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Old 09-30-2019, 03:09 PM
Danny B Danny B is offline
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Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,840
State debt,,, imagination,,, confidence,, MMT

I keep pounding on the drum of job-loss created and enforced by automation. Since there is NO cure for efficiency, GOV does what it can to absorb the unemployable into State jobs.
"Police have launched an investigation after Brexit Party leader Nigel Farage pledged to “take the knife to pen pushers in Whitehall” while talking to a 500-person-strong audience at a rally in Wales.

Mr Farage’s comments, which were aimed at Britain’s Civil Service, almost immediately drew condemnation. Northern Ireland’s Alliance Party MEP Naomi Long asked police on Twitter if they were planning on investigating “this clear incitement to violence against staff in the civil service.”

The blob state has no intention of going quietly into the night. Armstrong predicts a collapse of sovereign debt. How will GOV pay the blob State? Illinois has a special tax assessment to pay for pensions. Californians are on the hook for about $100k each to pay for pensions.
Armstrong seems to ignore the climb of automation up the ability ladder. Any help offered to the unemployed is constantly referred to as "socialism". In pre-computer days, this may have been mostly correct. Armstrong also makes note of the fact that law firms and law schools are closing down right and left. At what point will he concede that; we either let the unemployable people die or, we support them. Don't forget that "unemployable" includes many millions of retired people who depend on pension funds that are soon to collapse.
Here, Armstrong writes about the historical battles between labor & Conservative.
https://www.armstrongeconomics.com/i...rrency-status/
Capital in Great Britain has always tried to impoverish the people to try to limit reproduction. A couple could not marry until they had a house. The battle will go on.

Bad-mouth a Rothschild,,, go to jail.
The video also argues for the abrogation of the banking law of June 1973 – known as the “Pompidou-Rothschild Act,” after the then French president and the investment bank he used to work for. Critics claim the law has reduced France to debt slavery by making her dependent on financial markets for loans rather than self-finance through the national bank.
Ellen Brown and others have long campaigned for public banking. MMT in France would pull them out from under the Rothschild yoke.

The video also features a pyre where various figures are symbolically burned: President Emmanuel Macron, various media (TF1, Le Monde, BFMTV . . .), the Rothschild bank, and, most problematically, powerful elite Jews (Jacques Attali, Bernard-Henri Lévy, Patrick Drahi).

The rapper points out: “And if we talk about the media and Macron, we’ll have to talk about Drahi. His bank account is in Israel and he pays no taxes here.” Drahi, a Franco-Israeli-Portuguese oligarch born in Morocco and residing in Switzerland, has bought up large swathes of French media in recent years.

In case the denunciation of Jewish-globalist and Jewish-Zionist power elites in the financial and media spheres were not explicit enough, the video also states: “We’re not talking about a so-called oppressed minority. We’re talking about the deliberately neglected majority [of workers, farmers, and pensioners] .

Alain Soral Sentenced to 2 Years Jail for Sharing <i>“Gilets-Jaunes”</i> Anti-Rothschild Rap Video, by Guillaume Durocher - The Unz Review

It seems to me that the greedy bankers just do NOT have the perspicacity to see that they are $hitting in their own nest.. Every time that their greed brings a meltdown, they run to the State for a bailout. Privatise the gains and, socialise the losses. Did they never predict the long-range consequences? ALL sovereign debt eventually crashes and defaults. Is that OK with them. The bankers who caused WW II (Churchill) must have known that they would bring enormous destruction. Were they OK with that?
The bankers have bankrupted the State. Do they imagine that they will come out OK?

Public debt becomes increasingly risky. Armstrong claims that there will be a bifurcation of interest rates. Money-renters will demand higher interest rates from the State.
Did they never project what the State would do in response? Did they forget that the State has the guns and the law books?
MbS in Saudi Arabia has told the rich princes that don't agree with him that they can't leave the country OR move money out.
Do the bankers lack all imagination? Do they believe that millions of pensioners who are starving are going to go quietly into that long, dark night? Do they imagine that millions of GOV employees are going to peacefully clean out their desks and, walk away?
51% of Americans receive a check from GOV.

Here is the article from Armstrong,
https://www.armstrongeconomics.com/m...nterest-rates/
"I fully understand that nobody has ever heard of a split in the interest rates between public and private that can be at odds with one another. But in assembling all of this data and allowing the global correlations to unfold, we actually have a shot at understanding how the economy truly functions and where we are headed. All of the economic theories we were taught in school have FAILED!!!!! Quantitative Easing for more than 10 years has utterly failed to produce inflation despite the vast increase in the supply of money. That alone stands as a witness that Keynesian Economics does not work."

The QE money went to a small group of non-producers who could not possibly carry out the necessary consumption to keep the economy going OR create the hoped-for price inflation to erase the pain of servicing State debt. Yes, QE for the upper loop failed to rescue the larger economy.

9/30 BofA: A liquidity crisis is coming in 2020 – Zero Hedge
The FED instantly pumped money into the markets when the repo rate hit 10%. The liquidity crisis is already here. If Berkshire Hathaway wouldn't lend at 10%, you know that there is a big rat plugging up the plumbing.
9/29 China to send its top trade negotiator to US for talks – AP
9/29 A “trade deal” is coming as Trump needs “win” for election – Real Investment Advice

NOPE, the trade negotiation yo-yo will run until there is a revolution in China.
9/30 Is the US dollar fading as the world’s dominant currency? – CE

The creation of the EU was terribly flawed. This ensures that there will be flight from the euro to the dollar. Same is true for many other currencies.
A bit more on the UIkraine problem.
WHAT IF Trump Really is Playing 4-D Chess, and the Ukraine Krisis is the Biggest Baddest Political Trap Ever Set? - The Great Recession Blog
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