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All Comments / By Dean Baker
 All Comments / By Dean Baker
    Back in the 1990s stock bubble it was common for analysts to say things like price-to-earnings ratios (PE) no longer mattered. They were right, at least for a while, as the stock valuations of companies like AOL and Priceline soared way beyond anything that could conceivably be justified by current or future earnings. Of course...
  • Dean. Have you monitored this website for content prior to putting your articles?

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  • @Anonymous
    I was going to comment on the Paul Craig Roberts article, but for some reason it allows no comments, so I came here. I read this article earlier, but I am now mainly responding to the question Roberts asks.
    What explains Amazon's share price?
    1) Bezos is at the interface between the tech world and real life. Actually, I think that is the main thing right there. Contrast him with Gates/Microsoft, which is geek operation, and Jobs/Apple, which is about image, and Zuckerberg, who runs a vast circle jerk. The only real competitors are Google/"Alphabet", but they may be too smart for their own good. Bezos will be perfectly fine allowing the google boys to be the 2nd and 3rd richest men in the world.
    2) Amazon has a very good reputation as far as return policy goes. Their policy seems to be HEAVILY weighted to flaky buyers, to the great detriment of all Amazon-affiliated sellers. Amazon aims to be not just a "seller", but THE MARKETPLACE. Amazon is the middleman, and if they can also take a cut as the seller, so much the better for them.

    People buying Amazon stock are effectively buying into the bet that Bezos will dominate the world, and not let them down.

    People buying Amazon stock are effectively buying into the bet that Bezos will dominate the world

    Some hope. You can get all that cheap Chinese stuff from Aliexpress.com for a much better price and with fast airmail delivery. Then there’s alibaba, if you need a backhoe, prefab school building, whatever.

    Read More
    ReplyAgree/Disagree/Etc.
  • Anonymous • Disclaimer says:

    I was going to comment on the Paul Craig Roberts article, but for some reason it allows no comments, so I came here. I read this article earlier, but I am now mainly responding to the question Roberts asks.
    What explains Amazon’s share price?
    1) Bezos is at the interface between the tech world and real life. Actually, I think that is the main thing right there. Contrast him with Gates/Microsoft, which is geek operation, and Jobs/Apple, which is about image, and Zuckerberg, who runs a vast circle jerk. The only real competitors are Google/”Alphabet”, but they may be too smart for their own good. Bezos will be perfectly fine allowing the google boys to be the 2nd and 3rd richest men in the world.
    2) Amazon has a very good reputation as far as return policy goes. Their policy seems to be HEAVILY weighted to flaky buyers, to the great detriment of all Amazon-affiliated sellers. Amazon aims to be not just a “seller”, but THE MARKETPLACE. Amazon is the middleman, and if they can also take a cut as the seller, so much the better for them.

    People buying Amazon stock are effectively buying into the bet that Bezos will dominate the world, and not let them down.

    Read More
    • Replies: @CanSpeccy

    People buying Amazon stock are effectively buying into the bet that Bezos will dominate the world
     
    Some hope. You can get all that cheap Chinese stuff from Aliexpress.com for a much better price and with fast airmail delivery. Then there's alibaba, if you need a backhoe, prefab school building, whatever.
    ReplyAgree/Disagree/Etc.
  • In short, any forecast on Amazon’s future profitability has a huge element of uncertainty

    No shit Sherlocks! That is why investing in the stock market is considered risky. And no, most of us aren’t clueless, we are just taking our money for an uphill ride that we can’t get by sticking it in a bank savings account. Some of us are even smart enough to trail stops and ignore whiners like you two.

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  • @CanSpeccy

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.
     
    Trump versus the Deep State. Is this a scripted diversion, or is the US headed for civil war? Or I suppose it could be argued that the US is already in an information civil war.
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    ReplyAgree/Disagree/Etc.
  • Companies all go through the 10 Stages of Corp. Lifecycle, and Amazon is no Different, with one exception: the stages are greatly speeded up at present, arching over a relatively brief period of years instead of many decades.

    Amazon now is like Sears Roebuck in, say, the 1930s, a retail powerhouse. And like Sears, it will eventually go under, done in by repeatedly squandered customer good will, unsustainable debt loads, unrealistic growth targets and weird, short-term financial games in pursuit of stock price, poor timing and sluggish response to consumer patterns shifting yet again. In other words, Nemesis will follow Hubris. *

    The difference is that it will only take 10-15 years or so instead of 100.

    Just a thought.

    VicB3

    *Microsoft is well along that same path. Unless they offer up a replacement for that quasi-paymodel,
    sypware-ridden POS Windows 10 (or simply just go back to Win7), they’re toast. They’ll be a stage 9 legacy company wondering what happened as a nimble rival out of nowhere offers up a seamless MS compatible OS that is better, cheaper, faster and truly private.

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  • @yeah
    Your decision to short AMZN at $114 was sound in fundamental logic but bad by trading principles. You never short based on fundamentals only, only on strong technical (sell when the sucker takes a big price hit followed by more down days.) It is amazing, simply amazing, how long the markets can remain in la la land. It is true that in the long run "the markets are a weighing scale" (measuring stuff like EPS, P/E ratio) but, then, "In the long run we are all dead". Bezos could say "profits are for P..." because he correctly divined that the mass of humanity (and hence the market) is stark raving irrational, fired only by fear and greed. Wait till fear replaces greed, then short AMZN - and much of the other fluff in the market.

    shorting is only done on insider information :) if he did it without that knowledge, it was just gambling.

    I don’t see amazon going anywhere. it is a pretty safe stock to buy. bought some about 6 months ago. already earned 25%. not as well as my alibaba stock, but still a safe stock choice. I bought amzn stock because I read reports of malls, brick and mortar retailers failing. the growth will not be as big as amazon it self claimed, but there will be growth.

    good luck to you all, the next crash will be soon. the cycle is here again.

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  • @utu
    " what services he might offer to the US Government"

    All large corporation must, whether they need it or not, spend lots of money in support of media. Money for the media that brainwash and control the population must come from somewhere.

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.

    During Clinton 2nd term the idea of breaking the Microsoft up was floated. Probably this was a hint to Gates that he should share his money properly. He got the message and created a huge foundation.

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.

    Trump versus the Deep State. Is this a scripted diversion, or is the US headed for civil war? Or I suppose it could be argued that the US is already in an information civil war.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Beefcake the Mighty
    The monopolists never relinquished their firm grasp on the government in the first place. Much "progressive" anti-trust legislation was in fact crafted by the very industrialists it was ostensibly meant to regulate, precisely because it would hamper competition from un-connected outsiders and entrepreneurs. Libertarians like Rothbard, following honest leftists like Kolko, have written much on this.

    The monopolists never relinquished their firm grasp on the government in the first place.

    Which would explain why former CIA Director Brennan is advocating a coup d’état against Trump, who has described Amazon as a “no-tax monopoly.”

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  • @CanSpeccy

    Winner takes all ruthlessly is the essence of capitalism and democracy
     
    Not sure on what basis you make that statement, but obviously any rational person other than a monopoly capitalist favors a competitive free market, enforced with tough anti-monopoly legislation.

    The US Government flirted with that idea when the Standard Oil and Bell monopolies were broken up, but the monopolists now seem to have a firm grip on the government: unless Trump really does take Amazon down —a simple means might be to have the IRS seek payment of tax due on improperly expensed profits, plus all applicable penalties.

    The monopolists never relinquished their firm grasp on the government in the first place. Much “progressive” anti-trust legislation was in fact crafted by the very industrialists it was ostensibly meant to regulate, precisely because it would hamper competition from un-connected outsiders and entrepreneurs. Libertarians like Rothbard, following honest leftists like Kolko, have written much on this.

    Read More
    • Replies: @CanSpeccy

    The monopolists never relinquished their firm grasp on the government in the first place.
     
    Which would explain why former CIA Director Brennan is advocating a coup d'état against Trump, who has described Amazon as a "no-tax monopoly."
    ReplyAgree/Disagree/Etc.
  • utu says:
    @CanSpeccy

    What I don’t get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all.
     
    Although I've made no study of the subject, I have wondered whether the ability of US companies such as Google, or Rupert Murdoch's NewsCrap to operate in Britain without paying significant amounts of tax is in acknowledgement of services rendered to the state.

    In the case of Bezos, what services he might offer to the US Government is not obvious, although we know that Amazon is a major CIA contractor and that Bezos owns the Amazon, I mean Washington, Post. In the case of Google, like NewsCorp, we know they greatly influence how millions of people think, so the basis of a deal on taxes seems clear.

    One might even wonder about Trump. All those hotels, so many opportunities for spying, setting people up with tarts willing to piss on the unsuspecting traveler (unsuspecting of surveillance, that is). But all one can be reasonably sure of is that in the world of billionaires vying for money and power, many strange things occur, some stranger than one is likely even to imagine. For example, the Jew, Soros, for example, openly stating on 60 Minutes that his character was formed in the act of betraying Jews to the Nazis. These people are truly amazing.

    ” what services he might offer to the US Government”

    All large corporation must, whether they need it or not, spend lots of money in support of media. Money for the media that brainwash and control the population must come from somewhere.

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.

    During Clinton 2nd term the idea of breaking the Microsoft up was floated. Probably this was a hint to Gates that he should share his money properly. He got the message and created a huge foundation.

    Read More
    • Replies: @CanSpeccy

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.
     
    Trump versus the Deep State. Is this a scripted diversion, or is the US headed for civil war? Or I suppose it could be argued that the US is already in an information civil war.
    ReplyAgree/Disagree/Etc.
  • There was a Zero Hedge article a couple of weeks back about Amazon.

    If I remember the details correctly, packages delivered by USPS are subsidized an average of $1.27 by people just wanting to mail a letter. I.E. stamps are overpriced and that overpricing is used by the postal service to deliver packages at an operating loss.

    No idea if this is somehow to use their protected business (mail delivery) to enable them to compete with FedEx and UPS. Or rather if it is the result of lobbying efforts by Amazon and Ebay to get a hidden subsidy at taxpayer expense (or stamp buyer’s expense).

    Take someone more knowledgeable than me to guesstimate things, but I imagine that if the average cost of sending a package were higher you would see a lot less people buying one item and having it shipped to them.

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  • @Rod1963
    Very true.

    But Amazon is the darling of wall street so it's all good. Then again Wall Street certified a bunch of junk real-estate paper as AAA when in reality it was junk rated. When it blew up the ratings firms just said "oops".

    IOW just because Wall Street says something is good, doesn't make it so. Ask Bernie Madoff's investors.

    That said Amazon is butchering brick and mortar stores. First they wiped out the used book stores, then specialized book stores. Now they are looking at replacing bigger stores.

    I won't even use Amazon anymore, outside of looking up some product and buying it elsewhere.

    And they just bought Whole Foods…

    First the books, then everything that could be shipped, now moving into food.

    Years ago a told somebody that I thought Bezos was the Devil Incarnate. They thought I was crazy. I can’t remember if I have ever ordered anything through Amazon. If I have, it was once upon a time, long ago, and far away.

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  • @Dieter Kief

    Not sure on what basis you make that statement
     
    I made my pretty similar one on this basis:
    Sarcasm x irony x a little bit of hope.

    (Could well be, that you and Joe Wong and I agree basically).

    What I don't get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all. I mean: if it had been possible for a year or two - just as long, as it takes the big machinery of the public opinion and congress etc. to start working. But that such a thing goes on for years and years, most of the time unnoticed, strikes me as quite astounding.

    What I don’t get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all.

    Although I’ve made no study of the subject, I have wondered whether the ability of US companies such as Google, or Rupert Murdoch’s NewsCrap to operate in Britain without paying significant amounts of tax is in acknowledgement of services rendered to the state.

    In the case of Bezos, what services he might offer to the US Government is not obvious, although we know that Amazon is a major CIA contractor and that Bezos owns the Amazon, I mean Washington, Post. In the case of Google, like NewsCorp, we know they greatly influence how millions of people think, so the basis of a deal on taxes seems clear.

    One might even wonder about Trump. All those hotels, so many opportunities for spying, setting people up with tarts willing to piss on the unsuspecting traveler (unsuspecting of surveillance, that is). But all one can be reasonably sure of is that in the world of billionaires vying for money and power, many strange things occur, some stranger than one is likely even to imagine. For example, the Jew, Soros, for example, openly stating on 60 Minutes that his character was formed in the act of betraying Jews to the Nazis. These people are truly amazing.

    Read More
    • Replies: @utu
    " what services he might offer to the US Government"

    All large corporation must, whether they need it or not, spend lots of money in support of media. Money for the media that brainwash and control the population must come from somewhere.

    The nouveau riche if they want to keep their money they must spend some of their on causes desired by the system.

