Feeds:
Posts
Comments

Posts Tagged ‘currency manipulation’

The Trans Pacific Partnership (TPP) is the greatest income redistribution scam in US history. So-called trade agreements are nothing more than income redistribution scams falsely being marketed as international trade agreements. These scams are the primary conduit through which the rich continue to produce greater income and wealth inequality through their control of the corrupt US government and the corrupt two major political parties.

If Democrats are to address rising inequality and rebuild the middle class, as Hillary Clinton claims she wants to do, they must define a new, far more balanced trade policy. That policy would insist on minimum wages in all participating nations of at least the US federal minimum wage. And there would be mechanisms to enforce compliance in place with the TPP. There would also be environmental and health and safety standards built into the treaty.

There wouldn’t be US unconstitutionally private corporate courts created by investor-state dispute settlement clauses. There would be ways of challenging currency manipulation used by other nations, especially China. But the TPP will force China to manipulate its currency, which increases the profits of US corporations manufacturing in China and exporting to the USA. See The Trans Pacific Partnership: The Op-ed the Liberal and Conservative News Media Doesn’t Want You to See–JohnHively.Wordpress.com

Wall Street Senator Ron Wyden is the Chief Democrat in the US senate who stands behind the TPP. He wants American workers to compete against low wage Vietnamese workers. He wants to steal your voting rights with the TPP. Don’t let the senator from Wall Street get away with this.

Millions of jobs will be exported from the United States to China and Vietnam if the TPP becomes an unconstitutional law. When those jobs are exported, like the tens of millions that Wyden has already helped export over the last 35 years, the difference between the old higher US pay and the new lower overseas pay will go straight into the pockets of the super rich via higher corporate profits, rising dividends and surging share prices. It’s a scam folks!

Advertisements

Read Full Post »

manufacturing-jobs-exported-per-year

The corporate news media does not operate independently, especially of the influence of its advertisers, and its editors, and that is why they prefer to keep you ignorant of certain facts. For example, when China manipulates its currency, this increases the profits of US corporations manufacturing there, and exporting those products to the USA. See https://johnhively.wordpress.com/2016/02/12/the-trans-pacific-partnership-the-op-ed-the-liberal-and-conservative-corporate-media-doesnt-want-you-to-see/

That’s precisely why US government and Federal Reserve officials castigate the Chinese government for doing this, but then do absolutely nothing to counteract it. To do so would cut into the profits of Nike, Microsoft, Dell, Campbell’s Soups, and thousands of other US corporations making stuff in China for export to the USA. This would make thousands of CEO’s and rich investors angry enough to cut off campaign contributions to Republican and Democratic Parties and their politicians. It would also send stock prices tumbling big time. Sweet lobbying jobs after politicians leave office would end. Corporate paid vacations called fact finding missions would disappear for politicians, as would money under the table, and those sweet speeches at $200,000+ a pop would vanish.

The Oregon Democratic Primary is coming up in a couple weeks, and Bernie Sanders is leading in the polls here. Quite naturally, the Oregonian newspaper is blitzing its readers with anti-Sanders messages in the form of editorials and news stories. The editors are doing everything they can to shift the election to the Wall Street candidate.

There has not been one positive or even neutral story about Sanders in the newspaper in the last two months, which is most likely a symptom of why the Oregonian has been suffering from a continuously declining readership. The newspaper is just a ghost of what it once was because more and more Oregon citizens realize the newspaper is mostly propaganda for the 1 percent along with occasional legitimate news stories.

Over thirty-five million jobs have been exported from the United States over the last twenty-five years. The Oregonian editors, along with all other corporate news outlets, have been careful to not report this loss of jobs and the tax dollars that once came with them when they were still here. The tax dollars lost equal nearly a trillion dollars a year.

Everything that Bernie wants to finance; free college tuition, medicare for all, and more, would be easily financed if those jobs were still here, rather than in China, Vietnam and elsewhere.

