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How do we eliminate the paradox of poverty & privation amid plenty & abundance?

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Author Topic: How do we eliminate the paradox of poverty & privation amid plenty & abundance?  (Read 6486 times)
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« Reply #80 on: August 22, 2011, 11:52:45 am »

“There’s class warfare, all right, but it's my class, the rich class, that’s making war, and we’re winning.”

-- Warren Buffet, New York Times, November 26, 2006

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http://www.alternet.org/module/printversion/151935

Standard and Poor's: Just More Corrupt Wall Street Insiders Waging Class War on America

By Joshua Holland
AlterNet
August 7, 2011

Standard and Poor's decision to downgrade our public debt [.pdf] tells us absolutely nothing about the probability of the federal government meeting its future obligations. The move really only offers us some compelling evidence of the corruption eating away at the foundations of yet another key Wall Street institution.

I should say that it offers us additional evidence. According to a Senate investigation concluded earlier this year — a probe that was greeted with a collective "ho-hum" by the corporate media — S&P and Moody's, another leading agency, “issued the AAA ratings that made ... mortgage backed securities ... seem like safe investments, helped build an active market for those securities, and then, beginning in July 2007, downgraded the vast majority of those AAA ratings to junk status.” And when they did, it “precipitated the collapse of the [mortgage-backed securities] markets and, perhaps more than any other single event, triggered the financial crisis. (PDF)”

According to the Senate investigation, in the years leading up to crash, “warnings about the massive problems in the mortgage industry” — including internal warnings from their own analysts — had been ignored because of the “the inherent conflict of interest arising from the system used to pay for credit ratings” — the big “rating agencies were paid by the Wall Street firms” that were making a fortune selling that glossed-up garbage to credulous investors.

The almost surreal irony here is that it was the economic crisis that the ratings agencies facilitated which led to a massive drop in tax revenues, and it was that, more than any other single factor, which caused the large deficits the federal government has been running in recent years. In other words, the agencies themselves played a pivotal role in driving up the national debt. Yet, rather than doing the honorable thing and throwing themselves out of their high-rise windows in the wake of the crash, S&P's management had the nerve to start playing politics with that very same debt.

At the height of the debate over raising the debt ceiling, the elite ratings agency issued a remarkable warning: The firm said that it would downgrade U.S. treasuries even if the limit were raised. The only way the government could avoid such a move, the agency warned, was for Congress to rubber-stamp the ostensibly “balanced,” $4 trillion debt-reduction package — one that included largely unspecified “entitlement reforms” — that Barack Obama had offered the GOP (S&P insisted that it didn't favor any specific policy approach, but it did specify a “balanced approach” worth $4 trillion shortly after Obama floated the proposal).

Congress eventually raised the limit in exchange for a lesser figure of up to $2.7 trillion worth of deficit reduction, and late Friday, after the markets were safely closed and the world's traders had headed home for the weekend, S&P shot its hostage.

[Continued...]

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« Reply #81 on: August 22, 2011, 11:54:37 am »

http://globalresearch.ca/index.php?context=va&aid=26004

The World's Money Is Draining Away ... Where's It Going?

by Washington's Blog



Global Research
August 12, 2011



Spiegel asks:

    "Is The World Going Bankrupt?"

That is an odd question.

If some people are losing money, others must be gaining money, right?

But where is all the money going?



Bloomberg's Jonathan Weil hints at the answer in a post entitled "Is There Enough Money on Earth to Save the Banks?"

    Two years ago the central planners convinced investors that the biggest surviving financial institutions would be able to earn their way back to health, in part through low interest rates and taxpayer support. The pressing question soon may be whether there is enough money on the planet to save the system as we know it, and if so, how much longer it will be before a crisis comes along that finally swamps the ability of governments to contain it.

    One-hit wonders such as Fed-induced stock-market rallies can induce euphoria momentarily. They don’t fix the big problem.



As I've previously noted, the giant banks are drawing the American and world economy down into a black hole. If we don't break up the giant banks now, they'll be bailed out again and again, and virtually all independent economists and financial experts say that will drag the world economy down with them.

Indeed, many economists and financial experts say that we'll have a never-ending depression or perpetual zombification unless the banks and bondholders are forced to write down their debt.

But the question remains: if all of the world's money (of the Western world, anyway) is draining out, where's it going to?



Economists note:

    A substantial portion of the profits of the largest banks is essentially a redistribution from taxpayers to the banks, rather than the outcome of market transactions.

Indeed, all of the monetary and economic policy of the last 3 years has helped the wealthiest and penalized everyone else. See this, this and this.

A "jobless recovery" is basically a redistribution of wealth from the little guy to the big boys.

The Bush tax cuts and failure to enforce corporate taxes also redistribute wealth to the top 1%. See this and this.

