Memo from Moscow: What Happens in Ukraine, Stays in Ukraine » Joe For America
Memo from Moscow: What Happens in Ukraine, Stays in Ukraine » Joe For America.
The following memo was leaked by a California high school student who accidentally tapped into NSA communication files while hacking into bank records of her computer science teacher.
TO: Barack Obama
FROM: Vladimir Putin
SUBJECT: In Appreciation
Dear Barack-ski,
During our long phone conversation, I am forgetting to thank you for reminding me to be stand-up guy and send humanitarian aid to country when peoples cry out for help. You remind me about how America helped Libya. But, instead of bombing Ukraine back into stone age, I decide to use different technique. And I am thanking you for setting up entire situation so Uncle Vladi could step up and help the peoples of the Ukraine.
My Parliament give “OK” to deliver humanitarian aid and protection against neo-Nazis and extremists. I am not remembering if your congress gave you OK for Libya bombing, or did Hillary Clinton make that decision? No matter, other than this action make you and America look pitiful in eyes of the world . . . what difference did it make?
Uncle Vladi also re
call occupy Wall Street movement and decide to follow your example and take advantage of potential for photo ops. I am directing similar PR program in Ukraine. Freedom-loving citizens wave flags and signs and beg for Russian soldiers to protect them from enemies of freedom. This makes for excellent TV and social media propaganda.
Uncle Vladi got big worry about democracy outbreaks in other countries. I’m remembering how this cause you big time headache in Eqypt when military realize your Muslim Brotherhood pals are not so much about freedom as they are about chaos and oppression.
I might have same problem if Ukraine breaks for NATO and European-style democracy. Might spread throughout my country like Russian flu. So, I am making sure Ukrainian peoples not do breakaway. I remind them they have no real army and no real allies and could not push back against real Russian military who is really there to protect them.
I am not meaning to sound like bully, but Uncle Vladi will have to boot you on back side of your “mommy” pants if you continue to push for economic sanctions against Russia.
Maybe you need to reset your memory. Who has hand on oil spigot for Europe? Who has missiles pointed at break-away states on Russia’s fringe? And, who doesn’t have missiles because you cancel agreement to build a missile defense system in Poland? And who can reconstitute former Soviet Union borders if parliament decides is OK action to take?
One last thing Barack-ski. I’m not even little bit insulted by your teleprompter performances. In fact, is amusing when you show angry face and point finger to make position about Ukraine “perfectly clear.” Russians laugh their a**es off listeningto political double speak from Mr. Kerry Wind Bag. Especially when he accuses Russia of telling lies and violating agreements.
(Funny thing though, you do same thing when you lie to citizens with promises about shovel-ready jobs, “like healthcare, keep healthcare,” and “like doctor, keep doctor.” You also are very fond of violating United States Constitution with your pen and phone. Is great puzzlement why citizens don’t storm White House and send you on permanent vacation? But, not to worry, if that happens, Russia’s heart is welcoming to you and family. Can put you up in nice mansion next door to your countryman, Mr. Snowden.)
Barack-ski, I insist you stick to our agreement to keep nose out of Russia’s business. Period. About the G8 Economic Summit in June? You announce to world you won’t attend? Is OK. No big deal. I’m plan to go on hunting trip in June anyway.
I tell you, play your cards right if you want Uncle Vladi to help you with little distraction, like smallish war or terrorist attack in the fall, just before your November elections. You need major diversion to take citizen’s minds off your failures so they don’t vote all jackass politicians out of office.
Gotta run. It’s time for my daily swim before scheduled parade, flag-waving demonstration, and long-range missile test.
Stay in touch. Uncle Vladi
*
Read more at http://joeforamerica.com/2014/03/memo-moscow-happens-ukraine-stays-ukraine/#9eTu8JztZi2U3SH8.99
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8 Real World Events That Prove Your Money Isn't Safe In Europe (Or Anywhere)
8 Real World Events That Prove Your Money Isn’t Safe In Europe (Or Anywhere).
[The following post is by TDV editor-in-chief, Jeff Berwick.]
