A reader sent me this link: MPs call for Cayman closure | CNS Business. About time! Someone has to stop these pirate operations. For years, I called for the US navy to invade these places since they are draining the Treasury and thus, endangering our nation, depriving it of needed tax revenues to fund the military. Instead of invading places so oil can be sold by international offshore corporations, we should have our military pay for itself by going after those who are evading just taxation.
Led by the Labour member for Leyton and Wanstead and former Treasury Select Committee member, John Cryer, the motion calls on the UK government to introduce urgent legislation to help close tax havens and increase transparency “so that the very richest pay their fair share of tax”. In the wake of revelations about US presidential hopeful Mitt Romney’s finances, Cryer and his Commons colleagues say they are alarmed by his use of the Cayman Islands, a UK territory, to avoid paying tax.
The Cayman Islands are actually not a UK territory but a Queen Elizabeth II territory. It is protected by the UK but doesn’t have to obey UK regulations…so far. The City of London operates the same way, it is exo-territorial inside the biggest city of England. The Queen also owns the entire shoreline of England and all its resources including wind energy!
The loss of their offshore operations will freak out the many million and billionaires in the US and England who use these to evade taxes. Romney never expected his own financial shenanigans to become a prime issue in the GOP primary. Making people aware of how the rich cheat our government while taxing us all heavily and piling more debt on us, is a good thing! About time!
In NYC, the money machine is again faltering. Undercapitalized and depending on ZIRP loans from the Federal Reserve, the biggest owners of the Derivatives Beast are cutting bonuses and jobs: Financial-Sector Job Cuts Announced: 200,000 – Bloomberg. The entire mechanism for fiances has been totally warped out of shape by international free trade games played by the very rich.
Free trade has caused the value of labor in the US to plummet. Workers who once earned $25 an hour are now earning $12-17 an hour, an immense drop in income. Households kept up, for a while, with inflation, via putting all family members to work. Gingrich wants to finish this by putting children to work, too. A la Victorian days.
Just as Romney sneered about enjoying firing people, so does his buddy, the Morgan Stanley CEO Snapped At Disgruntled Employees: ‘If You’re Really Unhappy, Just Leave’. Yup, the very rich just want us to all go away. Now. Don’t bother them. The Global Warming people wanted huge taxes on CO2-producing energy to fix things really good and to return us to the days of ice and snow. But with Oil Price Projection: $200 they don’t need to tax us, we will all be unable to afford energy and this will bring back polar bears and putting grandpa on an ice floe to get rid of him.
This $200 a barrel oil prediction is predicated on the idea we will cut out all Iranian oil from world markets and then voila: peace as the Iranians would then stupidly disarm and we can then quickly invade and steal the oil. Of course, this game has not brought down world oil prices in the past!
In our good buddy overseas, England, we see rising fear and despair so Sir Mervyn King comes to the rescue: no reason to despair over economy – Telegraph
“There is no reason to despair,” he said. “All crises come to an end, and businesses will find ways to trade with each other and meet the needs of consumers.
“Helped by the right policy actions, the UK and world economies can and will recover. And when they do so, they will be on a more sustainable footing than at any point in the past 15 years.” …After the three main party leaders gave speeches on the future of capitalism, Sir Mervyn urged politicians to “maintain support” for a market economy and an “open world trading system”.
“They provided the basis for the great prosperity experienced since the Second World War,” he said.
Our good buddies in Japan have had a 20+ year depression. The Long Depression 100 years ago lasted for over 20 years, too. The open world trading system caused this global collapse but we are supposed to do it again, even more, and longer. So, Japan which had a huge trade surplus for 20 years…had a long depression at home that continues today and Japan is now running a trade deficit! OOPS. Didn’t work! Mervyn the Merlin thinks that waving his magic wand we will find prosperity via global free trade and offshore profit havens.
This is obviously not working. It can’t work. Globalization killed waged in England and the US and incidentally, Japan. Its success rate is miserable. It has made the top 1% extremely, amazingly rich. But the trickle down is minute. Or negative, for workers in first world nations.
As the price of oil shoots to $200 a barrel thanks to the EU stupidly strangling Iran to please the owners of our government in Israel and Saudi Arabia, things are cooking that will really make our lives miserable: The demise of the dollar
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
This is all hearsay. But calls for dumping the dollar have been rising more and more. It is inevitable. Especially since the Fed announced they would buy up more junk from the top bankers to fix the wrecked banking system and keep free trade treading water in a sea of red ink, for a while longer.
