BTC markets and that BTC could never be priced at zero or $1M per BTC in such a cavalier manner that mimics the pricing of NFTs, the similarities between the pricing mechanisms based upon lack of fungibility should not be ignored when considering the inherent risk imbedded in the price of BTC in its near $60,000 per coin current price. You will either understand this risk and behave accordingly, or ignore this risk and likely expose yourself to strong downside risk in the future at some point that should be expected but will remain unexpected to those that cannot, or will not, accept this existing risk.

The five biggest whales that own BTC in order from top to bottom, are believed to be as follows: (1) The collective of institutions/people called Satoshi Nakamoto; (2) The FBI; (3) The Winklevoss Twins; (4) Micree Zhan; and (5) Jihan Wu. Other notable owners among the top 10 BTC whales are Huobi, Tim Draper and the North Korean State. In 2017, Bloomberg reported that only 1,000 people owned 40% of all BTC in the entire world. Given that in the past two years, it has been reported that the top whales had been cornering the BTC market and increasing their market share, it would not be surprising if they had increased their market share to 50% or perhaps even higher by 2021. In any event, this translates into 0.00012658% of the world's population likely controlling majority ownership of BTC. I don't know of any world in which such a statistic does not translate into enormous risk.

Unanswered Questions

But fungibility is what reveals why cryptocurrencies like BTC and NFTs cannot ever qualify as sound money. For those that don't understand why sound money needs to be a fungible asset, take gold for example. Fungibility essentially means that money should never vary in its qualitative properties but only its quantitative properties. All gold has electroconductivity properties no matter its form. Electroconductivity is an intrinsic quality of gold. Because all purified four nine gold has the same density, the same volume will always be measured by the exact same weight in grams, again another fungible quality of gold. However, depending on how paper gold futures markets are being manipulated and the date, that same gram of gold will vary wildly in fiat currency price. Fiat currency price, thus can never be the quantitative property used to value gold. Weight is the constant that should be used for gold's value when it is to be used as sound money, because this quantitative property is always unwavering, always constant no matter if one is using gold as money in Moscow, Capetown, Montevideo, Santiago, Montreal, Phoenix, Miami, Mogadishu, Kiev, Paris, Heidelberg, Reykjavik, Chiangmai, or Seoul.

What quantitative property of bitcoin that is consistent and always the same across all uses? This is a question without an answer. For this same reason, NFTs could never serve as sound money either. No matter the latest fiat currency price paid for a Banksy "Morons" drawing set on fire, how can one determine the exchange rate for this NFT and an NFT representing a Mark Cuban tweet. Should the Banksy NFT be priced 10 million times higher than a Mark Cuban tweet NFT? Is an NBA TopShot NFT worth 1/1000 the price of a Banksy burning piece of art NFT? And even though NFTs have more uniqueness than say, a satoshi of BTC, because price assigned to that uniqueness is entirely subjective, the uniqueness leaves it no more fit to use as sound money than a cryptocurrency that has no backing of a hard asset. Miami-based art collector Pablo Rodriguez-Fraile proved the absurd pricing mechanism for NFT when he recently sold an NFT that he acquired for $66,666 in October, a 10-second computer-generated video clip of a slogan-covered giant Donald Trump created by digital artist Beeple , for mor than 100 times his original cost at $6.6M.

The last point of irony in the BTC is the solution to the unsound global fiat currency system narrative is that many HODLers of BTC are well aware of the oligarch's use of their power consolidation strategy of (1) Create a crisis; (2) Present the solution to the artificially created crisis; and (3) Implement the solution to consolidate power, yet will never give any type of consideration to the possibility of how perfectly the creation of BTC, in response to the 2008 global financial crisis, fits this exact historical narrative that oligarchs have repeatedly implemented, instead choosing to believe that BTC is the special unique exception to this oft-deployed strategy.

This despite, three US employees of the Central Bank, Galina Hale, Marianna Kudlyak, and Patrick Shultz, and one US university professor, Arvind Krishnamurthy, admitting that the premise I presented to my social media followers in December of 2017, when BTC hit $20,000, that the introduction of the US bitcoin futures market was going to be used to slash the BTC price drastically, essentially writing the premise for the referenced US Central Banker paper five months before it was written. In that paper, titled "How Futures Changed Bitcoin Prices", the four authors basically echoed my premise, and stated,

"We suggest that the rapid rise of the price of bitcoin and its decline following issuance of futures on the CME is consistent with pricing dynamics suggested elsewhere in financial theory and with previously observed trading behavior. Namely, optimists bid up the price before financial instruments are available to short the market (Fostel and Geanakoplos 2012). Once derivatives markets become sufficiently deep, short-selling pressure from pessimists leads to a sharp decline in value. While we understand some of the factors that play a role in determining the long-run price of bitcoin, our understanding of the transactional benefits of bitcoin is too imprecise to quantify this long-run price. But as speculative dynamics disappear from the bitcoin market, the transactional benefits are likely to be the factor that will drive valuation."

While they did not name the players in the BTC futures markets that drove BTC prices downward from $20,000 to $3,000 in 2018, the implication is that Central Bankers were involved in this downward spiral. And if Central Bankers were involved in this downward spiral, the downward price spiral would of course, been far easier to execute, if Central Bankers were also among the members of the collective that constitutes the largest BTC whale, Satoshi Nakamoto. Even though these dots, though purely speculative, are clearly possible, most every BTC HODLer that is confident in the achievement of end-year $300,000 BTC prices or higher, will never consider this possibility, even for a nanosecond, despite heavy suggestions of three US Central Bank employees that Central Bankers were involved in the 2018 BTC price crash. But if one did, as is the rational and logical thing to do, then one would have far greater difficulties distinguishing the mechanisms that set the price for NFTs and BTC. And as the introduction of the first BTC ETFs seem to be on the near horizon now, one would be smart to heed the lessons learned after trading of BTC futures was introduced at the end of 2017. Subscribe to my youtube channel here , to my free newsletter here , to my podcast here , and to learn more about bonus content delivered to skwealthacademy patreons every week, click here , and to download the skwealthacademy fact sheet, click here .

[Mar 26, 2021] This Bull Market Has a Troubling Reliance on Speculation - WSJ by James Mackintosh March 25, 2021 9:42 am ET Listen to this article 6 minutes 00:00 / 06:06 1x Earnings, valuation and rampant speculation have all played a role in the extraordinary bull market that began a year ago this week. The latest combination of the three has a troubling reliance on the speculative element. A broad framework for thinking about stocks can be derived from the late economist Hyman Minsky's three stages of debt. In the first stage, borrowers take on only what they can afford to repay in full from their earnings by the time the debt matures; a standard mortgage works like this. Earnings, valuation and rampant speculation have all played a role in the extraordinary bull market that began a year ago this week. The latest combination of the three has a troubling reliance on the speculative element. A broad framework for thinking about stocks can be derived from the late economist Hyman Minsky's three stages of debt. In the first stage, borrowers take on only what they can afford to repay in full from their earnings by the time the debt matures; a standard mortgage works like this. A broad framework for thinking about stocks can be derived from the late economist Hyman Minsky's three stages of debt. In the first stage, borrowers take on only what they can afford to repay in full from their earnings by the time the debt matures; a standard mortgage works like this. A broad framework for thinking about stocks can be derived from the late economist Hyman Minsky's three stages of debt. In the first stage, borrowers take on only what they can afford to repay in full from their earnings by the time the debt matures; a standard mortgage works like this. U.S. 10-year Treasury yield Source: Tullett Prebon As of March 24 % Pre-pandemic peak of S&P 500 2020 '21 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 S&P 500 forward price/earnings ratio Source: Refinitiv Note: Weekly data S&P 500 peak 2020 '21 12 14 16 18 20 22 24 The parallel in the stock market is stocks going up when earnings -- or rather the expectation of earnings, since the market looks ahead -- go up. There is a risk of course, just as there is with debt: The earnings might not appear, and the stock goes back down. But earnings offer the least risky form of gains, and one that we should welcome as obviously justified. From the low in the summer, 2020 earnings forecasts jumped more than 10%, and expectations for this year rose more than 8%. Stocks responded. In Minsky's second stage, borrowers plan only to repay the interest, and refinance when the main debt is due to be repaid; much company debt works like this. It is taken out with a plan to roll it over indefinitely. Interest rates matter a lot: If they go down when the company needs to refinance, it will pay less. The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the The parallel in the stock market is stocks going up when earnings -- or rather the expectation of earnings, since the market looks ahead -- go up. There is a risk of course, just as there is with debt: The earnings might not appear, and the stock goes back down. But earnings offer the least risky form of gains, and one that we should welcome as obviously justified. From the low in the summer, 2020 earnings forecasts jumped more than 10%, and expectations for this year rose more than 8%. Stocks responded. In Minsky's second stage, borrowers plan only to repay the interest, and refinance when the main debt is due to be repaid; much company debt works like this. It is taken out with a plan to roll it over indefinitely. Interest rates matter a lot: If they go down when the company needs to refinance, it will pay less. The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the In Minsky's second stage, borrowers plan only to repay the interest, and refinance when the main debt is due to be repaid; much company debt works like this. It is taken out with a plan to roll it over indefinitely. Interest rates matter a lot: If they go down when the company needs to refinance, it will pay less. The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the In Minsky's second stage, borrowers plan only to repay the interest, and refinance when the main debt is due to be repaid; much company debt works like this. It is taken out with a plan to roll it over indefinitely. Interest rates matter a lot: If they go down when the company needs to refinance, it will pay less. The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the The equity parallel is to gains in valuation due to lower long-term rates. As with corporate debt, this is entirely justified and sustainable so long as rates stay low, because future earnings are now more appealing. The danger is that rates rise, in which case the stock might be hit no matter how earnings pan out. A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the A big chunk of the gains in stocks in the past year came from the sharply lower rates in the first response to the pandemic when the Federal Reserve flooded the system with money. Price-to-forward-earnings multiples soared. From the S&P 500's low on March 23 to the end of June, the market went from 14 to more than 21 times estimated earnings 12 months ahead, even as those estimated earnings fell amid lockdown gloom. The yield on the 10-year Treasury, already down sharply from mid-February's high, fell further as stocks rebounded. In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the In Minsky's third phase, borrowers take loans where they can't afford to pay either the interest or principal from income, in the hope of capital gains big enough to make up the gap. Land speculators are a prime example. The parallel in the stock market is the The parallel in the stock market is the The parallel in the stock market is the hunt for the greater fool . Sure, GameStop < shares bear no relation to the reality < of the company, but I can make money from buying an overpriced stock if I can find someone willing to pay even more because they "like the stock." Wild bets became obvious this year, as newcomers armed with stimulus, or "stimmy," checks Wild bets became obvious this year, as newcomers armed with stimulus, or "stimmy," checks Wild bets became obvious this year, as newcomers armed with stimulus, or "stimmy," checks drove up the price of many tiny stocks, penny shares and those popular on Reddit discussion boards. Speculative bets such as the solar and ARK ETFs rallied up until mid-February, long after growth stocks peaked in August Price performance Source: FactSet *Russell 1000 indexes As of March 25, 7:02 p.m. ET % Invesco Solar Value* ARK Innovation Growth* Sept. 2020 '21 -25 0 25 50 75 100 125 The concern for investors: How much of the market's gain is thanks to this pure speculation, and how much to the justifiable gains of the improving economy and low rates? If too much comes from speculation, the danger is that we run out of greater fools and prices quickly drop back. The concern for investors: How much of the market's gain is thanks to this pure speculation, and how much to the justifiable gains of the improving economy and low rates? If too much comes from speculation, the danger is that we run out of greater fools and prices quickly drop back. me title= A look at how stocks moved through the pandemic suggests earnings and bond yields are still much more important than the gambling element for the market as a whole, but is still troubling. From the S&P peak in mid-February to the end of June, the story was of cratering earnings partly offset by higher valuations. The S&P was down 8%. Earnings forecasts for 12 months ahead fell 20%, while with 10-year yields down almost a full percentage point, valuations were up from a precrisis high of 19 times forecast earnings (itself the highest since the aftermath of the dot-com bubble) to 21 times. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. A look at how stocks moved through the pandemic suggests earnings and bond yields are still much more important than the gambling element for the market as a whole, but is still troubling. From the S&P peak in mid-February to the end of June, the story was of cratering earnings partly offset by higher valuations. The S&P was down 8%. Earnings forecasts for 12 months ahead fell 20%, while with 10-year yields down almost a full percentage point, valuations were up from a precrisis high of 19 times forecast earnings (itself the highest since the aftermath of the dot-com bubble) to 21 times. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. A look at how stocks moved through the pandemic suggests earnings and bond yields are still much more important than the gambling element for the market as a whole, but is still troubling. From the S&P peak in mid-February to the end of June, the story was of cratering earnings partly offset by higher valuations. The S&P was down 8%. Earnings forecasts for 12 months ahead fell 20%, while with 10-year yields down almost a full percentage point, valuations were up from a precrisis high of 19 times forecast earnings (itself the highest since the aftermath of the dot-com bubble) to 21 times. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. From the S&P peak in mid-February to the end of June, the story was of cratering earnings partly offset by higher valuations. The S&P was down 8%. Earnings forecasts for 12 months ahead fell 20%, while with 10-year yields down almost a full percentage point, valuations were up from a precrisis high of 19 times forecast earnings (itself the highest since the aftermath of the dot-com bubble) to 21 times. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. From the S&P peak in mid-February to the end of June, the story was of cratering earnings partly offset by higher valuations. The S&P was down 8%. Earnings forecasts for 12 months ahead fell 20%, while with 10-year yields down almost a full percentage point, valuations were up from a precrisis high of 19 times forecast earnings (itself the highest since the aftermath of the dot-com bubble) to 21 times. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%. Growth stocks -- based on the Russell 1000 index of larger companies -- were slightly up, because they benefit most from falling bond yields, having more of their earnings far in the future. Cheap value stocks, which benefit less, were down 18%.
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Mar 26, 2021 | www.wsj.com

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Since June the story has reversed. Earnings forecasts have soared, and this year's earnings predictions are now back up to match where 2020 earnings were expected to be before the recession. The bond yield has leapt almost a full percentage point, and is higher than it was last February.

Yet, since June, the market's overall valuation is slightly up, and growth stocks are up 23%. Sure, cheap value stocks responded as expected, rising almost a third and beating growth stocks. But if a lower bond yield justified the rise in valuations, a higher bond yield ought to mean lower valuations, and probably outright lower prices for growth stocks.

me title=

This is concerning but, directionally at least, is explained by the oddity of August, when bond yields rose alongside valuation multiples and the biggest technology stocks leapt in price . Measure it from the end of August, instead of the end of June, and valuations have dropped a bit as bond yields have risen.

But the fall isn't enough to provide much comfort, and worse is that the highly speculative stocks popular with many individual traders bucked the trend. Notable themes including electric cars, hydrogen, SPACs and wind and solar power went into ludicrous mode until the middle of February this year, when the rise in bond yields accelerated and the speculative stocks fell back some.

Share prices propelled more by earnings expectations than bond yields is healthy, while speculation is -- by its nature -- fickle, and so a poor basis for holding on to a stock for long. My hope is that the contribution of pure gambling to the overall level of the market is relatively small. But it is hard to explain why stocks should be so much higher than before the pandemic panic when the earnings outlook is worse and bond yields are back to where they were.

Write to James Mackintosh at James.Mackintosh@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the March 26, 2021, print edition as 'This Bull Market Has A Gambling Problem.'

[Mar 24, 2021] On Jerome Powell pronouncements

Mar 24, 2021 | www.wsj.com

P Paul Avila SUBSCRIBER 8 hours ago U.S. stocks edged higher Wednesday as investors awaited more testimony from Federal Reserve Chairman Jerome Powell.

Good grief. Is there any way his subordinates could prevent that? Perhaps lock him in a supply closet until the market closes? Every time he opens his pie hole, I lose money. W Will Bee SUBSCRIBER 8 hours ago Actually I suspect we are waiting for all the FED and Treasury "people" to stop jawboning us so Markets can assimilate their irrelevance

[Mar 24, 2021] Bubble watch: Record Number of U.S. Homes Selling for More than Asking Price

Mar 24, 2021 | www.mansionglobal.com

Sellers got more than they listed for in 36% of deals in February, according to Redfin

... the median home price of U.S. residences rose 14.4% last month, to $336,200, compared to the same time the previous year, the data showed. That marks the biggest jump since July 2013.

