War On Workers Is Destroying Xmas

In general, if the US dollar and EU euro rise in value, stocks soar in Asia so…Asia stocks rise, as Tokyo hits six-year high which is no surprise, the entire business is all about using FOREX accounts to make the dollar and euro stronger while a fractured Europe is unable to stop this and a delusional US Fed Reserve run mainly by dual citizens who don’t care about the US, stands by helplessly as this process destroys the entire US industrial economic system.

 

And here is the other headline proving this:  Dollar Rises 5 Year High Versus Yen as Policy Outlook Diverges

 

The yen tumbled 15 percent this year, the most among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar gained 4.1 percent, while the euro was the best performer, jumping 8.4 percent.

 

Japan, like all of Asia, depends on a strong US dollar so they can have one way trade with the US which is very destructive for our economic system.  But this can’t go on forever, Japanese anticipation of dominating US markets this way aren’t working so well due to US citizens seeing a drop in economic value so they can’t buy like they did in the past.

 

U.S. Store Traffic Sinks 21% as Last-Ditch Deals Flop which is no surprise, the working class buyers are hard hit by the ongoing depression of wages and value of property.   Then there is the scandal of the computer hacking job that stole credit information from Target shoppers.  Target hit with at least five lawsuits over massive data breach as their weekend sales dropped 4% so the stock value of that corporation which is a vampire operation like so much of our economic system, bringing in foreign goods cheaply like Walmart.  This, in turn, will lead to a lower stock market overall since our economy is based on this insane Xmas system with a huge overhang in December and then drought for six months.

 

Despite being told by our rulers that we have no money to spend on American citizens, Obama, the Democrats and the Republicans all believe there is nearly half a trillion extra dollars:  U.S. nuclear weapon plans to cost $355 billion over a decade: CBO report.

 

Of course, our rulers assure us this military spending on things we don’t need and which are designed to trigger WWIII, is OK since it will be ‘only’ a quarter trillion.  But the history of spending on military stuff we don’t need is any guide, the cost over run will triple this so it will be at least half a trillion.

 

Japan’s stock market is rising on expectations of exporting to the US which is falling apart.  Abe is a corrupt little monster and so, on the heels of raising taxes, he goes wild:  Cabinet OKs record Y95.88 trillion budget ‹ Japan Today: Japan News and Discussion

 

Even so, the projected primary balance deficit—the shortfall between what the government gets and what it spends on everything apart from debt-servicing—is expected to shrink by 5.2 trillion yen to 18 trillion.

 

That means Japan’s national debt—already the highest proportionately in the industrialised world—will continue to rise, but at a slower pace.

 

The expectation is, workers seeing a reduction in wages will spend more on things they can’t afford and so the flood of new tax loot won’t be flowing into Tokyo anytime soon.  Instead, stressed out laborers will suffer even more as yen are squeezed out of them as they struggle to survive.

 

To fix this, Abe’s labor reforms may boost ‘disposable’ workers, crimp wages ‹ Japan Today: Japan News and Discussion

 

Abe, in office a year, has found little traction so far with plans to unclog Japan’s sclerotic labor market. But now his government wants to ease rules, which could make it easier for companies to replace regular “salarymen” with temporary contracted workers.

 

Already over a third of Japanese workers are part time people who hold multiple jobs to stay alive at starvation wages.  These ‘reforms’ will increase this to over 50%.  In the US, reduction of good paying jobs, union jobs, lifetime jobs has led to a huge gap between the rich at the top and the masses.

 

This, in turn, has caused the very rich to sneer about the ‘47% of Americans who are takers’ even as they take all the wealth for themselves with brutal efficiency.  Telling workers they need to have less job protection, lower wages and longer working hours is disgusting and downright evil.

 

Secret Currency Traders’ Club Devised Biggest Market’s Rates: the way the rich get richer is often openly criminal.  The unregulated FX markets are the playground for people seeking greater wealth while producing nothing useful to humanity or our survival.

 

They play with the savings of workers and pensioners who get slender benefit from all this while the lion’s share of the profits go to these money market manipulators who conspire to control the markets by working secretly with each other.  The names that they gave themselves shows they know perfectly well they are crooks:  ‘The Cartel,’ ‘The Bandit’s Club,’ ‘The Mafia’ are some of the names.