    During Clinton 2nd term the idea of breaking the Microsoft up was floated. Probably this was a hint to Gates that he should share his money properly. He got the message and created a huge foundation.
    ReplyAgree/Disagree/Etc.
  • @Verymuchalive
    The current market capitalisation of Amazon is larger than Boeing, a manufacturing giant that produces masses of real things rather than acts as a glorified delivery service. This is indicative of the mess the US is in.

    Very true.

    But Amazon is the darling of wall street so it’s all good. Then again Wall Street certified a bunch of junk real-estate paper as AAA when in reality it was junk rated. When it blew up the ratings firms just said “oops”.

    IOW just because Wall Street says something is good, doesn’t make it so. Ask Bernie Madoff’s investors.

    That said Amazon is butchering brick and mortar stores. First they wiped out the used book stores, then specialized book stores. Now they are looking at replacing bigger stores.

    I won’t even use Amazon anymore, outside of looking up some product and buying it elsewhere.

    Read More
    • Replies: @NotBob
    And they just bought Whole Foods...

    First the books, then everything that could be shipped, now moving into food.

    Years ago a told somebody that I thought Bezos was the Devil Incarnate. They thought I was crazy. I can't remember if I have ever ordered anything through Amazon. If I have, it was once upon a time, long ago, and far away.
    ReplyAgree/Disagree/Etc.
  • @CanSpeccy

    Winner takes all ruthlessly is the essence of capitalism and democracy
     
    Not sure on what basis you make that statement, but obviously any rational person other than a monopoly capitalist favors a competitive free market, enforced with tough anti-monopoly legislation.

    The US Government flirted with that idea when the Standard Oil and Bell monopolies were broken up, but the monopolists now seem to have a firm grip on the government: unless Trump really does take Amazon down —a simple means might be to have the IRS seek payment of tax due on improperly expensed profits, plus all applicable penalties.

    Not sure on what basis you make that statement

    I made my pretty similar one on this basis:
    Sarcasm x irony x a little bit of hope.

    (Could well be, that you and Joe Wong and I agree basically).

    What I don’t get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all. I mean: if it had been possible for a year or two – just as long, as it takes the big machinery of the public opinion and congress etc. to start working. But that such a thing goes on for years and years, most of the time unnoticed, strikes me as quite astounding.

    Read More
    • Replies: @CanSpeccy

    What I don’t get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all.
     
    Although I've made no study of the subject, I have wondered whether the ability of US companies such as Google, or Rupert Murdoch's NewsCrap to operate in Britain without paying significant amounts of tax is in acknowledgement of services rendered to the state.

    In the case of Bezos, what services he might offer to the US Government is not obvious, although we know that Amazon is a major CIA contractor and that Bezos owns the Amazon, I mean Washington, Post. In the case of Google, like NewsCorp, we know they greatly influence how millions of people think, so the basis of a deal on taxes seems clear.

    One might even wonder about Trump. All those hotels, so many opportunities for spying, setting people up with tarts willing to piss on the unsuspecting traveler (unsuspecting of surveillance, that is). But all one can be reasonably sure of is that in the world of billionaires vying for money and power, many strange things occur, some stranger than one is likely even to imagine. For example, the Jew, Soros, for example, openly stating on 60 Minutes that his character was formed in the act of betraying Jews to the Nazis. These people are truly amazing.

    ReplyAgree/Disagree/Etc.
  • @Intelligent Dasein
    Jeff Bezos seems to be a devotee of the the Jonas Cord school of business administration. His strategy is simply to buy every company he can, with borrowed money, and to tout his sheer momentum as the primary reason why investors ought to keep pouring funds into his enterprise. It’s “the wave of the future” after all—the wave resulting from Jeff doing a massive cannonball into the slowly draining retail pool.

    This cannot last. Amazon is a profitless, cash-burning slave ship of a company that abuses the country’s preexisting infrastructure in order to eke out an existence. David Stockman has run the numbers. Last time I checked, Amazon’s total profits over the last 25 years amounted to something like two-thirds of one percent of gross revenue. Meanwhile, Bezos is publicly spinning pipe dreams about drone deliveries and colonizing Mars. It’s only a matter of time until investors say “Not with my money!” in their best Lionel Barrymore voice. Amazon has always been all sizzle and no steak. It was only the peculiarities of our particular era—including but not limited to vast credit expansion and a zeitgeist permeated by techno-Utopian fantasies—that elevated carnival barking mad men like Bezos, Musk, and Kalanick to the positions they currently hold.

    But as sure as I’m sitting here now, the tide will go out on this nonsense. In 10 years, Amazon probably won’t even exist.

    “In 10 years, Amazon probably won’t even exist.”

    Would you like to put some cash behind this opinion? Because I’ll f**king book it.

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    ReplyAgree/Disagree/Etc.
  • @Joe Wong
    Are you anti Western value, capitalism, democracy, ...? Winner takes all ruthlessly is the essence of capitalism and democracy, the foundation of Western value the American insist.

    Winner takes all ruthlessly is the essence of capitalism and democracy

    Not sure on what basis you make that statement, but obviously any rational person other than a monopoly capitalist favors a competitive free market, enforced with tough anti-monopoly legislation.

    The US Government flirted with that idea when the Standard Oil and Bell monopolies were broken up, but the monopolists now seem to have a firm grip on the government: unless Trump really does take Amazon down —a simple means might be to have the IRS seek payment of tax due on improperly expensed profits, plus all applicable penalties.

    Read More
    • Replies: @Dieter Kief

    Not sure on what basis you make that statement
     
    I made my pretty similar one on this basis:
    Sarcasm x irony x a little bit of hope.

    (Could well be, that you and Joe Wong and I agree basically).

    What I don't get is the fact, that such simple rules-bending (tax-fraud) as being practised by Bezos is possible at all. I mean: if it had been possible for a year or two - just as long, as it takes the big machinery of the public opinion and congress etc. to start working. But that such a thing goes on for years and years, most of the time unnoticed, strikes me as quite astounding.

    , @Beefcake the Mighty
    The monopolists never relinquished their firm grasp on the government in the first place. Much "progressive" anti-trust legislation was in fact crafted by the very industrialists it was ostensibly meant to regulate, precisely because it would hamper competition from un-connected outsiders and entrepreneurs. Libertarians like Rothbard, following honest leftists like Kolko, have written much on this.
    ReplyAgree/Disagree/Etc.
  • @art guerrilla
    SWMBO and i are (were) big amazon customers...
    not anymore, weaning myself off of them for a number of reasons, the first being when pkgs are 'delivered' by USPS they are NOT 'delivered'... while we live in a rural-ish area, we fall WELL within all the 'guidelines' and 'policies' they have for going down our road to ACTUALLY DELIVER the packages... yet, they do not...
    .
    thus, i take off a couple hours early from work (unpaid, of course) to go to pick up the pkgs that USPS will NOT deliver... gee, seems like i should get a refund of the shipping fees i paid since they don't actually DELIVER...
    .
    FedEx, UPS, DHL, etc, have ZERO problems/issues in ACTUALLY delivering pkgs, but USPS will not; they are lazy assholes, i have all kinds of sympathy for their artificial pension problem CAUSED by kongresskritters, BUT, GIVEN their simply atrocious NON-delivery over the last 25-30 years while i lived here, i have come to the point where i hope they all die in a fire...
    .
    so, after a back and forth with the amazonians (which is annoying enough to contact a human bean at most ANY company these days), they only promise they will 'de-prioritize' USPS as a delivery option, but that is NOT an option for me, BECAUSE THEY DON'T FUCKING DELIVER...
    .
    so, i use amazon to look up the crap i want to buy, then go to the original source and pay a few more bucks to order directly from them... (making sure they deliver UPS/FedEx) HOWEVER, it actually ends up CHEAPER, because I don't have to take off work, i don't have to run 45 mins each way to the post office, and i don't have to deal with lazy USPS workers who DON'T deliver for me AND lie through their teeth about the situation when i bitch about it every 4-5 years...
    .
    fuck amazon, fuck usps...
    BUNCH of other issues with amazon that can NEVER get resolved cause you can't get a hold of a live human being to deal with problems that don't fall under their pre-canned bullshit...
    using amazon simply as a catalog now, to find out the vendor to order directly and skip all their idiotic bullshit...
    i hope amazon/bezos dies in a fire, too...

    USPS delivers and ships my mail and my packages
    no problems

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    ReplyAgree/Disagree/Etc.
  • @Dieter Kief
    Lots of competitiors do pay taxes. To let companies grow who don't on the expense of those who do, seems pretty destructive.

    You could look at companies like amazon as institutions, who invade the world and destroy their home base.

    Winner takes it all is unethical - and doesn't make for a good foundation of a decent society.

    Are you anti Western value, capitalism, democracy, …? Winner takes all ruthlessly is the essence of capitalism and democracy, the foundation of Western value the American insist.

    Read More
    • Replies: @CanSpeccy

    Winner takes all ruthlessly is the essence of capitalism and democracy
     
    Not sure on what basis you make that statement, but obviously any rational person other than a monopoly capitalist favors a competitive free market, enforced with tough anti-monopoly legislation.

    The US Government flirted with that idea when the Standard Oil and Bell monopolies were broken up, but the monopolists now seem to have a firm grip on the government: unless Trump really does take Amazon down —a simple means might be to have the IRS seek payment of tax due on improperly expensed profits, plus all applicable penalties.
    ReplyAgree/Disagree/Etc.
  • @The Alarmist
    Well, using that rational thinking tempered by professional training in financial analysis, I shorted AMZN at $114, and I'm glad I thew in the towel at $125. Markets can be irrational longer than you can remain liquid.

    BTW, years ago Bezos reportedly received a letter from a major consulting firm outlining how they could help Amazon get to profitability, and he reportedly responded with "Profits are for Pu**ies!"

    Your decision to short AMZN at $114 was sound in fundamental logic but bad by trading principles. You never short based on fundamentals only, only on strong technical (sell when the sucker takes a big price hit followed by more down days.) It is amazing, simply amazing, how long the markets can remain in la la land. It is true that in the long run “the markets are a weighing scale” (measuring stuff like EPS, P/E ratio) but, then, “In the long run we are all dead”. Bezos could say “profits are for P…” because he correctly divined that the mass of humanity (and hence the market) is stark raving irrational, fired only by fear and greed. Wait till fear replaces greed, then short AMZN – and much of the other fluff in the market.

    Read More
    • Replies: @Astuteobservor II
    shorting is only done on insider information :) if he did it without that knowledge, it was just gambling.

    I don't see amazon going anywhere. it is a pretty safe stock to buy. bought some about 6 months ago. already earned 25%. not as well as my alibaba stock, but still a safe stock choice. I bought amzn stock because I read reports of malls, brick and mortar retailers failing. the growth will not be as big as amazon it self claimed, but there will be growth.

    good luck to you all, the next crash will be soon. the cycle is here again.

    ReplyAgree/Disagree/Etc.
  • SWMBO and i are (were) big amazon customers…
    not anymore, weaning myself off of them for a number of reasons, the first being when pkgs are ‘delivered’ by USPS they are NOT ‘delivered’… while we live in a rural-ish area, we fall WELL within all the ‘guidelines’ and ‘policies’ they have for going down our road to ACTUALLY DELIVER the packages… yet, they do not…
    .
    thus, i take off a couple hours early from work (unpaid, of course) to go to pick up the pkgs that USPS will NOT deliver… gee, seems like i should get a refund of the shipping fees i paid since they don’t actually DELIVER…
    .
    FedEx, UPS, DHL, etc, have ZERO problems/issues in ACTUALLY delivering pkgs, but USPS will not; they are lazy assholes, i have all kinds of sympathy for their artificial pension problem CAUSED by kongresskritters, BUT, GIVEN their simply atrocious NON-delivery over the last 25-30 years while i lived here, i have come to the point where i hope they all die in a fire…
    .
    so, after a back and forth with the amazonians (which is annoying enough to contact a human bean at most ANY company these days), they only promise they will ‘de-prioritize’ USPS as a delivery option, but that is NOT an option for me, BECAUSE THEY DON’T FUCKING DELIVER…
    .
    so, i use amazon to look up the crap i want to buy, then go to the original source and pay a few more bucks to order directly from them… (making sure they deliver UPS/FedEx) HOWEVER, it actually ends up CHEAPER, because I don’t have to take off work, i don’t have to run 45 mins each way to the post office, and i don’t have to deal with lazy USPS workers who DON’T deliver for me AND lie through their teeth about the situation when i bitch about it every 4-5 years…
    .
    fuck amazon, fuck usps…
    BUNCH of other issues with amazon that can NEVER get resolved cause you can’t get a hold of a live human being to deal with problems that don’t fall under their pre-canned bullshit…
    using amazon simply as a catalog now, to find out the vendor to order directly and skip all their idiotic bullshit…
    i hope amazon/bezos dies in a fire, too…

    Read More
    • Replies: @bjondo
    USPS delivers and ships my mail and my packages
    no problems
    ReplyAgree/Disagree/Etc.
  • Amazon is going to make huge profits by expanding into super profitable businesses like groceries and home appliances…..