[Mar 24, 2021] BlackRock, others' risks should be studied, 'systemic' tag may not be best- Yellen

Mar.24 -- Senator Elizabeth Warren (D-MA) asks Treasury Secretary Janet Yellen if she would direct the Financial Stability Oversight Council (FSOC) to consider designating BlackRock as a firm whose failure could threaten the financial system.
Mar 24, 2021 | finance.yahoo.com

(Reuters) - Treasury Secretary Janet Yellen said on Wednesday it is important to "look carefully" at systemic risks posed by asset managers, including BlackRock Inc, but said designating them as systematically important financial institutions may not be the right approach.

Yellen's remarks came in response to questions from Senator Elizabeth Warren, a longtime Wall Street critic, who demanded to know why BlackRock and other large asset managers had not been added to the list of designated institutions.

"I believe it is important to look very carefully at the risks posed by the asset management industry, including BlackRock and other firms," Yellen, who as Treasury secretary, chairs the Financial Stability Oversight Council (FSOC), which is charged with making such designations.

"FSOC began to do that, I believe, in 2016 and 2017, but the risks it focused on were ones having to do with open-end mutual funds that can experience massive withdrawals and be forced to sell off assets that could create fire sales. That is actually a risk we saw materialize last spring in March," she said.

In 2014, BlackRock and other asset managers won a battle in their fight against tighter regulation when a panel of top financial regulators agreed to revamp their review of asset-management firms to focus on potentially risky products and activities rather than individual firms.

"I think that with respect to asset management, rather than focus on designation of companies, I think it is important to focus on an activity like that and consider what the appropriate restrictions are," Yellen said.

"The past two administrations in the US, and numerous global regulators, have studied our industry for a decade and concluded that asset managers should be regulated differently from banks, with the primary focus being on the industry's products and services," BlackRock said in a statement.


[Mar 23, 2021] The Collapse Of Greensill- 'Unwise Enablers' A Dearth Of Due Diligence - ZeroHedge

How many additional Greenville exists?
Mar 23, 2021 | www.zerohedge.com

The collapse of Greensill involved a predicable cast of unwise enablers, but it should serve as a warning to the growing number of Alternative Asset buyers on the dangers of complex deals which promise much but deliver less. Due diligence is critical in the highly illiquid alternatives sector.

You really can't make it up when it comes to the collapse of supply chain charlatan Greensill. I suspect it will make a great film It should also send a judder down our spines, reminding us things are seldom what they seem in complex structured finance:

At least former UK premier David Cameron will be happy. A majority comprising Tory MPs on the UK's Treasury Select Committee blocked an inquiry into Greensill yesterday on the basis it may be politically influenced. The fact Call-Me-Dave was texting chancellor Rishi Sunak pleading for GFC to be a special case for Covid Bailout loans says it all about the dangers of lobbying. The SNP will be equally delighted at the lack of scrutiny of dodgy dealings up in the Highlands.

The Greensill collapse is unlikely to be the last time financial chicanery is exposed as sham. And that is why holders of European Alternatives and Asset backed transactions should be nervous. The lessons of the Greensill deals are multiple:

Let's review the unfolding Greensill mess:

There over 1000 holders of the $10 bln plus of defaulted Greensill investment structures packaged and issued by Credit Suisse – which marketed them as ultra-safe secured investments. Under the law, what the holders recover on these deals will rather depend on how much the administrator and the courts can jemmy out of Sanjay Gupta's dead-firm walking ; steel and commodities business GFC Alliance. (I have no hesitation in saying GFC will go to the wall – there can't be a single sane financial firm on the planet willing to finance them as the story of its' Greensill relationship emerges and its connected in-house banking arrangements become clearer – although, apparently, a state rescue is under consideration to save jobs.)

Investors will be lucky to see much more than the 30% recovery already in the pot from non-Gupta related investments in the Greensill funds – but Credit Suisse may decide to make its investors good. The reputational damage of seeing their private and investment banking clients clobbered for their stupidity, which would negate their private banking brand, may mean it's worth taking the hit. No wonder CS staff are very grumpy about their bonuses.

Successful financial scams require willing participants. All the usual fools are there in the mix.

Yet again the German regulator missed what was going on in Greensill's German bank and its exposures to Gupta. The team at Credit Suisse who agreed to warehouse Greensill originated "future receivables" and sell them as pristine secured assets have a limited shelf life. The insurance broker who managed to convince an insurance fund the underlyings were AAA quality looks vulnerable. Or what about the sales teams in Morgan Stanley who actually marketed the deals. Yet again Softbank is in the frame after it invested in excess of $1.5 bln at a $4-7 bln valuation, hailing Greensill as a leading Finech, when the actual truth is that its high-tech driven lending algos were nothing more than basic Excel spread sheets.

Greensill's financial magic was little more than sheer chutzpah – being able to persuade investors that the dull old low margin conservative business of factoring – short-term secured lending against invoices and accounts receivable, was something incredibly clever, undervalued and able to generate huge returns based on unique proprietary tech.

Greensill deals went further. Rather than just factoring Gupta's bills to suppliers and its invoices, the firm conjured up "future receivables" – pledging the company's expected future earnings for lending now. That's not necessarily a bad thing – its basic credit – but it only works if these earnings were completely predictable like obligated mortgage payments. What Greensill was doing was lending on future earnings on very volatile commodities. Remember – oil prices went negative in 2020.

In return for funding challenging names we know Greensill took divots out these clients. It made over £36 mm financing Gupta's deals in Scotland, and an amazing $108mm in fees from the $850mm Bluestone coal deals in the US – for which it is now being taken to court. All these fees gave Lex Greensill the wherewithal for his private Air Greensill fleet – but didn't make the financings any safer.

Any smart investors would probably have asked questions – but what's not to like about a deal that's secured on receivables, offers a high coupon, is wrapped with an insurance package from reputable insurer and involves major investment firms like Credit Suisse banking them, and Morgan Stanley marketing them?

One question is how did Greensill get away with it so long?

It was clear as early as 2017 there were major issues with some of the supply chain financing deals Greensill was putting together. The following year a major Swiss investment group, GAM, blew up when deals a leading fund manager had bet the shop on were questioned internally. A review by external investigators discovered a lack of information and documentation on a whole series of Greensill deals. They questioned how due diligence was done on the deals. The fund manager was suspended and later dismissed – triggering a redemption run on the fund. The whistle-blower was also shown the door on the back of massive client exits.

GAM invested in the funds because it's very hard to turn down the promise of a low risk / high return deal that promised so much more than the tiny yields available in conventional credit markets.

Despite the events at GAM, Credit Suisse went on to package $10 bln plus of Greensill deals. It was all done with an insurance wrap from a single name put them in its safe bucket. I know other insurance firms refused the deals. The trigger for the collapse of the Greensill scam was the withdrawl of that critical insurance – causing Credit Suisse to stop. Greensill has known for a year Tokyo Marine (which sacked the underwriter involved) would not renew and had been unable to find alternative cover.

Perhaps Credit Suisse bought the story and Softbank link that Greensill was a remarkable new Fintech with the Midas touch of changing dull, conservative factoring into a money machine? All that glitters is not gold.

One of the major developing themes in markets has been a shift from financial assets – which are seriously mispriced due to monetary distortion and financial asset inflation – into real assets, the so-called alternatives market. Alternative because they are not stocks or bonds, but cash flows and real assets. The collapse of Greensill will heighten awareness of due diligence risks in these non-standard, off-market, asset backed alternatives. Alternative asset holders will be looking at holdings for what else might be wobbly.

For instance, I might urge them not to be hypnotised by the assumptions underlying a well-known fund investing in music royalties, the basis of which is also being questioned by analysts. (I certainly won't mention the fund by name as the manager is a well-known litigant.) I have no reason to believe or disbelieve what analysts, the FT and a US investment bank have said about it overpaying for assets or questioning the valuation hikes it puts on future revenues when it acquires catalogues. Personally I like music assets, know their value, and, given certain circumstances the fund in question might come good. Equally.. it might not.

To understand how these deals works its critical to understand exactly what's occurring within the structures – how real are the assets, how the cash flows, how its accounted, and where it goes. That's why having top notch accountants and lawyers is such an important requirement for any deal. However, if they are working in the interests of the issuers and bankers – then investors are the likely patsies. There is a real difference between the way US and European Asset Backed deals are structured – basically US deals are transparent. European deals tend to be opaque.

Alternative deals based on real assets and tangible cash flows are often, but not always, decorrelated from distorted financial assets, allowing low risk deals to yield better long- term returns. They tick can the box in terms of risk vs return and provide significant diversification away from conventional markets. The major negative is there is little pretence they will be liquid assets. If you want to sell – even in good markets it will not be easy.

The only way you should participate in Alternative type deals is by knowing exactly what's going on. And – yes, my day job is Head of Alternative Assets. Happy to discuss in depth any time.

[Mar 22, 2021] The face of the Asian immigrant to the USA

Mar 22, 2021 | www.moonofalabama.org

vk , Mar 21 2021 19:30 utc | 37

The face of the Asian immigrant to the USA:

Ying Ma: "All Chinese Americans should denounce China for infecting the world with the China virus."

Contrary to the previous immigrants - who were economic immigrants (not religious immigrants, as the official history of the USA states) - the post-war immigrants to the USA are all political immigrants. They're the remnants of South Vietnam, Kuomintang, South Korea, Mensheviks, Refuseniks, Zionism, Batista's Cuba, Latin American comprador elites. I remember that once Hugo Chávez or the then president of Ecuador claimed that in Florida alone were more than 2,000 wanted people (most of them compradores and generals) enjoying political refugee status.

The only exception to the rule are the Mexican immigrants and some Central American immigrants (El Salvador, Guatemala in some cases), which had their economies dollarized or devastated by the advent of NAFTA, and were by chance close to the USA's territory.

[Mar 22, 2021] I am a teacher in Australia's oldest university whose new vice-chancellor (CEO) is a pure technocrat without academic background or a PhD.

Mar 22, 2021 | www.moonofalabama.org

Patroklos , Mar 21 2021 18:58 utc | 34

In the Spectator article linked -- thank you b and all -- Kimball quotes a canny friend who said "I'd rather be ruled by the Chinese than the Yale faculty". Yes, I thought, that is how the west is now.

I am a teacher in Australia's oldest university whose new vice-chancellor (CEO) is a pure technocrat without academic background or a PhD.

This is the strange norm now: grey neoliberal managers are rushed into areas that require specialists in order to 'streamline' or 'set up structures of accountability' or simply hollow out the joint. This guy sees 'tech' as the answer, so will accelerate the pedagogical catastrophe taking place across the world (Zoom-'teaching') whose implications are dystopian, psychologically alienating and frankly depressing.

He is the Yale faculty at the local level; Blinken is the Yale faculty on the diplomatic stage: a recognisable and familiar type of manager from no particular background whose career is made leap-frogging from bureaucratisation process to bureaucratisation process.

He berates the Chinese thinking that they are the old faculty resisting the newspeak of neoliberal managerialism, an empty meaningless feedback loop of tickboxing. The 'rules-based order' is some imaginary thing produced in the mind of grey men to obscure their self-aggrandisement in a vacuum; zero time has been invested in any thought about it. The 'Biden-Doctrine' is a vacuum of intellectual reflection. In short, Blinken simply doesn't care about his job, he just cares about ticking a box on his CV as he sets himself up for the promotion/next job. Where once we had career specialists dedicated to the actual job (like Chas Freeman) now the whole world is run by these empty people. The consequences are very depressing.


Fyi , Mar 21 2021 19:54 utc | 44

Mr. Patroklos

University administrators need not have doctoral or other academic achievements. What is needed, in any enterprise, is the commitment to the health and to prosperity of that enterprise.

In America, they promoted men who promised lower taxes and easier money. Men with dubious loyalty to the long term health and well being of that country or her population. The results is there for the world to see. Same in Italy; Mr. Berlusconi would promise to cut taxes, and would omit to also mention that he would also cut state services. And foolish plebians would vote for him.

When the late Mr. Khomeini came to power in Iran, one of his observations was that he could not find enough men with integrity to put them in executive positions.

I would like to respectfully suggest to try to preserve what you can but do not try to be a lean department or program. Maintain the "fat" so that you van save as much of the scholarly muscle as you can when the cutting times come.

Also, reach out to the public and the alumni and ask for whatever help you can obtain. Use Kung-Fu approaches, never attack directly. Keep trying to find alternative careers for your older or newer faculties. Take any and all positive action and try to preserve Learning and Scholarship for the future generations.

The late Joseph Stalin observed: "Cadres decide everything."

May be you cannot stop this, but you can delay and dlelay and derail, thus buying time for people to adjust to their new circumstances.

lysias , Mar 21 2021 19:59 utc | 45

That would be Mark Scott as Vice Chancellor of the University of Sydney? What a decline from when Enoch Powell was Professor of Greek at Sydney. I greatly admire Powell's scholarly work on Herodotus and his edition of Thucydides (one of my set texts when I was at Oxford). How much of that work did he do at Sydney?

[Mar 21, 2021] Using coercion and aggression - two very definitive qualities of American Imperialism post WWII

Mar 21, 2021 | www.moonofalabama.org

michaelj72 , Mar 21 2021 2:46 utc | 174

fyi

dave decamp at Antiwar.com has some nice coverage of the fireworks at this 'summit'

https://news.antiwar.com/2021/03/19/us-and-china-conclude-tough-alaska-talks/

"....Yang responded sharply to the US officials and criticized Washington for both domestic and foreign policy issues. "The United States uses its military force and financial hegemony to carry out long arm jurisdiction and suppress other countries," he said. "It abuses so-called notions of national security to obstruct normal trade exchanges, and incite some countries to attack China."

"....The US took several steps ahead of the talks that made it clear the meeting would be contentious. Blinken visited Japan and South Korea with Secretary of Defense Lloyd Austin earlier this week. While meeting with his Japanese and Korean counterparts, Blinken slammed Beijing, accusing China of using "coercion and aggression" in the region. On Wednesday, the US slapped sanctions on 24 Chinese and Hong Kong officials...."

using coercion and aggression - two very definitive qualities of American Imperialism post WWII


[Mar 21, 2021] The US has developed no means of relating to civilizational challenges other than violence

Mar 21, 2021 | www.moonofalabama.org

lulu , Mar 20 2021 19:06 utc | 137

18 years ago on this day,US, UK & their allies used the lie of WMD to invade Iraq , which has caused 1 million death and total destruction of the country.

Now they are pushing the "China genociding Uyghurs" lies to frame the minds of Americans and people in the West and around the global to prepare a hot war against China.

Arch Bungle , Mar 20 2021 19:19 utc | 138

Posted by: lulu | Mar 20 2021 19:06 utc | 136



Now they are pushing the "China genociding Uyghurs" lies to frame the minds of Americans and people in the West and around the global to prepare a hot war against China.

There is no "Hot War" in preparation against China, this is simply procedural posturing in the absence of any other means of relating to the Chinese civilisation.

The Zio-American empire is well aware this would mean a nuclear annihilation or at the least a re-shuffling of the global order against their interests.

The US has developed no means of relating to civilizational challenges other than violence, so it is merely cycling through the motions it knows of but with an understanding that it cannot take them to their logical conclusion.

It's all foreplay and nothing more ...

[Mar 21, 2021] I suppose from the perspective of inter-imperialist relations in the first world, a lack of decorum of the level of Trump's is more anomalous and egregious than the imposition of death and destruction of people in the global south.

Mar 21, 2021 | www.moonofalabama.org

Kapusta , Mar 20 2021 2:37 utc | 89

@ 73 Posted by: xototox
@ 78 Posted by: james

Thanks for your perspective, xot! Interesting insights.

trump changed that, suddenly the ugly side of the empire became visible

I've heard this about Trump a lot, but I've always wondered why Trump was the ultimate catalyst for this epiphany. You would think that the Iraq War should have been that watershed moment, or even Libya (and perhaps they were for many, like me). I suppose from the perspective of inter-imperialist relations in the first world, a lack of decorum of the level of Trump's is more anomalous and egregious than the imposition of death and destruction of people in the global south.

Fyi , Mar 20 2021 3:13 utc | 92

Mr. xototox

I think that the presidency of Mr. Trump revealed the ugly side of the United States; suddenly the gilded papier marche of America, carefully created by the best propaganda techniques over 70 years, was shredded and USA was revealed to be a country just like so many others.

It is up to American people, Judeo-Christians as well as others, to address the deep deep social problems of the United States.

[Mar 21, 2021] Despite a roomful of hot air amerikans will always be considered War Criminals by the rest of us

Mar 21, 2021 | www.moonofalabama.org

Debsisdead , Mar 20 2021 2:25 utc | 88

Despite a roomful of hot air amerikans will always be considered War Criminals by the rest of us

I have to admit having become totally bored with the words which any gang of elites from any nation whose population is far too large to have the types at the top comprehend much less represent citizens' points of view, spout.

