Debt Rattle June 6 2019
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Pablo Picasso Guitar 1925 • The China Battle Has Just Started (Vague) • Beijing Warns US Farmers May Lose China Market For Good (SCMP) • Millen
[See the full post at: Debt Rattle June 6 2019]Hmpf…
History, all of it, is likely wrong.
Everything we think we know about the past (even our own) is flawed, forgotten, or purposely fabricated…
History is a lifetime of search and questions…Since we lie and deny 24/7, the use of searching and questioning is not obvious. We look for stories, for a version of reality, that pleases our minds and fits into our specific group’s picture of the world.
Since we lie and deny 24/7, the use of searching and questioning is not obvious.
Indeed. It’s not obvious; makes it all the more challenging for those who care.
Not many is my guess…“the most protectionist nations in history during most of the nineteenth and early twentieth centuries, the very period in which it rose to economic supremacy, with tariffs routinely as high as 50 percent. More politicians than not backed tariffs because they protected American industry. And supporters liked tariffs because they kept wages high.”
…And the opposite of a GOOD idea is, what?
And although coincidence is not causality: “How Connecticut’s “Tax on the Rich” Ended: Middle-Class Tax Hikes, Lost Jobs, More Poverty”
So, just like the people who were right about the last 40 years said, and incidentally, the tariffs and offshoring, just as those same economists said, oh, and all the ‘dumb’ people said about ‘that giant sucking sound’ and all the smart people said, “no it isn’t”, for 40 years, as every day it demonstrably and measurably happened. But don’t worry, today is another day! They will just deny it all again! And say you’re stupid, hateful, and should be de-platformed. Right, NY Times?
“Beijing Warns US Farmers May Lose China Market for Good (SCMP)”
These guys are hilarious. First, yields are collapsing worldwide as the rain and cool seems to appear. We may not have any exporters AT ALL, possibly INCLUDING the United States this year. So China is planning on NOT feeding its people? Srs? Second, although not reported and nobody cares, Trump was perfectly open in press conferences about China. “How much does China buy in farm products? $20B? (so little?) Okay, pull that out of the tariffs and set it aside to bail them out. Okay, now let’s go golf.” And we HAVE already made much MORE than $20B on them. The real problem – which again, being true, cannot be reported – IS NOT THE TARIFFS, IS NOT CHINA – although ordinarily that WOULD be something. It’s that 1/3 of the grain elevators, the cows, the tractors, the fields, have all washed away in the new
desertification, I mean flooding/inland sea on the Mississippi. Oh, and PS, only 1/3 has been planted and now it’s too late. If nobody did nothin’ to nobody, farmers would still be having a hard time, ya think? But that doesn’t fit the narrative, and we don’t have pics of the massive, 150-year record flooding from Illinois to Baton Rouge. Nope. It’s Trump. And since last time we said Trump caused bad weather they laughed us down, we’re going to say it’s Trump in China. Yeah! That’s it!Anyway, when food triples this year, who do you think is going to be hit? The U.S., as their exports multiply and rectify the trade deficit? Or China, which is running out of cash and needs food? Gentlemen, place your bets…
That puts to lie and scorn the main quote here: “If the US loses China’s market, it will be very difficult for the US to regain it.” Sure Han, sure. Only if you never want to eat again. I’m sure your countrymen will be good with that and not mad at Xi at all for paving every rice paddy from the Pacific to the Gobi.
“Everybody gets poorerwhileBECAUSE the Fed pours trillions into the economy.”“…the Fed has failed to distinguish between credit driven bubbles and mania driven bubbles..”
Is that because there is no difference?
“Google, Facebook Have Tight Grip On Growing US Online Ad Market (R.)”
They were all given monopoly exceptions that are completely illegal. But now we have no idea how it all got this way! We’re helpless to regulate them the way we do all the non-monopolies, right down to Pa’s Diner and Autoparts Emporium in Muncie Indiana. Nope. No idea how this happened! Here’s a clue:
“Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power” – attributed to Mussolini
But golly gee, how can we do that when they have all collected phone records and blackmail on Congressmen, judges, regulators, and officials, just as every one of us predicted would happen? It’s a mystery no one saw coming.
