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As we head into 2019, leaving the chaos of this year behind, a major question remains unanswered when it comes to the state of Main Street, not just here but across the planet. If the global economy really is booming, as many politicians claim, why are leaders and their parties around the world continuing to get booted out of office in such a sweeping fashion?

One obvious answer: the post-Great Recession economic “recovery” was largely reserved for the few who could participate in the rising financial markets of those years, not the majority who continued to work longer hours, sometimes at multiple jobs, to stay afloat. In other words, the good times have left out so many people, like those struggling to keep even a few hundred dollars in their bank accounts to cover an emergency or the 80% of American workers who live paycheck to paycheck.

In today’s global economy, financial security is increasingly the property of the 1%. No surprise, then, that, as a sense of economic instability continued to grow over the past decade, angst turned to anger, a transition that — from the U.S. to the Philippines, Hungary to Brazil, Poland to Mexico — has provoked a plethora of voter upheavals. In the process, a 1930s-style brew of rising nationalism and blaming the “other” — whether that other was an immigrant, a religious group, a country, or the rest of the world — emerged.

This phenomenon offered a series of Trumpian figures, including of course The Donald himself, an opening to ride a wave of “populism” to the heights of the political system. That the backgrounds and records of none of them — whether you’re talking about Donald Trump, Viktor Orbán, Rodrigo Duterte, or Jair Bolsonaro (among others) — reflected the daily concerns of the “common people,” as the classic definition of populism might have it, hardly mattered. Even a billionaire could, it turned out, exploit economic insecurity effectively and use it to rise to ultimate power.

Ironically, as that American master at evoking the fears of apprentices everywhere showed, to assume the highest office in the land was only to begin a process of creating yet more fear and insecurity. Trump’s trade wars, for instance, have typically infused the world with increased anxiety and distrust toward the U.S., even as they thwarted the ability of domestic business leaders and ordinary people to plan for the future. Meanwhile, just under the surface of the reputed good times, the damage to that future only intensified. In other words, the groundwork has already been laid for what could be a frightening transformation, both domestically and globally.

That Old Financial Crisis

To understand how we got here, let’s take a step back. Only a decade ago, the world experienced a genuine global financial crisis, a meltdown of the first order. Economic growth ended; shrinking economies threatened to collapse; countless jobs were cut; homes were foreclosed upon and lives wrecked. For regular people, access to credit suddenly disappeared. No wonder fears rose. No wonder for so many a brighter tomorrow ceased to exist.

The details of just why the Great Recession happened have since been glossed over by time and partisan spin. This September, when the 10th anniversary of the collapse of the global financial services firm Lehman Brothers came around, major business news channels considered whether the world might be at risk of another such crisis. However, coverage of such fears, like so many other topics, was quickly tossed aside in favor of paying yet more attention to Donald Trump’s latest tweets, complaints, insults, and lies. Why? Because such a crisis was so 2008 in a year in which, it was claimed, we were enjoying a first class economic high and edging toward the longest bull-market in Wall Street history. When it came to “boom versus gloom,” boom won hands down.

None of that changed one thing, though: most people still feel left behind both in the U.S. and globally. Thanks to the massive accumulation of wealth by a 1% skilled at gaming the system, the roots of a crisis that didn’t end with the end of the Great Recession have spread across the planet, while the dividing line between the “have-nots” and the “have-a-lots” only sharpened and widened.

Though the media hasn’t been paying much attention to the resulting inequality, the statistics (when you see them) on that ever-widening wealth gap are mind-boggling. According to Inequality.org, for instance, those with at least $30 million in wealth globally had the fastest growth rate of any group between 2016 and 2017. The size of that club rose by 25.5% during those years, to 174,800 members. Or if you really want to grasp what’s been happening, consider that, between 2009 and 2017, the number of billionaires whose combined wealth was greater than that of the world’s poorest 50% fell from 380 to just eight. And by the way, despite claims by the president that every other country is screwing America, the U.S. leads the pack when it comes to the growth of inequality. As Inequality.org notes, it has “much greater shares of national wealth and income going to the richest 1% than any other country.”

That, in part, is due to an institution many in the U.S. normally pay little attention to: the U.S. central bank, the Federal Reserve. It helped spark that increase in wealth disparity domestically and globally by adopting a post-crisis monetary policy in which electronically fabricated money (via a program called quantitative easing, or QE) was offered to banks and corporations at significantly cheaper rates than to ordinary Americans.

Pumped into financial markets, that money sent stock prices soaring, which naturally ballooned the wealth of the small percentage of the population that actually owned stocks. According to economist Stephen Roach, considering the Fed’s Survey of Consumer Finances, “It is hardly a stretch to conclude that QE exacerbated America’s already severe income disparities.”

Wall Street, Central Banks, and Everyday People

What has since taken place around the world seems right out of the 1930s. At that time, as the world was emerging from the Great Depression, a sense of broad economic security was slow to return. Instead, fascism and other forms of nationalism only gained steam as people turned on the usual cast of politicians, on other countries, and on each other. (If that sounds faintly Trumpian to you, it should.)

In our post-2008 era, people have witnessed trillions of dollars flowing into bank bailouts and other financial subsidies, not just from governments but from the world’s major central banks. Theoretically, private banks, as a result, would have more money and pay less interest to get it. They would then lend that money to Main Street. Businesses, big and small, would tap into those funds and, in turn, produce real economic growth through expansion, hiring sprees, and wage increases. People would then have more dollars in their pockets and, feeling more financially secure, would spend that money driving the economy to new heights — and all, of course, would then be well.

That fairy tale was pitched around the globe. In fact, cheap money also pushed debt to epic levels, while the share prices of banks rose, as did those of all sorts of other firms, to record-shattering heights.

Even in the U.S., however, where a magnificent recovery was supposed to have been in place for years, actual economic growth simply didn’t materialize at the levels promised. At 2% per year, the average growth of the American gross domestic product over the past decade, for instance, has been half the average of 4% before the 2008 crisis. Similar numbers were repeated throughout the developed world and most emerging markets. In the meantime, total global debt hit $247 trillion in the first quarter of 2018. As the Institute of International Finance found, countries were, on average, borrowing about three dollars for every dollar of goods or services created.

Global Consequences

What the Fed (along with central banks from Europe to Japan) ignited, in fact, was a disproportionate rise in the stock and bond markets with the money they created. That capital sought higher and faster returns than could be achieved in crucial infrastructure or social strengthening projects like building roads, high-speed railways, hospitals, or schools.

What followed was anything but fair. As former Federal Reserve Chair Janet Yellen noted four years ago, “It is no secret that the past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority.” And, of course, continuing to pour money into the highest levels of the private banking system was anything but a formula for walking that back.

Instead, as more citizens fell behind, a sense of disenfranchisement and bitterness with existing governments only grew. In the U.S., that meant Donald Trump. In the United Kingdom, similar discontent was reflected in the June 2016 Brexit vote to leave the European Union (EU), which those who felt economically squeezed to death clearly meant as a slap at both the establishment domestically and EU leaders abroad.

Since then, multiple governments in the European Union, too, have shifted toward the populist right. In Germany, recent elections swung both right and left just six years after, in July 2012, European Central Bank (ECB) head Mario Draghi exuded optimism over the ability of such banks to protect the financial system, the Euro, and generally hold things together.

