German Public Wants To Expel Greece From EU

For a short while, it looked as if Germany would save Greece the same way the Federal Reserve saved Goldman Sachs.  But the Germans are in a very bad mood and are refusing to save anyone from anything.  Dubai is continuing to go bankrupt, too.  Many of the hot spots pre-collapse are in identical trouble thanks to too-easy loans.  Just like Las Vegas.  Russia wastes no time in making deals with the new Ukrainian head of state as the Orange revolution goes into a cherry red reaction.

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HIGHLIGHTS-Greek FinMin unveils tax reform, wage policy | Reuters

“From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards”

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All underground economies run on cash.  This is why much of our larger bills in the US have drug traces after passing in and out of crack houses or other illegal markets.  Cash is off the books, big time.  In the US, all bank accounts are watched by the government thanks to our war on drugs. We lost many natural civil liberties thanks to the fruitless war on drugs.

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This is also what annoys me about the Tea Baggers: since they are basically FOX TV GOP instead of libertarians, they are happy with both the various wars against the Muslims as well as the War on Drugs.  Both of which are hideously expensive, incidentally.  Which makes a mockery of the stated desires to cut spending and restore liberties.

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In Greece, we have a huge ‘underground’ economy.  All states have to support themselves and evading taxes destroy states.  Now, that may sound all like jolly good fun.  But bankrupt states usually end up being non-states and the merry people who put it there don’t find happy times.  Instead, they find themselves under foreign domination or worse.

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“With the new tax scale, there is a shift of the burden from low and middle income to high incomes…..”Taxable income based on the new scales will include capital gains from the short-term trading of stocks”….

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All the super-rich traders and assorted leeches are already howling at the US and UK to not tax them or they will all decamp to other places like…Queen Elizabeth’s many pirate islands which are mostly in quite balmy, low lying beach properties (this is why they are worried about global warming, I guess) and they feel put upon if all their loot is confiscated.  No nation can tax its commerce if the people at the top are able to decamp personally while still doing business inside the state that wishes to tax them.

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Here in NY, we have Mr. Ford running for the Senate while he lived here for several years but never paid taxes due to pretending he was only visiting.  Now that he wants power here, he is changing his residence.  But like Geithner, he is a tax cheat and a liar.  In England, top officials turned out to also be tax cheats who claimed residence overseas while pretending to be citizens of a nation they refused to financially support.

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….”Deposits in banks outside Greece are exempted from audits of their origin if they are repatriated within six months of the passing of the tax bill and are taxed with a 5 percent rate”… .

…”We need to contain the public wage bill and fairly share out the burden”. “The wage cuts will begin from 18 euros a month, reaching 345 euros a month for court officials. In percentages, it will be between 1 and 5.5 percent”

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ΩΩThe US has been cutting wages year after year.  As the unions collapse and vanish, only the government employees are still unionized and now they are all under sustained attack.  Vicious news stories come out about how government employees are living high off the hog while workers in all other areas that have seen unions destroyed are seeing dropping wages.  So drop the wages of the government workers, too!

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ΩΩThis is a depression cycle and is very dangerous.  Japan has done this year after year.  Even when the economy was growing, the suppression of wages continued.  The usual IMF prescription for fixing finances is to drop everyone’s wages.  As the Greeks see their own incomes collapse just like Iceland, they will see all commerce fall, too.  The hope is, when your wages are really awful, you then can undersell other labor markets!  But this means, in today’s free trade world, you have to compete with some very poor people earning a pittance.

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Germans say euro zone may have to expel Greece: poll | Reuters

A majority of Germans want debt-ridden Greece to be thrown out of the euro zone if necessary and more than two-thirds oppose handing Athens billions of euros in credit, a poll published on Sunday showed. Vocal opposition to aid for Greece from members of Chancellor Angela Merkel’s coalition also grew at the weekend with several senior politicians expressing skepticism, especially as Germany’s own recovery is fragile.

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ΩΩGermany kept wages lower than say, the US or UK or even France so Germany could export easier. Germany was the #1 or #2 export profit leader on earth for quite a while.  But this required sacrifices.  While the US merrily spent money we didn’t earn, the Germans counted each pfenning.  Or rather, euro.  Now that the party is over, everyone expects the Germans to diligently clean up the mess.

