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Bob Shiller Warns Of "Parallels To 1937"
Authored by Robert Shiller, originally posted Op-Ed at The Guardian,
The depression that followed the stock-market crash of 1929 took a turn for the worse eight years later, and recovery came only with the enormous economic stimulus provided by the second world war, a conflict that cost more than 60 million lives. By the time recovery finally arrived, much of Europe and Asia lay in ruins.
The current world situation is not nearly so dire, but there are parallels, particularly to 1937. Now, as then, people have been disappointed for a long time, and many are despairing.
They are becoming more fearful for their long-term economic future. And such fears can have severe consequences.
For example, the impact of the 2008 financial crisis on the Ukrainian and Russian economies might ultimately be behind the recent war there.
According to the International Monetary Fund, both Ukraine and Russia experienced spectacular growth from 2002 to 2007: over those five years, real per capita GDP rose 52% in Ukraine and 46% in Russia.
That is history now: real per capita GDP growth was only 0.2% last year in Ukraine, and only 1.3% in Russia. The discontent generated by such disappointment may help to explain Ukrainian separatists' anger, Russians' discontent, and the Russian president Vladimir Putin's decision to annex Crimea and to support the separatists.
There is a name for the despair that has been driving discontent – and not only in Russia and Ukraine – since the financial crisis.
That name is the "new normal," referring to long-term diminished prospects for economic growth, a term popularized by Bill Gross, a founder of bond giant PIMCO.
The despair felt after 1937 led to the emergence of similar new terms then, too. "Secular stagnation", referring to long-term economic malaise, is one example. The word secular comes from the Latin saeculum, meaning a generation or a century.
The word stagnation suggests a swamp, implying a breeding ground for virulent dangers. In the late 1930s, people were also worrying about discontent in Europe, which had already powered the rise of Adolf Hitler and Benito Mussolini.
The other term that suddenly became prominent around 1937 was "underconsumptionism" – the theory that fearful people may want to save too much for difficult times ahead.
Moreover, the amount of saving that people desire exceeds the available investment opportunities. As a result, the desire to save will not add to aggregate saving to start new businesses, construct and sell new buildings, and so forth.
Though investors may bid up prices of existing capital assets, their attempts to save only slow down the economy.
Secular stagnation and underconsumptionism are terms that betray an underlying pessimism, which, by discouraging spending, not only reinforces a weak economy, but also generates anger, intolerance, and a potential for violence.
In his magnum opus The Moral Consequences of Economic Growth, Benjamin M Friedman showed many examples of declining economic growth giving rise – with variable and sometimes long lags – to intolerance, aggressive nationalism, and war.
He concluded:
"The value of a rising standard of living lies not just in the concrete improvements it brings to how individuals live but in how it shapes the social, political, and ultimately the moral character of a people."
Some will doubt the importance of economic growth. Maybe, many say, we are too ambitious and ought to enjoy a higher quality of life with more leisure. Maybe they are right.
But the real issue is self-esteem and the social-comparison processes that the psychologist Leon Festinger observed as a universal human trait.
Though many will deny it, we are always comparing ourselves with others, and hoping to climb the social ladder. People will never be happy with newfound opportunities for leisure if it seems to signal their failure relative to others.
The hope that economic growth promotes peace and tolerance is based on people's tendency to compare themselves not just to others in the present, but also to the what they remember of people – including themselves – in the past.
According to Friedman:
"Obviously nothing can enable the majority of the population to be better off than everyone else. But not only is it possible for most people to be better off than they used to be, that is precisely what economic growth means."
The downside of the sanctions imposed against Russia for its behaviour in eastern Ukraine is that they may produce a recession throughout Europe and beyond.
That will leave the world with unhappy Russians, unhappy Ukrainians, and unhappy Europeans whose sense of confidence and support for peaceful democratic institutions will weaken.
While some kinds of sanctions against international aggression appear to be necessary, we must remain mindful of the risks associated with extreme or punishing measures. It would be highly desirable to come to an agreement to end the sanctions; to integrate Russia (and Ukraine) more fully into the world economy; and to couple these steps with expansionary economic policies.