    I love Amazon Prime. I can buy a pencil and get it shipped free and Amazon loses money every time.

    Read More
    ReplyAgree/Disagree/Etc.
  • Well, using that rational thinking tempered by professional training in financial analysis, I shorted AMZN at $114, and I’m glad I thew in the towel at $125. Markets can be irrational longer than you can remain liquid.

    BTW, years ago Bezos reportedly received a letter from a major consulting firm outlining how they could help Amazon get to profitability, and he reportedly responded with “Profits are for Pu**ies!”

    Read More
    • Replies: @yeah
    Your decision to short AMZN at $114 was sound in fundamental logic but bad by trading principles. You never short based on fundamentals only, only on strong technical (sell when the sucker takes a big price hit followed by more down days.) It is amazing, simply amazing, how long the markets can remain in la la land. It is true that in the long run "the markets are a weighing scale" (measuring stuff like EPS, P/E ratio) but, then, "In the long run we are all dead". Bezos could say "profits are for P..." because he correctly divined that the mass of humanity (and hence the market) is stark raving irrational, fired only by fear and greed. Wait till fear replaces greed, then short AMZN - and much of the other fluff in the market.
    ReplyAgree/Disagree/Etc.
  • @exiled off mainstreet
    Their model, which is based on slavelike working conditions and the destruction of any and all existing competition needs to be eliminated.

    Lots of competitiors do pay taxes. To let companies grow who don’t on the expense of those who do, seems pretty destructive.

    You could look at companies like amazon as institutions, who invade the world and destroy their home base.

    Winner takes it all is unethical – and doesn’t make for a good foundation of a decent society.

    Read More
    • Replies: @Joe Wong
    Are you anti Western value, capitalism, democracy, ...? Winner takes all ruthlessly is the essence of capitalism and democracy, the foundation of Western value the American insist.
    ReplyAgree/Disagree/Etc.
  • @anon
    It helps to understand accounting. A traditional industrial firm that is growing will earn a profit, pay taxes on that profit, and then invest in a bigger factory. Growth is funded by spending reported profits.

    Amazon simply expenses its growth. How can they get away with it? Among other reasons, accounting tends to be conservative and Amazon's sales promotional expenses must be booked as an expense. Other Amazon growth costs are for creation of content, building out their computer network, building out their supply chain, etc.

    In 2016, Amazon booked an expense of 16,085 in a line item called 'technology and content'. https://www.sec.gov/Archives/edgar/data/1018724/000101872417000011/amzn-20161231x10k.htm#s2D6D084FAFB156DFAFC64EC15287FD1A

    They also have a source of cheap capital. Again in 2016, their inventory was 11,461 and their payables were $25,309. That's $14 billion of other people's money they are using to build out their business. Basically, they sell stuff, but pay their suppliers after it is sold. You can look it up -- its called supply chain financing or vendor financing.

    If Amazon was a more typical growth company, they wouldn't pay dividends. They would book a profit and invest that profit through capital expenditures.

    So ....

    What do they get by expensing all their investment? They don't pay taxes on profits. It saves them 1/3 on all investment activity.

    Amazon is a very profitable company. It earns a substantial economic profit. How much? I'll guess $20 billion pre tax. Or maybe less.

    Is advertising and promotion including sales building programs like Amazon Prime an expense or an investment? Per accounting -- its an expanse. But they didn't build out a massive business by breaking even.

    The 'soft' investment concept? What they are doing must be durable and add lasting value to be an economic investment. There isn't any hard number -- it is a matter of judgment.

    What have they built? Amazon is a valuable brand. Per CNN Money, it is the 7th most valuable brand at $99 billion. Amazon has signed up over 50 million people to Amazon Prime. They have at least one of the top 3 cloud platforms. Google and Microsoft have spent well over $10 billion building out their versions. They have lots of warehouses -- own some/lease some. And on and on.

    And don't forget the public companies -- when they began paying dividends -- frequently pay out less than half of their earnings. So -- at some future date -- Amazon could grow fast enough to justify 'reinvestment' and pay out a dividend that would justify a much higher market cap.

    Hey ... lots of things can go wrong. I'm not saying it isn't risky. Or expensive. Just that it is silly to say that Amazon simply broke even and has grown rapidly for two decades without large investments in the business.

    As decent citizens, stockbuyers should not invest in a company, which’s business model implies making profit without paying taxes.

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  • The current market capitalisation of Amazon is larger than Boeing, a manufacturing giant that produces masses of real things rather than acts as a glorified delivery service. This is indicative of the mess the US is in.

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    • Replies: @Rod1963
    Very true.

    But Amazon is the darling of wall street so it's all good. Then again Wall Street certified a bunch of junk real-estate paper as AAA when in reality it was junk rated. When it blew up the ratings firms just said "oops".

    IOW just because Wall Street says something is good, doesn't make it so. Ask Bernie Madoff's investors.

    That said Amazon is butchering brick and mortar stores. First they wiped out the used book stores, then specialized book stores. Now they are looking at replacing bigger stores.

    I won't even use Amazon anymore, outside of looking up some product and buying it elsewhere.
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  • Jeff Bezos seems to be a devotee of the the Jonas Cord school of business administration. His strategy is simply to buy every company he can, with borrowed money, and to tout his sheer momentum as the primary reason why investors ought to keep pouring funds into his enterprise. It’s “the wave of the future” after all—the wave resulting from Jeff doing a massive cannonball into the slowly draining retail pool.

    This cannot last. Amazon is a profitless, cash-burning slave ship of a company that abuses the country’s preexisting infrastructure in order to eke out an existence. David Stockman has run the numbers. Last time I checked, Amazon’s total profits over the last 25 years amounted to something like two-thirds of one percent of gross revenue. Meanwhile, Bezos is publicly spinning pipe dreams about drone deliveries and colonizing Mars. It’s only a matter of time until investors say “Not with my money!” in their best Lionel Barrymore voice. Amazon has always been all sizzle and no steak. It was only the peculiarities of our particular era—including but not limited to vast credit expansion and a zeitgeist permeated by techno-Utopian fantasies—that elevated carnival barking mad men like Bezos, Musk, and Kalanick to the positions they currently hold.

    But as sure as I’m sitting here now, the tide will go out on this nonsense. In 10 years, Amazon probably won’t even exist.

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    • Replies: @dcthrowback
    "In 10 years, Amazon probably won’t even exist."

    Would you like to put some cash behind this opinion? Because I'll f**king book it.
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  • Their model, which is based on slavelike working conditions and the destruction of any and all existing competition needs to be eliminated.

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    • Agree: Autochthon
    • Replies: @Dieter Kief
    Lots of competitiors do pay taxes. To let companies grow who don't on the expense of those who do, seems pretty destructive.

    You could look at companies like amazon as institutions, who invade the world and destroy their home base.

    Winner takes it all is unethical - and doesn't make for a good foundation of a decent society.
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  • @anon
    It helps to understand accounting. A traditional industrial firm that is growing will earn a profit, pay taxes on that profit, and then invest in a bigger factory. Growth is funded by spending reported profits.

    Amazon simply expenses its growth. How can they get away with it? Among other reasons, accounting tends to be conservative and Amazon's sales promotional expenses must be booked as an expense. Other Amazon growth costs are for creation of content, building out their computer network, building out their supply chain, etc.

    In 2016, Amazon booked an expense of 16,085 in a line item called 'technology and content'. https://www.sec.gov/Archives/edgar/data/1018724/000101872417000011/amzn-20161231x10k.htm#s2D6D084FAFB156DFAFC64EC15287FD1A

    They also have a source of cheap capital. Again in 2016, their inventory was 11,461 and their payables were $25,309. That's $14 billion of other people's money they are using to build out their business. Basically, they sell stuff, but pay their suppliers after it is sold. You can look it up -- its called supply chain financing or vendor financing.

    If Amazon was a more typical growth company, they wouldn't pay dividends. They would book a profit and invest that profit through capital expenditures.

    So ....

    What do they get by expensing all their investment? They don't pay taxes on profits. It saves them 1/3 on all investment activity.

    Amazon is a very profitable company. It earns a substantial economic profit. How much? I'll guess $20 billion pre tax. Or maybe less.

    Is advertising and promotion including sales building programs like Amazon Prime an expense or an investment? Per accounting -- its an expanse. But they didn't build out a massive business by breaking even.

    The 'soft' investment concept? What they are doing must be durable and add lasting value to be an economic investment. There isn't any hard number -- it is a matter of judgment.

    What have they built? Amazon is a valuable brand. Per CNN Money, it is the 7th most valuable brand at $99 billion. Amazon has signed up over 50 million people to Amazon Prime. They have at least one of the top 3 cloud platforms. Google and Microsoft have spent well over $10 billion building out their versions. They have lots of warehouses -- own some/lease some. And on and on.

    And don't forget the public companies -- when they began paying dividends -- frequently pay out less than half of their earnings. So -- at some future date -- Amazon could grow fast enough to justify 'reinvestment' and pay out a dividend that would justify a much higher market cap.

    Hey ... lots of things can go wrong. I'm not saying it isn't risky. Or expensive. Just that it is silly to say that Amazon simply broke even and has grown rapidly for two decades without large investments in the business.

    Also, to use Amazon and Priceline as examples of dot-com 1.0 irrationality is odd considering that they ended up being 2 of the enduring winners from the late ’90s. Both stocks are up over 1,000% since.

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  • anon • Disclaimer says:

    It helps to understand accounting. A traditional industrial firm that is growing will earn a profit, pay taxes on that profit, and then invest in a bigger factory. Growth is funded by spending reported profits.

    Amazon simply expenses its growth. How can they get away with it? Among other reasons, accounting tends to be conservative and Amazon’s sales promotional expenses must be booked as an expense. Other Amazon growth costs are for creation of content, building out their computer network, building out their supply chain, etc.

    In 2016, Amazon booked an expense of 16,085 in a line item called ‘technology and content’. https://www.sec.gov/Archives/edgar/data/1018724/000101872417000011/amzn-20161231x10k.htm#s2D6D084FAFB156DFAFC64EC15287FD1A

    They also have a source of cheap capital. Again in 2016, their inventory was 11,461 and their payables were $25,309. That’s $14 billion of other people’s money they are using to build out their business. Basically, they sell stuff, but pay their suppliers after it is sold. You can look it up — its called supply chain financing or vendor financing.

    If Amazon was a more typical growth company, they wouldn’t pay dividends. They would book a profit and invest that profit through capital expenditures.

    So ….

    What do they get by expensing all their investment? They don’t pay taxes on profits. It saves them 1/3 on all investment activity.

    Amazon is a very profitable company. It earns a substantial economic profit. How much? I’ll guess $20 billion pre tax. Or maybe less.

    Is advertising and promotion including sales building programs like Amazon Prime an expense or an investment? Per accounting — its an expanse. But they didn’t build out a massive business by breaking even.

    The ‘soft’ investment concept? What they are doing must be durable and add lasting value to be an economic investment. There isn’t any hard number — it is a matter of judgment.

    What have they built? Amazon is a valuable brand. Per CNN Money, it is the 7th most valuable brand at $99 billion. Amazon has signed up over 50 million people to Amazon Prime. They have at least one of the top 3 cloud platforms. Google and Microsoft have spent well over $10 billion building out their versions. They have lots of warehouses — own some/lease some. And on and on.

    And don’t forget the public companies — when they began paying dividends — frequently pay out less than half of their earnings. So — at some future date — Amazon could grow fast enough to justify ‘reinvestment’ and pay out a dividend that would justify a much higher market cap.

    Hey … lots of things can go wrong. I’m not saying it isn’t risky. Or expensive. Just that it is silly to say that Amazon simply broke even and has grown rapidly for two decades without large investments in the business.

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    • Replies: @Dave Pinsen
    Also, to use Amazon and Priceline as examples of dot-com 1.0 irrationality is odd considering that they ended up being 2 of the enduring winners from the late '90s. Both stocks are up over 1,000% since.
    , @Dieter Kief
    As decent citizens, stockbuyers should not invest in a company, which's business model implies making profit without paying taxes.
    ReplyAgree/Disagree/Etc.
  • In the years since the 2008 economic crisis, financial transactions taxes (FTTs) have gone from a fringe idea to a policy that is in mainstream policy debates. They are seen as a way to both raise large amounts of money and to slow the pace of churning in financial markets. For this reason, most progressive...
  • There is nothing that more quickly saps my sense of hope for the future, than right leaning comment sections about punishing the ‘speculators’ on Wall Street. The degree to which these comments seem to make sense to the reader is in direct inverse proportion to the degree to which the reader actually understand how Wall Street works.

    There really isn’t any doubt that an informed opinion is more valuable than an uninformed one. But thanks to Dunning-Kruger, everyone thinks they understand ‘Wall Street’ and the role of evil speculators.