Bernie Sanders is against those disastrous trade policies which have paved the legal road for exporting jobs overseas, and which has paved the legal road for creating jobs over there, instead of over here. So, quite naturally, the editors of the Oregonian are for them, and against Bernie. It would be in the interest of the vast majority of US citizens to put an end to these international income and political power redistribution scams, falsely marketed by the Oregonian editors and other supporters as international trade agreements.

But it would not be in the interests of the Oregonian advertisers and their rich investors to put an end to them. It also would force the Oregonian editors to be responsible and objective journalists. However, challenging cherished beliefs with critical thinking, logic, and facts is among the last thing many people want to do. That’s precisely why the Oregonian editors support the Wall Street candidate; Hillary Rodham Clinton.

Read Full Post »

Billionaires on a Bus-Simplified-01 1
According to a new report by the Oxfam Institute, An Economy for the 1 Percent, the richest 62 people in the world own more wealth than the bottom 50 percent of the world’s population.

According to Oxfam, “The gap between rich and poor is reaching new extremes. Credit Suisse recently revealed that the richest 1% have now accumulated more wealth than the rest of the world put together. 

Meanwhile, the wealth owned by the bottom half of humanity has fallen by a trillion dollars in the past five years. This is just the latest evidence that today we live in a world with levels of inequality we may not have seen for over a century. An Economy for the 1% looks at how this has happened, and why, as well as setting out shocking new evidence of an inequality crisis that is out of control. Oxfam has calculated that:

1.  In 2015, just 62 individuals had the same wealth as 3.6
 billion people at the bottom half of humanity. This figure is down from 388 individuals as recently as 2010.
2.  The wealth of the richest 62 people has risen by 44% in the five years since 2010that’s an increase of more than half a trillion dollars ($542 billion), to $1.76 trillion.
3.  Meanwhile, the wealth of the bottom half fell by just over a trillion dollars in the same perioda drop of 41%.
4.  Since the turn of the century, the poorest half of the world’s population has received just 1% of the total increase in global wealth, while half of that increase has gone to the top 1%.
5.  The average annual income of the poorest 10% of people in the world has risen by less than $3 each year in almost a quarter of a century. Their daily income has risen by less than a single cent every year
The Oxfam report doesn’t mention everything the rich have been able to purchase with their ill-gotten robberies, such as both major political parties in the USA, as well as in most other nations. Most government regulatory agencies throughout the world, such as the USDA, and the Securities and Exchange Commission, have also been bought and  managed by the 1 percent.
This corruption of governments is precisely why President Obama and Wall Street Senator Ron Wyden want to continue to redistribute income and wealth from the 99 to the 1 percent, a process that has been ongoing in the United States since Ronald Reagan became president.

Every US senator, President Obama, and most members of the US house of representatives know, or example, that the Trans Pacific Partnership (TPP) will force China to manipulate its currency vis-a-vis the US dollar by 15 percent, if this income redistribution agreement is rammed through congress. This will roughly double the profits of US corporations manufacturing things in China who happen to export these items to the United States, such as Dell, Microsoft, Nike, Adidas, Black and Decker, Gerber, and hundreds of others.

By the same process, this will make US exports to China profit losers, costing millions of US export jobs. But this forced currency manipulation will also encourage US companies who manufacture things for sale in the USA, as well as for export to nations other than China, to export millions of US jobs to China. What Corporate Chief Executive Officer wouldn’t export whatever jobs they could to China if their profits would double by doing so?

Every manufacturing job supports three other jobs, like the local waitress, teacher, plant manager, fire fighter, accountant, bookkeeper, retail clerk, plumber, contractor, and more. So that the exportation of say 5 million jobs will result in the loss of another 15 million. However, it is more than likely that the TPP will gut most of whatever is left of the US middle class by tens of millions.

Right now, 50 percent of US adults are considered middle class, down from 61 percent in 1970. Within three years of the enactment of the TPP, only 30-40 percent, or less, of US adults will be considered middle class. And that’s how the rich get richer.

