Hotrod
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Nicole,
You’re hitting on all 8 cylinders, as the old timers used to say.
Do not look to the government for any help, solutions, answers, or accountability. It will react as any and all bureaucracies always react: circle the wagons and protect itself-at all costs. As my now departed next door neighbor said about his WWII experience, “Your life ain’t worth a plug nickel to the higher-ups”. Advice well worth listening to.
Diogenes,
I believe you might have a slight perfectionist attitude toward economic thinkers. TAE is correct about 90% of the time, IMHO. Nobody else comes anywhere close. If I only associated with neighbors, friends, and relatives I agreed with 100% of the time, I’d be pretty damn lonely.
Chris M,
You are so correct about monetizing production. Instead, rural America has been in a Depression for the last 60 years, hidden by ever increasing debtloads (and false asset values). The mega farms are all massive debt sponges and will implode when credit disappears.
– that when Syriza hit them hard enough, several of the Owners took him aside, and revealed his certain future; just as (almost certainly) happened to Barack Obama at some stage in his journey.
+1000It’s hard to believe that anybody is still naïve enough to think these things don’t happen. The global debt bomb has been defused for another couple of months.
Michael Hudson: “It’s not so much Germany versus Greece, as the papers say. It’s really the war of the banks against labor. And it’s a continuation of Thatcherism and neoliberalism. The problem isn’t simply that the troika wants Greece to balance the budget; it wanted Greece to balance the budget by lowering wages and by imposing austerity on the labor force. But instead, the terms in which Varoufakis has suggested balancing the budget are to impose austerity on the financial class, on the tycoons, on the tax dodgers.
And he said, okay, instead of lowering pensions to the workers, instead of shrinking the domestic market, instead of pursuing a self-defeating austerity, we’re going to raise two and a half billion from the powerful Greek tycoons. We’re going to collect the back taxes that they have. We’re going to crack down on illegal smuggling of oil and the other networks and on the real estate owners that have been avoiding taxes, because the Greek upper classes have become notorious for tax dodging.
Well, this has infuriated the banks, because it turns out the finance ministers of Europe are not all in favor of balancing the budget if it has to be balanced by taxing the rich, because the banks know that whatever taxes the rich are able to avoid ends up being paid to the banks. So now the gloves are off and the class war is sort of back. Originally, Varoufakis thought he was negotiating with the troika, that is, with the IMF, the ECB, and the Euro Council.
But instead they said, no, no, you’re negotiating with the finance ministers. And the finance ministers in Europe are very much like Tim Geithner in the United States. They’re lobbyists for the big banks. And the finance minister said, how can we screw up this and make sure that we treat Greece as an object lesson, pretty much like America treated Cuba in 1960?”
Class war anyone? Only a few people have the courage to state the truth. Thanks Nicole.As usual, a correct analysis of the situation. Greece was ravaged and plundered and now onto the next victims as there has been absolutely no price paid by the psychopaths in control. This will not stop until they are.
Seems like a hollow victory if Yanis was forced to fall on his own sword. Apparently Syriza is not prepared to go it alone. Too bad.
With the ability to eavesdrop on everyone, everywhere, there is excellent opportunity for blackmail/extortion of public officials. If you want to be elected you bend for cash, if you want to stay elected you bend for silence. No candidate will get anywhere close to the levers of power who is not bought and paid for, one way or the other. Massive, systemic corruption.
Wonderful to read your words again Nicole!
The history of the world is the continual battle, both physical and financial, between the predator class and everybody else. Why that lesson has to continually be re-learned, over and over, generation upon generation, escapes me. It must be a human weakness among normal people.
Hillary vs. Jeb is all you need to know about our dysfunctional society. We’ll end up with one of these Neocons for certain. It is preordained.
Several years ago, while working on a Habitat For Humanity project, I was discussing with the gentleman who was assigned to work with me the reason why hate radio is so successful. As a retired minister, his answer was priceless, “Because there is always somebody lower than you are.”
It is the politics of assigning blame downward-and it works among a large segment of the angry populace. The whole world is run by sociopaths, no empathy from any of them.Hillary, Hillary, Hillary! Will you be able to fool enough rubes into thinking you are not a stooge for the Predator class? Stay tuned.