A satisfactory resolution of the current conflict requires nothing less.
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"The discontent generated by such disappointment may help to explain Ukrainian separatists' anger, Russians' discontent, and the Russian president Vladimir Putin's decision to annex Crimea and to support the separatists."
Mmk, because it had nothing to do with Crimea's warm-water port being strategically significant? /s
He does mean the way the Chancellor usurped power the way that the president is attempting to do today, right?
Peoples memory's are short, and the list of things done wrong is large and over a long period of time. Once the wrong thing becomes the norm, the majoritys rule and only time can correct the mistakes, that and a depopulation.
The parallel is that Jews are once again printing themselves money for free and bidding up the cost of everything, causing the rest of us to go without. They print, we work. They buy we rent. Fun game.
SAD EXCUSE AS TO WHY YOUU ARE SUCH A PATHETIC LOSER - BLAME IT ON A FACELSS GROUP.
THE BANKS THAT OWN THE FED ARE NOT OWNED BY JEWS, THE ECB IS NOT OWNED BY JEWS, THE BANK OF CHINA IS NOT OWNED BY JEWS........... YOU ARE A PATHETIC LOSER
THE DIFFERENCE IS THAT THIS TIME JEWS WILL FIGHT BACK AND PUT PEOPLE LIKE YOU IN THEIR PROPER PLACE BELOW THE EARTH'S SURFACE!!!!
Don't be such a Jew bogart, Pass me your crack pipe
But in this example, there IS still growth. A better illustrartion would be what happens when we get the next phase of the 2008 collapse and Central Banks are unable to provide much more stimulus? Yes, Europe will go into recession but so will The US, which is where the Schiller analogy is far more likely tp play out.
Weimar Germany, hyperinflation, rich Jews starving working Germans by printing press, Jew Federal Reserve, Jew Wall St, history repeats itself, nothing changes but the names, who will be the first to be put in the gas chamber this time?
Doesn't anyone find it ironic that the first black president of the US supports a neo-Nazi regime in Ukraine, and Russia is the "bad guy" in all of this?
Doesn't anyone find it ironic that not wanting to send troops to fight ISIL is considered "isolationism", yet the White House regime imposes sanctions on Russia over the neo-Nazi Ukraine situation, when stopping trade is the very essence of "isolationism"?
It's Blackwhite in 1984.
http://www.theglobeandmail.com/news/world/the-painful-secrecy-of-russias...
Dead people cannot tell stories, huh?
I WILL PASS YOU MY FIST, DIRTBAG
I WILL PASS YOU MY FIST, DIRTBAG
Pathetic losers type in all caps, use excessive exclamations, and can't spell for shit becuase they're so heated over an insignificant internet argument.
YOUR COMMENT IS RATHER INSIGNIFICANT
take off the caps lock, francis
Yellen (Fed) is a jew, Bernanke was a jew, Jack Lew (Treasury) is a jew, Jeffrey Zients (White House Ecnomic Council) is jewish, Jason Furman ( Council of Economic Advisors) is jewish, Jamie Dimon (JPM) married a jew at a jewish ceremony,.. They seem to have a lot of influence for a race that makes up less than 1.5% of the US population.
OK. Who owns the Fed? Don't say member banks.
Did you see James Corbett Movies on the Federal Reserve? He lays out like 3-4 Alternatives to Fractional Reserve banking suggesting that a combination of ideas would be much better than having the FED give TARP & QE to it's Shareholders who caused the 2008 Global Financial Crisis.
The Story of the FED is very much a True Conspiracy that will get people involved.
https://www.youtube.com/watch?v=5IJeemTQ7Vk
This Idea of USA as an Empire with Military Bases & Embassies all over the world to monitor, Create, and protect Trade is an Important Piece.
Could we Citizens "Dissolve" the US Congress & Government?
The problem is not only Constitutional, but how do we deal with the many Outposts that could be attacked and how do we deal with who gets "Blame and Responsibility".