    Here is a simple fact. There is no way for a government, run by people of more or less average intelligence, to change the rules so that stupid people make intelligent choices, and intelligent people make stupid ones. Efforts like that are what ‘really’ caused the mortgage meltdown.

    http://freenj.blogspot.com/2015/08/real-cause-of-2008-market-crash.html

    Whatever new rules the government comes up with, the smart people on ‘Wall Street’ will figure a way around them. Virtually the entire derivatives market exists for this very reason – certainly 100% of the derivatives created in the last 50 years anyway. It was willed into existence by financier’s desire to stay within the letter of the law while getting around the spirit of it.

    Have you ever wondered why a ‘Swap’ can look in all respects exactly like a ‘Bond’ but be treated as an off balance sheet transaction? If you haven’t, then you don’t know nearly enough about this process to make an informed comment on the validity of a transaction tax. If you have, then you probably see the whole thought process as an exercise in futility just like I do.

    http://freenj.blogspot.com/2010/06/repost-mentally-challenged-derivatives.html

    So… you want a transaction tax? Go ahead. It will put thousands of middle income Wall street workers out of jobs, (or at least drive a few of them into the compliance department) and have dozens of unintended consequences from higher market volatility to restaurant closures, to pension blowups in suburban New Jersey. But what it will not do, is ‘punish the billionaire speculators’ some of you seem to think are both so common, and so evil.

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  • Jun 1, 2017 G. Edward Griffin on Trump, Secret Societies, Collectivism, Bitcoin and Taking The Red Pill

    Jeff interviews esteemed returning guest G Edward Griffin, author of the book ‘The Creature From Jekyll Island’ who is hosting the upcoming Red Pill Expo conference in Bozeman, Montana 23-24 June.

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  • @jacques sheete

    A Tax on Wall Street Trading Is the Best Solution to Income Inequality
     
    Taxes are theft.

    Besides that, the bulk of them typically end up in the pockets of the least deserving such as banks and insolvent corporations that get bailed out. That means the cash winds up in the pockets of the Wall Street thieves and owners of government any way you slice it, so how can they be a good solution???

    The only good tax is an abolished one.

    You nailed it on all counts right there Jacques Sheete! I share this on the topic.

    Nov 21, 2013 The State is an Institution of Theft – Godfrey Bloom

    • European Parliament, Brussels, 21 November 2013

    • Speaker: Godfrey Bloom MEP, Ind. (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD)

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  • @Agent76
    Thanks Stonehands for your time and comment, and this is another good one that actually gives everyone a great view that the mind alone cannot grasp.

    Mar 20, 2017 US Debt of $20 Trillion Visualized in Stacks of Physical Cash

    Showing stacks of physical cash in following sequence: $100, $10,000, $1 Million, $2 Billion, $1 Trillion, $20 Trillion. The faith and value of the US Dollar rests on the Government's ability to repay its debt. "The money in the video has already been spent"

    https://youtu.be/XqUwr-Nkq9g

    We can’t get rid of the debt with our present structure of money creation. All our money is created by debt so if we get rid of all the debt we would have no money.

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  • @Anon
    So you are controlled by the SYSTEM. What has it made you do or stopped you doing contrary to your wishes?

    Corvinus, is that you?

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  • @Stonehands
    Excellent post...

    Not just central bankers...

    What controls America today and the whole West are not governments, they are faceless tyrannies, branch offices of a single monstrous SYSTEM.

    When we speak of the thousands of interchangeable, expendable, parts of the alien, inhuman bureacracy, we speak of the System.

    From police to welfare bureacrats, to city, local, state and national appointees and so called "elected" officials; from prison administration to the Armed Forces; those who either represent the System or are in the employ of the System ARE in fact the System itself.

    High and low it is marked by the overweening drive to entrench itself ever deeper into the body of the nation- like the parasite that it is- to evade any and all real responsibility, and to regulate the lives of everyone it can in as minute detail as the System "legislators" can clear a path to legally do so.

    We should subscribe to the addage that, in order to kill an "ism" you must kill the "ists".
    In this ultra- sick society the members of the Establishment, the System and of Big Brothers exclusive few... are the Ruling Class...all the rest of us (productive people) are Hereditary Property.
    As we can see (think 9/11 and the bank bail- outs) none of them will accept resonsibility for anything. Their defense is their endless red tape. Their offense is their economic system (not to mention the PRESS, courts and police). They hide behind the "law". They are "officialdom".
    To participate in this ongoing conspiracy any longer is a crime that should be punished by death.

    And no appeals will be granted by a Revolutionary Court.

    So you are controlled by the SYSTEM. What has it made you do or stopped you doing contrary to your wishes?

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    • Replies: @Stonehands
    Corvinus, is that you?
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  • @Noah Way
    As money is a construct and not a physical resource the entire debt could be erased with a stroke of a pen (or push of a button, to be more precise). But that would end the system of control (debt slavery) exerted by the rich, so it will not happen.

    Those who make peaceful revolution impossible make violent revolution inevitable. -- J.F.K.

    If you abolish debt you abolish the interest incomes that hundreds of millions receive in greatly varying amounts, especially in retirement, so what do you do about that?

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  • @jim jones
    Get a browser with a spell checker

    Is there one that works with spellchecket on a smartphone?

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  • @Noah Way
    The government fee is (in theory at least) used for social good. Private enterprise fee skimmers are using it for their own personal gain at the expense of the entire country.

    What about retirement investing? Is this also skimming? My index fund retirement investment is rather low fee so a tax would really show up as negative results.

    Social Security is going away go know. So we have to take care of ourselves for retirement.

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  • @Agent76
    Thanks Stonehands for your time and comment, and this is another good one that actually gives everyone a great view that the mind alone cannot grasp.

    Mar 20, 2017 US Debt of $20 Trillion Visualized in Stacks of Physical Cash

    Showing stacks of physical cash in following sequence: $100, $10,000, $1 Million, $2 Billion, $1 Trillion, $20 Trillion. The faith and value of the US Dollar rests on the Government's ability to repay its debt. "The money in the video has already been spent"

    https://youtu.be/XqUwr-Nkq9g

    As money is a construct and not a physical resource the entire debt could be erased with a stroke of a pen (or push of a button, to be more precise). But that would end the system of control (debt slavery) exerted by the rich, so it will not happen.

    Those who make peaceful revolution impossible make violent revolution inevitable. — J.F.K.

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    • Replies: @Anon
    If you abolish debt you abolish the interest incomes that hundreds of millions receive in greatly varying amounts, especially in retirement, so what do you do about that?
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  • @Anon

    The guy who pumps your cesspool is far more critical to functioning society than the parasite who skims off a fee on financial transactions.
     
    The article at hand proposes that 'government' skim a fee from financial transactions. Somehow I believe the irony in your remark is lost on you.

    The government fee is (in theory at least) used for social good. Private enterprise fee skimmers are using it for their own personal gain at the expense of the entire country.

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    • Replies: @OutWest
    What about retirement investing? Is this also skimming? My index fund retirement investment is rather low fee so a tax would really show up as negative results.

    Social Security is going away go know. So we have to take care of ourselves for retirement.
    ReplyAgree/Disagree/Etc.
  • @Stonehands
    Excellent post...

    Not just central bankers...

    What controls America today and the whole West are not governments, they are faceless tyrannies, branch offices of a single monstrous SYSTEM.

    When we speak of the thousands of interchangeable, expendable, parts of the alien, inhuman bureacracy, we speak of the System.

    From police to welfare bureacrats, to city, local, state and national appointees and so called "elected" officials; from prison administration to the Armed Forces; those who either represent the System or are in the employ of the System ARE in fact the System itself.

    High and low it is marked by the overweening drive to entrench itself ever deeper into the body of the nation- like the parasite that it is- to evade any and all real responsibility, and to regulate the lives of everyone it can in as minute detail as the System "legislators" can clear a path to legally do so.

    We should subscribe to the addage that, in order to kill an "ism" you must kill the "ists".
    In this ultra- sick society the members of the Establishment, the System and of Big Brothers exclusive few... are the Ruling Class...all the rest of us (productive people) are Hereditary Property.
    As we can see (think 9/11 and the bank bail- outs) none of them will accept resonsibility for anything. Their defense is their endless red tape. Their offense is their economic system (not to mention the PRESS, courts and police). They hide behind the "law". They are "officialdom".
    To participate in this ongoing conspiracy any longer is a crime that should be punished by death.

    And no appeals will be granted by a Revolutionary Court.

    Thanks Stonehands for your time and comment, and this is another good one that actually gives everyone a great view that the mind alone cannot grasp.

    Mar 20, 2017 US Debt of $20 Trillion Visualized in Stacks of Physical Cash

    Showing stacks of physical cash in following sequence: $100, $10,000, $1 Million, $2 Billion, $1 Trillion, $20 Trillion. The faith and value of the US Dollar rests on the Government’s ability to repay its debt. “The money in the video has already been spent”

    Read More
    • Replies: @Noah Way
    As money is a construct and not a physical resource the entire debt could be erased with a stroke of a pen (or push of a button, to be more precise). But that would end the system of control (debt slavery) exerted by the rich, so it will not happen.

    Those who make peaceful revolution impossible make violent revolution inevitable. -- J.F.K.
    , @Sam J.
    We can't get rid of the debt with our present structure of money creation. All our money is created by debt so if we get rid of all the debt we would have no money.
    ReplyAgree/Disagree/Etc.
  • @LauraMR
    Even Wikipedia knows better...

    https://en.wikipedia.org/wiki/File:Federal_Debt_Held_by_the_Public_1790-2013.png

    And this one just for fun...

    http://www.usdebtclock.org/

    Debt, spending. Rising, flat. Who can be bothered with these distinctions. Facts are for socialists.

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  • @Anon

    Facts are for socialists.
     
    You do know that your own chart trashes your own argument, right? It shows clearly that 1) federal outlays by this one particular metric (% GDP) achieved a record high during the Obama Administration, with the sole exception of WW2; and 2) federal outlays are hardly the only measure of government spending anyway. Ever heard of state and local government?

    Nonsense. The chart shows federal outlays bouncing around 20% of GDP since WWII. But if you really, really, really want it to be true that government spending is out of control, that makes it true, right?

    By the way, do you know what a recession is?

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  • @Wizard of Oz
    [Too many typos. Edit your comments BEFORE you publish instead of afterwards. No other commenter has typos. This is your final warning.]

    Apologies for typos. I couldn't edit bècause I lost power a couple of seconds after hitting Publish Comment.

    Get a browser with a spell checker

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    • Replies: @Anon
    Is there one that works with spellchecket on a smartphone?
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  • “…In your and his world, free trade and free movement of human beings are not zero-sum games. Supposedly, such unrestricted open borders lifts all boats and those stubborn nativists who cling to their communities are just too dumb to realize it…”

    Part of the problem is the Asian economies ARE playing a zero sum game. They will never allow the US to trade freely.

    I would be for taxing financial transactions not for revenue but to slow volatility and to stop the cheating by Wall Street. They pour massive money into certain stocks like a gambler who drives everyone else from the game by making bets so high no one else can get in the game. Some things would still be traded overseas but we could limit trading in US goods by making the contracts invalid in the US.

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  • @Andy J
    I think you've missed the point. Capital concentration is not coming about due to lack of a financial transactions tax. This will not fix it. Capital concentration is being caused by creation of new money by the central banking system and the new money, trillions of dollars of it, flows into the hands of the rich. It flows into the asset markets raising the value of their real estate, stocks and bonds. It's not trading the capital markets that's causing the inequity it's the maldistribution of the rivers of new money
    What this proposed tax will do is wipe out not a few small fry traders but, thousands possibly millions of retail trading accounts from smallholders. It will just leave the rich and powerful in charge even more than they are. It won't stop them getting richer still from the rivers of new money. It is a thoroughly misconceived tax.

    “…It’s not trading the capital markets that’s causing the inequity it’s the maldistribution of the rivers of new money…”

    You’ve gotten to the meat of the problem. We had a housing loan crisis and what happened. They gave the banks essentially zero rate interest on we know $16 Trillion dollars and from public accounts $29 Trillion or more. This did nothing for the people having problems making their house mortgages but it did pump a huge amount of money to the banks. I have NO doubt at all what they did with that money is buy every damn productive enterprise in the whole economy. Now when the next downturn comes we will own nothing and they will charge us for the air we breath.

    What if instead of giving it to banks they gave one time zero interest loan to Americans. With it they could pay off their mortgages or school loans or whatever. At $29 Trillion and 300 million Americans we could have given a zero interest loan for every family of four of $386,666. Housing crisis solved and the economy would have roared with all that cash going into people’s pockets. Instead the banks got all the money to buy hard assets and we got the bill.

    It’s not people making money that pisses of Americans it’s this Oligarchical insider monopoly rip off that we get no part of. If they get free money I want some too. If that’s not feasible then F*&K them they shouldn’t get any either.