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ΩΩThe outrage over this is justified.  The US is so used to being bailed out, we have forgotten about all sorts of hidden rages that exist buried just below the surface.  As usual, I went to the central bank of a country I am writing about.  Below is a graph from the Bundesbank in Germany:

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Bundesbank – Statistics – Business statistics

ΩΩThe beginning point of the graph is set at 100.  So we see that the German GDP was flat until 2005 when it took off just like all the other GDP graphs on earth with that global Japan-carry trade easy money borrowing that flooded the planet with paper wealth…all of which was debt.  This created a flood of imports which benefited Germany greatly.  With a billion Chinese and many Indians joining in the ‘growth of wealth’ all seemed to be magically doing quite well until the bubble popped at the end of 2007.  Germany’s decline from 110 to 104 was severe but at least it is still positive compared to the US which fell much more and is struggling badly.

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Stocks Advance on Economic Outlook as Greece Concern Hurts Euro – Bloomberg.com

Stocks in Europe rose on the outlook for economic growth and earnings, while the euro weakened as officials gathered to discuss how they plan to help Greece tackle the region’s largest deficit…. . …The euro weakened against 12 of its 16 most-traded peers as European finance ministers meet today in Brussels. Investors want details of a planned Greek bailout after European leaders last week pledged to support the nation, stopping short of committing public funds…. . …The cost to protect against a default by Dubai rose to the highest level since March as credit-default swaps rose 22.5 basis points to 650 basis points, according to CMA Datavision. .

Dubai World, the state-owned holding company seeking to restructure $22 billion of debt, may offer creditors 60 cents on the dollar after seven years, Zawya Dow Jones reported Feb. 14, citing unidentified people familiar with the plans. Dubai and Dubai World have not yet made an offer to creditors, a Department of Finance spokeswoman said.


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ΩΩThe euro was too strong for exports.  So another reason why Germany won’t bail out Greece is, this makes the euro weaker and right now, this is what Germany needs.  The US instituted the floating fiat currency in 1971 in order to allow us to run in the red.  It worked like magic.  But like all black magic, the result is bad for us, not good.  Back in 1971, the US was worried about German exports flooding into our markets.  The entire point of Bretton Woods II was to devalue the US dollar and so it was made 50% cheaper than the mark.

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ΩΩBack when we had such negotiations, it was always to weaken the dollar especially against Japanese and German money.  Now, everyone has to pretend they are not manipulating the currencies so they use other means to devalue themselves against the dollar.  Americans love this because it is cheaper to tour and to buy imports!  But this is exactly why our trade deficit is the worst part of our economic catastrophe.

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Spanish intelligence probing debt attacks-report | Reuters

Citing unnamed sources, El Pais said the National Intelligence Centre (CNI) was looking into “speculative attacks” on Spain following the Greek debt crisis.

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“The (CNI’s) Economic Intelligence division…is investigating whether investors’ attacks and the aggressiveness of some Anglo-Saxon media are driven by market forces and challenges facing the Spanish economy, or whether there is something more behind this campaign,” El Pais said….

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…The report comes days after Public Works Minister Jose Blanco protested “somewhat murky manoeuvres” were behind financial market pressure on Spain. “None of what is happening in the world, including the editorials of foreign newspapers, is coincidental or innocent,” Blanco said.

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ΩΩAh, see how easy it is to declare a conspiracy!  The newspaper and TV owners do conspire!  But there are conspiracies and then there is reality.  In this case, the reality is, Spain is in very deep trouble due to the GDP to debt ratio deteriorating the same way it did in Ireland and Greece!  During the time Germany saw a rise in GDP from 2005-  2007, Germany didn’t go steeply into debt!  While Greece and Spain and others merrily piled on the debts.  This emphatically includes the US which went totally insane, piling on the debts.