I think it is easy. We have a Defense Secretary, a huge chain of command at the Pentagon, and Local Commanders & Ambassadors on the Ground or in Ships. Commanders know they have the responsibility and their organizations & maybe congress can work out the details.
We need a Legal way to Dissolve the USA Government, to kick out Incumbents, and to Select new Government & Representatives.
The Time is Now. The time is Right. Secessionist movements have been building ever since Barak Obama got Elected Puppet in Chief.
We need a Legal way to Dissolve the USA Government, to kick out Incumbents, and to Select new Government & Representatives.
I need people who are smart enough to read ZH to get a fucking clue and realize there is no "legal" or "political" way to repair the USA Government. Better to docus your energies on making the best of it as is...
So you don't see a series of Challenges to the State through:
- Secessionist States
- Military Coup
- Article 15
- Assassination of key Media Owners
- IRS, Regulators, or NSA going after both Big Bankers & Federal Officials
- Rouge Military or Intelligence personnel going after blackmail or intimidation or harming US "Big Shots" of every kind to create Chaos, Panic, shocks to the financial system, and to embarrass the people that tout US History as being Immaculate and Praise Worthy of the Entire World under the guise of a "Democracy" or a "Nation of Peace"
After all we are the biggest, Dumb Assholes, that have brought the both the 2009 Global Financial Crisis, the Intelligence to Blackmail all world leaders, and... brought us to the brink of both World Depression and the Next Global War.
But if you feel the elite is working for you this sounds all wrong OR maybe... we all have adapted to Fascism through pacifism.
YOUR missing the 500LB elephant in the WHORE-HOUSE(USA); All the party's you mention are waiting and/or collecting their $5Milion USD actuarial pension plan; Courtesy of FREE FIAT TO INFINITE;
AIPAC has sent up the MOST EVIL self-perpetuating KENNEL OF INSANE MONKEYS in HUMAN HISTORY; All involved want to get their Banana's and retire;
True, but there are some hard asses that were raised in the Midwest, the South, the West, and in Texas.
In fact military retirees are attracted to these places.
At some point Texans won't wait or Tolerate, this sets the example for many others and would include Promise Keepers, Oath Keepers, Proud people of all kinds.
Meh. There are tons of people who say they would or will take up arms. And I believe many would and will if and when mass civil unrest erupts. But none of these people are going to be the ones to fire the first shot and be the cause of the unrest/revolution/whatever. There aren't too many John Brown types out there anymore. And rationally so. I agree with the above comment that the U.S. political and legal systems have reached a state where there are no longer any viable, practical means of effecting change.
The U.S. is effectively an oligarchy and none of the oligarchs have any rational basis for wanting meaningful change. The system perpetuates and expands their power and wealth. They will squash any potential threat to that system. It sucks for those who aren't in the club, as they say, and we can shout until we're blue in the face about how things "should" be, and that might make us feel a little better, but it will never make any difference. Which brings me to my point - this article is about historical parallels. I think the parallel isn't so much 1937, or any other time in last 100-ish years, but rather pre-revolutionary France. The current oligarchs are the aristrocracy, who fight amongst themselves for power and money, and against any encroachment on their privileges. The oligarchs are immune to the rule of law - they are not prosecuted or held civilly liable for their actions, and the courts have repeatedly demonstrated that their decisions are results-driven in that they start with the desired outcome and shape the law and legal precedents around that outcome.
And this isn't going to change anytime soon because there isn't a critical mass of people who are wiling to act outside of the system to change it. To change it outside the system, you need a critical mass of people to either engage in either violence or nonparticipation (stop paying taxes, stop working on critical infrastructure, etc.). And there are not enough people who are willing to do one or the other to wrest control away from the current holders of power. And that makes perfect sense, because very few people have the courage of their convictions to choose one of those paths knowing it will get them killed or locked up for the rest of their lives. Yes there are some, perhaps even many. But they're not organized, and if they are, there aren't enough of them.