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  • @Stonehands
    I believe there is no such thing as time.

    Meaning?

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  • Right on Dean Baker! You hit the nail right on the head. All of the naysayers are either trolls or day traders.

    Why should speculators (gamblers) in this casino economy not pay a sales tax just like we are obligated to pay for any other product or service? My state and local sales tax = 5.3% – even on food. And, if I go to a restaurant, I pay 11%!

    A measly 1% tax on financial speculation would provide billions of dollars annually for local and national budgets. States teetering on bankruptcy would immediately be solvent, and education could be fully funded.

    If Wall Street threatens to flee off-shore, then just legislate against it. The U.S. government is our voice and our power to wield. The parasites will instantly acquiesce to sucking less from their victims if the alternative is no more access to their victims at all. You will find the loudest voices against this type of Big Government protection for citizens are on Wall Street, so if you aren’t demanding justice against this type of usury, you are just a complete chump.

    MAKE THEM PAY – a 1% Wall Street Sales Tax

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    • Agree: utu
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  • @Quartermaster
    The biggest problem causing income inequality is big government. Cut the Government, particularly FedGov, back to its constitutional functions and the overwhelming majority of the problem will be solved.

    The problem with that is, its too big. Its a great idea but our current system wont even contemplate such a proposal.

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  • @Wizard of Oz
    [Too many typos. Edit your comments BEFORE you publish instead of afterwards. No other commenter has typos. This is your final warning.]

    Apologies for typos. I couldn't edit bècause I lost power a couple of seconds after hitting Publish Comment.

    Im reading these comments, and several people have typos. This article has people scrambling to get their 2 cents out.
    Also, that mod is vicious.

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  • @Anonymous
    FTT's are all very egalitarian and cute, but what actually happened when such taxes were imposed (e.g. in Sweden and in Brazil) is that markets migrated offshore (to London and New York, respectively). When this inane idea is attempted again, blockchain technology should make it a lot easier to circumvent.

    The author wants not only to soak the rich, but to screw the talented as well (i.e., "put downward pressure on pay there as well..."). Alas... [pours stiff drink]

    The author wants not only to soak the rich, but to screw the talented as well

    Wall street billionaires are not “talented” they are temporarily lucky, in ownership of the fastest supercomputers, in possession of insider info., or scammer/parasites.

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  • @ANON
    And you believe the stuff in that link?

    I believe there is no such thing as time.

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    • Replies: @ANON
    Meaning?
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  • @Andy J
    SMALL TRADERS - IT WOULD DESTROY US!
    Let's just be clear about exactly what this would mean for small traders like myself. We are not Wall Street dudes just $5000-$50,000 account holders trying to scrape a living out of the markets, by averaging say 5-7 points a week on the T-bond futures.
    Per Trade
    Current spread: 1 point = $31.25.
    Charges to broker and exchange: $5. Total per trade = $36.25

    Now add this tiny little 0.03% charge shall we?
    Contract size $100,000 × 0.03 = $30. Buy and sell equals $30 each way, so now that's an extra $60 per trade.

    So the cost of doing the trade would rise roughly 300% from $36.25 to $96.25.

    $96.25 is equivalent to just over 3 points. But my whole weekly plan is to scrape may be five or seven points a week. And that's accounting for losses, where I lose a couple of points, but I can still come out on top the way it works now. If I have to pay an extra $60 per trade my entire trading plan is dead. Doesn't reduce by 40%. It disappears 100%. Do you understand that? I don't see it included in your analysis.

    Can't you see that for small traders this 0.03% tax means a 300% rise in trading costs that would completely wipe us out of the game. The only players left would be the big boys, the hedge funds, the banks, insurance companies etc. And there are thousands, possibly millions, of little traders like me. Not to mention the brokerage staff who service us.

    Why do you want to do this to us? Are you even aware that we exist? According to your article you don't even acknowledge our existence. It's about as dumb as creating trillions of dollars out of thin air in order to suppress interest rates and "stimulate" the economy. It doesn't factor in the losers in the game, it only looks at it from a very superficial perspective.

    This dumb tax would destroy the last hope for people who can climb into the ring of the free market and have a go at making some big money without being on the government payroll, the big business lobby, the public service unions etc.

    If you want to fix the economy stop fire hosing trillions of dollars into the market via the central banks and completely screwing up every price relation in the economy.

    account holders trying to scrape a living out of the markets, by averaging say 5-7 points a week on the T-bond futures.
    You could get a real job

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  • @animalogic
    Sure: but follow that logic & there would be NO taxes. No doubt some would celebrate no taxes, but (although theoretically doable [?] ) it might pose a few ... practical difficulties.

    solitary, nasty, brutish and short.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Joe Franklin
    Rather than a FTT, I suggest that a whole new taxation system be implemented that replaces the existing federal income tax.

    I suggest that a new tax have no direct contact between the federal government and the people and their businesses.

    Instead the federal government would send a annual or quarterly itemized bill to each state government and let each state government decide how they will pay their bill.

    I suggest that each state government have a line item veto where they can decide which itemized federal service they wish to fund, up to some limit.

    Vetoed items would presumably be serviced by the state government or not at all.

    I suggest that each state government have a line item veto where they can decide which itemized federal service they wish to fund, up to some limit.

    I’m pretty certain that such a system was in effect before the constitution, and was one of the little known underlying motives the constitution was imposed on the rest of us. That is, the money grubbers wanted a more effective and easier way to grub into the pockets of others so they came up with the scheme to centralize everything.

    I believe that anti-federalists were worried about loss of states’ rights such as that.

    The constitution made extortion more efficient.

    Read More
    • Agree: Stonehands
    ReplyAgree/Disagree/Etc.
  • @Stonehands

    Most relevant today is the issue of equality between the races. From your reading here you may already know or will discover that the ancestors of Europeans and Asians departed from the African continent roughly 60 million years ago...
     
    DNA Evidence Debunks the “Out-of-Africa” Theory of Human Evolution

    https://wakeup-world.com/2013/12/16/dna-evidence-debunks-the-out-of-africa-theory-of-human-evolution/

    And you believe the stuff in that link?

    Read More
    • Replies: @Stonehands
    I believe there is no such thing as time.
    ReplyAgree/Disagree/Etc.
  • @Wally
    Why reduce the number of billionaires? Billionaires are good. I wish I was one.

    Billionaire are billionaires because they offer goods, services that are in demand.

    Indeed, there are 'billionaires' who have enriched themselves by selling arms, etc., not illegal.
    Don't like it? Then demand a huge cutback in 'defense' spending instead of singling out 'billionaires'.

    So ...

    Just to add something to the very good replies you received Wally.
    Another problem with billionaires (& huge Co’s) is that they eventually distort & poison democracy: hence the Stanford study on government receptiveness to the 95% (ie basically zero) & Citizens United (unlimited political contributions).
    Secondly, all that speculation that billionaires & their hedge funds & banks engage in distorts & poisons the economy (ie 1929, 2007).
    The greater the concentration of money outside the 95% the greater the power of the Oligarchy — not citizens. Are you a citizen Wally, or an Oligarch ?
    .

    Read More
    ReplyAgree/Disagree/Etc.
  • @Stonehands
    Excellent post...

    Not just central bankers...

    What controls America today and the whole West are not governments, they are faceless tyrannies, branch offices of a single monstrous SYSTEM.

    When we speak of the thousands of interchangeable, expendable, parts of the alien, inhuman bureacracy, we speak of the System.

    From police to welfare bureacrats, to city, local, state and national appointees and so called "elected" officials; from prison administration to the Armed Forces; those who either represent the System or are in the employ of the System ARE in fact the System itself.

    High and low it is marked by the overweening drive to entrench itself ever deeper into the body of the nation- like the parasite that it is- to evade any and all real responsibility, and to regulate the lives of everyone it can in as minute detail as the System "legislators" can clear a path to legally do so.

    We should subscribe to the addage that, in order to kill an "ism" you must kill the "ists".
    In this ultra- sick society the members of the Establishment, the System and of Big Brothers exclusive few... are the Ruling Class...all the rest of us (productive people) are Hereditary Property.
    As we can see (think 9/11 and the bank bail- outs) none of them will accept resonsibility for anything. Their defense is their endless red tape. Their offense is their economic system (not to mention the PRESS, courts and police). They hide behind the "law". They are "officialdom".
    To participate in this ongoing conspiracy any longer is a crime that should be punished by death.

    And no appeals will be granted by a Revolutionary Court.

    Good post and ‘hip, hip hooray’ for Godfrey Bloom MEP !

    Read More
    ReplyAgree/Disagree/Etc.
  • @ThreeCranes
    Welcome, Dean Baker. We need able economists here and you're among the ablest.

    You will find here a very different audience from the one to whom you generally address yourself. It is not so much that those here are cretins or unenlightened as it is that they propose arguments which are at cross purposes to those put forth by liberal economists. The two factions warring for America’s Soul today don’t have much to say to one another but in talking right past each other they are fired by identical emotions.

    Here we begin from Biology while writers such as you and Krugman begin and end with economics. We are natural scientists who believe in Darwin first and Keynes maybe later. Humans are first of all members of a family, community and tribe and while their particular economic organization is important and determinative it is so in that it acts upon humans in a Darwinian sense, that is, in shaping their gene pool.

    For the contemporary economist, immersed as he is in his data, tables, graphs and multivariate analysis, human beings are digits, taken as interchangeable units of production and consumption. This is valuable and fine as far as it goes. However, it does an injustice to humans because they are first and foremost intensely personal creatures. They aren’t merely members of a flock, herd or school. On the contrary, experience has shown that when humans are reared as though they were simply interchangeable members of a herd e.g. in an orphanage, foster home etc. then they have a strong tendency to develop into psychopaths as adults.They are incapable of empathy with or sympathy towards others. Thus, to be human is to be loyal to one’s own tribe.

    But regarded by the light of the globalist, free-trade, Ricardian comparative advantage of your fellow economist Paul Krugman, all humans are essentially one big flock of fungible producer/consumers. In your and his world, free trade and free movement of human beings are not zero-sum games. Supposedly, such unrestricted open borders lifts all boats and those stubborn nativists who cling to their communities are just too dumb to realize it.

    We’ve seen this before. In the German Empire of WW2 era and the Japanese Greater East Asian Co-Prosperity Sphere as well as in Soviet Russia. Those attempts at world or portions of the world domination engendered opposition just as the Neo-Liberal/Conservative agenda does today. Out of Le Resistance of the French partisans grew the ultimate elaboration and literary expression of that opposition, Existentialism. One was compelled to choose between loyalty to one’s home, soil, family, village and people or loyalty to the Empire. There was/is no middle ground. Either/Or.

    And then, just as today, loyalty to one’s own people was punished by the collaborators. Those who resisted the Regime were imprisoned and murdered. Today, they are fired, excommunicated or locked up. Do you find it odd that you are numbered among the Vichy collaborators? How can this be when, after all, you regard yourself as a progressive?

    Most relevant today is the issue of equality between the races. From your reading here you may already know or will discover that the ancestors of Europeans and Asians departed from the African continent roughly 60 million years ago. They were relatively few in number but that’s a good thing because natural selection can only do its thing on a somewhat restricted gene pool. If an advantageously adaptive gene is promiscuously outbred then it doesn’t have an opportunity to establish itself in the gene pool for whom it would be an advantageous adaptation.

    A “bottleneck” is the polite way of referring to this state of affairs, e.g that of the European founder population. The less often acknowledged, other side of the coin, is that Africans were held back by introgression, that is, the continuous process of breeding back into less highly evolved hominids. There were numerous trunks to the human family tree in Africa and not all of them had reached the same level of advancement. As Camus and Hegel have pointed out, the fundamental distinction between the slave and master is that the master controls the slave’s sex life. The master may mate with the slave at will; the reverse is not the case. Because slavery was endemic in Africa, back breeding with inferior, less highly evolved humanoids was the rule, an expression of dominance.

    In an ironic twist to history then, those humans who escaped Africa were enabled thereby to advance at a more rapid pace than those humans who were tethered to the dead weight of primitive genes. The gene pool of Africa acted as ballast which hindered the free evolution of those who could not emigrant. He travels fastest who travels alone.

    (Incidentally, this is why you are not a progressive. You advocate global universalism, which undermines evolutionary advance under the pressure of natural selection. What you and Krugman advocate is equivalent to introgression, which results in stagnation of the human genome).

    In just such a manner as the smaller gene pool of those who (60,000 years ago) became Europeans and Asians was less encumbered by the dead weight of massive primitivity so too the Ashkenazi Jew of 1000 years ago evolved in Europe. A relatively small population that practiced inbreeding and which was faced with a challenging environment that fostered cultural selection rapidly created a coherent gene pool which was in some respects superior to its antecedents.

    What's good for the goose.....