“governments already operate according to the framework offered by MMT,”Yes, and that is exactly what is destroying everything, and shifting all money from the poor to the rich, from competition to monopoly, from Republic to Fascism, just as predicted. But I have a solution! MORE MMT! More UBI! That’s the ticket! They won’t abuse their power at all this time!
“There was a wish to wait for the maximum weakening of Germany’s military power from its enormous losses in the east, while reducing losses in the west…”
This is entirely true. What worse, the West, essentially England, engineered Hitler in order to facilitate their attack on Russia, and leave Britain on top. So…Chamberlain had no idea? Really? Ford didn’t win a medal of freedom from the Reich for selling millions of trucks to Hitler, IBM and Standard Oil didn’t sell all the war materials through the Bush family to the Reich right up to the outbreak of war? Even after when they refused to bomb certain insider German factories and companies? Pu-lease. Their only problem was Hitler double-crossed them by attacking Europe first to get the materials to attack Russia second, and the Anglos didn’t like it. Nevertheless, they were fine with it so long as Germany and Russia crippled each other. When Stalin won, the U.S. had to jump in and make sure the Anglos got Europe back under (their) control. Oh, and don’t think Stalin didn’t know it. And thus the Anglos are still on top today…and engineering ANOTHER war with Russia, Germany, and MacKinder’s inland empire
But I’m sure because it’s our side, we’re lily-white as the angels and never did anything wrong.
“And we just keep making the stuff. And keep proclaiming we love our children.”
They demonstrably hate all life on earth and humans especially. So what sort believes that? #logos? Or #antilogos?
http://www.johndayblog.com/2019/06/look-at-this.html
[MMT, Modern Monetary Theory is not a “thing” in itself. It is a lens through which one may see the workings of power in a country/society, and what choices the society makes, and what the limits to those choices actually are. This is a discussion we are entering, out of necessity, yet again…]
Finally, despite showing that currency-issuing governments don’t face a financial constraint, MMT doesn’t claim that a nation faces no spending constraints whatsoever; rather, it shows that the real constraints faced by governments are the real resources (plants, machines, workers, etc.) available to the nation either locally or through trade. It follows that the real limit to government spending is the capacity of the economy to absorb it without generating runaway inflation…
In fact, MMT is not a regime that you ‘apply’ or ‘switch to’ or ‘introduce’. Rather, it is a lens which allows us to see how our fiat monetary systems already work. How you decide to use that understanding depends on the value system or ideology you apply to it. It thus makes little sense to talk of ‘MMT-type prescription’ or an ‘MMT solution’. Indeed, governments already operate according to the framework offered by MMT, regardless of what they may claim in public (and the accounting smokescreens they may employ).
Citizens are constantly told that the government cannot afford to invest more in education, healthcare, infrastructure, welfare and other public services. Yet, there is never a lack of money when it comes tax cuts for the rich, bank bailouts, military activities and other programmes that benefit our political and economic elites. As of March 2006, approximately £4.5 billion had been spent by the UK in Iraq, enough to pay for the building of around 44 new hospitals and to fund the recruitment and retention of over 10,300 new teachers for ten years. Yet, there was never any debate about how the UK would ‘fund’ the war...
But if there is a need to attenuate spending growth in the economy, MMT demonstrates the superiority of an employment buffer stock approach–the Job Guarantee–over the current unemployment buffer stock approach to inflation control. Instead of creating unemployment to discipline wage demands, MMT proponents advocate that the government would, instead, offer a public sector job at a socially- inclusive minimum wage to anyone who seeks to work. Redistributing labour from the inflating sector to the fixed price sector would ensure price stability and avoid costly mass unemployment...
In the presence of an external deficit, the government will have to run a fiscal deficit to maintain spending sufficient to keep all resources fully employed. Since Britain has run an external deficit since the 1970s, and is not likely to generate large external surpluses in the foreseeable future, it follows that the only way private debt–and the power of financial institutions over society–can be brought under control without driving the economy into recession is for the government to run persistent and substantial fiscal deficits...
The support of mainstream economists and financial operators for certain theories and policies doesn’t stem from a sincere belief in their virtue, but from the fact that they promote the interests of the dominant forces in society. The idea that a socialist government could guarantee itself the support of the economic establishment simply by adhering to the ideological framework that its members claim to believe in, with the aim of deploying mainstream theories and policies for progressive ends, is naïve.