Although one could argue that the system could be changed by the rise of a charismatic populist leader in the vein of Napoleon, Hitler, Cromwell, Mao or Stalin in the U.S., the rise of such a person is highly unlikely because technology makes it simple for the elites to identify and subvert (by tearing them down or buying them off) any such comer before they are able to build a critical mass of followers. Empircally, the most likely candidate for such a person is someone in the black community (on the premise that American blacks suffer some of the highest concentrations of extreme poverty, systemic discrimination by law enforcement and lack of paths for upward mobility), but as we've seen every such leader has either been murdered (Malcolm X, MLK) or co-opted by the elites (Jesse Jackson, Al Sharpton).
Barring a cataclysmic event like a regional/national health pandemic, EMP or disruption in food supply, all of which are certainly possible, but none of which are likely much less probable, the U.S. simply isn't going to see any meaningful change to its system. The U.S. produces more than enough bread and circuses to keep the masses placated for the foreseable future. And it has more than enough open real estate to inter any groups of people who might organize to effect change outside the system.
Good Point.
Why wouldn't the CIA create Mind Control Subjects to start a new US Government... or to Clean out the US Government of the Dead Wood.
Very Astute. CIA can be the start of a Revolution, a real revolution, and a great new patriotic movement.
From the mouths of babes or from the bowels of our secret squirrels...
chaos cannot create order. chaos can and is used by ordered organized interests to help push their own agendas.
but order comes from organization and the projection of control---not from simple destruction.
for an army to fight, the army must eat. eating is logistics, logistics is organization and control.
Angry White Dude made some real good comments above.
Your point would seem very much like common sense.
I wonder about Sun Tsu and the art of war. Strategies can use everything and anything... deception, proliferation of Organizations, Shell companies, Proxies, News Paper Stories proporting to tell the truth like the NYT, Political Speeches about downing of commercial aircraft, video of beheadings and destruction of churches and gas attacks, US History Books, Censure of National Archives, ...
Technology changes everything. Probably the groups like Bilderberg, CFR, Trilateral Commission, Club of Rome... spend time trying to prepare for new paradigms and the power of "Information". Seems unlikely that one man could make such a huge difference.
Science Fiction Novels often make this point that it comes down to a single man who is probably part of the system who has to save the world. Often it hinges on making a "Decision" or following orders.
Annonymous seems to play in this playground also.
I thought the same thing about Texans before I moved here. Now that I've been here a couple years, I'm a little skeptical.
Yeah, if we've been out in the world there is no choice but to be Skeptical of Career men stepping forward.
Maybe a group of Disabled men and men on welfare combined with men who have prison records and as such are "Disenfranchised".
Maybe Annonymous is a group just like that.
"Rogue Military" comes to my mind; In my entire life of working with special force people; Everyone that I have ever known that has taken a stance that you purport has met an early death;
Lastly today unless you tell them whether MIL or COP that your are willing to SHOOT & KILL USA citizens when ordered they will not even let you near MIL or COP jobs.
The People controlling the USA aren't stupid they control both sides of the debate; They control all economic
producing paradigms that matter; Your either a
player or your sorry ASS is rotting in prison.
I ONLY know of one way to SURVIVE the USA if you
aint' on the USA .GOV pension PAYROLL PLAN; and
that is to NOT LIVE There and never go there.
USA today is NAZI GERMANY 1938? HELL YES.
You could be right about all of that. The 1970s was a wild & wooly time, but seems there was not as much control over the military.
Certainly the military knows it's people very well.
And I like your point about them controlling both sides of the debate or issue. It seems both the military and FBI had programs to infiltrate groups of opposition... and even to provide key material, leadership, or expertise to push groups forward.
Groups do seems to create a vulnerable state. In my mind I would think smart people exist in all government agencies... they are part of the system and have been part of other systems.
These employees are where the threat would come from. Mostly because they are smarter than 99% of the population.
LATE ADD:
The USA has become a Nation of Bureaucrats.