Like the Fed in the U.S., the ECB went on to manufacture money, adding another $3 trillion to its books that would be deployed to buy bonds from favored countries and companies. That artificial stimulus, too, only increased inequality within and between countries in Europe. Meanwhile, Brexit negotiations remain ruinously divisive, threatening to rip Great Britain apart.

Nor was such a story the captive of the North Atlantic. In Brazil, where left-wing president Dilma Rouseff was ousted from power in 2016, her successor Michel Temer oversaw plummeting economic growth and escalating unemployment. That, in turn, led to the election of that country’s own Donald Trump, nationalistic far-right candidate Jair Bolsonaro who won a striking 55.2% of the vote against a backdrop of popular discontent. In true Trumpian style, he is disposed against both the very idea of climate change and multilateral trade agreements.

In Mexico, dissatisfied voters similarly rejected the political known, but by swinging left for the first time in 70 years. New president Andrés Manuel López Obrador, popularly known by his initials AMLO, promised to put the needs of ordinary Mexicans first. However, he has the U.S. — and the whims of Donald Trump and his “great wall” — to contend with, which could hamper those efforts.

As AMLO took office on December 1st, the G20 summit of world leaders was unfolding in Argentina. There, amid a glittering backdrop of power and influence, the trade war between the U.S. and the world’s rising superpower, China, came even more clearly into focus. While its president, Xi Jinping, having fully consolidated power amid a wave of Chinese nationalism, could become his country’s longest serving leader, he faces an international landscape that would have amazed and befuddled Mao Zedong.

Though Trump declared his meeting with Xi a success because the two sides agreed on a 90-day tariff truce, his prompt appointment of an anti-Chinese hardliner, Robert Lighthizer, to head negotiations, a tweet in which he referred to himself in superhero fashion as a “Tariff Man,” and news that the U.S. had requested that Canada arrest and extradite an executive of a key Chinese tech company, caused the Dow to take its fourth largest plunge in history and then fluctuate wildly as economic fears of a future “Great Something” rose. More uncertainty and distrust were the true product of that meeting.

In fact, we are now in a world whose key leaders, especially the president of the United States, remain willfully oblivious to its long-term problems, putting policies like deregulation, fake nationalist solutions, and profits for the already grotesquely wealthy ahead of the future lives of the mass of citizens. Consider the yellow-vest protests that have broken out in France, where protestors identifying with left and right political parties are calling for the resignation of neoliberal French President Emmanuel Macron. Many of them, from financially starved provincial towns, are angry that their purchasing power has dropped so low they can barely make ends meet.

Ultimately, what transcends geography and geopolitics is an underlying level of economic discontent sparked by twenty-first-century economics and a resulting Grand Canyon-sized global inequality gap that is still widening. Whether the protests go left or right, what continues to lie at the heart of the matter is the way failed policies and stop-gap measures put in place around the world are no longer working, not when it comes to the non-1% anyway. People from Washington to Paris, London to Beijing, increasingly grasp that their economic circumstances are not getting better and are not likely to in any presently imaginable future, given those now in power.

A Dangerous Recipe

The financial crisis of 2008 initially fostered a policy of bailing out banks with cheap money that went not into Main Street economies but into markets enriching the few. As a result, large numbers of people increasingly felt that they were being left behind and so turned against their leaders and sometimes each other as well.

This situation was then exploited by a set of self-appointed politicians of the people, including a billionaire TV personality who capitalized on an increasingly widespread fear of a future at risk. Their promises of economic prosperity were wrapped in populist platitudes, normally (but not always) of a right-wing sort. Lost in this shift away from previously dominant political parties and the systems that went with them was a true form of populism, which would genuinely put the needs of the majority of people over the elite few, build real things including infrastructure, foster organic wealth distribution, and stabilize economies above financial markets.

In the meantime, what we have is, of course, a recipe for an increasingly unstable and vicious world.

Nomi Prins is a TomDispatch regular. Her latest book is Collusion: How Central Bankers Rigged the World (Nation Books). Of her six other books, the most recent is All the Presidents’ Bankers: The Hidden Alliances That Drive American Power. She is a former Wall Street executive. Special thanks go to researcher Craig Wilson for his superb work on this piece.

(Republished from TomDispatch by permission of author or representative)
 
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  1. However, coverage of such fears, like so many other topics, was quickly tossed aside in favor of paying yet more attention to Donald Trump’s latest tweets, complaints, insults, and lies.

    Tossed aside by whom? The corporate media of course. Fake news. Their ONLY agenda is the ongoing demonetization of Donald Trump.

    Minus the obligatory Trump bashing this is a good piece. The beating heart of Neo Feudalism (against which we populists/nationalists/deplorables rebel) is debt money aka the FED. So what would you have us actually do about the banking cartel? Vote BETO? Check our privilege?

    • Agree: densa
  2. I suggest stepping back further than the GFC, to the halcyon days of Thatcher and Reagan and TINA.

    That’s when we stopped investing in ourselves, which is why R&D has a 50% lower share of GDP today than then.

    Encouraged by the success of this non-investment, we then stopped keeping up the infrastructure we had built–including the great corporate labs that created our recent prosperity–and now the maintenance bill is coming due.

    Needless to say, the Chinese did the opposite and the current “China!” noise is designed to distract us from the dreadful destiny our faux democracy created for us.

    But a country deserves the government it gets and we’ve always liked Elmer Gantry’s style of self-confident bullshit.

    • Replies: @Biff
    , @follyofwar
  3. (((Nomi Prins))) describes the problem accurately,

    but (((she))) has the dynamics entirely wrong:

    in order to buy consent for free-trade and open borders,

    both aimed at liquidating the Whites and their nations,

    the Judeo-globalist (((banksters))) and (((billionaires)))

    have piled up hundreds of trillion$ in debt and fiat funnymoney. Naturally,

    the lucre flows into the pockets of the already rich, while

    the rest of us get the debt. In all honesty,

    I fear for the Jews, both universalist Tikkun Olas like Nomi and the Zio-nationalists,

    when the (((Great Ponzi))) collapses.

  4. I miss Mike Whitney. Where did he go? He hasn’t posted anything here at Unz since June. He was just as good as Nomi on the finance/economic topics, but we didn’t have to endure the constant anti-Trump virtue-signalling. It’s a bit like being served castor oil along with your beef bourguignon: it spoils the whole effect.

    Another thing I don’t like about Nomi is how she fails to make the connection between hyper-financialization and falling median incomes in the West on the one hand, and open borders and ‘free’ trade on the other. Neoliberalism could succinctly be defined as the free movement of goods, capital and people across borders. Hence, there is nothing left-wing about hating borders–not if you by ‘left-wing’ you mean pro-workingclass.

    • Replies: @Franz
    , @Wally
    , @ThreeCranes
  5. Remember, the Tea Party was a grassroots anti-banker movement. The media successfully convinced the rest of America that they were all racist fascist deplorables.

    • Replies: @Johnny Walker Read
  6. Post-housing collapse, maybe, the Fed should have provided loans to Main Street merchants, unleashing more small-business energy, especially since so few Americans are starting businesses these days. But those loans, too, always need to be allocated to people with a reasonable chance to pay them back. The Fed gave the dough to the banks and the zombies, but in different ways, the small-business climate in the USA is almost as bad as the zombie-business climate.