My opinion is that the generations of super wealthy individuals (The Predator Class), who had not witnessed the Depression, were no longer afraid to flaunt their wealth and power publicly and this trend has accelerated since the 80’s. It will hit the wall one of these days and, for a time, will be forced underground again. It seems human nature results in the Predator class aggregating an inappropriate amount of money and power until it gets so intolerable that both are wrested from their hands. Usually not very pleasant. Doesn’t matter what type of economic system, capitalism or communism.
Yup! It’s morning again in Amerika! Where the lower class will be spoon fed austerity and the Predator class will reap the spoils.
Human beings will continue on the path to extinction hoping to hold on to the American dream until 1 day before the end. We are so screwed.
Welcome to the new economy based upon the skim. Skim off a small percentage for doing nothing. Just like a parasite, it works until the host is bled dry. HFT is nothing more than a skimming operation and so is almost everything else in the “financialized” economy. And these are the people and organizations we are the look up to. What a joke.
The article on rising net worth gets my goat. Net worth is only useful as a banker tool for borrowing more money. Net worth does not put food on the table and never will. My father, who was a poor farmer, taught me this when I was a child. Just another example of twisted economic measurement by people who don’t understand reality.
(As always ignore the comment section at ZH. With friends like these it is little wonder tha alt economics gains no traction)
Truer words were never spoken. ZH really attracts some “out there” fans.V. Arnold,
Thanks for that link. Michael Hudson answers a bunch of concerns I had.
In regard to Michael Hudson, he is not very well-spoken and maybe that is a clue to as to gauge the content of his presentation. TPTB always have spokespersons who are extremely articulate and have stage presence. Michael has neither and that is a good thing, as far as I’m concerned.
John Rempel,
Thank you for sharing your personal Greek experience.
I think one horrific aspect of the current banking criminality is the asset strip mining that naturally follows. What an ingenious way to steal physical assets from countries that are under the financial gun.
Perhaps the warped explanation for this dangerous situation that has been intentionally created, is given in this article on Zero Hedge (https://www.zerohedge.com/news/2015-02-15/only-question-about-so-called-recovery) as this extract argues
If this is correct than the world is indeed run by psychopaths and there is little to no hope for the future. Unless they are removed like a cancerous tumor. And maybe not even then.
My senior high school Social Studies teacher maintained that most any organization that lasts into the 2nd generation becomes useless and if it survives the 3rd generation becomes corrupt and typically has no relation to its reason for being born. Makes a lot more sense now than it did 40 years ago.
“Yet, I think when things get bad enough, a leader will arise. But who will he or she be? Will he or she have a heart for the people?”
If history is any guide we will not be very lucky. The potential leader is likely to be a sociopath-or worse. That’s why we may all rue the change we advocate for. It could easily get even more Fascist than now.
Ilargi,
Congratulations, your “Bunch of Criminals” essay has over 47,000 views on Zerohedge! Still on the 1st page. The word is getting out.
Jonabark,
I believe that each individual person has either some event or a string of events that finally wake them up to the farcical nature of the world as we know it. In my own little world, I sometimes wonder if it is better to be ignorant of how things really work. It is not easy questioning the conventional wisdom and there is certainly no reward for being the messenger of anti-establishment news. It gets to the point of not believing much of anything in the public realm anymore.
One of the events that opened my eyes was the fall of the Soviet Union. I was flummoxed by the fact that in almost every former Soviet republic leader after leader simply stopped being a communist and started being a non-communist overnight. This told me that the Predator class has no ideals that guide them. Their only allegiance is to themselves and money and power. And protecting the status quo.
IMHO this financial system, paper money backed by promises to repay at a future date, will have to run its course to oblivion and we find ourselves in its last death throes. I don’t see a way to get out of this without nasty repercussions regardless of who is in charge. Obama has been terrible, but would Willard have been any better? A man who won’t even use his given name. What an indication of the fake political world we find ourselves in.
