• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Meanwhile In Lansing, Michigan...

Tyler Durden's picture


Hours ago, the US labor union movement was dealt another crushing blow (the most recent being the recent liquidation of Hostess which left thousands of workers cold and unemployed just in time for Thanksgiving) when the Michigan legislature gave final approval to "right-to-work" restrictions on public sector unions in a state considered a stronghold of organized labor. In the meantime, over 10,000 protesters had gathered outside the legislature, chanted in the gallery, and generally expressed their displeasure quite vocally with this development that further set back labor in its endless fight against capital. As Reuters reports, "the House passed the measure making membership and payment of union dues voluntary for public sector employees such as teachers by a 58-51 vote.  The only government workers excluded would be police and fire unions. The Senate approved the same bill last week so it will now go to Republican Governor Rick Snyder, who has promised to sign it into law."

Incidentally, these same workers would be better advised to direct their anger at Chairman Bernanke who has done everything in his power in the past several years to shift the balance of power far more in benefit of capital courtesy of ZIRP and zero cost of capital, which allows companies to cut as many workers as needed in order to pursue the almight bottom line dollar, while extracting unprecedented productivity gains out of those still employed, as workers no longer can fall back on savings and are forced to accept any labor conditions in a New Normal world in which living paycheck to paycheck is becoming the norm for most, and thus giving employers all the leverage.

But that is a philosophical debate for a different place. But for now, here are two short clips to serve as a harbinger of what may and most likely will happen in the US as labor unions are stripped of even more power in the coming months and years, showcasing their reluctance to go gentle into that good night. This is how close the US is from violence at any one moment.

Luckily, nobody was seriously hurt this time.

Has the Syntagma riotcam finally crossed the Atlantic?

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Tue, 12/11/2012 - 17:21 | 3053155 Ineverslice
Ineverslice's picture


yes...stay close to the exit with ur back against the wall. All is well.

Tue, 12/11/2012 - 17:25 | 3053168 catacl1sm
catacl1sm's picture

Whoever starts the killing first will be first in line to control the new system.

Tue, 12/11/2012 - 16:40 | 3052951 Zombie Investor
Zombie Investor's picture

Just following orders:

"“There will be blood,” Representative Douglas Geiss, a Democrat from Taylor, said in debate."


Tue, 12/11/2012 - 16:45 | 3052983 Joe Davola
Joe Davola's picture

Blood from papercuts as the lawsuits fly.

Tue, 12/11/2012 - 16:45 | 3052988 LFMayor
LFMayor's picture

By who, that weak little fat fucking mangina?  With his whole crew of hard OG legislators? 

Well, he needs to be up at the front of the picket with his jimmy stick and show everyone how it's done.  Bat Fucking Masterson himself.  Old Hickory.


Is this the Fire at last?  I feel pleasantly warmed. Giddy, almost.

Tue, 12/11/2012 - 19:30 | 3053202 IrritableBowels
IrritableBowels's picture

Found Waldo, left of the jackboots.

Tue, 12/11/2012 - 16:40 | 3052957 zilverreiger
zilverreiger's picture

anti-unionists are payed for by the CEO's, don't fall for it folks (on either side), listen to Webster Tarpley WCR

Tue, 12/11/2012 - 16:44 | 3052966 NidStyles
NidStyles's picture

Tarpley is an avowed Socialist. I think I would rather just think for myself than listen to what some chimp socialist says.

Tue, 12/11/2012 - 16:48 | 3053008 zilverreiger
zilverreiger's picture

You may learn some of the classic employed tactics in the anti gangster capitalist struggle either way, he predicted this would happen exactly.


Tue, 12/11/2012 - 16:56 | 3053040 Ruffcut
Ruffcut's picture

I didn't go because if I ran into any of you anti union fucks, I will beat your ass into the fucking ground, then shit in your mouth.

Fucking repuke morons. Blaming the union of middle class amerika thinking if you don't have it, then no body should, while the asshioles bail out out all the absolute useless banksters and thier paid politicians.

Can't wait when you get yours.

My wife teaches all your asshole special ed kids. Maybe you assholes should do everbody the favor and just shoot these poor little fuckups.  

Tue, 12/11/2012 - 17:02 | 3053069 nodhannum
nodhannum's picture

Maybe you wife should "edumacate" you in logic and art of presenting your point of you without the brown shirt threats and thuggery.  Sounds like she would have trouble as you certainly are a "special ed problem".