    Back in 2008, any small-business stimulus would have been complicated by the need for small fish to compete with the Goliath of big-box chains and on-every-corner franchise mills spawned by big corporations, which, in neither case, generate many quality, rent-covering jobs beyond a few management positions. In many cases, the owners of franchise businesses do not make much—they can’t pay much. And the recent attempt to stimulate small businesses via the LLC tax cut might be diluted by the undermining of small retail by volume sellers, like Amazon & Walmart—behemoths that sell everything under the sun at cut rates, now speedily delivering to customers’ doors.

    Infrastructure spending would create long-term value and some quality, if temporary, jobs mostly for underemployed males, one of the groups unable to just work part-time or temp jobs at low wage levels, making up the difference between living expenses and inadequate pay with spousal income, child support checks or multiple monthly welfare streams from .gov and a refundable child tax credit up to $6,431. Rather than working multiple jobs, that is what many single-breadwinner parents do. They stay below the income limits for the .gov handouts, strategically, thereby keeping wages and job quality low for many women who lack access to unearned income streams unrelated to their employment.

    College-educated Americans (and others) also face the problem of the many dual-earner parents, keeping two of the few decent-paying jobs with benefits under one roof. These are often not two rocket-scientist jobs, but jobs that many educated people could perform. They maintain those jobs despite tons of time off to accommodate their personal lives, letting $10-per-hour daycare workers, NannyCam-surveilled babysitters and never-retiring grandparents do the work of raising their kids. The middle-class job pool would expand dramatically if they were just more interested in raising the kids they produce, but they put house size and multiple vacations first, with the liberals among them insincerely bemoaning the fact that 30 million Americans lack health insurance, while they are double-covered in their above-firing, family-friendly jobs.

    Still, if infrastructure spending is used to build The Wall, everyone will at least be safer, welfare expenditures will go down and fewer welfare-assisted noncitizens will chase jobs, driving wages down for underemployed US citizens. Bridges require repair—something that affects the safety of everyone in the country. The electrical grid and nuclear plants need to be fortified. Something needs to be done about cybersecurity, a type of invisible infrastructure that is more and more important.

    We need US citizens to get these jobs, including the record number of working-aged US citizens out of the laborforce. Infrastructure spending should not be used to employ the citizens of other countries, like the 1.5 to 1.7 new legal immigrants admitted into the country each year, many of whom qualify for welfare and tax credits for US-born kids and boatloads of illegal immigrants.

  7. tac says:

    The Western propaganda continues unabated. In the latest episode of #FakeNews France3 TV got caught broadcasting a fake Yellow Vests image–photoshoped by its disinformation division–to their viewers, and then blatantly lied about afterwards:

    https://www.rt.com/news/446613-france3-macron-yellow-vests/

    What are some of the biggest grievances of the protesters aka Yellow Vests?:

    • Replies: @jilles dykstra
  8. Anonymous[346] • Disclaimer says:
    @Haxo Angmark

    I fear for the Jews, both universalist Tikkun Olas like Nomi and the Zio-nationalists,

    when the (((Great Ponzi))) collapses.

    Haxo has to be hasbara of some sort trying to discredit Prins’ article. That aside, I hope for major correction before we see a complete collapse of the U.S. and global economy which will result in complete social collapse. For no other reason than I live in a major East Coast city and am not prepared to forage for food.

  9. Biff says:
    @Godfree Roberts

    That’s when we stopped investing in ourselves, which is why R&D has a 50% lower share of GDP today than then.

    Encouraged by the success of this non-investment, we then stopped keeping up the infrastructure we had built–including the great corporate labs that created our recent prosperity–and now the maintenance bill is coming due.

    Is this the result of Ivy League schools pumping out more degrees in finance rather than science and engineering, or the cause?

  10. Brian says:

    Including Hungary and Viktor Orban in your piece demonstrates a lack of research and a definite lack of perspective. I discount the rest of what you babble on about as a result. Try doing some on-the-spot research. You might learn what really is going on. Start with the hundreds of YouTube tourist blogs. Then visit. Stop blindly regurgitating the narrow, usually distorted crap you find in the press. You may have a point but it appears to be a house of cards. To me at least. An expat enjoying my freedoms in Hungary.l

  11. Yeah, and what ‘tomdispatch regular’ Prins does is increase the sense of rage and helplessness by pointing out the degenerative process without offering any avenue to lance the boil and treat the infection. This only contributes to the resultant social problems she describes. Not necessarily smart.

    Better had she pointed to some means of holding those responsible accountable, example given:

    https://ronaldthomaswest.com/2018/10/12/a-breaking-point-in-geopolitical-torsion/

    ^ my modest contribution

  12. I’m old, mid seventies, studied economics in the sixties.
    Among the many stupid things I did or thought in my life is that economics is what is expressed by ‘economics is common sense made difficult’.
    Maybe I had also the completely wrong idea about common sense, looking back, and looking around me now, it hardly seems to exist.
    The figures about CO2 ppm can be explained in one sentence, yet mankind seems to be embarking on the most expensive experiment ever, the outcome of which will, my conviction, be that the only effect is back to barbarism, civilisation depends on cheap energy.

    About financial crises, around 1880 there was a crash in Germany, Wild West around emission of shares was ended.
    In 1929 USA financial regulations were way behind German, the great crash.
    The USA, with GB, is the only country in the world where the central bank is not state owned.
    Therefore derivatives were not regulated, the fairy tales about absolute minimum value were believed, as were before 1880 in Germany emission fairy tales.
    We have one more problem central bank, ECB, in theory owned by the euro countries, in practice Draghi can do what he wants, as long as he stays within his statutes.

    Anyone with some insight in the world economy sees that w’re heading towards a gigantic crash, who is unable to see this can read Varoufakis.

    Now how did we get into this mess ?
    In my opinion quite simple: globalisation, that made the political power of the nation states disappear, EU of course also is globalisation.
    Central bankers of the world monthly meet at BIS Basle, financially, economically, in my opinion, there the world is ruled.
    What these central bankers think, I’ve no idea.
    But that Dutch central bank director Klaas Knot does not care for Dutch interests, is more than clear.

    There is one important and interesting thing about economies, economy defined as the finances of a country, the euro zone, the USA, politicians, and bankers, even central bankers, do not control economies.
    A few aspects can be controlled, but not all of them at the same time.
    So inconsistent decisions lead to unwanted, and/or unforeseen consequences.

    The euro is a political experiment, the object was to force euro countries to become more or less economically the same.
    It failed, southern euro countries differ economically as much now from northern as when the euro was introduced.

    The only way out for France economically now I can see is the old devaluation recipe.
    Alas, ‘thanks’ to the euro this is no longer possible.
    So that, what is erronuously called elite, has maneuvred itself into a lose lose situation, do nothing, and France will have a second 1791, or remove the euro flag from the sinking EU ship.
    In both cases, as far as I can see, end of EU.

    Reason, common sense, never ruled the world.

