American Pravda: the JFK Assassination, Part I - What Happened? ← The Economics of American Super Imperia... My Debate with a Harvard/Cato Institute... →, How an “Act of God” Pandemic Is Destroying the West, A Brady Bond Solution for America’s Economic Crisis and Unpayable Corporate Debt, The Saker Interviews Michael Hudson About the Current Economic Crisis, US Coronavirus "Bailout" Scam Is $6 Trillion Giveaway to Wall Street, ASECU Teleconference ‘Systematic Crises Triggered the Current Pandemic & Progressive Way-Outs, The Covid-BLM Diversion; "Shock Therapy" Behind a Smokescreen of Hysteria and Racial Incitement, "Finance Capitalism vs Industrial Capitalism",,,,,,,,,,,,,, Jewish capitalism on one side, and Puritan (Calvanist) on the other. Thus what he says appears well at first view, but it suggests nothing and is therefore specious, promoting only hopelessness and stagnation. Or, if you are an alien it is an order that funds your trip back to Mexico, or wherever. Schacht created a “shell” front company, something like the Resolution Finance Corporation in the U.S.. The government is a de-facto monopolist with no incentive to improve products or lower prices, whereas those competing for the right to monopoly have an incentive to do both. In both cases, though, it was an inside job. Whereas industrial capitalism in many respects benefited from the monetization of Europe’s and North America’s war debts, we may think of the coming financial dystopia as a post-Class War debt deflation. That’s radical by definition. Although recognized by mid-19th century economists (especially by American technology theorists such as Erasmus Peshine Smith and Marsh, who coined the term ‘ecology’), this is just one dimension that has been dismissed from the academic economic mainstream as constituting an ‘externali-ty’ (as Chapter 10 will discuss in greater detail). But gradually as Aristotle pointed out, every democracy turns into an oligarchy, and so do palace economies. Then they start affresh, new genuine borrowings, new genuine debts. If the world economy is becoming more closely integrated, the financial forces of corporate globalism are leaving less room for national governments to shape the economic environment within which their labor and capital operate. Because it is specific purchasing power, the opportunity exists to target industry, or basically anything you want to then get an effect. A jubilee would solve many issues, but it will take a very strong man to do it. I agree there are elements in the doctrine that are worthwhile, especially small local government. The interest claims on new TBill’s can be dealt with at time of TBill issuance, making them low interest. (Plus Amazon effect). The money supply does not inflate, because no purchasing power made it into pockets of spenders. Their crony-capitalist corporate officers were and are too greedy to realize that people can’t buy their products if they can’t make a living. Indeed, on the face of it a doubling of the stock market would mean (more or less) that the £150 billion of extra cash could be added to portfolios and yet leave UK financial institutions’ money-to-total-assets ratio unchanged. Stephanie Kelton is one of his economic advisors. It began with the idea, expressed in Jesus’s first sermon when he said that he had come to proclaim the Jubilee Year. We are living on a finite planet, people. This is a non-violent way to induce people to leave, and it funded by the future, which is stimulated to produce goods and wealth. If we did that, then there would be little need for taxation. But gradually as Aristotle pointed out, every democracy turns into an oligarchy, and so do palace economies. When you write that ‘they’ve internalized the Holocaust and 9/11 as their moral compass’ you don’t actually identify who ‘they’ are. By ignoring them we have created a monster . Too blinded by greed, ego, hubris, intellectual arrogance, and ZOG. I’m your host, Jim Vrettos. If an oligarchy did that, society would fall apart. They have total control over the media, they’ll continue using that to try and incite civil war, get the slaves to kill their fellow slaves. Many will have to go out of business, declare bankruptcy and start all over again, because otherwise all their earnings for this year and next year – and probably the year after that – would have to go to make up the arrears to their landlords, their creditors and the banks. Without addressing that, you are part of the problem, not part of the solution. In his day you saw what was called state socialism in Prussia and the rest of Germany. This means that more and more of their income must be paid as interest and amortization, financial fees, late fees and penalties, and service charges. This is why Wall Street investors instinctively recoil when