after a long hiatus from maintaining this site, i’ve come to the following conclusions:
the problem of the United States runs deeper than i had first thought. we are at the point of Financial Breakdown Crisis and Disintegration as a Nation.
we have been almost completely de-industrialized… i believe the US only has about 10 million industrial workers left… everything else has been outsourced and globalized. the only way out of this is re-industrialization and a New Deal/Marshall Plan for the US. the private sector will never do it. this is the eternal truth of oligarchy.. it will always act in the interest of The Few.
the New York “Federal” Reserve owns the gov’t. we must audit the Fed, clean out all of the trash, bring the crimes out of the shadows and into the public eye, re-nationalize it as the Bank of the United States, and issue credit for productive enterprise instead of paper speculation and derivatives.
both the Democratic and Republican parties are corrupt to the core… parties are obsolete..
the only way to move forward is to develop class consciousness along economic lines, NOT ethnic lines. so long as one of us is poor, all of us suffer as a society.
agreements and policy must benefit The One (individual), The Few (minorities), and The Many (majority) for them to be sustainable… balancing these three eternal groups is the purpose of the US Constitution (this comes from Machiavelli, another figure much slandered thruout history… hence Machiavellianism)
anyone preaching Separatism or Violence is an agent provocateur and should be ignored… the larger the group we assemble in opposition the more likely we will have agitation by agents provocateur. we must be ready for this so it gains no traction among us.
we cannot put the abstractions of money, the “free” market, the business cycle, the Austrian school, etc over the value of human lives, ending poverty, providing education and health care… we must raise the standard of living of everyone.
we must get rid of ideology in favor of high tech economic development.
we must put limits on bankers and financiers, financial speculators, asset strippers, etc and get back to Real Productive economy.
paper on paper gambling is parasitical to the Real Economy.
derivatives must be taxed out of existence with a 1% or greater Tobin Tax (consider this a sales tax on speculation)
the truth about “peak oil”, “global warming” and other Malthusian pseudo sciences must be exposed
insurance companies are some of the most destructive institutions in society
the policies we need to fix america are:
return to Franklin Roosevelt’s New Deal
Marshall Plan for the United States
nationalize the Federal Reserve
end the secret Wall Street Drug War
end Imperialism in the Middle East in favor of Economic Development.
force Israel/Palestine to come to a peace agreement beneficial to both parties
end the new Cold War vs Russia and China
abolition of NATO
abolition of IMF/World Bank
reinstatement of Glass-Steagall, separating banks from financial services and speculation forever.
end of paper on paper transactions
end of wars of conquest on whole planet
exposure of Global Warming, Peak Oil, and any “austerity” policies as frauds
breakup of private monopolies and trusts
full investigation of Ford Foundation and its many tentacles
Webster Tarpley’s economic reform program
instant run-off voting
crash program to cure ALL diseases
crash program to build 200 new nuclear reactors
crash program to re-instate NASA manned space program including development of Moon
construction of 50,000 miles of high speed Mag-Lev trains
institution into law of FDR’s Second Bill of Economic Rights
development of hydrogen production from green technology
conversion of sea water into H^2 for clean fuel
conversion of petroleum infrastructure to clean, pollution-free H^2
conversion of internal combustion engines to run H^2. we dont need to completely redesign cars, we can convert existing vehicles to run H^2 cheaply
revival of American School of Political economy (protective tariffs for US workers, gov’t investment in infrastructure programs, national bank for growth and development)
end the Wall Street casino, zero-sum game economy
building of new hospitals and schools. healthy educated workers are our greatest wealth.
development of US as a republic of equals and strong independent nation-state, free from outside influence of any kind…. political, economic, raw materials, etc.
end of all adjustable-rate mortgages tied to LIBOR (london interbank lending rate)
end of all foreclosures on primary homes.
I am going to start the fight to win our country back. please join me.
Instead of giving the money to bankers to bailout toxic paper, China is following in the footsteps of Franklin Roosevelt’s New Deal. It will be interesting to see which plan actually works, the US or China’s.
The 4 trillion yuan plan ($849 billion), equivalent to about 20% of China’s GDP, is the biggest injection of cash by a government in history.
The Chinese package is expected to focus overwhelmingly on construction. A statement by China’s State Council said the money would be spent on 10 projects including low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from disasters.
It is also interesting that China expects its own population to pick up the slack in business lost to Chinese factories because Americans are spending less.
The measures are just shy of the $700bn (£442bn) bail-out promised by the United States, but are wider and more comprehensive than the American plan.
The Chinese government said it would “massively” crank up its spending on roads, railways, healthcare, education, power grids and low-cost housing. It also abolished the tight limits on lending that applied to banks, in a move that will open up credit to tens of millions of riskier borrowers.
The State Council said it would boost the economy partly through hiring millions of workers to build a slew of new projects and partly by encouraging Chinese, who are traditionally inclined to save their money, to spend more.
The government hopes that Chinese households will replace American families as the main customers for China’s slew of low-cost factories. Currently, almost 40pc of China’s economy is tied to exports.
Timothy Bond, chief Asian economist at Merrill Lynch, compared the package to Franklin Roosevelt’s New Deal, which shored up the American economy after the Wall Street crash of 1929. “The past two weeks have emphasised a simple point,” he said. “Policy works. In China’s case we expect this positive policy to prevent a sharp slowdown.”
He added: “Financing is not an issue. Public debt is only 21pc of gross domestic product.” In the UK, the official statistics show public debt is 43.4pc of GDP, while the ratio is nearly 61pc in the US.
Ok, small consolation here but it’s still entertaining to hear about Lehman Bros CEO getting knocked out after bankrupting the company… He still made out like a bandit, to the tune of $480 million. Fuld should be jailed, his assets should be seized and distributed to the people who lost money… stealing from ppl’s retirement fund is about as reprehensible an act as one can commit. Old people will suffer as a result of this.
The other funny thing is – I’m not sure anyone noticed, but – the hedge fund in question was named Harbinger, as in Harbinger of DOOM. How prophetic.
If there is one post you should read on this blog, it’s this one.
September 29, 2008 was a historic day for America and getting out from underneath Wall Street oppression.. the first of many, i hope. Forget what the talking heads are saying, yesterday was a Victory of Populism. The only thing the market lost yesterday was a bunch of numbers in an accounting book. God didn’t come down and take $1.2 trillion worth of property from the world. Factories didn’t disappear, only paper. And paper “assets” are NOT real.
Expect the oligarchy to try every scare tactic in the world to try and extort money from America… but do NOT submit and they will collapse into their own derivatives black holes. BE STRONG and invest in sustainable production, local communities, things in the REAL world. Real commodities, real production. NOT futures. NOT indexes. NOT paper gambling.
They will NOT tell you the people are winning. DOWN WITH OLIGARCHY!
Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities. In fact, some versions of these instruments are imaginary derivatives. These claims overlap on the same types of mortgages. Many financial institutions wrote claims over the same mortgages, and these are the majority of claims that have “gone bad.”
At this point, such claims have no bearing on the mortgage or housing crisis; they have bearing only on the holders of these securities themselves. These are ridiculously risky claims with little value for society. It is as if many financial institutions sold “earthquake insurance” on the same house: when the quake hits, all these claims become close to worthless — but the claims are simply bets disconnected from reality.
