Third Major Transfer From The Middle Class To The Wealthy In 20 Years

third-major-transfer-from-the-middle-class-to-the-wealthy-in-20-years

28-04-20 07:24:00,

Authored by Mike Shedlock via MishTalk,

The Fed is robbing the middle class once again…

For the third time in 20 years, the Fed has targeted the middle class for the benefit of the wealthy.

Don’t believe Fed lies. Its bailout of risky debt including junk bonds helps investors, not employees. 

Once again, the Fed Punishes Prudence.

The Fed will deploy more than $1.45 trillion in support of investors in leveraged assets—more than double the size of the 2008 Troubled Asset Relief Program, and over $7,000 for each working-age American. That includes $750 billion to purchase recently downgraded junk bonds and bond exchange-traded funds—an unprecedented intervention in the private credit markets.

Pumping trillions of dollars into corporate credit and even high-yield debt will further distort markets already shaped by a decade of easy-money policies. This is no abstract concern. The result will be an acceleration of two economy-wide transfers of wealth: from the middle class to the affluent and from the cautious to the reckless.

The transfer from the middle class to the wealthy continues a trend begun in the wake of the 2007-09 financial crisis. 

But bankruptcies among highly leveraged businesses often pose surprisingly little risk to employment. More often than not, creditors choose to keep businesses staffed even when restructuring to retain value for the long-term. By preventing these bankruptcies, the Fed is doing more for equity holders and junior creditors than for employees.

Almost Spot On

Authors Sam Long and Alexander Synkov are almost spot on.

What did they get wrong?

This trend did not begin in the wake of the 2007-09 financial crisis.. Rather it’s been an ongoing process. 

Importantly, this is the third major acceleration in the process. 

  1. The first major acceleration began in the wake of the dot-com bust when the Fed bailed out the lenders who made loans to worthless companies. Housing prices soared to the moon as the Fed stood by and watched. Bernanke denied there was a bubble. The transfer of wealth to the likes of companies like Countrywide Financial was massive.

  2. The Second acceleration was in response to the bust.

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A Record of Major High-Rise Fires Worldwide

a-record-of-major-high-rise-fires-worldwide

11-03-20 08:57:00,

This article is a record of major high-rise fires around the world over the past 50 years. As the record shows, neither before nor since 9/11 has a steel-frame, fire-protected high-rise experienced a total collapse due to fire — much less a collapse exhibiting all the features of controlled demolition, as was observed in the destruction of the three World Trade Center skyscrapers on September 11, 2001.

Given that fires have scarcely caused even partial collapses in steel-frame, fire-protected high-rises, and given the rapid, symmetrical, total destruction of the three World Trade Center skyscrapers in one day, it is inexcusable that federal investigators did not make controlled demolition their primary hypothesis early on in the investigation.

This record of major high-rise fires will be updated when future fires occur, and it is not necessarily comprehensive. If you are aware of a major high-rise fire that is not included, please contact us.

Table of Contents

I. Major High-Rise Fires Resulting in No Collapse
II. Major High-Rise Fires Resulting in Partial Collapse
III. Major High-Rise Fires Followed by Total Collapse

Major High-Rise Fires Resulting in No Collapse
Steel-frame High-rises with Fire Protection
World Trade Center Building 1 in lower Manhattan (1975)

World Trade Center Building 1, otherwise known as the North Tower, was a 110-story steel-frame, fire-protected skyscraper. Its 11th floor suffered a fire from an unknown cause on February 13, 1975. The fire started shortly before midnight in a furnished office on Floor 11 and spread through some 65% of the floor (the core plus half of the office area). By the time firefighters arrived, flames were also spreading vertically via telephone cable openings in the floor slabs, causing subsidiary fires from the 9th floor to the 19th. The fire lasted more than three hours and did an estimated $2 million worth of damage. Cleaning and service personnel were evacuated without any fatalities. However, of the 150 firefighters at the scene, 28 sustained injuries from the intense heat and smoke. According to Captain Harold Kull of Engine Co. 6, “It was like fighting a blow torch. Flames could be seen pouring out of 11th floor windows on the east side of the building.”

