World financial crisis Part 5

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NDPP wrote:

MUST WATCH: US Dollar is the Strongest Currency?....No More

"US lawmakers have passed a two-year budget deal which will allow the government to raise spending by [printing] hundreds of billions of dollars to cover its [$22 TRILLION] debts..."

Yeah, Peter Schiff.


Allowing National Debt To Grow is 'Fundamental Mistake' - Richard Wolff

"President Trump and leader of Congress reached a deal on Monday to raise the debt ceiling yet again..."


Global Stock Markets Crash As US Trade War With China Escalates



Hey Chicken Little, the sky is fallin'

What bunkum, just like all your other other conspiracy theories.


Michael Moriarity

It seems that some very troubling events happened early this week in the U.S. financial community. Richard Wolff explains what it might mean on the Thom Hartmann show.


What bunkum, just like all your other other conspiracy theories.....I would be useful for your credibility, if you would come up with counter explanations, rather than rhetoric....myself and a number of people here are looking for the tipping point...if you and others wish to keep your head in the sand..... fine...I and others, especially activists are trying, politically, to prepare, politically!

Liquidity Shortage Getting Worse: Fed's Repo Oversubcribed Even More As Funding Demand Jumps


For those hoping that the dollar shortage and overnight funding crunch would ease on the third day after the G/C repo rate exploded as high as 10%, we have bad news: it has not.

As we warned earlier today, when we previewed the result of today's repo outcome, the only question would be whether the amount of bids submitted into today's operation would be higher or lower than yesterday's $80.05BN to get a sense of whether the funding pressure is easing. The answer: with $83.875BN in total bids submitted, not only was the $75BN operation oversubscribed again, but the total liquidity shortfall rose by almost $4 billion compared to Wednesday morning.

Furthermore, the fact that the operation was again oversubscribed means that once again there was one or more participants who did not get up to €9 billion in the critical liquidity they needed


Another 'troubling event'...

JP Morgan Traders Accused of Manipulating Price of Gold, Silver For A DECADE as DOJ Tries to Look Tough on Wall Street

"Precious metals traders at JP Morgan made millions through fraudulent trades, operating a sprawling criminal conspiracy to manipulate prices, according to the US Justice Department..."

'Apres moi, le deluge...' Louis xv (, Morgan Stanley & predatory bankster occupation). 


BAR: Trump Sanctions Will Doom Dollar Supremacy (podcast)

"President Trump's massive use of sanctions as a weapon of US policy 'has put the world's financial, monetary and trading system into crisis,' said Dubosian scholar Dr Anthony Monteiro."

Also, 'Green New Deal' as reboot of global transnational control. 'Save the Planet NOT capitalism!'


How much had the stock market risen since the inception of this ridiculous fake news thread?

After all even a broken watch tells the correct time twice a day



The .00000001% are doing fine and will not allow the system to collapse to the extent that it threatens their wealth. China will never call the debt on the US because they are mutually dependent. It's all nothing but numbers on paper. There isn't even any gold standard anymore. Country's economies with be destroyed, Greece, Venezuela, etc. The world economy will keep on ticking just as it has since the Great Depression and the Great Recession. 

Around the world people are using local currency, resources and bartering systems. Tons of solutions abound. Capitalism isn't going anywhere because the grand majority of people in developed countries are 100% dedicated to it including myself.

an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

It would be the ultimate dictatorship that would forbid me from making something and selling it for profit. The defence of kool-aid stands is rooted in the sense that we have a right to make something and sell it which is a valuable lesson for children to learn. 

In refugee camps people try to sell homemade foods or repair things, anything to make a profit. 

I see no signs of the collapse of capitalism. 



But to say these things means you have not passsed the left's purity tests.


Fed Pouring Billions Nightly Into US Banks For Months

"The US Federal Reserve is pumping 75 billion dollars per day into our banks for something called 'repo operations'. Why is the Fed continuing to intervene in the business of banks if our economy is doing so great...?"


NDPP wrote:

Fed Pouring Billions Nightly Into US Banks For Months

"The US Federal Reserve is pumping 75 billion dollars per day into our banks for something called 'repo operations'. Why is the Fed continuing to intervene in the business of banks if our economy is doing so great...?"