Tue, 12/11/2012 - 17:03 | 3053073 Bawneee Fwank
Bawneee Fwank's picture

You didnt go because your a pussy!  Go stir shit up internet tough guy and take your worthless whore wife with you.

Tue, 12/11/2012 - 17:03 | 3053074 LawsofPhysics
LawsofPhysics's picture

Relax ruffcut,  violence will be addressed with violence.  If you don't think there are professionals in this area, you have not been paying attention to the way America has been conducting itself over the last 100 or so years.

Tue, 12/11/2012 - 17:05 | 3053079 LFMayor
LFMayor's picture

you fat fuck, you didn't go because you break a sweat lifting fritos corn chips past your chins to your cockholster.

So I tell you what.  You just sit there for a bit longer.  We all know you're good for that, especially now, after this recent show of chivalrous discretion.  You and your stinkin bubble assed straw haired sandals and sweatpants wearing harpy of a wife just keep the widescreen lit.

Things will come to you before it's over.

Tue, 12/11/2012 - 17:12 | 3053114 NotApplicable
NotApplicable's picture


"Internets, Serious Business!"

Did you ever consider NOT choosing evil, rather than an evil you personally profit from?

Your anger is NOTHING but an elite tool used against you. Every "ass you beat" is one they don't have to. Get that?

Divide and conquer, my friend, divide and conquer.

Perhaps you should step away from the keyboard for a while? (so that you might regain control of yourself, rather than to remain THEIR tool)

Tue, 12/11/2012 - 17:13 | 3053120 Jugdish
Jugdish's picture

Well bring yee ass on down. I'm right at the front door. I weigh 350lbs, bring yee god damn ass on down, I'm right at the front door, my names Jim. Make sure you kick the cow shit off ur boots fuk.


Tue, 12/11/2012 - 17:17 | 3053133 Hobbleknee
Hobbleknee's picture

Are you fat too?

Tue, 12/11/2012 - 17:18 | 3053141 NidStyles
NidStyles's picture

I will be bluntly honest with you. I prefer to speak rationally and work my issues out with words and thought. However that should not make you assume that I am weak or unwilling to defend myself. I am a medically-retired US Army Infantryman. I will have no emotional qualms about shooting you in the face if you attack me.


You have been made aware of our standing, if you chose to remain civil, you will remain alive.

Tue, 12/11/2012 - 17:53 | 3053296 buzzsaw99
buzzsaw99's picture

i fukked yer wife in her toofless mouf lulz suk it lulz

Tue, 12/11/2012 - 17:59 | 3053325 James
James's picture

AWWW Ruffcut-You havin' a bad day?

Well this ones for you!


Tue, 12/11/2012 - 19:02 | 3053507 GubbermintWorker
GubbermintWorker's picture

Wow, your wife is one of those that spoon out the state mandated pablum? Does she have enough critical thinking skills to see that the retirement she was promised is nothing but a whisp of smoke?


Probably not.

Tue, 12/11/2012 - 19:22 | 3053570 Kinskian
Kinskian's picture

So your wife teaches Special Ed? Are you one of her former students? From what I can see, Michigan is like Mississippi without the nice weather and the proud history.

In the standoff between jewish capital and organized labor, I find it impossible to identify with either side.

Tue, 12/11/2012 - 16:41 | 3052958 mjorden
mjorden's picture

How can one logically think, with or without all the computer or brain power in the world, that printing Trillions of these things called 'dollars' won't have drastic 'unattended' consequences? especially when individuals only make 0.000000001875% of it ... 

Tue, 12/11/2012 - 16:40 | 3052959 NidStyles
NidStyles's picture

Statists are violent. The statist know's no other way.

Tue, 12/11/2012 - 16:49 | 3053011 redpill
redpill's picture

When your very philosophy requires that you compel people to obey at the point of a government gun in nearly every aspect of life from the start, there aren't many scruples left.

Tue, 12/11/2012 - 17:06 | 3053085 Vashta Nerada
Vashta Nerada's picture

When all you have is a hammer and sickle, all your problems look like kulaks.

Tue, 12/11/2012 - 17:21 | 3053152 NidStyles
NidStyles's picture

That's a good one. FORWARD!!

Tue, 12/11/2012 - 17:24 | 3053162 NidStyles
NidStyles's picture

Good luck trying to explain that to the public though. I think the prosperity some were so willing to steal in the past has made a large number of people intellectually lazy and put that whole survival of the fittest thing out of whack.