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35 Comments

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35 responses to “War On Workers Is Destroying Xmas

  1. shawntoh

    This next one goes out to everyone who equally sees the other side of the holiday season–and especially it’s dedicated to the workers that Elaine cites in her blog entry. A big thank-you to Miles [Davis], R.I.P.

  2. Luc

    I am not a Christian but even I find the term ‘Xmas’ offensive. Another nasty term is ‘consumer’. Humans are much more than consumers.

    RE: Despite being told by our rulers that we have no money to spend on American citizens, Obama…

    Gee, the Gov site has info on ‘benefit$ to new immigrants’ and over at Kunstler a poster notes:

    Speaking of the Welfare State, we learn there’s a company providing large blue plastic shipping barrels to the Bodegas and Markets in Hartford, Bridgeport, New Haven, Waterbury etc.

    Immigrants from Africa, Latin America, Asia and the Caribbean, that is to say the entire population, are using these barrels to ship food bought with US FoodStamps back to their families in the home country.

    Right about this time, around the holidays, do-gooder organizations, mostly white Libs from the suburbs, go into high gear with their pleas for donations of food and money for the starving people in the urban areas, laying it on thick and guilt tripping us to give as much as we can bear. These ubiquitous blue barrels, shipped all over the third world, change the dynamic a little bit, at least for me.
    –Food Stamp Nation, 100 Million Strong

    ΩΩ

    ELAINE: Xmas is the old English word for this celebration. It is NOT ‘offensive’.

  3. melponeme_k

    @Luc

    They should send Birth Control instead.

  4. Being There

    Yes, Elaine

    Merry Christmas and survival New Year is what I wish for all struggling Americans.

    Our monetary system has gone off the rails some time ago and the idea of austerity for most while under the guise of Pax Americana we have made military hardware and war out greatest export. There’s always money to keep that gravy train for the privatized contractors that’s what it’s all about!
    AND indeed always blame the victim. That’s as old as the hills and keeps the eyes of the populace on all the wrong things.
    The inverted commies say we are a marketing and service industry nation who they no longer want to manufacture things of value anymore. Why we are innovators, you know.

    When people suffer the neolibs want to dig in their heels deeper and cannot be deterred.

    We know the ills of the Fed, so I won’t go into that, now.

    In the end this will be nothing more than another failed society with a kleptocracy running the rest of us into the ground.
    Expect more privatization of services that our taxes once paid for. Expect foreign nationals to buy up our infrastructure while we pay them to use our own roads. Expect rents and home prices to be out of reach for most Americans and expect to see old diseases connected to improper nutrition.

    Yes welcome to the world of Dickens. Maybe someone with talent will write novels that expose the ills of the elite…who knows.

  5. CK

    All America received a Christmas present this year. The congress was the least offensive and created the fewest impediments to life liberty and the pursuit of freedom of any congress within memory.

  6. emsnews

    What? CK, did your brain get sold this Xmas?

    SNOWDEN!!!! And who created the NSA monster and continues it? BOTH POLITICAL PARTIES. And they have endless funds for Israel and wars. BOTH PARTIES.

    And both are bankrupting us. The GOP yapping about overspending is simply pure unadulterated garbage since they double the debt when in power.

  7. Being There

    Elaine
    They (Repub) embrace corporate communism and revile anything that helps we the people. The Dems are only slightly better on that score, but all are ardent globalists. The Dems were taken over by “the corporatist “Third Way”.

    ΩΩ

    ELAINE: Correct plus the GOP wants to eliminate my civil rights and prevent anyone from having this and want only white male privileges.

  8. Luc

    Pelosi said ‘food stamps help the economy’! With USA gov soon to be 20 Trillion in debt…..I can only say ‘good luck Uncle Sam’.

  9. Coldtype

    Pelosi said ‘food stamps help the economy’! With USA gov soon to be 20 Trillion in debt…..I can only say ‘good luck Uncle Sam’. -Luc

    By “debt” what are you actually referring to here? I get the distinct impression that you share the common (though false) belief that a monetarily sovereign government that is the currency issuer such as the United States has the same fiscal constraint as a household, municipality, or state that are in fact currency users who must first generate an income or borrow before they can spend.