To keep the economy doing great.


To keep the economy doing great.....

so why isn't the US Fed printing money to keep people from homelessness and starvation?

Because the repo rate is the foundation of the credibiltity of US M2.....US Fed's job is to maintain the credibility and stability of the elite managers of the system....and this repo rate shock is just the latest hit to the the bailouts now will continue and expand as the system continues to the need for distractions re the puppet politicians of the system....


Keiser Report: 'Time No Longer Has A Price' (Ep 1442)

"Max and Stacy discuss the demise of the European banks as 'time no longer has a price' according to German newspaper Die Welt..."

iyraste1313 the bailouts now will continue and expand as the system continues to teeter......

the accelerating expansion of M2, i.e. high valued credit, due to increasing balance sheets of the Fed and global Central bankers for these past 2 months is putting increasing pressure on global bond markets, sovereign and corporate debts....likewise inflation of the CPI globally (eatch China!)....causing the global bond yields to increase....a serious threat to the 1200 trillion derivatives market, the US 23 plus trillion deficit ad nauseum....

I suspect this would be the catalyst to crash the system! Another bad week next week for bond prices globally will be a sign!


Quant Funds Exit Japanese Bonds in Worst Sell-off Since 2013


Stephen Spratt

11 de noviembre de 2019 15:59 GMT-6 Updated on 11 de noviembre de 2019 19:27 GMT-6

  • Ten-year JGB futures have been leading the sovereign sell-off
  • Yields, volume, flow analysis suggest CTA funds behind move

Quantitative hedge funds are being blamed for the worst sell-off in Japanese government bonds since 2013 and the evidence is stacking up against them.

Data comprising of open interest positions, fund flow and yields suggest that so-called Commodity Trading Advisors -- funds synonymous with trend-following quant strategies -- could have been cutting their large long positions in Japanese 10-year bond futures.


Debt Market Bubble's Bursting - The 'CLO Sausage Factory' Is Stalling

Profile picture for user Tyler Durden

by Tyler Durden

Tue, 11/12/2019 - 09:45




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Excerpted from Bill Blain's Morning Porridge commentary,

I’m intrigued by recent moves in CLOs – Collateralised Loan Obligations. They have been one of the strongest performing sectors of the bond markets for many years. Smart investors realised pooled corporate credit investments spread the risk across a wide range of borrowers, and following the 2008 Global Financial Crisis there were surprisingly few corporate defaults. In fact, as rates tumbled lower investment grade and junk debt performed strongly – making CLOs even more attractive. CLOs are now a $750 bln global market. 

But the CLO sausage factory needs constantly fed with new debt to keep churning out new product... Therein lies danger......

....the evidence is growing junk status, sub prime debt default is on the horizon, ready to burst the 1200 trillion derivative bubble, overwhelming the system!

Michael Moriarity

Richard Wolff gives his analysis of the recent warnings by the IMF regarding "corporate debt overhang". He thinks it is a big problem.


I look at it in very simple terms. As productivity rose workers were offered ever increasing credit instead of raises and told to buy property as investments. At the same time the economy depends on consumerism for profits so produce ever more disposible products for people to buy on credit and be forced to replace regularly. We have not recovered from the crash of 2008. Money has to circulate to generate wealth and productivity. 

Personal wealth is not built on disposible products. Quality of life is not delivered through rapid wardrobe turnover. What value do you put on city air being as good as ocean air? Is it more or less valuable than using a personal car within the city? Being able to swim in the local river? How important is the dollar store? We have to re-evaluate the wisdom of producing cheap products in Asia and shipping them here. 

One think I know is you can have the best solution ever but without widespread support it won't work.  For that reason you have to think about what motivates other people.


We have to re-evaluate the wisdom of producing cheap products in Asia and shipping them here. ....

What with another bank in China just being bailed and nationalized....the GDP in China dropping fast as the real estate market mechanism to finance the system continues to sputter, the container shipping industry dropping fast.......?