And here is a poorly-researched article supposedly rebutting those of us who point out that Japan is dying, not thriving. I used to directly argue with Krugman about Japan in the past and am amazed he finally embraces my own analysis about a decade late but better than never: A Reply to Paul Krugman | Sandcastle Empire
For me by far the most problematic statement in Krugman’s commentary is this: “Current account surpluses aren’t necessarily a sign of success.” An ivory tower economist can, I suppose, imagine circumstances in which rising surpluses might be considered a sign of weakness and deficits a sign of strength — but such circumstances are temporary blips and don’t apply to a Japanese trade policy that, except for a break in the early 1940s, has been consistently pursued for 140 years now. Krugman seems to forget that the soubriquet “Juggernaut Japan” was coined in the 1980s precisely because Japan was so successful in boosting its trade surpluses. (Reality note: Unlike some other commentators, Krugman to his credit does not cite last year’s decline in Japan’s surplus as evidence of a fundamental change. There are several things going on in the decline, of which the earthquake, the tsunami, the nuclear meltdown, the power shutdowns, and the Thai floods are only the most obvious. A key reason why Japan’s merchandise trade is lower than formerly is because of massive transfer pricing — a point that The Economist missed in a recent analysis.)
…In incurring deficits, the United States has been going ever deeper into debt to other nations. In earning surpluses, Japan by contrast has been acquiring ever larger assets abroad, not least in the United States. This is ultimately a matter of national security: debtor nations increasingly must defer to creditor nations.
Yes, the US is a debtor nation from hell. Japan has a huge trade surplus squirreled away in bank vaults to keep the US dollar more valuable than the yen. Japan still produces stuff BUT THIS IS ENDING. Japan still manufactures stuff BUT THIS IS ENDING. The exodus of jobs, manufacturing and society from Japan is now a huge flood and it is getting rapidly worse and worse.
And this editorial ignores recent statistical information such as the dire fact that Japan is now a net-importer, and now has red trade ink pouring into the Japanese sea of government debt and depressed asset markets inside Japan and on top of that, this red ink is radioactive, too! And the government has gone insane: City Assemblyman in Tokyo to School Children: Don’t Be an Egoist, Eat Your School Lunch to Share the Pain of Tohoku | EX-SKF . ‘Shuddup, and eat your radioactive spinach!’ snarls the politician. Yikes. Insane.
And then there is this: Risk of big quake in Tokyo area within 4 years may be 70%: institute – The Mainichi Daily News. Yes, this will happen sooner than later and may happen at the same rough time frame the San Andreas between San Francisco and LA jumps 33 feet northwards in one second! This would leave both the US and Japan in a state of financial collapse because neither can afford to rebuild except via immense amounts of government debt.
And last of all, Philippines may allow greater U.S. military presence in reaction to China’s rise…yes, the military wants more bases. And Hillary thinks this is a great idea. More military obligations of protection equals power in her deranged mind. We hope to ring China and Russia with hostile military bases and then intimidate both empires and teach them all a big, fat lesson while Japan, the US, the UK and EU all run up incredible amounts of debt and destroy the lives of workers at home.
Sounds like Russia during the 1909-1917 era! What a great example that sets.
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Weimar hyperinflation was caused by Zionist bankers shorting the Deutschmark.
Right now, our Zionist bankers are supporting the dollar and suppressing hard assets like gold and silver.
But, these banksters could switch to shorting the dollar and buying hard assets in a New York minute.
John Williams said hyperinflation is a given and could happen suddenly.
Just saying,
No, it was caused by Germany trying to print its way out of war debts.
WARS CAUSE CURRENCY DEVALUATION AND INFLATION. See? Big time. Throughout history, to pay for wars, governments debased their coinage or printed too much paper money.
I wrote about this more than once. The very first paper money stuff was in Sung China 1,000 years ago. It took around 50 years to lose much of its value which matches the US dollar which has lost 90% of its pre-WWI value.
And yes, hyperinflation happens suddenly. It is, after all, a classic ‘hockey stick curve’ entity! That is, it starts gradually and if doubling every decade or less, suddenly takes off like a rocket.
“But calls for dumping the dollar have been rising more and more. It is inevitable.”
Yes the auguries for the USD look bleak. When the many currents of present trends come together–war with Iran, demise of the dollar, rise in energy prices–chaos will erupt across America. And that will signal the end of an era of freedom never before seen in history and will never be seen again. 1984 here we come.
‘Our good buddies in Japan have had a 20+ year depression’
26 years I think.