The reality is that there is nobody who gets anywhere in politics (even at the local level) that will tell the unvarnished truth about our present situation. Sadly, there is no place for us in the 2 party system. We are politically homeless… The rich and powerful have got this sucker locked up tight and you are just along for the ride. You, as an individual, have to protect and prepare yourself as well as you can and maybe, just maybe, you can gently enlighten some of those close to you. That’s about all you can do.
Ilargi,
Well, there you’ve gone and done it. You’ll more than likely be added to the list for calling out the Predator Class for exactly what they are: a giant skimming operation. The international criminal cartel of the elite few who are now untouchable. Yet the peons turn on each other. It would be almost funny if we were not such an integral part of the scam.
Daisychain,
I most certainly cannot tell you what will happen to the individual. What I can tell you is that the “banking system” will twist and turn like a fish on a hook in an attempt to stay alive at all costs. Do you realize that you might be more vulnerable to foreclosure if you have a mortgage and are paying it off on time if you have some equity? If the bank that holds your mortgage (or note) needs to improve its books, it has the right to “call” your loan at any time, even if you are current. This means pay up now-or else. If you are lucky enough to have rich relatives you might be alright, if not tough luck.
And, of course, we all remember the confiscation of gold in 1933. The “system” doesn’t care if you live or die. It only cares about continuing onward with-or without-you. Conduct your finances accordingly.Ilargi,
Your last sentence could easily be my Dad warning me about another Great Depression. He always told the story of his mother, a thrifty widow, who had savings accounts in 3 banks and a small note in another. She, of course, lost all her savings but still owed the note when the banks closed up. No more banks for her for the rest of her life.
Your writing is a clear warning to every reader that TPTB could care less if you live or die. It’s up to each individual to look out for themselves-and you better get right on that.As much as the Euro needs to go, it will take more than an election in Greece to make that happen. It will hang on much longer than we think is possible., If there is one lesson that should be ingrained from the past several years, and numerous financial shenanigans, it’s that TPTB can pull many rabbits out of that hat and keep a zombie financial system barely alive for years. Greece will not be allowed to screw up plans made much higher up on the decision making ladder.
Chris M,
Excellent point! Paper money backed only with debt and promises will eventually lose confidence and die. It works only so long as the underlying debt can be increased exponentially. It seems we are starting to see the limit to that feature. When this scheme unravels there will be a world of hurt.Which is why Syriza will most likely come to some sort of accomodations with the ECB and end up betraying the voters-as always happens in the new reality. At this point it seems that the people of Greece are truly screwed.
Ilargi,
Just read a comment on another site a few minutes ago reminding readers to always remember that Putin was/is KGB. Conveniently forgotten is our own CIA President George HW Bush. Of course our spooks are honorable, trustworthy people. LOL
Ilargi,
Good to see your work regularly appears @ Zerohedge now, also @ Peak Prosperity.
Thanks for your insight! Also, thanks for including an old picture from my hometown. I never thought I’d see that!Maybe it’s about time that we welcome the obvious death of this society. We mostly look for ways to perpetuate the status quo with perhaps a bit of tweaking, but we are past the point of no return.
TPTB will gladly accept either Jeb (not his real name and neither was Mitt) or Hillary, the preselected candidates, to act as the front-person for the plutocracy. Nothing of substance will change, as nothing has changed under Obama. At least nothing that threatens the status quo. The absurdity of choosing between these two non-choices may be enough to wake the populace up-and maybe not. It may take a complete financial or political disaster, and then all bets are off as to what will happen. Hopefully the peasants will turn on the ultra rich and powerful, rather than each other. I must be dreaming.Raul,
Thank you for allowing Huckleberry to spew his senseless venom under the free speech principles everybody mouths, but hardly anybody practices. Dr Diablo responded perfectly.
Your essay is right on the money. However, what industry or segment of our society is not loaded down with massive debt? We are now in the “musical chairs” economy where there is too much unpayable debt and not enough time and growth to ever pay it back. Anyone who directly benefits from these lower fuel prices would be wise to pay off debt as fast as possible-which will only speed up the deflationary process. What a fine mess we’re in Ollie!
