Rich Bankers Want More Trade Deficits And More Tax Cuts For Themselves

Committee for a Responsible Federal Budget  is an organization run by rich bankers and Republican leaders to cut taxes on the rich to even lower levels than the already very low levels of today.  They want to con people into thinking cutting spending while reducing the rich tax burden will lead to Nirvana of solvency.  I constantly point out here that the real danger is the trade deficit which is immense and which enriches the rich who offshore everything in sight.  Naturally, no one at all is discussing this pesky issue.  

 

The wolves are out in full howl with news stories like this:  CEOs warn Obama, Congress to avoid ‘fiscal cliff’ – The Washington Post

 

Goldman Sachs chief executive Lloyd Blankfein, JPMorgan Chase chief Jamie Dimon, Bank of America chief Brian Moynihan and 13 other top executives signed on to a letter demanding prompt action…

 

The letter, organized by the trade group the Financial Services Forum, comes as the White House and congressional Republicans appear prepared to play a game of chicken over the “fiscal cliff.” Obama officials say the president is prepared to veto any proposal to stop the “fiscal cliff” that does not increase tax rates on the wealthy, a red line that Republicans do not want to cross….

 

Executives are also contributing millions of dollars to a campaign being waged by the Committee for a Responsible Federal Budget, a group working to promote the Simpson-Bowles deficit reduction plan.

 

The rich sent Obama letters explaining how they will destroy him if he suggests they pay above 13% in taxes like Romney, who is one of their own.  The entire GOP has been turned into a machine to further the aims of the military/industrial complex and Derivative Beast fund managers while the Democrats struggle to try to please these same entities all of whom along with gambling bosses and industrialists who moved most of our jobs offshore, hold both parties hostage but at least the Democrats make a faint stab at supporting labor.  Very faint stab.  The GOP is openly hostile.

 

Pitching ads at concerned Americans luring them into making very foolish choices is what this election is all about.  The Supreme Court opened the floodgates for rich people to run nearly entirely, this election process on behalf of themselves and their interests are obvious: more importation of high-end college educated labor, more offshoring of US manufacturing and growing the derivatives contract markets to infinity while parking the money in offshore banking.

 

Here is an interview this last week of the gang running the Committee for a Responsible Government:  Blankfein, Simpson, and Bowles Call for Action on Nation’s Deficit: Complete CNBC Video and Transcript – U.S. Election 2012 – CNBC

 

LIESMAN: Lloyd Blankfein, (Goldman Sachs) when you look at the— at— at the horizon, what’s coming, view of the economy, how serious is the fiscal cliff and how seriously do you hear Washington taking the issue?

 

LLOYD BLANKFEIN: Well, I think it’s very serious. I think— I think the candidates know how serious it is. I think they’re trying to avoid it. It may be, in part, because it is so consequential and serious. And maybe that the ideas— that ideas that would have to be put forward will be unattractive to some people. Obviously, we’re in a position where new discipline’s going to have to be imposed. People are going to be disappointed in the consequence. And so I think they’re going to— avoid it. It takes a lot of courage— to take on these issues. And I think— it’s up to the media to really enforce this onto the candidates, at this point.— and frankly, you could also say for the people who are the most aware of the consequences, namely people like ourselves, who are advisors to company who have to live in the economy, we sure know what the consequence will be. And it will be awful.

 

The ‘some people’ who will find deficit reduction set up by bankers and rich import corporations is obvious: the 47% will hate it because it is set up to starve them all out and the Federal workers will hate it because it will increase offshoring our military budget to ‘save money’ and killing Federal unions and squeezing Federal workers while increasing ‘privatization’ which saves no money at all but makes Blankfein and his fellow looters much richer.

 

And of course, the real fiscal cliff, the trade deficit, isn’t mentioned.  It is not seen as a danger because 45 years of nonstop worsening deficits in that area are the new normal.  No one even bothers, at the top, to even fake concern about this very dire situation which has made the US workers poorer and poorer while inflation in food, fuel and medical care shoots upwards relentlessly.

 

The bankers in the EU and US, many of whom are Zionists, are delighted they cut Iran out of world banking systems but India, Iran working on new mechanisms for transfer of payments – Tehran Times.  The price of oil is very high thanks to this stupid boycott of Iran and naturally, when talking about the serious economic pain this is causing the US working class, no one mentions the cause of sudden oil hikes.  China criticizes new EU sanctions against Iran as the economic warfare heats up.  The elites are now scared of China and what scares them the most?

 

China is the world’s #1 sovereign wealth nation thanks to trade profits!  And is kicking out Japan rapidly from China:  Toyota to halt production at China plant.  The market for Japanese corporate goods manufactured in China is collapsing rapidly.  Foreign holdings of U.S. debt hit record $5.43 trillion while the rich yell that no one wants to buy our national debt.  But China less of a U.S. creditor as it becomes more of an election issue.

 

Corporate raiders are global.  As are tax cheaters.  In Britain, facing similar cuts in services, education, etc. is seeing a big, nasty scandal over this tax news:  Good bean counters? Starbucks has paid no tax in UK since 2009.  Sales of three billion pounds and zero pounds in taxes.  The board of directors even claimed they lost money in public but in private, boasted about how profitable England was for them.  And this, in a nutshell, is how things work in the US and England as well as Japan.  The corporations get fatter and fatter and pay less and less in taxes.

