Forum Replies Created
The OECD/INET video is outstanding. To think these Greeks are demonstrating exactly what political leadership should be; intelligent, informed, informative, imaginative, able to communicate ideas, assemble comprehensive plans, handle complexity, demonstrate competence and doing so with grace and integrity. I rather doubt the finmins of the G-20 could collectively hold a candle to Greek brilliance after a year of trying.
@ Raleigh reply # 20424
“Mainstream economics is largely hokum, and even the economists know this. I’m interested in finance, how it actually works, not what it says in the squeaky clean, idealized economic textbooks. …
That is highly arguable that what you refer to as mainstream economics actually is mainstream Historical economics. Your mainstream economics is also known as neoliberal economic theology – a set of beliefs none of which can be verified in reality, given premise of virgin markets (untested, unobserved), invisible hands (ròle played by some non-existant nothing there) and an etherial perfusion of perfectly shared knowledge amongst buyers and sellers. You’ve got to believe in the chocolate Easter bunny hiding coloured eggs as well.
What you are witness to is nothing economic, that being observed is an entirely financial construction, taking advantage of near absolute and total economic ignorance; just assess the offerings of the creatures commenting this post alone. In all time have any of them so much as moved their statement of opinion so much as an iota; more likely their opinions are comprised of cut and paste memorex e.g. the golden bollix, Professor lockedinLoad (constipation?), Trivial(whatever), and the rest of the zoo of ignorance usually taking up the site’s bandwidth. You are never going to get anything original or valid out of any of their opinions and if perchance like a stopped watch get something correct, rule b, caveat emptor needs be applied.
What you are witnessing is the financial interests cook and consume the goose that laid their huevos de oro. Disinformation and doubt comprise the diet you are fed so that you will never realize what the pot you’re swimming in is getting a lot hotter than is even now comfortable. That dazzling array of toys is only to amuse you until the lid goes on the pot, your borders are sealed not only from entry but exit as well. The corporate financiers who own you will not allow your travel without your acceptance of assault on your person, your rights are spoon fed you in minuscule dollops only when no advantage is provided, and everything you do or say is recorded for all time – Total Information Awareness. That system in place cannot endure but will outlast you by about a generation, books will disappear from public memory, any sign of intelligence will be berated into acquiescence or exile, excellence will bear the mark of Cain. As G. Carlin famously said – you are owned.
The only protection you may possibly have lay in the direction of knowledge, knowledge that is slowly being drained from public access as the failure to educate gathers momentum, as memory atrophies from constant abuse, disinformation and doubt engineered just for that purpose. Excellence is under assault, none dare have head above the parapets provided by the common herd. Only knowledge will provide the measure needed to accurately judge what you encounter or what you are told, facts remain no matter the direction of the gales that assault. Civilization is under attack and its defenders are in a drugged delirium, no Horatio is seen on the bridge to stay the financial hordes coming to plunder and rape. Interesting times …
@ Raleigh reply # 20445
Not an unexpected fact given labour arbitrage practiced as a financial imperative, it certainly is not an economic imperative. To access the Chinese labour resources, investment in capital resources (e.g. factories, materials and management) is required au priori; your fact reflects that ownership or effective ownership in conjunction with Chinese politically imposed ownership and control. Profits derived flow both to China as well as to their foreign corporate ‘guests’. Corporate accounting takes care of cloaking those flows which never seem to appear in credit to the corporate stockholders but bolster the numbers for upper management renumeration. The school of ledger-desmane – control of the books. That is the world as it is.
@ Raleigh reply #20422
What a brave one you are, going to Yves Smith’s Salon Naked Capitalism and Bordello. You can never tell what creatures will slither from beneath some rock there. It is one of my favourite places to not go to, they’ve brilliantly buffed turds floating in their punchbowl, caveat emptor their kool-aid.
Syriza only promised the Greek voters to negotiate with the troika from the position that the policies of austerity were unacceptable. Once it is uncontrovertibly shown by that troika or any comprising that troika that no negotiations will take place in an acceptable manner, and further that assistance is not forthcoming in any form until compliance to the will of the troika is guaranteed, to the point of collapse of the basic social currency (that one will really hurt and open eyes to the economic fraud being perpetrated upon the Greeks). Only then, once the Greek population has been ‘economically educated’ can a way be found for exit a defunct banking system and reestablishment of the country’s sovereign monetary authority. Not much politically will be effective until that river is crossed – just the way of the world that education always has its costs.