    • Replies: @Anon
    , @Spanky
  13. @tac

    Quite simple, more and more French are running into financial difficulties.
    Most of them of course do not understand why, but they’re not interested in why, as the immigrants ‘we want a better life’.
    Since over ten years now, I’m retired, we live many months yearly in France.
    Great country, compared to the Netherlands, more and more resembling LA.
    We do not pay French income taxes, just property tax.
    But the steady increase over the years of the cost of living in France we noticed quite well.
    For the last two or three years it is clear to us that even our French neighbours are less affluent, our neighbouring houses all are second homes, owned by upper middle class, of course.
    Complaints about the cost of the gardener, no parties with traiteurs any more.
    A traiteur is someone who prepares expensive dishes for parties etc.
    French complain, even in casual conversations, a restaurant owner ‘Macron is right, nobody wants to work in France any more’, someone else ‘France is ill, we pay to much for social security’.

    • Replies: @tac
  14. Nomi doesn’t even mention the impact a million and a half legal immigrants coming in each year has had on our supposed recovery. How can we trust what she says when she leaves out such pertinent information? In fact we could argue the only way we were able to recover after the Great Depression is because immigration had been cut.

    • Replies: @follyofwar
  15. Franz says:
    @Digital Samizdat

    I miss Mike Whitney. Where did he go?

    I second that, very much a whole lot.

    Mike was possibly the only journalist who gave Trump a modicum of good advice when he mentioned bumping retirees pay instead of pretending corporate tax cuts will ever “trickle down” to the workers still on the job. Bullseye! I could use a raise.

    Mike said $150 more per month would go directly for stuff retirees need, especially the ones right on the edge. Young plumbers, roofers, electricians and so on would have tons of work to do.

    Cut corporate tax, on the other hand. and the buggers only send more work to China, sluice money to anti-worker NGOs, or sit on it all like Bill Gates.

    I’d go one step further: Put a cork in the billions for Israel program and pay off all American student loans. Further still: Tax corporations that outsource work to pay every young worker $2500 monthly till America learns how to pay “middle class wages” again. Bezos at Amazon can get a special bill for the millions of worker-years he’s stiffed and pay them US Marshall rates, backdated to their start date with interest.

    I know, I know. Fascist economics is so boring. But we’re near the centennial of the days when Benito Mussolini was the most respected and successful politician in Europe if not the world.

    There was a reason for that.

    • Agree: bluedog
  16. Anon[241] • Disclaimer says:
    @jilles dykstra

    I saved my time reading from the first point of peak nonsense about the central banks of the US and UK being (the only ones in the world indeed!) not “state owned”. Is it too difficult to discover that that is misleading rubbish? It wouldn’t take long for the governments to impose their views of the right policies on the Fed and the B of E and that meets the only point you can be making.

    • Replies: @jilles dykstra
  17. wayfarer says:

    There is no calamity greater than lavish desires. There is no greater guilt than discontent. And there is no greater disaster than greed.

    source: https://en.wikipedia.org/wiki/Laozi

    • Replies: @Wally
    , @Agent76
  18. As far as I can discern, actual unemployment in the US for the month of November 2018 is 21.3%. That figure hasn’t budged more than three points since the 2008 crash.

    Locally, a news ad soliciting applications for a job as cashier at a small supermarket resulted in a line of over 500 applicants by 6 a.m. the following morning.

    We are pounded daily by a media ordering us to accept the bill for millions of unskilled, illiterate illegals, and to pay for Israel’s genocidal reign in the Middle East while our own country crumbles.

    The core freedoms in the US–speech, assembly and religion–are being systematically demolished.

    Sooner or later the pressure is going to find an outlet, and it won’t be pretty.

    • Replies: @Jeff Stryker
  19. @Fidelios Automata

    Yes, and do you remember how quickly that whole movement was co-opted by rich establishment Republicans?

    • Replies: @Wizard of Oz
  20. The details of just why the Great Recession happened have since been glossed over by time and partisan spin.

    Just reading this article could lead one to believe that the GFC “just happened” as if a result of bad luck rather than the deliberate fraudulent banking and investment practices behind it.

  21. Nothing will change as long as the Zionist banking kabal has control of the money creation via their privately owned FED and their privately owned IRS to tax any gains and this UNCONSTITUTIONAL FED and IRS has been in operation since 1913 and is the biggest fraud in the history of America!

    Nathan Rothschild infamously said, I care not what puppet is placed on the throne of England as the man who controls the nations money supply controls the British empire and I am that man!

    Just as it is in Britain so it is in America and all nations of Europe, the Zionist banking Kabal rules via their money creation and their taxation and this is part of the Zionists plan for a Zionist NWO and to get a look at the Zionist plan , take a look at the 10 planks of the communist manifesto and read The Controversy of Zion by Douglas Reed and The Committee of 300 by Dr. John Coleman and The Protocols of Zion.

    Free America from the Zionist banking kabal abolish the FED and IRS!

  22. @VirtualAnon34

    If there is no menial employment than why do illegals come to the US?

    • Replies: @Anon
  23. @Anon

    I stated a simple fact

    • Replies: @Anon
  24. To whom is the 274 trillion dollars in debt owed? Do the 7 billion people owe it to 274,000 people in the ivory towers, who are oblivious to the needs of the masses? Where is the list detailing the names of the exploiters that can be used to string them up from the tower balconies? Replace the 1% with the 9% who actually do the work along with the 90% and incentivize cataclysmic changes required to balance the state of the humanity, now!

    • Replies: @Ilyana_Rozumova
  25. Lets impeach Trump and remove him from Presidency already!!!!
    I want to see some fun in US.

    • Replies: @Jeff Stryker
    , @follyofwar
  26. @Ilyana_Rozumova

    He has not done anything impeachable. Unlike Clinton, he did not have affairs with women in the White House and in any event has completely won the Stormy Daniels case which only demonstrates the man has bad taste.

    Leftists who ordinarily love Russia suddenly want to accuse them of voting for Trump, though why is indeterminate.

    He has espoused building a wall on the Southern border. This is hardly revolutionary, merely common sense.

    He has said stupid things like calling a Warren “Pocahontas” because he is not a politician and was never a lawyer who was paid for his words.

    But there is not really enough to impeach him.

    • Replies: @Ilyana_Rozumova
    , @Wally
    , @Wally
  27. I have already said that only solution to this mess is to considerably increase the inheritance tax to high level. All other talk is only BS.

  28. David says:

    This claim, even in its unsupported vagueness, seems unlikely: “As the [Totally Credible International Something] found, countries were, on average, borrowing about three dollars for every dollar of goods or services created.” What countries, when? There’s nothing at the link unless its another link with none of the key words in it.

    Let’s see. The US acknowledges adding $1 trillion a year in debt. Let’s triple that to be “conservative.” Still the US is producing $20 trillion a year in goods and services. 3 dollars for every 20 dollars, a long way from 3:1, and kind of hard to see how one makes up the difference in the rest of the world.

    But what is the point of this article? There is zero insight or new information. Just some boring polemical indignation and doubtful stats given in units that aren’t even printed on paper anymore.

    Yes, central banks inflated asset prices and rich people got richer at the expense, largely, of everyone else. This has been the general understanding of TARP et al. since 2009.

    Finally, stats that claim eight people hold the wealth of another half of the world’s population just illustrate how inadequate our metrics of wealth are. They ignore that fact that to very poor people, there’s little connection between monetary wealth and livelihood. I’m spent many happy days fishing in estuaries on the misnamed Pacific coast of Honduras, days of feasting on fresh seafood and frolicking in warm water, days in which no money changed hands. If the rich think they’re richer than that, why disillusion them?