    Most relevant today is the issue of equality between the races. From your reading here you may already know or will discover that the ancestors of Europeans and Asians departed from the African continent roughly 60 million years ago…

    DNA Evidence Debunks the “Out-of-Africa” Theory of Human Evolution

    https://wakeup-world.com/2013/12/16/dna-evidence-debunks-the-out-of-africa-theory-of-human-evolution/

    Read More
    • Replies: @ANON
    And you believe the stuff in that link?
    ReplyAgree/Disagree/Etc.
  • Anon • Disclaimer says:
    @Bill
    "Government spending is simply out of control."

    Exactly! And don't let anyone distract you with, say, the fact that government spending has been sitting at 20% of the US economy since WWII. Facts are for socialists.

    Facts are for socialists.

    You do know that your own chart trashes your own argument, right? It shows clearly that 1) federal outlays by this one particular metric (% GDP) achieved a record high during the Obama Administration, with the sole exception of WW2; and 2) federal outlays are hardly the only measure of government spending anyway. Ever heard of state and local government?

    Read More
    • Replies: @Bill
    Nonsense. The chart shows federal outlays bouncing around 20% of GDP since WWII. But if you really, really, really want it to be true that government spending is out of control, that makes it true, right?

    By the way, do you know what a recession is?

    ReplyAgree/Disagree/Etc.
  • @Noah Way
    Rubbish. The only way to address income inequality / wealth distribution is to tax wealth itself. Billionaires should not exist. Leveling the economic playing field is the only way to achieve equality. The guy who pumps your cesspool is far more critical to functioning society than the parasite who skims off a fee on financial transactions.

    The guy who pumps your cesspool is far more critical to functioning society than the parasite who skims off a fee on financial transactions.

    The article at hand proposes that ‘government’ skim a fee from financial transactions. Somehow I believe the irony in your remark is lost on you.

    Read More
    • Replies: @Noah Way
    The government fee is (in theory at least) used for social good. Private enterprise fee skimmers are using it for their own personal gain at the expense of the entire country.
    ReplyAgree/Disagree/Etc.
  • Using the argument that this or that tax will cover 60% of the food stamp budget for instance is specious. Even if it funded 100% politicians will seek to draw more helpless rubes on to the draw for votes and away we go. With a future democrat administration, that would be the global helpless going on the American taxpayer draw. Gut the federal government to bare minimum requirements and let states tax commensurate to their needs.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Bill
    "Government spending is simply out of control."

    Exactly! And don't let anyone distract you with, say, the fact that government spending has been sitting at 20% of the US economy since WWII. Facts are for socialists.

    Even Wikipedia knows better…

    And this one just for fun…

    http://www.usdebtclock.org/

    Read More
    • Replies: @Bill
    Debt, spending. Rising, flat. Who can be bothered with these distinctions. Facts are for socialists.
    ReplyAgree/Disagree/Etc.
  • How about a heavy tax on legal settlements, too? Especially on the lawyer’s cut.

    Read More
    ReplyAgree/Disagree/Etc.
  • Welcome, Dean Baker. We need able economists here and you’re among the ablest.

    You will find here a very different audience from the one to whom you generally address yourself. It is not so much that those here are cretins or unenlightened as it is that they propose arguments which are at cross purposes to those put forth by liberal economists. The two factions warring for America’s Soul today don’t have much to say to one another but in talking right past each other they are fired by identical emotions.

    Here we begin from Biology while writers such as you and Krugman begin and end with economics. We are natural scientists who believe in Darwin first and Keynes maybe later. Humans are first of all members of a family, community and tribe and while their particular economic organization is important and determinative it is so in that it acts upon humans in a Darwinian sense, that is, in shaping their gene pool.

    For the contemporary economist, immersed as he is in his data, tables, graphs and multivariate analysis, human beings are digits, taken as interchangeable units of production and consumption. This is valuable and fine as far as it goes. However, it does an injustice to humans because they are first and foremost intensely personal creatures. They aren’t merely members of a flock, herd or school. On the contrary, experience has shown that when humans are reared as though they were simply interchangeable members of a herd e.g. in an orphanage, foster home etc. then they have a strong tendency to develop into psychopaths as adults.They are incapable of empathy with or sympathy towards others. Thus, to be human is to be loyal to one’s own tribe.

    But regarded by the light of the globalist, free-trade, Ricardian comparative advantage of your fellow economist Paul Krugman, all humans are essentially one big flock of fungible producer/consumers. In your and his world, free trade and free movement of human beings are not zero-sum games. Supposedly, such unrestricted open borders lifts all boats and those stubborn nativists who cling to their communities are just too dumb to realize it.

    We’ve seen this before. In the German Empire of WW2 era and the Japanese Greater East Asian Co-Prosperity Sphere as well as in Soviet Russia. Those attempts at world or portions of the world domination engendered opposition just as the Neo-Liberal/Conservative agenda does today. Out of Le Resistance of the French partisans grew the ultimate elaboration and literary expression of that opposition, Existentialism. One was compelled to choose between loyalty to one’s home, soil, family, village and people or loyalty to the Empire. There was/is no middle ground. Either/Or.

    And then, just as today, loyalty to one’s own people was punished by the collaborators. Those who resisted the Regime were imprisoned and murdered. Today, they are fired, excommunicated or locked up. Do you find it odd that you are numbered among the Vichy collaborators? How can this be when, after all, you regard yourself as a progressive?

    Most relevant today is the issue of equality between the races. From your reading here you may already know or will discover that the ancestors of Europeans and Asians departed from the African continent roughly 60 million years ago. They were relatively few in number but that’s a good thing because natural selection can only do its thing on a somewhat restricted gene pool. If an advantageously adaptive gene is promiscuously outbred then it doesn’t have an opportunity to establish itself in the gene pool for whom it would be an advantageous adaptation.

    A “bottleneck” is the polite way of referring to this state of affairs, e.g that of the European founder population. The less often acknowledged, other side of the coin, is that Africans were held back by introgression, that is, the continuous process of breeding back into less highly evolved hominids. There were numerous trunks to the human family tree in Africa and not all of them had reached the same level of advancement. As Camus and Hegel have pointed out, the fundamental distinction between the slave and master is that the master controls the slave’s sex life. The master may mate with the slave at will; the reverse is not the case. Because slavery was endemic in Africa, back breeding with inferior, less highly evolved humanoids was the rule, an expression of dominance.

    In an ironic twist to history then, those humans who escaped Africa were enabled thereby to advance at a more rapid pace than those humans who were tethered to the dead weight of primitive genes. The gene pool of Africa acted as ballast which hindered the free evolution of those who could not emigrant. He travels fastest who travels alone.

    (Incidentally, this is why you are not a progressive. You advocate global universalism, which undermines evolutionary advance under the pressure of natural selection. What you and Krugman advocate is equivalent to introgression, which results in stagnation of the human genome).

    In just such a manner as the smaller gene pool of those who (60,000 years ago) became Europeans and Asians was less encumbered by the dead weight of massive primitivity so too the Ashkenazi Jew of 1000 years ago evolved in Europe. A relatively small population that practiced inbreeding and which was faced with a challenging environment that fostered cultural selection rapidly created a coherent gene pool which was in some respects superior to its antecedents.

    What’s good for the goose…..

    Read More
    • Replies: @Stonehands

    Most relevant today is the issue of equality between the races. From your reading here you may already know or will discover that the ancestors of Europeans and Asians departed from the African continent roughly 60 million years ago...
     
    DNA Evidence Debunks the “Out-of-Africa” Theory of Human Evolution

    https://wakeup-world.com/2013/12/16/dna-evidence-debunks-the-out-of-africa-theory-of-human-evolution/
    ReplyAgree/Disagree/Etc.
  • Rather than a FTT, I suggest that a whole new taxation system be implemented that replaces the existing federal income tax.

    I suggest that a new tax have no direct contact between the federal government and the people and their businesses.

    Instead the federal government would send a annual or quarterly itemized bill to each state government and let each state government decide how they will pay their bill.

    I suggest that each state government have a line item veto where they can decide which itemized federal service they wish to fund, up to some limit.

    Vetoed items would presumably be serviced by the state government or not at all.

    Read More
    • Replies: @jacques sheete

    I suggest that each state government have a line item veto where they can decide which itemized federal service they wish to fund, up to some limit.
     
    I'm pretty certain that such a system was in effect before the constitution, and was one of the little known underlying motives the constitution was imposed on the rest of us. That is, the money grubbers wanted a more effective and easier way to grub into the pockets of others so they came up with the scheme to centralize everything.

    I believe that anti-federalists were worried about loss of states' rights such as that.

    The constitution made extortion more efficient.
    ReplyAgree/Disagree/Etc.
  • Americans love their billionaires. Their love is inversely proportional to their education and income. And billionaires in return love their peasants and keep them uneducated and poor to get only more love. A match made in heaven. God bless America.

    Read More
    ReplyAgree/Disagree/Etc.
  • @animalogic
    Nice hyperbole. There's a difference between trying to reduce the number of billionaires & greater more income inequality and going full scale communist. But hey, I'm sure your masters on Wall St appreciate your effort.

    ‘animalogic’ wins the debate!

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    ReplyAgree/Disagree/Etc.
  • @Agent76
    May 21, 2013 Why the whole banking system is a scam

    Godfrey Bloom MEP • European Parliament, Strasbourg, 21 May 2013 • MEP, UKIP (Yorkshire Lincolnshire)

    https://youtu.be/hYzX3YZoMrs

    Excellent post…

    Not just central bankers…

    What controls America today and the whole West are not governments, they are faceless tyrannies, branch offices of a single monstrous SYSTEM.

    When we speak of the thousands of interchangeable, expendable, parts of the alien, inhuman bureacracy, we speak of the System.

    From police to welfare bureacrats, to city, local, state and national appointees and so called “elected” officials; from prison administration to the Armed Forces; those who either represent the System or are in the employ of the System ARE in fact the System itself.

    High and low it is marked by the overweening drive to entrench itself ever deeper into the body of the nation- like the parasite that it is- to evade any and all real responsibility, and to regulate the lives of everyone it can in as minute detail as the System “legislators” can clear a path to legally do so.

    We should subscribe to the addage that, in order to kill an “ism” you must kill the “ists”.
    In this ultra- sick society the members of the Establishment, the System and of Big Brothers exclusive few… are the Ruling Class…all the rest of us (productive people) are Hereditary Property.
    As we can see (think 9/11 and the bank bail- outs) none of them will accept resonsibility for anything. Their defense is their endless red tape. Their offense is their economic system (not to mention the PRESS, courts and police). They hide behind the “law”. They are “officialdom”.
    To participate in this ongoing conspiracy any longer is a crime that should be punished by death.

    And no appeals will be granted by a Revolutionary Court.

    Read More
    • Replies: @Z-man
    Good post and 'hip, hip hooray' for Godfrey Bloom MEP !
    , @Agent76
    Thanks Stonehands for your time and comment, and this is another good one that actually gives everyone a great view that the mind alone cannot grasp.

    Mar 20, 2017 US Debt of $20 Trillion Visualized in Stacks of Physical Cash

    Showing stacks of physical cash in following sequence: $100, $10,000, $1 Million, $2 Billion, $1 Trillion, $20 Trillion. The faith and value of the US Dollar rests on the Government's ability to repay its debt. "The money in the video has already been spent"

    https://youtu.be/XqUwr-Nkq9g
    , @Anon
    So you are controlled by the SYSTEM. What has it made you do or stopped you doing contrary to your wishes?
    ReplyAgree/Disagree/Etc.
  • @Wally
    Why reduce the number of billionaires? Billionaires are good. I wish I was one.

    Billionaire are billionaires because they offer goods, services that are in demand.

    Indeed, there are 'billionaires' who have enriched themselves by selling arms, etc., not illegal.
    Don't like it? Then demand a huge cutback in 'defense' spending instead of singling out 'billionaires'.

    So ...

    Billionaire are billionaires because they offer goods, services that are in demand.

    Goldman Sachs makes money on every bottle of ketchup sold. They are not “offering services” – they are speculators manipulating markets for their own profit.

    Of Barclay’s records profits 75% went to management and 25% went to investors.

    Read More
    ReplyAgree/Disagree/Etc.
  • A gambling tax is decades overdue: stocks, commodities, securities. As for “lock-boxing” the proceeds: good luck. Clearly proceeds could wipe out student debit/higher education tuitions and put health care costs where they belong (ie) off the back of employers and on the federal government where they belong as a right of citizenship and national defense re pandemic response.

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    ReplyAgree/Disagree/Etc.
  • @Wizard of Oz
    It can't be the ultra realist Ron Unz who gives a "final warning". It is a really good prompt to stop wasting time on UR threads. (It might be fun to try and come back with just a single teasing typo as The Prizz Factor or maybe Really Anon but it might be better to enter on an electronic fast).

    I may however look for two UR improvements that could ameliorate the typo problem.