Tue, 12/11/2012 - 16:43 | 3052964 Tsar Pointless
Tsar Pointless's picture

You will have this in fascism.

Q: What do Ben Bernanke, Jamie Dimon, Lloyd Blankfein, and all of the other Wall Street corruptocrats have in common?

A: Regardless of party affiliation, all will be tucked snugly in their gated communites and penthouse suites, safe and sound from the rioting masses.

Tue, 12/11/2012 - 17:09 | 3053097 iDealMeat
iDealMeat's picture

Yeah..  well..  a nice temporary jail compound it will be..  Tell me..  What do Ben, Jamie, and Lloyd do when suddenly their power goes out because some "little guy", who used to work for the utility company, just chopped down the power pole feeding their gated community?


The truth of the matter is that the "rich" are much more dependent on the middle class then the middle class is of them.. This generation of unskilled "rich" whom have inherited that wealth have no practical skills to save their own lives..


They're fucked..  totally.

Tue, 12/11/2012 - 17:35 | 3053221 JohnnyBriefcase
JohnnyBriefcase's picture

"we guard you while you sleep."

Tue, 12/11/2012 - 16:42 | 3052969 LikeClockwork
LikeClockwork's picture

America: Greece with guns

Tue, 12/11/2012 - 16:43 | 3052972 TraderMark
TraderMark's picture

Original intent of unions was good.  Problem is unions have become like any large organization - fat and lazy, top heavy.  There has to be a happy medium as in Germany where public companies are 1/3rd shareholder, 1/3rd managment, and 1/3rd labor on the board.  All they did was assimilate a backwards East Germany, become the world's superpower of high end exporting, and create a world of hard workers, who still get nice benefits, vacations, and healthcare.  Who would want that - damn socialists.

Tue, 12/11/2012 - 16:58 | 3053050 Opinionated Ass
Opinionated Ass's picture

I agree with the right of association. I agree with the union saying to the boss, "Unless you give us a raise, we all quit."


But do you agree with letting the boss call your bluff and hiring replacements? Or do you think scabs should be threatened with violence and the government should force the boss to negotiate?


Do you believe in force or freedom? Unions or right-to-work? Take your pick.

Tue, 12/11/2012 - 17:26 | 3053181 NidStyles
NidStyles's picture

Right to Work, your employment should be based on merit. If you have an issue with that, then start a business yourself.


That is my standard reply to all Union supporters. I have nothing against Unions, but I hate when they try to make me pay for something I will never use, because I have no qualms if I get terminated from my job for being a turd.

Tue, 12/11/2012 - 21:20 | 3054070 Vendetta
Vendetta's picture

Nothing to belittle your comment but of the 17 years I worked in right-to-work states (of many years working), I rarely saw a turd get fired (if he was known to tow the corporate line without question) but I did see plenty of honest, hard working get fired .... honesty became their primary character flaw (use honesty wisely young jedi).  The 'Employment based on merit' meme is a lie used in promoting these 'right-to-work' agenda's by 'Business Roundtable' types, there is nothing in non-right-to-work states to stop an employer from firing someone.  What the right-to-work thing does is enables companies to fire people wrongfully and not have to pay unemployment compensation ... that what supporting it promotes and I have seen it happen to good people and not 'turds' so much.  In the smaller companies they can pick off employees thru these laws when they want to downsize some and don't want to pay the cost of a layoff.

Tue, 12/11/2012 - 16:44 | 3052977 batz
batz's picture




Unions protect workers from better ones.

Pubic sector unions are the reason we have a government debt crisis. There are lots of political arguments, but when you ask where all that fiat money went, it went to the salaries, pensions and benefits of public union members. 


Tue, 12/11/2012 - 17:07 | 3053090 nodhannum
nodhannum's picture

The patron saint of democratic lefties, one FDR vehiemently opposed "government" unions as he knew the consumers of government had no other choice.  If non-public unions want to commit suicide let them do it, no problem, but fuck public unions.

Tue, 12/11/2012 - 17:21 | 3053157 NotApplicable
NotApplicable's picture

Not to dismiss your point, but there are plenty of non-unionized government "workers" doing everything in their power to destroy society.

just sayin'

Tue, 12/11/2012 - 20:33 | 3053834 Vendetta
Vendetta's picture

government sachs?