As I write this, the European Union has just announced a possible $15b aid package to the Ukraine (including 8 billion euros in fresh credit). Everybody has read the headlines about Europe: record unemployment, no end in sight, and so on. So you might be wondering just where the European Union, and its’ constituent nations, scrapped together the money to propose aid for the Ukraine. Well, wonder no more, because the following eight events might give you an idea of where governments go to get a little extra cash.
1. In March, 2009, Ireland seized €4bn from its Pension Reserve fund in order to rescue its banks. In November 2010, the remaining savings of €2.5bn was seized to support the bailout of the rest of the country.
2. In December, 2010, Hungary told its citizens that they could either remit their private pension money to the state or lose their state pension funds (but still have to pay for it nonetheless)
3. In November, 2010, the French parliament decided to earmark €33bn from the national reserve pension fund FRR to reduce the short-term pension scheme deficit.
4. In early January 2011, $60 million in private retirement funds were transferred to the state’s pension scheme in Bulgaria. They wanted to transfer $300 million, but were denied on their first attempt
5. In the Spring of 2013 Cyprus took it a step further and outright confiscated up to 50% of the funds from bank account holders in that country.
6. In the Fall of 2013 the Polish government announced it would transfer to the state (aka. confiscate) the bulk of assets owned by the country’s private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation.
7. In February 2014, Italian banks were ordered by the Italian government to withhold a 20% tax on all inbound wire transfers. Il Sole reported, “the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation “income.'”
8. The savings of all 500 million Europeans can be stolen by the European Union. Why? Because the financial crisis is not over, according to an EU document. The Commission is looking to ask the bloc’s insurance watchdog in the second half of 2014 for advice on how to draft a law “to mobilize more personal pension savings for long-term financing,” the document said.
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So you see, european governments and institutions have already begun seizing private pension funds, slapping 20% taxes on all incoming wire transfers, confiscating up to 50% from private bank accounts and even stating all the savings of Europe are fair game. As we’ve said before, this phenomenom of wealth confiscation won’t stay confined to Europe. The US has also taken measures to ensure ease of access to the funds of everyday Americans.
We’ve said for many years now that the US government and almost all Western governments are bankrupt. This means they will try to confiscate as much wealth as possible from people who don’t carefully save before the collapse. Mark our words: US 401ks and IRAs will be nationalized in the next four years as well—maybe as soon as the next one or two years. If you’ve stayed in tune with the Dollar Vigilante blog, you probably already understood this. If you haven’t already, be sure to check into our subscription services to gain access to the intelligence you need to stay ahead of the pack.
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media including CNBC, CNN and Fox Business.
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8 Real World Events That Prove Your Money Isn’t Safe In Europe (Or Anywhere)
8 Real World Events That Prove Your Money Isn’t Safe In Europe (Or Anywhere).
[The following post is by TDV editor-in-chief, Jeff Berwick.]
As I write this, the European Union has just announced a possible $15b aid package to the Ukraine (including 8 billion euros in fresh credit). Everybody has read the headlines about Europe: record unemployment, no end in sight, and so on. So you might be wondering just where the European Union, and its’ constituent nations, scrapped together the money to propose aid for the Ukraine. Well, wonder no more, because the following eight events might give you an idea of where governments go to get a little extra cash.
1. In March, 2009, Ireland seized €4bn from its Pension Reserve fund in order to rescue its banks. In November 2010, the remaining savings of €2.5bn was seized to support the bailout of the rest of the country.
2. In December, 2010, Hungary told its citizens that they could either remit their private pension money to the state or lose their state pension funds (but still have to pay for it nonetheless)
3. In November, 2010, the French parliament decided to earmark €33bn from the national reserve pension fund FRR to reduce the short-term pension scheme deficit.
4. In early January 2011, $60 million in private retirement funds were transferred to the state’s pension scheme in Bulgaria. They wanted to transfer $300 million, but were denied on their first attempt
5. In the Spring of 2013 Cyprus took it a step further and outright confiscated up to 50% of the funds from bank account holders in that country.
6. In the Fall of 2013 the Polish government announced it would transfer to the state (aka. confiscate) the bulk of assets owned by the country’s private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation.