Perhaps this problem will take care of itself.....certainly the capitalist global system won`t be preparing to begin investing into a Canadian production economy...the lifeblood of any society and economy




National Security Council's Alexander Vindman and Pence Aide Jennifer Williams TestifyChinese Electronics FBBrm Misses Repayment of Local BondBloomberg News

18 de noviembre de 2019 19:33 GMT-6 Updated on 19 de noviembre de 2019 3:47 GMT-

Tunghsu Group seeks payment deadline extension from creditors​

  • Company’s dollar bond due 2020 has cross-default clause

A Chinese maker of electronic display panels has missed payment on two of its yuan bonds, a sign that the nation’s private firms continue to face a funding crunch amid an economic slowdown.

Bloomberg news

The collapse is well unfolding before our eyes, with China now the key catalyst, what with production, real estate and corporate bond markets in decline leading to more bankruptcies


Keiser Report: OK Boomer Economics (Ep 1471)

"In this episode of Keiser Report, Max and Stacy discuss ther never-ending debt growth that have kept the Boomers in a delusional state since they entered the workforce at the same time the US went off the gold standard. They were first in on a massively successful pyramid scheme..."


The catalyst?

Fed's Emergency Repo Operation Oversubscribed As Repo Rates Spike To December High

Ahead of today's massive liquidity drain, which according to some calculations will be as much as $100 billion between $54BN in coupon settlements from last week's Treasury auctions and an additional $50 billion or so in corporate income tax payments to the Treasury...


... which combined would be as large, if not bigger than the Sept 16 cash transfer to the Treasury which sparked the mid-September repo crisis, last Thursday the Fed announced a "kitchen sink" liquidity tsunami, throwing as much as $500 billion in liquidity backstops in the form of expanded and extended repo and term repo operations, while keeping the Fed's "Not QE" T-Bill monetization chugging along.

The first of these emergency repo operations was scheduled for this morning, ahead of the liquidity drain, in the form of a $50 billion, 32-day repo, which took place shortly after 8am, and was once again oversubscribed as there was more demand for liquidity, or $54.25 billion, than there was total supply.

This offering, which matures on January17, 2020, was the fourth "turn" repo providing funding past the year-end period.

The fact that the operation was oversubscribed was the first indication that banks are once again reserve-constrained and scrambling to procure as much year-end liquidity as they can get their hands on. Whether repo operations in the coming days are oversubscribed will indicate if the Fed's roughly $500 billion in repo ops scheduled for the next 4 weeks will be enough to keep the Fed from losing control over overnight rates, as Credit Suisse repo expert Zoltan Pozsar predicted last week in his now infamous "Countdown to QE4" report.

One ominous sign: the overnight G/C repo rate spiked from 1.58% on Friday to 1.69% this morning, the highest print since the end of the November, and the clearest indication yet that despite throwing a kitchen sink of liquidity in the market, some dealers and banks are still having problems getting access to much needed liquidity.

Keep an eye on the repo rate over the next few hours for an indication if today's $100 billion liquidity drain will overpower the Fed's preemptive liquidity tsunami, in effect triggering Zoltan Pozsar's worst-case scenario.


Keiser Report: JP Morgan CEO Gets All the Money in the 'Most Corrupt Scheme Ever' Amid COVID-19 Misery (and vid)

"The US biggest bank, JP Morgan Chase, together with other lenders, managed to take a big slice of the coronavirus relief pie through fees, while reporting record quarterly profits. Max Keiser and Stacy Herbert discuss how the banks managed to get such a large cut of the funds, having made a fortune in the last financial crisis after the government bailed them out..."

 The banksters constitute an infection in the body politic which must be eliminated just like covid-19. The politicians protect them and are part of the problem not a solution.


Economic Crisis and the Question of Capitalism

"On the precipice of what will likely be the worst economic crisis in history, the question not being asked is: why capitalism? With the pandemic still in full force, what won't be coming back, at least not in time to prevent unemployment from becoming politically destabilising, will be the consumption-tainment economy that filled what its earlier epochs constituted social life. With the $600 added to weekly unemployment checks scheduled to end in a matter of days, the stick is about to replace the carrot to force recalcitrant (and rightfully fearful) workers back to the jobs that still exist.