    The “debt” of the federal government is, in actuality, the functional equivalent of a savings account at the Federal Reserve in which investors are offered the option of exchanging one US government asset (US Dollars) for another (US Treasury Securities) that pays interest (in US Dollars). The US, like every monetarily sovereign government, needn’t borrow from others the currency of account that it creates at will before it spends to meet its obligations. There is no solvency issue with the US government. The only real constraint are the availability of REAL RESOURCES. How those resources are allocated is a political issue not a fiscal one.

  10. Luc

    ColdType…if you say so.
    ‘The only real constraint are the availability of REAL RESOURCES.’

    LIKE WHAT?

    Previously the paper money was renewable for precious metal. ‘payable to the bearer on demand’ etc. So what is a zinc penny? Or a 100$ greenback? What is the Federal reserve? Why does it exist?

  11. emsnews

    The US has a HUGE problem, gigantic, literally: our immense trade deficit which dwarfs all others, by far. Accumulatively, it is rapidly going to a trillion dollars while France and the UK both have only 70-80 billion in sovereign wealth losses. The top six nations with losses together equals the US which is terrible news for us.

    THIS is where the red ink really counts and note how virtually no one is talking about this much less, doing sane things to stop this. Instead, we have a secret trade pact that helps US corporate heads but does absolutely nothing to fix our trade deficit.

  12. CK

    My dear EMS:
    I said that our present was from the current congress. It did almost 0. Had it done zero we would have had a better present.
    Actually the current congress might have delayed another experiment in civility aimed at the Syrians.
    The administration was not so giving this year and looks to be finding even more wastelands in Africa to kill American volunteer “heroes” this coming new years.
    Snowden did a good thing … what district is he a representative of?
    Oh HE ISN’T.
    I have no disagreement that both wings of our congressional bird of prey are in the thrall of Israel and The Kingdom of Saudi Arabia. As a putative democracy the voters could remove those purchased by foreign interests if they wished. Of course if the voters did that, the voted out would be employed by the Israeli and Saudi governments immediately because the voted out have “access”.
    The game is working as designed. Enjoy the deaths and poverty.

  13. Coldtype

    @ Luc

    The real resources that I reference are the obvious ones: food, shelter, water, medicine, and the most essential—human labor power.

    As far as the unlamented distant past of gold-backed currency is concerned, good riddance. A currency backed by a finite resource can never allow for the necessary policy space to provide for public purpose. This helps to explain why in times of war gold standards are invariably abandoned.

    @ Elaine

    We have no disagreement with regards to the trade deficit. Yes, it is enormously destructive and has decimated the American working class i.e, the mass of Americans. I’m focusing more narrowly here on the common tendency of many who comment of macro-economic issues to conflate how a sovereign government spends as a currency issuer and a household spends as a currency user. The distinction is important for the two do not operate under the same constraint.

  14. Coldtype

    Those who comment on macro-economic issues… Christ!

  15. Luc

    ‘A currency backed by a finite resource’…All resources are FINITE!

  16. emsnews

    EXACTLY, Luc! This is why paper money=infinity. I have explained patiently that all attempts at stopping infinity fail due to the fact that people want infinity thinking it is Life and not Death.

    It is, in a nutshell, Death all the time. Whether life forms or numbers.

  17. Coldtype

    Resources are finite but currency need not be. The monetary unit of account is just a construct like the measurable inch. What is the finite number of inches in existence? A house comprises only so many square inches. Once that house has been built there is no further need to use more measurable inches in its construction. Note that the unit of measurement, inches, is not the important resource here but human labor power and material most certainly are. Money serves the same role in the orderly function of a modern economy that inches serve in the construction of a house. The inches put the available resources to productive use.

    As long as adequate measures are enacted to remove currency from the system when demand threatens to outstrip supply then no problem arises (this is the actual function of taxation at the national level). Solvency is never a problem for a nation that is sovereign in its own currency. The only issue is the availability of resources and how we choose to allocate them.

  18. ziff house

    AH, i think the level of the US stock markets has little to do with the US economy any more. its money looking for a return and/or fed support. And these are multinationals.

  19. Christian W

    What about the $Trillions of US dollars sitting in the coffers of foreign countries?

    IN-solvency occurs when those nations simply refuse to reckon US infinite dollar inches the same way nutty Americans do. Of course Americans are free to do what they want within their infinite inch nation, but they may have to find an alternative way to trade with people overseas.