7. In February 2014, Italian banks were ordered by the Italian government to withhold a 20% tax on all inbound wire transfers. Il Sole reported, “the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation “income.'”
8. The savings of all 500 million Europeans can be stolen by the European Union. Why? Because the financial crisis is not over, according to an EU document. The Commission is looking to ask the bloc’s insurance watchdog in the second half of 2014 for advice on how to draft a law “to mobilize more personal pension savings for long-term financing,” the document said.
So you see, european governments and institutions have already begun seizing private pension funds, slapping 20% taxes on all incoming wire transfers, confiscating up to 50% from private bank accounts and even stating all the savings of Europe are fair game. As we’ve said before, this phenomenom of wealth confiscation won’t stay confined to Europe. The US has also taken measures to ensure ease of access to the funds of everyday Americans.
We’ve said for many years now that the US government and almost all Western governments are bankrupt. This means they will try to confiscate as much wealth as possible from people who don’t carefully save before the collapse. Mark our words: US 401ks and IRAs will be nationalized in the next four years as well—maybe as soon as the next one or two years. If you’ve stayed in tune with the Dollar Vigilante blog, you probably already understood this. If you haven’t already, be sure to check into our subscription services to gain access to the intelligence you need to stay ahead of the pack.
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media including CNBC, CNN and Fox Business.
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The Ron Paul Institute for Peace and Prosperity : Ron Paul: No US Bailout for Ukraine
The Ron Paul Institute for Peace and Prosperity : Ron Paul: No US Bailout for Ukraine.
on Paul: No US Bailout for Ukraine
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Testosterone Pit – Home – Loophole Makes Hilarious Mockery Of US Crude Oil Export Ban
Testosterone Pit – Home – Loophole Makes Hilarious Mockery Of US Crude Oil Export Ban.
Washington is tangled up in spirited bouts of mudwrestling over exporting US-produced crude oil, which has been prohibited since the Arab oil embargo of 1973. Oil companies, environmentalists, consumer groups, lobbyists, lawmakers – they’re all at it.
Oil companies, faced with lackadaisical consumption and ballooning production in the US, are desperate. They have visions of dropping prices just when exploration and production costs are rocketing higher. So they want to benefit from the higher prices their US-produced oil would bring in other markets – and they want to create scarcity in the US to fire up local prices.
But environmentalists fear general mayhem if crude oil were allowed to be exported. Consumer groups are worried that it would raise the cost of gasoline, diesel, propane, and heating oil – though oil companies have sworn up and down a million times, via numerous studies they themselves directly or indirectly funded, that oil exports wouldn’t impact prices at the pump. Lobbyists of all stripes see in this conflict a mega-opportunity to fatten up their wallets. And lawmakers want to exact their pound of flesh from both sides; elections are coming, and they need to stuff their campaign coffers with money.
Meanwhile, behind the scenes, so to speak, something else has been happening: a breathtaking boom in exports, not of crude oil, which would be illegal, but of refined “petroleum products,” which is perfectly legal, even if it’s refined just enough to circumnavigate the crude-oil export ban.
BP, the British oil mastodon which is still in hot water over the Horizon oil spill in the Gulf of Mexico, figured it out too. It has inked a 10-year deal for at least 80% of the capacity of a refinery being built by Kinder Morgan Energy Partners LP in Houston, Bloomberg reported. The first phase of the 100,000 barrel-a-day refinery is expected to come online in July. It’s designed to refine crude just enough to turn it into a “petroleum product,” which then can be legally exported without limits.
To heck with the crude oil export ban.
It’s not just BP. The possibility of legally exporting barely refined “petroleum products” to profit from the price differential overseas has been such an irresistible lure that it has triggered a construction boom of specialized refineries along the Gulf Coast.
An “inexpensive way around the export prohibition” is what Judith Dwarkin, chief energy economist for ITG Investment Research, called the phenomenon. She told Bloomberg, “You can lightly ruffle the hydrocarbons and they are considered ‘processed’ and then they aren’t subject to the ban.”
