Categorie: Economic

02-12-20 08:03:00,

On June 3, 2020, as a consequence of the “global health crisis”, the World Economic Forum WEF in Geneva announced a “unique twin summit” for January 2021 in Davos, Switzerland.(1) The theme should be “The Great Reset”. The WEF defines the “Great Reset” as “a commitment to jointly and urgently create the foundations of our economic and social system for a fairer, more sustainable and resilient future”.

World leaders from government, business and civil society will be invited. In a dialogue conducted by the younger generation, they are to be virtually linked with “stakeholders” worldwide. These are individuals and interest groups with a network in 400 cities around the world who have a legitimate interest in the course and outcome of the summit. All announcements sound “promising and promise a bright future”.

The WEF press release continues:

“The announcement of the ‘Great New Start’ was made by H.R.H. the Prince of Wales and Professor Schwab during a virtual meeting, followed by statements by UN Secretary General António Guterres and IMF Executive Director Kristalina Georgieva.“ 

In addition to the great promises, there are also euphonious names.

IMF Managing Director Kristalina Georgieva already wrote a statement to the World Economic Forum on the day of the summit announcement.

“My thanks to His Royal Highness the Prince of Wales and to Professor Schwab for bringing us together.” She goes on to write: “From the perspective of the IMF, we have seen a massive injection of fiscal stimulus to help countries deal with this crisis, and to shift gears for growth to return. It is of paramount importance that this growth should lead to a greener, smarter, fairer world in the future.”(2)

Even the founder and chairman of the World Economic Forum himself felt called upon to make his own statement on the very day of the announcement. Under the headline “Now is the time for a ‘big reset’” and the subtitle “In every crisis there is a chance” Klaus Schwab writes:

“We can bring a better world out of this crisis, (…). To achieve a better outcome (than the 1930s Depression,

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28-10-20 07:14:00,

On June 3, 2020, as a consequence of the “global health crisis”, the World Economic Forum WEF in Geneva announced a “unique twin summit” for January 2021 in Davos, Switzerland.(1) The theme should be “The Great Reset”. The WEF defines the “Great Reset” as “a commitment to jointly and urgently create the foundations of our economic and social system for a fairer, more sustainable and resilient future”.

World leaders from government, business and civil society will be invited. In a dialogue conducted by the younger generation, they are to be virtually linked with “stakeholders” worldwide. These are individuals and interest groups with a network in 400 cities around the world who have a legitimate interest in the course and outcome of the summit. All announcements sound “promising and promise a bright future”.

The WEF press release continues:

“The announcement of the ‘Great New Start’ was made by H.R.H. the Prince of Wales and Professor Schwab during a virtual meeting, followed by statements by UN Secretary General António Guterres and IMF Executive Director Kristalina Georgieva.“ 

In addition to the great promises, there are also euphonious names.

Managing Director Kristalina Georgieva already wrote a statement to the World Economic Forum on the day of the summit announcement.

“My thanks to His Royal Highness the Prince of Wales and to Professor Schwab for bringing us together.” She goes on to write: “From the perspective of the IMF, we have seen a massive injection of fiscal stimulus to help countries deal with this crisis, and to shift gears for growth to return. It is of paramount importance that this growth should lead to a greener, smarter, fairer world in the future.”(2)

Even the founder and chairman of the World Economic Forum himself felt called upon to make his own statement on the very day of the announcement. Under the headline “Now is the time for a ‘big reset’” and the subtitle “In every crisis there is a chance” Klaus Schwab writes:

“We can bring a better world out of this crisis, (…). To achieve a better outcome (than the 1930s Depression, R.H.),

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23-10-20 07:17:00,

US billionaires are cashing in big at a time of widespread unemployment, underemployment, and deprivation. More below on reported data.

***

A previous article stressed that the disparity between super-wealth and growing poverty in the US is greater than any time since the 19th century gilded age.

For ordinary Americans, the hardest of hard times are indicative of what may prove to be a new normal.

Growing poverty, food insecurity, the threat of widespread evictions, collapsing small businesses, and overall deprivation may persist longterm.

For 31 straight weeks, over one million jobless Americans filed claims for unemployment benefits.

Each week since March, the number was more than double the total of any previous reporting period at a time when annualized inflation in September was 7.69% — not the phony 1.4% CPI figure.

At 26.9% — based on the pre-1990 calculation model — US unemployment is 26.9%.

Because of growing layoffs and extraordinarily high numbers of unemployment insurance filings, US joblessness is likely to rise in the months ahead.

