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Sick Of It All
Sick Of It All
Every week, usually once or twice, I sit down to put onto paper my thoughts about the market. And every week, my disgust not only for the rigged system that encompasses our equity markets, but also for the sound of my own whining, grows exponentially.
When I sit down to perfunctorily prattle on about how nothing makes sense and how I constantly see things the polar opposite of 99% of everybody else in the world of finance every week, I usually wonder two things.
First, I wonder whether or not today will finally be the day that I capitulate, get bullish on the stock market, and start bowing religiously to a statue of Stephanie Kelton.
“I should know, I’ve followed a few!” – Arthur
After all, the incessant price moves higher in Bitcoin are part of what triggered me to eventually reassess my thought process on the cryptocurrency. And even though I got bullish for reasons other than price, why couldn’t the same happen with equities?
Second, I try to conceptualize exactly how fast the universe can, and will, make a total ass out of me by crashing markets 50% in 15 minutes in the days, hours, minutes, or probably even seconds after I’d have such a shift in sentiment.
Which is why, like the Black Knight in Monty Python and the Holy Grail, I will continue to forge forward, exasperated, regardless of the inconvenient fact that I have no arms or legs left. But don’t let anybody ever tell you that my spirit was easy to break.
“The Black Knight always triumphs!”
…click on the above link to read the rest of the article…
Helena Norberg-Hodge — Is Localization a Solution to the Crisis of Capitalism? (In Conversation)
Helena Norberg-Hodge — Is Localization a Solution to the Crisis of Capitalism? (In Conversation)
It’s often said that the economic system is rigged. The truth, however, is that the system is working exactly as it was designed to. Those in power, whether they hold public office or whether they sit in the boardroom of a multi-billion dollar international corporation, have taken great lengths to set up a system of rules that benefit them and maintain the status quo.
Helena Norberg-Hodge, a pioneer of the New Economics movement, has spent many years studying the driving forces behind why our economies are failing us, and what we can do about it. Helena’s perspectives are informed by a systems thinking and colored by the many years she spent in Ladakh, part of the larger region of Kashmir, where she watched global capital completely transform entire communities.
Helena Norberg Hodge is the Founder and Director of Local Futures, producer and co-director of the documentary films The Economics of Happiness and Ancient Futures: Lessons from Ladakh and Right Livelihood Award Laureate. We spoke with her in her home in Devon in the U.K.
You’re A Sucker For Not Believing That The System Is Rigged
You’re A Sucker For Not Believing That The System Is Rigged
Source: Photo by Richard Shotwell/Invision/AP
Imagine you spent two years completely screwing up at your job, I mean not merely getting every single thing wrong but loudly, proudly getting in everyone else’s face about how right you are. You’d get fired, terminated, 86’d, and Schiff-canned. But not the mainstream media. The media hacks failed for two years-plus, nonstop and without equivocation, but are they ever going to be held to account? No, they’re just going to gather in a big circle and Pulitzer each other.
Imagine you committed a racial hate crime where you falsely accused people who didn’t look or think like you of a horrible atrocity, and that you’d have gladly picked some poor saps with the wrong skin tone out of a line-up and sent them to prison for decades given the chance. Now imagine the two half-wits you hired to help you managed to get caught on video buying their stereotype get-up and spilled it all to the fuzz, though the fact you paid them with a check – because you’re a criminal mastermind – was already enough to get a grand jury to indict your sorry AOC. Now, what are the chances the DA is going to transform your 16 felony counts into a $10K fine and a couple days community servicing? Your chances of said outcome are poor. They are poor because your pals are neither Mrs. Obama or Willie Brown’s gal pal.
Now imagine that you studied really hard while the rich kids partied and smoked dope and splattered water on you by running their BMWs through puddles as you walked home from high school. Imagine your last name is “Chang,” or that your dad is a soldier and not a hedge fund manager, or that your mom is a waitress and not a TV bimbo.
…click on the above link to read the rest of the article…
Two Ways the System Is Rigged: HFT and Oligarchic Inheritance
Two Ways the System Is Rigged: HFT and Oligarchic Inheritance
The net result of a rigged system is the vast majority of the gains in income and wealth flow to the very tippy-top of the wealth/power pyramid.
We often hear how the system (i.e. our economy) is rigged to benefit the few at the expense of the many, but exactly how is it rigged? Longtime correspondent Zeus Y. recently highlighted two specific mechanisms that favor the top 0.01%: high frequency trading (HFT) and oligarchic inheritance, the generational transfer of immense wealth and the power it buys.
High frequency trading (HFT) is a mechanism only available to the few at the top of the wealth/power pyramid to skim money from markets–please watch the videos below for further explanation of how HFT works.
As for inheritance–we’re not talking about leaving a house or a small business to one’s offspring, or even a couple million of dollars; we’re talking about tens of millions or hundreds of millions of dollars. Some states impose an estate or inheritance tax, but at the federal level, the exemption of $11 million per person means a married couple can leave $22 million tax-free.
The number of people with more than $11 million to pass on is extremely small:
Estate tax in the United States
In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017. As a result, only approximately 2,000 people (or 0.0006% of the population) in the US are currently liable for estate tax.
The mega-bucks families and billionaires practice the fine art of philanthro-capitalism, leaving their vast fortunes in so-called charitable trusts that enable power and wealth to be transferred generationally.
…click on the above link to read the rest of the article…
