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We Now Live in a “Pimpocracy”

March 29, 2015

We Now Live in a “Pimpocracy”

Shabby Immensity

Today, we continue mouth wide open … staggered by the shabby immensity of it … a tear forming in the corner of our eye.

Yes, we are looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971. It is not pretty.

We already know about the money. Since 1971, it’s been a credit-based, not a gold-based, system. The pre-1971 economy had three key characteristics:

1) It was healthy – Industry made things and sold them at a profit

2) It was fair – Financial progress was fairly evenly distributed.

3) It was solvent – The US was a creditor, not a debtor, nation.

 

cartoon_bushPimp_stockmarketHooker_472x373

Cartoon by David Horsey

 

 

baldwinPI_fig2Change in global share of manufacturing output, selected countries (via Vox EU)

 

Platitudes and Hypocrisies

Americans still say they believe in free markets, democracy and financial rectitude. But only as platitudes and hypocrisies. America’s industries have largely been shipped over to China and other lower-cost producers in the emerging world.

That didn’t “just happen.” The Fed’s EZ money financed it. American consumers borrowed to spend more than they could afford. Walmart met their desires (if not their needs) with “Everyday Low Prices,” courtesy of low-paid Chinese workers.

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

 

 

 

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