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ΩΩThe conspiracy here was not the bad news being reported today.  It was the fake good news from 2005-2007 that is the problem.  I ran my blog back then and spent many days warning about debt accumulation and the problems of ZIRP Japanese carry trade lending, etc.  The conspiracy here was that the biggest ‘experts’ were saying the exact opposite.  And they are still considered ‘experts’ even while being proven totally wrong.

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ΩΩBut selling of debt was and still is the major business of in-debt countries like Japan, the US, UK, etc.  The conspiracy continues with lies about free trade.  As well as lies about NATO powers or lies about Russia being a weak nation which Europeans can defy for fun or profit.  The world has shifted greatly this last three years and these tectonic shifts will grow greater as time passes.

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Yanukovych says to form gas consortium with Russia, EU

Yanukovych, who beat incumbent Ukrainian Prime Minister Yulia Tymoshenko last Sunday in the run-off by a narrow margin, told the state TV channel Russia-24 that gas relations with Russia did not move in the right direction during the last five years.

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He hoped that the Ukraine-Russia relationship would be restored to a friendly strategic one and Ukraine would properly handle its gas relations with Russia and the EU.

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ΩΩWith the Ukraine no longer playing the role of ‘poke the Russian bear in the eye with a sharp stick’, the rest of Europe has to change, too.  Again, Germany always sought to use money and diplomacy to get Russian cooperation. This is how they reunited Germany, for example.  They paid for the Russian army occupation forces to leave and they began the first gas pipeline back when Russia was still a Soviet Union and not a failed state.

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ΩΩNow, the Germans wish for a secure energy delivery and this should be true of all of Europe.  Now that Ukraine and Russia are on the same page, gas disruptions should vanish.  The CIA invested a great deal in the ‘Orange Revolution’ which is now blood red.  Putin gets the last laugh.  I figured this would happen.

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ΩΩHere is a photo of Hillary Clinton buttering up the butterball despots of Saudi Arabia.  She has to lick and purr at this monster because we want the oil.  She then decided it was time to weep and wail about how Iran, which has elections, something Saudi Arabia doesn’t have, and she thinks Iran will become a ‘police state’ and this is more reason for us to attack Iran!

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ΩΩThis astonishing display of hypocrisy is typical of the US and is one major reason so many people hate us.  The US, as we lose our own liberties, is even more keen to talk about everyone else losing liberties except when in the company of despots.  Then we are all luvy-duvy.  Kiss*kiss.  Well, the US cannot afford a war with Iran on top of all our other wars.

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U.K. Banks in $500 Billion Funding Gap, Moody’s Says (Update1) – Bloomberg.com

British banks will struggle to refinance 319 billion pounds ($500 billion) of bonds backed by home loans as the government prepares to withdraw two aid programs, Moody’s Investors Service said.

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“It is highly uncertain that the mortgage-backed securities market will have the capacity to absorb the level of refinancing needed in the required timeframe,” according to the report.

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The government programs allow banks to take mortgage-backed securities off their balance sheets by swapping the debt for Treasury notes from the government. The Bank of England said Feb. 10 it won’t extend the so-called Special Liquidity Scheme past 2012. Another program, the U.K. Treasury’s Credit Guarantee Scheme, is due to close in 2014.

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ΩΩWhew!  Another half a trillion dollars in order to keep the UK real estate market up!  Of course, the Bank of England could imitate the Federal Reserve and suck in about a trillion dollars in home loans and then suck down all the losses!  Of course, with DECLINING WAGES, people will be forced to default. As they default, they will cause the value of real estate holdings to fall and then people who can pay mortgages will default due to not wanting to be stuck with property losses.

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ΩΩThe central bank of Britain can’t hold real estate debts forever. The US pretends we can do this (there are no plans to stop) because we are the top fiat currency on earth and the Germans, Japanese and Chinese all want to keep the dollar strong.  So we will get away with the fiction that our economy is strong because the dollar is strong.

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t r u t h o u t | Report: Silicon Valley’s Innovation Engine at Risk

Like the rest of California, the region has taken a serious hit during the recession. According to the “2010 Silicon Valley Index,” Silicon Valley lost more than 90,000 jobs since 2008, commercial vacancy rates jumped 33 percent, and more than 14,000 homes were foreclosed on. .