It strikes me as somewhat queer, the heaviest bloviators about EU and Greek status come from the other side of the Atlantic, surprisingly none of them can find their asses with two hands, a hand torch and illustrated, written directions. What on earth would the WSJ, NYT, WP or Bloomberg have knowledge of that would make them a resource for any factual matter. These are opinion pieces, nothing more. A waste of printers ink, space and a total waste of time. None is much fit for anything but lining a cat litter box. There has got to be something out there that is based upon sound economic theory, but perhaps that is a bridge too far after-all.
At the final BBC post:
An excellent book: Lesley Adkins, “Empires of the Plain, Henry Rawlinson and the Lost Languages of Babylon”, ISBN 0-00-712899-1 is biographical history of that period, giving a substantial narrative of the age, its peoples and its protagonists. Eminently readable.
@ Raúl Ilargi Meijer reply # 20003
Simple answer to correct question: The European Commission did not discover €2,000 millions. The Greek Finance Minister demanded the receipt of the monies. The German Finance turd absolutely refused. These were points happening in the last fortnight of reporting, here at TAE. Are memories becoming as truncated as the Yanks are? That €2,000 millions was overlooked by the Troika in their dissembling (look up the meaning). Remember the European Commission is comprised of the political Molls bought by the banksters. Einstein’s insanity paradigm applies. That €2,000 millions fund much needed relief is the only use it should be put. V. Nuland’s fabulous “Fuck the EU” is most appropriate in this case.
When Fidel Castro had first overcome the Batista government in Cuba, he was invited to Washington for discussions by John Foster Dulles (accompanied by the brother Allan) to meet the joint House and Senate Foreign Relations Committees behind closed doors. Midway through the expected meeting, Fidel exited the chambers and with his entourage immediately embarked for Cuba. Within a month, Castro made a call to Moscow and penned a treaty there. The rest is history. What has since been revealed about the Dulles Brothers leaves little doubt that strong-arm, mafioso tactics were applied behind those closed doors (Historians should try to get Fidel Castro’s remembrances of those times for posterity).
Somehow, Merkel and the past use by dated Finance Minister Wolfgang Schäuble need to study their history a bit closer; it may not repeat but it sure could rhyme. Have either of these German *sparks* ever thought of two important factors that will doubtlessly affect German wellbeing: first, the Turkey/Greek gas supply pipeline, the rent for transiting Greece could be very very dear; and second, Greece had (possibly very past tense) been vital to NATO’s front against the old Soviet Union, but has an abundance of deep water ports that could easily be leased to friendly forces. I suspect much of the Greek national budget and debt payments could be easily paid by NATO for avoiding those considerations. In all, Greek geography provides some nice cards to be holding. The Germans need to rethink their austerity and the genetic obstinacy they politically rely on before it is too late (retire that brain deceased Schäuble on a good pension, it will pay in the short run).March 14, 2015 at 9:44 am in reply to: The American Story Is A Mystery Only to Economists #19831
Maybe the thesis should be the possible reason the collapse in petrol prices is not showing up in increased spending is because petrol is being bought with debt rather than income, or some factor resembling debt. Debt is just another form of asset as long as debt is being serviced, that is being returned with the agreed interest that covers the cost of not using someone’s savings by that person and the risk factor that those savings are lost either in part or in whole in the utility those savings represent.
But this would require a story that is not being told, a story missed by mythology except in small pieces scattered over that terrain of presentation of a world view, how the world works. Myths are only a way of teaching, of presenting experience, of explaining complex concepts, of establishing coherency. Real myths are reality based; fantasy also uses myths to stimulate the imagination, sometimes fantasy can better reflect some aspects of nature with less distortion than any other way, more often though, not; the danger being confounding the two forms.
Beliefs, when not employed in stating incomplete knowledge, are nothing but fantasy. Beliefs are like banners in the wind, showing the direction of that wind and are as fickle as the wind’s orientation is wont to be and only indicating the strength of the wind at only the place the banner is, no where else is exactly the same. All too often beliefs are taken to be measure of qualities measured by other means, like measuring girth by scale, many an erroneous results pursue the assumptions needed.
