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The Covid-19 pandemic is unleashing obscene bailouts of Western industries and companies, as well as lifelines for billionaire business magnates.

It is grotesque that millions of workers are being laid off by corporations which are in turn receiving taxpayer funds. Many of these corporations have stashed trillions of dollars away in tax havens and have contributed zero to the public treasury. Yet they are being bailed out due to shutdowns in the economy over the Covid-19 crisis.

Why aren’t the banks and corporations being forced by governments to pay for their workers on sick leave or in lockdown? It’s because the governments are bought and paid-for servants of the top one per cent. Some political leaders are the embodiment of the one per cent, like Donald Trump and senior members of the U.S. Congress.

The biggest orgy of funny money is seen in the U.S. where the Trump administration and Congress have approved the printing of trillions of dollars to prop up corporations and banks. Meanwhile crumbs are being thrown at millions of workers and their families.

In just five weeks, unemployment has hit a staggering 26.4 million people in the U.S. – and that’s the official figure. The real level is doubtless much higher. It is reported that the job losses have wiped out all the employment gains made over the past decade since the last financial crisis in 2008. As with the present crisis, the U.S. government arranged trillion-dollar bailouts for banks and industries back in 2008-2009. It didn’t last long until the next binge.

In truth is this is a familiar pattern over the past century where the economy is continually salvaged from ruin by the government at the expense of ordinary workers, small businesses and taxpayers. The recurring rescue is proof that the system of private capital and supposed free markets is a myth.

…click on the above link to read the rest of the article…

What Are You Gonna Do About It?

April 15, 2020

What Are You Gonna Do About It?

Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them, according to a POLITICO review of the legislation.

The provision further calls into question the transparency and oversight for the biggest bailout law ever passed by Congress. President Donald Trump has indicated he does not plan to comply with another part of the new law intended to boost Congress’ oversight powers of the bailout funds. And earlier this week, Trump dismissed the government official chosen as the chief watchdog for the stimulus package.

The changes at the central bank – which appear to have been inserted into the 880-page bill by sympathetic senators during the scramble to get it approved — would address a complaint that the Fed faced during the 2008 financial crisis, when board members couldn’t easily hold group conversations to address the fast-moving economic turmoil.

The provision dispenses with a longstanding accountability rule that the board has to give at least one day’s notice before holding a meeting. Experts say the change could lead to key information about the $450 billion bailout fund, such as which firms might benefit from the program, remaining inaccessible long after the bailout is over.

The new law would absolve the board of the requirement to keep minutes to closed-door meetings as it deliberates on how to set up the $450 billion loan program. That would severely limit the amount of information potentially available to the public on what influenced the board’s decision-making. The board would only have to keep a record of its votes, though they wouldn’t have to be made public during the coronavirus crisis.

…click on the above link to read the rest of the article…

The Road to Perdition is Paved With Evil Intentions–A Final Reckoning

April 13, 2020

THE ROAD TO PERDITION IS PAVED WITH EVIL INTENTIONS – A FINAL RECKONING

In Part 1 of this article I pointed out how we have allowed ourselves to be cowed by authoritarian “experts” who have proven to be nothing but incompetent and wrong every step of the way, while the financiers have used the crisis once again to pillage the citizens as they did in 2008/2009.

The absurdity of shutting down this country based on academic death models that make economist and climatologist models look highly accurate in comparison, can be seen in the ludicrousness of the following chart. And realize we did this on purpose because of a virus that will kill .018% of the U.S. population. And most of those deaths will occur in several highly dense urban enclaves, with the rest of the country barely affected.

By shutting down the country the government has crushed virtually every business in the country and putting tens of millions out of work, with resulting crash in tax revenues at the Federal, State and Local level. At the same time, Trump and everyone in Congress have become Bernie Sanders socialists, except most of it is corporate socialism. The deficit was already on track to top $1.2 trillion, but with the $2.2 trillion stimulus package, and more to come, the deficit this year and next will approach $3 trillion.