When a corporation exports jobs, the difference between the old higher US pay and the new lower Chinese or Vietnamese pay goes straight into the pockets of the 1 percent via higher corporate earnings, rising share prices and surging dividends. The job losers might get several months of unemployment checks, if they’re lucky.

In other words, the TPP is a massive scam to force US companies to ship millions of US jobs to China, and gutting what remains of the US middle class, in the process. Wall Street senator’s such as Ron Wyden, Orrin Hatch and Mitch McConnell, as well as President Obama, are 100 percent behind this scam.

According to Oxfam, “The global inequality crisis is reaching new extremes. The richest 1% now have more wealth than the rest of the world combined. Power and privilege is being used to skew the economic system to increase the gap between the richest and the rest (such as the TPP). A global network of tax havens further enables the richest individuals to hide $7.6 trillion. The fight against poverty will not be won until the inequality crisis is tackled.”

The TPP will make income and wealth inequality grow. That’s what it’s all about. That’s what is has been negotiated to do.

 

 

Read Full Post »

A new  study by the Social Security Administration shows that in 2014, slightly more than 51 percent of Americans made less than $30,000, and nearly 63 percent made less than $40,000. In other words, the middle class is dying and its being sucked dry by a parasite known as the 1 percent. At a time when the cost of living continues to rise across the country even as salaries have stagnated for years, it’s sobering—though not unexpected—news about the economic challenges facing a number of American families. The Trans-Pacific Partnership (TPP) is the latest assault to destroy the middle class. This middle class destroying accord has been ushered through the senate by Wall Street Senator Ron Wyden. Here’s how Wyden’s scam works.

Enactment of the Trans-Pacific Partnership (TPP) will force China to manipulate its currency more than is currently the case, and this will enrich wealthy US corporations that have shipped hundreds of thousand and millions of jobs to China, such as Nike, Microsoft, and Apple, as well as their rich shareholders, and CEOs, while destroying US export jobs, and redistributing massive amounts of income from the 99 to the 1 percent. The TPP will also send millions of undocumented immigrants into the USA, driving down wages here. But let’s begin with currency manipulation.

Vietnam is one of the nation’s involved in negotiating the Trans Pacific Partnership. China’s annual minimum wage is nearly twice that of Vietnam. The wages in China at those Nike and Microsoft and Apple and Hewlett-Packard factories and their suppliers and contractors and subcontractors have been going up rapidly over the past fifteen years. Those labor costs have been able to go up because the Chinese government has increased the profit margins of its US manufacturers by manipulating its currency. But there’s another reason why China needs to manipulate its currency vis-a-vis the dollar.

There are nearly 313,000 Nike workers in Vietnam, and nearly 250,000 in China. Vietnam has lower labor costs than those in China. The Chinese government, however, has been able to offset its labor cost disadvantage by manipulating its currency. So it can keep those jobs in China, and still allow the wages of Chinese workers to expand. But that might not be the case should the Trans Pacific Partnership (TPP) become reality.
Tariff is another word for tax. When a US company like Nike manufactures its products in Vietnam, and then exports them to the US, a tariff is charged against the products of between 10 and 15 percent. So another $10 to $15 dollars is added to the cost of a $100 pair of Nike’s Vietnamese made shoes exported to the USA. That means less profits, lower dividends, and lower share prices than would otherwise be the case without tariffs. The US tariffs on US corporate goods manufactured in Vietnamese factories helps to offset some of the Vietnamese labor cost advantages vis-a-vis the cost of Chinese labor.
Under the TPP, those tariffs will be gone, giving Vietnam a much larger labor cost advantage over Chinese workers. In which case, the Chinese government will have two options; let millions of Nike and Dell and Apple and Microsoft jobs head south to Vietnam, along with the jobs of contractors and subcontractors, or manipulate its currency even more, which means all of those US corporations manufacturing stuff in China for export to the US will see unprecedented and explosive growth of their profits; and all of this will occur at the expense of small and medium sized US companies that make stuff in the United States and export them to China.
That means several unpleasant things will occur to the US economy:
1. US unemployment will grow with the TPP, as exports to China diminish.
2. Inequality in wealth and income will continue to increase, destabilizing the economy further.
3. The stock market bubble will continue to expand, and the coming stock market crash will be even worse than imaginable.
4. US businesses will need to export more US jobs to China, and all of these bad things will trickle down to more crowded classrooms, less government services, reduced wages, fewer jobs, more poverty, and much more negative stuff for the 99 percent, as the taxes from those jobs are shipped overseas.
5. All of which means the US trade deficit will become greater because all of those things made by US companies in China will continue to be exported to the US, and the number is bound to increase with the TPP.