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Major MILESTONE as scientists use CRISPR gene-editing in patient’s body for first time

major-milestone-as-scientists-use-crispr-gene-editing-in-patient’s-body-for-first-time

04-03-20 03:38:00,

Scientists have used the controversial CRISPR gene-editing technique on DNA on live tissue inside a person’s body for the first time, in a landmark procedure that could dramatically change the field of medicine.

The world-first procedure involved injecting the gene-editing tool into the patient’s eye, in the hopes of restoring their sight lost to a rare genetic disorder. 

Preliminary results are expected within weeks, while a more comprehensive assessment of how much, if any, sight was restored will take two to three months. 

“This dosing is a truly historic event — for science, for medicine, and most importantly for people living with this eye disease,” said Cynthia Collins of Editas Medicine, which developed the treatment. 

Also on rt.com
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The CRISPR technique has been used to rewrite genetic code for many years now, but had only seen limited applications on patients with cancer, sickle cell disease and other genetic disorders, and never in live patients… until now.

Previously, cells to be edited were removed from the patients’ bodies, worked on using CRISPR, after which the edited cells would be reintroduced into the patients’ bodies, usually to attack a cancer or help reinsert a missing protein. 

Doctors at the Casey Eye Institute in Portland, Oregon injected with drops carrying billions of copies of a human-engineered virus which would help to create the CRISPR biological machinery required within the patient’s eye itself. In this instance, the patient lives with a condition called Leber congenital amaurosis which destroys light-sensing cells in the retina.  

The majority of patients with this condition are considered legally blind and can typically only differentiate between light and dark, and are sometimes capable of detecting movement. 

“It’s the first time the CRISPR gene-editing is used directly in a patient,” Dr Eric Pierce, lead researcher and professor of ophthalmology at Harvard Medical School said to NPR. “We’re really optimistic that this has a good chance of being effective.”

Eye surgeon Dr Jason Comander told the Associated Press that it marks “a new era in medicine” using a technology that “makes editing DNA much easier and much more effective.”

If successful,

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Major General Soleimani’s Assassination Isn’t Going to Start World War III – Global Research

major-general-soleimani’s-assassination-isn’t-going-to-start-world-war-iii-–-global-research

03-01-20 04:06:00,

The US carried out a de-facto act of war against Iran after assassinating Major General Qasem Soleimani of the Islamic Revolutionary Guard Corps’ Quds Force in Baghdad last night, but despite the doomsday scenarios that many in Alt-Media are speculating that this will lead to, the commencement of World War III is extremely unlikely for several reasons.

The “Decapitation Strike” That Shook The World

Trump’s approval of the US’ assassination of Major General Qasem Soleimani of the Islamic Revolutionary Guard Corps’ (IRGC) Quds Force in Baghdad last night amounts to a de-facto act of war against Iran, but it wasn’t the decision of a “madman” or someone whose permanent military, intelligence, and diplomatic bureaucracies (“deep state”) didn’t think this completely through. Rather, it was a premeditated “decapitation strike” carried out to prove the US’ conventional “escalation dominance” in its regional proxy war with Iran, one which America surely knows will elicit a kinetic response of some sort from the Islamic Republic but which the Pentagon and its regional allies are prepared for. Contrary to the narrative bandied about in Alt-Media, the US didn’t “surrender” the Mideast to Russia and Iran in recent years (who, to be clear, are not “allies”, but anti-terrorist “partners of convenience” in Syria) despite some regional setbacks to its grand strategy, but merely adjusted the nature through which it intends to restore its influence there.

Background Context

Instead of continuing to waste hundreds of millions of dollars a day funding the counterproductive 100,000-strong occupation of Iraq and potentially exposing that many troops (“sitting ducks”) to retaliatory attacks, it decided to scale down its conventional presence there and replace it with highly trained Marines and special forces that operate with the support of targeted missile strikes. It was one such strike earlier in the week against the Popular Mobilization Units’ (PMU) Kataib Hezbollah, which is integrated into the Iraqi Armed Forces, that provoked the group’s supporters (allegedly with the coordination of the IRGC according to the US) into besieging the American Embassy in Baghdad. Trump responded by immediately dispatching troops to the world’s largest diplomatic facility and bragging on Twitter that this was his “anti-Benghazi” moment in a clear swipe at Obama’s notorious failure to protect American diplomats back in 2012 when they were in similar circumstances.

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