Most of these things are mere reinforcements of positions I already take, but some things are genuinely new!
Almost 60 percent of Icelandic voters have, once again, thumbed their noses at financial elites. After one of Iceland’s big banks failed, it was bailed out by other European banks (or more accurately, by other European taxpayers). Now, those European banks think the Icelandic taxpayer should pay for the failure of banking elites. The real story, I think, isn’t that 60 percent said no, but that around 40 percent said yes! What argument was possibly put forth that swayed people into voting yes? It would be interesting to see how a vote over the Wall Street bailouts would shake out in the US. Would the people rightfully vote it down, or would the sheeple buy into all of the end-of-the-world fear mongering and hand trillions of dollars over to big business and banksters?
As tax day is upon us, remember that GE doesn’t pay any federal taxes. A large political donor (who also runs NBC, wink, wink), they also have access to the Federal Reserve punch bowl and a seemingly never ending supply of cheap dollars. In any event, we should be applauding their ability to avoid taxes. Furthermore, whatever “loopholes” they used should not be demonised, but expanded to as many companies and individuals as possible. Why do I say this? Well, let’s see here…who would you rather have this money? Would you rather have GE, one of the nations largest employers, keep this money in order to reinvest it and create more jobs? Or would you rather it is confiscated by the government and spent killing Libyans, bribing foreign dictators or whatever else the government wastes it on? GE may have cosy ties to the government, but they are not the government. If the choice is between GE keeping their money or the government confiscating it, I side with GE.
The government and its allies lie about everything. They still say, with a straight face, that there is very little price inflation in the economy today. This, in spite of the fact that virtually every commodity on the planet is up over the last year. According to CNNMoney, light crude is up 28%; corn 105%; wheat 55%; sugar 44%. I could go on, but you get the idea.
The IMF is worried that the recovery will be a jobless one. How anyone can declare a recovery is taking place if there are no jobs is beyond me. If there were truly a recovery, the major indicator would be an increase in employment. However, here we are several years after the crash and unemployment remains high (and higher still if you measure it honestly). By recovery, the IMF must mean the recovery to the balance sheets of the big, privileged banks.
The only-supposed-to-be-a-few-day war in Libya is, surprise surprise, still happening. Latest reports indicate a US (or at least UK and French) military presence on the ground. Oh, and the rebels may have elements of al-Qaeda in them. And oh, the CIA has apparently been in Libya for months stirring the pot. And oh, one of the first things the “rebels” have apparently done (despite not actually controlling the country) was to set up a new central bank in Libya. I’m sure this central bank will be just as good as every other at maintaining stable price levels and a sound economy. And finally, as with every US war for the last 60 years, the prospect of victory is unknown. Not because we don’t have the power to raze Libya to the ground, but because no one knows what hell we are even doing there! There are seemingly no objectives other than to remove Gaddafi from power, which will not be done by aerial bombardment alone (at least according to experts in the military field). This strongly suggests there will be an element of ground forces introduced, if they aren’t there already. The military-industrial-congressional complex is happy.
Both US political parties are determined to spend. Those cuts some people may have heard about originally amounted to something like $38 billion. Then it came out that it was really only $14 billion. Then it came out that it was really $350 million! According to USdebtclock.org, the federal government will spend $3.5 trillion dollars this year. Even if you raised taxes on everyone, you still wouldn’t cover the costs of our wonderful government. And it isn’t that the government isn’t taxing enough, it’s that they are spending way too much! Bailing out Wall Street, policing the world and promising cradle to grave care to its citizens is literally destroying the US dollar. If we think food, health care and gas are expensive now (which they are!) wait until the destruction of the dollar is complete.
The nuclear reactor in Japan is still causing havoc, although you would be forgiven for not knowing (what, with the royal wedding and all, who has time for trivial cases or nuclear meltdown). Not only that, but it appears radiation has spread all over the world. I hear radiation is bad, but who knows what to believe anymore.
UK citizens took to a bit more rioting a few weeks ago. They are mad as hell at the cuts and austerity foisted upon them by the government. Of course, much like in the US, there haven’t been any cuts. In fact, there has been an increase in spending. Like governments everywhere, the UK government says one thing while doing the exact opposite.
And the final thing I will mention that I have learned in the last few weeks is Goldman Sachs gives rubbish investing advice. They advocate selling positions in oil, gold and commodities in general and to take positions in, get this, Greek government debt! Like a snake oil salesman, they want us all to trade our tangible assets and commodities for fancy pieces of paper! Of course, they do not need to give sound advice. We all know if they make mistakes the federal government will just bail them out. They are making ridiculous profits at the moment when, by all rights, they should be bankrupt and in jail. Welcome to America. The land of opportunity…for the few…at the expense of the many.