“It has been more profitable for us to bind together in the wrong direction than to be alone in the right one. Those who have followed the assertive idiot rather than the introspective wise person have passed us some of their genes. This is apparent from a social pathology: psychopaths rally followers.” ― Nassim Nicholas Taleb, The Black Swan: The Impact of the Highly Improbable

…click on the above link to read the rest of the article…

Despite Massive QE And Congress Bill, The US Dollar Shortage Intensifies

March 25, 2020

Despite Massive QE And Congress Bill, The US Dollar Shortage Intensifies

How can the Fed launch an “unlimited” monetary stimulus with congress approving a $2 trillion package and the dollar index remain strong? The answer lies in the rising global dollar shortage, and should be a lesson for monetary alchemists around the world.

The $2 trillion stimulus package agreed by Congress is around 10% of GDP and, if we include the Fed borrowing facilities for working capital, it means $6 trillion in liquidity for consumers and firms over the next nine months.

The stimulus package approved by Congress is made up of the next key items: Permanent fiscal transfers to households and firms of almost $5 trillion. Individuals will receive a $1,200 cash payment ($300 billion in total). The loans for small businesses, which become grants if jobs are maintained ($367 billion). Increase in unemployment insurance payments which now cover 100% of lost wages for four months ($200 billion). $100 billion for the healthcare system, as well as $150bn for state and local governments. The remainder of the package comes from temporary liquidity support to households and firms, including tax delays and waivers. Finally, the use of the Treasury’s Exchange Stabilization Fund for $500bn of loans for non-financial firms.

To this, we must add the massive quantitative easing program announced by the Fed.

First, we must understand that the word “unlimited” is only a communication tool. It is not unlimited. It is limited by the confidence and demand of US dollars.

I have had the pleasure of working with several members of the Federal Reserve, and the truth is that it is not unlimited. But they know that communication matters.

…click on the above link to read the rest of the article…

How Congress and the Federal Reserve Stole Christmas

December 23, 2019

How Congress and the Federal Reserve Stole Christmas

The bickering over impeachment did not stop the president and Congress from coming together last week to avert a government shutdown by passing a 1.4 trillion dollar spending package.

The bipartisan agreement has something for everyone — a 22 billion dollars increase to bring total spending on militarism to 738 billion dollars, and a 27 billion dollars increase to bring total spending on domestic programs to 632 billion dollars. It also imposes a national ban on selling tobacco products, including e-cigarettes, to anyone under 21.

The agreement was split into two bills. Both bills were unveiled last Monday afternoon. The bills passed the House on Tuesday, so only the House leadership and the members of the Appropriations Committee (and their staffs) who helped write the over 2,000-page deal had any idea what was in the bills. But most members voted for the spending bills because they were fearful of backlash over another Christmastime government shutdown. House leadership simply “waived” the rule requiring that all legislation be available at least three days before being voted upon.

The modern practice of funding the government via gigantic omnibus bills that are rushed into law puts the growth of government on autopilot. This practice also gives the president more influence over the budget, violating the spirit, if not the letter, of the Constitution’s grant of authority to Congress to appropriate funds, which was intended as a check on executive power.

Meanwhile, the Federal Reserve continues pumping billions into the repurchasing market. When the Fed began injecting money into the market in September, it said intervention was a temporary measure to address a short-term liquidity shortage. Three months later, the Fed is not only continuing to bail out the repurchasing market, it is preparing for other bailouts. This is further evidence that we are on the verge of another Fed-created economic crisis.

…click on the above link to read the rest of the article…

Strangers in a Strange Land

November 12, 2019

Strangers in a Strange Land

“Secrecy begets tyranny.” ― Robert A. Heinlein, Stranger in a Strange Land

“Thinking doesn’t pay. Just makes you discontented with what you see around you.” ― Robert A. Heinlein, Stranger in a Strange Land

When I read quotes by men like H.L. Mencken and Robert Heinlein, I realize I’m not really a stranger in a strange land, even though I feel that way most of the time. These cynical, critical thinking, libertarian minded gentlemen understood government tended towards corruption and tyranny, the populace tended towards ignorance and distraction, and reality eventually teaches a harsh lesson to fools, knaves and dumbasses.