The super rich will become even more super richer, while the middle class will continue to evaporate.
Take a look at the graph below. On the left side (the Y axis) is the Yuan, which is the Chinese currency. The US dollar is on the bottom line (the x axis). Now look at the two intersecting lines, which is the supply and demand for dollars. In this example, 600 yuan can purchase $100 in the currency markets, which is roughly what the two currencies currently exchange for.

11154641_10204446842350989_5616777928675178894_o
So when Nike, Microsoft or Apple Inc. manufacture a product in China that costs the consumers, say, 600 Yuan in China, given the exchange rate, the same product will cost $100 in the United States, after, of course, it is exported from China to the USA. Assume these US corporations have a 25% profit margin. That means these companies get 150 Y profits in China per product, and $25 profit when they export their products to the United States.
Under the same conditions, this is true for companies that manufacture products in the USA, and then export them to China. American manufacturing companies earn $25 per $100 of product sold in the USA, and 150 Y when their products are exported from the USA to China.

The government of China has often manipulated the value of its currency. So what happens when it does this? It purchases dollars. This shifts the D1 line to the left, because there are less dollars on the market, which is shown in the graph below as line D2. This makes the Yuan less expensive in terms of dollars.

11053693_10204447926978104_6739155664968129642_o
Why are the higher up folks at Nike, Microsoft, Apple and hundreds of other US corporations that are producing goods in China for export to the United States against any legislation that seeks to address Chinese currency manipulation? The answer is easy; it increases their profits!
When the Chinese government manipulates it’s currency by purchasing dollars, 800 Y will now purchase $75. Do the math; 600 Y will purchase now $56. What does that mean?

It means that when Nike manufactures a pair of shoes in China which costs 600 Y there, in the US it should cost $56 rather than $100, thanks to China’s currency manipulation, but that rarely happens. The US corporate propaganda machine will lie to you and tell you it makes Chinese imports less expensive. However, the truth is China’s currency manipulation increases the profits of Nike. Rarely, if ever, do prices go down for US citizens in this scenario.
Nike still gets 25%, or 150 Y, in profits when its shoes are sold in China. When it exports the same shoes to the USA from China, Nike still gets 25% profit on $56, which is $14 dollars. However, Nike still sells its shoes for $100 in the United States, which means another $44 in earnings per pair, in addition to the $14.
That means Nike’s profit margin on a $100 pair of shoes goes from 25% at the old exchange rate to 58% at the new exchange rate. This sends its earnings and stock prices higher. The same thing occurs with Microsoft, Dell, Hewlett-Packard, Apple, and all US corporations manufacturing in China, and exporting their products to the United States.
So who pays the price for this?
The 99 percent do; if you work for a living in the United States, or if you’re a small or medium size business owner. Here’s how.
Suppose you are a US manufacturer producing shoes in Oregon that sell in the USA for $100. You ship them to China at 600 Y for $100, and earn 150 Y, or $25, in profits. Now suppose the Chinese government manipulates its currency by purchasing tens of billions upon tens of billions of dollars. The supply of dollars on the international currency markets shrinks, making dollars more expensive, and as noted above, the D1 line shifts to D2, which represents the new supply of money. BTW, the space between D1 and D2 represents the amount of dollars the Chinese purchased.
Those $100 US made shoes now costs 1000 Y in China. Okay, my graph isn’t too high tech, but the actual figure is 1066 Y, if you do the math, but let’s stick with the 1000 Y, for simplicity sake. There’s still a 25% profit margin per pair of shoes, but at the 1000 Y price, there’s not a whole lot of buyers in China. The US manufacturer could lower the price of the shoes to 750 Y, but he or she isn’t making a penny at that price, and they’re still overpriced for the Chinese market. Say goodbye to the Chinese market for all US products at the new exchange rate.
US exports to China are going to shrink quite rapidly under this scenario. This means fewer American jobs, and declining wages for everyone. It means less tax dollars going to schools and other government services; it means no retirement pay for a larger percentage of the 99 percent.