Moreover, Meadway neglects the fact that the power of the capitalist establishment derives as much from its command of the state and means of production as it does from its capacity to frame the narrative. The primacy of these fiscal rules is a key part of the way in which the economic establishment censures governments that might be intent on redistributing national income or improving welfare services and the like.
Ultimately, the ideology of scarcity of money is integral to the maintenance of our deeply unequal relations of power in society. If there’s anything the establishment fears more than the working classes seizing the means of production, it’s the working classes seizing the means of production of money (or more precisely, of currency)...
MMT gives us the power to imagine truly transformational politics, without getting caught up in meaningless debates about whether we can ‘afford’ it or not. This is also why it is being attacked so fiercely. Not because of its theoretical foundations, but because of the range of economic and political possibilities that it opens up. The bottom line, however, is that MMT is here to stay.
https://tribunemag.co.uk/2019/06/for-mmt[These mules can’t pull the economic wagon, and they are giving up.]
The net worth of millennials (18- to 35-year-old) has collapsed 34% since 1996, according to a new, shocking report from Deloitte.
Millennials are financially worse off than any other generation before them. With student loans, auto and credit card debts, rising rents, and out of control, health-care costs have pushed their average net worth below $8,000.
https://www.zerohedge.com/news/2019-06-02/millennial-net-wealth-collapses-study-finds[The current monetarist capitalist framework pumps “money” into anything that can hold it, which amplifies the current system of wealth-distribution. The rich get richer and the poor get poorer. This has become a very sick structure, and these sick structures ultimately collapse, because of reality. When the structure collapses, nobody is rich, because the economy does not function. This is monetarist analysis…
Hey, look! It ends up in the same place.]
Rickards: Going back to the 1929-1937 period, the old rule was to prick bubbles to relieve speculative pressures. But, this ended up causing recessions rather than preventing them. By the 1998 – 2001 period, the conventional wisdom was to let bubbles run their course and then clean up the mess afterwards. But the Fed has failed to distinguish between credit driven bubbles and mania driven bubbles. The former are dangerous because they are connected with the credit system, the latter less so because people loose money but the crisis is not systemic. The 2000 dot.com bubble was speculative, but not credit driven so it did not turn into a systemic crisis when it popped. Of course 2008 was credit driven and it did metastasize throughout the system right up to the top of the food chain with large banks and the housing GSEs failing. When you are kicking around the idea of should I or should I not pop the bubble, this is a key distinction and the threshold question for policy. You should pop or defuse credit driven bubbles, but perhaps let speculative bubbles (most recently Bitcoin) run their course. The problem is that Fed policymakers do not seem to grasp this fundamental distinction. This leads to credit bubbles being allowed to spin out of control into systemic crises...
Rickards: That is a profound question you raise about the impact of monetary policy on visible credit metrics. The answer very simply is that you can’t get out. It’s one thing when loose monetary policy results in private credit extremes. The Fed can reign that in. But, what happens when public credit from the Fed is the source of the problem? The Bernanke choice of stoking asset price inflation via zero rates and QE is not something that can be reversed without a great deal of pain. Once you make that trade-off between promoting inflation and future market instability, you have no way out. You’re much better off taking the pain and accepting a lower level of economic growth in the short-run rather than deferring the pain but creating far larger asset bubbles down the road. There is no way out of the Bernanke policy choice without bigger bubbles and much larger market crash that results. This is why I believe that we face a financial market crash as bad or worse than 1929 or 2008...
Rickards: When all of the solutions from Washington and all of the big ideas about economic growth fail, then we may need to fall back on a community based, semi-agrarian model that resembles austerity in today’s terms. Such a model is far more stable than the radical boom and bust model of Greenspan and Bernanke.
Rickards: We need to move beyond ideology and towards a more pragmatic discussion about how we measure and describe growth. Let’s do what works.
https://www.theinstitutionalriskanalyst.com/single-post/2019/06/05/Aftermath-Interview-with-James-Rickards[Chinese traditional farming is extremely sophisticated. It allowed China to have an empire for 5000 years. Those farmers have been pulled out to work in factories and pour concrete, a one-time extraction of human wealth. The US already spent it’s farmers long ago.