    1. Ensure that the print size in the composing box is at least as large as in the published comments so that ageing eyes don't find it very difficult to edit before pressing Publish Comment.** But if those who almost exclusively read and comment on UR on their smartphone screens are to be discouraged, so be it.

    2. Have the UR software which detects excessive typos (though indulgent of solecisms, fallacies, non-sequiturs, straw men and general intellectual brutishness) suspend the comment but send it back as if notifying a reply with whatever no-doubt-garbled-and-at-best- imperfect corrected version it can come up with.

    ** I have just spread the Comment box with my fingers and thereby made the contents as legible as in a published comment if I am willing to put up with the text box not fitting conveniently within the boundaries of the screen.

    I proffer that info for any who might otherwise be living in fear of a First Warning.

    You should change your handle to “Bumptious Q. Bangwhistle III.”

    Read More
    • Agree: jacques sheete
    ReplyAgree/Disagree/Etc.
  • The biggest problem causing income inequality is big government. Cut the Government, particularly FedGov, back to its constitutional functions and the overwhelming majority of the problem will be solved.

    Read More
    • Replies: @Delinquent Snail
    The problem with that is, its too big. Its a great idea but our current system wont even contemplate such a proposal.
    ReplyAgree/Disagree/Etc.
  • A Tax on Wall Street Trading Is the Best Solution to Income Inequality

    Taxes are theft.

    Besides that, the bulk of them typically end up in the pockets of the least deserving such as banks and insolvent corporations that get bailed out. That means the cash winds up in the pockets of the Wall Street thieves and owners of government any way you slice it, so how can they be a good solution???

    The only good tax is an abolished one.

    Read More
    • Replies: @Agent76
    You nailed it on all counts right there Jacques Sheete! I share this on the topic.

    Nov 21, 2013 The State is an Institution of Theft - Godfrey Bloom

    • European Parliament, Brussels, 21 November 2013

    • Speaker: Godfrey Bloom MEP, Ind. (Yorkshire & Lincolnshire), Europe of Freedom and Democracy (EFD)

    https://youtu.be/1sAkIW4guwg
    ReplyAgree/Disagree/Etc.
  • A proposed tax is a solution in search of a progressive’s perceived problem.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Wally
    Why reduce the number of billionaires? Billionaires are good. I wish I was one.

    Billionaire are billionaires because they offer goods, services that are in demand.

    Indeed, there are 'billionaires' who have enriched themselves by selling arms, etc., not illegal.
    Don't like it? Then demand a huge cutback in 'defense' spending instead of singling out 'billionaires'.

    So ...

    Indeed, you could tax billionaires at an extraordinarily high level and they wouldn’t stop being billionaires. Rockefeller stayed on. So did the Vanderbilts and the Carnegies.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Wally
    Why reduce the number of billionaires? Billionaires are good. I wish I was one.

    Billionaire are billionaires because they offer goods, services that are in demand.

    Indeed, there are 'billionaires' who have enriched themselves by selling arms, etc., not illegal.
    Don't like it? Then demand a huge cutback in 'defense' spending instead of singling out 'billionaires'.

    So ...

    Billionaire are billionaires because they offer goods, services that are in demand.

    Lloyd Blankfein: value producer.

    Read More
    ReplyAgree/Disagree/Etc.
  • @LauraMR
    The tax code needs to be rewritten from scratch. Adding a trade tax to this mess is not a solution of any kind. Government spending is simply out of control. Politicians in power must be held accountable for the mess they leave behind after they leave office. I want to see that pledge and prison sentences for those violating it before I agree to any new tax, no matter on what.

    “Government spending is simply out of control.”

    Exactly! And don’t let anyone distract you with, say, the fact that government spending has been sitting at 20% of the US economy since WWII. Facts are for socialists.

    Read More
    • Replies: @LauraMR
    Even Wikipedia knows better...

    https://en.wikipedia.org/wiki/File:Federal_Debt_Held_by_the_Public_1790-2013.png

    And this one just for fun...

    http://www.usdebtclock.org/
    , @Anon

    Facts are for socialists.
     
    You do know that your own chart trashes your own argument, right? It shows clearly that 1) federal outlays by this one particular metric (% GDP) achieved a record high during the Obama Administration, with the sole exception of WW2; and 2) federal outlays are hardly the only measure of government spending anyway. Ever heard of state and local government?
    ReplyAgree/Disagree/Etc.
  • @Medvedev

    Billionaires should not exist. Leveling the economic playing field is the only way to achieve equality. The guy who pumps your cesspool is far more critical to functioning society than the parasite who skims off a fee on financial transactions.
     
    Communists have had the same thoughts. Look how well it turned out for USSR, communist China under Mao, Cambodia, Cuba, North Korea, Venezuela.

    Whenever communists tried to redistribute the wealth, so everyone is equal, everyone ended up being equally poor. With the exception for a ruling clique.

    Obamacare is socialism! Libruls are teh real racists! The GOP is the party of principles!

    Read More
    ReplyAgree/Disagree/Etc.
  • @anon
    95% of day traders lose money. Very few get rich from it. So this idea that we are "soaking the rich" here with such a proposed tax is quite false.

    HFT != day traders

    Read More
    ReplyAgree/Disagree/Etc.
  • What the author mentions, without giving it that name, is Tobin tax.

    You can read about Tobin tax in the following essay from Chomsky, which is a bit long, so I give you his conclusion

    ‘- short term speculation, like, against currencies, is essentially, aimed at driving down growth and increasing profits and lowering wages.

    This was understood very quickly — by the late 70s. And there were proposals made, for example by James Tobin — Yale economist Nobel Prize winner — at an American Economic Association Presidential Address 1978, simply — suggested a simple reform: low tax, very low tax, on short-term financial transactions, just to slow it down, you know, throw a little sand in the gears. Probably work, it’s been called the Tobin Tax, but it’s not getting anywhere because the weapon is a very important one. That weapon has been used very efficiently for all the purposes that have been described.’

    https://chomsky.info/19960413/

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    ReplyAgree/Disagree/Etc.
  • @SimplePseudonymicHandle
    The problems of capital concentration (which lead to nearly every subject of this journal) are much greater than the disappointed trading careers of a few small-fry T-bill traders. You can make up your $100/week flipping burgers.

    I think you’ve missed the point. Capital concentration is not coming about due to lack of a financial transactions tax. This will not fix it. Capital concentration is being caused by creation of new money by the central banking system and the new money, trillions of dollars of it, flows into the hands of the rich. It flows into the asset markets raising the value of their real estate, stocks and bonds. It’s not trading the capital markets that’s causing the inequity it’s the maldistribution of the rivers of new money
    What this proposed tax will do is wipe out not a few small fry traders but, thousands possibly millions of retail trading accounts from smallholders. It will just leave the rich and powerful in charge even more than they are. It won’t stop them getting richer still from the rivers of new money. It is a thoroughly misconceived tax.

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    • Replies: @Sam J.
    "...It’s not trading the capital markets that’s causing the inequity it’s the maldistribution of the rivers of new money..."

    You've gotten to the meat of the problem. We had a housing loan crisis and what happened. They gave the banks essentially zero rate interest on we know $16 Trillion dollars and from public accounts $29 Trillion or more. This did nothing for the people having problems making their house mortgages but it did pump a huge amount of money to the banks. I have NO doubt at all what they did with that money is buy every damn productive enterprise in the whole economy. Now when the next downturn comes we will own nothing and they will charge us for the air we breath.


    What if instead of giving it to banks they gave one time zero interest loan to Americans. With it they could pay off their mortgages or school loans or whatever. At $29 Trillion and 300 million Americans we could have given a zero interest loan for every family of four of $386,666. Housing crisis solved and the economy would have roared with all that cash going into people’s pockets. Instead the banks got all the money to buy hard assets and we got the bill.

    It's not people making money that pisses of Americans it's this Oligarchical insider monopoly rip off that we get no part of. If they get free money I want some too. If that's not feasible then F*&K them they shouldn't get any either.
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  • @animalogic
    Nice hyperbole. There's a difference between trying to reduce the number of billionaires & greater more income inequality and going full scale communist. But hey, I'm sure your masters on Wall St appreciate your effort.

    Why reduce the number of billionaires? Billionaires are good. I wish I was one.

    Billionaire are billionaires because they offer goods, services that are in demand.

    Indeed, there are ‘billionaires’ who have enriched themselves by selling arms, etc., not illegal.
    Don’t like it? Then demand a huge cutback in ‘defense’ spending instead of singling out ‘billionaires’.

    So …

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    • Replies: @Bill

    Billionaire are billionaires because they offer goods, services that are in demand.
     
    Lloyd Blankfein: value producer.
    , @Anon
    Indeed, you could tax billionaires at an extraordinarily high level and they wouldn't stop being billionaires. Rockefeller stayed on. So did the Vanderbilts and the Carnegies.
    , @Noah Way

    Billionaire are billionaires because they offer goods, services that are in demand.
     
    Goldman Sachs makes money on every bottle of ketchup sold. They are not "offering services" - they are speculators manipulating markets for their own profit.

    Of Barclay's records profits 75% went to management and 25% went to investors.
    , @animalogic
    Just to add something to the very good replies you received Wally.
    Another problem with billionaires (& huge Co's) is that they eventually distort & poison democracy: hence the Stanford study on government receptiveness to the 95% (ie basically zero) & Citizens United (unlimited political contributions).
    Secondly, all that speculation that billionaires & their hedge funds & banks engage in distorts & poisons the economy (ie 1929, 2007).
    The greater the concentration of money outside the 95% the greater the power of the Oligarchy -- not citizens. Are you a citizen Wally, or an Oligarch ?
    .
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  • @animalogic
    Sure: but follow that logic & there would be NO taxes. No doubt some would celebrate no taxes, but (although theoretically doable [?] ) it might pose a few ... practical difficulties.

    That does not follow.
    What follows is that Big Greedy Government has repeatedly abused it’s taxing powers.
    Most taxpayers had no problem with controlled, closely monitored taxation, but due to government greed there is now resistance by taxpayers to paying the way of the lazy, the unproductive.
    Big Greedy Government only has itself to blame for that.

    example, gasoline taxes:

    US oil companies make ca. five cents off a single gallon of gasoline, on the other hand US Big Government taxes on a single gallon is around seventy-one cents, there is variation by state.
    CA & other states have big, big increases coming.
    Californians will soon pay $1.00 in taxes for every single gallon of gasoline.

    It’s Big Greedy Government, not Big Oil.

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  • @JamesG
    Conservative spokespeople ought to have strangled this "inequality" baby once it was created by the left.

    They didn't so it will never go away. Only if we adopt a North Korean style economy will "inequality" disappear.

    Think I'm exaggerating? Make a list of the steps conservatives could take that would satisfy the "inequality!" screamers. You can't name one.

    It most certainly will! Mar 20, 2013 My escape from North Korea | Hyeonseo Lee

    As a child growing up in North Korea, Hyeonseo Lee thought her country was “the best on the planet.” It wasn’t until the famine of the 90s that she began to wonder. She escaped the country at 14, to begin a life in hiding, as a refugee in China. Hers is a harrowing, personal tale of survival and hope — and a powerful reminder of those who face constant danger, even when the border is far behind.

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  • This article is so stupid I laughed out loud. “The burden of an FTT is borne pretty much in full by the financial sector.” As someone said: “some people believe that if there was a tax on cows, it will be paid by cows. “

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  • @Andy J
    SMALL TRADERS - IT WOULD DESTROY US!
    Let's just be clear about exactly what this would mean for small traders like myself. We are not Wall Street dudes just $5000-$50,000 account holders trying to scrape a living out of the markets, by averaging say 5-7 points a week on the T-bond futures.
    Per Trade
    Current spread: 1 point = $31.25.
    Charges to broker and exchange: $5. Total per trade = $36.25

    Now add this tiny little 0.03% charge shall we?
    Contract size $100,000 × 0.03 = $30. Buy and sell equals $30 each way, so now that's an extra $60 per trade.

    So the cost of doing the trade would rise roughly 300% from $36.25 to $96.25.

    $96.25 is equivalent to just over 3 points. But my whole weekly plan is to scrape may be five or seven points a week. And that's accounting for losses, where I lose a couple of points, but I can still come out on top the way it works now. If I have to pay an extra $60 per trade my entire trading plan is dead. Doesn't reduce by 40%. It disappears 100%. Do you understand that? I don't see it included in your analysis.

    Can't you see that for small traders this 0.03% tax means a 300% rise in trading costs that would completely wipe us out of the game. The only players left would be the big boys, the hedge funds, the banks, insurance companies etc. And there are thousands, possibly millions, of little traders like me. Not to mention the brokerage staff who service us.

    Why do you want to do this to us? Are you even aware that we exist? According to your article you don't even acknowledge our existence. It's about as dumb as creating trillions of dollars out of thin air in order to suppress interest rates and "stimulate" the economy. It doesn't factor in the losers in the game, it only looks at it from a very superficial perspective.