Sometimes we think the current day worldly circumstances are new and original, when human nature, politicians, and governments never really change. When Mencken and Heinlein were writing and providing social commentary during the 30’s, 40’s and 50’s, they observed the same fallacies, foolishness, lack of self-responsibility, government malfeasance, and inability of the majority to think critically, that are rampant in society today.

The quotes above, written during the 1950s, are even more pertinent today. As the ongoing Surveillance State attempted coup against president Trump approaches its denouement, the fabric of this country is being torn asunder. It is the secrecy in which the Deep State has operated without oversight which has led to government tyranny. Julian Assange and Edward Snowden exposed the secrets of powerful interests operating within the CIA, NSA, FBI, White House, Congress and military industrial complex, revealing the malevolent disregard for the Constitutional rights of American citizens and wielding of power for power’s sake.

The collection of all electronic communications by Americans by all-powerful, unaccountable Deep State psychopaths is worse than anything conceived by Orwell in 1984.

…click on the above link to read the rest of the article…

Of Warnings and their Ripple Effects

November 11, 2019

*Greta Thunberg appearing before the House Ways and Means Committee on September 18, 2019, based upon a photo by Alden Meyer, Union of Concerned Scientists*

Of Warnings and their Ripple Effects

In her testimony to the US Congress, Greta Thunberg did not prepare a statement for submission to the record. Instead, she submitted the most recent scientific report, issued by the IPCC three weeks earlier. She said simply, “I am submitting this report as my testimony because I don’t want you to listen to me, I want you to listen to the scientists, and I want you to unite behind the science. And then I want you to take real action. Thank you.”

Alden Meyer, an elder statesman of environmental advocacy that I have been running into at every climate meeting since Rio in 1992, called it the shortest and most powerful testimony he has heard anyone give in Congress during his decades in Washington.

This week another headline blazed across newspapers and social media sites: World Scientists Warn of Climate Emergency.

Reading this newest installment in ecologist William Ripple’s series was a mixed experience for me. On the one hand, I was delighted that he and Chris Wolf at Oregon State, Tom Newsome at the University of Sydney, Phoebe Barnard at Conservation Biology Institute and the University of Capetown, and Bill Moomaw at Tufts were able to enlist 11,258 co-signatories from 153 countries for their paper published in BioScience on November 5th.

The first such warning, organized by Alden Meyer and the Union of Concerned Scientists in 1992, had 1,575 prominent scientists, including the majority of living Nobel laureates, co-sign. The second, by Ripple, Wolf, et al in BioScience in 2017, had 15,364 signatories from 184 countries, which begs the question: Why fewer this year?

…click on the above link to read the rest of the article…

Trump, FDR, and War

September 29, 2019

Trump, FDR, and War

President Trump’s campaign of “maximum pressure” against Iran reminds me of President Franklin Roosevelt’s similar campaign against Japan prior to the Japanese attack on Pearl Harbor.

After England declared war on Germany, owing to the latter’s invasion of Poland, the American people were overwhelmingly opposed to entry into the war. That was because they recognized that U.S. interventionism into World War I, which cost the lives and limbs of tens of thousands of American soldiers and severely infringed on the liberty of the American people, had accomplished nothing.

Americans had no interest in doing it again. Their mindsets were similar to those of our American ancestors, whose founding foreign policy was to avoid involvement in Europe’s forever wars.

In his 1940 campaign for president, Roosevelt told the American people that he was with them in their opposition to foreign wars. He said to them, “I’ve said this before, but I shall say it again and again and again: Your boys are not going to be sent into any foreign wars.”

The problem is that FDR was lying. In fact, his secret aim was to circumvent the will of the American people and somehow maneuver the United States into the war.