I get that there are fans of particular nations here, who believe some of these nation states have more humane policies than other nation states, but all of them however humane are essentially spouting toop down driven attitudes.
We know that amerika with its narrow & prescriptive "you can vote for anyone as long as it is someone from one of these two virtually identical political organisations" system pays little attention to their citizens' views. Unfortunately humans being humans, once a person gains a little power their priorities focus on retaining & increasing power, so that after time, no matter how egalitarian things may have been at the start, a shift to imbalance between the governors and the governed is inevitable.
It is impossible to imagine that President Xi Jinping would do as Mao Zedong did and hand power to the people, especially the nation's young people to trigger the 1966 Cultural Revolution.

One thing is for sure though, that is however many may have died during the cultural revolution, the casualties were confined to China's citizens and the casualties & atrocities were infinitesimal compared to the murders, rapes and savagery committed by amerika's war upon the people of Indochina.
IOW 50+ years ago China moved to resolve generational differences with an internal, domestic debate, whilst amerika tried to resolve that issue by indoctrinating its young people into a thoroughly racist anti-asian POV, then sent their youth to "kick out the jams" on the heads of the people of Vietnam, Laos & Cambodia.
The results were horrific and since courtesy of TV, they were far better documented than the horror inflicted upon the citizens of Korea less than a decade before have stuck in all non-amerikans minds ever since.

I have sounded off here at MoA quite a few times that most amerikans view the Indochina conflict negatively because it was such a waste of 'young amerikan' lives, rather than the way the rest of us see it, that amerika butchered and raped their way through Indochina without the slightest remorse.
Last week I stumbled across an old documentary released back in 1972 "Winter Soldier". The film documents the 1971 Winter Soldier hearing held by Vietnam Vets Against War.

VVAW had tried to stop the Indochina slaughter by the standard means - protests, marches, contacting politicians, all to no avail. So then they came up with the 'Winter Soldier' hearing which had veterans of the war against the people of Indochina, telling their stories of the atrocities they had committed.
The witnesses came from across the range of amerika's military; from grunts - surprisingly most were volunteers rather than draftees, to a Marine captain who served as a helicopter pilot.

These guys who returned to amerika lauded as heroes while deep down feeling nothing but Guilt & shame, make it clear that My Lai was no outlier, it was SOP.

It is also clear from what they tell us of their boot camp experience that racist anti-asian indoctrination featured big time in their training which led them to regard all Vietnamese as the enemy.

The behaviour got worse and worse, particularly rapes and the mutilation of children, once the troops realised no one was would restrict their cruel antics against those they all considered to be less than human. Senior officers either joined in or 'looked the other way'.
Most of this documentary is in the form of testimony as cameras were generally kept away from the 'fun' but even so I found just hearing the stories too much to bear.

Anyway although copies of 'Winter Soldier' do become available on You Tube from time to time, they can be hard to find and are frequently taken down, so if anyone does want to know what is commonplace for the brave amerikan military, they can download a copy of Winter Soldier from here .

The hearings likely did the job eventually, in that the thugs in control of amerika got the message that if the war continued, more and more truth about the scale & horror of awful amerikan atrocities would become public and that would be counter to satiating these elite thugs' greed inside and outside amerika. A peace agreement was signed and VVAW went back to emphasising the damage done to amerikan soldiers rather than the horrors inflicted upon a much, much larger Indochinese civilian population.

This is why BidenCorp are confidently denying their crimes while asserting all these other nations are killers, simply because amerikans have never been required to comprehend the true scale of the crimes amerika has committed upon their (mostly unjustly selected, amerikan created) enemies.

All the words spouted by elites only ever reinforce prevailing attitudes. Change in the way amerika views itself will only be effected when amerikans are forced to honestly consider all the crimes which have been committed in their name.
I'm not holding my breath, neither do I see much point in any analysis of who said what to whom as words are worthless in the face of fell deeds.

[Mar 21, 2021] The big question: Will the US try to play tcechnological dominance card against China?

Mar 21, 2021 | www.moonofalabama.org

karlof1 , Mar 20 2021 0:44 utc | 77

The Alaska talks have ended and the Global Times Editor writes :

"China and the US are two major world powers. No matter how many disputes they have, the two countries should not impulsively break their relations. Coexistence and cooperation are the only options for China and the US. Whether we like it or not, the two countries should learn to patiently explore mutual compromises and pursue strategic win-win cooperation ." [My Emphasis]

The big question: Does the Outlaw US Empire possess enough wisdom to act in that manner.

[Mar 19, 2021] The US and Europe are pretty much controlled by the same set of oligarchs and the most powerful of the oligarchs are the bankers. Once you realise that it is the bankers driving most of this garbage all of the elephants are explained.

Mar 19, 2021 | www.moonofalabama.org

MarkU , Mar 18 2021 23:14 utc | 39

I don't understand why so many otherwise intelligent people are seemingly unable to bring themselves to question the fundamental 'model' that supposedly describes what is going on in the 'West'. If political 'models' were subjected to the same sort of analysis that scientific ones were, then the model used by b and most of the people who comment here would undoubtedly be rejected. There are simply too many elephants in the room.

Why are European countries going along with all the stupidity? Such as America's rampage through the middle east, originating and perpetuated with proven lies, flooding Europe with migrants as a result.

Why are European countries apparently happy to go along with the Russophobia and the Sinophobia. Are their leaders really so lame-brained that they took the ludicrous Skripal poisoning story and the even more ridiculous Navalny yarn at face value?

Why are European countries going along with the stupid and unfair sanctions? sanctions that cost Europe far more than they do America.

Why is Europe going along with the increased militarisation of the of the border with the Russian federation and the open war-mongering? Surely European leaders realise that they are wantonly courting WW3 and risking a nuclear conflagration? Could they really be so stupid as to imagine that lining the border they share with the Russians with ABM's was actually 'defensive' in nature?

Last but certainly not least, why is Israel so important? How come a tiny country in the middle east gets to thumb its nose at international law on a daily basis? Why is it OK for them to have nukes? Why is it OK when they shoot literally thousands of unarmed protesters? killing hundreds. How come they can build walls and that is OK, How come they can run an openly apartheid state but somehow be immune to criticism?

The answer to all these questions is actually quite simple, the US and Europe are pretty much controlled by the same set of oligarchs and the most powerful of the oligarchs are the bankers. Once you realise that it is the bankers driving most of this garbage all of the elephants are explained.

norecovery , Mar 18 2021 23:44 utc | 40

MarkU @ 39 -- HossKara struck gold with his suggestion @34, to which I responded @35.

It's all about the Benjamins, particularly the Petrodollar controlled by what Psychohistorian euphemistically calls "Private Finance" and is the world's reserve currency. Any attempt to circumvent the Petrodollar in trade, especially energy resources, brings violent aggression to punish the wayward country and its leaders.

"Private Finance" in this context really means the thug standing behind you with a baseball bat. "You don't know who you're dealing with, punk." Iran trades with other countries in other currencies, so does Venezuela, so does China, so does Russia. Get the picture?

Saddam Hussein announced that he was going to accept other currencies than the dollar for Iraq's oil -- look what happened to him. Same with Gaddafi. They and their countries were made examples of what happens when you deny Uncle Ratschild his pound of flesh.

[Mar 15, 2021] Custom Degrees Help Grads and Employers

This is about neoliberlization of education. Early over-specialization essentially is detrimental to professional development. this is clearlly a neoliberal approach -- to get ready cogs into the machinery that does not reuare any additional trianing to be productive and save on training.
Like Knuth said on a different potic "Premature optimization is the root of al evil"
Mar 14, 2021 | www.wsj.com

Why has it taken so long for professional-services firms in the U.S. to adopt a bespoke graduate-degree approach ( "Employers Customize Business Degrees," Business News, March 5)?

The former president of the University of Limerick, Edward Walsh, was way ahead of the game in this regard. Dr. Walsh arguably created a new norm in Irish third-level education back in the early 1970s, from the university's modest beginnings in the "White House" as the building was and is still known, to a now very impressive campus with a proud record of innovation in education and excellence in research and scholarship. Dr. Walsh customized our degrees to match the requirements of Irish companies and industry.

My bespoke electronics-production degree was customized because the electronics industry in Ireland at the time found that many electronic-engineering grads applying for production-oriented positions weren't suitably qualified. As a graduate in engineering, I believe it made my finding a job much easier than some of my counterparts in other universities, both in Ireland and abroad. Our degrees opened many doors for my class in a lot of different industries, and I believe they still hold us in good stead today when changing our careers or setting up indigenous businesses.

me title=

Maurice D. Landers

Since inception in 2011, the Commercial Banking Program in the Mays Business School of Texas A&M University has joined with the banking industry in implementing and teaching a required commercial-banking curriculum that is designed to position our graduates for successful careers in commercial banking. The banking industry provides us with valuable input on essential training and skills they require of our students to be considered for employment. In addition, selected parts of the program curriculum are taught by senior banking executives from our advisory board of directors. Students receive current, relevant banking-industry training taught by banking executives positioning them for successful careers in commercial banking. Banks find our graduates are trained according to industry requirements and are productive sooner than their peers, and the Commercial Banking Program is helping alleviate the shortage of trained talent within the banking industry.

W. Dwight Garey

Texas A&M University

College Station, Texas

[Mar 14, 2021] Disposable People by Sandwichman

Mar 04, 2021 | angrybearblog.com

Disposable people are indispensable. Who else would fight the wars? Who would preach? Who would short derivatives? Who would go to court and argue both sides? Who would legislate? Who would sell red hots at the old ball game?

For too long disposable people have been misrepresented as destitute, homeless, unemployed, or at best precariously employed. True, the destitute, the homeless, the unemployed and the precarious are indeed treated as disposable but most disposable people pursue respectable professions, wear fashionable clothes, reside in nice houses, and keep up with the Jones.

Disposable people are defined by what they do not produce. They do not grow food. They do not build shelters. They do not make clothes. They also do not make the tractors used to grow food, the tools to build shelters or the equipment to make clothes.

Although disposable people do not produce necessities what they do is not unnecessary. It is simply that the services they provide are not spontaneously demanded as soon as one acquires a bit of additional income. One is unlikely, however, to engage the services or purchase the goods produced by disposable people unless one is in possession of disposable income. Disposable income is the basis of disposable people. Conversely, disposable people are the foundation of disposable income.

[Mar 12, 2021] Why the U.S. Manufacturing Renaissance Is Essential for U.S. Survival

Mar 12, 2021 | www.nakedcapitalism.com

Sound of the Suburbs , March 11, 2021 at 5:53 am

Why is it so expensive to get anything done in the US?

Neoclassical economics and the missing equation.

Disposable income = wages – (taxes + the cost of living)

The US's high cost of living pushes up wages making it expensive to get anything done in the US.

See where neoclassical economists go wrong?
Employees get their money from wages, and the employers pay the cost of living through wages, reducing profit.
It is the US's employers who pay the high cost of living, via wages, reducing profit.

Do you really want to pay the US's high cost of living in wages?
No way.
You will have to off-shore to maximise profit.

Sound of the Suburbs , March 11, 2021 at 5:55 am

It's supposed to be like that.

The early neoclassical economists hid the problems of rentier activity in the economy by removing the difference between "earned" and "unearned" income and they conflated "land" with "capital".
They took the focus off the cost of living that had been so important to the Classical Economists as this is where rentier activity in the economy shows up.

It's so well hidden no one even knows it's there.

The neoliberals picked up this pseudo economics and thought it was the real deal.
Things were never going to go well.

LawnDart , March 11, 2021 at 7:03 am

Imagine the Chamber of Commerce actively lobbying for state-supported child care, massive increases in funding for public transportation, public education, public health, and housing.

Perhaps we should take a look at China to learn how we too can become better capitalists, and so help USA businesses focus on the business of business.

Sound of the Suburbs , March 11, 2021 at 8:43 am

Maximising profit is all about reducing costs.

Western companies couldn't wait to off-shore to low cost China, where they could make higher profits.
China had coal fired power stations to provide cheap energy.
China had lax regulations reducing environmental and health and safety costs.
China had a low cost of living so employers could pay low wages.
China had low taxes and a minimal welfare state.
China had all the advantages in an open globalised world.

LawnDart , March 11, 2021 at 1:56 pm

So aside from low cost of living, the Chinese are basically Republicans?

Synoia , March 11, 2021 at 10:56 pm

Maximising profit is all about reducing costs.

Actually it is not. Maximizing profit requires customer first, The so call high wage costs in the US also drive purchases.

Maximizing profit has a very large sales dimension. Destroying one's customers, by impoverishing them is not going to lead to record profits.

Sound of the Suburbs , March 11, 2021 at 8:44 am

What was Keynes really doing?
Creating a low cost, internationally competitive economy.

Keynes's ideas were a solution to the problems of the Great Depression, but we forgot why he did, what he did.
They tried running an economy on debt in the 1920s.
The 1920s roared with debt based consumption and speculation until it all tipped over into the debt deflation of the Great Depression. No one realised the problems that were building up in the economy as they used an economics that doesn't look at private debt, neoclassical economics.

Keynes looked at the problems of the debt based economy and came up with redistribution through taxation to keep the system running in a sustainable way and he dealt with the inherent inequality capitalism produced.

The cost of living = housing costs + healthcare costs + student loan costs + food + other costs of living
Disposable income = wages – (taxes + the cost of living)

Strong progressive taxation funded a low cost economy with subsidised housing, healthcare, education and other services to give more disposable income on lower wages.
Employers and employees both win with a low cost of living.

Keynesian ideas went wrong in the 1970s and everyone had forgotten the problems of neoclassical economics that he originally solved.

Mike , March 12, 2021 at 9:52 am

"Keynesian ideas went wrong in the 1970s" and from the 80s on because the (primarily) Republicans had forgotten that Keynes originally stipulated that the government debt incurred during "bad times" be liquidated during "good times". Since Reagan, Republicans have increased debt to stimulate the economy, but failed to pay it down once that part of Keynes's took effect. Republicans are the biggest half-Keynesians of all time.

drumlin woodchuckles , March 11, 2021 at 7:52 pm

US wages are only "high" when compared to the semi-slave-labor "low" wages zones.

Abolish Free Trade and restore Militant Belligerent Protectionism and you solve that problem.

ambrit , March 11, 2021 at 6:31 am

Behind all this is the neo-liberal renunciation of any 'national' policies. Define a 'nation' as you will, it still is a valid category. It has definite 'needs' and requirements to function well and continue as a viable entity. The 'national' government has functioned in the past as the representative and facilitator for the 'nation.' "Drown that in a bathtub" and you eventually eliminate the 'nation's' ability to function. The end stage of that process is the collapse and extinction of the 'nation.'
The above process should be familiar to anyone who has studied the past few decades of American history. What the proponents of the neo-liberal dispensation have not advertised, if indeed they even know, is what replaces the 'nation?' An International Syndicate of Oligarchs? If so, such an endeavour is doomed to failure. History has shown, time and again, that the concept and practice of commercial business is not an adequate organizing principle for large scale human society. It simply does not make allowances for human variability.

The best example of the point above that I can think of is the present dominance of short term thinking and planning in the business sphere. Restricting the inputs of the decision making process to short term issues, such as quarterly earnings and stock prices in the bourse, leads to the dysfunctions bemoaned in the piece above. Offshoring a factory makes sense from a short term business point of view, but ignores the long term 'national' implications. Here is a direct conflict between the two methods of social organization. At present the short term methodology is ascendant. Alas, it looks as if America is going to have to learn this lesson of setting proper 'national' priorities the hard way; such as by losing a war decisively.

I look on the bright side here. A small thermonuclear exchange between America and some peer adversary will not only 'thin out' the population, but also bring on a nuclear winter and retard the progression of global warming for a while. It might be the breathing space the Terran human race needs to survive beyond the upcoming evolutionary bottleneck.