To cut to the chase, the only solution to the large-scale unemployment that is about to be made aggressively visible is a government jobs program that would employ millions of people at a living wage...But such a program would require a functioning Federal government that doesn't currently exist. Hopefully the pandemic will end, and people will find new ways to get by. But what is currently underway is the stuff of revolutions. Given 1) That there is no organized left to speak of and 2) capital has historically sided with leaders and institutions that maintain public order, the future looks grim..."


Richard Wolff: The GREATER DEPRESSION: "Fifty-Two Million Americans Have Registered as Unemployed. It's Worse than 1929..."


Richard Wolff: The Crash is Coming!

"What to watch for..."

 With America having caught this kind of fatal financial flu, Canada is bound to catch it too. The 1% will have the lifeboats. Prepare now.


US Credit Outlook Rated 'Negative' As Concerns Mount Over Dollar's Global Role

"...In response to the deepening crisis of its financial system, triggered and accelerated by the COVID-19 pandemic but not caused by it - the underlying tendencies were already well advanced before the virus struck -  US imperialism is going to intensify attacks on the working class at home while pursuing even more aggressive measures internationally, including war, as it seeks to maintain its global dominance."


Gold Soars to Record Highs Near $2000 on Weaker US Dollar and COVID Uncertainty

"A weaker US dollar was pushing gold prices to new all-time highs last week, and if this trend continues, it could see more gains going forward, experts say..."


The answer, to all of humanity's issues, is peace. Defund the military in NATO countries by 20% and spend it on social programs to build a green economy. Less pollution, less refugees and no financial crisis would be the immediate benefits.


KAKAnomics: Revenge of the Places that Don't Matter (and vid)

"You can ignore some of the people some of the time - but if you create an economy that ignores and marginalises the most vulnerable, then those who live in the places that seemingly don't matter eventually take their revenge. How do we bring people back across the margin and create a system where all are able to prosper - not just those in cities? KAKAnomics festival founder Jan Inge Reilstad and LSE Professor of Economic Geography, Andre Rodriguez-Pose join host Ross Ashcroft to discuss."


Exxon Booted from Dow Industrials in Major Embrace of Tech

The dominance of technology companies has eclipsed every other story in 2020’s pandemic-upended stock market. Now it’s helping speed changes to the world’s most famous equity benchmark.

In the biggest reshuffling in seven years, Exxon Mobil Corp, Pfizer Inc. and Raytheon Technologies Corp. were kicked out of the Dow Jones Industrial Average, making way for, Amgen Inc. and Honeywell International to enter the 124-year old equity gauge a week from today. The actions were prompted when Apple Inc. -- currently 12% of the 30-stock index -- announced a stock split that reduced the sway of computer and software companies in the price-weighted average.

The changes mark a stunning fall from grace for Exxon, the world’s biggest company as recently as 2011, whose ejection reflects the steady decline of commodity companies in the American economy. They represent an equally significant embrace of technology firms, whose giant rallies have have caused the Dow to trail other indexes this year.

“Those changes are a sign of the times - out with energy and in with cloud,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance....


'Yes, This Bubble Will Burst!' Richard Wolff on US Economy

"Unemployment stands at a staggering nine percent in the US. But when it comes to cars, houses and online consumption, [some] Americans are spending like there's no tomorrow. Banks are awash with money and stocks are through the roof. So are we in a recession or a boom?"


Economic Update: The Declining Empire with Chris Hedges

Richard Wolff and Chris Hedges discuss and analyze.


Political openings: Class struggle during and after the pandemic

For some on the left, the economic breakthrough brought on by the pandemic was the general consensus, not least among economists, for an astonishing increase in fiscal spending. Relative to the economy’s size, the stimulus introduced so far in the US is already double (in Canada triple) what it was during the 2008-09 crisis, with more to come. And the stimulus in that earlier crisis was the largest since the Second World War, leading the OECD to declare that the earlier intervention “now seems like a small-scale rehearsal for the [present] disruptions to our socioeconomic system.”