Moreover, the region’s companies aren’t able to attract the same numbers of talented foreign workers, which it called Silicon Valley’s “lifeblood,” according to the report. And the number of foreign students receiving degrees stateside in science and engineering has been steadily declining since 2003. .

Some say the report is a call to action for a greater emphasis on science and math education. Increasingly, engineers from China and India are taking jobs in their own counties instead of working in the states. Also, tougher immigration restrictions make it harder for companies to recruit and retain foreign workers.

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ΩΩAnd see this!  Even Silicon Valley is rotting away!  The strong dollar means computer jobs will continue to vanish!  The US government talks wildly about creating jobs but we are giving them away with both hands, still!  And the ONLY tool we have, the ONLY tool is to have a weak dollar!  But the dollar may be weak against, say, gold or oil, but is kept strong against the other trade currencies and that is all that matters to them.

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ΩΩThe forces tearing the systems apart is showing up in gold and oil which both saw rises during the GDP collapse years from 2007-2010.  Long ago, I used to work in a computer research lab. And I warned everyone that if PRODUCTION moved to China, all other systems would follow.  The Chinese knew this and worked very, very hard to insure this happened.

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ΩΩWe can’t create here and then do the production there!  This is impossible.  Everyone I knew who worked for say, IBM, ended up making many trips to China and they had to know Chinese so eventually, the employees in the US had to be Chinese because they could then talk to the Chinese!  DUH.  Obviously.  And so we continue to follow the road the Greeks took.  Not to mention many previous empires.

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28 Comments

Filed under .diplomacy, .money matters, gold, Politics

28 responses to “German Public Wants To Expel Greece From EU

  1. Jim Dandy

    Are there any portals available we can bolt out of here on?

  2. flipspiceland

    Elaine, where didn’t you work? What didn’t you do?

    How the hell old are you or is there more than one of you?

    Good grief, woman. What a life you’ve led.

  3. charlottemom

    Regarding low wages:

    A year or so ago, I remember seeing a proliferation of reverse job auctions online as well as software available for this, and thinking this tool is perfect for moving global wages downward and not in a good way. And yes, you can arbitrage wages with currency plays too!

    I first noticed reverse auctions for software jobs (yes, they were German!) and is now reverse auctions are being used to fill all sorts of jobs everywhere (retail, construction, etc) Funny, that this was first used for bidding on commodities and manufactured goods, now used on people and portable services.

    http://ecmweb.com/mag/electric_bidders_beware_ins/

    Labor has been beaten again by capital.

  4. Hennes

    Hi Elaine,

    Thanks for that story, only the true headline would be: germans want Germany to expel itself from the EU. Its savings are gone,replaced by toxic waste from wallstreet
    and the city of london,its exports going down
    dramatically.It can‘t even save itself,let alone
    anyone else.

    Maybe the only thing left is to mock and
    ridicule the opressors.Nice example from
    Palestine:http://www.huffingtonpost.com/2010/02/12/palestinian-protesters-po_n_460560.html

  5. JSmith

    “A majority of Germans want debt-ridden Greece to be thrown out of the euro zone if necessary.”

    But in the Eurozone, citizens don’t get to vote on these things – it’s all left up to the Eurocrats.

    Of course, it’s arguable that debt-ridden Greece shouldn’t have been in the Eurozone to begin with – debt-ridden Greece has been in default for half of the last two centuries. They’re one of the four PIGS – Portugal, Italy, Greece, and Spain – about which there were doubts from the very outset; however, when the Eurozone was in an expanding mood, quantity trumped quality.

    Oh, well.

  6. JSmith

    “Funny, that this [reverse auction] was first used for bidding on commodities and manufactured goods, now used on people and portable services.”

    Labor, as I’m sure you’ve noticed by now, is a commodity. No mystery there – if you have several workers, each of which is capable of performing the same job, you’re not going to hire the most expensive one, are you? Of course you aren’t: as an astute businessperson, you realize that labor is a cost to be controlled along with all the others.

  7. jeremy/Nashville

    Iceland, Greece, next Spain……and eventually the U.S. Things are falling apart all over the world right now….but I think this is only the beginning. The worst is yet to come.