Tue, 12/11/2012 - 16:45 | 3052985 Hondo
Hondo's picture

Yes, the world is still populated with morons..........

Tue, 12/11/2012 - 17:14 | 3053119 LFMayor
LFMayor's picture

This will get fixed soon, I'm thinking.

Tue, 12/11/2012 - 17:28 | 3053186 NidStyles
NidStyles's picture

I wish it would happen sooner, this wait is killing me.

Tue, 12/11/2012 - 16:49 | 3052991 WhiteNight123129
WhiteNight123129's picture

I do not know why, I happen to be a small millionaire (coming from farmer background) but I love to see the workers kick the ass of this young prick. Brings a warm feeling inside.  It is time to restore true capitalism where the real capitalists are rewarded to be prudent instead of borrowing to pay dividend and expect a bailout when they have no cash in hand and there is a contraction. Can this system end soon please. I do not know who enjoys it except the psychopath at the very top.

Private Banks have the right to cartelize the banking system and the entire economy and the workers would not have a right to try to cartelize ? What are those pricks on the very top expecting ? That they fuck everyone and those guys are going to say thank you? A good punch in the face is what they will get if they want a face to face contact.



Tue, 12/11/2012 - 17:30 | 3053192 NidStyles
NidStyles's picture

Thuggery is not justifiable no matter the reasoning. Unions are just as less capitalized versions of the corporations they leech off of.

Tue, 12/11/2012 - 17:36 | 3053234 Ness.
Ness.'s picture

"It is time to restore true capitalism where the real capitalists are rewarded to be prudent instead of borrowing to pay dividend and expect a bailout when they have no cash in hand and there is a contraction"


How the fuck is this any different than D-Ill. Gov Quinn, days before an election, promising raises and layoff freezes to to the SEIU for 2 years (just days after the SEIU donated $100K to his campaign) while the State of Illinois completely broke and is borrowing money to pay vendors for past services?  Not to mention the billions in unfunded union pension liabilities promised by Democrats to the unions who were elected with the very funds taken (stolen) from union workers.


BTW - if you 'made' your money by inheriting/working farmland, you can thank those pesky capitalist and the Fed printing for your windfall.  The historic rise in cost of arable acreage isn't coming from the demand of those union workers.  But you seem to be the kind of guy that would sell me land at $500/acre instead of the going price of $10,000/acre because you're a 'good guy', right?





Tue, 12/11/2012 - 17:56 | 3053313 WhiteNight123129
WhiteNight123129's picture

You got that wrong, I did not inherit actually.But I benefitted from the printing clearly, shall I apologize? Should you apologize if you fare way better off than you neighbor because you see what is coming?

I am just putting myself in the shoes of those guys. You make promises to them, they are probably not driving a luxury car, they probably have families with kids and they fight for what they were promised. What is right to promise them something, I am not sure. I can just see those guys stressed like hell and trying to make a stand and trying to defend what they have. If they get cut, their family suffers, they fight for their own interest, I am not blaming them, I am not rationalizing further.

I just love to see a guy who looks ~educated~ and ~civilized~ trying to rationalize angry workers in a period of hardship get pummeled, ok maybe that s weird, alright I ll give you that.

Long story short, you fuck the lower classes with fiat system you get blow back. I just hope Buffet ends up with on a pique, as for me, I am outside of OECD countries a long time ago.



Tue, 12/11/2012 - 16:47 | 3052997 marathonman
marathonman's picture

The union guys seeking to live for free for twenty years after leaving the workforce seems to be the issue.  If they would just save money and fend for themselves after leaving the company then the companies could still survive.  But carrying the weight of generations of non-workers cripples any enterprise and will cause its collapse.  In anything.

Tue, 12/11/2012 - 16:52 | 3053020 Cursive
Cursive's picture


I don't disagree with anything you said, but I would add that rent-seekers, i.e. bankers, are more of a drag because they create nothing and are incapable of creating anything.  At least a teamster can drive a truck.  A banker?  They control the money supply, denominating the value of everything in dollars and then siphoning off those dollars for themselves.  The rent seekers, i.e. bankers, are the real leaches, the generations of non-workers that cripple our economy.

Tue, 12/11/2012 - 17:03 | 3053058 dick cheneys ghost
dick cheneys ghost's picture

The banksters created synthetic CDO's-squared..............at least thats something

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