Global Food War: US farm output will be hugely down this year, and US farmers will need a lot of help, anyway.
Loss of exports to China to feed pigs may not hurt the American factory-agricultural sector much this year.]
According to the latest May 20 report of the National Agricultural Statistics Service (NASS) of the US Department of Agriculture, corn and soybean crops are well behind the planting growth levels normal this time of the planting season. They report that only 49% of all planned corn acreage in the US has been planted compared with 78% at this time a year ago. Of that only 19% has yet emerged from the ground compared to 47% in May 2018. In terms of soybeans, barely 19% of crops have yet been planted compared with 53% a year before. Rice acreage planted is down to 73% compared to 92% a year ago in the six US rice-growing states. Of course, should weather dramatically improve the final harvest numbers could improve. It is simply too early to predict.
The USA is by a wide margin the world largest soybean producer with 34 percent of the world’s soybean production and 42% of world exports prior to the China trade battles. The US is also the world largest corn or maize producer, almost double China, the number two. A serious harvest failure in these two crops could significantly affect world food prices, leaving aside the unfortunate fact that almost all US soybeans and corn are GMO crops. They are mainly used in animal feed.
https://journal-neo.org/2019/05/31/do-we-face-a-global-food-disaster/Kushner: Palestinians not yet capable of governing themselves
(AKA: “They won’t do what I say”)
https://www.aljazeera.com/news/2019/06/kushner-palestinians-capable-governing-190603051426199.html[I am certain that Senator Elizabeth Warren understands Modern Monetary Theory (which does not mean that she groks everything.)].
Warren’s latest plan is in a class by itself, even for Warren. She calls it an Agenda for Economic Patriotism.
Warren’s proposal does nothing less than turn inside out the globalist assumptions pursued by the past several administrations, Democrat and Republican alike. Where they have pursued more globalization of commerce as an end in itself (and as a profit center for U.S.-based multinational corporations and banks), Warren’s goal is to bring production and good jobs home.
Even better, she knits it all together with a coherent plan, beginning with a new Department of Economic Development “with the sole responsibility to create and defend quality, sustainable American jobs.” …
Even better(er), Warren shows up Donald Trump on the question of trade. While Trump’s version of economic nationalism is all swagger, symbol, and shotgun retaliation. Warren’s would actually deliver tangible benefits for the voters who turned in desperation to Trump. By contrast, Trump’s version delivers nothing.
https://prospect.org/article/warrens-astonishing-plan-economic-patriotism• Beijing Warns US Farmers May Lose China Market For Good (SCMP)
Sooooooooooooo
What do people do when they are hungry?
Since the begining of time ……They find something to eat.
Find food in North America. Find food in EU Find food in the west, in the east,If they don’t find enough food they starve to death.
And the private cabal of people who create and control the money current(cy) through the use of properly place banks are more than willing to engineer a Beautiful Lie to suit the feelings of the masses!
Meanwhile, behind the scenes…
“The establishment of central banks is ALWAYS a necessary first step of subjugation of geographically congregated bloodlines.”
~House of Rothschild
“There will be NO jubilee…count on it!”
~House of Rothschild
“Remember, the equity and bond markets exist only to remove fiat from circulation!”
~House of Rothschild>>If they don’t find enough food they starve to death.<<
Taken from a message board started by a man claiming to be of the Rothschild clan, and with knowledge and insight to back it up:
Hello AC and Welcome!
Information control is “old-school”. What I am referring to is a completely new paradigm of control in a post-fiat world. Not that FIAT will cease to exist, but that the essential functions served by FIAT will be supplanted by a NEXT GENERATION MECHANISM.
Clearer now?
Gold is THE cosmic currency…perhaps the ultimate source of knowledge. HOW that knowledge is unlocked is an entirely other question!
Laughing out Loud!
You do ask a relevant question which all serious humans should address; namely “who will get food and who will starve”. Can you follow that thought thread?
Laughing out Loud!
Rothschild>>Warren’s latest plan is in a class by itself, even for Warren. She calls it an Agenda for Economic Patriotism.<<
Meet the new boss, same as the old boss.
At what time will we stop playing the role of Charlie Brown kicking field goals.I mean, seriously, people.
BTW, Hellary will be your next President. I first said this soon after Trump was elected, but I did not say it here. So I will now.