[Mar 12, 2021] Global Transformation- The Precariat Overcoming Populism by Guy Standing

Notable quotes:
"... By Guy Standing, Professorial Research Associate, SOAS University of London, Fellow of the UK Academy of Social Sciences, and co-founder and honorary co-president of the Basic Income Earth Network (BIEN). Subjects of recent books include basic income, rentier capitalism and the growing precariat. He is a council member of the Progressive Economy Forum. Originally published at Open Democracy . ..."
"... the precariat was evolving as a class-in-the-making. ..."
"... we should interpret what Karl Polanyi was to call the Great Transformation as beginning with a period of dis-embeddedness, when the old social formation with its specific systems of regulation, social protection and redistribution was being dismantled mainly by the interests of financial capital, guided by an ideology of laissez-faire liberalism ..."
"... "For the proletariat, the norm was and is to be in a stable job. There is nothing labourists love more than to have as many people as possible in jobs. They romanticise being in a job, promising Full Employment, and quietly resorting to workfare. They conveniently forget that being in a job is being in a position of subordination and fail to recall Marx's depiction of labour in jobs as 'active alienation'." ..."
"... Though for most of the 1848-1945 period, its not really true. The proletariat of Capital and Condition of the Working Class in England had an existence as precarious as today's precariat. Indeed, this was one of the things driving the growing militance. There was little in the way of a consumer goods industry selling to proletarians because until quite late in the 19th century the entire wages of all but the skilled and fortunate went for subsistence. ..."
"... A side note: my understanding is that classical Marxism's worry about the lumpenproletariat, aka a "reactionary mass," was based on the observation that their services could be bought to form King and Country mobs to attack working class organizations, along with serving as pogrom foot soldiers. Part of that function was superseded by the formation of regular armies of domestic occupation, aka the police. ..."
"... By complicating basic class analysis with an elaborate class structure, with the revolution to be led by a minority of young, educated 'progressive' precariats, he may be setting the stage for fragmentation of the Left, and further massive losses for workers. ..."
"... being drawn into platform capitalism, as 'concierge' or cloud taskers, controlled and manipulated by apps and other labour brokers. Above all, they are being gradually habituated to precariatisation, told to put up with a norm of unstable task-driven bits-and-pieces existence. ..."
"... That passage called to mind the increasing use by universities of adjunct faculty positions, which are the very definition of precarious. In recent days the was a report of the dismissal of tenured faculty by a college in New York State, whose name escapes me. ..."
"... I could see the 'Go Fund Me' phenomena for Medical (or just groceries, etc) costs in this thought:(my bold) ..."
"... Those characteristics are bad enough. But it is the distinctive relations to the state that most define the precariat. The precariat are denizens rather than citizens, meaning that they are losing or not gaining the rights and entitlements of citizens . Above all, they are reduced to being supplicants, dependent on the discretionary benevolence of landlords, employers, parents, charities and strangers, showing them pity. ..."
"... The writer of this article seems to be very optimistic, celebratory even when it comes to the insecurity of the precariat. It isn't difficult to romanticize the power and the potential of people suffering extreme insecurity when your employment and your social status are linked to the privileges of the (Left or Right) political elite ..."
"... Open Democracy is a Soros organ. Which immediately brings to mind the aspect of our precarious position that the author does not address or even allude to: the nexus of financial, media and paramilitary power that is the "Deep State" or the Spook Apparat if you will. ..."
"... Much of what Standing refers to as the Precariat is basically just the Proletariat yet again. ..."
"... Now that I know it's an Open Democracy piece, I suppose that it's meant to soften the blow of prolonged, steep unemployment and to desensitize people to the pain of "doing more with less" (as the tippytopp rakes it in) by calling it an Arts & Leisure Society. ..."
"... I must agree with DJG, Reality Czar's and others similar take. The writer of this article seems to be very optimistic, celebratory even when it comes to the insecurity of the precariat. It isn't difficult to romanticize the power and the potential of people suffering extreme insecurity when your employment and your social status are linked to the privileges of the (Left or Right) political elite, and when you are a (most likely well paid) participant in the current political system, by working closely with the leadership of one of the bigger old political parties while holding positions that come with stable income if not fungible prestige ["Professorial Research Associate, SOAS University of London, Fellow of the UK Academy of Social Sciences, and co-founder and honorary co-president of the Basic Income Earth Network (BIEN)]. ..."
"... "a giant suction pump had by 1929 to 1930 drawn into a few hands an increasing proportion of currently produced wealth. This served then as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied themselves the kind of effective demand for their products which would justify reinvestment of the capital accumulation in new plants. In consequence as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When the credit ran out, the game stopped" ..."
"... "The other fellows could stay in the game only by borrowing." ..."
"... "When the credit ran out, the game stopped" ..."
"... Revolt of the Public ..."
"... Can't Get You Outta My Head ..."
"... Charter for the Precariat ..."
"... "The labour and time of the poor is in civilised countries sacrificed to the maintaining of the rich in ease and luxury. The Landlord is maintained in idleness and luxury by the labour of his tenants. The moneyed man is supported by his extractions from the industrious merchant and the needy who are obliged to support him in ease by a return for the use of his money. But every savage has the full fruits of his own labours; there are no landlords, no usurers and no tax gatherers." ..."
"... "All for ourselves, and nothing for other people seems, in every age of the world, to have been the vile maxim of the masters of mankind." ..."
"... "The interest of the landlords is always opposed to the interest of every other class in the community" ..."
"... The labourers had before 25 The landlords 25 And the capitalists 50 .. 100 ..."
"... Framing Corbyn's election defeat as a failure to understand the needs of the "Labour" electorate, and hence supporting Standing's premise, whilst totally ignoring the fact that Corbyn was hammered by the powers of the right, BBC, MSM, Israel etc etc is totally disingenuous and seems to me to be a case of very sour grapes. ..."
Mar 09, 2021 | www.nakedcapitalism.com

Lambert here: A dense treatment of a subject of burning concern.

By Guy Standing, Professorial Research Associate, SOAS University of London, Fellow of the UK Academy of Social Sciences, and co-founder and honorary co-president of the Basic Income Earth Network (BIEN). Subjects of recent books include basic income, rentier capitalism and the growing precariat. He is a council member of the Progressive Economy Forum. Originally published at Open Democracy .

Transformations tend to go through several preliminary phases. In Britain, the 'dis-embedded' phase in the development of industrial capitalism involved the Speenhamland system launched in 1795, the mass enclosures that created a proto-proletariat, and disruption by a technological revolution. All this prompted a period of primitive rebels – those who know what they are against, but not agreed on what they are for – in which protests were mainly against the breakdown of the previous social compact.

Those included the days-of-rage phase that culminated in the mass protest in Peterloo in 1819, brutally suppressed by the state, and the Luddites, misrepresented ever since as being workers intent on smashing machines to halt 'progress', when in fact what they were doing was protesting at the destruction of a way of living and working being done without a quid pro quo.

In my A Precariat Charter written in 2014, sketching a precariat manifesto for today's Global Transformation, I concluded by citing the stanza from Shelley's The Masque of Anarchy , written in reaction to the Peterloo massacre. Jeremy Corbyn was later to cite it in his campaign speech of 2017, which James Schneider recalls in his contribution to this debate . Shelley expressed it in class, not populist terms, as I did, in my case signifying that the precariat was evolving as a class-in-the-making. Corbyn seems to have expressed it in support of a left populism.

Until his drowning at an early age, Shelley along with Byron and other artists of that era, including Mozart, were railing against the bourgeoisie, which is why Mozart and Byron were both drawn to the Don Juan/Don Giovanni theme. The Romantics failed to arrest the march of industrial capitalism but their art put out a marker for the future counter movement.

The UK and 'Decent Labour'

The trouble was that at the time the emerging mass 'working class', the proletariat, had not yet taken shape as a class-for-itself, and was not ready to do so until late in the century. Three other primitive rebel events should be read into the narrative – the pink revolutions of 1848, often called the Springtime of the Peoples, wrongly seen by some at the time as presaging the proletarian revolution, the brave prolonged activities of the Chartists in the 1830s and 1840s, which advanced the cause of political democracy despite defeat, and the upheavals in the 1890s that the left have tended to underplay.

The latter marked an enormous historical error by 'the left'. It is why the term 'dangerous class' was in the sub-title of my The Precariat: The New Dangerous Class , published in early 2011. Although some Marxists have used it to describe the 'lumpen proletariat', the term 'dangerous class' was used in the nineteenth century to describe those who were in neither the bourgeoisie nor the emerging proletariat. They were the craftsmen, artisans, street traders and artists, from whose ranks came the leading figures articulating a version of socialism as rejection of labourism – freedom from labour, freedom to work and to leisure (reviving ideas of ancient Greece, embracing schole ).

In the 1890s, against William Morris and colleagues, including some anarchists, who championed that emancipatory vision, were the labourists, state socialists, Fabians and others who wanted to generalise decent labour. By the turn of the twentieth century, the latter had triumphed and marched forward in labour unions, social democratic parties and Leninism, even though most of the first batch of Labour MPs in 1906, when asked by an enterprising journalist what book had most influenced them, mentioned John Ruskin's Unto This Last , not anything by Karl Marx.

So, we should interpret what Karl Polanyi was to call the Great Transformation as beginning with a period of dis-embeddedness, when the old social formation with its specific systems of regulation, social protection and redistribution was being dismantled mainly by the interests of financial capital, guided by an ideology of laissez-faire liberalism .

This produced growing structural insecurities, inequalities, stress, precarity, technological disruption, debt and ecological destruction, culminating in an era of war, pandemics – most relevantly, the Spanish flu of 1918-1920, which may have killed 50 million people – and the Great Depression.

... ... ...

...Donald Trump epitomised the rentiers; he used anti-establishment rhetoric but jealously preserved and advanced the interests of the rent-seeking plutocracy. He never followed a neo-liberal economic agenda. He stood for mercantilism in foreign economic strategy and for rentiers eager to plunder the commons domestically, while pursuing a pluto-populist fiscal policy. It is better to see his era in Gramscian terms, a malignancy of a class-based system in deepening if not terminal crisis.

... ... ...


Henry Moon Pie , March 9, 2021 at 7:57 am

"For the proletariat, the norm was and is to be in a stable job. There is nothing labourists love more than to have as many people as possible in jobs. They romanticise being in a job, promising Full Employment, and quietly resorting to workfare. They conveniently forget that being in a job is being in a position of subordination and fail to recall Marx's depiction of labour in jobs as 'active alienation'."

Words to consider here at NC.

Anonapet , March 9, 2021 at 1:00 pm

Yep, large scale wage-slavery is not something to be embraced but something to be abolished.

Indeed, per the Bible, wage-slavery was the EXCEPTION, not the rule, for Hebrews in ancient Israel with roughly equal ownership of the means of production being the rule. Yet this was NOT communism since the means of production were individually owned, and not by the State, which didn't even exist for 400 years or so.

So accepting wage-slavery as some kind of norm is to concede way too much, Biblically speaking.

Henry Moon Pie , March 9, 2021 at 2:01 pm

An "eved" in the Hebrew bible is not really the same thing as a wage slave. The first time slavery is discussed in the Book of the Covenant following the Ten Commandments in Exodus, the only limitation is 7 years. There was no requirement to pay the slave anything. This is modified in the "Second Law" in Deuteronomy where the master is required to pay the slave some compensation upon the end of the 7 years, but not before. And these "eveds" were only the Hebrew slaves. Foreigners (goys) were slaves for life, but since neither Israel nor Judah won many wars, there were probably never that many foreign slaves anyway.

Anonapet , March 9, 2021 at 2:45 pm

I'm using "wage-slavery" in the more general sense that if one does not own assets (impossible for a Hebrew in Israel/Judah for more than 49 years (cf. Leviticus 25)) then one was de facto either a beggar or forced to live as a scavenger in the wilderness OR forced to work for wages.

As for foreign "permanent slaves", this is in conflict with no Hebrew OR CONVERT(?) could be held for more than 6 years as a well-treated indentured servant to be released, well provisioned, in the 7th year. So "permanent slavery" of foreigners was plausibly, imo, a conversion strategy (see Deuteronomy 23:3-7).

Not that the Old Testament is authoritative for Christians since the New Testament but can't we do at least as well wrt economic justice?

Darthbobber , March 9, 2021 at 6:05 pm

Though for most of the 1848-1945 period, its not really true. The proletariat of Capital and Condition of the Working Class in England had an existence as precarious as today's precariat. Indeed, this was one of the things driving the growing militance. There was little in the way of a consumer goods industry selling to proletarians because until quite late in the 19th century the entire wages of all but the skilled and fortunate went for subsistence.

And until after the changes beginning with the New Deal and consolidated in the war and postwar years, the end of a job meant the end of income, period.

hemeantwell , March 9, 2021 at 9:04 am

Lots going on here, as the author recognizes.

One take would be that he underplays the interrelationship of class identity, class aspirations, and class struggle. This comes out most clearly when he makes it seem as though mid-20th c social democracy lost a vision of the future through negligence, rather than running up against resistance from capital that was gradually getting its ideological act together after the fascist period. Strong class identity was contingent on a number of things, but one was maintaining labor militancy, MacAlevey's "strike muscle," and that became increasingly difficult, and not just because labor movement leadership went for business unionism.

The same applies to the present. The author seems hesitant to define what a Labor Vision should be now, and oscillates between UBI and other ideas without directly discussing the intensity of resistance from capital that different programs would set off. He might at least roll in Kalecki, as we so often do here, and with good reason. UBI will bring a very different response compared to demands that threaten to supplant capital's control of investment decisions, the sphere of "management prerogative." And so the author seems to be advocating fresh thinking without directly addressing what stands in its way, both the real threat of intensified class conflict and how that has been "internalized" in various ways over the last 50 or so years.

A side note: my understanding is that classical Marxism's worry about the lumpenproletariat, aka a "reactionary mass," was based on the observation that their services could be bought to form King and Country mobs to attack working class organizations, along with serving as pogrom foot soldiers. Part of that function was superseded by the formation of regular armies of domestic occupation, aka the police.

John Steinbach , March 9, 2021 at 9:33 am

There is much substance here but it seems that Standing ignores the elephant in the room -- the role that the age of limits (resource, environmental/climate change, economic/financial ) plays in the emergence of an era of rentier capitalism.

He says: "Reinventing the future, in class terms, has always been the primary task of 'the left'." But he is quick to condemn "phoney dualism of crude populism of 'the people' versus 'the elite'".

By complicating basic class analysis with an elaborate class structure, with the revolution to be led by a minority of young, educated 'progressive' precariats, he may be setting the stage for fragmentation of the Left, and further massive losses for workers.

tegnost , March 9, 2021 at 9:43 am

being drawn into platform capitalism, as 'concierge' or cloud taskers, controlled and manipulated by apps and other labour brokers. Above all, they are being gradually habituated to precariatisation, told to put up with a norm of unstable task-driven bits-and-pieces existence.

This is a great framing of the hoped for (by the technologists)labor contract

John , March 9, 2021 at 9:59 am

That passage called to mind the increasing use by universities of adjunct faculty positions, which are the very definition of precarious. In recent days the was a report of the dismissal of tenured faculty by a college in New York State, whose name escapes me.

Proposition 22(?) in California epitomizes precarity.

Rod , March 9, 2021 at 9:53 am

Quit a lot to think on here, and presented pretty clearly. De-stranding is a part of understanding (and understanding being part of good progress)

I could see the 'Go Fund Me' phenomena for Medical (or just groceries, etc) costs in this thought:(my bold)

Those characteristics are bad enough. But it is the distinctive relations to the state that most define the precariat. The precariat are denizens rather than citizens, meaning that they are losing or not gaining the rights and entitlements of citizens . Above all, they are reduced to being supplicants, dependent on the discretionary benevolence of landlords, employers, parents, charities and strangers, showing them pity.

DJG, Reality Czar , March 9, 2021 at 9:55 am

Much of this essay seems like a good diagnosis, although, after a certain point, I began to mistrust the foundations of the analysis. And there is this: "So when it came to framing a Precariat Charter, it seemed appropriate to take as a guiding principle the adage of Aristotle that only the insecure man is free. That means we must not be stuck in the old sense of security, even though it is a human need to enjoy basic security."

The author is fudging. Aristotle was writing about a stratified society in which there were many slaves (and, yes, Mediterranean slavery was different from the Anglo-American version). The ideal was the life of leisure (scholē), which was a kind of contemplation of how to act (but untroubled by having to work, which is a distraction). The "insecure" man was either Diogenes (who was unique) or a prosperous citizen with property.

We simply don't live in that kind of society. Yet the author keeps making the mistake of describing "labourists" and their supposedly antiquated ideas about unions and the organization of the workplace as all wet.

Current labor unrest in the U S of A indicates otherwise. Further, I happened to listened to some deeper analysis of the recent events at Smith College, and the NYTimes writer, Powell, pointed out how much unions shape attitudes (including eliminating racism), offer real protections, and teach the value of concerted action.

People like Standing, because of his position in society, can be blithe about being precarious. It is indeed a "philosophical" issue for them. Yet the current Draghi government in Italy has several members who want to remove labor protections and make more Italians precarious. Everyone will live the glory of being a U.S. style at-will employee. Hmmm. I wonder why this project still goes on among the powerful.

DJ Forestree , March 9, 2021 at 8:13 pm

I must agree with DJG, Reality Czar's take here.