Stories too are prone to the caprice of telling and the vagaries of ear of the listener. One such story, about a princess who needed some gold for a long weekend in Ibiza since Margate was becoming all too familiar a getaway place. Her father, the King was saving up for a new castle and couldn’t spare anything just then. The princess had heard about a smallish (that is instead of dwarf to calm the PC crowd) who spun gold out of straw and would do so if any could guess its name. The princess thought long and hard and then some more. Finally she had her answer.
and had enough to take her friends to Marbella instead. Finis.
(the above is in recompense for abusing the bandwidth a few posts ago)
@ Professorlocknload, reply #19795
I do so double dare you to use either Grandma or Granny over at Naked Capitalism (see commentary, look for *Ian* and following mêlée)
The Madam des Salon might enjoy the additional traffic (take this at multiple levels, SVP). [Spoiler alert] Seems the Madam and Salon conflate an endearing term with ad hominem to lynch mob fever; quite the rational free zone created, you would likely enjoy the splendid spectacle of equating a *granny* to some imagined ad hominem e.g.:
Janet Yellen, a surviving crone from Burnham Wood, decapitated by a shard breaking through a glass ceiling, replaced by small albino pumpkin (de seeded) with matching white wig, vacuous, without the where-with-all to coherently assemble a simple two word reply to a yes or no question.
(sorry for the self quote of what was at hand, in mind)
If the dollar is strengthening as reported, and the €uro buys fewer dollars (and cents), could it be that both currencies are in free-fall? Against that the dollar buys more ¥en, go figure.
I don’t see much change in €uro prices (except petrol slightly less) and haven’t experienced the movements of dollar prices (inflation being reported at marginal rates). Is this a marker for a universe where down is up; night is day; war is peace and poverty is wealth? Or is someone off their meds in the media?
An interesting post from Zero Hedge.
Nice to know someone still remembers their economic history.
@ phil harris
Rest easy, The Guardian has been for some time a moll of the lads from Threadneedle Street. Only recently has she discovered that it pays to advertise. Find The Guardian now in her finest knickers across the street from BBC trying to attract their Johnnies. The idea there is actual reporting out of London went with Edward R. Murrow and the second world war’s blitz.
We’re drowning in nonsense here, and we’re prepared to just die without even trying to swim?
Fat floats – may explain the obesity as well as isolating cerebral neurons from contact needed for the thinking process.
What is not is the two portraits of US girl power in Ukraine from the Guardian and Bloomberg that appeared over the past two days. That’s not innocent, that’s vile and bastardly lies. Victoria Nuland and Natalie Jaresko should not be praised by the western media, they should be taken apart bone by bone, because the roles they play are far too shady to stand up to our alleged democratic principles.
That is called professional courtesy, what one professional will do for another, the respect of status for status. Not one, from the black non-entity peace prizer in the White House; VP Joe Biden and fils; Hillary and Chuckles Clinton; the Vapid SOS John Kerry and her Victoria Nuland (and the thing Natalie Jaresko above); not to mention their supporting cast inhabiting the troika, NATO, and the lot in Brissels; are not professional prostitutes, it’s the only thing they know to do, don’t expect sow’s ears to become silk purses. Same goes for their portapotty (portaloo) press retinue. What’s not to love?
Somehow the cri de cœur is being heard in the wilderness, the answer may come in silent whisperings from that wilderness if one listens well enough. No answers are to be found in the brazen trumpeting of power, neither guidance from its echos nor ephemeral succor from its din.
Most do not consider the enormity of the accomplishment of changing currencies for daily needs. The Euro not only did that but was transnational in its scope as well as being fully accepted by the populations affected, some easily and immediately and others having slower rates of acceptance, none now would know how to return to their former currency without grave dislocations. Greece would be no different, the Euro is now part and parcel of being Greek, of being Eurozone European, very few would willingly change that now established fact. These things are compounded by the problem that economic change requires the parties to negotiate together to accomplish desired goals, one party, taking after U.S. Republicans, have lost any ability to negotiate (That’s you Angela M’s finance minister, a rather forgettable personage) or even acknowledge disagreement. Although modern expectations of politicians is whenever lips are moving to expect hollow promise or misrepresentations, moving lips are also required to negotiate, something the German contingent of the EMU has either forgotten or has yet to learn – but there is hope yet – maybe.
@ reply 19568
right on the spot, 30 February. Can’t beat that for punctual.
@ reply 19540
Can we make that day 30th of February? please! please!
