Archive for July, 2013

The Tenacles of the Private Federal Reserve Bank Squeeze Who?


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According to a new study from the Economic Policy Institute (EPI), “President Obama and his predecessors have frequently claimed that free trade agreements (FTAs) and other trade deals will lead to growing exports and domestic job creation. The president is currently negotiating two massive new FTAs that are likely to result in increased outsourcing and growing job losses, especially in the manufacturing sector. This paper reviews recent data on trade with South Korea after the U.S.-Korea Free Trade Agreement (KORUS) took effect, and on trade flows after other free trade agreements.”

In reality, so-called free trade agreements are corporate trade agreements, and the primary purpose for them is to redistribute income from the 99 to the 1 percent. When a job is shipped from a high wage nation to a lower wage nation, the difference between the old wages and the new lower wages creates greater corporate profits, which pushes up dividends and share prices for the 1 percent. It’s also a bonus for the parasites of Wall Street.

The EPI paper concludes that the free trade agreements are job losers, but it doesn’t mention that these treaties are negotiated with this purpose in mind, time and time again.

Here’s a few other conclusions EPI came up with:

“The USITC (U.S. International Trade Commission) also estimated that imports from Korea (South Korea) would increase by about $6 billion to $7 billion, and that the U.S. trade balance with South Korea would improve by about $4 billion to $5 billion. In the year after KORUS (U.S.-Korea Free Trade Agreement) took effect, U.S. domestic exports to South Korea actually fell $3.5 billion. Projections for 2013 suggest no reversal of this trend.” That means the US lost jobs on the deal. And that means income was redistributed from the 99 to the 1 percent, which is precisely was negotiated to do. Thank you Wall Street Senator Ron Wyden, Wall Street Congressman Earl Blumenauer, Wall Street President Barack Obama, and you Democrats and Republicans who voted to shaft the 99 percent on behalf of Wall Street and the 1 percent. These treaties also massively exemplify the corruption of the federal government by Wall Street money, as well as the money of the rest of the 1 percent.

That’s why the folks are EPI came up with these conclusions:

“The tendency to distort trade model results was evident in the Obama administration’s insistence that increasing exports under KORUS would support 70,000 U.S. jobs. The administration neglected to consider jobs lost from the increasing imports and a growing bilateral trade deficit. In the year after KORUS took effect, the U.S. trade deficit with South Korea increased by $5.8 billion, costing more than 40,000 U.S. jobs. Most of the 40,000 jobs lost were good jobs in manufacturing.

There was also a big gap between predictions and outcomes for the North American Free Trade Agreement enacted in 1994: NAFTA was supposed to create 200,000 new jobs through increased exports to Mexico but, by 2010, growing trade deficits with Mexico had eliminated 682,900 U.S. jobs, with job losses in every U.S. state and congressional district.

Given the big gaps between promised and actual outcomes, the United States should stop negotiating trade deals and fix the ones we have.”

Check out the link below for the complete story.

Trade Pacts Destroy US Jobs and Redistribute Income fromt the 99 to the 1 Percent–Ecnomic Policy Institute

Free Trade Agreements Have hurt american workers Claims that trade deals increase exports and create jobs are based on flawed trade models, and on distorted and one-sided interpretations of the findings of those models.–Economic Policy Institute

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The folks at the Economic Policy Institute are making a strong case to raise the federal minimum wage. Doing so expands the demand for goods and services and therefore strengthens the weak economy, but there’s one thing the study does not suggest; Raising the minimum wage takes money away from Wall Street. That leaves them with less money to bribe politicians with campaign contributions, outright bribes, and perks such as golf trips to Scotland in an already massively corrupt US government, and that’s at virtually all levels: federal, state and local.

Click the link below for the complete story.


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Which Beers Have GMO Ingredients?

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Inflation is an income redistribution scam, something I’ve been pointing out from time to time. The criminals at Goldman Sachs figured this out a long time ago.

Goldman can bet on the future price of aluminum while simultaneously having the ability to push up the future price of aluminum because Goldman has invested in the aluminum business.

Though regulations force Goldman Sachs to move aluminum out of its warehouses, the financial giant simply moves aluminum from warehouse to warehouse. The artificial inflation of aluminum has cost American consumers more than $5 billion over the last three years.

According to the comedian John Oliver in the video below, “Now that you think about it, the new version of Monopoly is actually perfect, you just move pieces of metal around and around in a circle collecting money whenever you want and it’s guaranteed that nobody’s going to jail,” Oliver concluded.

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It’s not too late to save the US economy. Middle Class Senator Elizabeth Warren of Massachusetts is determined to fight the fight to save the USA and the 99 percent from the depredations of such people as Wall Street Senator Ron Wyden, a useful idiot of the 1 percent in their war against the middle class.

Warren is co-sponsoring legislation in the senate to reinstate the Glass-Steagal Act, depression era legislation that forced banks to separate commercial from investment banking. During the Great Depression, the government enacted legislation to insure bank deposits of citizens. The rationale for Glass-Steagal was that the government shouldn’t insure the gambling of Wall Street, and so Glass-Steagal was enacted. Wall Street’s useful idiot of a president, Bill Clinton, signed legislation repealing Glass-Steagal in 1999. The result has been an economic disaster that’s at least partially responsible for Wall Street’s destruction of the US economy from 2007 to now and into the future.

The archtype of political corruption, Ron Wyden, will soon be chair of the senate finance committee, and he’ll fight tooth and nail to protect his Wall Street masters.

Check out the videos and links below for more on this story.

Elizabeth Warren–Reinstate Glass Steagal

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