employment and investment rise. Franklin’s colony had a state bank that issued bills of credit against land, prevented said bills debt from going exponential, and also issued debt free from state bank, so money supply could pay the interest. If the vast sums invested in government securities could begin to be switched into the stock market, the effect would be to bid up equity prices. Hudson’s argument can be distilled down to: people have bad narrative in their heads (including economists).. and today’s religion is not helping. Libertarians are for every other type of authority against state authority. In an economy, socialism vs. capitalism represent opposing schools of thought, and their central arguments touch on the role of government in the economy and economic equality Purchasing Power Parity The concept of Purchasing Power Parity (PPP) is used to make multilateral comparisons between the national incomes and living standards of different countries. The doctrine cannot accept that it takes some sort of eminent domain to do big civilization planning. Jim Vrettos: As you probably know, we’re taping this same day that Bernie has dropped out of the campaign. The federal government only takes in $3.7 trillion a year. The poor, on the other hand will have to make do with good food, beer, sitting in the sun on their back porch, fishing, hunting, watching T.V. This is my main point: We are in a permanent depression. So it does not matter what you do, America is a golden calf and we will suck it dry, chop it up, and sell it off piece by piece until there is nothing left but the world’s biggest welfare state that we will create and control. It’s funny but as a non-economist E. Michael Jones does get pretty close to the mark, but Michael Hudson is closer. With notes by the Rev. Hudson won’t name the Jew as being an agent for mammon. Lolbertarians are also for democracy, which has shown itself as a disaster. military, a government that drops bails of cash to its terrorist and druglord allies Easy. The bigwigs would ship every job non-executive job to China if they could. (I need to catch up on the other comments to see if some of this has been answered by you or others.) Two more: Provide emergency aid to states and cities, $600 billion direct physical aid to ensure that they have the personnel and funding necessary to cope with the crisis. His approach invites paralyzed stagnation, not change. The cash strains throughout the economy are eliminated, asset prices recover, and demand, output and employment all revive. Instead, you had the government play a new role, to support Wall Street and to deregulate the economy for financial predators. Economics is mostly just a scam whereby Zion gets to change the law as it suits their business models. Puritans condemned princes. Under industrial capitalism and its predecessors, savings were accumulated mainly by wealthy rentiers who inherited their lands and real estate, trust funds and other assets. SouthFront’s YouTube channel is banned In 1798, Thomas Malthus applied this comparison to contrast ‘geometric’ rates of population growth to an (allegedly) only ‘arithmetic’ growth in its food supply. National debts under the old capitalism stemmed almost exclusively from wars. The U.S. labor force employed in industry and agriculture, transport and power production – what the 19th-century classical economists classified as ‘productive labor’ – barely has increased since 1929. Who’s going to be the main beneficiary? So just like every good religion early on, every good idea from Jesus to Marxism can be turned upside down and into the opposite. Why bother? I do not think so. By contrast, when James Watt (early 1800’s) invented the steam engine, he used his own savings. Lolbertarians haven’t gotten the memo, or apparently the events of the real world are unable to convince its true believers. Jim Vrettos: Well, I don’t think he put it that way, but-. The classical economists focused on rent theory as the paradigmatic ‘unearned income’ as compared to industry. I get your sentiments that third world aliens being rewarded for their crimes is anathema. Asset prices, capital gains and the wealth of the 1% are going up but real wages and disposable income has been going down. It requires a deprivation of culture and what many societies believe is the social sensitivity that makes us human. AnonFromTN|AnonStarter|Nicolás Palacios Navarro|L.K|Res|SolontoCroesus|Talha|xxxErebus|Mark Green|AP, Unlike most economists, he’s been a fierce champion and advocate for the economic rights of the poor, workers, disenfranchised and the vulnerable around the world through his scholarship and lifelong activism. They will end up owing this major cost of doing business for three months without having their usual income. No Debt Free Money to pay