Perusing all the usual MSM suspects (BBC, The Guardian, The Independent, etc.) this morning and shoveling off their propaganda it is clear that the troika has given orders there will be no negotiation whatsoever with the genuinely elected Greek government. The stench of propaganda from the usual MSM suspects is high and may require breathing apparatus to wade through their shite but then that is true about most of today’s major reports – Russia, Ukraine, ISIS, Syria, Liberia, Egypt, France, Denmark and Fascist Israel, all toilet paper reporting for which many trees are liquidated daily. The gyre widens, the centre is terminally cancerous with corruption and a darkened visage shadows the land.
But then that shining light of the beautiful people Victoria Nu(t)land so imaginatively voiced the position – “Fu*k the EU”. I’d lay money on ‘it will happen’; cannot be soon enough. The chasm betwixt the population and their ersatz rulers grown ever wider; except maybe in Greece.
@ TheGreekOne, reply # 19110
Concerning the lack of currency you mention, an immediate step to alleviate that problem is by issuing a stamped script good for a short period and capable of refreshing with a stamp costing maybe 0.1 % or even 0.01 % for a subsequent (continuous) period renewal. The script would be issued directly to social welfare aid recipients, pensioners, the unemployed, young families, the handicaped and all students. The script should purchase all but luxury goods and all services required. The stamp scheme assures the script is used within a given time period, the continuous stamp renewal keeps the currency value current, reduces hoarding and also provides a revenue to cover administrative costs, possibly a stream of governmental revenue, etc. Such script can transition between printed euro currency and a more permanent Greek issued currency. No one should starve because of the obstinate idiot retards of the troika.
@ Geo-whatever, reply # 19088
Go on and finish the lollipop, I left it there because I did not want it after it fell into the yellow snow.
@ Raúl Ilargi Meijer, reply # 19084
Armed as TPTB are, that may be the optimal position to take. And since these institutions have lost the run of themselves, they become vulnerable, not only to a growing failure of public support but also to the ability to self correct. That combination of factors become the cancer that ends empires; it only takes a little patience, wisdom and courage (none of which is controlled by a monopoly), a widespread withdrawal of consent has earthshaking power.
@ Geo-whatever, reply # 19036
Return to whatever you do best, godspeed. Since you cannot respond without Youtube crutches to speak for yourself maybe trolling is the better answer after-all. It is a shame that you appear incapable of a rational discussion, but that has become the mark of the times. Don’t let the Youtube hit you on the backside as you leave.
@ V. Arnold, reply # 19061
The current IMF, WB and WTO are not your grandfather’s IMF, WB and WTO. Your grandfather who instigated those organizations would not recognise those institutions as they presently are. The change came as a result of opening the use of credit from strictly a source of economic production to that of amplifying consumption – look at the period when credit cards first came into widespread use, about mid to late nineteen-sixties. This opening of credit for consumption was not alloyed with a corresponding requirement to service the debts credit created. The miasma of that debt so created has not since cleared. That same scheme was applied to the IMF, WB and WTO by administrators installed by those under the influence of neoliberal thought collective mindset, who replaced the New Deal originators. The Nixon administration politicised not only the administration of jurisprudence but initiated the politicisation of the monetary/financial system as well. Both were necessary to begin the disassembly of the New Deal institutions and constraints on business. The Reagan administration marked the takeover coup by acolytes of neoliberal theology.
The probability of the European Monetary Union surviving the Greek challenge is becoming vanishingly small given the obduracy of the vested interests involved. The EMU edifice, fragile in its concept, will be in full disarray as the crisis moves to the other PIIGS and possibly France as well (PFIIGS?). By austerity they ruled, by austerity they fail. It will be fun to watch Turkey put their gas terminal on the Greek border, and Piraeus will make a fine warm-water port for the Russian Navy to occupy. Two of the find hand of cards dealt the new Greek administration. Not to overlook the milch cow that remaining in NATO could turn into.