The insistence by the adherents to Keynesianism and Modern Monetary Theory that there is generally more room for increases in public spending than governments let on, especially during deep crises, is valid. Their conclusion that something fundamental and perhaps permanent has changed in terms of looser spending constraints is seductive—it would indeed make things easier if all that was needed was to elect the right people and have them print money to meet popular priorities. But this obscures the most basic political questions of class and power under capitalism.

Spending our way to the good society?

Though central banks can lever the supply of money, this still depends on reverberations throughout the private sector. Financial institutions must want to lend, and so, generate an increase in the effective money supply. Corporations must want to borrow and invest. The alternative of the state itself doing the spending, and thereby replacing private institutions in choosing and carrying out priorities, directly challenges capitalism’s foundations—taking us a good deal beyond simply gearing up the money presses.

Moreover, the apparent contradiction between earlier pressures to restrain fiscal expenditures and the current profligacy actually includes an underlying consistency: reproducing the conditions for capitalist success. The shift to the high levels of government spending didn’t signal a permanent new paradigm for running a capitalist economy. It wasn’t the result of organized pressure from below or a sudden moral or conceptual conversion at the top. Rather, it was primarily imposed by the nature of the crisis and the conservative goal of returning to the earlier trajectory.


At bottom, how societies determine the allocation of their labour and resources—who is in charge, what the priorities are, who gets what—rests on considerations of social power and corresponding values and priorities. Transforming how this is done is conditional on developing and organizing popular support for challenging the private power of banks and corporations over our lives and with this, accepting the risks this entails. Controlling the money presses is certainly an element in this, but hardly the core challenge.

The present stimulus may indeed continue for a while. The fear of a second infection wave, the related fragility of the economy, and a concern, as well, to contain heightened social unease may be enough to sustain the stimulus through the rest of this year and perhaps the next. Moreover, the electoral costs to parties of the center-left of their past complicity in austerity teach the priority of limiting fiscal restraint as part of winning back and consolidating their former base. This may further support the unprecedented levels of fiscal spending for a period that extends into the likely Biden presidency.

But as a semblance of normality returns, so too can we expect the prevailing economic logic to again revert to orthodoxy. This will bring intense pressures to address a fiscal deficit swollen by the unusual steps taken during the extended health crisis, especially when even more spending will be called for to address decaying infrastructures, revealed social needs, and revived attention to the environmental crisis. The choices will by then be stark, even in the United States with its privileges of being the home of the world’s currency of choice.


A fundamental crisis in capitalism?

A more radical current on the left begins its analysis of the present moment by arguing that the economy was already in deep trouble before the pandemic; the pandemic only aggravated that crisis (for a sophisticated defense of this position see the work of Michael Roberts). Debating this is not an academic distraction. How we assess the contradictions of our era carries differing implications for expected scenarios and strategies.

For example, if the operating assumption is that we’re in a period of deglobalization, we might expect competitive pressures on the working classes to abate, with increased space for a new confidence and militancy. If capitalism is characterized as being on the verge of collapse, the central concern might be to patiently prepare for picking up the pieces. If we interpret the US economy, in particular, as a basket case, some may take this to mean that some kind of rebellion is imminent. If we anticipate a new era of inter-imperial rivalry, then an intensified nationalism might further divert workers from a class politics.

There is often, in such negative readings of capitalism’s current economic arc, an unstated political hopefulness about the response of the working classes. Capitalism’s problems will, such observers argue, make workers more receptive to a radical alternative. This ‘pessimism of the economy’ and ‘optimism of the resistance’ is, however, an unconvincing basis for assessing present openings.

Globalization may very well slow from its recent over-heated pace, but transnational companies are not going away; foreign supply chains, trade, and foreign investment are not about to be marginalized in corporate strategies; finance is not going to withdraw from its international presence. Capitalism may have been heading for a downturn before the pandemic, but a ‘downturn’ is not a ‘crisis’—the past century has witnessed many such downturns. Recovering from the pandemic will certainly be fraught and drawn out throughout the world, but a difficult transition does not necessarily threaten the economic system as a whole.