  20. Luc

    Ziff, with the ‘computer fast trades’ and the unbelievable corruption in US gov, you are right. 100 ? million US citizens or residents unemployed, 1 in 6 or 7 on foodstamps….DOW etc reach new all time highs.
    When Bush left office, 7? million on EBT. 5 years of Barry, 50? million on EBT.
    The main street to wall street disconnect.

  21. Luc

    Coldtype, we live in a closed system [the earth and its biosphere]. I dont claim to know REAL economics, but those getting Nobel Prizes for Econ do not deserve them. And Krugman and Greenspan get ‘paid to lie’.

  22. Coldtype

    What about the $Trillions of US dollars sitting in the coffers of foreign countries?-CW

    Those dollars have, for the most part, been exchanged for US Treasury Securities and now rest in their respective accounts in the Federal Reserve earning interest (in US dollars). Remember, those dollars are the wages and savings of Americans that is spent on foreign goods. When these dollars reach the foreign central banks, as they ultimately must since they cannot be freely spent in these economies, there is very little else to do with them other than exchange them at the Fed for US Securities with interest. Foreigners will continue to sell Americans their output (real goods and services) for as long as Americans are willing and able to purchase them. If they, for whatever reason, choose not to sell America this output then they are faced with the dilemma of finding a suitable replacement for these customers whom they have so cavalierly turned away.

  23. emsnews

    WRONG!!!!

    Over three trillion lies in explosive FOREX accounts! Not purchased US debt. This money can be dumped into open FX markets with a press of the computer key!!!!

  24. Christian W

    Then we have the fact that more US dollars are circling around the world than in the US itself. When those dollars come home to roost the US will have to pay up (which of course it cannot possibly do in any meaningful way ie at that point nobody will care about any meaningless US securities). This means simply that the USD is a dead currency walking.

    There is a reason the CIA, the Pentagon and the NSA and all the other American agencies work very hard not to allow anything to change the dominance of the USD (see all the saber rattling against China). Once the tide turns against the USD the fall will be very rapid. There simply are too many US dollar inches created.

  25. emsnews

    Correct.

    The dollars flying home like a zillion locusts will cause super hyper inflation. And no, bitcoins won’t fix it, either.

  26. Coldtype

    WRONG!!!!
    Over three trillion lies in explosive FOREX accounts! Not purchased US debt. This money can be dumped into open FX markets with a press of the computer key!!!!
    -EMS

    Pray tell Elaine, what do they hope purchase with those trillions?

  27. Christian W

    What happens the day they stop using those “worthless” trillions and switch to something that carries meaning? This day is fast approaching and the US is doing all it can to stop it, but of course it cannot.

  28. CK

    An acre of Iowa farmland $8500 -$12,000. Trillion buy a lot of ground, buys a lot of real moveable assets too like a decent used Bridgeport for $2500 and a decent used back geared screw threading lathe for $1500.
    You can buy a lot with worthless paper, the trick is to be the next to the last sucker in the conga line.

  29. Christian W

    I still don’t see how the US is going to back up all those dollars it has created (frack the hell out of the country?). If it is unable to that simply means a default on the dollar doesn’t it. If the US fails to support the dollar then how is it going to import anything at all? The system works atm because it works (lack of alternatives and the crash would be too painful). But eventually China will enforce a change in the system, as it grows to be the largest economy in the world; that gear shift will radically change the economic map of the world.

    ΩΩΩ

    ELAINE: Correct. And the billionaire bankers know this. They play stupid because they are greedy and…also stupid. They think this will go forever.

  30. Luc

    Christian, we think along the same lines. Do others? All this paper money has been printed [4 trillion?] and is sitting at private banks until H day.
    [hyperinflation day].

  31. I’ve seen Coldtype’s comparison of money to inches before. There seems to be a whole school out there who think that way. Just print as much of it as you need; what’s the problem?

    Inches do not fluctuate in value, actually. If you sell a house with an area of 20,000 cubic inches, that will mean the same thing next month as it means this month. If anything, inches are on a sort of gold standard: they’re defined in relation to the speed of light in a vacuum.

  32. Coldtype on trade: “If [foreigners], for whatever reason, choose not to sell America this output then they are faced with the dilemma of finding a suitable replacement for these customers whom they have so cavalierly turned away.”

    This is a common fantasy too. The world _needs_ Americans to buy its goods. Who else has the necessary skills to consume all the stuff that gets produced? You think just anybody can go shopping?

    Yes, actually. Anybody with money can do the difficult job of shopping.

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