Over the past fourteen years, since China was granted most favored nation trade status, Nike’s stock price has risen over a thousand percent, from $10 a share to over a $100. Chinese currency manipulation has helped fuel this bubble. So if you purchased a million shares of Nike in the year 2000, today the value of those shares would be over $10 million. With the TPP and Chinese currency manipulation, the value of Nike’s stock will continue to increase, but only at the expense of everybody else. Much of the US stock market bubble is fueled by the same force, and that goes for the stock prices of Apple, Microsoft, Dell, Adidas, Hewlett-Packard and many more. And if the TPP passes through congress, more US manufacturers will need to shift production to China.
However, it’s going to be worse than you can imagine.
Millions of jobs in Mexico, Central America, Peru and Chile will also be threatened with exportation to Vietnam and China under the Trans Pacific Partnership (TPP). In which case, US exports will decline.
Maquiladora zones are located in Mexico and elsewhere in Latin America. These are free trade zones established by the United States and the host nations, such as Mexico, Honduras and El Salvador. The zones allow US manufacturers to assemble products in the zones, and then ship them duty free to the United States. Wages are bone poor in the Maquiladora zones, as low as $7.50 a day in Mexico’s northern zone, but they are higher than in Vietnam and China. China’s minimum wage is a little more than double Vietnam’s .28 cents per hour.
The parts assembled by US manufacturers in the Maquiladora zones must be made by US companies. This has been negotiated. In 2013, US corporations shipped $51 billion worth of parts manufactured in the United States to the over 3000 US factories in the northernmost Maquiladora zone in Mexico. That zone is twelve and a half miles deep and stretches from the Gulf of Mexico to the Pacific Ocean.
That 51 billion dollars of exports supports 250,000 American manufacturing jobs. The people who earn a living with those jobs spend their hard earned cash in their neighborhood grocery stores, stereo stores, clothing stores, computer stores, automobile dealerships, real estate companies, restaurants and more. That’s how those 250,000 manufacturing jobs keep another 400,000 to 800,000 people employed in other areas of the economy.
That doesn’t count the tens of thousands of Americans that mine the iron ore, or the rock, or chop the trees to make paper and houses, or manufacture cement, or who mold metal into products, and other producers of raw materials, or the people who operate the electric companies that power those 250,000 soon-to-be-lost manufacturing jobs. But that’s not all.
Just like the jobs that will be lost to Chinese currency manipulation via the TPP, all of these jobs pay state, federal and local taxes that support schools, road building and maintenance, forest service jobs, fire and police, and a lot more government jobs.
The TPP appears to be geared toward rendering obsolete the Maquiladora zones. Why else would Vietnam be a party to this agreement? The Vietnamese aren’t going to be purchasing a lot of American goods and services simply because those people can’t afford to do so.
When the TPP becomes law, kiss those jobs in the Maquiladora zones goodbye. Kiss that $51 billion dollars in US exports goodbye. And that’s just for the exports to one of these zones.
In El Salvador, 230,000 apparel workers will likely lose their jobs, which will be shipped to Vietnam if the TPP becomes law. Tens of thousands of workers in other central America nations will also lose their apparel manufacturing jobs in the zones. These people sew many of the clothes people wear in the United States and elsewhere.
Over 200,000 American workers supply the parts necessary to manufacture those clothes. Fabric, yarn and thread are made in US factories, and are then exported to Central America. Kiss those exports goodbye. Kiss those American jobs goodbye, as well as the hundreds of thousands of US jobs supported by those textile jobs.
If the TPP becomes law, we’re looking at the loss of billions of dollars of exports yearly, and millions of US jobs. And that’s only with the loss of two Maquiladora zones. Thank you Senator Wyden!
With the loss of jobs in the zones on such a massive scale, wages will drop like dead flies in Mexico and Central America. That happened in Mexico after Nafta, which drove millions of people into the USA illegally.
Hundreds of thousands, and perhaps millions, of people will be forced to migrate to the United States illegally, and not because they want to migrate. This will depress the wages of millions of American citizens and put incredible pressure on our social service tax dollars, which will be greatly weakened by the loss of jobs.
So who benefits from the TPP? The difference between the old higher wages and the new lower wages will go straight into the pockets of rich shareholders and CEOs via higher corporate profits, rising dividends, and soaring share prices. Working people will pay the price. In other words, the TPP will redistribute massive amounts of income from the 99 to the 1 percent. That’s what it has been negotiated to do.

