Robert Reich

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A Furious Ralph Nader Calls Out The Fed As "Tribune To Plutocratic, Crony Capitalism"; Janet Yellen Responds

In his letter, reproduced below, Nader bashes  the "tediously over-dramatic indecision as to when interest rates will be raised"; demands that the Fed not "lecture us about the Fed not being “political.” When you are the captives of the financial industry, led by the too-big-to-fail banks, you are generically “political" and - in short - wants to know when the Fed will put the interests of Main Street over those of "plutocratic, crony capitalism for which the Federal Reserve has long been a leading Tribune."

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"The Populist Upsurge is Real" When A Liberal College Professor Finds Common Ground With The Tea Party

People are going to be pissed off no matter who wins this election and that is a very important social dynamic that is vastly under appreciated by the majority of mainstream pundits and analysts out there. The truth is, the American public is tricked into thinking they disagree with each other on the big issues, when in reality there’s enormous overlap. Until we stop being tricked, the status quo will continue to suck the economy dry through their religious-like embrace of corruption and crony capitalism. Unfortunately, the people who could benefit the most from reading this post, will never see it.

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The Rigging Of The American Market

Much of the national debate about widening inequality focuses on whether and how much to tax the rich and redistribute their income downward. But this debate ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market. The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market.

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Was Greece Set Up To Fail?

What have the bailouts achieved? Well, the Greek economy is doing worse than ever, and the people are poorer than ever; and both have a lot more bad ‘news’ to come. The bailouts needed to be as big as they were to 1) successfully make the international banks ‘whole’ that had lent as much as they had into the Greek economy, 2) get the IMF involved, 3) and absolve the notorious -and cooperative- domestic oligarchy from any pain. And make all the usual suspects a lot more money in the process. It therefore doesn’t look at all unlikely that Greece was saddled with an artificially raised deficit, and that the intention behind that, all along, was to get the Troika ‘inside’ for the long run. So the country could be stripped of all its assets.

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The Untied State Of America

"Yes, The Fed is feeding inequality; but it has to keep rates low for the good of the economy" - Robert Reich

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A Multinational Trojan Horse: The Trans-Pacific Partnership

Peel back the layers of the TPP and you’ll find what some believe to be a “corporate Trojan horse.” Disguised as “free trade,” the TPP’s provisions and tactics undermine Constitutional safeguards and national sovereignty. But there’s also a silver lining. The TPP exposes who, in the marbled halls of political power, is working for whom. It forces politicians to put their cards on the table, and by their hands you will know them. Packaged as a gift to the American people that will renew industry and make us more competitive, the Trans-Pacific Partnership is a Trojan horse. It’s a coup by multinational corporations who want global subservience to their agenda. Buyer beware. Citizens beware.

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Nomi Prins: The Clintons & Their Banker Friends

In the coming months, however many hours Clinton spends introducing herself to voters in small-town America, she will spend hundreds more raising money in four-star hotels and multimillion-dollar homes around the nation. The question is: "Can Clinton claim to stand for 'everyday Americans,' while hauling in huge sums of cash from the very wealthiest of us?" This much cannot be disputed: Clinton's connections to the financiers and bankers of this country - and this country's campaigns - run deep. As Nomi Prins questions, who counts more to such a candidate, the person you met over that chicken burrito bowl or the Citigroup partner you met over crudités and caviar?

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"Smarter People Get That Respectable People Have To Run The System"

From the new office of Eric "bagman for Wall Street" Cantor's new role as MD and Vice Chairman of Moelis & Co... What the Washington elite really think about how the world works...

"Smarter people get that... there have to be respectable men and women who run, quite frankly, the system."

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53 Million Temps: All You Need To Know About The "Jobs Recovery"

The chart below shows the civilian employment to population ratio: a convenient indicator of the real state of the US labor market which does away with the labor force entirely, and the associated rhetoric of why it may or may not be plunging, and merely focuses on two simple things: total population and the total civilian population of the US. One thing is clear: the ratio crashed when the depression started and has flatlined since. Which, incidentally, may be all you, and the Fed, needs to know about the recovery.

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Debunking Robert Reich’s “Inequality For All”

Below is my one-hour video debunking all the critical points Reich raises in “Inequality for All.” 

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The Gold Conspiracy

As increasingly more conspiracy 'theories' become conspiracy 'facts', The History Channel discusses "The Gold Conspiracy" in this brief documentary. Gold is one of the most precious metals in the world. A glittering commodity so rare that people will go to great lengths to obtain it. But who sets the price? And what are the secret methods to control its value? History uncovers the clandestine world surrounding the highly prized precious metal. How much gold does the United States really have – and where is it locked away? Is the American government overstating the amount of gold in its reserves to create the mystique of financial superiority?

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The Big-Picture Economy, Part 1: Labor, Imports And The Dollar

Many well-meaning commentators look back on the era of strong private-sector unions and robust U.S. trade surpluses with longing. The trade surpluses vanished for two reasons: global competition and to protect the dollar as the world's reserve currency. It is impossible for the U.S. to maintain the reserve currency and run trade surpluses. It's Hobson's Choice: if you run trade surpluses, you cannot supply the global economy with the currency flows it needs for trade, reserves, payment of debt denominated in the reserve currency and credit expansion. If you don't possess the reserve currency, you can't print money and have it accepted as payment. In other words, the U.S. must "export" U.S. dollars by running a trade deficit to supply the world with dollars to hold as reserves and to use to pay debt denominated in dollars. Other nations need U.S. dollars in reserve to back their own credit creation.

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