I saw a book once by [Scott Cox?] that showed a chart of the NEKKI..[?]
Index…..It as of year 2000 was the same as 1950.
Wiemar Hyperinflation caused by Zionist bankers shorting Deutschmark confirmed.
“Schacht Lets the Cat Out of the Bag
Light is thrown on this mystery by the later writings of Hjalmar Schacht, the currency commissioner for the Weimar Republic. The facts are explored at length in The Lost Science of Money by Stephen Zarlenga, who writes that in Schacht’s 1967 book The Magic of Money, he “let the cat out of the bag, writing in German, with some truly remarkable admissions that shatter the ‘accepted wisdom’ the financial community has promulgated on the German hyperinflation.” What actually drove the wartime inflation into hyperinflation, said Schacht, was speculation by foreign investors, who would bet on the mark’s decreasing value by selling it short.”
You really don’t get it do you, Elaine? What a waste.
Taxation is not about building economies, it is about controlling and creating subservience, first. Building economies, is just the dog and pony for the stupids who eat that drivel in the schools of economics geared to teach a flawed economic system that is actually an incubator for the Ponzi scheme of the elite. The taxation you have in your mind is basic, not the monster created by the Tiny Dot that keeps people as obedient workers.
Of course, yes, the rich owners had to created tax havens to circumvent the system they created from gobbling up their wealth. This was good going for them until the advent of the Information age — when the “obedient workers” started to learn that their whole belief system, their education, their moral code, was rigged to feed the Ponzi scheme. Thanks to unmitigated greed the whole world now can see what the real picture is.
No Elaine, you do not need your military to run after tax evaders, you need to downsize your military and put the savings where it will create wealth for the American people, instead of inflict piracy on the rest of the world so that a few pirates can stash their loot in the Caymans.
I cannot comprehend how you still continue to think in their terms, according to their system. With all due respect, ignorance in this day is a choice. There is no excuse.
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ELAINE: Unlike you, I look at history. At no time has ANY society that we call ‘civilization’ existed without taxes. The only question is, who is taxed and why one is taxed! Pretending taxes are ‘evil’ is beyond childish, it is frankly silly.
The GOP has gone childish for quite a while. Wall Street loves this for they want us to be childish and not tax them! But we must tax them! Just like we must have social services. True, red in tooth and claw societies are fun for people ruling them with evil intent. But they are hideous for the people who are subjected to these ruler’s choices! Who wants to die!
Workers do NOT thrive under chaos or individual effort rule. They thrive in democracies that protect worker’s rights and curb bankers and tax the rich. No ifs, ands or buts about this.
@Clueless
I do not get this kind of thinking. Yes obviously there is the 1 % that are exploiting people as much as they can. But the “tiny dot” is something else altogether. That it has been usurped is not the fault of the tiny dot. Any nation needs a functioning government based on a sound constitution. Taxation is not an evil in itself.
There seems to be a very prevalent fiction in the US that the government is infringing on people’s freedoms. Ron Paul and the Libertarians seems to harbour some kind of romantic notion of a noble band of brothers, individuals and neighbours seeing to a common goal, that will see off any infringing foreign element with their trusty flintlocks and pioneering spirit.
It is not government that is the problem, it is the people running the US government atm.
Plove, it doesn’t have to be either/or. Economic problems are rarely just one thing. When historians write about why the US dollar collapsed, next week sometime, should they blame it on foreign wars, or tax cuts for the rich, or bailouts of the financial systems, or government corruption generally, or the trade deficit…
Hjalmar Schacht was an interesting man. I’d like to read his books, in English translation.
Schacht was a Zionist banker who betrayed Germany.
Schacht almost came to grief under Hitler and again at Nuremberg.
He reminds me of Angela Merkel.
“David Irving, The War Path: Hitler’s Germany 1933-1939, Macmillan, London, 1978, 172. Footnote: “Montagu Norman, governor of the Bank of England, told the U.S. ambassador in London that Schacht was his constant informer over 16 years about Germany’s precarious financial position (U.S. Ambassador Joseph Kennedy reported this to Washington on February 27, 1939.) In 1945, Norman tried to intercede for Schacht at Nuremberg through a fellow Freemason on the British prosecuting team, Harry Phillimore (Schacht was also a Freemason). The U.S. team flatly rejected Phillimore’s advances, but the British judge, Birkett, successfully voted for an acquittal.”
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ELAINE: I know you love this creep, Irving. He is a liar and writes a warped history. Many people write warped histories which is why I hammer on this issue. He is one of these people who selectively chooses information so that it becomes a lie, overall.