We wait for promotions, needed bonuses, and are loyal to anyone that will give us a boost to the next career or next higher level. Why? Because we have Debt, We want our kids to go to Universities, we want Retirements, We buy houses too big for our budgets, we drive 2 or more nice cars and want toys like Ski-doos and ATVs.
USA People are like Stuffed shirts except we live for our families, kids, and we put time aside on the weekend to be with our loved ones. Bureaucrats.
Repost:
It is worse than that we are becoming the UK, with Low Wages, Low Benefits, and High Household Debt to GDP of 200% per household...
Look at what the Rothschild's did to United Kingdom:
http://www.usdebtclock.org/world-debt-clock.html
UK External Debt to GDP is = 462%
Ireland External Debt to GDP is = 1061%
Greece, France, Portugal & Spain all look better than the United Kingdom who have Enjoyed the Rothschild's indomitable "Banking Expertise" for over 200 Years.
We should say rather the Rothschild's Interminable "Banking Expertise".
IN 1980 the USA was looking Sweet, till Ronald Reagan got into Office:
Debt to GDP = 35% in 1980
Debt to GDP = 100% Today
http://www.usdebtclock.org/1980.html
Wages & Compensation = Decrease
Household & Private Debt = Exponential Increase
Federal Debt & Budget = Exponential Increase
Corporate Taxes & Tax Base = decreasing
TBTF Bailouts, Bail-Ins, & QE = Exponential Increase
Sale of US Assets & Property to Foreigners = Exponential Increase.
Household Debt to GDP for United Kingdom©
2011:Q4: 204.34306 Ratio HDTGPDGBQ163N, Updated: 2013-10-01
http://research.stlouisfed.org/fred2/series/HDTGPDGBQ163N
Bear in mind your Debt to GDP figures need to be adjusted for the actual GDP not the bullshit reported by Phycho.gov which puts the ratio substantially higher than 1:1 for the USA........
......when it becomes serious you have to lie........classic
Rakshas:
True. It is always hard to cover all the bases.
Fake: GDP, Official Inflation, Velocity, Debt to GDP, what savers deserve as citizens depositing in bank accounts, Value of Fixed Income Citizens, Value of US Retirees, ....well let's stress Retirees.
Govt. Stats are Criminal. Agree.
Govt. Stat serve government purposes, but actually this is the only way to work and figure Social Security Cost of living increases...
GDP & Unemployment are bullshit creations!!!
?? Damn Right!!!!
This is the only rational comment today on ZH.
Anybody that thinks that the USA can be repaired
is insane and/or poorly educated;
The USA is a rotten corpse of a NATION; 'Fixing'
the USA would only result in an even more UGLY
frankenstein monster;
Even the Flounding Fathers said "BLOOD MUST FLOW EVERY FEW GENERATIONS"; Time for FULL RESET destroy all that is USA, move on; Enjoy your life; Far from the USA.
People who want to FIX the USA are those who have a Hamiltonian Interest in the Status-QUO. Get over it
and MOVE ON.
Bring back the republic! Out with the US Corporation. Those seats sit vacant while the corporation pretends to be a government.
Hitler ws right, it's all the fault of the JOOOOSSS
.....hmmmmm AH, appropriate initials i suppose, obviously had a hard on for the whole racial purtiy thing and definitely had a hate on for the "chosen ones" - fuck knows where that came from for sure and I don't buy into the hate someone for thier race alone by any means but I think human history has shown repeatedly that self proclaimed exceptionalism ends badly for the "chosen-people-du-jour. I think it is a natural truism that when one proclaims ones superiority it invites challenge and in this case when a people deem themselves superior to the other 7 billion souls on the planet there is bound to be some friction.
Insofar as the parallels well that is to be expected I think, the same puppet masters are pulling the same strings........
http://thegreateststorynevertold.tv/
What I find interesting is that one of my long-time friends, who is very wealthy and happens to be Jewish, thinks that "the economy is firing on all cylinders" and that stocks are about to rocket higher to the moon and beyond.