Strategic dilemmas, political openings

The pandemic, it is now commonly noted, further highlighted capitalism’s social irrationalities. This was especially so in the US with its stunted (though very expensive) health system and in Trump’s crass response to the relative weight of commercial versus health concerns.

To this opening for building a radical opposition was added the environmental connection. Though largely pushed to the side during the pandemic, COVID-19 served as the canary-in-the-mine for capitalism’s general unpreparedness for not only future health pandemics but also the infinitely greater environmental crisis already enveloping us. Unlike health pandemics, the environmental crisis can’t be resolved through lockdowns, social distancing, and vaccines. It demands a radical restructuring of how society is organized, what we value, and how we relate to each other—issues that dwarf the already traumatic experiences with Covid-19.

How, for example, will we respond if a worsening environment forces people in the global south off their land and brings mass migration to the more developed world? Do we even have the planning capacity to deal with internal mass migration if floods and droughts start occurring within our own borders? Can we really expect that people would heed calls for consumption restraint when the excess consumption of the rich so clearly translates into starvation for the poor and lower-income groups? The health pandemic gave states emergency powers, but they were, in general, only moderately applied; what kind of emergency powers would environmental collapse require and how could this be balanced by democratic checks?

A third opening broaches the pandemic’s potential impact on class formation. Nothing is more important than breakthroughs at this level, since creating the social power to actually change circumstances takes us beyond lamenting unfairness, expressing moral outrage, or sinking into a debilitating fatalism. In this regard, the combination of front-line workers facing intensified health risks, and the unique degree of public empathy for their work, has raised the prospect of a new militancy erupting within unions alongside a surge in new unionization in key sectors, each reinforcing the other.

The protests with the highest profile by far during the pandemic (and which were only partially an outcome of the pandemic) were those that erupted against police abuse and murder of Black people. The size of these protests, their energy, and widespread support from whites pose the question of whether this might now contribute to a broader left politics, one no longer haunted and diverted by racial divisions.

Adolph Reed Jr. has long argued that the way forward lies in expanding the frame of black politics to incorporate ‘the kinds of social and economic policies that address Black people as workers, students, parents, taxpayers, citizens, people in need of decent jobs, housing, and healthcare, or concerned with foreign policy [rather than] homogenize them under a monolithic racial classification’.

The other path, and for now perhaps the more likely one, is that the excitement and confidence generated by the protests reinforce a concentration on organizing around specifically ‘black’ concerns and the further ghettoization of black politics. The focus on policing is of obvious concern to blacks: their rate of incarceration is five to six times that of whites, and their likelihood of being shot and killed by police is roughly 2.5 times that of whites......


Leaked Docs Show Major Banks Helped Criminals Launder Billions of Dollars

A huge trove of leaked documents reveals how global banking giants helped to launder vast sums of money for drug traffickers, Russian oligarchs, weapons dealers and criminal networks around the world. BuzzFeed News obtained more than 2,100 suspicious activity reports filed by banks with the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, accounting for some $2 trillion in suspicious transactions.

Among the new revelations: HSBC laundered over $880 million for Latin American drug cartels, Barclays helped Vladimir Putin’s associates avoid financial sanctions on Russian oligarchs, and JPMorgan Chase helped Donald Trump’s former campaign chairman Paul Manafort move millions of dollars between shell companies — even as Manafort faced charges of money laundering and corruption.


U.S. Economy Shrank at Record-Breaking 31.4% Annualized Rate in Second Quarter

In economic news, the Commerce Department said Wednesday the U.S. economy shrank by a record-shattering 31.4% annualized rate in the second quarter of 2020 as coronavirus lockdowns shuttered much of the economy. That’s the highest quarterly drop in gross domestic product since the U.S. began recording the statistic in the 1940s. On Wednesday, Senate Republican Majority Leader Mitch McConnell rejected Democrats’ last-ditch proposal to pass a slimmed-down, $2.2 trillion dollar coronavirus relief bill as a “political stunt.”

United and American Airlines said in response they were preparing to furlough a combined 32,000 workers, as hopes of an airline industry bailout faded. Disney, meanwhile, said it will lay off 28,000 workers at its theme parks.