During that time, U.S. presidents were still complying with the provision in the Constitution that prohibits the president from waging war without first securing a declaration of war from Congress. FDR knew, however, that securing such a declaration was impossible, given the overwhelming sentiment against getting involved in another European war.

So, FDR, who is widely recognized as one of the craftiest politicians in U.S. history, began figuring out a way by which he could embroil the nation in the war despite the fierce opposition of the American people.

…click on the above link to read the rest of the article…

Focus Is Increasingly On How Similar Conditions Are To The Lead Up To WW2: Rabobank

September 2, 2019

Focus Is Increasingly On How Similar Conditions Are To The Lead Up To WW2: Rabobank

Back with a bang

As mentioned on Friday, welcome to both La Grande rentrée and weltschmerz: and combining the two, this week we are ‘back with a bang’. That seems appropriate given yesterday marked 80 years since the start of WW2, which one would have thought would have received far more media coverage than it did: instead, far more focus was on how similar some conditions are to the lead up to WW2.

For just one market example, yesterday saw new US and Chinese tariffs kick in, taking a further step down the trade war path – if that is what one still insists on calling it. I underline that more holistic view of the US-China standoff as the Wall Street Journal reports that “SEC Revives Fight Over Inability to Inspect Chinese Auditors of Alibaba, Baidu”. The SEC could yet “impose more oversight on US-listed companies that rely upon those [Chinese] auditors. The measures could include forcing the firms to disclose more about their business or accounting and restricting their ability to sell new shares.” Given the Chinese firms are unlikely to comply, that is a potential step towards an eventual US delisting; and don’t forget there is also a push in the US Congress to stop US capital flows into China via bill S. 1731, which will get a further bipartisan tailwind when Congress returns on 4 September. In short, this is a whole other new front in the US-China struggle (capital flows, following tech limits and tariffs), not a ‘trade war’.

Markets May Focus on Dissenters in FOMC Minutes: Rabobank’s Foley

Let’s see just how weak CNY fixing, and CNY itself, are today. Indeed, after the Chinese manufacturing PMI stayed well below 50 over the weekend, will we take out the low of 7.1926 on the back of this news-flow? If not today, then soon, surely. And then where?

…click on the above link to read the rest of the article…

Uncle Sam Wants Your DNA: The FBI’s Diabolical Plan to Create a Nation of Suspects

January 24, 2019

Uncle Sam Wants Your DNA: The FBI’s Diabolical Plan to Create a Nation of Suspects

“As more and more data flows from your body and brain to the smart machines via the biometric sensors, it will become easy for corporations and government agencies to know you, manipulate you, and make decisions on your behalf. Even more importantly, they could decipher the deep mechanisms of all bodies and brains, and thereby gain the power to engineer life. If we want to prevent a small elite from monopolising such godlike powers, and if we want to prevent humankind from splitting into biological castes, the key question is: who owns the data? Does the data about my DNA, my brain and my life belong to me, to the government, to a corporation, or to the human collective?”―Professor Yuval Noah Harari

Uncle Sam wants you.

Correction: Uncle Sam wants your DNA.

Actually, if the government gets its hands on your DNA, they as good as have you in their clutches.

Get ready, folks, because the government— helped along by Congress (which adopted legislation allowing police to collect and test DNA immediately following arrests), President Trump (who signed the Rapid DNA Act into law), the courts (which have ruled that police can routinely take DNA samples from people who are arrested but not yet convicted of a crime), and local police agencies (which are chomping at the bit to acquire this new crime-fighting gadget)—is embarking on a diabolical campaign to create a nation of suspects predicated on a massive national DNA database.

As the New York Times reports:

…click on the above link to read the rest of the article…

Shut Down the War Machine!

January 18, 2019

Shut Down the War Machine!

The time has come to cut the US military down to size.

Last November, the Pentagon admitted what critics have known for years: It cannot pass an audit that would let Congress, the media and taxpayers know what it does with the trillions of dollars that have been lavished on war and preparing for war by this country.