 

And here is an amusing website run by the US Census bureau:  FTD – Products – Trade Data – U.S. Imports of Merchandise History DVD-ROM

 

And here is the Fed Reserve graph for US industrial employment since the Bush tax cuts for the rich were enacted:

 

As the economy spending boomed during the cheap lending, low rich tax years, employment in making things collapsed and has never recovered.  And this is the true loss, the true scandal and ties the unfair tax cuts for the very rich with the disaster of free trade, the dual menace to our government and society.

sunset borger

side picture begging boneEmail:

emeinel@fairpoint.net

MAILING ADDRESS:

EMS NEWS

P.O. BOX 483

BERLIN, NY 12022

Make checks out to ‘Elaine Supkis’

Click on the Pegasus icon on the right sidebar to donate via Paypal.

 

sunset borger

7 Comments

Filed under .money matters, Free Trade

7 responses to “Rich Bankers Want More Trade Deficits And More Tax Cuts For Themselves

  1. Joseppi

    It can be argued that it is criminally induced fiction that there is a “fiscal cliff”. There is no fiscal limit under the present system that acknowledges the US dollar as the international reserve currency. The US dollar is depended on around the world for international commerce, and it’s supremacy is backed with military might.

    Since the US Central Bank can (and has been) fictitiously printing credit, which buys government debt bonds that then becomes money in the economy – this reality supports the case that there is absolutely no need for social austerity.

    The argument isn’t about austerity or a lot more government/FED stimulus – the real battle – is merely who receives the manufactured credit/money. For years, the trend in the system is for a very few to benefit from the manufactured fiat wealth, which has successfully commercialized democracy and controlled the narrative in the media.

    The future struggle is to educate how the system works and to capture the narrative to create systematic change. If this isn’t done, the myth of the fiscal cliff will continue to squeeze the middle class to death.

  2. Christian W

    “The argument isn’t about austerity or a lot more government/FED stimulus – the real battle – is merely who receives the manufactured credit/money.”

    Indeed, See Cheney’s famous qoute: “the deficits don’t matter”. Why do they not matter, and for whom do they not matter? The US is so wealthy it can piss away a Trillion dollar + on a weapons program for a new fighter it’s bloated military doesn’t need. The rich are getting richer and richer from all the money printing yet the poverty line is rising and rising and gobbling up more and more Americans. Clearly, for the majority of Americans, the deficits do matter, The American people cannot receive this printed money, because that is inflation, according to the way the printers reckon it, and this would reveal the magic trick. The game now is to keep the printed money from ever reaching the hands of those most in need of it.

    For years, the trend in the system is for a very few to benefit from the manufactured fiat wealth, which has successfully commercialized democracy and controlled the narrative in the media.

    The future struggle is to educate how the system works and to capture the narrative to create systematic change. If this isn’t done, the myth of the fiscal cliff will continue to squeeze the middle class to death.

    What struck me when I saw the ad Elaine showed on top of her article was that this is pre-emptive strike by the rich to ‘capture the narrative’ and program the herd mind. They KNOW that the the debt has to be dealt with but they also know, from experience, that they can program the voters into doing the exact opposite of their personal best interests.

    The question is how do you make people wake up to the very ‘narrative’ people base their whole identity upon? It is patently obvious people will go to any lengths to preserve their belief systems, even way beyond the completely absurd, rather than face themselves and their programming. That is why they gobble up the nonsense fed to them by the rich. The rich spend hundreds of billions of dollars a year on their propaganda, and it works marvelously.

    But the fiscal cliff is very real, reality will trump this fiction, it always does. The only thing remarkable about the current fiction is the size of the bubble and the extent of the delusion. That only means the implosion will be all the bigger.

  3. DeVaul

    Another example of the total collapse of law enforcement in our country:

    http://rt.com/usa/news/us-drops-biggest-human-trafficking-case-771/

    It is really sad that slave labor is now protected by government attorneys who pretend to be interested, only to drop the matter at the last moment for reasons that surprise even the perpetrators — who have already pled guilty.

    For those who have not been to law school, once a person pleads guilty, it is no longer necessary to “prove guilt beyond a reasonable doubt”. The plea is proof positive of guilt. End of story.

    I wonder how many gun-toting militiamen were employed by these scumbags to guard the slaves? Or were they all “soldiers of fortune”?

  4. larry, dfh

    As I’ve mentioned before, there is a legislative solution to Citizens United: Article III of the Constitution gives Congress the right, by majority vote, to determine that the Supreme Court does not have authority to rule on a particular law. But that would require that Congress act in the public’s interest, and against their own short term interest. Not very likely. The Supreme Court, as ugly as it currently is, is not the cause of the ridiculous flow of money into political campaigns (and into candidates’ pockets). Congress is at fault, for being all too happy to lay the blame at the feet of the Court, when in reality it is their own feet which should be held to the fire.

  5. Joseppi: “It can be argued that it is criminally induced fiction that there is a “fiscal cliff”. There is no fiscal limit under the present system that acknowledges the US dollar as the international reserve currency.”

    People do argue that, but I think it’s hubris. The dollar became international reserve currency through a historical process. That can be undone by historical processes. The US military can punish individual countries for refusing to prop up the dollar’s value, but there’s no way to stop a widespread loss of confidence. Once it falls, all the king’s horses and all the king’s men won’t be any use.

    What strikes me as corrupt about these bankers is that they aren’t making serious suggestions for fixing the US economy. Just the same old trickle-down nonsense, as far as I’ve seen.

  6. 911

    What devaul, do you oppose Immigration and ‘European Borders’?

  7. DeVaul

    @911

    First off, I think you should change your “handle”, as it is kind of offensive and distracts from whatever it is you have to say.

    Other “handles” that are equally offensive would be: 9/11/01, WTC 7, Hitler, Pentagon, Mussolini, Al-Queada, Bin Laden, Seal Team 6, Surge, and Slaver. Please do us a favor and change your code name.

    Secondly, I don’t even understand your question. Are you in favor of tricking people into becoming slaves in foreign countries? Or are you being sarcastic or making some other point that is not clear to me?

    I really don’t understand your question.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s