Jun 192019
 
 June 19, 2019  Posted by at 9:00 am Finance Tagged with: , , , , , , , , , , ,


Pablo Picasso The circus 1933

 

The Fed Just Released a Damning Indictment of Capitalism (NYMag)
Russia to US: Drop Middle East Troop Plan And Stop Provoking Iran (R.)
Iran At The Center Of The Eurasian Riddle (Escobar)
The Sino-Russian Masterplan To End US Dominance In Middle East (Bodansky)
Russia, China, Block US Effort To Halt North Korea Fuel Deliveries (AFP)
US Lawmakers Call For Facebook To Pause Cryptocurrency Project (R.)
Japan Exports Slide For 6th Straight Month (R.)
Japanese Businesses See Economy Peaking Out, Want More Stimulus (R.)
The Truth vs Your Truth (Jim Kunstler)
Canada Approves Contentious Oil Pipeline Expansion (R.)
Koch-Oil Big Lies and Ecocide Writ Large in Canada (CP)
Canadian Permafrost Thaws 70 Years Early (R.)

 

 

“The fundamental challenge in combating inequality is that wealth begets more wealth.”

The Fed Just Released a Damning Indictment of Capitalism (NYMag)

In 2011, Michael Norton of Harvard Business School and Dan Ariely of Duke University published a study on Americans’ views of how wealth was distributed in their society, and how they felt it should be distributed. They found that, in the average American’s ideal world, the richest 20 percent would own 32 percent of national wealth. In reality, the top quintile owned 84 percent as of 2011. And that share has grown in the intervening years. Today, the one percent alone commands roughly 40 percent of all America’s wealth. Given all this, any politician who insists that American capitalism is “already great” is clearly a far-right extremist whose indifference to inequality puts him or her wildly out of step with ordinary people. But is it the case that Warren and Sanders would take things too far in the other direction?

Not remotely. I do not have the relevant data or skills to project precisely how the full implementation of either candidate’s agenda would influence America’s wealth distribution. But neither candidate is calling for a series of reforms that would place the United States far outside the Western European norm. In fact, both Warren and Sanders have cribbed their signature policies from European nations. As the 2018 World Inequality Report demonstrated, policy choices do matter — and income inequality is much lower in Western Europe than it is in the U.S.

But even Scandinavia’s social democracies feature far more inequitable distributions of wealth than Americans think to be fair, according to Ariely and Norton’s survey. What’s more, it will take a lot of redistribution just to prevent America’s current wealth gap from growing even larger. The fundamental challenge in combating inequality is that wealth begets more wealth. Those who can afford to invest in bonds get to collect annual interest payments; those who invest in stocks or real estate typically see their capital assets annually appreciate. Thus, most years, our nation’s collective capital stock directs loads of passive income to America’s wealthiest citizens.

Read more …

Things are shifting. And not a little bit.

Russia to US: Drop Middle East Troop Plan And Stop Provoking Iran (R.)

Russia told the United States on Tuesday to drop what it called provocative plans to deploy more troops to the Middle East and to cease actions that looked like a conscious attempt to provoke war with Iran. The comments, from Deputy Foreign Minister Sergei Ryabkov to Russian news agencies, followed an announcement from Acting U.S. Defense Secretary Patrick Shanahan a day earlier who said Washington planned to send around 1,000 more troops to the Middle East for defensive purposes. President Hassan Rouhani said on Tuesday that Iran would not wage war against any nation and the Kremlin called for restraint from all sides.


Ryabkov told reporters that Moscow had repeatedly warned Washington and its regional allies about what he called the “unthinking and reckless pumping up of tensions in an explosive region.” “Now what we see are unending and sustained U.S. attempts to crank up political, psychological, economic and yes military pressure on Iran in quite a provocative way. They (these actions) cannot be assessed as anything but a conscious course to provoke war,” Ryabkov was cited as saying. If Washington did not want war it had to show it, he said. “If that’s really how it is then the U.S. should step back from reinforcing its military presence,” said Ryabkov.

Read more …

“Xi was adamant; Beijing will keep developing ties with Tehran “no matter how the situation changes”.