@ Chris M, reply #19010
Henry George made a place for himself in economics is true, but it was a cul-de-sac in historical economics, a flash-in-the-pan, a once-off and unrepeatable, fit only for the conditions as they existed at that moment in political history. Many of H. Georges ideas were incorporated into state constitutions throughout the region those populists maintained political suzerainty, many times now disabling state and local governments to address economic ills otherwise within their capacity to resolve. Most of the problems in (The Lord of the Fly)-over regions can be traced back to H. George’s theorems and the limitations inherent. To illustrate examples requires there be not only a functioning idea about economics but also a common language having agreed definitions and understandings, for example ‘wealth’, what is wealth? How does that relate to ‘rich’? What is the source of ‘wealth’? What about ‘land’, ‘labour’, ‘capital’ or ‘entrepreneur’? I doubt there would be any two readers here that have or would agree on anything in common about any of those questions. Hell, I will not agree to respond to or dialogue ‘Youtube’ in lieu of a sentient person, I refuse to even consider watching such second hand, found opinions of recorded images that some unoriginal soul thinks they agree with and uses to speak for themselves.
As you can see, whatever may be suggested as a response is effectively useless until some form of commonality of theory and lingual usage is established. Under that condition, one of the significant warnings of economic irrelevance as proposed by Geo-whatever was land being sole source needed to base tax revenues on. That is a most preposterous proposition to take. Nothing else there holds up well either, but it is a bright glistery thing found by a sophomoric mind, a pedlar of tattered theories pressed and folded to look as new. Caveat emptor.
My-oh-my, another bright glittery thing. A thing that solves ALL problems. Except having an educated, well-informed knowledge of economics. Have at it …
Might it be nothing but an opinion that the Greek finance minister’s position is anything like Geo-whatever says it is? That is information I certainly don’t have about the Greek finance minister’s state of mind. George attempted to address conditions of his age but that does not make them relevant now.
Is there any indication as to the probable amount of the derivatives associated with the Greek debt, particularly the credit default swaps used by the creditor banks to reduce their reserve requirement exposure? What kind of multiplicand might be threatened with Greek default?
Just observed a post at Vineyard of the Saker which might be of interest.
That ought to bring up the price of Brent a bit, or more. Also an increase in employment for Greek pipeline construction workers, suspect for Turkish pipeline construction workers also. Looks like idol (sic) fingers just got burnt.
@ Ilargi #18154
Remember that in war conditions, governments freely deficit spend attempting to assure survival. Limits on spending are suspended, those providing needed goods and services receive the additional bounty provided by war policy under national emergency that otherwise would not readily happen in normal economic conditions. Another way of appreciating is economic demand is amplified greatly beyond normal conditions thus driving production and profits. These are effects that MMT attempts to induce without the condition of war as motivation.
It looks like the Obama has been listening to that magic mirror on the White House wall again. BBC reports:
How full of oneself can one get (rhetorical question, no answer needed)?
Ilargi – simply brilliant
Felices Fiestas, the season’s greeting that covers all from solstice, the eve of, X-day, boxing and St. Stevens day, the big night of the old year and New Year’s day. Whatever strikes your fancy or tradition. And a prosperous New Year as well.
Memory may be amiss but the referred remark was to the effect:
… you cannot declare war on a tactic
sometimes recall in an era of amnesia – only for the brave. YMMV
@ Variable 81 – et al
I am quite sure I remember it being discussed that what lead to the Great Depression was overproduction, the efficiency of production surpassed the efficiency of the workers getting living wages, plus ça change, plus c’est la mème chose.
You may have heard the expression ‘the roaring twenties’ (and that isn’t in reference to some geographic latitude), where American investment in production became overwrought and manic. At the same time government policy allowed laissez faire doctrine to impose a mercantilistic ideology, trade barriers and tariffs on imports and requiring cash dollars for exports. Once the world’s trade ran out of dollars to buy US goods, surplus goods rapidly accumulated beyond the ability of the economy to absorb. It was then, with mounting masses of unsold goods that further production was closed down, and adding to the inability to consume those goods. Interestingly enough, the whole idea behind Breton Woods was to create a bank and a fund to overcome these barriers to world trade but that gets into another story altogether.
It is de rigueur in current ideology to blame either labour or consumers for all that goes amiss in the economy, somehow it is never the management or more appropriately mal-management that carries the responsibility. This bias shows up in the remarks here as well. It might help as well, if history were better known, understood and interpreted, but then, that would be asking way too much.
In addition to Italy’s Beppe Grillo’s Movement 5 Star has company growing in Spain’s Podemos (We Can) development, augmented also by Greece’s Syriza political party. From The Guardian:
reviews the growing political opposition to orthodox economic dysfunction. Just as Franklin Delano Roosevelt depended on ‘brain trusts’ to flesh out the goals of the New Deal, and the neoliberal thought collective has adopted ‘think-tanks’ to accomplish its Chicago School of Economics nefarious agendas, it will be interesting to watch the newly forming parties to see what equivalent resources are developed or not, thus indicating their viability to address the existential economic duress being imposed through political austerity. This may be the last chance for the EMU to get itself corrected. For sure, the troika as it is presently constituted and controlled must be completely replaced with organizations adhering to their original design functions.