for interest or savings. They wanted to prevent the economy from falling apart. The unequivocal best path to self-edification on all of this is to simply read MEFOBILLS comments here, the best info available anywhere unless and until he himself writes a book on the topic. Are there possible strategies that can be used to limit the vicious profits and money that’s being made? The banker arrives at the transaction with nothing, yet walks away with the legal title to the property from the vendor in one hand, and a promissory note and mortgage from the pretended borrower in the other, in exchange for his bare agreement that the bank owes the vendor the purchase-price / principal-amount. First bailout of the bank is most difficult to argue . Bohm-Bawerk and others imagined that more ‘roundabout’ technological modes of production would gain prominence, imagining that interest was a payment for waiting or ‘time preference’. Your post is excellent, but it contains one very important ommission. Axel and Margaret Ax:son Johnson Foundation, pp. Or did those Sixmillions smell like chocolate, was 911 folowed by streets covered in icing sugar? Hudson is long on structural analysis and short on practical advice. Well, Michael, thank you very much. Stocks are being retired by corporate raiders in exchange for high-interest (‘junk’) bonds, and by corporations using their earnings to buy their own stocks rather than to make new direct investments. Denial of the contrast between productive and unproductive labor and investment. The drawer is the creditor, or person who is paying. Drawee is normally the banker, Drawer is normally the person paying, and Payee is normally the person receiving the funds. It’s only thanks to the Internet and the failed war against Islam that the average Westerner is starting to figure it out, because ZOG has unleashed the Muslim refugees upon the West in a desperate effort to save its own skin, and because so many soldiers came back in body bags or permanently scarred. Condition Red: Your Visual Displacement is Now Complete, Trump’s Landslide Meets the Politics of Electoral Fraud in America, America’s Social Credit System Is Worse than China’s. “If we get caught they will just replace us with persons of the same cloth. The global (i.e., U.S.-centered, outward-reaching) financial system is something new, yet also a retrogression to the ‘pre-capitalist’ usury problem, of debt claims coming to exceed the economy’s ability to produce and to earn. A bill is a three part “order.” It has a drawer, payee, and drawee. States and municipalities are so deeply in debt that this crisis is going to push them even deeper. As the Canadian dollar fell, debt service in these currencies rose. Physical sector economy is signaling distress: Farm sector bankruptcies up 20%. The blind man feels the elephant’s tail, and thinks it is the elephant. When you write that ‘they’ve internalized the Holocaust and 9/11 as their moral compass’ you don’t actually identify who ‘they’ are. You’re seeing an attempt today to turn the MMT that we all developed in the last three decades into a travesty of bailouts for Wall Street. Obviously, these different cases cannot all be lumped into one single rentier class and treated the same way. A debt deflation led to underconsumption within the industrial economies, obliging financial expansion to take the form of a competition for colonies as spheres of influence, although most trade and investment would continue to be focused within the leading industrial nations themselves, for this was where most of the money was located. 13-23. $96,000/year……we be movin’ on up. Corporate managers are rotated from one department to another, running them as autonomous profit-centers, regardless of the company’s overall long-term position. They easily buy into the mainstream mantra that “race is only skin deep”. A designated role of religious and social values was to counter this human tendency toward addictive selfishness. Any society is capitalist if the means of production that is tools and materials belongs to the employer and not the employees and the employees produce commodities belonging to their employer. The landlord or mortgage banker will have a lien on whatever you’re supposed to get from Social Security and other income. Taxes take up the debt free. But it is retrogressive to the extent that it represents a relapse back into pre-capitalist problems of usury (but not direct slavery). Rich people don’t make profits. The, Marx talked about the class consciousness of labor vis-a-vis its employers. Industrial Capitalism was invented in Mass Bay Colony. His unique economic analysis has explored history’s main engine of economic exploitation – the banking, creditor and financial systems’ ever-increasing extraction of value through interest payments. Now, when you say we have to give the banks more money to lend more to get the economy moving, it means we have to have families and businesses take on more debt. The problems and costs to society created by financialization and living in the short run are considered external to the model, because the models themselves are short-term. 4) Mortgage holder Creditor then co-signs, and turns RFC bill over to the FED, where it is taken up onto the FED ledger. Welcome so much. 