Specialized refineries, built at a fraction of the cost of full-fledged refineries, can distill the lightweight crude or “condensate” found in parts of the US into various “petroleum products” that often need to be refined further in the receiving country. Production of condensate has doubled since 2011, creating glut-like conditions in some areas. Hence the drive for exports. And the drive to finagle a way around the crude-oil export ban.
This chart by the Energy Information Administration shows the “petroleum product” export boom that is making such hilarious mockery of the crude-oil export ban:
Since 2007, when this boom took off, exports of petroleum products have tripled to a full-year average of 3.5 million barrels per day (bbl/d) in 2013, up 11% from 2012, according to the EIA. And they hit 4.3 million bbl/d in December, the first month ever such exports exceeded the 4 million mark.
Among these petroleum products are “distillates,” the largest category that includes diesel, kerosene, and home heating oil. US refineries increased their production of distillates to an average of 4.7 million bbl/d for the year, and set a new record in December of 5.1 million bbl/d. About 1.1 million bbl/d were exported in 2013, up 10% from prior year, half of it to Central and South America, 400,000 bbl/d to Europe.
Worried about the price of gasoline at the pump? Exports of gasoline (finished gasoline and gasoline blending components) rose 9% to an annual average of 550,000 bbl/d, with December setting a new record of 770,000 bbl/d.
Heating your home with propane? You got snookered this winter. Propane around the country prices nearly doubled since October, though they have started to wind their way back down to earth recently. Meanwhile, propane exports, supported by a new export terminal that came on line in September, soared, particularly in the last quarter, and averaged 300,000 bbl/d in 2013. A 76% jump from prior year!
Whatever the original purpose of the export ban, it wasn’t immensely helpful in keeping prices down – I mean, if I remember right, a gallon of gasoline cost a fraction of a buck at the time. Now the ballooning exports of “petroleum products” and the potential for outsized profits have nurtured along a specialized industry that is piling billions into infrastructure, plant, and equipment, with the sole goal of elegantly dodging the export ban.
What is perhaps the most gigantic loophole in the history of mankind may well obviate that spirited high-dollar mudwrestling show in Washington. Then lawmakers and lobbyists would have to go look for some other cause which they could leverage to exact their pound of flesh. And the industry will continue to use every trick in the book to light a fire under prices – and exporting “petroleum products” is just one of them.
This winter, things have begun to unravel. Natural gas inventories are near their 2003 low. Sure, weather is the main factor, but that’s always the case. The truth is that supply has not been able to meet winter demand, period. It’s a fact that is inconsistent with the fairy tales we continue to hear about cheap, abundant gas forever. Read…. Shale Oil & Gas: Not a Revolution But a Retirement Party
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No, Deflation is Not a ‘Danger’ |
No, Deflation is Not a ‘Danger’ |.
The ‘Deflation Danger’ Should Abate …
What is it with this perennial fear the chief money printers have of falling prices? Not that we are likely to see it happen, but if it does, what of it? Bloomberg reports on the recent ECB decision with the following headline: “Draghi Says Deflation Danger Should Abate as Economy Revives”
The headline alone is a hodge-podge of arrant nonsense. First of all, ‘deflation’ (this is to say, falling prices), is not a ‘danger’. Speaking for ourselves and billions of earth’s consumers: we love it when prices fall! It means our incomes go further and our savings will buy more as well. What’s not to love?
The problem is of course that when prices decline, the ‘wrong’ sectors of society actually benefit, while those whose bread is buttered by the inflation tax would no longer benefit at the expense of everybody else. But they never say that, do they? Has Draghi ever explained why he believes deflation to be a danger? No, we are just supposed to know/accept that it is.
Secondly, the ‘as economy revives’ part makes no sense whatsoever. Why and how should a genuinely reviving economy produce inflation? Economic growth occurs when more goods and services are produced. Their prices should, ceteris paribus, fall (of course, we are not supposed to inquire too deeply into which ceteris likely won’t remain paribus if Draghi gets his wish).
From Bloomberg:
“ European Central Bank President Mario Draghi signaled that deflation risks in the euro region are easing for now after new forecasts showed that inflation will approach their target by the end of 2016.