I almost asked him what planet he was talking about, but I didn't want to challenge his delusions. He'll fingure it out after his stock portfolio takes a 40-60% hit.
Join the fucking club. I've been unhappy for 8 years
Listening to these Keynesian not-so-useful idiot apologists, one might find themself convinced that wet sidewalks cause rain. Oh, well. Good enough for the Economist, I suppose. Thank you for trying Bob. The exit is that way.
"But the real issue is self-esteem and the social-comparison processes that the psychologist Leon Festinger observed as a universal human trait."
And here I thought the problem was that if we don't continue to create enough new debt to buy new useless crap with so we can pay off the old debt we used to buy old useless crap with... plus interest... the entire ponzi system collapses.
So it's all about SELF-ESTEEM then.
I'm going to have to borrow some money so I can buy myself some one day...
Thats just it, we need to disassociate the idea of consumption with self worth. Find meaning elsewhere or perish.
"Though many will deny it, we are always comparing ourselves with others,"
It is not so much comparison with the here and now. It is the comparison of the past 7 years.
WS Scum that caused all this have profited while others have paid.
I don't want equality with them.
I want PAYBACK for them. I want to see them HOMELESS and DESTITUTE, if they are even ALLOWED TO BE ALIVE.
Crimea was part of Russia and Putin did not annex it. The shades of Mussolini and Hitler is Obama, Cameron, Bibi, the EU, Ergogan and other NWO scum like the scum in Kiev.
my co-worker's step-aunt makes $76 /hour on the laptop . She has been fired from work for nine months but last month her payment was $16491 just working on the laptop for a few hours. Get More Information... www.payvalt.com
"For example, the impact of the 2008 financial crisis on the Ukrainian and Russian economies might ultimately be behind the recent war there"
stopped reading there.
Shill (er)
Listen!
"NOT VERY NICE"!
I dunno booboo. I think he did ok with the title.
The move by the fascist due to the financial crisis was completed by 2002 and summed up in the Patriot Act and the creation of the Department of Homeland Security, Bob and most of you are looking towards the horizon for the coming Four Horseman when they behind you. Those guys hanging there might as well represent the Founding Fathers.
Shiller is good when it comes to market history, valuations and the housing market. He's a disaster when he then tries to leverage those thoughts into the actual functioning of the economy. The pings of '37 are better explained by another Bob - Bob Higgs and Regime Uncertainty. It's completely rational for people to hold cash when either bracing for a crisis or coming out of one, when they don't beleive that solid opportunities will arise. Consumer preference is all that matters and the Keynesian nonsense of "too much saving" has been blown wide open myriad times over.
Well said, I think. Now I just need to figure out whether I'm bracing for a coming crisis or recovering from one we've recently come out of.
Mmmmmm.... I think 'eye of the hurricane' best describes it. Too late to stop the devastation that's already happened, too early to take the boards off the windows and start rebuilding.
Just looking at this string and the headline... Many of us don't have a lot of history at our finger tips OR maybe we are not great writers...
I mean maybe today's fascism looks more like a "Red Scare", the Black Listing of Pete Seger, and the pump up and conduct of the Vietnam war. I don't get how people or politicians can not see our Federal Debt, 12 years of war, and not know it is time to build the Treasury & War Chest.
And the Political Figures of John McCain, Lindsey Graham, Phil Graham, Dick Cheney, Liz Cheney, John Bolton, ... Even Obama & Hillery are War Mongers. What the hell is that.
Here is a speech that Obama Gave or Could have Gave:
Obama: You didn't build that business. The Banks built that business. Banker financing created this great middle class and all of our businesses. It was financing. Pause.
Obama: But people starting taking it all for granted. Unions won rights to organize, overtime pay, weekend differential pay, triple time on Holidays... It became too much, too expense, and people wanted more. Pause.
Obama: Then Ronald Reagan came along and said that is enough, we want Federal Emergency workers excluded by law from Protesting and going on strike. And Herbert Walker... er, I mean Governor Walker has taken up the fight courageously to cut back on Union Rights and support the Big Banks that created all our businesses. Pause.