The writer of this article seems to be very optimistic, celebratory even when it comes to the insecurity of the precariat. It isn't difficult to romanticize the power and the potential of people suffering extreme insecurity when your employment and your social status are linked to the privileges of the (Left or Right) political elite, and when you are a (most likely well paid) participant in the current political system, by working closely with the leadership of one of the largest old political parties, while holding positions that come with stable income if not fungible prestige ["Professorial Research Associate, SOAS University of London, Fellow of the UK Academy of Social Sciences, and co-founder and honorary co-president of the Basic Income Earth Network (BIEN)].

The author acknowledges that a simplistic, not multidimensional understanding of class is pseudo-Marxist; why not then go back to the original texts and review the writings of Marx, Engels, Gramsci et al in order to update the concept of class, perhaps broadening what being "working class" means today?

Why not trying to organize the workers, those who are precariat and those who aren't, around the goal of "reinventing the future in class terms", as he puts it?

How will the precariat advance its own sociopolitical goals now (as "a class-in-the-making") and later (as "a class-for-itself)"? Will it be capable of exerting any pressure and of promote real transformations without unions and without political parties?

The Trees , March 9, 2021 at 10:15 am

The default arrangement for human intercourse is some sort of feudalism. Regardless of best intended efforts to midwife a kinder gentler world, some sort of feudal hierarchic death-wish inheres in all social efforts. It seems woven into our humanity.

Hayek's Heelbiter , March 9, 2021 at 1:46 pm

Aboriginal hunter gatherers have managed to maintain a continuous non-feudal culture, even now, for approximately 50,000 years. Perhaps the precariat are heading that way?

False Solace , March 9, 2021 at 3:57 pm

Agreeing with Heelbiter, feudal hierarchies only emerge when there's a surplus that can be stolen, which tempts people with power (strongmen + sycophants) to keep it for themselves. Remove either the surplus or the agreement to steal, it's not at all universal.

Mansoor H. Khan , March 9, 2021 at 9:01 pm

strongmen + sycophants only?

Surplus also creates lasting valuable institutions which create huge social good (like Universities, Court systems, School systems, Regulatory oversight of the private sector, etc.).

Naked Capitalism commentators don't have a concept of hierarchical nature of talents which humans have. Meaning, there are super producer humans in any field of human endeavor: sports, music, arts, mathematics, sciences, film stars, singers, painters, etc.

Why would you not expect super producer humans in economic realm (business world)?

The talent spectrum is very wide and desire and ability to take risks for a possible "first mover advantage in business" that some humans go after.

Even luck (right place at the right time) requires the ability, desire and eye to recognize talents in other humans to create a high powered team which creates truly outsized results.

Talents of some humans is thousands of times the talents of more average humans.

Our job (democracy's job) is to get the most out of them. And I don't mean tax them a lot. I mean channel their energies in such a way through appropriate rules (laws) so they contribute outsized social good.

Mansoor

jsn , March 10, 2021 at 8:26 am

And yet in actual, existing polities for as long as records have been kept, there's a tendency for those with "thousand times the talents" to make off with all the surplus. Leading to, "The default arrangement for human intercourse is some sort of feudalism. Regardless of best intended efforts to midwife a kinder gentler world, some sort of feudal hierarchic death-wish inheres in all social efforts. It seems woven into our humanity."

It appears to be the structural force of "surplus" that engages our social heuristics into self defeating and brutal heirarchies. I'm with HH & FS that the track record of egalitarianism is a great deal longer than that of material heirarchy and hasn't anywhere threatened the ecosystems on which all life depends.

Not saying we can get out of our exploitative and self destructive rut, but that this condition is no more essential to our nature than egalitarianism.

tegnost , March 10, 2021 at 9:33 am

Your super producers "talent" is making money, not producing things or goods, and right behind all of your "there are super producer humans in any field of human endeavor: sports, music, arts, mathematics, sciences, film stars, singers, painters, etc." all are the face of a machine in the background with some unknowable tech tracking selling data collecting those are your actual producers but that isn't good pr, we're great at tracking people, we produce surveillance and sell people things they don't need and support disintegrating institutions in order to undermine your quote here
"Surplus also creates lasting valuable institutions which create huge social good (like Universities, Court systems, School systems, Regulatory oversight of the private sector, etc.)."

All of these things are being disintegrated for the benefit of your "super producer" BS as we speak. Maybe it's not the NC commentariat that has an understanding problem.

I think as far as the religious " concept of hierarchical nature of talents " I think the essential workers proved who they are over the pandemic, they're the ones who had to face risk, grocery workers, garbage collectors etc I doubt these people are very high up in your hierarchy.

fwe'theewell , March 10, 2021 at 11:44 am

We don't have a concept of it? Human capital theory has already been addressed here.

https://economicsfromthetopdown.com/2021/01/14/the-rise-of-human-capital-theory/

Mansoor H. Khan , March 10, 2021 at 1:39 pm

snippet from the linked article:

"If human capital theory someday becomes the fly on the power-theory-of-income elephant, it would signal not only a scientific revolution, but also a social one. I doubt I'll live to see it happen. And if I do, I have no idea what type of society would emerge from the other side."

"power-theory-of-income elephant" .You really believe this?

Generalfeldmarschall von Hindenburg , March 9, 2021 at 11:47 am

Open Democracy is a Soros organ. Which immediately brings to mind the aspect of our precarious position that the author does not address or even allude to: the nexus of financial, media and paramilitary power that is the "Deep State" or the Spook Apparat if you will.

Having a token whack at 'atavist' populism is just 'Basket of Deplorables' put another way. The author is deeply tied to the technocratic set and the slant is clear enough. The constant manipulation through fear-based stochastic 'war' efforts: War on Terror, War on COVID. Always some empty and obviously fake rallying point. UBI sounds like a sensible solution if we lived in the Jetsons future the Great Reset promises. But Klaus Schwab is no Bucky Fuller. Gates, Soros and Schwab are just investors. Investors with the power to manipulate the markets. Heads they win. Tails you lose.

To them, a guy like Trump is just the last echo of the Industrial age and the installation of a senile grifter the triumph of the technocracy, shielded by the CIA and MI5/6. These spy organizations were always private companies.

CIA was built by Wall Street and British Intelligence is an arm of the British monarchy and has never been accountable to the public. A realignment is definitely taking place. Behind the curtain. Challenging the old guard is the nexus of more openly private intelligence organizations like that of Erik Prince and computer oligarchs like Thiel and Mercer. This is exactly who put Trump over.

Susan the other , March 9, 2021 at 12:41 pm

Good summary of the evolution and status quo of liberalism. Liberalism being capitalism. And capitalism being profit. So there's a conundrum: The "strange death of populism" does not equate with some strange death of survival. Survival is always with us. There were atavists seeking out remote caves even during the agricultural revolution. Maybe even George Soros' ancient ancestors; the stone age bond vigilantes.

The underlying argument here by Standing seems to be for a Basic Income. Which is OK, but maybe ahead of its time. A jobs guarantee is a better option because there is so much work to be done that can be done best by humans it's just that none of them are profit making. That's the problem with all this political (aka economic) analysis. Because, for one thing, who is gonna clean the latrines? Yes, of course robots are. So then who is gonna arbitrage the robots? Who is monitoring the protection of the environment for fraud and graft? All of that will be necessary to ensure nobody is profiteering and polluting in a non-capitalist world. Labor was actually the best defense against rampant profiteering, because it was labor that was always exploited, so what will replace it? We should stick with a jobs guarantee for now. A better analysis at this point in time is not how do we live with the ruins of neoliberalism, but how do we live, equitably, without profit? It will take a while to figure that out. Clearly we'll live by fiat, but it will have to be controlled as well. I'd just say that if the Precariat is condescendingly guaranteed a "basic income" so should the rest of society be. That controls everyone. And protects the environment, and stays focused on all the things that are now imperative.

dummy , March 9, 2021 at 4:26 pm

Good investment and growth are definable as whatever investment and growth would remain if all artificial stimulants by the government and economists were removed. The ordinary liberal is usually several steps removed from real life. That is how he can be so foolish.

He is almost always either wealthy, or academic, or artistic, or political, or in some other way has escaped from the need to do productive work for a living.

flora , March 9, 2021 at 5:40 pm

It's just really weird seeing a 'left' site conflate 'populism' with 'rightism'. As in, "representing the economically hurting bottom of 50-90% of voters is bad (because the poor, the struggling working class, and the precarious middle class peoples are obviously morally suspect – or so saith the economic elites. / heh)." No. That's the elite's take on populism. It isn't the populists' history and political stance. It's almost like reading the elite's dictating what the bottom 50% economic polity must agree to. (As if the top 50% (or 1%) don't have an economic interest in guiding the bottom 50%'s away from their own economic interest. /heh )

Krystal Kyle & Friends | Thomas Frank

https://youtu.be/eLHZAGBnUhU?t=680

jsn , March 10, 2021 at 8:33 am

I didn't get that, maybe I'll re-read when I have a minute.

What I got was dissaggregating the struggling class into groups with common experience and history resulting in what the author called "reactionary" and I think you are calling 'rightism'.

The basic message I got was the left can no more restore that past than can the right and when it tries it ends up bolstering the right by accident.

Darthbobber , March 9, 2021 at 7:17 pm

Much of what Standing refers to as the Precariat is basically just the Proletariat yet again. But coming to the fore in a period resembling the Victorian era in terms of security more than it resembles the short-lived triumphal period of postwar welfare state, Keynesian, social democratic capitalism.

fwe'theewell , March 9, 2021 at 8:04 pm

I think he wants to expand the definitions of work and "productivity," maybe challenging the labor theory of value, etc. This piece reminded me of David Graeber in that respect.

Now that I know it's an Open Democracy piece, I suppose that it's meant to soften the blow of prolonged, steep unemployment and to desensitize people to the pain of "doing more with less" (as the tippytopp rakes it in) by calling it an Arts & Leisure Society. UBI is a lubricant for privatization, although I did notice and appreciate Standing's mention of the commons.

DJ Forestree , March 9, 2021 at 8:34 pm

I must agree with DJG, Reality Czar's and others similar take. The writer of this article seems to be very optimistic, celebratory even when it comes to the insecurity of the precariat. It isn't difficult to romanticize the power and the potential of people suffering extreme insecurity when your employment and your social status are linked to the privileges of the (Left or Right) political elite, and when you are a (most likely well paid) participant in the current political system, by working closely with the leadership of one of the bigger old political parties while holding positions that come with stable income if not fungible prestige ["Professorial Research Associate, SOAS University of London, Fellow of the UK Academy of Social Sciences, and co-founder and honorary co-president of the Basic Income Earth Network (BIEN)].

The author acknowledges that a simplistic, not multidimensional understanding of class is pseudo-Marxist; why not then go back to the original texts and review the writings of Marx, Engels, Gramsci et al in order to update the concept of class, perhaps broadening what being "working class" means today? Why not trying to organize the workers, those who are precariat and those who aren't, around the goal of "reinventing the future in class terms", as he puts it? Will the precariat succeed in advancing its sociopolitical goals as a class ("a class-in-the-making" or "a class-for-itself") outside of organized structures like unions and political parties (not necessarily the existing, often compromised ones)?

Sound of the Suburbs , March 10, 2021 at 2:33 am

What has happened to inequality? Pretty much what you would expect really.

Mariner Eccles, FED chair 1934 – 48, observed what the capital accumulation of neoclassical economics did to the US economy in the 1920s.
"a giant suction pump had by 1929 to 1930 drawn into a few hands an increasing proportion of currently produced wealth. This served then as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied themselves the kind of effective demand for their products which would justify reinvestment of the capital accumulation in new plants. In consequence as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When the credit ran out, the game stopped"

With the capital accumulation of neoclassical economics wealth concentrates at the top. A few people have all the money and everyone else gets by on debt. Wealth concentrates until the system collapses.

What could they do? Keynes added some redistribution to stop all the wealth concentrating at the top, and developed nations formed a strong healthy middle class.

The neoliberals removed the redistribution. With the capital accumulation of neoclassical economics wealth concentrates at the top. A few people have all the money and everyone else gets by on debt. Wealth concentrates until the system collapses.

"The other fellows could stay in the game only by borrowing." Mariner Eccles, FED chair 1934 – 48
Your wages aren't high enough, have a Payday loan.
You need a house, have a sub-prime mortgage.
You need a car, have a sub-prime auto loan.
You need a good education, have a student loan.
Still not getting by? Load up on credit cards.
"When the credit ran out, the game stopped" Mariner Eccles, FED chair 1934 – 48

Sound of the Suburbs , March 10, 2021 at 2:34 am

Oh yes, I remember now, it was Keynesian capitalism that won the battle against Russian communism. The Americans could clearly demonstrate the average American was much better off than their Russian counterparts.

Today's opioid addicted specimens might have struggled.

Sound of the Suburbs , March 10, 2021 at 2:42 am

The arc of progress isn't supposed to look like a U-turn. You are supposed to keep moving forwards. After the Keynesian era we went back to what had preceded it.

After a few decades of Keynesian, demand side economics, the system became supply side constrained. Too much demand and not enough supply causes inflation. Neoclassical, supply side economics should be just the ticket to get things moving again. It does, but it's got the same problems it's always had.

kramshaw , March 10, 2021 at 11:15 am

I found this article massively interesting and relevant, especially at the same time that I'm trying to process Martin Gurri's Revolt of the Public and Adam Curtis' new documentary Can't Get You Outta My Head . My take is that all of them are professing a sort of political realism that is opposed to what they identify as magical thinking on the left, and that's how I take Standing's critique of left populism.

But more importantly, I want to share a few other related resources that I found as I was digging into this more. First, Standing has a few TED talks, and this one from 2016 helped me to understand this article better.

Also, Standing's Charter for the Precariat (linked differently in the article) is currently available on Bloomsbury open access, so you can actually download chapter pdfs of it for free with no login.

Sound of the Suburbs , March 10, 2021 at 2:13 pm

What is the problem with the class system?

Mankind first started to produce a surplus with early agriculture. It wasn't long before the elites learnt how to read the skies, the sun and the stars, to predict the coming seasons to the amazed masses and collect tribute.

They soon made the most of the opportunity and removed themselves from any hard work to concentrate on "spiritual matters", i.e. any hocus-pocus they could come up with to elevate them from the masses, e.g. rituals, fertility rights, offering to the gods . etc and to turn the initially small tributes, into extracting all the surplus created by the hard work of the rest.

The elites became the representatives of the gods and they were responsible for the bounty of the earth and the harvests. As long as all the surplus was handed over, all would be well.

The class structure emerges.

Their techniques have got more sophisticated over time, but this is the underlying idea. They have achieved an inversion, and got most of the rewards going to those that don't really do anything.

Everything had worked well for 5,000 years as no one knew what was really going on. The last thing they needed was "The Enlightenment" as people would work out what was really going on. They did work out what was going on and this had to be hidden again.

The Classical Economists had a quick look around and noticed the aristocracy were maintained in luxury and leisure by the hard work of everyone else. They haven't done anything economically productive for centuries, they couldn't miss it. The Classical economist, Adam Smith:

"The labour and time of the poor is in civilised countries sacrificed to the maintaining of the rich in ease and luxury. The Landlord is maintained in idleness and luxury by the labour of his tenants. The moneyed man is supported by his extractions from the industrious merchant and the needy who are obliged to support him in ease by a return for the use of his money. But every savage has the full fruits of his own labours; there are no landlords, no usurers and no tax gatherers."

There was no benefits system in those days, and if those at the bottom didn't work they died. They had to earn money to live. The classical economists could never imagine those at the bottom rising out of a bare subsistence existence as that was the way it had always been.

The classical economists identified the constructive "earned" income and the parasitic "unearned" income. Most of the people at the top lived off the parasitic "unearned" income and they now had a big problem. (Upper class – Do as little as they can get away with and get most of the rewards)

This problem was solved with neoclassical economics, which hides this distinction. It confuses making money and creating wealth so all rich people look good. If you know what real wealth creation is, you will realise many at the top don't create any wealth.

Can you believe Adam Smith said this?

"All for ourselves, and nothing for other people seems, in every age of the world, to have been the vile maxim of the masters of mankind."

The classical economists, Adam Smith and Ricardo, are not what you might expect.

Sound of the Suburbs , March 10, 2021 at 2:21 pm

We got some stuff from Ricardo, like the law of comparative advantage. What's gone missing? Ricardo was part of the new capitalist class, and the old landowning class were a huge problem with their rents that had to be paid both directly and through wages.

"The interest of the landlords is always opposed to the interest of every other class in the community" Ricardo 1815 / Classical Economist

What does our man on free trade, Ricardo, mean?