Read Full Post »

A friend on the political right wrote me about my support for Bernie Sanders for US president. My friend had some objections about Senator Sanders positions. So I wrote the response below. I should also like to point out that Bernie is a US senator from Vermont, where large pockets of conservatism flourish, and Republicans are elected to statewide offices. Yet Bernie continues to win election after election, campaigning mainly on bread and butter issues.

Anyway, below is my reason why everybody should vote for Bernie, regardless of their political ideology.

“…the Democratic and Republican Party leaderships, and the big money that controls them, also controls the levers of political power. I am against any candidate supported by the leadership of either major political party. That’s why over the years I’ve been a supporter of such diverse independent minded politicians as Ron Paul, Pat Buchanan, Ralph Nader and Bernie Sanders. Besides, it doesn’t matter what Bernie wants, what matters it what he can achieve as president. If Bernie becomes president, with both houses of congress likely to be controlled by the twin party leadership, Bernie will likely only be able to limit their damage to the middle class in terms of economics.”

flat,800x800,070,f.u1

With the help of the corporate news media, which can better be described as the corporate propaganda machine, the Democratic and the Republican leadership rip the grassroots of both parties apart and against each other by inventing social issues, while raping the grassroots of both parties financially on behalf their billionaire and millionaire benefactors.

The Trans Pacific Partnership (TPP) and Fast Track Authority are classic examples of how the leadership of both political parties team together in their financial rape of the 99 percent.The Federal Reserve estimates the TPP will cost four to five million US jobs. The difference between the old higher US wages, and the new lower overseas wages, will go straight into the pockets of the 1 percent via higher corporate profits, dividends and share prices. That money will be stolen straight out of the pockets of working Americans and redistributed into the already fat bank accounts of the 1 percent, much of which will find its way into the pockets and campaigns of the Democratic and Republican party leadership. The local and state tax dollars paid by the jobs losers will no longer support schools, police, fire, road maintenance and much more. In other words, the TPP will rape our schools and other public services.

The TPP will also steal money that should go to the social security trust fund because the rich only pay social security taxes on the first $118,000 of their income. Worse yet, the TPP will force China to manipulate its currency even more than is already the case, costing the US millions more jobs than the Federal Reserve estimates. This manipulation of currency will compel US corporations to ship more jobs overseas because Chinese currency manipulation increases the profits of those who manufacture in China. (See Four Graphs that Will Make You Boiling Mad About the Trans Pacific Partnership–Or Why President Obama, along with executives from Nike, Microsoft, Apple and other US corporations Steadfastly Support China’s Currency Manipulations–JohnHively.wordpress.com).