In Florida, Republican Governor Ron DeSantis refused to extend a moratorium on foreclosures and evictions during the pandemic, which expired at midnight. Florida has recorded a new spike in cases since Governor DeSantis lifted limits on capacity at bars, restaurants and other businesses last Friday.


Economic Update: What Capitalism's Decline Means

Professor Richard Wolff on the decline of American capitalism. How we might manage it.


Escobar: Flying Dragon, Crashing Eagle

"Four geo-economic summits compressed in one week tell the story of where we stand in these supremely dystopian times. Cynics have not failed to note the spectacular theater of the absurd of having the top - at least in theory - economies discussing what is arguably the turning-point in the world system linked to a beheading-friendly desert oil hacienda with a 7th century mentality.

The Riyadh declaration did its best to lift the somber planetary mood, vowing to deploy 'all available policy tools' (no precise details) to contain COVID-19 and heroically 'save' the global economy by 'advancing' global pandemic preparedness, vaccine development and distribution - in tandem with debt relief - for the Global South.

Not a peep about The Great Reset - the Brave New World scheme concocted by Herr Schwabb of Davos and fully supported by the IMF, Big Tech, transnational Big Capital interests and the oh so benign Prince Charles. Meanwhile, off the record, G20 sherpas moaned about the lack of real global governance and multiple attacks on multilateralism..."


On Contact: Global Economic Machine (and vid)

"On the show this week, Chris Hedges talks to Fabian Scheidler about how the global economic machine came to dominate our lives and with looming social upheavals caused by predatory capitalism, what can be done to blunt its destructive power. Fabian Scheidler is author of The End of the Mega Machine: A Brief History of a Failing Civilization, and co-founder of Kontext TV


Lynn Fries of GPE Newsdocs sat down with economist Michael Hudson to discuss the COVID-19 economy...

"Polarization then a crash."


A Hard Look at Rent and Rent Seeking with Michael Hudson and Pepe Escobar

Stop blaming China for American economic decline.


In Quest of a Multipolar Economic World Order

"Michael Hudson and Pepe Escobar...

'...What you're having today is an attempt by the financial sector to take on the role that the landlord class had in Europe; from feudal times through the 19th century. It's a kind of resurgence of feudalism.

The fight against China, the fear of China is that you can't do to China what you did to Russia. American would love for there to be a Yeltsin figure in China to say, let's just give all of the railroads that we've built, the high-speed rail, let's give all the factories to individuals and let them run everything. Then Americans will lend them the money or buy them out and thus control them financially.

China's not letting that happen. And Russia stopped that from happening. The fury in the West is that the American financial system is unable to take over foreign resources and foreign agriculture [except Canada of course]. It is left only with military means of grabbing them, as you're seeing in the near East and in Ukraine right now..." - MH-


Will There Be A Global Resistance Economy?

"China and Russia launch a global resistance economy. What is it...?"


Economic Update: 'The Center Cannot Hold'

"The context of a declining US capitalism facing mounting unsolved social problems adds to the winds of change as do pressures to resort to repression. Professor Richard Wolff affirms that the Center cannot hold."

'It's not a question of whether but when and how. It's over..."

Get ready for the American elephant to roll over. The tsunami will come north.


NDPP wrote:

Economic Update: 'The Center Cannot Hold'

"The context of a declining US capitalism facing mounting unsolved social problems adds to the winds of change as do pressures to resort to repression. Professor Richard Wolff affirms that the Center cannot hold."

'It's not a question of whether but when and how. It's over..."

Get ready for the American elephant to roll over. The tsunami will come north.

Link says the video is private. What is the title?


Saying capitalism and democracy are incompatible is no different than saying socialism and democracy are incompatible. I would say socialism is much more incompatible with democracy. It is certainly more incompatible with individual freedoms. 



Pondering wrote:

Saying capitalism and democracy are incompatible is no different than saying socialism and democracy are incompatible. I would say socialism is much more incompatible with democracy. It is certainly more incompatible with individual freedoms.

Gates, Bezos, Zuckerberg and all the other tech overlords like your messaging.