Someone needs call bollix on your source of information.
You have been presented with an anecdotal straw-man, given a generational label (gerontologically convenient), measured with both elastic standards as well as fungible language, conveniently arranged for you to make your arguments with. At one time those born after the start of WWII were included in the baby-boomer generation (as point of variance in terminology) such was the motivation to produce offspring under duress of war; but have it your way – no matter.
Those who you have identified as the ‘silent generation’ is another straw-man insofar as actually having responsibility for the conduct of affairs of state. The entirety of their experience lay between being overshadowed by their parent’s generation (FDR’s cohort) and the insidious loss of the Republic (and the congruent events in other political domains) that was ushered in at the rejection of the New and Fair Deal under the Nixon administration and the repudiation of those policies under the Reagan (Thatcher) insidious corruption of the Republic. Those which are referred to as baby-boomers have never really had access to power, they have hardly even had access to education (with the exception of those being educated during the period of Sputnik when it was in the national interest to have an educated population).
Insofar as the question of economic circumstance of generations matters, what is being promulgated is pure carnival fun-house of mirrors illusions starting with the fungible use of words applied to the shape-shifting economic models of orthodox construct. Terms such as rich and wealth have become synonymous and pass without clarity or analysis of their intended economic meaning or even the term is utilized correctly. Propaganda and manufactured emotions have replaced knowledge and factuality. History itself has been totally enveloped by the miasma of induced social dementia, observe how rapidly current events are vortexed down the memory hole – does anyone even remember the details of MH-17’s downing at this point? Do keep in mind this ‘other’ generation saved at some tens units a month and are now paying some multiple of 1000 a month to continue living. Some economic chasm there – no?
I am not sure anymore which generation you’ve described is my cohort, nonetheless the shoulders are broad and still capable of carrying a rightful load. I suspect your derived assumptions from your source may have put your opinion into erroneous territory.
Maybe slightly OT:
The Guardian has one of the very finest examples of prostitute journalism up on display today:
The Guardian has resorted to hasbara journalism, and in all likelihood the contamination must be considered to have spread in some degree to everything else it reports. A sure sign of the cancer of orthodoxy having taken hold is any reference still used of surface to air missiles being used in the downing of MH-17; the BBC is 100% fatally infected. The stenographer of the piece in The Guardian proceeds throughout referring as factual myriad statements for which no facts are in evidence. The writer’s presumption that this is journalism and they are journalists fall into the same category: facts not in evidence.
Returning now to the regularly scheduled opinions of Professor Constipation aka Locked-in-load.
An interesting posting at The Vineyard of the Saker.
Look what’s going on whilst distractions divert attention. That <strike>Nice Treaty</strike> Lisbon Treaty needs be rescinded, the Irish Republic was correct the first time, the French, as usual have theirs up their nether regions in their reconstruction of that failed attempt at constituting the EU.
@ Boogaloo – 5 November 2014 – #16356
A question: And just how is this going to work out in a population inflicted with cultural, historical and intellectual Alzheimer’s dementia?
@ Golden …
Your § 1: That certainly states an opinion, where did you find it?
Your’s again § 2: Sounds like the beginning of another conspiracy theory with the universal bad-guys, the progressives taking over the lead from the liberals – Oh! wait, you did get in a shot at those evil liberals at the end. How very Libertarian can you ever get. I don’t know Piketty gets almost everything wrong; I do know you do.
Finally your § 3: Not so sure what Piketty’s claims are, most references seem to be making claims for or about the author as you are. Certainly the inequality in an economy is nothing new and at present is only beginning to resemble that of the opening of the 20th century. Wasn’t that a glorious time to be working class? Not everybody had the resources to put together a railroad and rape the benefits as is your dimensionless imagination.
What your comment provides is a collection of opinion, nothing more, none of which is original, nary a hint of useful, but linked to another opinion (Forbes! Really!) that reflects your own – how nice you were able to find such in the vastness of the internet. Have you ever had an original thought of your own? However it did refresh an old opinion as well. Nothing has changed with The Golden Bollix.