In other words, the TPP has been negotiated specifically to redistribute income from the 99 to the 1 percent, and since 2009, the 1 percent has stolen 95 percent of all US income growth. Their share of the total national income has risen from 8 percent in 1980, to 21 percent in 2008, to 37 percent in 2015.

The TPP has also been negotiated to undermine US laws and democracy.

Hillary Clinton has stated publicly on 45 occasions that she is for the TPP. All of the Republican candidates are for it. Bernie would veto the TPP if he was president. Ergo, damage to the vast majority of US citizens would be limited.

Here’s something to think about. Opposition to the Trans Pacific Partnership brought together unusual allies, such as the John Birch Society, the Tea Party, Black Lives Matter, and the AFL-CIO. We need more, not less, of that kind of cooperation among US citizens. Bernie understands this, and his candidacy is encouraging this. That’s precisely what the leadership of both political parties and their billionaire benefactors don’t want: Americans of all colors and political persuasions united together in opposition to the billionaire class and their complete corruption of the US government for their own ends.

Read Full Post »

Let your senators know you stand against giving Wall Street President Obama fast track authority.

Today, according to Politico.com, “Senate leaders have reached a deal to advance President Barack Obama’s trade initiative after a failed vote prompted a furious round of negotiating on Wednesday.

After trading offers throughout the night, party leaders agreed to vote on a fast-track trade bill that was blocked just 24 hours before by Democrats who’d wanted more assurances that their priorities would also be considered.”

Those priorities included provisions against child labor, which McConnell opposed, and currency manipulation.

“The agreement, announced by Senate Majority Leader Mitch McConnell (R-Ky.) on the Senate floor, would give Democrats a chance to vote on two of their trade priorities as standalone bills, in addition to the fast-track measure.”

As your senators know, these measures will stand alone and die right there in the halls of the US senate. These are fake measures to give Democratic senators a plausible reason to give to their grassroots Democrats for supporting giving Obama fast track authority to ram the Trans Pacific Partnership (TPP) through congress. The TPP is an income and political power redistribution scam which will benefit the the 1 percent by robbing from the 99 percent, and every senator knows this, including senator’s Wyden, McConnell and Hatch. That’s precisely why they support fast track authority and the TPP.

Senator Reid supported this procedure, and this shows he is worried about his reelection chances next year, but voters are unlikely to be fooled by the old coot. Reid is likely to be gone next year. The same goes for Wall Street Senator Ron Wyden, who lives in New York City, but, who, in theory, represents the people of Oregon. Wyden is up for reelection next year, but opposition is so fierce in Oregon against his income redistribution scheme, that he most likely will lose his seat because grassroots Democrats are organizing against Wall Street Ronnie at an unprecedented level.

The TPP will create greater income and wealth inequality in the USA, which is already at record levels. Call your senators! Let them know you are against giving President Obama fast track authority.

Read Full Post »

According to the Guardian Newspaper, “The potential for a trade war is hovering in the background as Congress and the Republicans agitate over what they regard as underhanded tactics by Beijing. Mitt Romney, the likely Republican presidential candidate in November, is threatening important restrictions and other barriers because of China’s alleged currency undervaluation.”

Some of this stuff is totally stupid. The United States has a trade deficit with China. Right? Wrong! The United States has a trade deficit with US corporations producing their stuff in China and shipping their stuff to the United States. You know who these “persons” are; Nike, Hewlett-Packard, Apple, Microsoft and on and on.

So what Mitt is saying is simple. If Mitt, the king of corporate raiders, becomes president, somehow, he’s going to place restrictions on Nike, Apple and tons of other US corporations that will minimize their ability to export their stuff to the USA. I don’t buy it anymore than I buy the same crap from Obama. It’s all just theater meant for us to consume. Obama and King Mitt are creating an illusion not in harmony with reality when it comes to trade with China.

Click here for the latest news of how Obama and Mitt plan to keep the illusion alive

Read Full Post »

%d bloggers like this: