What lies ahead is not pretty. There is an element of The Sleepwalkers – Christopher Clark’s masterful account of how Europe marched to war in 1914. But mostly, a low-budget American show gave away the game. This is Walking Dead Europe.
Emergency meetings, banker summits, crashing European banks, and the worst bank reports since the Great Recession.
Just about every major banker and finance minister in the world is meeting in Washington, DC, this week, following two rushed, secretive meetings of the Federal Reserve and another instantaneous and rare meeting between the Fed Chair and the president of the United States. These and other emergency bank meetings around the world cause one to wonder what is going down.
Did you know that 85 percent of Americans say that it’s harder to maintain a middle class standard of living today than it was 10 years ago? (Pew Research Center) Or that “77 percent of all Americans live paycheck to paycheck at least some of the time”, or that “one of every four workers in the US brings home wages that are at or below the federal poverty level”, or that “47 million Americans are on food stamps, or that “40.4% of the U.S. workforce is now made up of contingent workers,” mainly temps, contract workers and part-time labor?
Power elites, blinded by hubris, intoxicated by absolute power, unable to set limits on their exploitation of the underclass, propelled to expand empire beyond its capacity to sustain itself, addicted to hedonism, spectacle and wealth, surrounded by half-witted courtiers—Alan Greenspan, Thomas Friedman, David Brooks and others—who tell them what they want to hear, and enveloped by a false sense of […]
The American “New Economy” is the American Third World economy in which the only jobs created are low productivity, low paid nontradable domestic service jobs incapable of producing export earnings with which to pay for the goods and services produced offshore for US consumption.
In 2008 the Federal Reserve had a choice: It could save the economy, or it could save the banks. It might have used a fraction of what became the vast QE credit – for example $1 trillion – to pay off the bad mortgages and write them down. That would have helped save the economy from debt deflation. Instead, the Fed simply wanted to re-inflate the bubble, to save banks from having to suffer losses on their junk mortgages and other bad loans.
The fight that the government has picked with junior doctors is just part of the present attack on the NHS and its staff. Cameron and Hunt are using the vague promise of ‘a truly 7 day NHS’ to impose a contract on junior doctors, in the hope and expectation that if they win they will roll out these changes to other NHS staff. They think the public’s interest and support will wane but we must not let this happen.
You Can’t Earn a Living on the Minimum Wage When presidential candidate Bernie Sanders talks about income inequality, and when other candidates speak about the minimum wage and food stamps, what are they really talking about? Whether they know it or not, it’s something like this. My Working Life Then A few years ago, I wrote about my experience enmeshed in the […]
Even as some insist that the global economy is in “secular stagnation,” the facts suggest that we may be entering the “worst” depression in history. The global markets have been on a slippery slope since the summer of 2007, and things have only been getting worse in 2016. The picture looks dismal, no matter which theoretical lens one uses. (This […]
What if you really want to quit your job and go independent, but you’re worried about paying your bills? Today I’m able to enjoy the best of both worlds. My bills are easily paid from my passive income streams, and I get to do work I love and enjoy tremendous freedom. But when I was first starting out, it was […]
Bubbles arise when asset prices inflate above what underlying incomes can sustain. Centuries ago, the Dutch woke up one morning and discovered that tulips were simply just flowers after all. But today, the public has yet to wake up to the mathematical reality that over $200 trillion in debt and perhaps another $500 trillion of un(der)funded liabilities really cannot ever be paid back under current terms. However, this fact is dawning within the minds of more and more critical thinkers with each passing day.
News of the poisoned water crisis in Flint has reached a wide audience around the world. The basics are now known: the Republican governor, Rick Snyder, nullified the free elections in Flint, deposed the mayor and city council, then appointed his own man to run the city. To save money, they decided to unhook the people of Flint from their fresh water drinking source, Lake Huron, and instead, make the public drink from the toxic Flint River.