  8. charlottemom

    smith

    Of course I understand the concept of keeping wages low. Its the codificiation of this via currency plays within the reverse auction. Taken to extremes. Bidding for jobs via internet against virtually anyone. Could be your neighbor or could be someone halfway across the globe Good for employer, how good is it for a nation’s workforce? This will create quite a stable workforce

    And do you think the lowest wage paid is ALWAYS the most efficient. Forget companies needing to offshoring jobs just reverse auction the thing.

    Reverse auction good to a point and then quite destabilizing.

  9. ”Elaine, where didn’t you work? What didn’t you do?

    How the hell old are you or is there more than one of you?

    Good grief, woman. What a life you’ve led.”

    Like ‘Zelig’

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    ELAINE: I don’t sleep. Being hit by lighting has this side effect, sort of. ZZZZ….ooops.

  10. Joseppi

    Germany will essentially bailout out Greece even if the German people don’t want to just like the US financial industry was bailed out despite the US public outcry.
    Back in the US – State bailouts will be next.
    This will put downward value pressures on the US and Euro currencies. Since these currencies base their value on debt tolerance – we know how this will end.
    Elaine, would you not agree that to prepare (accommodate) for this coming currency chaos that we should become active in the Community Currency movement? Community currency is based on real people selling real products and providing services that is not based on leveraged debt of mutual destruction.

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    ELAINE: Try buying oil with community currency. Won’t work.

  11. DrKrbyLuv

    Is there any way we can “expel” Wall Street and Washington DC from the American Union?

  12. PLovering

    @DrKrbyLuv, “Is there any way we can “expel” Wall Street and Washington DC from the American Union?”

    Pass a global Glass-Steagall and then return
    to nation state sovereignty.

    All derivative debt disappears.

    Germany returns to the Deutschemark, Greece goes back to work, and all nations live happily ever after.

  13. Jim Dandy

    Zelig…hahaha

  14. payAttention

    ‘Germany will essentially bailout out Greece even if the German people don’t want to just like the US financial industry was bailed out despite the US public outcry.’

    Okay Joseppi, anything you say. Do you and Dear Author even remember what happened the last time the German people were made to pay the debts of others. The Dear One does not understand which wick she is playing with here – do not even think of stealing from the Germans. You do not understand the political state in Europe, nor does Anchela.

    Like ‘Zelig’ . Ziff House, plus one. It is a leitmotif as I read on here, about the House of Author financing the Plantagenets, the Yorks and the Windsors – showing the invention of physics to Planck, Heidegger and Bohr, rendering our sovereignty to the PRC. Then there are the mysterious hints of secret work performed at Tickle me Elmo Electronic Research labs.

    ‘And see this! Even Silicon Valley is rotting away! The strong dollar means computer jobs will continue to vanish! ‘

    While I was not involved in project Elmo, I do like to point out the obvious and the logical. Science is not easy. Why would someone with intellectual discipline, talent and imagination toil tens of thousands of hours in isolation to end up in a very middling position in society? Where is the moral underpinning?

    Admiringly yours,

  15. “as an astute businessperson, you realize that labor is a cost to be controlled along with all the others”-JSmith

    What pray tell shall you do once your workers can no longer afford to purchase what they have helped to produce? When the race to the bottom is finished who “wins” in your dream world?

  16. @Joseppi: How can the US central government bail out our states when it will soon find it won’t even be able to bail out itself, as Fetung is pointing out that foreigners are divesting themselves of US debt?

  17. Joseppi

    “Try buying oil with community currency. Won’t work.”

    No argument there – except that a community currency could stimulate mercantile activity (and hope of a better life through work) in a community that then could produce/give service that would be transferable to whatever color money the government is using. The present high unemployment is having a damaging and debilitating psychological effect on the motivation of our neighbors.
    Most importantly, that during a transition from one currency to the next, the chaos could be mitigated with a community currency that had the means to sustain local commerce to some degree.

    “How can the US central government bail out our states…”
    I believe that those that run the present fiat system will print and bail to the very end. Now of course, this is going to only leverage the chaos of the “end” of their racket. How chaotic, we can only guess.