The news that has come out since the last monetary policy meeting are by and large on the positive side,” he told reporters in Frankfurt today after the central bank kept itsmain interest rate at 0.25 percent. He also indicated that money markets are under control at the moment, lessening the need for emergency liquidity measures.
Draghi is facing down the threat of deflation in an economy still recovering from a debt crisis that threatened to rip it apart less than two years ago. New ECB forecasts today underscore his view that the 18-nation bloc will escape a Japan-style period of falling prices as momentum in the economy improves.”
(emphasis added)
We have highlighted the sentence above because we keep reading about the ‘Japan-style deflation trap’ for many, many years now. You would think that Japan was a third world country by now the way this keeps being portrayed as a kind of monetary evil incarnate that destroys the economy. Of course, nothing could be further from the truth.
Inflation is Not Equivalent to Economic Growth
‘Inflation’ is not the same as ‘economic growth’ – on the contrary, it both causes and frequently masks economic retrogression. How much inflation has there been in the euro area over time? Let’s have a look.
The euro area’s true money supply since 1980. One can only shudder at this depiction of ‘deflation danger’ in action – click to enlarge.
What about prices though? Let’s have a look-see:
Since 1960, there was exactly one year during which prices according to the ‘CPI’ measure actually fell, namely in 2009, by a grand total of 0.5% – click to enlarge.
As Austrian economists have long explained, it is simply untrue that prices must rise for the economy to grow. Consumersobviously benefit from falling prices (only Keynesian like Paul Krugman don’t realize that, as their thought processes are evidently unsullied by logic and/or common sense). All of us can easily ascertain how beneficial the decline in computer prices, cell- and smart phone prices, prices for TV screens, etc. is. Naturally, it would be even better if all prices fell, not only those on a select group of consumer goods.
What about producers? Won’t they suffer? By simply looking at the share prices and earnings of the companies that make all the technological gadgets the prices of which have been continually declining for decades, everybody should realize immediately that the answer must be a resounding NO. This is by the way not only true of the firms that are in the final stages of the production process, i.e. the stages closest to the consumer. It is obviously also true for the firms in the higher stages of the capital structure. But why? It is quite simple actually: prices are imputed all along the chain of production. What is important for these companies to thrive are not the nominal prices of the products they sell, but the price spreadsbetween their input and output.
In fact, the computer/electronics sector is the one that comes closest to showing us how things would likely look in a free, unhampered market economy.
Of course, in said free, unhampered market economy, Mr. Draghi and a host of other central planners would have to look for a new job.
Charts by: ECB
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No, Deflation is Not a ‘Danger’ |
No, Deflation is Not a ‘Danger’ |.
The ‘Deflation Danger’ Should Abate …
What is it with this perennial fear the chief money printers have of falling prices? Not that we are likely to see it happen, but if it does, what of it? Bloomberg reports on the recent ECB decision with the following headline: “Draghi Says Deflation Danger Should Abate as Economy Revives”
The headline alone is a hodge-podge of arrant nonsense. First of all, ‘deflation’ (this is to say, falling prices), is not a ‘danger’. Speaking for ourselves and billions of earth’s consumers: we love it when prices fall! It means our incomes go further and our savings will buy more as well. What’s not to love?
The problem is of course that when prices decline, the ‘wrong’ sectors of society actually benefit, while those whose bread is buttered by the inflation tax would no longer benefit at the expense of everybody else. But they never say that, do they? Has Draghi ever explained why he believes deflation to be a danger? No, we are just supposed to know/accept that it is.
Secondly, the ‘as economy revives’ part makes no sense whatsoever. Why and how should a genuinely reviving economy produce inflation? Economic growth occurs when more goods and services are produced. Their prices should, ceteris paribus, fall (of course, we are not supposed to inquire too deeply into which ceteris likely won’t remain paribus if Draghi gets his wish).
From Bloomberg:
“ European Central Bank President Mario Draghi signaled that deflation risks in the euro region are easing for now after new forecasts showed that inflation will approach their target by the end of 2016.