Disposable income = wages – (taxes + the cost of living)
Employees get their money from wages and the employers pay the cost of living through wages, reducing profit.
Employees get less disposable income after the landlords rent has gone.
Employers have to cover the landlord's rents in wages reducing profit.
Ricardo is just talking about housing costs, employees all rented in those days.
Low housing costs work best for employers and employees.

In Ricardo's world there were three classes. He was in the capitalist class. The more he paid in labour costs (wages) the lower his profits would be. He was paying the cost of living for his workers through wages, and the higher that was, the higher labour costs would be. There was no benefits system in those days and those at the bottom needed to earn money to cover the cost of living otherwise they would die. They had to earn their money through wages. The more he paid in rents to the old landowning class, the less there would be for him to keep for himself.

From Ricardo:
The labourers had before 25
The landlords 25
And the capitalists 50
.. 100

He looked at how the pie got divided between the three groups.

There were three groups in the capitalist system in Ricardo's world (and there still are).

The unproductive group exists at the top of society, not the bottom. Later on we did bolt on a benefit system to help others that were struggling lower down the scale. Classical economics, it's not what you think.

William White (BIS, OECD) talks about how economics really changed over one hundred years ago as classical economics was replaced by neoclassical economics.

https://www.youtube.com/watch?v=g6iXBQ33pBo&t=2485s

He thinks we have been on the wrong path for one hundred years. Small state, unregulated capitalism was where it all started and it's rather different to today's expectations.

Sound of the Suburbs , March 10, 2021 at 2:37 pm

When we actually start talking about creating wealth, rather than making money, the rentiers are exposed for the parasites they are.

topcat , March 10, 2021 at 4:48 pm

Framing Corbyn's election defeat as a failure to understand the needs of the "Labour" electorate, and hence supporting Standing's premise, whilst totally ignoring the fact that Corbyn was hammered by the powers of the right, BBC, MSM, Israel etc etc is totally disingenuous and seems to me to be a case of very sour grapes.

The fact that the basic income was not implemented doesn't mean much given that there are many on all sides of the debate who do not agree with the idea. I think Standing is just pissed off because no one listened to him.

[Mar 12, 2021] Under neoliberalism what replaces a nation is often referred to as a "colony", where most of the inhabitants are no longer "citizens" but "natives" who can be exploited at will

Mar 12, 2021 | www.nakedcapitalism.com

SufferinSuccotash , March 11, 2021 at 7:57 am

What the proponents of the neo-liberal dispensation have not advertised, if indeed they even know, is what replaces the 'nation?'
What replaces a nation is often referred to as a "colony", where most of the inhabitants are no longer "citizens" but "natives" who can be exploited at will.

chuck roast , March 11, 2021 at 10:23 am

American unions pathetic, absolutely pathetic! We have been hearing this very same winging from them for 50 years. Then they, universally, go out and support the glad handing politicians who do a few rounds of golf with the their bosses and a few more jobs are lost. Mention to them that maybe they would have a bit more job security if owned their factories and work places, and watch the smoke start to rise from their collective heads. A hundred years ago you could have sat in a bar, discussed workers owning the means of production and the beers would have kept magically appearing in front of you. We are a long, long way from Flint.

The limited successes of the old trade unions in the US have been their undoing. If only because they always had, and continue to have, limited vision. They all think that they have scored major victories if they squeeze another dime out of the bosses. According to this union VP "We're at the mercy of whoever is supplying us." The guy is an idiot. He and his cohort are at the mercy of their bosses, and they will always be at the mercy of their bosses until they become their own bosses. Pathetic!

Starry Gordon , March 11, 2021 at 11:13 am

I thought Mr. Conway's connection of domestic manufacturing with war and imperialism, a.k.a. 'national security', was pretty obvious. 'War is the health of the state.' However, I suppose one might say that the American state now includes Japan. God, yes, we need more and more 'airplanes, munitions, satellites, civilian jetliners' and so on, and more reasons to keep armies in Japan, Korea, Taiwan, and also so on, till the end of the world.

Phlip , March 12, 2021 at 5:06 am

Well yes, but the opposite also applies. If you have a self sufficient economy you don't have to get involved in wars on the other side of the planet because that's where "your" energy, raw materials, finance, food, key manufactured goods etc come from. The US did not have to get involved in either WW1 or WW2 for economic reasons, it was nearly self sufficient at that time. That is not the case today, hence the fore-ever wars in the middle east, and military bases scattered as confetti around the globe. Did America have to globalise its economy? No, but the wind fall profits (initially) that could be reaped from doing so could not be resisted by America's elites. The problem now is that America's economy has now been so gutted that it cannot function without globalisation, which will bankrupt it further. However look on the bright side, America's elites have never been so despised and hate in their history. And nobody expects them to change, because they have not changed for 50 years. People are now figuring out that they have to change things themselves. Expect fireworks.

Steven , March 11, 2021 at 11:51 am

Michael Hudson (of course!) has the first and last word on this. The general principle at work here is that U.S. industry and jobs must be off-shored so Wall Street and Washington politicians can create more debt – IOW keep Super (monetary) Imperialism going. The US is the world's leader in manufacturing DEBT not the wealth that really matters in today's world.

Michaelmas , March 11, 2021 at 1:50 pm

Yes. Regrettably, the article above is whistling past the graveyard, and I too thought of Hudson's analysis and shook my head as I read it.

If money is created as credit -- and it is -- and every notional dollar of credit has an obverse side of debt -- and it does -- then for the U.S. to be the Richest Country In The World™ and have an elite with so many multibillionaires, there must be debt on the the other side of all those notional dollars the elite have created for themselves.

Debt requires debtors.

Chris Herbert , March 11, 2021 at 3:39 pm

You might familiarize yourself with how the national government funds its spending. It creates new dollars every time it pays a bill. No debt required. So why do we have all this public debt if it was unnecessary to begin with? It lines the pockets of the One Percent who buy the safest bonds in the world to insure their immense fortunes. It's a subsidy. The rich have the best socialism in the world. Right here in the USA.

steven , March 11, 2021 at 4:24 pm

This issue has very little if any relationship to "how the national government funds its spending" or any of the other nominally 'conservative' debt bugbears. Those "safest bonds in the world" would not insure squat if US debt wasn't backed by the US military and threats to bomb any country that refuses to accept more of it back into the stone age. As Minsky wrote "Any (economic) unit can create money. The problem is getting it accepted."

The world is being destroyed environmentally as well as militarily because the world's one percent can think of no better alternative than allowing the US to continue creating debt, destruction and death so they can – as Trump put it – "keep score" with each other in the game to see who can accumulate the most unpayable debt.

To paraphrase Woody Allen (or somebody) the US is allowed to continue creating debt because the world's One Percent needs the money to continue playing their game.

[Mar 11, 2021] Opinion- The stock market is behaving in mysterious ways -- is it bullish, bearish or something else by Lawrence G. McMillan

Mar 11, 2021 | www.marketwatch.com

the majority of stocks are weakening and not making new highs, it's not a good sign when only 30 stocks are leading the way.

Institutional investors pile into stocks

We have different (hopefully better) ways of measuring divergence these days -- specifically, cumulative breadth indicators, new highs vs. new lows, etc., so we don't have to "stretch" to draw a conclusion about the Dow today.

[Mar 10, 2021] Devil Take the Hindmost - A History of Financial Speculation,

Highly recommended!
Notable quotes:
"... The psychologies of speculation and gambling are almost indistinguishable: both are dangerously gambler places a bet on a horse he is creating a risk, while the speculator who buys a share is simply involved in the transfer of an existing risk. ..."
"... To repeat Keynes's warning from the 1930s: "when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done." Momentum trading, trend-following currency speculators, overleveraged hedge funds, and corporate managements obsessed with daily fluctuations in share quotations are unlikely to produce the optimal distribution of scarce resources in the global economy. We have reached Keynes's "third degree." ..."
"... ...options, developed by Scholes and Merton, which lies at the heart of the modem derivatives world, is dependent on the similar assump- tion diat past volatility is a reliable guide to future volatility. This assumption may be likened to driving a motorcar by looking in the rearview mirror -- line as long as the road continues straight but disastrous when you reach the first comer. ..."
Mar 10, 2021 | www.amazon.com

For Smith, the speculator is defined by his readiness to pursue short-term opportunities for profit: his investments are fluid whereas those of the conventional businessman are more or less fixed. This distinction was retained by John Maynard Keynes, who described "enter- prise" as "the activity of forecasting the prospective yield of assets over their whole life,1' in contrast to speculation, which he called "die activity of forecasting the psychology of the market.'1

Specidation is conventionally defined as an attempt to profit from changes in market price. Thus, forgoing current income for a prospective capital gain is deemed speculative. Speculation is active while investment is generally passive. According to the Austrian economist J. A. Schumpeter, "the difference between a speculator and an investor can be defined by the presence or absence of the intention to 'trade,1 i.e. realize profits from fluctuations in security prices.112 The line separating speculation from investment is so thin that it has been said both that speculation is the name given to a failed investment and that investment is the name given to a suc- cessful speculation. Fred Schwed. a Wall Street wit, declared that clarifying the difference between investment and speculation was "like explaining to the troubled adolescent that Love and Passion are two different things. He perceives that they are different, but they don't seem quite different enough to clear up his problem." Schwed concluded the two could be separated on the grounds that the first aim of investment was the preservation of capital while the primary aim of speculation was the enhancement of fortune.

As he put it: "Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money becoming a little."'

Similar problems of definition are encountered in distinguishing speculation from gambling. While a bad investment may be a spec- ulation, a poorly executed speculation is often described as a gamble. The American financier Bernard Baruch was once dismissed from the presence of Pierpont Morgan for uttering the word "gamble" in relation to a business proposition.4 Later, Baruch recalled that "there is no investment which doesn't involve some risk and is not something of a gamble."

The psychologies of speculation and gambling are almost indistinguishable: both are dangerously gambler places a bet on a horse he is creating a risk, while the speculator who buys a share is simply involved in the transfer of an existing risk. Speculation is generally considered riskier them investment. The securities analyst Benjamin Graham declared that investment requires a "margin of safety" so that the value of the principal is maintained even in unforeseen adverse conditions.

An uninformed or spontaneous investment is more speculative than one in which the investor has taken the time to investigate and assess its potential returns. Graham added that buying shares with borrowed money was always speculative. The capitalist is confronted with a broad spectrum of risk with prudent investment at one end and reckless gambling at the other. Speculation lies somewhere between the two.

... ... ...

It is often said that speculation never changes because human nature remains the same. "Avarice, or desire of gain, is a universal passion which operates at all times, in all places, and upon all per- sons," wrote David Hume in the eighteenth century. To this we might add that the fear of loss, emulation of one's neighbour, the credulity of the crowd, and the psychology of gambling are equally universal. The early stock markets were moved by hopes and fears as much as their later counterparts. These emotions are unleashed during moments of speculative euphoria. They follow die path of least resistance, moulding each mania, regardless of its historical context, into a common form. This explains why all great specula- tive events seem to repeat themselves and why the experience of the 1690s seems so familiar.

The theory of the "rational bubble" appears to be nothing more than an elaborate restatement of the "greater fool" investment strategy, whereby the speculator knowingly buys shares above their intrinsic value hoping that a "greater fool" will pay more for them later. The exponents of the "rational bubble" appear to overlook the fact that the success of this strategy is dependent on liquidity (i.e., the constant presence of both buyers and sellers in the mar- ket) and that in a panic buyers vanish at the very moment when "rational bubble" speculators are seeking to unload their shares. The "greater fool" method of investment has enjoyed great popu- larity' in the 1990s American bull market where it has been renamed "momentum investing." Speculators look to buy shares that are rising faster than the market and sell quickly when the rise begins to peter out.* The fate of the London banker John Martin in 1720 illustrates the dangers of this frivolous approach to invest- ment. Early in the summer, he had gleefully argued that "when the rest of the world is mad, we must imitate them in some measure," but he failed to sell out before the crash, lost a fortune, and ended up complaining pathetically of being "blinded by other people's advice."19

... ... ...

During the upturn of the cycle, Bagehot argued, people become convinced the prosperity will last forever and mercantile houses engage in excessive speculations. At the same time, an increasing number of frauds are perpetrated on investors, which only come to light after a crisis: "All people are most credulous when they are most happy."

... ... ... ...According to John Stuart Mill, the seeds of each boom are sown during the preceding crisis, when the liquidation of credit causes asset prices to decline so severely that they become genuine bargains. Their subsequent sharp rise from a low level leads to a revival of speculation.55 After each crisis, the financial markets invariably shrug off past follies and losses to confront the future with bright optimism and fresh credulity. Capital becomes "blind," to use Bagehots term. Unable to remember the past, investors are condemned to repeat it.

... ... ...

The most striking similarity between the 1920s and 1990s bull markets is the notion that traditional measures of stock valuation had become obsolete. Once again it was argued that an investment in the stock market helped retain purchasing power during infla- tionary periods and that management wras becoming more respon- sive to shareholders' interests. Abby Joseph Cohen of Coldman Sachs claimed that a longer business cycle and lower inflation justi- fied an upward valuation in stock prices. In their Securities Analy- sis, Benjamin Craham and David Dodds wrote that "instead of judging the market price by established standards of value, the new' era [of the 1920s] based its standards of value upon the market price." In similar fashion, consultants in the 1990s invented a con- cept named "market value added," which simply measured the difference between the market value of the firm and the amount of capital tied up in it. The higher the "market value added," the greater the firm is deemed to be worth.

The net asset value of a company -- the value of its factories, machinery, and suchlike -- became the most despised of traditional valuation tools. Dividend yields, which slipped to a historic low of less than 1 Vi percent, were also dismissed as irrelevant. At times even the price-eamings ratio, a measure favourable to speculative values, has looked too conservative. Discounting future cash flow's was used to justify any price for fast-growing technology companies. In late October 1996, a headline in the Investors Business Daily, a stock market daily which published relative strength fig- ures, asked and answered a question that vexed many minds: "Overvalued? Not If the Stock Keeps on Rising."90

The new paradigm, or new' economics, of the 1990s provided the intellectual underpinning for the greatest bull market in American history. When stock prices fell sharply in October 1997, Abby Joseph Cohen of Goldman Sachs saved the day by advising her clients to increase their holding of shares. James Grant has sug- gested that the reappearance of the new era ideology was a sign that "markets make opinions not the other way round."

... ... ...

Keynes defined speculation as the attempt to forecast changes in the psychology of the market. He compared it to various parlour games -- snap, old maid, and musical chairs. Switching his metaphor, Keynes likened speculation to a newspaper competition in which the competitors have to pick out the six prettiest faces from hundreds of photographs, so that each competitor has to pick, not those faces which he Itimself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view ... We have reached the third degree w here we devote our intelligences to anticipating what average opinion expects the average opinion to be.'8 Speculation which is a beneficial, indeed vital, component of the capitalist process has come to dominate the system to an unhealthy degree. To repeat Keynes's warning from the 1930s: "when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done." Momentum trading, trend-following currency speculators, overleveraged hedge funds, and corporate managements obsessed with daily fluctuations in share quotations are unlikely to produce the optimal distribution of scarce resources in the global economy. We have reached Keynes's "third degree."

... ... ...

...options, developed by Scholes and Merton, which lies at the heart of the modem derivatives world, is dependent on the similar assump- tion diat past volatility is a reliable guide to future volatility. This assumption may be likened to driving a motorcar by looking in the rearview mirror -- line as long as the road continues straight but disastrous when you reach the first comer.

In common with all the practical ideas generated by the Efficient Market Hypothesis, it is based on the belief that when financial theories are turned into practice there is no change to the underlying reality. This was the error of portfolio insurance in the 1980s and remained die error of the derivatives markets a decade later. If markets are not efficient but are subject to chaotic feedback loops, then the entire financial superstructure created around derivatives in the 1990s, with its $50 trillion worth of exposure, is based on shaky premises. Even outside the field of options pricing, the teaching of the Efficient Market Hypothesis has insinuated itself into the practices of modem finance: the fads for "shareholder value" and corporate stock-option schemes, the Capital Asset Pricing Model (which "scientifically" calculates companies' cost of capital), and popular investment in stock index funds are all predicated, to a greater or lesser extent, on the assumption that shares are efficiently priced by the market. But if the hypothesis is false -- e.g., because speculative... >


Daniel Ferris

The No. 1 history of financial speculation

5.0 out of 5 stars The No. 1 history of financial speculation Reviewed in the United States on July 3, 2018 Verified Purchase Absolutely the single best history of financial speculation. Chancellor seems to have assimilated just about everything one could on all the major speculative episodes, from ancient origins through the 1990s.

There's not much else to say. If you're an investor, this is a must-read history of how things can go horribly wrong in financial markets.