    This dumb tax would destroy the last hope for people who can climb into the ring of the free market and have a go at making some big money without being on the government payroll, the big business lobby, the public service unions etc.

    If you want to fix the economy stop fire hosing trillions of dollars into the market via the central banks and completely screwing up every price relation in the economy.

    The problems of capital concentration (which lead to nearly every subject of this journal) are much greater than the disappointed trading careers of a few small-fry T-bill traders. You can make up your $100/week flipping burgers.

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    • Replies: @Andy J
    I think you've missed the point. Capital concentration is not coming about due to lack of a financial transactions tax. This will not fix it. Capital concentration is being caused by creation of new money by the central banking system and the new money, trillions of dollars of it, flows into the hands of the rich. It flows into the asset markets raising the value of their real estate, stocks and bonds. It's not trading the capital markets that's causing the inequity it's the maldistribution of the rivers of new money
    What this proposed tax will do is wipe out not a few small fry traders but, thousands possibly millions of retail trading accounts from smallholders. It will just leave the rich and powerful in charge even more than they are. It won't stop them getting richer still from the rivers of new money. It is a thoroughly misconceived tax.
    ReplyAgree/Disagree/Etc.
  • Conservative spokespeople ought to have strangled this “inequality” baby once it was created by the left.

    They didn’t so it will never go away. Only if we adopt a North Korean style economy will “inequality” disappear.

    Think I’m exaggerating? Make a list of the steps conservatives could take that would satisfy the “inequality!” screamers. You can’t name one.

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    • Replies: @Agent76
    It most certainly will! Mar 20, 2013 My escape from North Korea | Hyeonseo Lee

    As a child growing up in North Korea, Hyeonseo Lee thought her country was "the best on the planet." It wasn't until the famine of the 90s that she began to wonder. She escaped the country at 14, to begin a life in hiding, as a refugee in China. Hers is a harrowing, personal tale of survival and hope -- and a powerful reminder of those who face constant danger, even when the border is far behind.

    https://youtu.be/PdxPCeWw75k
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  • @Anonymous
    FTT's are all very egalitarian and cute, but what actually happened when such taxes were imposed (e.g. in Sweden and in Brazil) is that markets migrated offshore (to London and New York, respectively). When this inane idea is attempted again, blockchain technology should make it a lot easier to circumvent.

    The author wants not only to soak the rich, but to screw the talented as well (i.e., "put downward pressure on pay there as well..."). Alas... [pours stiff drink]

    Nah
    Egalatarians just need to get smart.
    Every time capital takes its hands out reach of appropriate correctives to market failures, labor should just start nullifying capital with its own blockchains.
    Create a currency, mass distribute it to everyone with a cell phone and a SSN, and have people insist on using the new currency until the assets denominated in predatory currency are nullified.
    Rinse, wash, repeat.

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  • May 21, 2013 Why the whole banking system is a scam

    Godfrey Bloom MEP • European Parliament, Strasbourg, 21 May 2013 • MEP, UKIP (Yorkshire Lincolnshire)

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    • Replies: @Stonehands
    Excellent post...

    Not just central bankers...

    What controls America today and the whole West are not governments, they are faceless tyrannies, branch offices of a single monstrous SYSTEM.

    When we speak of the thousands of interchangeable, expendable, parts of the alien, inhuman bureacracy, we speak of the System.

    From police to welfare bureacrats, to city, local, state and national appointees and so called "elected" officials; from prison administration to the Armed Forces; those who either represent the System or are in the employ of the System ARE in fact the System itself.

    High and low it is marked by the overweening drive to entrench itself ever deeper into the body of the nation- like the parasite that it is- to evade any and all real responsibility, and to regulate the lives of everyone it can in as minute detail as the System "legislators" can clear a path to legally do so.

    We should subscribe to the addage that, in order to kill an "ism" you must kill the "ists".
    In this ultra- sick society the members of the Establishment, the System and of Big Brothers exclusive few... are the Ruling Class...all the rest of us (productive people) are Hereditary Property.
    As we can see (think 9/11 and the bank bail- outs) none of them will accept resonsibility for anything. Their defense is their endless red tape. Their offense is their economic system (not to mention the PRESS, courts and police). They hide behind the "law". They are "officialdom".
    To participate in this ongoing conspiracy any longer is a crime that should be punished by death.

    And no appeals will be granted by a Revolutionary Court.
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  • Redistribution of wealth is a religious dream that will never be accomplished. The people that promote it should be allowed to put their money where their mouths are and volunteer to pay more of their own “wealth” to support the parasites that take advantage of being losers. Understand this: your politicians use wealth redistribution for two reasons. First, to get elected and re-elected so they can keep their snouts in the pig trough. Second, borrow money into existence to pay for ridiculous schemes in ridiculous amounts and accrue more debt for the productive individuals. They don’t give two bowel movements about the people that the money is given too, or to the idiots that vote their “feelings”. Those of you that do participate in this swindle are useful idiots and have never bothered to think about the fragile nature of human interaction. The “system” will not go on for ever and never has. Another “system” will be substituted at some point and then you can pat yourselves on the back as to how enlightened you were in giving someone else’s money to a thousand people that do need help (and could get it through private charities if government wasn’t taking so much of your money) and also to the millions that are thieves and parasites. Thanks for being so “enlightened”!

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  • TG says:

    These are reasonable proposals, although of course the tax would collect less than projected, because if enacted the amount of trading would decline, and people would find other avenues to play these games. Still, it should make the system more stable and hopefully point it back towards its original goal of price discovery and allocating resources instead of high-tech point shaving (one can hope).

    On the other hand, it won’t do much for income inequality. That’s because income inequality is being driven by too-rapid population growth. The post-1970 changes in US immigration policy have already increased the American population by about 100 million more than it would have been if the matter had been left to the public itself (remember, it’s not the fraction of the population that is foreign born that is the issue: it is the total increase in population, including descendants, due to immigration).

    Nobody beats supply and demand. As long as the rich keep jamming in more people faster than our current economy can absorb, there will be more people than jobs, and wages and benefits for the many will decline and profits for the few will increase. A tax on financial transactions will have not fundamental effects on this process.

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  • The size of HFT market is 1-2B. Used to be 7B. Yeah, this will solve a lot of inequality problems.

    It is amazing how ignorant the liberal economists are when it comes to trading securities.

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  • @Bruce Marshall
    Yes, and the only way to actually level the playing field is to Return to Parity! As is the law, 7 USC Sec 602. It worked as demonstrated with World War II and post war boom.

    Parity means pay those who produce the food that keeps us alive at a levels that allows the farmers to then purchase from manufacturing and service sectors which are offshoots of agricultural bounty that needs to be adequately monetized.

    Underpay farmers and the entire economy loses out in 'earned income' that is the basis for rest of the economy to either thrive or starve on. When it thrives you have a natural democratization of wealth based upon the natural distribution of various bioregions that produce different foods, all which feeds capital spent upon goods and services, bought from profit from tending the soil and not having to pay, or not be able to afford to pay, loans and the attendent interest.

    The interests whose interests is interest want to sell interest and parity opposes such an artificial tax on everyone, it merely says "pay the farmer his due"

    If you have to borrow money to buy seed for next season, then last season was not too good....and such is the problem....that feeds the corporations taking over agriculture towards monoculture hell and slavery.

    American farmers are only getting 34 % of Parity. No one could take such a cut and survive.

    Note this chart and letter to the President.

    http://normeconomics.org/parity_table_45-16eb.pdf

    Hmm the song of the lazy farmer or take care of me from the cradle to the grave the farmers should be classified as wards of the Federal Government for there isn’t a damn thing they do but what there isn’t a federal program to take care of them.

    On the lay-off list it was telling about how they dumped 2.1 million gallons of milk, over at the surplus milk plant they reported they dumped 2.5 million pounds of milk this past year, but yet the tax payer gets to pay the subsidy on milk, and this has been going on for years, free lime free fertilizer free cover crop free this free that, while their accounts are screaming on the phone you have to spend more or else you will have to pay (oh dear God not that nasty word)some taxes. ,after all you wouldn’t want to save any money from a good year to tide you over in a bad year

    Here in N.Y. they were talking of passing a bill requiring farmers to pay overtime (normal wage of those working for a farmer is $10.00 to $11.50 per hour no benefits of course) and the farmers all headed for Albany crying a river of tears, that they would rather spend $250,00 on a new tractor rather then paying their help any where near a living wage or as a farmer says if you want to make more money work more hours but don’t ask for a raise..

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  • It can’t be the ultra realist Ron Unz who gives a “final warning”. It is a really good prompt to stop wasting time on UR threads. (It might be fun to try and come back with just a single teasing typo as The Prizz Factor or maybe Really Anon but it might be better to enter on an electronic fast).

    I may however look for two UR improvements that could ameliorate the typo problem.

    1. Ensure that the print size in the composing box is at least as large as in the published comments so that ageing eyes don’t find it very difficult to edit before pressing Publish Comment.** But if those who almost exclusively read and comment on UR on their smartphone screens are to be discouraged, so be it.

    2. Have the UR software which detects excessive typos (though indulgent of solecisms, fallacies, non-sequiturs, straw men and general intellectual brutishness) suspend the comment but send it back as if notifying a reply with whatever no-doubt-garbled-and-at-best- imperfect corrected version it can come up with.

    ** I have just spread the Comment box with my fingers and thereby made the contents as legible as in a published comment if I am willing to put up with the text box not fitting conveniently within the boundaries of the screen.

    I proffer that info for any who might otherwise be living in fear of a First Warning.

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    • Replies: @Stonehands
    You should change your handle to "Bumptious Q. Bangwhistle III."
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  • @Bruce Marshall
    Yes, and the only way to actually level the playing field is to Return to Parity! As is the law, 7 USC Sec 602. It worked as demonstrated with World War II and post war boom.

    Parity means pay those who produce the food that keeps us alive at a levels that allows the farmers to then purchase from manufacturing and service sectors which are offshoots of agricultural bounty that needs to be adequately monetized.

    Underpay farmers and the entire economy loses out in 'earned income' that is the basis for rest of the economy to either thrive or starve on. When it thrives you have a natural democratization of wealth based upon the natural distribution of various bioregions that produce different foods, all which feeds capital spent upon goods and services, bought from profit from tending the soil and not having to pay, or not be able to afford to pay, loans and the attendent interest.

    The interests whose interests is interest want to sell interest and parity opposes such an artificial tax on everyone, it merely says "pay the farmer his due"

    If you have to borrow money to buy seed for next season, then last season was not too good....and such is the problem....that feeds the corporations taking over agriculture towards monoculture hell and slavery.

    American farmers are only getting 34 % of Parity. No one could take such a cut and survive.

    Note this chart and letter to the President.

    http://normeconomics.org/parity_table_45-16eb.pdf

    What a load of bull****.

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    • Agree: bluedog
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  • Rid ourselves of fiat monies and banking.

    “Who controls the issuance of money controls the government!” Nathan Meyer Rothschild

    June 13, 2016 Which Corporations Control The World?

    A surprisingly small number of corporations control massive global market shares. How many of the brands below do you use?

    http://www.informationclearinghouse.info/article44864.htm

    Aug 30, 2016 Central Banks = Welfare for the Wealthy

    Central banks can only do one thing, and that’s provide monetary welfare for the wealthy.

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    • Agree: Stonehands
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  • @Wizard of Oz
    Not only the idea but the practice of raising transaction taxes is an old one.

    In the juurisdictons I am familar with there were pro rata stamp duties on purchase of shares (and progresdive rates of stamp duty on sale of real estate). Now in Australia there is dtill a tax on brokers commissions and stock exchange fees: the GST or VAT as it would be in most countries. The stamp duties were stae taxes and not necessarily at uniform rates. It heled in getting rid of them - as well as the federal BankbDebits Tax and Financial InstitutionscDuty - that the origin of stamp duties lay in the difficulty of raising taxes 250 years ago in a far from totally literatee society. To be able to rely on a document like a lease or a cheque or a share transfer in a court of law it hsd to be stamped with stamps of the right flat rate or pro rata duty before it was admissable in evidence.

    When the Australian states were offered the proceeds of the new GST (VAT) the trade off was abolition of many state duties/taxes which had obvious merit in reducing business costs and lack lof uniformity between states (assuming it generally is a good thing). Now the adfed cost of such turnover badef taxesc for any large broker or bank would be negligible thanks to technological advance.

    [Too many typos. Edit your comments BEFORE you publish instead of afterwards. No other commenter has typos. This is your final warning.]

    Apologies for typos. I couldn’t edit bècause I lost power a couple of seconds after hitting Publish Comment.

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    • Replies: @Delinquent Snail
    Im reading these comments, and several people have typos. This article has people scrambling to get their 2 cents out.
    Also, that mod is vicious.
    , @jim jones
    Get a browser with a spell checker
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