    • Replies: @jilles dykstra
  29. @Jeff Stryker

    You underestimate Zionist Deep state capability. They already have prepared knock out punch.
    (All those Jewish lawyers brains storms must have come to some definite results.)
    But why wait until New Year ?

  30. @Reuben Kaspate

    Here is somebody who cannot understand anything!!!!

    • Replies: @Reuben Kaspate
  31. @Godfree Roberts

    NO! A country does not always deserve the government it gets. Sometimes it never does. Witness the fast sinking USA. Our two-headed snake of the Demopublicans has all the big money and controls the media narrative. They remorselessly attack and co-opt, through money and intimidation, anyone or any movement which attempts to get in the way of their agenda. In times past, before the deep state became all-powerful, perhaps real change was possible. Now it is little more than a pipe dream, as Trump’s surprise election by the unwashed deplorables is proving. Even if he meant what he said during the campaign, those calling the shots were not about to let him p*ss on their parade.

  32. Wally says:
    @Digital Samizdat

    Prinz also fails to acknowledge the massive breeding habits and criminality of the lowest IQ segments of the population which greatly exacerbate that “inequality gap” and saddles others with the immense costs.
    Yet these neanderthals demand an ‘equal income’.

    • Replies: @Jeff Stryker
  33. Wally says:
    @Jeff Stryker

    said:
    “Unlike Clinton, he did not have affairs with women in the White House …”

    Clinton was brought up for impeachment because he lied under oath in the Gennifer Flowers sexual harassment case.
    Not because he got a blowjob from Monica Lewitsky. Pardom my French.

    Facts matter.

  34. Wally says:
    @Jeff Stryker

    said:
    “He has espoused building a wall on the Southern border. This is hardly revolutionary, merely common sense.”

    Just ask the Israelis about there massive, highly staffed & armed wall.

    You won’t hear much about that from the Schumers, Pelosis, & the other leftists.

  35. @Wally

    BREEDING HABITS & CRIMINALITY

    Poor are usually conceived by teenagers in random lusts or very young adults.

    What can two uneducated 18 year old poor people possibly do to equip their offspring with any sort of chance in a post-industrial technological world?

    Male parent usually leaves to sow wild oats. Nine times out of ten the relationship fails and Dad goes off to be like any other 18 or 20 year old male.

    Poor usually grow up in appallingly high-crime areas (Unless rural white poor) where gangs, sluts and general petty crime are the order of the day.

    They start taking drugs when they are very young. It is not uncommon for a 14 year old poor white to already be addicted to crystal meth, for example.

    They always live in sexual hothouses where girls are molested and become sluts or males become sex offenders because Mom’s boyfriend diddled them.

    They never use birth control and spread their shitty genes.

    How can they be equal?

  36. Spanky says:
    @jilles dykstra

    You should be old enough to remember that in the 19th century what we currently call economics (and revere as science) was known as political economics (for good reason).

    • Replies: @jilles dykstra
    , @Che Guava
  37. @The real Buddy Ray

    We recovered from the Great Depression for one reason only – World War II.

    • Replies: @jilles dykstra
  38. @Ilyana_Rozumova

    If Trump is impeached and removed from office the fun will be over! I presstitutes would be sorry, too.
    Is there ANY politician more boring than Mike Pence?

  39. @David

    ” They ignore that fact that to very poor people, there’s little connection between monetary wealth and livelihood. ”
    Correct, what you see in statisticts is just what has gone through markets.
    What people produce for themselves, barter in the neighbourhood, etc, is not measured, cannot be measured, unless you send armies of inspectors, but even then ?
    About poor people, depends on what you see as poor.
    French farmers I cannot see as poor, also not as rich, eat their own potatoes, vegetables, fruit, cut their own wood for heating, dodge taxes by working for one another in turn, sharing machinery, etc.
    And make their own booze.

  40. @Spanky

    I do not remember: Histoire sommaire de la pensée economique.
    It no longer surprises me that hardly anyone understands what the science of economics is.
    Has nothing to do with politics.

    • Replies: @Spanky
  41. @follyofwar

    Well, the Great Depression was solved in Germany in just three years: 1933 1936.
    As Carles A Beard shows, FDR wanted war.
    Therefore, in my opinion, he did not solve the Depression, he kept labour ready for war production.

  42. @DESERT FOX

    I am exactly as big Zionist as you are a retard.

  43. @Ilyana_Rozumova

    What is wrong with the progressive income tax so common in W European countries ?
    On top of that, do you not know how rich Americans avoid all inhertitance taxes by transferring their wealth to some charitable institution ?
    Children get well paid ‘jobs’ there.

  44. @Ilyana_Rozumova

    If you greatly increase the inheritance tax all it would do is to create a great deal of work (and money) for lawyers. The well-connected rich will always find ways to get out of it. And don’t forget who writes the tax laws. They are millionaires too, and don’t want their ill-gotten wealth to go back to the government which has so handsomely rewarded them.

    • Replies: @Ilyana_Rozumova
  45. @follyofwar

    You are dead right. But you should have kept it for yourself. (Let them stick their heads into noose.)

  46. Nomi Prins don’t seem to appreciate the anti-worker aspects of mass immigration.

    Mass immigration lowers wages, increases income inequality, displaces native workers and prevents workers from getting wage increases.

    Mass immigration swamps schools, overwhelms hospitals, causes sprawl, harms the environment, destroys habitat for wildlife and makes it harder for young people to enjoy affordable family formation.

    Nomi Prins should know that Carney at the Bank of England has said that mass immigration lowers wages for workers.

    Tweet from 2015:

  47. I seem to remember the banks winning big time and everyone else losing. I also remember the internet being filled with propaganda from deep state public relations agents. Goldman Sachs Prins pushed the MSM version of all lies. The financial terror attack was the second inside job in less then 10 years to require uniquely massive psychological operations to keep the sheep hating each other and loving their masters so that they will remain slaves: ‘You’re angry, confused, you lost your job and your house. Be a patriotic voter.’

    The American voters love to elect plutocrats to “lead” them. Barack the Prostitute of the Plutocracy Obama give the banks $85 Billion in free cash every month for over six years in Quantitative Easing. For those who don’t understand the concept of QE, it means easing the money out of your pockets and into the pockets of the rich.

  48. @follyofwar

    Any system can be made foolproof.
    Wealthy will loose most of their wealth anyway when bond market collapses. Collapse of bond market is as inevitable as death,

  49. @jilles dykstra

    There is progressive tax in US also but obviously it is not enough.

    • Replies: @Wally
  50. @Ilyana_Rozumova

    And, you do, you old fart? Don’t forget your exlax tonight!

  51. Che Guava says:
    @Spanky

    Anybody who is accepting the self-description by economists of economics as a science is a fool.

    Jilles has a good point on pre-war German NS economy, that prosperity was not gained by fools pretending to be scientists, but by people applying simple logic.

    As for readers who miss Whitney (sure, I was also liking some of his writing, before it was here, too), he will be doing something else now, maybe more study, maybe a book, maybe just working, maybe if you do a search, he is still writing ‘net things.

    This Nomi reminds me of when Mr. Unz published two or so by Areeba Chomsky, admittedly this is less imbecilic.

