Dr. D
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We were never going to pay it, why would we pay it now? All we need is someone to blame.
In a debt-system, there is no money, only power.
Over time the system has become as far away from Capitalism as is possible to be. They claim the failure of Capitalism, then proceed in their own words an examples to highlight a hundred trillion, possibly a quadrillion of market interventions worldwide, naming central banks, bond control, stock buybacks, etc. What did I just read on $400k tax incentives per employee to attract Amazon’s new HQ? And Pa’s Diner in Muncie is going to get a $400k incentive for each busboy? No? That’s not Capitalism.
Practically speaking, if you make employees expensive, like France or using Obamacare, and you make capital equipment free with 0% money then you guarantee, you force, on pain of instant bankruptcy, you demand, coerce, and enforce mass unemployment and the replacement of man with robots. It took $100T bailout and $10s of Trillions a year in interest rate suppression to insure that happens. Does that sound like it’s happening naturally? Does that sound like a free market? 90% of the NYSE is below the 200dma. But you’re going to “wealth distribute” from the 10 remaining companies — most of which like Amazon, Tesla, Netflix, have never made a single day’s profit — back to the people Tesla just destroyed with robots and autonomous cars? And since those 10 companies and their brethren SET the policy, TOOK the $100 Trillion in subsidies, and DEVASTATED their entire host populations, they’re going to say, “Oh sure pal, take all the profits I don’t have and never made, and set up a UBI. It’s the least I can do.” No, Tesla, Amazon, Excellus, they take UBI FROM the people at the point of a gun. That’s how and why they exist at all. If government didn’t steal for them, they’d collapse. Mussolini had a name for this system.
Newsflash: Unemployment, Welfare, the Dole, was never about helping the poor. If they ever wanted to help the poor, they’d just stop stealing from them. Illegally. With bribery, fraud, extortion and graft. ”Welfare” is about protecting the Rich Protecting them from having the poor come over to their neighborhood and burn their house down. It’s a payoff, hush money, a racket. Let me say again, They do not care at all, in any way, in the slightest about the poor, their life or death or suffering. The sale of their men into desperation, opiates, suicide, violence, into the Army, and the sale of their women into rape, pedophilia or prostitution is an active side benefit to be actively encouraged. Think I’m kidding? Visit Greece, Chicago, Akron, or Manchester. That’s why you want a UBI: you’ll really have them by the balls then because anyone who ISN’T on the dole will be instantly be priced out and die in a box, just like happened to honest farmers when farm subsidies started. So let’s not have a sanctimonious discussion about “helping” anyone, Varoufakis. If they cared they wouldn’t murder Greeks, much less Syrians. You of all people know power structures help no one but themselves. Ever. In history. That’s why you want them as small as possible, not ever-larger. OUT of the market, not in it. It’s been 100 years, can we stop doing the same wrong thing now? Just ’cause it has backfired and increased wealth disparity 100 times in a row?
PM of NZ is a gold-framed example to all: after decades of standard Democratic Socialism lite which has all the interventions above, after those 50 years of tax subsidies, 0% rates, and market rigging have driven housing prices in AU and NZ to the highest on earth, locking out a generation and holding them as indentured servants, holding both nations hostage to some form of financial terrorism, she finds the PROBLEM to be the market and the ANSWER to be more government, more intervention, more market rigging. Miss, we have 0% interest rates worldwide and purchases exceeding $100B a month for 10 years, and that is the free market? More than 100% of stock prices are from spiraling debt from rigged 0% rates. Draghi and Abe have bought up their ENTIRE markets. Is that somehow inadequate to you? Requiring more control, MORE intervention? I’m sorry, what “Capitalism” was it you were talking about? Because with no price for money, no possible failure, and government choosing E.V.E.R.Y winner and loser from Beijing to Berlin, we don’t have that. But she has to say it, because the alternative is to say, “We screwed up. You don’t need me, you don’t need government. Honestly, we sociopathic screw-ups need LESS power, to do LESS for you, and do more for yourselves, like honest men and neighbors.”
And your solution? We’re going to “Redistribute wealth?” MNC’s already don’t pay any taxes, ‘hon. Billionaires already pay practically zero taxes. If anything, the taxpayers pay THEM, in bailouts, in monopolies, in S&P futures levitation, in 0% rates that advantage only the 0.001%, probably less than 100,000 total people. So I don’t think raising a 30% tax rate they don’t pay, to a 90% tax rate they don’t pay, will make any difference. They didn’t pay it in 1965 either, that’s why the Beatles moved to the U.S. and why the French have left Paris now. But I’m sure since as they admit, the rich own the government, they’ll be sure to tax themselves good and hard this time and make themselves not rich any more. Breathtaking.
Boghosian is nearly so. He ran numbers from 1989? Gee, why not since Thursday last? That data set is probably just an artifact of one era’s fashion, one flow of tax policy, of one or two Administrations. In short, it means bupkis. You’d have to run at least 2 Kondratieff waves of 72 years to know anything this big. All it means is, yes, when rich people are allowed to bribe and murder at will, — with entire armies killing a million civilians each by invading 15 countries if they so choose – can print money freely, run competitors out by law, shift 3-5% of total GDP to themselves each year, they can indeed collect a lot of money. And you think tax policy, redistribution will fix this? Are you for real? And this is because, like apparently everybody else, he actually believes we live within 1,000 miles of a Capitalist system, anywhere on earth, east or west. Bruce, neither trickle down or trickle up is going to work if the oligarchs own the government and can bribe, collude, arraign, and murder at will. But he’s set to give the bribers and murderers ever more power to “fix things” by redistributing wealth away from themselves. Sure pal. Just this time.
Leads to the next conclusion: The society is not the government. They are not the same thing. Society will decide what governments, what oligarchs are permitted to do, what their incentives are. Right now, like Boghasian and Ardern, society is working tirelessly to give the violent, oppressive, extractive force more violence and more force and wonder why there is yet more extraction. They, with society, are applauding every underhanded, illegal, immoral payoff and act of violence, and lying, cheating and stealing to give the liars, cheaters, and stealers more power. Until that changes, it won’t matter what you do.
But please for the love of things holy, let’s not call this “Capitalism”, shall we?
