Archive for April 16th, 2012

Market jitters all round as eurozone woes return

Markets rattled as the Eurozone faced the renewed Euro crisis. In Ireland, the people have decided not to pay a property tax earmarked to save the banks and rich investors from their own stupidity and bad investments in mortgage backed bonds.

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The rigged economic game continues and has gotten more one-sided. A new study below shows that the one percent extracted 93 percent of total US income growth from 2009 to 2010. The rest of us shared the 7 percent. This occurred through their manipulation of the government. Studies will likely show roughly the same numbers for the division of the growth in total US income from 2010 to 2011. And things will continue to get worse for the 99 percent and the total US economy now that “Wall Street Obama” signed free trade legislation with South Korea, Colombia and Panama last year. We’re hurtling toward third world status.

More US jobs will be shipped overseas, or US corporations will place jobs there rather than here, which would not have been the case without the president’s signature on those treaties. The difference between the wages of the old jobs in the US and the new jobs overseas will go into the pockets of the rich. So called free trade treaties are designed to do just that. Expect the economy to be weaker once Obama signs the Trans-Pacific Freely Redistributing Income Treaty sometime later this year. It’s not too late for the 99 percent to stop the madness.

The same redistribution process occurs in a number of other areas, such as deregulation. When, for example, the electricity market is privatized and deregulated, prices always go up, especially in the long term. “Aunt Millie” pays higher electricity bills so that rich folks can receive higher dividends and stock prices, straight out of her pocket.

That’s why the government cooks the books on inflation. Inflation is running about ten percent per year, but the government tells us it’s about 3 percent. In other words, raising prices is a way to redistribute income from the 99 to the one percent. The government has changed the way it measures inflation twenty times during the last thirty years so as to understate inflation, which is another way of understating the redistribution of income and wealth.

Related Stories

One percent get 93 percent of total income growth from 2009 to 2010

Top Incomes Up 93 Percent — UC Berkeley Study

It's been an Amazing Ride for the Rich

The Numbers Racket; why the economy is worse than we know–Harpers Magazine

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