In fact, with U.S. equities bumping against all-time high valuations (in mid-2018), this is the perfect moment to take your time and read through this book. It'll show you all the ways you might be getting swept up in speculative excess, of which you might not be aware, even if you're invested in the greatest businesses that have ever existed. >


Daniel Ferris
The No. 1 history of financial speculation


Shashank V. Nerurkar 4.0 out of 5 stars Historical Perspective of Financial Speculation Reviewed in India on September 9, 2019 Verified Purchase Devil Take The Hindmost is very informative book which covers the history of financial speculation from the third century. The author has narrated relevant details from various sources which reflects the scholarly research undertaken by him. The major speculative bubbles such as tulip mania, south sea bubble, railway network in Britain and US, automobile revolution in US, the crash of 1929, junk bonds mania, the Japanese bubble of 1980 and havoc created by derivatives and hedge funds after 1990 are covered in great details. One realizes that not much has changed as far as factors that lead to financial speculation over the history. The reader will be better equipped to compare the conditions in financial markets with historical perspective. The author could have avoided bias against the Republicans in US and Conservatives in Britain as their opposition has not done any better in managing the financial speculation. The book is a bit dated and as such do not cover the dot-com bubble and 2008 financial crisis. The book is great read for all participants in financial markets.

[Mar 10, 2021] Fulfillment- Winning and Losing in One-Click America by Alec MacGillis

Mar 10, 2021 | www.amazon.com

An award-winning journalist investigates Amazon's impact on the wealth and poverty of towns and cities across the United States.

In 1937, the famed writer and activist Upton Sinclair published a novel bearing the subtitle A Story of Ford-America . He blasted the callousness of a company worth "a billion dollars" that underpaid its workers while forcing them to engage in repetitive and sometimes dangerous assembly line labor. Eighty-three years later, the market capitalization of Amazon.com has exceeded one trillion dollars, while the value of the Ford Motor Company hovers around thirty billion. We have, it seems, entered the age of one-click America―and as the coronavirus makes Americans more dependent on online shopping, its sway will only intensify.

Alec MacGillis's Fulfillment is not another inside account or exposé of our most conspicuously dominant company. Rather, it is a literary investigation of the America that falls within that company's growing shadow. As MacGillis shows, Amazon's sprawling network of delivery hubs, data centers, and corporate campuses epitomizes a land where winner and loser cities and regions are drifting steadily apart, the civic fabric is unraveling, and work has become increasingly rudimentary and isolated.

Ranging across the country, MacGillis tells the stories of those who've thrived and struggled to thrive in this rapidly changing environment. In Seattle, high-paid workers in new office towers displace a historic black neighborhood. In suburban Virginia, homeowners try to protect their neighborhood from the environmental impact of a new data center. Meanwhile, in El Paso, small office supply firms seek to weather Amazon's takeover of government procurement, and in Baltimore a warehouse supplants a fabled steel plant. Fulfillment also shows how Amazon has become a force in Washington, D.C., ushering readers through a revolving door for lobbyists and government contractors and into CEO Jeff Bezos's lavish Kalorama mansion.

With empathy and breadth, MacGillis demonstrates the hidden human costs of the other inequality―not the growing gap between rich and poor, but the gap between the country's winning and losing regions. The result is an intimate account of contemporary capitalism: its drive to innovate, its dark, pitiless magic, its remaking of America with every click.

" Fulfillment vividly details the devastating costs of Amazon's dominance and brutal business practices, showcasing an economy that has concentrated in private hands staggering wealth and power while impoverishing workers, crushing independent business, and supplanting public governance with private might. A critical read." ―Lina Khan, associate professor at Columbia Law School and author of Amazon's Antitrust Paradox

"Anyone who orders from Amazon needs to read these moving and enraging stories of how one person's life savings, one life's work, one multigenerational tradition, one small business, one town after another, are demolished by one company's seemingly unstoppable machine. They are all the more enraging because Alec MacGillis shows so clearly how things could have been different." ―Larissa MacFarquhar, staff writer at The New Yorker and author of Strangers Drowning: Grappling with Impossible Idealism, Drastic Choices, and the Overpowering Urge to Help

"Alec MacGillis practices journalism with ambition, tenacity, and empathy that will command your awe. Like one of the great nineteenth-century novels, Fulfillment studies a social ill with compelling intimacy and panoramic thoroughness. In the process, Jeff Bezos's dominance and its costs are made real―and it becomes impossible to one-click again the same." ―Franklin Foer, staff writer at The Atlantic and author of World Without Mind

"For a generation, inequality has been rising relentlessly in the United States―not just inequality of income and wealth, but also inequality of power and geography. In Fulfillment , Alec MacGillis brings this crisis vividly alive by creating a broad tableau of the way one giant company, Amazon, affects the lives of people and places across the country. This book should be read as a call to action against the new economy's continuing assault on working people, small businesses, and left-behind places." ―Nicholas Lemann, author of Transaction Man

" Fulfillment addresses the human impact of current technologies and economic inequality with rare power. People in tech don't often think about the ramifications of their work; Alec MacGillis reminds us that it has consequences, and that even if there are no clear solutions, we have a moral imperative to consider its effects." ―Craig Newmark, founder of craigslist

Alec MacGillis is a senior reporter for ProPublica and the recipient of the George Polk Award, the Robin Toner prize, and other honors. He worked previously at The Washington Post , Baltimore Sun , and The New Republic , and his journalism has appeared in The New York Times Magazine , The New Yorker , The Atlantic , and other publications. His ProPublica reporting on Dayton, Ohio was the basis of a PBS Frontline documentary about the city. He is the author of The Cynic , a 2014 biography of Mitch McConnell. He lives in Baltimore.

Geo March 10, 2021 at 7:55 am

All of these "advancements" are around removing face-to-face interaction with other people. Whether work-from-home, automated rental & purchase, retail goods delivered, etc. Curious what long term impact this seemingly exponential shift toward human interaction as personal irritant is doing to our social cohesion.

Is standing in a line always a burden or is it sometimes a benefit? Sure, sometimes I just want to do my business and go but have also met fascinating people while in lines. I'm assuming many of the people working at that ski resort are "ski bums" who used the job as a way to fulfill their skiing lifestyle. They are a part of the skiing culture that has been removed from the experience now. So many local jobs are being removed and replaced by tech jobs. We barely have local community left and it's being replaced with, what? Social media? I'm a big fan of our online communities here at NC so it's not all bad of course.

Yes, change is inevitable and much of this is convenient but just curious what it's doing to us as a society. Maybe it's allowing us more time to focus on closer social bonds we've already developed? Less time in lines or stores means more time with friends and family?

Our prior ways weren't exactly healthy so honestly I don't know if this will lead to better ways or push us further apart. Any insights or ideas are appreciated. Just been pondering it and curious what other think.

"In a system that generates masses, individualism is the only way out. But then what happens to community -- to society?" – Jeanette Winterson

Miami Mitch March 10, 2021 at 8:04 am

Maybe it's allowing us more time to focus on closer social bonds we've already developed? Less time in lines or stores means more time with friends and family?

The social bond with your doctor is pretty important I would say. As it is with your local bookseller or grocery store. They are all people too, and being face to face with them you build more trust and compassion. This helps us both in times of hardship

No, I do not think I like this change.

vw March 10, 2021 at 10:44 am

I'll take the most dire view here (someone has to!):

Every step this society takes away from face-to-face interaction, and therefore community and fellowship, is going to proportionally increase the death rate when the rolling disasters of our era arrive properly at our shore.

I wish I could reach out and shake everyone who is like "I interact with people too much already, this enforced isolation is GREAT!" don't they realize this philosophy might kill them? In the upcoming chaos, if they're an unknown unknown to the people around them, don't they realize they'll be all too easy to leave behind or even sacrifice??

This seems to be the path our society is absolutely determined to take – so be it. Even NC is posting articles that are more or less cheering it. But as for me, I will rage, rage against the dying of the light.

Sierra7 March 10, 2021 at 3:38 pm

Found myself in a rather long line (no complaints) last Sat. for 2nd Covid vaccine. Realized later that between the long line waiting and the after waiting to leave it was probably the most people interaction I've had for over a year! We are social creatures. Our system preaches "individualism" because that is the only way the "instant profit" system can operate. There are other ways; our ruling classes opt out of those and the general population becomes muddled instead.
"Modernity" and "AI" technology is great but if u have no human interaction eventually those traits leave and you have what???? A dead society.

The Rev Kev March 10, 2021 at 8:06 am

And with every step forward there is a step backward. Going digital across the board is not always good as it takes away privacy and I have an example here. There is a linked article in Links today called "Are punitive rules forcing doctors to hide their mental health problems?" In it, a young doctor is under enormous mental stress and turns to older doctors for advice. They 'advised her to drive out of town, pay cash and use a pseudonym if she needed to talk to someone.' If most transaction were done digitally, how would this doctor and others like her go for help without endangering their jobs? What options would they have?

Reply
  1. ambrit March 10, 2021 at 9:59 am

    In cases like this, the only 'options' allowed will be "official" options. As my misguided attempt at "therapy" years ago taught me, often times, the analyst can be toxic. Also, in a mental health setting, I encountered the "official" preference for medication over 'therapy.' Both are situations that put the 'authority's' preferences above the patients. One big way I eventually 'twigged' to the dystopian dynamic was in observing the attitudes and body language of the "health care professionals" I was dealing with. Electronica and devices have no agency, and no "body language." The entire process is removing useful tools for the patient to navigate the shoals and reefs where the sharks hang out in any bureaucracy.
    The other, knock on effect of telemedicine we encountered was that the charges for electronic "office visits" have not dropped. This is analogous to when a grocery store keeps the cost of an individual item stable and reduces the package size.
    Others have said it better than I, but it bears repeating; 'modern' methods are reducing people to the status of 'things.' Just as in the process of reducing a person or group of people to the status of "other," the next step is 'removal.'

    Reply
  2. Alternate Delegate March 10, 2021 at 10:43 am

    This is another example of the war on cash.

    Cash is agency. The spying may be efficient, but its main purpose is to take away agency. Just like "software as a service" or "in the cloud", when you could just as easily have the same functionality on your device which you own. The vendors don't want that. They want to control you.

    The only alternative is to support and keep alive businesses that accept customers with cash and agency. And boycott the rest. Even if it is inconvenient!

PS March 10, 2021 at 8:52 am

Yay, less human interaction, more isolation, fewer seasonal jobs for high school or college students. More magical technological solutions that the on-site staff has no idea how to fix when they stop working. You're too busy and important to stand in line! That's socialism! Let's tell everyone that they're risking imminent death by being around other people and then sell them ways to avoid it!

Jeremy Grimm March 10, 2021 at 10:09 am

The U.S. exported its production of goods and became a "service" economy or a "knowledge" economy. Thanks to Corona much of the service employment has become virtual. Knowledge workers can now work from home. How many knowledge workers possess knowledge unique to the U.S. and how many could be replaced by remote workers from somewhere else?

This post describes changes, some of which may prove temporary and others may prove permanent. I believe most of the changes and their longer term implications require time to fully unfold. I am not fond of virtual service. I order online from the independent vendors still around as Amazon, E-Bay, Etsy, and other platforms grind them down, but how long will they remain independent? The U.S. Postal Service is under attack and when it falls to privatization what kind of e-commerce will come after that? Cashless means exposed to me -- exposed to tracking and monitoring and exposed to theft from the shadows.

  1. grumbles March 10, 2021 at 11:58 am

    I don't understand the rush to eliminating cash. Cash is the last way to opt out of commercial control. People seem to positively embrace it, and I don't get it.

    (Exception: I understand why legal cash-business owners like the idea.)

    I hear crime prevention and money laundering prevention as reasons. The first is code for "control of poor people", the second is true as far as it goes, but that's not very far. You're targeting mainly drug money while completely ignoring corporate and high-net-worth individuals.

    Again, all about control.

    And even if you only care about drug money, it still won't help. It is delusional to think going cashless will stop the off-book transfer of value. (For instance: https://nymag.com/news/features/tide-detergent-drugs-2013-1/ )

    Reply
  2. Anonapet March 10, 2021 at 1:32 pm

    My question (to no one) is how was the automation financed? Did the ski company issue new shares in equity with first refusal to the employees? Or did the company instead mosey on down to a local branch of the government-privileged private credit cartel to have themselves a heaping helping of the PUBLIC'S (including the employees') CREDIT but for the company owners' PRIVATE GAIN?

    As a partridge that hatches eggs which it has not laid,
    So is a person who makes a fortune, but unjustly;
    In the middle of his days it will abandon him,
    And in the end he will be a fool.
    Jeremiah 17:11

Anthony G Stegman March 10, 2021 at 2:07 pm

The human population didn't grow to 8 billion through physical distancing, touchless interaction, and living in isolation. ecommerce is a thing now, but it may not have a long shelf life. There is an inherent need for human interaction if the specie is to prosper. The pandemic is transitory and will eventually pass; human needs, wants, and desires will endure. I look forward to the day when I can speak with a store clerk, browse shelves and racks, and pay for things with currency. I don't believe that there is no going back. In fact, we must go back. At least most of the way back.

[Mar 08, 2021] Change we can believe in

Mar 08, 2021 | www.marketwatch.com

Shoe shop chain Shoe Zone replaces Peter Foot with Terry Boot as finance director. It's not a joke.

[Mar 08, 2021] Tesla down 31%? Not a problem I will use the dividends to offset my losses. Oh wait!

Mar 08, 2021 | www.zerohedge.com


2 play_arrow


bentaxle 54 minutes ago

Tesla down 31%? Not a problem I will use the dividends to offset my losses. Oh wait!

BigJJ 13 minutes ago

I've never understood how Tesla could possibly make money given all the infrastructure they had to install just to sell shoddily thrown together rusty cars that are useless when the grid crashes.

Sound of the Suburbs 41 minutes ago (Edited)

...What was the ponzi scheme of inflated asset prices that collapsed in 2008?

El Hosel 1 hour ago (Edited)

Clearly "It's different this time", now that everybody knows "stocks only go up"...

[Mar 07, 2021] A new tech bubble is inflating

Jun 18, 2020 | www.cnn.com
Apple ( AAPL ) is near an all-time high. So are tech giants Adobe ( ADBE ) and PayPal ( PYPL ) . Recent initial public offerings Zoom ( ZM ) , Cloudflare ( NET ) and Peloton ( PTON ) are at record levels as well. The Nasdaq is a hair's breadth from busting through 10,000 again . Call it irrational exuberance, Part Deux. Former Federal Reserve chairman Alan Greenspan used that term in a speech nearly a quarter-century ago to describe the 1996 boom in the stock market -- particularly the rise of big tech stocks and the wave of unprofitable internet IPOs. This year's tech rally is indeed eerily reminiscent of that late 1990s and early 2000s period, when the Nasdaq surged past the 3,000, 4,000 and 5,000 levels in a matter of months before finally peaking -- and then crashing in April of 2000.

[Mar 07, 2021] Are we witnessing another tech bubble- by Barclays UK Investment Insights

audio podcast
Sep 01, 2020 | soundcloud.com

This week, Head of Investments Nicky Eggers talks to Will Hobbs, Chief Investment Officer, about concerns that we are watching another technology bubble inflate. They discuss if such dominance of a handful of companies is unusual and what is driving it. Also, does it make these still surging stock markets more vulnerable? And what has the Black Death got to do with any of it?

[Mar 07, 2021] David Einhorn- 'We Are Witnessing Our Second Tech Bubble in 15 Years'

He probably was at least seven years too early in his call ;-)
Apr 22, 2014 | www.wsj.com

Hedge-fund manager David Einhorn just joined the growing list of market watchers warning about a market bubble .

"There is a clear consensus that we are witnessing our second tech bubble in 15 years," said Mr. Einhorn of Greenlight Capital Inc. "What is uncertain is how much further the bubble can expand, and what might pop it."

He described the current bubble as "an echo of the previous tech bubble, but with fewer large capitalization stocks and much less public enthusiasm."

There are three reasons he cited in an investor letter that back his thesis: the rejection of "conventional valuation methods," short sellers being forced to cover positions and big first-day pops for newly minted public companies that "have done little more than use the right buzzwords and attract the right venture capital."

He didn't specify which companies he felt met that criteria.

Mr. Einhorn isn't the first investor to warn of a bubble . Pricey stock valuations , record high levels of margin debt and a near record number of money-losing companies going public have made some investors nervous that the market has rallied far beyond what the fundamentals dictate.

Some of the market's biggest momentum plays , such as biotech, Internet and social-media stocks, have been hit hard since early March amid concerns that they have gotten too pricey. Many of those names have recovered some of those losses over the past week and a half.

Without disclosing specific names, Mr. Einhorn said he has shorted a basket of so-called momentum stocks. He highlighted the risk of such a move: "We have repeatedly noted that it is dangerous to short stocks that have disconnected from traditional valuation methods," Mr. Einhorn said. "After all, twice a silly price is not twice as silly; it's still just silly. "

But now that there is "a clear consensus" that tech stocks are in a bubble, he said he is more comfortable shorting a basket of these high-flying stocks.

"A basket approach makes sense because it allows each position to be very small, thereby reducing the risk of any particular high-flier becoming too costly...When the prices reconnect to traditional valuation methods, the de-rating can be substantial," he said. "There is a huge gap between the bubble price and the point where disciplined growth investors (let alone value investors) become interest buyers."

The last time the Internet bubble burst in the early 2000s, Cisco Systems dropped 89% and Amazon.com Inc. fell 93%, he said. "While we aren't predicting a complete repeat of the collapse, history illustrates that there is enough potential downside in these [momentum] names to justify the risk of shorting them," Mr. Einhorn said.

Greenlight Capital lost 1.5% in the first quarter, the New York hedge fund said Tuesday. The firm said it lost money on its bets against Keurig Green Mountain Inc. and Chipotle Mexican Grill Inc., among other wagers, while making money on Micron Technology Inc.

[Mar 07, 2021] The stock market is turning into a casino

It is a government run casino.
Mar 07, 2021 | finance.yahoo.com

Even Société Générale – which rightfully wrote that "markets will eventually turn but picking bottoms in this type of market is risky business" – in a note on Friday discussed the "dead cat bounce." That's the little boost in the market that comes when speculators cover their positions the day after big damage. The French bank advised they should be "sold into until there are clear catalysts for a turn."

But the truth is that no one knows whether a "dead cat bounce" is a dead count bounce or something else, even if you have all the short-covering information. Everything is temporary. Everything is subject to change.

That makes this whole market a casino. Beating a casino requires you to get the odds in your favor -- but you'll never get them more than just a little in your favor. In the stock market, they are in your favor if you play it long. In the short term? No one knows.

The next 10 years

Here's Warren Buffett recently : "I also don't think that I can make money by predicting what's gonna go on next week or next month. I do think I can make money by predicting what's gonna happen in 10 years."

A lot of Wall Street research has internalized those principles, but the job of people predicting the market is to predict -- and beat -- the market. Buffett would tell you that just owning the broad market is fine. You can join it without much thought -- and for cheap -- instead of trying to beat it, which you probably can't do.

A very sensible research note from Bank of America Securities put it succinctly: "avoid panic selling." It also offered a new perspective on what happens when you miss the 10 best days of the stock market -- which you can't predict because they can happen when the market is awful or when the highs are all-time.

"Since the 1930s, if an investor sat out the 10 best return days per decade, his/her returns would be just 91% compared to 14,962% returns since then," the note said.

In other words, it is incredibly risky to try to time something that is really hard to time. And in today's extremely volatile market, the stakes are much, much higher.

[Mar 07, 2021] David Einhorn We Are Witnessing the Second Tech Bubble

Apr 22, 2014 | genius.com

We have repeatedly noted that it is dangerous to short stocks that have disconnected from traditional valuation methods. After all, twice a silly price is not twice as silly; it's still just silly. This understanding limited our enthusiasm for shorting the handful of momentum stocks that dominated the headlines last year. Now there is a clear consensus that we are witnessing our second tech bubble in 15 years. What is uncertain is how much further the bubble can expand, and what might pop it .

In our view the bubble is an echo of the previous tech bubble , but with fewer large capitalization stocks and much less public enthusiasm. Some indications that we are pretty far along include :

• The rejection of conventional valuation methods;
• Short-sellers forced to cover due to intolerable mark-to-market losses; and
Huge first day IPO pops for companies that have done little more than use the right buzzwords and attract the right venture capital.

Once again, certain "cool kid" companies and the cheerleading analysts are pretending that compensation paid in equity isn't an expense because it is "non-cash." Would these companies be able to retain their highly talented workforces if they stopped doling our large amounts of equity? If you are trying to determine the creditworthiness of these ventures, it might make sense to back out non-cash expenses. But if you are an equity holder trying to value the businesses as a multiple of profits, how can you ignore the real cost of future dilution that comes from paying the employees in stock?

Given the enormous stock price volatility, we decided to short a basket of bubble stocks. A basket approach makes sense because it allows each position to be very small, thereby reducing the risk of any particular high-flier becoming too costly. The corollary to "twice a silly stock price is not twice as silly" is that when the prices reconnect to traditional valuation methods, the de-rating can be substantial. There is a huge gap between the bubble price and the point where disciplined growth investors (let alone value investors) become interested buyers. When the last internet bubble popped , Cisco (the best of the best bubble stocks) fell 89%, Amazon fell 93%, and the lower quality stocks fell even more.

In the post-bubble period, people stopped talking about valuing companies based on eyeballs (average monthly users), total addressable market (TAM), or price-to-sales. When the re-rating occurred, the profitable former high-fliers again traded based on P/E ratios, and the unprofitable ones traded as a multiple of cash on the balance sheet. Our criteria for selecting stocks for the bubble basket is that we estimate there to be at least 90% downside for each stock if and when the market reapplies traditional valuation to these stocks. While we aren't predicting a complete repeat of the collapse, history illustrates that there is enough potential downside in these names to justify the risk of shorting them.

[Mar 07, 2021] If There Is A Tech Bubble, It Inflates During The Golden Hour

Mar 07, 2021 | www.forbes.com

Are we living in Tech Bubble Version 2.0?

At this point, three stocks -- Apple, Amazon and Microsoft -- comprise about 16% of the S&P 500 and a third of the Nasdaq 100. Their combined value of $5 trillion is bigger than Germany's entire economy. And the last time the "Big 3" were this expensive relative to free cash flow was during Tech Bubble Version 1.0.

[Mar 07, 2021] Is There a Tech Bubble That Could Burst in 2020 by Joey Frenette

There is a consensus that there is tech bubble. But it is completely unclear when it will burst. David Einhorn made the same point in 2014: 'We Are Witnessing Our Second Tech Bubble in 15 Years' David Einhorn's make his name by shorting Lehman Brothers before it dry heaved out of existence
Jul 22, 2020 | www.msn.com

The recovery from the 2020 coronavirus market crash is nothing short of unprecedented. If you held your nose and just did some buying in the second quarter, you likely did well, as the broader markets went on to post a V-shaped recovery. Wireless technology © Provided by The Motley Fool Wireless technology

Today, the S&P 500 and TSX Index are both down 4% and 10%, respectively, from their pre-pandemic heights. Meanwhile, the tech-heavy NASDAQ Composite is at a fresh all-time high, up a whopping 9% above those February 19 heights, as tech stocks have led the upward charge.

Many folks have been bringing into question the divergence between the stock market and the economy lately. But what about the divergence in performance between the tech-heavy NASDAQ and other indices?

There's no question that the recent rally in tech stocks rhymes with the lead-up to the tech bubble that burst in 2000, but is the tech sector really in a bubble? Or are the lofty valuations warranted given the stock market is pointing to a nice economic recovery that could be in the cards in 2021?

Is there a tech bubble that could burst in 2020?

Probably not.

While the recent tech-driven rally may be of concern to those who invested through the dot-com bust, tech stock valuations, in aggregate, aren't at the absurd levels they were in 1999. So, no tech stocks aren't partying like it's 1999. At least, not yet.

However, I do see pockets of severe overvaluation within the tech sector that are quite pronounced. For instance, the cloud stocks that have been riding high on pandemic tailwinds are looking dangerously frothy at this juncture.

Some of the biggest tech winners over the past quarter now see themselves up well over 100% over the last few months. Others have more than tripled. And their valuations are now above and beyond that of their historical averages. While pandemic tailwinds are undoubtedly worth a premium, I'm in the belief that many momentum chasers looking to the hottest tech stocks today are in danger of paying up for many years worth of growth right off the bat.

Growth investors: Valuation always matters

I don't care if you're looking at the best business in the world with the strongest tailwinds at any given instance. If the price paid is too high, you could stand to lose a considerable amount of your hard-earned investment dollars.

That's why I'd encourage investors to always consider the valuation of a stock they're looking to purchase, rather than letting emotions like the fear of missing out force you to buy at a stock at whatever price Mr. Market asks.

One has to draw a line somewhere, and with some of the hottest stocks out there like Shopify (TSX:SHOP) (NYSE:SHOP) , I think there's a chance that the line has been crossed and that investors looking to buy after the stock's unprecedented bounce could put themselves at risk of feeling the full force of a correction sparked by a broader correction in tech stocks.

Sure, tech-driven growth is one of the few places that have been working amid the pandemic. And while I've been pounding the table on shares of Shopify over the past few months, I'm growing reluctant to recommend the name at these heights.

Shopify has had its fair share of plunges en route to $1,400, not because the company fundamentals have decayed, but because the stock needed a chance to take a breather.

The tech stocks riding high on pandemic tailwinds are overdue for a mild correction in the event of a broader growth-to-value rotation. So, if you doubled up on shares of Shopify over the last few months, can it hurt to take your principal off the table, as you look to play with the house's money? I'd say it's only prudent, as tech valuations continue swelling at a quicker rate than most other stocks.

Foolish takeaway

Don't get me wrong. Shopify is a wonderful business -- an e-commerce kingpin that's a force to be reckoned with. The company is firing on all cylinders under its unstoppable founder Tobias Lütke, but the valuation has become stretched.

Although I don't see a tech bubble, I do think the hottest tech flyers are at a high risk of correcting in favour of neglected value stocks.

More reading

Fool contributor Joey Frenette has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify.

The post Is There a Tech Bubble That Could Burst in 2020? appeared first on The Motley Fool Canada .

[Mar 07, 2021] Newton, Physics, The Market Bubble by Lance Roberts

Notable quotes:
"... Many of these new companies made outrageous, and often fraudulent, claims about their business ventures for the purpose of raising capital and boosting share prices. ..."
"... However, in the midst of the "mania," things like valuation, revenue, or even viable business models didn't matter. It was the "Fear Of Missing Out," which sucked investors into the fray without regard for the underlying risk. ..."
"... Sir Issac Newton, the brilliant mathematician, was an early investor in South Sea Corporation. Newton quickly made a lot of money and recognized the early stages of a speculative mania. Knowing that it would eventually end badly, he liquidated his stake at a large profit. ..."
"... However, after he exited, South Sea stock experienced one of the most legendary rises in history. As the bubble kept inflating, Newton allowed his emotions to overtake his previous logic and he jumped back into the shares. Unfortunately, it was near the peak. ..."
"... The story of Newton's losses in the South Sea Bubble has become one of the most famous in popular finance literature. While surveying his losses, Newton allegedly said that he could "calculate the motions of the heavenly bodies, but not the madness of people." ..."
"... Yes, this time is different. "Like all bubbles, it ends when the money runs out." – Andy Kessler ..."
Sep 19, 2020 | www.zerohedge.com

Authored by Lance Roberts via RealInvestmentAdvice.com,

I have previously discussed the importance of understanding how "physics" plays a crucial role in the stock market. As Sir Issac Newton once discovered, "what goes up, must come down."

Andy Kessler, via the Wall Street Journa l, recently discussed a similar point with respect to the momentum in stock prices. To wit:

"Does this sound familiar: Smart guy owns stock in March at $200, sells it in June at around $600, but then buys it back in July and August for between $900 and $1,000. By September it's back at $200. Ouch. Tesla this year? Yahoo in 2000? Nope. That was Sir Isaac Newton getting pulled into the great momentum trade of the South Sea Co., which cratered 300 years ago this month. He lost the equivalent of more than $3 million today. Newton, whose second law of motion is about the momentum of a body equaling the force acting on it, didn't know that works for stocks too."

To understand what happened to the South Sea Corporation, you need a bit of history.

The South Sea History

In 1720, in return for a loan of £7 million to finance the war against France, the House of Lords passed the South Sea Bill, which allowed the South Sea Company a monopoly in trade with South America.

England was already a financial disaster and was struggling to finance its war with France. As debts mounted, England needed a solution to stay afloat. The scheme was that in exchange for exclusive trading rights, the South Sea Company would underwrite the English National Debt. At that time, the debt stood at £30 million and carried a 5% interest coupon from the Government. The South Sea company converted the Government debt into its own shares. They would collect the interest from the Government and then pass it on to their shareholders.

Interesting Absurdities

At the time, England was in the midst of rampant market speculation. As soon as the South Sea Company concluded its deal with Parliament, the shares surged to more than 10 times their value. As South Sea Company shares bubbled up to incredible new heights, numerous other joint-stock companies IPO'd to take advantage of the booming investor demand for speculative investments.

Many of these new companies made outrageous, and often fraudulent, claims about their business ventures for the purpose of raising capital and boosting share prices. Here are some examples of these companies' business proposals (History House, 1997):

A Speculative Mania

However, in the midst of the "mania," things like valuation, revenue, or even viable business models didn't matter. It was the "Fear Of Missing Out," which sucked investors into the fray without regard for the underlying risk.

Though South Sea Company shares were skyrocketing, the company's profitability was mediocre at best, despite abundant promises of future growth by company directors.

The eventual selloff in Company shares was exacerbated by a previous plan of lending investors money to buy its shares. This "margin loan," meant that many shareholders had to sell their shares to cover the plan's first installment of payments.

As South Sea Company and other "bubble " company share prices imploded, speculators who had purchased shares on credit went bankrupt. The popping of the South Sea Bubble then resulted in a contagion that spread across Europe.

Newton's Folly

Sir Issac Newton, the brilliant mathematician, was an early investor in South Sea Corporation. Newton quickly made a lot of money and recognized the early stages of a speculative mania. Knowing that it would eventually end badly, he liquidated his stake at a large profit.

However, after he exited, South Sea stock experienced one of the most legendary rises in history. As the bubble kept inflating, Newton allowed his emotions to overtake his previous logic and he jumped back into the shares. Unfortunately, it was near the peak.

It is noteworthy that once Newton decided to go back into South Sea stock, he moved essentially all his financial assets into it. In general, Newton was intimately familiar with commodities and finance. As Master of the Mint, his post required him to make many decisions that depended on market prices and conditions. The story of Newton's losses in the South Sea Bubble has become one of the most famous in popular finance literature. While surveying his losses, Newton allegedly said that he could "calculate the motions of the heavenly bodies, but not the madness of people."

For More On The History Of Speculative Bubbles: "Devil Take The Hindmost."

History Never Repeats, But It Rhymes

Throughout financial history, markets have evolved from one speculative "bubble," to bust, to the next with each one being believed "it was different this time." The slides below are from a presentation I made to a large mutual fund company. What we some common denominators between all previous bubbles and now.

The table below shows a listing of assets classes that have experienced bubbles throughout history, with the ones related to the current environment highlighted in yellow. It is not hard to see the similarities between today and the previous market bubbles in history. Investors are currently chasing "new technology" stocks from Zoom to Tesla, piling into speculative call options, and piling into leverage. What could possibly go wrong?

Oh, by the way, the slides above are from a 2008 presentation just one month before the Lehman crisis. The point here is that speculative cycles are always the same.

The Speculative Cycle

Charles Kindleberger suggested that speculative manias typically commence with a "displacement" which excites speculative interest. The displacement may come from either an entirely new object of investment (IPO) or from increased profitability of established investments.

The speculation is then reinforced by a "positive feedback" loop from rising prices. which ultimately induces "inexperienced investors" to enter the market. As the positive feedback loop continues, and the "euphoria" increases, retail investors then begin to "leverage" their risk in the market as "rationality" weakens.

The full cycle is shown below.

During the course of the mania, speculation becomes more diffused and spreads to different asset classes. New companies are floated to take advantage of the euphoria, and investors leverage their gains using derivatives, stock loans, and leveraged instruments.

As the mania leads to complacency, fraud and manipulation enter the market place. Eventually, the market crashes and speculators are wiped out. The Government and Regulators react by passing new laws and legislations to ensure the previous events never happen again.

The Latest Mania

Let's go back to Andy for a moment:

"When bull markets get going, investors come out of the woodwork to pile in. These momentum investors -- I call them momos -- figure if a stock is going up, it will keep going up. But usually, there is some source of hot air inflating stocks: either a structural anomaly that fools investors into thinking ever-rising stock prices are real or a source of capital that buys, buys, buys -- proverbial 'dumb money.' Think of it as a giant fireplace bellows, an accordion-like contraption that pumps in fresh oxygen to keep flames growing." – Andy Kessler

We have seen these manias repeated throughout history.