Federal Reserve data show over 100 million working-age Americans without jobs.

In 2021, the number may be much higher because of what’s likely to be protracted Depression conditions.

A massive disconnect exists between bubble-level equity prices and dismal main street economic conditions gone largely unaddressed — Depression conditions exceeding the worst of the 1930s.

According to Americans for Tax Fairness (ATF) and Institute for Policy Studies, “(t)he collective wealth of America’s billionaires has jumped by $931 billion, or nearly one-third, since mid-March…”

It’s at a time of economic collapse, mass unemployment, “and a collapse in taxes collected” at the federal, state and local levels.

“The total net worth of (America’s) 644 billionaires (rose)  from $2.95 trillion on March 18 to $3.88 trillion on October 13…or 31.6%…”

Despite the hardest of hard times for tens of millions of US households, the White House and Congress failed to agree on extending financial help to needy Americans after earlier aid expired at end of July.

According to the ATF and IPS report, average wages for working Americans declined 3.5% this year.

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12-09-20 07:18:00,

By Brandon Smith

With the pandemic dominating the news cycle, the general public has been completely distracted from a much more important crisis; namely, the economic crisis. To be sure, economic decay is not as swift or exciting, but I doubt that’s why the mainstream media mostly ignores the issue. From my experience, the media tends to omit coverage of the things they don’t want the population to notice or think about.

Right now, the only word spoken on the economy is “recovery”. Of course, if you’ve been reading my recent articles, you know that the recovery narrative is nonsense. With the small business sector on the verge of collapse, the U.S. economy has no means to recover unless we see a sudden resurgence in industrial production and domestic factories built, and with corporate debt at historic highs, there’s simply no money for that right now. Good luck trying to bankroll a manufacturing renaissance in the middle of a stagflationary environment.

That’s not to say that the rest of the world is much better off, but the U.S. suffers from the added weight of its past financial and monetary “success”. Let me explain…

Recent generations have grown up conditioned to believe that, through the power of central bank fiat currency, all problems can be solved. There has even been a concerted effort within the media to support this lie. Remember when propaganda rags like The Atlantic claimed that central bankers like Ben Bernanke were “the real heroes” saving the economy?

That’s the narrative young adults and investors today have grown up with. Now, whether they believe it is another matter, but as we can see in the world of Robinhood stock trading, there has been little concern for the concept of “bubble markets”. These kids think that the party is eternal because they are backstopped by the Fed, and there’s a lot of shoe-shine boys in the media telling them they are right. However, what they are not being told is that we are in the middle of a collapse dynamic, and the structures they view as reliable are now crumbling.

According to history, here’s how this usually works: Investment chases profits,

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11-09-20 09:07:00,

First published on September 17, 2016

“Workers of my country, I have faith in Chile and its destiny.

Other men will overcome this dark and bitter moment when treason seeks to prevail.

Keep in mind that, much sooner than later, the great avenues will again be opened through which will pass free men to construct a better society.

Long live Chile! 

Long live the people! Long live the workers!”  President Salvador Allende‘s farewell speech (before he was assassinated), 11 September 1973.

“It’s hard to find someone with the fighting spirit, courage and the story of Allende. He was a man who actually had the branded name in history: democratically the left came to power, and by bombs he was removed from government.” Senador Pedro Simon

Chile: “Shock Treatment” and the Mechanisms of Economic Repression

Immediately following Allende’s election in September 1970 and prior to his inauguration in November 1970:

“Kissinger initiated discussion on the telephone with CIA director Richard Helm’s about a preemptive coup in Chile. “We will not let Chile go down the drain,” Kissinger declared. “I am with you,” Helms responded. Their conversation took place three days before President Nixon, in a 15-minute meeting that included Kissinger, ordered the CIA to “make the economy scream,” and named Kissinger as the supervisor of the covert efforts to keep Allende from being inaugurated. (National Security Archive)

The CIA was the lead organization behind the imposition of a neoliberal economic agenda in Chile. In August 1972, a year prior to the coup, the CIA funded a 300-page economic blueprint to be implemented in the wake of the overthrow of the Allende  government.

The ultimate objective of the September 11, 1973 military coup in Chile was the imposition of the neoliberal agenda (aka deadly “economic medicine”) leading to the impoverishment of an entire nation.

Wall Street was behind the coup, working hand in glove with the CIA, the US State Department and Chile’s economic elites. Henry Kissinger was the Go-Between.

After Allende’s election in November Wall Street’s major commercial banks (including Chase Manhattan,

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