Economist Steve Keen says:

    "This is the biggest transfer of wealth in history", as the giant banks have handed their toxic debts from fraudulent activities to the countries and their people.

Nobel economist Joseph Stiglitz said in 2009 that Geithner's toxic asset plan "amounts to robbery of the American people".

And economist Dean Baker said in 2009 that the true purpose of the bank rescue plans is "a massive redistribution of wealth to the bank shareholders and their top executives".

The money of individuals, businesses, cities, states and entire nations are disappearing into the abyss ...



... and ending up in the pockets of the top .1% richest people.
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« Reply #82 on: August 22, 2011, 12:07:36 pm »

One of the key reasons why ruling-class parasites are having such a ridiculously easy time economically ass-raping the masses is that We the People have yet to unite politically against them.

And one of the key reasons a critical mass of us have yet to unite is that far too many of our fellow citizens are too busy looking down their snooty little noses at whoever happens to be further down the economic ladder than they are at the moment.

For instance, how many times have you heard some blame-the-victim-firster wax self-righteous about what "lazy deadbeats" welfare recipients are -- as if to say that, contrary to reality, there are not far fewer job openings than there are people in need of employment?

Until enough of us stop looking for excuses to blame the victims of economic terrorism instead of the terrorists themselves, it will be business as usual for the parasitic ruling elite, and will consequently be just a matter of time before practically all of us are in a bitter, demoralizing struggle for mere survival, not just the bottom 40%.

http://www.prisonplanet.com/thousands-camp-out-for-job-fair-as-jobless-rate-rises.html

Thousands Camp Out for Job Fair as Jobless Rate Rises

JULIE NA
ABC News
August 19, 2011

Thousands of unemployed waited overnight, camping out in their business suits and office heels and braving the tormenting heat in Atlanta to stand in line for a job fair Thursday. Authorities treated 20 people for heat exhaustion as they struggled to keep the line moving and get people moved inside.

The incredible turnout at the job fair comes on the heels of the state labor commissioner’s announcement that Georgia’s jobless rate rose.

The state unemployment rate increased to 10.1 percent in July from the 9.9 percent in June. The unemployment rate for African-Americans stands at 15.9 percent, far above the national rate of 9.1 percent.

July marks the 48th consecutive month that Georgia has exceeded the national unemployment rate.

Full story here.
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« Reply #83 on: August 22, 2011, 12:09:19 pm »

http://www.prisonplanet.com/21-signs-that-the-new-reality-for-many-baby-boomers-will-be-to-work-as-wage-slaves-until-they-drop-dead.html

New Reality For Many Baby Boomers Will Be To Work As Wage Slaves Until They Drop Dead

The Economic Collapse
Aug 22, 2011



All over America tonight, millions of elderly Americans are wondering if their money is going to run out before it is time for them to die.  Those that are now past retirement age are not going to be rioting in the streets, but that doesn’t mean that large numbers of them are not deeply suffering.  There are millions of elderly Americans that are leading lives of “quiet desperation” as they try to get by on meager fixed incomes.  Many are surviving on Ramen noodles, oatmeal, peanut butter or whatever other cheap food they can find in the stores.  There are some that are so short on cash that they will not turn on the heat in their homes until things get really desperate.  As health care costs soar, millions of elderly Americans find themselves deep in debt and facing huge medical bills that they cannot possibly pay.  A lot of older Americans would go back to work if they could, but jobs are scarce and very few companies seem to even want to consider hiring them.  Right now caring for all of the Americans that have already retired is turning out to be an overwhelming challenge, and things are about to get a whole lot worse.  On January 1st, 2011 the very first Baby Boomers turned 65.  A massive tsunami of retirees is coming, and America is not ready for it.

Sadly, most retirees have not adequately prepared for retirement.  For many, the recent economic downturn absolutely devastated their retirement plans.  Many were counting on the equity in their homes, but the recent housing crash crushed those dreams.  Others had their 401ks shredded by the stock market.

Meanwhile, corporate pension plans all across America are vastly underfunded.  Many state and local government pension programs are absolute disasters.  The federal government has already begun to pay out significantly more in Social Security benefits than they are taking in, and the years ahead are projected to be downright apocalyptic for the Social Security program.

So needless to say, things do not look good for the Baby Boomers that are now approaching retirement age.

The following are 21 signs that the new reality for many Baby Boomers will be to work as wage slaves until they drop dead….

[Continued...]
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« Reply #84 on: August 24, 2011, 07:38:12 pm »

Yeah but did any of these @$$-clowns think to vote for Chuck Baldwin in 2008 ?   Angry

Probably not,   Angry

Now they've forgotten hope and are just looking for change.    Grin
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