The news that has come out since the last monetary policy meeting are by and large on the positive side,” he told reporters in Frankfurt today after the central bank kept itsmain interest rate at 0.25 percent. He also indicated that money markets are under control at the moment, lessening the need for emergency liquidity measures.
Draghi is facing down the threat of deflation in an economy still recovering from a debt crisis that threatened to rip it apart less than two years ago. New ECB forecasts today underscore his view that the 18-nation bloc will escape a Japan-style period of falling prices as momentum in the economy improves.”
(emphasis added)
We have highlighted the sentence above because we keep reading about the ‘Japan-style deflation trap’ for many, many years now. You would think that Japan was a third world country by now the way this keeps being portrayed as a kind of monetary evil incarnate that destroys the economy. Of course, nothing could be further from the truth.
Inflation is Not Equivalent to Economic Growth
‘Inflation’ is not the same as ‘economic growth’ – on the contrary, it both causes and frequently masks economic retrogression. How much inflation has there been in the euro area over time? Let’s have a look.
The euro area’s true money supply since 1980. One can only shudder at this depiction of ‘deflation danger’ in action – click to enlarge.
What about prices though? Let’s have a look-see:
Since 1960, there was exactly one year during which prices according to the ‘CPI’ measure actually fell, namely in 2009, by a grand total of 0.5% – click to enlarge.
As Austrian economists have long explained, it is simply untrue that prices must rise for the economy to grow. Consumersobviously benefit from falling prices (only Keynesian like Paul Krugman don’t realize that, as their thought processes are evidently unsullied by logic and/or common sense). All of us can easily ascertain how beneficial the decline in computer prices, cell- and smart phone prices, prices for TV screens, etc. is. Naturally, it would be even better if all prices fell, not only those on a select group of consumer goods.
What about producers? Won’t they suffer? By simply looking at the share prices and earnings of the companies that make all the technological gadgets the prices of which have been continually declining for decades, everybody should realize immediately that the answer must be a resounding NO. This is by the way not only true of the firms that are in the final stages of the production process, i.e. the stages closest to the consumer. It is obviously also true for the firms in the higher stages of the capital structure. But why? It is quite simple actually: prices are imputed all along the chain of production. What is important for these companies to thrive are not the nominal prices of the products they sell, but the price spreadsbetween their input and output.
In fact, the computer/electronics sector is the one that comes closest to showing us how things would likely look in a free, unhampered market economy.
Of course, in said free, unhampered market economy, Mr. Draghi and a host of other central planners would have to look for a new job.
Charts by: ECB
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“No inflation” Friday: the dollar has lost 83.3% against…
“No inflation” Friday: the dollar has lost 83.3% against….
March 7, 2014
Dallas, Texas
I needed a caffeine jolt late this morning after the long journey up from South America.
And while I’m generally averse to aspartame, high fructose corn syrup, and other government-sanctioned poisons, I did briefly consider a hit of Coca Cola as I walked past a vending machine on my way out of a grocery store.
Then I saw the price.
To give you some quick background, this was the same grocery store my mother used to shop at when I was a kid. And if I was really lucky, we’d stop for a can of coke on the way out– 25 cents back then.
Fast forward to today–. I’m a grown man of 35 now instead of a 9-year old kid. And while the store has changed hands a few times, there’s still vending machine near the entrance.
Same coke, same 12 ounces (though now in a plastic bottle instead of an aluminium can).
Price today? $1.50. [note, this is the vending machine price, not grocery store price.]
Put another way, $1 would have bought me 48 ounces of Coca Cola 26 years ago. Today that same dollar buys me just 8 ounces.
This means that the dollar has lost 83.3% of its value against Coca Cola over the past three decades, averaging roughly 6.6% inflation per year.
Some readers may remember the price of Coca Cola being just 5c back in the early 1950s (for a 6.5oz glass)… meaning the US dollar has lost 93.8% against Coca Cola over the past six decades.
Now, we are taught from the time we are children that ‘a little inflation is good…’
And when central bankers tell us they’re targeting an inflation rate of 2% to 3%, that certainly doesn’t seem so bad. 2% is practically just a rounding error. But bear in mind a few things–
1) An inflation rate of 2% is not price stability.