About shorting currency: If fundamentals of currency are strong, it’s value won’t be affected by shorting, at least not much. But if government is printing money like crazy, shorting will only reveal effects of that on the value of currency faster.
Think about how shorting works: You lend x amount of stocks, currency, whatever, with a promise to pay later. Then you sell it. If value goes down, you win and can buy it back cheaper and return your loan. But, VALUE HAS TO GO DOWN FIRST for your shorting to work. There is no way in shorting itself to force the value down indefinitely. Unless you want to lose money while doing it (ie. selling lower than market price constantly), and in case of crashing currency, that would take ****loads of losses.
There is nothing wrong with taxation itself. The problem comes from any part of society being able to escape taxation. This has to stop.
If we want to have any sort of government, we need to fund it. How do we do it, that is up to debate, though.
@ Christian W: Potato, potahtoh! Don’t get lost in translation brother. First of all, the Tiny Dot has not been usurped, they have been corrupted. Secondly, you don’t need them anymore because 1. They are too expensive, 2. They do not serve you, they serve the 1%, 3. The internet blackout proved that people CAN vote and make themselves heard without the big government. As I said before, tweak that and you WiLL have a real Democracy.
Problem is you have population that doesn’t accept they have been schtupped by the “good guys” for decades. Obedient conditioned workers. Give me my TV, cheap gas, Walmart, etc., and send my children to die for God & the 1%! Pathetic.
Yes, you do need taxes to provide services to the people, not taxes to fund created wars to make profit for the 1%. Still don’t get it?
I do not agree 100% with Paul’s agenda but it is an extremely narrow bench bro. At least this guy is moving in the right direction. Which means if elected America will reach the destination — and it’s citizens will get back their Democracy.
@ Duski: Agreed. I am all of the equitable distribution of misery and happiness. I believe all men are created equal in the eyes of God, not man. Equality is a right that has to be earned. Americans earned it from the Brits, then gave it back to them through the Federal Reserve.
Funding government is a given, funding the 1% through government, that is unacceptable. The first step is to stop thinking as they want you to think. Then you can really start doing something. Baby steps.
Question: did either of you vote on Wikipedia to say NO to SOPA/PIPA? If yes, that is a step in the right direction. If no, ask yourself why? Then ask yourself what are you doing on this blog. Perspective makes all the difference. Acting on perspective creates change.
You can get ’em all on tax evation.
😀
This is what you need.
Elaine said: Workers do NOT thrive under chaos or individual effort rule. They thrive in democracies that protect worker’s rights and curb bankers and tax the rich.
—
Pray tell which Democracy in history are you talking about? Does it still exist today? Maybe in Htrae. 😉
It very much has existed. When we had union rights, this was won via voting and agitating and fighting and finally winning. It was all tossed overboard during wars that are now perpetual and bankers screwing up the currency in order to let in a flood of imports that undermined jobs.
America did not become a democracy until 1913. The amendment that changed the way the senators were elected effectively made the USA a federalized unitary democracy. Prior to 1913 the USA was still mostly a republic. Prior to constitutional convention of 1787, the USA was a free republic with 13 co-equal members. 1786 was the highpoint of freedom and liberty in the known world. It’s been downhill since then.
And then women got the vote when? Heh. When they needed political support during WWI. After 1913.
In 1913, the Federal Reserve was created by the monopoly/banking powers. This made Congress useless. So…when did we get ‘democracy’?
As I said, the democracy came in 1913. Then men gave women the federal vote ( 1920 under the Harding administration ). Nothing was happening in 1920 that would make giving women the right to vote a political necessity. It appears that Harding was a nice person as well as a great president. Some states had given women the right to vote in state elections prior the federalized vote. It was a gift. Then women gave the USA the Volstead act. Democracy in action.
Ain’t nothing special about democracy no matter what the old fascist Churchill might have spewed. All governments are arrangements for the few to steal from the many.
@JT:
Bringing in the cops to clean up the town is EXACTLY what Obama would have done if he had been a genuine president working for change as promised. That would of course mean to have brought in young, uncorrupted cops in a kind of revolution to clear out the top levels of corruption at all levels in DC.
“Bringing in the cops to clean up the town is EXACTLY what Obama would have done if he had been a genuine president working for change as promised.”
We can’t rehabilitate a system by means that are illegal under that system. All anyone can do that way is smash the old system, and try to replace it with something better. Revolutionaries don’t fix what’s there; they smash it and rebuild.