    • Replies: @jilles dykstra
  52. tac says:
    @jilles dykstra

    And that is why you are witnessing a grassroots uprising of the good conscionable people whose backs are against the wall. These are certainly the beginnings of revolutionary times where neighbors are standing side-be-side against a system that has enslaved them to the point-of-no-return.

    Where, in society, is there room for the descent peoples who have paid a price, through blood and sweat, in order to make their lives and that of their greater society a model of which one should emulate? When is the time for the good of a society to finally stand up and shout in unison: “No More”! …. “We are the foundation of what society is built upon and sustains its very vitality”! …. “Stand up or forever be silenced into destitution”! ???

    Here is just one simple example of the peoples’ power when unified by a cause:

    And here even Lawyers and Judges protest in unison with the Yellow Vests:

  53. @jilles dykstra

    I’d be happy if the income tax was just truly FLAT, with no deductions whatever other than generous individual exemptions at the lower end. For example, corporate raider Mitt Romney famously paid only 9% of his income in federal tax after he wrote off his million dollar tithe to the LDS church. The year he ran for president, he actually paid MORE than he legally had to so the optics wouldn’t look so bad.

    Trump has learned from Romney’s error, by not releasing his taxes at all, still claiming that they are under audit. Many tax experts surmise that, due to large casino and other losses in previous years, he was able to carry forward the losses so he could have been paying zero.

    BTW, Trump campaigned that he would take away the “carried interest” loophole, so exploited by job-chopping hedge fund managers (Romney again). When the GOP passed its plan, the loophole was still there, along with billions more goodies under the xmas tree.

    • Replies: @jilles dykstra
  54. anon[118] • Disclaimer says:

    This article fails to address the elephant in the room. The #1 reason for the plight of the bottom 95% in rich countries is the high rate of immigration. Over the past 2 decades the US has taken in at least 3 million new immigrants a year, both legal and illegal, incl. 1 million new green card holders each year. This huge increase in population keeps wages low, allows employers to reap the full benefit of cheap labor while hurting both the low skill as well as high skills labor.

    Over 50% of college graduates are underemployed, i.e. working in jobs that do not require a degree, sputtering in a gig economy, losing their jobs in middle age, unable to afford health insurance, or paying for childcare, college for their kids or paying off their own college debt, having a hard time making ends meet — read the book Squeezed, while tech titans like Gates and Zuckerberg continue to push for more H1b visas so they can bring in millions more Indians and Chinese to compete with our college grads in our job market. But these large employers like the tech titans and Koch brothers cleverly push political correctness to silence anyone who dare point out the link between immigration and the plight of the middle class by immediately labeling anyone who points the obvious link a hater, bigot, racist, what have you.

    The trade sanctions with China is not going to do much. Manufacturing is not coming back, period. We’ve lost the whole supply chain to Asia. But if we highly curtail all immigration, there will still be plenty of good jobs left for Americans. Employers have no incentive to retrain workers now because they have access to the world’s cheap labor pool through high immigration. The only way to fix this increasing inequality in America is a 20 year moratorium on all immigration. Start by sending all illegals and all those not yet citizens packing.

    • Agree: densa
  55. Agent76 says:

    This family is responsible for allot deaths worldwide.

    May 31, 2016 Who Are The Rothschild’s, A Look Into The Corporate Dynasty

    Who are the Rothschild Family? This wealthy and influential family has funded wars, and helps sculpt the face of history. The 300 year old family line has become a corporate family dynasty, their wealth and influence are incalculable.

  56. anon[118] • Disclaimer says:

    God’s chosen are here to lead the world to its ultimate demise.

  57. anon[212] • Disclaimer says:
    @Haxo Angmark

    Prin=> financial security is increasingly the property of the 1%

    but as yet recognized is the why and the how the 1% has arisen with spoils that once belonged to the masses? How did this continuous, ongoing, always on its directed course to make rich the few at the expense of the tiny increments of the many, come about? What is the distance between the halves and the have not always widening? True the Wall Street bums and their corrupt red light whores and Federal Reserve pimps have not helped to economy to justly distribute its opportunities of a better life that our society have generated to the masses. But seems to me, no one has given an accurate explanation of why the continuous drain from the wealth hidden in the swamp always drains into the pockets of the Wall Street Brothel going gangster.

    In the beginning there was land and everyone lived on the same land.
    The Pope and king, and the just the king owned the land and the king
    delegated control of the land to a few lords in exchange; lords o
    organized the people on the land to produce consumables and deliver
    a share to the king, plus the lords were to trained the peasants into a fighting
    force to be used by the king if needed to defend the thrown.
    This was know as the feudal system.

    Next came fencing the land, because the Lords wanted to pass their good land ship deals to their children
    And about that time 1688 the Glorious Revolution pushed the power reserved to king, down to those who
    were the feudal estate land grant holders) that group established representatives among themselves
    to be what because known as the parliament.
    Textiles and scientific methods were advancing and so factories were developing in the towns.
    but to get the thousands who lived for free since before when on the land, off the land, and to force
    them away from self sewing their clothes from the skins of wild game, and to force them
    to not eat the crops they harvested for the feudal estate, the landed gentry fenced the land and
    the parliament created from thin air by law property rights and bestowed the blue sky property rights to the estate owner; Laws was a control device used by those in power (Trespass and private ownership)
    and the Sheriff of Nottingham was sent to kick the producers off the land, (they were forced by fences and the laws of trespass to become beggars on the streets in the factory endowed towns.
    As the land owners and global traded invested their money (capitalism) to build factories that made the store bought clothes the evicted suddenly became both labor and market. Forced to buy food and clothes at the market, they were just as forced to get a factory job making the very goods they used and make at their homes on the feudal estate. Now forced to buy.food and clothes the lucky evicted were hired to produce the food and to work in the factory that make the clothes they once made themselves. Those whose services were not needed by the factory because the beggars.

    This is what is happening around the globe with copyright, patents, and something called privatization.

    more on the above.

    Enclosure acts 1640 or on … uses trespass and private ownership to push the people off the land and to make them into slaves in service to the landed gentry. Some called this capitalism. I call it slavery.

    Because the landed gentry were doing so well education among them flourished and soon it because the mark of an Aristocrat to be educated. and education brought with it Martin Luther’s imposition (1492) the printed word in understandable everyday common language. So from that, and after the 1688 departure of the King, came the great rise in written works and creative art. Nothing would do but the greed of the educated land barons would do the same as was done with the land, they wrote laws to make ownership of the books, manuscripts, and art private property, and only they had the where_with_all to purchase the copyright or patent so they could own them (copyright) and then the technology in use in the factories was such that the investor greed of the landed gentry was such that ideas that could be expressed into useful objects needed to be owned exclusively their greed so they used their parliament to make the ideas that run the factory off limits (monopoly powered exclusivity). Patents turned ideas of people and the benefits that these ideas generated, into the privately owned exclusive competition protected domain of the patent owner who like the land owner and the copyright owner were derivatives of the the landed gentry, and the global traders so the landed gentry expanded their ownership and control of over things that could make things or knowledge that is needed to make things and over the arts that sold everywhere.

    This is along story and it takes quite a lot to make it clear.. but it is the copyright and patent monopoly ownership that Huewei was arrested over. even though the rule violated which enabled the arrest on was trading with Iran.. what a crock? Everyone is a looser with this kind of BS.