By all accounts, the US accounts for more than a third of all global military spending. The next biggest spender on its military, China, only spends a fifth as much as the US. And remember, as a full-fledged police state and a country whose peripheral provinces have to be kept under tight military control lest they move towards independence from Beijing, much of China’s huge military is actually involved not in threatening other countries or even defending China, but in maintaining government control domestically. Russia’s military spending, which actually declined last year, is actually lower than for tiny Saudi Arabia, which can’t even control tiny neighboring Yemen without vast assistance and military aid from the United States.

Let’s be honest: The United States faces no significant threat from any nation in the world.

Sure I know: Russia and even China have nuclear weapons that, if launched en masse at the US could destroy this country. But everyone knows such an action would be to commit national suicide. With its vast nuclear arsenal stowed in patrolling submarines, in protected silos ready to be fired off in minutes, and in bases around the world, including some quite close to China’s and Russia’s borders, the US not only could destroy both countries many times over in response, but is actually able and prepared to attack either country or both countries first, perhaps even preventing them from retaliating successfully (See Michio Kaku’s and Daniel Axelrod’s excellent and terrifying book…

…click on the above link to read the rest of the article…

The National Security Agency Is A Criminal Organization

January 17, 2019

The National Security Agency Is A Criminal Organization

Years before Edward Snowden provided documented proof that the National Security Agency was really a national insecurity agency as it was violating law and the US Constitution and spying indiscriminately on American citizens, William Binney, who designed and developed the NSA spy program revealed the illegal and unconstitutional spying. Binney turned whistleblower, because NSA was using the program to spy on Americans. As Binney was well known to the US Congress, he did not think he needed any NSA document to make his case. But what he found out was “Congress would never hear me because then they’d lose plausible deniability. That was really their key. They needed to have plausible deniability so they can continue this massive spying program because it gave them power over everybody in the world. Even the members of Congress had power against others [in Congress]; they had power on judges on the Supreme Court, the federal judges, all of them. That’s why they’re so afraid. Everybody’s afraid because all this data that’s about them, the central agencies — the intelligence agencies — they have it. And that’s why Senator Schumer warned President Trump earlier, a few months ago, that he shouldn’t attack the intelligence community because they’ve got six ways to Sunday to come at you. That’s because it’s like J. Edgar Hoover on super steroids. . . . it’s leverage against every member of parliament and every government in the world.”

To prevent whistle-blowing, NSA has “a program now called ‘see something, say something’ about your fellow workers. That’s what the Stasi did. That’s why I call [NSA] the new New Stasi Agency. They’re picking up all the techniques from the Stasi and the KGB and the Gestapo and the SS. They just aren’t getting violent yet that we know of — internally in the US, outside is another story.”

…click on the above link to read the rest of the article…

14 New Massachusetts State Reps Support 100% Renewable Energy by 2050

January 9, 2019

14 New Massachusetts State Reps Support 100% Renewable Energy by 2050

Kids holding pro-renewables signs at a Gulf of Mexico drilling lease protest in New Orleans in 2016

With the swearing in of new members last week, the Massachusetts legislature, not unlike the U.S. Congress, is receiving an infusion of brand-new state representatives who already are pushing an aggressive agenda focused on addressing climate change and transitioning to 100 percent renewable electricity by 2050.

So far, 14, or over half of the 24 new recruits, have formed an informal but unified group known as GreenTeamMA. Their initiatives are straightforward. They’ve agreed to refuse campaign contributions from fossil fuel PACs, they support carbon pricing, and they’ll be working with constituents to drive higher demand for wind, solar, and hydropower in the Bay State, where today almost one-sixth of electricity comes from renewable sources.

“It’s a bottom-up approach that may well work,” said newly elected State Rep. Patrick Kearney of the South Shore’s 4^thPlymouth District. “It’s a bipartisan effort we’re undertaking because the climate affects the health and well-being of every community.”