'What is eco-feminism?' Never has their advice to their customers been so much at variance with the financiers’ own practice. The system threatens to collapse in such a way that will leave a legacy of financial cleanup costs for the bad debts that form the counterpart to the economy’s ‘bad savings’, that is, savings lent to speculators who use the money simply to buy existing properties rather than to create new assets. Free market competitiongoverns the production, pricing, and allocation of goods. Marx was careful to point out that state socialism wasn’t really socialism. Schacht was always a gold man, but by this time in his professional development, he was evolving away from lower concepts like metal = money. I don’t see any connection at all. Contribution to The Other Canon Conference on Production Capitalism vs. Financial Capitalism By contrast, modern theory assumes that automatic stabilizers will return economies to a state of equilibrium if and when they are disturbed. I agree democracy sucks by the way. Neoliberalism injects money into speculation and not production. I’m your host, Jim Vrettos. YaleCourses 44,545 views. While wealth and incomes have polarized as a result of the active intervention of the World Bank and IMF on behalf of the ruling kleptocracies throughout Africa, Latin America and Asia, the physical environments of these debtor economies have been devastated by the ecological consequences of the World Bank’s raw-materials export programs. Financial theorists who insisted that economies could meet any given volume of debt payment or capital transfer represent an intermediate link between the Ricardian bullionists a century earlier and today’s monetarists. These forms of commerce were ideal for supporting and sustaining small families and communities, but it was the introduction of sophisticated tools and equipment that enabled nations to create vibrant central economies. There are neither tariffs nor subsidies. Rushmore (a Monument Honoring those evil dead white males of Washington, Jefferson, Lincoln, and Teddy Roosevelt), A Debt Jubilee Is the Only Way to Avoid a Depression. All of that history has been re-written by Hebrew grifters and those in bed with them, or sent down the memory hole. Expensive or ‘high’ culture (such as opera, symphony orchestras) is likely to suffer financial strangulation. American Pravda: the JFK Assassination, Part II – Who Did It? Industrial corporations are targeted by raiders to be carved up, while the labor force is downsized and out-sourced. I don’t see a constituency for wiping out the debt as long as people believe that you have to help the banks save the economy and help the 1% trickle down their wealth. What about their opposition to “affirmative action”? Small business will recover and provide roofing, plumbing, and other locally necessary work. Industrial corporations are targeted by raiders to be carved up, while the labor force is downsized and out-sourced. Just when and where this happens rarely can be forecast. As our guest puts it, the recently passed Trump “Bank and Landlord Relief” bill, mistakenly named the Coronavirus bill, starts by providing banks with an even larger giveaway of wealth than they received from Obama in 2008. The same thing happened yesterday, May 3, 2020 Shutdowns: Pointless, Stupid and Evil. Typically there is financial fraud involved, as when a currency trader in Singapore brought down Baring Brothers. (Republished from The Radical Imaginations by permission of author or representative), Leave a Reply - Comments on articles more than two weeks old will be judged much more strictly on quality and tone. Capitalism evolved from mercantilism and while both economic systems are geared towards profit, these systems have differences in the way this is achieved. So the three part scheme was increased to five parts. Moreover, a tax on payroll tends to deter and reduce hiring at the margins. Military spending has not declined significantly, and governments throughout the world have now found a new source of budget deficits: tax cuts for the wealthy. A break in the chain of payments soon occurs. The 1% has no intention of letting its wealth trickle down. Cutting off the schools to be done – or forget the Bilderburg group meetings how. 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