  58. @follyofwar

    Carrying forward losses is normal taxation procedure, exists, I suppose, in all western countries.
    Cannot see any problem.

  59. @Che Guava

    It is indeed difficult, for most people, I now know, to understand what the science economics is.
    A great test if something is a science is seeing it can forecast, economics can.
    Alas not any model made by people who think they understand economics is an economics model.
    Few people will believe me, but the Yellow Vest insurrection was foreseen in 1997 by 70 Dutch economists.
    They of course did not forecast the year, they simply explained it would happen.

    The problem of course is, but this problem exists in many fields ‘who is the real scientist ?’.
    Those who made the derivatives models in any case demonstrated that they were not economists.
    German economist Sarrazin was the first, as far as I know, to explain the USA derivatives disaster
    Thilo Sarrazin, ‘Europa braucht den Euro nicht, Wie uns politisches Wunschdenken in die Krise geführt hat’, 2012 München

    I have a very low opinion of USA, and British, business administration.
    Accounting Rules seem to be a religion, alas, as any religion, without a clear logical ideological basis.

    About Germany in the thirties, economist Schacht resurrected Germany in just three years, 1933 to 1936, by applying Keynesian theory.
    Schacht’s forecasts were reasonably accurate.

    Hjalmar Schacht, ´76 Jahre meines Lebens’, Bad Wörishofen, 1953

    • Replies: @Che Guava
  60. @follyofwar

    My first answer to you was insufficient so this is addition,
    ……………………………………………………………………………….
    All those investigations against Trump are worthless waste of time and money.
    Why?
    Because they all carry legal catch 22,
    If they prove than Trump did win because of Russian help or because he hushed up 10 years old affairs with prostitutes or any other garbage than the legal result would be that Trumps election is not valid.
    If Trump’s victory is not valid than Republican victory is not valid than logical conclusion is that Trump cannot be legally replaced by another Republican.
    Than there are only two options. Declare that victory of Trump is not valid and replace Trump with
    Hillary. The other option would be to call another election.
    ………………………………………………………………………………………………………………………………………..
    To replace Trump with Pence could work only if Democrats prove that Trump committed High crimes and misdemeanor during his reign. All other things are simply garbage.

    • Replies: @Patricus
    , @follyofwar
  61. lysias says:

    U.S. needs to start enforcing its antitrust laws again.

    Fat chance of that happening, unfortunately.

  62. Anon[424] • Disclaimer says:

    Very good videos , thanks

  63. Anon[257] • Disclaimer says:
    @Jeff Stryker

    Welfare. The legal get it too.

  64. Wally says:
    @Ilyana_Rozumova

    “There is progressive tax in US also but obviously it is not enough.”

    The US has been collecting record amounts of taxes.
    So how much is “enough”?

    Top 20% pay 95% of taxes, middle class ‘single digits: http://www.washingtonexaminer.com/omb-top-20-pay-95-of-taxes-middle-class-single-digits/article/2638746

    Thanks.

  65. Renoman says:

    You shoulda got the money by now

    Call that broker

    Fire off an email

    Track that weasel down

    I bet he’s down in the can

    Snortin back a great big line of coke

    5 more minutes, you’ll get the bill

  66. Wally says:
    @wayfarer

    Yet more “opioid” BS. The Sacklers / Purdue are not to blame. They provide a valuable product.
    facts:
    – Prescriptions for opioids have decreased greatly since 2013.

    – The Oxycontin formula was changed by Purdue years ago, making it very difficult to inject as was done previously.

    – Those with prescriptions are generally NOT the ones over dosing, those that buy drugs on the street ARE.

    – Yes, Oxycontin has a street value to those who sell their Rx, but that accounts for a small percentage vs. what is alleged in the tabloid press.

    Most opioid abusers are not actually using Oxycontin, but are using illicit street drugs fentanyl & heroin which are then conflated with Oxycontin & other less strong opiate prescriptions because there is now a huge ‘law enforcement’ witch hunt which profits from increased funding for the bogus claims of massive prescription drug abuse.

    – Oxycontin is very beneficial to those with serious pain. Yes, such serious pain does exist.

    • Replies: @wayfarer
  67. Patricus says:
    @Ilyana_Rozumova

    The Democratic congress can impeach Trump with a majority vote and they probably will. To remove him from office requires two thirds vote of the Senate. Not likely.

    • Replies: @nsa
  68. @Johnny Walker Read

    I am surprised you say “establishment Republicans”. Who are you referring to? My impression is that remnant old WASP (and no doubt Catholic) Ivy League/Stanford/investment banker/lawyer types tended to give up on Republicans even to the point of supporting Obama. Should the emphasis just be on “rich”?

  69. Agent76 says:
    @wayfarer

    Here is your sign! December 3, 1993 The CIA Drug ConnectionIs as Old as the Agency

    LONDON— Recent news item: The Justice Department is investigating allegations that officers of a special Venezuelan anti-drug unit funded by the CIA smuggled more than 2,000 pounds of cocaine into the United States with the knowledge of CIA officials – despite protests by the Drug Enforcement Administration, the organization responsible for enforcing U.S. drug laws.

    http://www.nytimes.com/1993/12/03/opinion/03iht-edlarry.html

    June 10, 2014 Drug War? American Troops Are Protecting Afghan Opium

    U.S. Occupation Leads to All-Time High Heroin Production

    http://www.globalresearch.ca/drug-war-american-troops-are-protecting-afghan-opium-u-s-occupation-leads-to-all-time-high-heroin-production/5358053

    • Agree: DESERT FOX
    • Replies: @wayfarer
  70. Anon[436] • Disclaimer says:
    @jilles dykstra

    I search for your “simple fact”. What was it? I don’t refer to misleading BS implying that governments don’t have effectively the same relationship to central banks in the the US and UK as in other countries or that there is private ownership and control of those central banks.

    • Replies: @HallParvey
  71. wayfarer says:
    @Wally

    May be lookin’ forward to swipin’ some swag from drug-dealers, when shit hits the fan.

    As I can’t say I have any respect for them, whatsoever.

  72. nsa says:
    @Patricus

    “To remove him from office requires two thirds vote of the Senate. Not likely”.
    Not a sure thing. The Rs may turn on the old fraud and opt for the very gothic Pence. The stock market recently gave a classic Dow Theory signal (lower low Industrials confirmed by lower low Transportations) that the Bear has arrived. Most the insiders will have sold at or near the top and the public left holding the bag as usual. Anyone with the slightest sense should be in cash but the masses of asses will be fooled again and only sell out at or near the bottom. When the market peels off 50% and home values are falling, what kind of mood do you think the public will be in with their evaorating IRAs and 401Ks in the dumper? Will tell you…..they will be baying for blood and the old coot’s scalp. The bull market has been an unprecedented 10 years, so the correcting Bear will be at least 2 years. Think the Rs want to go into the 2020 elections at the bottom of a Bear market with some Nero like clown at the helm madly tweeting away like a deranged cuckoo? It would be an electoral slaughter. There is a good chance the Rs get rid of their Trumpstein albatross by either impeachment or “illness” or “resignation” or who knows “what” in 2019.

    • Replies: @Jeff Stryker
  73. @nsa

    Very true. Approval rates for Trump depend upon the stock market.

