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Does Capitalism Cause Poverty?
Does Capitalism Cause Poverty? Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by now intolerable: farm workers find it intolerable, laborers find it intolerable, communities find it intolerable, peoples find it intolerable. The earth itself – our sister, Mother […]
That 70s Show – Episode 2
That 70s Show – Episode 2 In Episode 1 we showed how the US labour market changed dramatically from the 1970s on back of excess money printing which allowed Americans to buy tradable goods on the international market, hollowing out its own manufacturing base, and essentially creating an unsustainable consumer driven economy where the broad masses get their […]
ZIRP——The Monetary Trick Which Killed Wages
ZIRP——The Monetary Trick Which Killed Wages Stupid Fed Trick Number 1 The Fed thinks that keeping interest rates low spurs inflation. It was probably happy to see the purported uptick in wage inflation in the just released May jobs report. It wants to see wages start rising to create a bit of inflationary pressure. That […]
Rise of the ‘precariat,’ the global scourge of precarious jobs
Rise of the ‘precariat,’ the global scourge of precarious jobs Barely one in four of the global workforce has a stable job, UN reports With relatively little notice, the world passed a modern milestone recently, one that makes any yearning for more stable times seem very farfetched — the global jobless total passed 200 million. To […]
U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses
U.S. Households Under Pressure: Stagnant Incomes, Rising Basic Expenses How do you support a consumer economy with stagnant incomes for the bottom 90%, rising basic expenses and crashing employment for males ages 25-54? Answer: you don’t. Frequent contributor B.C. passed along a sobering set of charts that provide context for How The Average U.S. Consumer Spends […]
We need a new economic system
We need a new economic system As the 2016 election begins to come into focus, economic populism appears to be the order of the day. The Center for American Progress, the Campaign for America’s Future and National People’s Action,Hillary Clinton, Bernie Sanders, Bill de Blasio and the Roosevelt Institute have all in the last few months released programmatic calls to action highlighting […]
Are You Ready for the Coming Debt Revolution?
Are You Ready for the Coming Debt Revolution? Gualfin (“End of the Road”), Argentina Dear Diary, There is a specter haunting America… and all the developed nations of the world. It is the specter of a debt revolution. We left off yesterday talking about how the economy of the last 30 years – and especially that […]
A Generational Storm Is Coming
A Generational Storm Is Coming Dear Diary, Yesterday, we began our high-minded graduation speech to the Class of 2015. We explained how the young graduates were not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about […]
In Most Countries, 40 Hours + Minimum Wage = Poverty
In Most Countries, 40 Hours + Minimum Wage = Poverty Last week, we noted that Democratic lawmakers in the US are pushing for what they call “$12 by ’20” which, as the name implies, is an effort to raise the minimum wage to $12/hour over the course of the next five years. Republicans argue that if Democrats […]
Canadian Families’ Debt Jumped By 64 Per Cent In Just Over A Decade
Canadian Families’ Debt Jumped By 64 Per Cent In Just Over A Decade The amount owed by indebted Canadians grew by 64 per cent to $60,100 in just over a decade, according to a new Statistics Canada study. The StatsCan report released Wednesdayfound that between 1999 and 2012, the median debt held by indebted families increased […]
“Surviving Or Thriving” – What Canada’s 40% Surge In Meat Prices Means For Ordinary People
“Surviving Or Thriving” – What Canada’s 40% Surge In Meat Prices Means For Ordinary People On the surface, Canada’s 1.2% inflation is negligible, and barely enough to keep up with the pace of overall growth as mandated by a few central bank academics. It is below the surface, however, that one finds the scary truth. […]
What Happens After A Mega Corporation Raises Its Workers’ Wages
What Happens After A Mega Corporation Raises Its Workers’ Wages Earlier today, McDonalds announced that it would become the latest company to raise hourly pay for 90,000 workers by more than 10% and add benefits such as paid vacation for its restaurant workers. Specifically, starting in July, MCD will pay at least $1 per hour more than the […]
The American Dream – Moonshine and Scam
The American Dream – Moonshine and Scam Infection When we left you yesterday, we were trying to connect the bloated, cankerous ankles of the US economy to the sugar rush of its post-1971 credit-based money system. Today, we look at the face of our government. It is older… with more worry lines and wrinkles. But […]
Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months”
Europe Has A Modest Proposal For Greece: “Don’t Pay Wages For One Or Two Months” The Greek liquidity, pardon “cash flow” problems are so bad, not only Zero Hedge, but also Bloomberg has launched a daily maturity tracker of how much money Greece has to pay either to the IMF or to prefund T-Bill rollovers. This […]