  18. the fool on the hill

    So Hillary says Iran is a military dictatorship and implies that we should hate them and therefore war is gee golly good. Where is the puke emoticon?

    Well, for all intents and purposes the U.S. is a freaking military dictatorship! The Pentagon and the CIA have been virtually in undisputed control since 1980. Obviously even more so since you-know-when, 2001.

    The civilian ‘government’ is impotent. So we have basically two factions: those profiting from the corruption, and those suffering for it. And most of the ones suffering are going around in circles ‘debating’ stuff and can’t figure out that it doesn’t matter because the people that wield the real political power don’t give the slightest crap about them. They ‘love’ Big Brother, and assume Big Brother must somehow love them.

    Cheney said, “Were an empire now, we create our own reality”.

    The fact that he is not in a padded cell and still gets face time in the media is prima facie evidence that the people running things are certifiably insane.

    [/rant]

  19. PLovering

    Lizard Lesson:

    (Blankfein, according to Andrew Ross Sorkin’s book “Too Big to Fail,” displays a framed Gary Larson cartoon on his office wall.
    It depicts a father and son looking over the garden fence at a line of wolves entering the house next door. “I know you miss the
    Wainwrights Bobby,” the father is saying “but they were weak and stupid people, and that’s why we have wolves and
    other large predators.”)

  20. nah

    imean greece is greece and germany is germany
    .
    i wonder what kind of superforce endless systemic debt imbalance will actually manifest… imean deep down i wonder…
    .
    is this the new normal… people just accept nothingberger as a good little boy should to raise a valuable cow and refrigerate it
    .
    http://www.cahrecords.com
    .
    i want to grow up and be a rich person

  21. Shockuhzulu

    Elaine finally admits that she doesn’t sleep. I had guessed as much. No one can blog while asleep. There’s only one portal we can bolt out of here on: a mortuary.

  22. JSmith

    “What pray tell shall you do once your workers can no longer afford to purchase what they have helped to produce?”

    Sell it to someone else.

    People like to cite Henry Ford, who famously raised his worker’s wages, saying “that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy. Ford explained the change in part of the “Wages” chapter of My Life and Work.[19] He labeled the increased compensation as profit-sharing rather than wages.” (the quote is from the Wikipedia article on Ford.)

    What’s missed here is that that company was Ford’s company; he owned it and therefore could do whatever he wanted with the profits. Now, however, most large companies are publicly-held: management has a fiduciary duty to the shareholders to act in their best interests. That means managing the company to produce the best return on investment, and one of the ways to achieve that is through controlling the cost of the inputs of production: raw materials, labor, equipment, physical plant, etc.

    So whether the workers can or can’t afford to buy whatever is not something management should be concerned with.

  23. emsnews

    No, but NATIONS should be concerned and corporations must be controlled by the democracies so they work for the people, not suck them dry and cast them aside.

  24. cool blog i really like it and find it good

  25. JSmith

    “…corporations must be controlled by the democracies so they work for the people…”

    Did you read any of that post? At all?

    When corporations are controlled by the democracies so they work for the people, you end up with those bloated, state-owned beasts like Pemex.

    Once again: a corporation is not some sort of jobs program. OK?

  26. John

    @jsmith:

    The problem is that, in reality, it’s a delicate balancing act. Too little gub’mint control, and you get the banksters and the military-industrial complex like we have here in ‘Murica, running amok with no fear of reprisal. Too much control, and we get situations like the one you referenced.

    Advanced civilizations are damn tough work. And H. sapiens, like all apex predators, is lazy at heart, only willing to work hard when hardship and/or danger is immediate and urgent. When times are good, we get sloppy, and let the machinery become unbalanced. Then, it reaches a tipping point and self-destructs, and we wind up having to start all over again from scratch, all the while whining about the harshness of Fate and the unfairness of Life.

    This is the endless pattern of empire Elaine has repeatedly pointed to, be it financial, political, religious or social. Humans are what they are, and there are far too few who are actually capable of the internal discipline needed to rise above this biological hard-wiring to prevent history from repeating this film loop into infinity.

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