Iran At The Center Of The Eurasian Riddle (Escobar)

With the dogs of war on full alert, something extraordinary happened at the 19th summit of the Shanghai Cooperation Organization (SCO) late last week in Bishkek, Kyrgyzstan. Virtually unknown across the West, the SCO is the foremost Eurasian political, economic and security alliance. It’s not a Eurasian NATO. It’s not planning any humanitarian imperialist adventures. A single picture in Bishkek tells a quite significant story, as we see China’s Xi, Russia’s Putin, India’s Modi and Pakistan’s Imran Khan aligned with the leaders of four Central Asian “stans”. These leaders represent the current eight members of the SCO. Then there are four observer states – Afghanistan, Belarus, Mongolia and, crucially, Iran – plus six dialogue partners: Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and, crucially, Turkey.

The SCO is bound to significantly expand by 2020, with possible full membership for both Turkey and Iran. It will then feature all major players of Eurasia integration. Considering the current incandescence in the geopolitical chessboard, it’s hardly an accident a crucial protagonist in Bishkek was the ‘observer’ state Iran. Iranian President Hassan Rouhani played his cards masterfully. Rouhani speaking directly to Putin, Xi, Modi and Imran, at the same table, is something to be taken very seriously. He blasted the US under Trump as “a serious risk to stability in the region and the world”. Then he diplomatically offered preferential treatment for all companies and entrepreneurs from SCO member nations committed to investing in the Iranian market.

[..] Xi was adamant; Beijing will keep developing ties with Tehran “no matter how the situation changes”. Iran is a key node of the New Silk Roads, or Belt and Road Initiative (BRI). It’s clear for the leadership in Tehran that the way forward is full integration into the vast, Eurasia-wide economic ecosystem. European nations that signed the nuclear deal with Tehran – France, Britain and Germany – can’t save Iran economically.

Read more …

“..advance negotiations with all key oil producers – including Saudi Arabia, Iraq, and Iran – on substituting the petrodollar with a basket of currencies where the yuan, the euro and the ruble dominate.”

The Sino-Russian Masterplan To End US Dominance In Middle East (Bodansky)

Russian Pres. Vladimir Putin’s early June 2019 summit in Moscow with People’s Republic of China (PRC) Pres. Xi Jinping seems likely to have a disproportionate influence on the next phases of the crises unfolding in the greater Middle East, and therefore on the future of the region. The escalating confrontation between Iran and the US is both influencing and influenced by the mega-trends set by Russia and the PRC. Although the key meetings took place on June 5, 2019, the seeds of the new joint strategy were already planted during the May 13, 2019, summit in Sochi between Russian Foreign Minister Sergei Lavrov and Chinese State Councilor and Foreign Minister Wang Yi. They went over all the key topics in preparation for the Putin-Xi summit.

On June 5, 2019, Presidents Vladimir Putin and Xi Jinping met in Moscow and decided to not only markedly upgrade the bilateral relations and alliance of their countries, but to use the new relations in order to shape the long-term posture of the entire Eastern Hemisphere in their favor. Emphasis was to be put on the Eurasian Sphere (the Kremlin’s high priority) and the New Silk Road (the Forbidden City’s high priority), as well as the Korean Peninsula which is most important for both. One of the first major confrontations with the US by Russia and the PRC was to be over the greater Middle East. The main reason was the advance negotiations with all key oil producers – including Saudi Arabia, Iraq, and Iran – on substituting the petrodollar with a basket of currencies where the yuan, the euro and the ruble dominate.

Using the currency basket would enable the sellers and buyers to go around the US-imposed sanctions and quotas. Indeed, Beijing and Moscow were now enticing the oil producers with huge, long-term export deals which were both financially lucrative and politically tempting by offering guarantees for the well-being of the participating governments. The crux of the proposal is regional and includes flagrant disregard of the US sanctions on Iran. However, the key to the extent of the commitment of both Beijing and Moscow lies in the growing importance and centrality of the New Silk Road via Central Asia. Persia had a crucial rôle in the ancient Silk Road, and both the PRC and Russia now expect Iran to have a comparable key rôle in the New Silk Road.

The growing dominance of heritage-based dynamics throughout the developing world, including the greater Central Asia and the greater Middle East, makes it imperative for the PRC to rely on historic Persia/Iran as a western pole of the New Silk Road. It is this realization which led both Beijing and Moscow to give Tehran, in mid-May 2019, the original guarantees that Washington would be prevented from conducting a “regime change”.

Read more …

Hands off Iran. Hands off Korea.

Russia, China, Block US Effort To Halt North Korea Fuel Deliveries (AFP)

Russia and China on Tuesday blocked an American initiative that aimed to halt fuel deliveries to North Korea, which Washington accuses of exceeding its annual ceiling for 2019, diplomatic sources said. Moscow and Beijing said more time was needed to study the US request, which was backed by 25 UN members including Japan, France and Germany, according to the sources. A week ago, the United States, in a report, accused North Korea of breaching the United Nations-imposed ceiling on fuel imports by carrying out dozens of ship-to-ship transfers this year.


The cap on fuel imports is among a series of tough sanctions adopted by the UN Security Council in response to North Korea’s ballistic missile and nuclear tests. The United States insists that “maximum pressure” from the sanctions must remain on North Korea until it agrees to dismantle its weapons program. Washington had asked that a United Nations sanctions committee rule that the annual cap of 500,000 barrels had been exceeded and order all countries to halt fuel deliveries. Countries on the sanctions committee, including Russia and China, had until Tuesday to raise objections to the request to cut off fuel shipments to North Korea.

Read more …

They simply don’t understand.

US Lawmakers Call For Facebook To Pause Cryptocurrency Project (R.)

Maxine Waters, who chairs the House Financial Services Committee, said Facebook should halt development of the product, dubbed Libra, until Congress and regulators can review the issue, and called on company executives to testify before Congress. “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data,” she said in a statement. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.” Her comments came after Representative Patrick McHenry, the senior Republican on her panel, also sought a hearing on Facebook’s new initiative. A Facebook representative said the company looked forward to answering lawmakers’ questions.


Facebook’s announcement was met with immediate backlash from U.S. lawmakers and regulators across the globe, who are concerned that Facebook is already too massive and careless with users’ privacy. “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight,” said Senator Sherrod Brown, the top Democrat on the Senate Banking Committee, in a statement. [..] French Finance Minister Bruno Le Maire called for more regulation of tech companies. “This instrument for transactions will allow Facebook to collect millions and millions of data, which strengthens my conviction that there is a need to regulate the digital giants,” he said in an interview on Europe 1 radio.

Read more …

Meanwhile, Japan is sinking.

Japan Exports Slide For 6th Straight Month (R.)

Japan’s exports fell for a sixth straight month in May as China-bound shipments of semiconductor manufacturing equipment and car parts weakened, in a sign of a deteriorating outlook for growth as the trade-reliant economy faces persistent pressure from slowing external demand. Sluggish exports have been a source of concern among Japanese policymakers, especially as a bruising U.S.-China tariff war has upended supply chains and hit global growth, trade and investment.


“The business sentiment of Japanese firms, and in particular exporters, is falling depending on the extent of U.S.-China trade tensions, and that will suppress exporters’ capital expenditure,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. “I think that will be a negative for Japan’s economy.” Ministry of Finance (MOF) data showed on Wednesday that exports declined 7.8% in May from a year earlier, down for the sixth straight month. The fall in shipments compared with a 7.7% annual decrease expected by economists in a Reuters poll, and followed a 2.4% year-on-year fall in April.

Read more …

But the BOJ already owns half the country…

Japanese Businesses See Economy Peaking Out, Want More Stimulus (R.)

Japan’s economy is likely to stop expanding this year and into next with the Sino-U.S. trade war and a planned sales tax hike expected to crimp activity, a Reuters poll of Japanese companies found, with most calling for fresh stimulus to prop up growth. The gloomy outlook suggests that Prime Minister Shinzo Abe’s reflationary policy mix, known as “Abenomics”, is sputtering. “A combination of the U.S.-China trade friction and the tax hike in October will almost certainly tip Japan into recession,” an electric machinery maker wrote in the monthly survey.The Corporate Survey found 42% of respondents see the economy contracting into next year, while 52% believe growth will remain stagnant.


Just 5% foresee it expanding, the June 4-13 poll showed. China and United States, the world’s two largest economies, have been locked in a tit-for-tat tariff war for nearly a year, which has curbed global trade and upended supply chains, pressuring Japan’s exports and factory output. Some 55% of Japanese firms said harsher U.S. punitive tariffs against China were affecting their business profits, with much higher proportions of transport machinery firms and chemicals makers taking a hit, the Reuters Corporate Survey showed. [..] To keep the economy from faltering, nearly two-thirds of companies called for fresh stimulus, with a quarter of respondents wanting an individual income tax cut and nearly as many demanding the government postpone the sales tax hike.

Read more …

“..America is too far gone intellectually to sort all this out.”

The Truth vs Your Truth (Jim Kunstler)

America’s relationship with authority is in grievous disrepair with Robert Mueller as exhibit-A — a would-be Moses-like figure, only with feet of clay and a head rotting like the proverbial fish of institutional corruption. He announced in his May 29th “news conference” — in which he refused to entertain questions — that he preferred not to testify in any further inquiries about his Special Counsel investigation. What a cheeky fellow! It was, perhaps, a message to Reps. Nadler, Schiff, and comrades on the various congressional committees to (hint hint) not even bother calling him. But Mr. Mueller was, after all, a mere employee of the US Department of Justice, not a herald of God Almighty.

I rather imagine that the Attorney General, Mr. Barr, has a few additional questions he would like to ask his “old friend.” Will Mr. Mueller, this Greta Garbo of jurisprudence, coyly demur? And on what basis, exactly? I don’t think he can get away with it. The complexities of RussiaGate make all previous government scandals look as simple as Pin the Tail on the Donkey. The Internet will prove to be both its doing and its undoing. The much abused and perverted official “truths” of the matter were amplified by the Internet. And, of course, these “truths” were enlisted in service of Mrs. Clinton and the rogue bureaucracy looking to defend her (and themselves) at all costs. The cost turns out to be the dismemberment of thinking itself in America.

It is now taken for granted that anyone who persists in thinking for him/her/zheself will be tossed out of the Internet’s large “social media” arenas in Mark Zuckerberg’s and Jack Dorsey’s quest to purify history. They will not succeed. But they have certainly succeeded in needlessly antagonizing Russia, shoving foreign policy debate into sequestered game rooms that are at once halls-of-mirrors and echo chambers, and making the world a much more dangerous place. There is also a pretty fair percentage chance that America is too far gone intellectually to sort all this out.

Read more …

Justin trying to lose the next election.

Canada Approves Contentious Oil Pipeline Expansion (R.)

Canada on Tuesday approved as expected a hotly contested proposal to expand the western Canadian crude oil pipeline it bought last year, providing hope for a depressed energy industry but angering environmental groups. Construction on the expansion of the Trans Mountain pipeline is scheduled to resume this year, Prime Minister Justin Trudeau told a news conference. A senior government official, speaking on condition of anonymity, said earlier that Ottawa expected legal challenges to the approval. The project would triple Trans Mountain’s capacity to carry 890,000 barrels per day from Alberta’s oil sands to British Columbia’s Pacific coast, alleviate congestion on existing pipelines and diversify exports away from the United States.


Trudeau, who faces a tough fight in a national election scheduled for October, has been under pressure both from western Canadian politicians who accuse him of doing too little for the oil industry, and from environmental groups, which see the oil sands as a highly polluting source of crude production. “This isn’t an either/or proposition. It is in Canada’s national interest to protect our environment and invest in tomorrow, while making sure people can feed their families today,” he said, adding he knew some people would be disappointed.

Read more …

Make Canada a colony again.

Koch-Oil Big Lies and Ecocide Writ Large in Canada (CP)

As we know, big lies can run free across borders with few joining the dots. For example, no media reports that China’s growing dispute with Canada is based on Canada’s enforcement of the Trump administration’s unilateral and illegal embargo against oil-competitor Iran. A cynical reply is that this is predictable. Canada attacks any designated US Enemy in junior partnership with global corporate command. But this time there is a new twist. Canada is attacking itself without knowing it. A US Big-Oil backed juggernaut of Conservative provincial governments and the federal Opposition are well advanced in a Canada campaign to reverse longstanding parliamentary decisions, environmental laws, climate action initiatives, Supreme Court directions, first-nations negotiations, and bring down the government of Canada.

Yet no-one in public or media circles has joined the dots. Canada’s vast tar-sands deposits are world famous as surpassing Saudi Arabia oil-field capacities in total barrels of potential yield. Great Canada! Yet few notice that over two-thirds of the entire tar-sands operations are owned by foreign entities sending their profits out of Canada, and almost all its raw product is controlled for refining and sale in the US. What is especially kept out of the daily news is the incendiary fact that the infamous, election-interfering and oft-EPA-convicted Koch brothers have a dominant stake in the toxic crude of the Alberta tar-sands seeking a massive BC-pipeline out to their US refineries.

Koch-owned industries have already extracted countless billions of their near $100-billion fortune from the tar-sands and deployed their well-known voter-manipulations to change the balance of power in Canada as they have done in the US. The objective is the same in both cases – ever more tax-free, publicly subsidized and state-enforced control by US Big Oil of Alberta’s massive oil resources with no government regulations or interferences in the way.

Read more …

Methane. Running around my brain.

Canadian Permafrost Thaws 70 Years Early (R.)

Permafrost at outposts in the Canadian Arctic is thawing 70 years earlier than predicted, an expedition has discovered, in the latest sign that the global climate crisis is accelerating even faster than scientists had feared. A team from the University of Alaska Fairbanks said they were astounded by how quickly a succession of unusually hot summers had destabilized the upper layers of giant subterranean ice blocks that had been frozen solid for millennia. “What we saw was amazing,” Vladimir E. Romanovsky, a professor of geophysics at the university, told Reuters by telephone. “It’s an indication that the climate is now warmer than at any time in the last 5,000 or more years.” With governments meeting in Bonn this week to try to ratchet up ambitions in United Nations climate negotiations, the team’s findings, published on June 10 in Geophysical Research Letters, offered a further sign of a growing climate emergency.

The paper was based on data Romanovsky and his colleagues had been analyzing since their last expedition to the area in 2016. The team used a modified propeller plane to visit exceptionally remote sites, including an abandoned Cold War-era radar base more than 300 km from the nearest human settlement. Diving through a lucky break in the clouds, Romanovsky and his colleagues said they were confronted with a landscape that was unrecognizable from the pristine Arctic terrain they had encountered during initial visits a decade or so earlier. The vista had dissolved into an undulating sea of hummocks – waist-high depressions and ponds known as thermokarst. Vegetation, once sparse, had begun to flourish in the shelter provided from the constant wind.

Read more …

 

God in his wisdom made the fly.
And then forgot to tell us why.

– Ogden Nash

 

 

 

 

Home Forums Debt Rattle June 19 2019

This topic contains 8 replies, has 7 voices, and was last updated by  Raúl Ilargi Meijer 2 months, 4 weeks ago.

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  • #48041

    Pablo Picasso The circus 1933   • The Fed Just Released a Damning Indictment of Capitalism (NYMag) • Russia to US: Drop Middle East Troop Plan An
    [See the full post at: Debt Rattle June 19 2019]

    #48042

    V. Arnold
    Participant

    Pablo Picasso The circus 1933
    The wonderous circus; Pablo nails it perfectly…

    God in his wisdom made the fly.
    And then forgot to tell us why.

    – Ogden Nash

    I’ve oft wondered exactly that about the mosquito…

    #48043

    sumac.carol
    Participant

    Fantastic articles on the Canadian scene – thanks for doing what you do Ilargi.

    #48044

    Dr. D
    Participant

    “The Fed Just Released a Damning Indictment of Capitalism (NYMag)”

    We have Capitalism? Not so long as there’s a Fed. Or more accurately, the Fed is what has prevented Capitalism, better known by its other name: “Bankruptcy”. You might have heard of it. It used to happen, but now only exists for “Pa’s Tax Preparation and Bait Shop.”

    But we have an answer! More Fed! Less Capitalism! Hasn’t worked in 100 years, gets worse every year since it started, but THIS TIME! This one time! The wealthy and powerful will destroy all their own interests, make themselves poorer, and intentionally fail all their assets and companies. To help YOU! The little peoples! Honest! Vote for Burr!

    “Iran at the Center of the Eurasian Riddle (Escobar)”

    Yes, because to fight the war of expansion, China needs certain access to Iranian crude to run the tanks and jets. “Liquid Hegemonic Power” And the U.S. does NOT want China to have a fully assembled and operational Death Star, because there’s no way to stop China in their backyard and protect Japan and the Pacific Rim, and probably not hold Hawaii, or at least not as a civilian state. So let’s not be children about the interests here. But this is the big boys’ game, and that’s life. Thanks H.W. for selling us out in 1990 and making sure this war would almost certainly happen.

    “The Sino-Russian Masterplan to End US Dominance in Middle East (Bodansky)”

    P.S., discuss why we SHOULD be dominant in the Middle East, 10,000 miles from home. Because we run the planet as the world dictator? I didn’t read that part in the Constitution.

    “But the BOJ already owns half the country…”

    Speaking of there being no Capitalism, here, there, or anywhere.

    “America’s relationship with authority is in grievous disrepair with Robert Mueller as exhibit-A”

    Mueller has been corrupt since he was a child; they only care now because he was unable to carry his corruption to impeachment and they’re screwed. They might have to get a platform and try honesty! And who wants that? No wars and yes to Medicare for all? We’d rather die, as shown by the DNC strategy every day. But that can be arranged, as it is when you abandon every citizen from Pennsylvania to Wisconsin to 60,000 deaths.

    Today’s massive, overwhelming corruption was that the Mueller Report rests upon the premise that RussiaRussiaRussia had ANYTHING to do with wikileaks, etc. Yet discovery in the Roger Stone case showed that, far from looking at ANYTHING in the DNC, STILL not looking at their servers, far from even believing a DNC-hired, third-party shop Crowdstrike without cross-checking anything, they DIDN’T EVEN HAVE AN OFFICIAL REPORT. Nothing. Legally, their premise rests on legal nothing. I mean, no official report? Not even a bad, biased one? Joe just told Sam at the water cooler that Crowdstrike had a hunch?

    But what, Me surprised? Don’t worry, although attacked for 2 ½ years for stating the obvious, now that some OFFICIAL nitwit says it, suddenly everyone ALWAYS KNEW that was true. Except after being denied with deadly force for 2 years because it would prove the case, it suddenly won’t matter because…reasons.

    Oh, and not to be partisan: nobody will go to jail. Why don’t you impeach for THAT?

    “Canada Approves Contentious Oil Pipeline Expansion (R.)”

    Canada can join Australia in deciding whether they want to live in caves, eating mammoth, as part of a Green initiative where they can’t build or export anything, while China carelessly burns all of Iranian oil, drives CO2 anywhere they darn well feel like, and fly nuclear jets overhead strafing Albertans like “The Hunger Games”. You can make that choice. Unlike some, I believe in national sovereignty. Of course, when you’re less industrialized and more defenseless than the most colonialized native, I can’t expect history will be nice to you. Choose wisely.

    Or as some say, “Make Canada a colony again.”

    “Koch-Oil Big Lies and Ecocide Writ Large in Canada (CP)”

    Ah. If only they believed in sovereignty they could kick the Koch brothers out! But that’s just a bridge too far! They can only surrender and succumb instead. Nope! Fighting would be too hard, and not nice. We don’t do those things anymore. The worst thing on earth is to be masculine, to stand up for yourself and your people, and to not be nice – nay, not just NICE, but to love, LOVE your attackers! Love them AS they attack you by the 60,000’s. Love them more than yourself! Thus YOUR people are destroyed and overrun, so your neighbor can prospers and succeed as you die. For that is love; pure LOVE, people. But at least when we were exterminated, we were nice. And isn’t that what’s really important? To make sure the violent and crooked win and the honest and fair are eliminated? Love truly does conquer all. Or put another way, in a world of pure sheep, even one wolf will rule them.

    #48045

    anticlimactic
    Participant

    20/80

    Decades ago I read an article in New Scientist which said 20% of the people in the UK owned 80% of the wealth. It was the same in India and numerous other countries, to such an extent that it could be considered a ‘rule’.

    Although it sounds bad consider the difference between a 30 year old and a 60 year old. The 30 year old may have a mortgage while the 60 year old may own their house outright. The 30 year old may be supporting a family but the 60 year old may have savings for their retirement. And so on.

    I see no issue with 20% owning 80% of the wealth, it is pretty much ‘the norm’. I would worry if it was 10/90 or 1/99.

    Frankly, it is not an issue.

    #48046

    zerosum
    Participant

    I need help in trying to understand what is happening close to home.
    Is what I’m seeing the same as what you are seeing?

    Distributers of mfg are full of inventories. lumber, farm equipment, etc.

    It must all have been paid for by loans.

    The inventories keep building. There is no money coming in. There are not enough sales to pay for the workers, rent etc.
    What is going to happen? How long can the banks wait to get paid?

    Are you seeing the same thing?

    #48047

    tabarnick
    Participant

    “the infamous, election-interfering and oft-EPA-convicted Koch brothers have a dominant stake in the toxic crude of the Alberta tar-sands seeking a massive BC-pipeline out to their US refineries”

    That is a comically-wrong conspiracy theory. The goal of the Trans Mountain pipeline expansion is to allow greater Albertan oil export to **Asian** market, and to diversify exports of canadian oil away from american markets.

    #48052

    Anti, the first graph says the bottom 40% don’t own a single thing. Nothing at all. Not an age thing, we all know how many elderly people have diddly squat to their names. How many of them own homes outright? Your arguments are noted, but they cover only a small part of the issue.

    #48054

    Tabarnac,

    The goal of the Trans Mountain pipeline expansion is to allow greater Albertan oil export to **Asian** market

    Sure. Question remains, who owns it?

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