As Jim Rickards frequently points out, even with just 2% inflation, a currency loses over 75% of its value during an average lifespan. This can hardly be considered monetary stablilty.
And this practice of gradually plundering people’s purchasing power over time is incredibly deceitful.
2) Even if, they rarely meet their target.
As this case shows, 6.6% certainly ain’t 2%. The official statistics and research papers may say 2%. Reality is much different.
3) Wages often don’t keep up.
According to the US Labor Department, the median weekly wage back in 1988 was $382… or roughly 18,336 ounces of Coca Cola.
Today the median weekly wage is $831.40… or just 6,651.20 ounces.
So as measured in Coca Cola, the average wage in the Land of the Free has declined by 11,684 ounces per week– a 63.7% decline over the last three decades.
You can make a similar calculation denominated in Snickers bars, gallons of gas, etc.
If you have a big picture, long-term view, it’s clear that standard of living is falling.
Some readers may remember decades ago– a single parent could go out and, even with a blue collar job, comfortably support a growing family.
Today, dual income households struggle to keep their heads above water. This is the long-term plunder of inflation.
And just to give you a reminder of what things used to cost, I’ve pulled a page from the March 7, 1988 edition of the Bryan Times of Bryan, OH: 26-years ago today.
You can scroll through the paper and note the prices:
25c for a dozen eggs. 69c for a loaf of bread. 49c for a pound of Chicken. A brand new Mustang LX for just $9203.
That’s the Federal Reserve for you. 100 years of monetary destruction and counting.
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Imperial Conquest: America’s Long War Against Humanity | Global Research
Imperial Conquest: America’s Long War Against Humanity | Global Research.
Rosa Luxemburg Conference, Berlin, January 11, 2014
Worldwide militarization is also part of a global economic agenda, namely the application of the neoliberal economic policy model which has led to the impoverishment of large sectors of the World population.
The world is at the crossroads of the most serious crisis in modern history. The US has embarked on a military adventure, “a long war”, which threatens the future of humanity.
This “war without borders” is being carried out at the crossroads of the most serious economic crisis in World history, which has been conducive to the impoverishment of large sectors of the World population.
The Pentagon’s global military design is one of world conquest. The military deployment of US-NATO forces is occurring in several regions of the world simultaneously.
The concept of the “Long War” has characterized US military doctrine since the end of World War II. Worldwide militarization is part of a global economic agenda.
Video of Michel Chossudovsky’s presentation to The Rosa Luxemburg conference.
The event was organized by the German daily “junge Welt”. This year, the Rosa Luxemburg Conference marked the commemoration of the 100th anniversary of the First World War.
for the full text including detailed analysis: Imperial Conquest: America’s “Long War” against Humanity, Global Research, January 2014
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Imperial Conquest: America’s Long War Against Humanity | Global Research
Imperial Conquest: America’s Long War Against Humanity | Global Research.
Rosa Luxemburg Conference, Berlin, January 11, 2014
Worldwide militarization is also part of a global economic agenda, namely the application of the neoliberal economic policy model which has led to the impoverishment of large sectors of the World population.
The world is at the crossroads of the most serious crisis in modern history. The US has embarked on a military adventure, “a long war”, which threatens the future of humanity.
This “war without borders” is being carried out at the crossroads of the most serious economic crisis in World history, which has been conducive to the impoverishment of large sectors of the World population.
The Pentagon’s global military design is one of world conquest. The military deployment of US-NATO forces is occurring in several regions of the world simultaneously.
The concept of the “Long War” has characterized US military doctrine since the end of World War II. Worldwide militarization is part of a global economic agenda.
Video of Michel Chossudovsky’s presentation to The Rosa Luxemburg conference.
The event was organized by the German daily “junge Welt”. This year, the Rosa Luxemburg Conference marked the commemoration of the 100th anniversary of the First World War.
for the full text including detailed analysis: Imperial Conquest: America’s “Long War” against Humanity, Global Research, January 2014
Olduvaiblog: Musings on the coming collapse 