1. Trump President
2. Put for bat chit crazy loonie candidates, coupled grope and other compromised candidates.
3. Hellary heeds the “call” of nobody, but claims she’s here to “save the day.”
4. Money Power Monopolists use the stock market to do what it was engineered to do – bankrupt the masses in a collapse.
5. Trump is blamed for the collapse in order to conceal the true ROOT CAUSE, which is the debt-based money system. Ilargi still won’t expose its machinations.
6. A ham sandwich would beat Trump, and the name of that ham sandwich will be Hellary Clinton.Can I be more detailed? -lol-
PS – don’t think it matters, though. The Money Power Monopolist control ALL preselected and financed “candidates,” so if they go another route than I outline above, well, do not presume they are out of control. They aren’t.
Dr. D, you keep misspelling “Money Power Monopolists” as “England,” “the West,” and “Anglos.”
You do realize that 99.99% of all those wrong categories are debt-based money slaves to the Money Power Monopolists, right?
And so are the ordinary Israelis in Israel.
You did see the thread where a Rothschild poked his head above water and answered all comers for about 18 months circa 2011, didn’t you? Absolutely fascinating and, yes, I he had the knowledge and insight to be the real deal, which is exactly what I suspect he was.
Dr. D, here’s a tidbit from Rothschild, just one among many…
I have already addressed the issue of so-called “selfishness” in some depth. The act of “selflessness” is just that…an act. Programming put out by various self interested parties and institutions. It does not exist in Nature, which is where you need to take your cues from.
When one accumulates a surplus of resources, why would it be “human nature” to release these to an unrelated other without parity consideration? You likely notice that so called benefactors of one form and another do receive compensation of sorts…peer recognition, status and, almost always, some form of quid pro quo…unseen and withheld from the unwashed masses.
laughing out loud!
Selfishness and selflessness are artificial constructs! As I posted earlier in the thread, please provide one such example of selflessness occurring in Nature…even one! Existing outside of the bloodline, that is.
When a hawk captures a field mouse and feeds its young, no one thinks anything to be amiss. Clearly, the hawk benefits by protecting its progeny, the young benefit by virtue of surviving and only the mouse, in its death, loses.
Was the mouse selfless in its sacrifice? Not quite…it was stupid (in being exposed) and had insufficient defenses to protect itself. The parent mice spent their lives doing things other than teaching the young how to avoid hawks.
In terms of your second question, the bloodline can be traced back to the very beginning. Because YOU cannot do so, or do not attach significance to recording and disseminating such information, does not mean others act the same way!
Notice that in the Old Testament, a significant amount of detail is accorded to the lineage in the very beginning. Have you bothered to read this? Have you wondered why it was so important that it receives so much attention in such a revered document?
Of course, were you to understand the importance of bloodlines, you would know that, uniformly, family clans in both east and west regard bloodlines to be the determinant of station, position and inheritance. Royalty descends from royalty. Peerage, and all that.
Slaves of all sorts and colors also, and usually in vain, tried to keep track of the history of their families. Mormons are doing thins in the United States, and have noted that various “interest groups” have been noted to be introducing “noise” into the process.
I wonder why that would be??
Laughing out loud!
RothschildAnd again…
Using federal reserve notes/fiat is SIMPLE! Easy!
But can’t willing social participants exchange tangible goods and services between themselves without the use of fiat? Hasn’t that been the norm of human commerce? Could YOU conduct your commerce without fiat? And, if so, then why do YOU choose a medium so clearly destructive to you, your family and your nation?
Look at post WW1 Germany and see what Hitler was doing…which essentially rebuilt the shattered german economy within 5 years of his taking power.
In my travels, I often am amazed at the sharp diving lines in urban areas between the haves and have nots. What compels the have nots to stay where they are?
Humans are notorious for making bad choices and blaming others, fate, the government or whomever for the sorry state of their condition. Look at the fast food industry growth and the rise in health care costs. HFCS, Pharma, vaccines and so many others…and yet stupid humans just keep marching to the same tired beat.
Rothschild@ TheTrivium4TW
I take everything with a grain of salt.
By-the-way what I think, what I know, what I believe is irrelevant.
I am powerless to change the flow of the river.
🙂
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