  74. wayfarer says:
    @Agent76

    Currently meth, cocaine, heroin, and fentanyl are flowing virtually unimpeded through Mexico and into the U.S.

    Ask any local here in Yuma Arizona, and they’ll tell you right now meth is #1 and fentanyl #2.

    Just about every family has their sad war story.

    And politicians on the Rothschild payroll continue to thwart, securing America’s border.

  75. Agent76 says:

    There is one country who thought treatment and legalization and decriminalization was a better idea. The results speak for themselves.

    Jul. 17, 2012 Portugal Decriminalized All Drugs Eleven Years Ago And The Results Are Staggering

    http://www.businessinsider.com/portugal-drug-policy-decriminalization-works-2012-7

    Mar 11, 2015 How Portugal Won Its War On Drugs

    In 2001, Portugal decriminalized drugs, making the punishment mandatory rehabilitation or a small fine. So what did Portugal’s drug decriminalization do?

  76. Announcement to all infidels:
    Beatles made it clear to everybody: “We all live in a yellow submarine…………………..”
    So get out on the surface, and stop breathing air full of farts.
    ………………………………..
    Get a fresh air into your lungs.

    • Replies: @Che Guava
  77. @Ilyana_Rozumova

    Ha, Ha. If Trump cannot be replaced by Pence due to an invalid election to begin with, Hillary would not be called upon nor would there be a special election (the Constitution makes no provision for it). The Speaker of the House is third in line. Welcome President Pelosi.

  78. Che Guava says:
    @jilles dykstra

    Thank you for the reply.

    I have read some of Sarrazin’s thoughts on it.
                             I have not read Schacht, but have read of the econ. strategy. Am surprised that you say ‘Keynes’, it does not look the same to me, and seems to precede the time of Keynes having influence.

    Accounting, business admin., commerce, economics, all related, but as I do not need to say, not the same.

    To me, none of the ‘soft sciences’ is a science, except *some* aspects of psychology.

    Sure, sociologists misuse statistics (which, unlike many psychologists who have been through good courses, they don’t understand), economists use accounting data and information on laws over time, but no sociologist or economist is a scientist.

    Sciences are only the observational and classificatory (much of the natural, botany, fossils, etc.) or those based on the scientific method (hypothesis, test, synthesis from the results).

    If you want to count somebody like Nikola Tesla (I do), it is also sometimes the visionary who creates a new reality from a deep, almost instinctual, and superior understanding of newly available natural phenomena. His work can be derived from that of Maxwell, and a few lesser others at times, but in fact was not.

    Even medicine, much medical research is based on the scientific method, and anotomy and physiology are classificatory but the medical model itself (symptoms, syndrome, diagnosis, treatment ) is not scientific.

  79. Che Guava says:
    @Ilyana_Rozumova

    Ilyana,

    Do you like that song? I am supposing it is good for English-speaking infants or LSD-soaked hippies of long ago, but …

  80. Spanky says:
    @jilles dykstra

    Your slip is showing…

    Economics is all about politics… some animals (the rich ones) are more equal than others. And, if economics isn’t influenced by politics, then why are there such radically different and conflicting schools of thought in economics?

  81. @Haxo Angmark

    (((They))) are white Americans. It’s a (((domestic dispute))).

  82. Going to suggest Donald Trump is middle management, like all presidents now. He doesn’t have the power or authority that they hype he has. I would suggest it is unnamed individuals in the banking, intelligence, and military stratums that are in charge. I.e. supranational organizations like the trilateral coms. Or council on foreign relations, and a couple other well connected institutes. National sovereignty is also becoming passe as time continues, it is the age of transnational finance and capital. You only need publicity for elections, these individuals are so powerful, being nonexistent works better for them.

    • Replies: @Endgame Napoleon
  83. @Anon

    All ownership, of all kinds no matter what, is by sufferance of the State. You own whatever you own because the state says you do.

    Chairman Mao said that political power comes out of the barrel of a gun. Genuine political power is the ability to tell anybody anywhere that they no longer own something. That the state wants it, for the greater good. Maybe for the new football stadium.

    When the tax collector comes to take his share of yours, if you don’t cough up, he will advise the sheriff. If you refuse to pay, the sheriff will take you.

    Chairman Mao was right.

  84. Anon[436] • Disclaimer says:

    If that was intended as support for my comment I thank you.

    You remind me of the feudal basis of land law which meant that the peasant held from his lord in return for duties owed who held from his superior lorf all the wayvup to the king.

    Nevertheless I wonder how your analytical scheme deals with the case of the tax gathering authority taking your property/money on the orders of the Treasury’s taxing arm and the courts then order it returned and it is returned, posdibly after a tax collecting official being held in contempt of court.

  85. @Haxo Angmark

    Please.

    From what I understand, and I do not claim to understand all of it, she thinks that some of that money “thrown at the banks,” buoying them as collateral after the crash of 2008, should be used for infrastructure, rather than just continuing to fuel the credit bubbles with public money.

    Assuming US citizens are hired—and not welfare-assisted legal / illegal immigrants who will send billions from infrastructure jobs back to their countries of origin—it would provide a better quality of stimulus than just paying citizens & noncitizens to reproduce via the unfair progressive tax code.

    In addition to providing collateral to banks, the Fed apparently hands out what Prins calls “dark money,” which is funneled to select corporations at zero interest or at rates unavailable to the Blue-Vested / Red-Vested class of Deplorable borrowers.

    The Fed gives “dark money” to debt-laden zombie corporations, including companies having trouble servicing the interest on their loans, much less hiring underemployed US citizens.

    It is amazing-cubed that so many of the mammoth, multinational corporations, setting up shop in China and Mexico to avoid paying American citizens wages high enough to cover rent, still cannot make it in the big leagues of the hyped global economy without their “dark-money” fix from the Federal Reserve Bank.

  86. @Sponge Bob decadron pants

    I suggest that he needs to hire Ann Coulter to keep him focused on the priority issue that got him elected: immigration. She was right; it was the main issue unifying Deplorables. She could also make a logical, persuasive argument against mass-scale immigration to the public, although it is probably too late now that the Dems won the House. He should have done it a year ago. Of the staff he has, he should have let Miller make the argument. He thought it would alienate the Purple-Vested cross-over voters who put him over the top, misunderstanding where those voters’ purple came from. Those formerly Blue-Vested voters became redder and redder, the more mass-scale, welfare-assisted immigration undercut wages for citizens and the prospects for a middle-class life in the USA, whereas the reddest Red Vests are concerned with the cultural genocide underway in this country. America will soon be nothing but a factional, warring state, full of racial & ethnic groups vying for control, with the culture that reigned since the Republic’s inception in a vanishing pool.

  87. Icy Blast says:

    I will never be convinced that class is the decisive, defining category.

  88. @Digital Samizdat

    Right on about Prins’ schizoid attitude. She’s running up against her own prejudices and it’s becoming increasingly hard for her to square the circle.

    On the one hand she bemoans the cruel fate of the indebted majority but then dismisses the Right-wing politicians whom these elect in the hopes of finding a champion to advance their cause. She simultaneously feels pity towards the underprivileged and yet mistrusts and despises them as deplorables who are too stupid to recognize and act upon their self interest.

    Well, she’s halfway there and that’s an improvement over the malign stupidity she displayed in previous articles.

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