Graduation Day at New Legislators Academy for newly elected Massachusetts State Representatives, sworn into office on January 2, 2019. Credit: Patrick Kearney

Building Grassroots Support for Climate Action

GreenTeamMA members view climate change as a clear and present danger that requires an energy recalculation.

With one of the richest offshore wind reserves in the world and the capacity to build onshore wind and solar power plants to meet the growing energy needs of Massachusetts, the commonwealth is “poised to embrace a clean energy economy,” says State Rep. Tommy Vitolo of Brookline’s 15^th Norfolk District.

To catapult that economy, GreenTeamMA members plan to target Massachusetts voters who rank health and climate change as key issues and call on them to make a consumer switch to renewable electricity.

…click on the above link to read the rest of the article…

Rough Times Ahead, But Liberty Can Still Win

January 1, 2019

Rough Times Ahead, But Liberty Can Still Win

While Congress and the president fight over funding a border wall, they continue to ignore the coming economic tsunami caused by the approximately 22 trillion dollars (and rapidly increasing) federal debt. President Trump may not be troubled by the debt’s effect on the economy because he believes he will be out of office before it becomes a major problem. However, the crisis may come sooner than he, or most people in DC, expects.

The constituency for limited government, while growing, is still far outnumbered by those wanting government to provide economic and personal security. From lower-income Americans who rely on food stamps, public housing, and other government programs, to middle-class Americans who live in homes they could not afford without assistance from federal agencies like Fannies Mae and Freddie Mac, to college students reliant on government-subsidized student loans, to senior citizens reliant on Social Security and Medicare, to billionaire CEOs whose companies rely on bailouts, subsidies, laws and regulations written to benefit politically-powerful businesses, and government contracts, most Americans are reliant on at least one federal program. Many programs are designed to force individuals to accept government aid. For example, it is almost impossible for a senior citizen to obtain health insurance outside of Medicare.

The welfare state is fueled by the Federal Reserve’s easy money policies, which are also responsible for the boom-and-bust cycle that plagues our economy. The Federal Reserve’s policies do not just distort our economy, they also distort our values, as the Fed’s dollar depreciation causes individuals to forgo savings and hard work in favor of immediate gratification. This has helped create an explosion of business and individual debt. There has been a proliferation of bubbles, including in credit card debt, auto loans, and student loans. There is even a new housing bubble.

…click on the above link to read the rest of the article…

Endless War Has Been Normalized And Everyone Is Crazy

December 22, 2018

Endless War Has Been Normalized And Everyone Is Crazy

Since I last wrote about the bipartisan shrieking, hysterical reaction to Trump’s planned military withdrawal from Syria the other day, it hasn’t gotten better, it’s gotten worse. I’m having a hard time even picking out individual bits of the collective freakout from the political/media class to point at, because doing so would diminish the frenetic white noise of the paranoid, conspiratorial, fearmongering establishment reaction to the possibility of a few thousands troops being pulled back from a territory they were illegally occupying.

Endless war and military expansionism has become so normalized in establishment thought that even a slight scale-down is treated as something abnormal and shocking. The talking heads of the corporate state media had been almost entirely ignoring the buildup of US troops in Syria and the operations they’ve been carrying out there, but as soon as the possibility of those troops leaving emerged, all the alarm bells started ringing. Endless war was considered so normal that nobody ever talked about it, then Trump tweeted he’s bringing the troops home, and now every armchair liberal in America who had no idea what a Kurd was until five minutes ago is suddenly an expert on Erdoğan and the YPG. Lindsey Graham, who has never met an unaccountable US military occupation he didn’t like, is now suddenly cheerleading for congressional oversight: not for sending troops into wars, but for pulling them out.

“I would urge my colleagues in the Senate and the House, call people from the administration and explain this policy,” Graham recently told reporters on Capitol Hill. “This is the role of the Congress, to make administrations explain their policy, not in a tweet, but before Congress answering questions.”

…click on the above link to read the rest of the article…

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