Obama: American people had good jobs and we created a middle class. But Unions and people working got too greedy. It is time for people to realize that not everyone has a right to work. not everyone has a right to a living wage. Not everyone will be deserving of having work or a job. It is time people realize that there is a class above themselves that are taking all the risk and creating all the jobs. People need to humble themselves for the opportunity to talk with officials, people in power, and the freedom loving bankers that give their all to this great country.
- Banks figured out that having a middle class & workers that could afford cars & consumption... Made Labor too Expensive & too Powerful to Oppose Industry managers with Populist Movements just like the ones that arose prior to "Federal Government Regulation", Of Course the Wealthy just doubled down on Lobbying, Creating PACs, and Enticing Government Employees & Officials with new careers, promotions, and incentives
End
---
- Does USA look like an Empire like the British Empire?
- Does the USA have Colonies like the European Empires?
- No, Power can be exercised to enure trade routes are open, financial power is preserved, Energy & Oil are Secure for the progress of business & Creation
- Superpower is the modern word for Empire
- Power is exercised through Fascism, Strong arm tactics, Control over Credit, Control over Funding, Ability to Obtain Assets, Control over Education & History, Control over Free Press, Control over the Internet, Control over Wages & the Number of Jobs, Control over the Supply of Labor, Control over Safety, Environmental Rules, and Control over Legislative Bodies and the ability to Lobby & provide Gifts & Incentives to Officials
- Think Empire NOT WWII or 1937
- Think Free Trade, TBTF, & Corporate Power of Oligarchies & Monopolies as demonstrated by the "Robber Barons" who set Up the US Federal Reserves Incorporated
"But Unions and people working got too greedy. It is time for people to realize that not everyone has a right to work. not everyone has a right to a living wage. Not everyone will be deserving of having work or a job. It is time people realize that there is a class above themselves that are taking all the risk and creating all the jobs. People need to humble themselves for the opportunity to talk with officials, people in power, and the freedom loving bankers that give their all to this great country."
Either this is sarcasm or "fuck you."
Well this was the Messiah speaking.
We are both drinking, but I know it was parody or Irony.
It is a tough line of entertainment.
See "Obama:"
Crap had to search for spelling of mesiya. lol
slow down on ur drinkin bitch.
Late Add: Freedom-Loving Bankers should have been a clue here.
http://ronpaulinstitute.org/archives/featured-articles/2014/september/14...
The Fed will never stop QE permanently. If they do the above will happen.
The Fed is attempting to replace (reflate the balloon) all the $ that was lost in 2008-09. But the balloon has a hole in it so the Fed can't stop blowing. PIMCO knows this and they chuckle...
Craus -> First off here is a FACT the FRB was BUYING MORTGAGES and TBILLS as early as DEC 2005. They were buying around 3 Bill MBS per day (60 Bill MBS month) and 11 Billion Treasuries per day (200 billion a month). That makes the current QE seem small. YES there was QE before ANYONE outside of Wall Street knew there was QE.
Now add this up...China is Industrialized in 1990's, China Most Favored Nation bill 1999, USA-China Gold Lease 2000, China access to US TREASURY computers 2012, Pay China First Bill 2013.
FRB knows the USA economy is dead. No institution or group can save it.
Who cares at this point about QE. The US economy was KILLED with OFF SHORING and all INCOME DISAPPEARED, then CHINA GOLD LEASE emptied the rest of Fort Knox in 2000. In 2008 the US Economy went under, most of US CAPITAL was then RETIRED or RELOCATED to Foriegn Soll.
Uncle Sam is kept alive today only to prepare various bankers to steal what they can from the system, and the military and DHS can prepare for US unrest and riots.
EDIT: To add USA No Longer Largest Economy:
http://www.businessinsider.com/chart-rise-and-fall-of-modern-empires-2014-9
My upcoming book The Immoral Consequences of Saturn's Chosen People is printing now.
The release date is October 3, 2014
Pointless article. Literally - not one fucking point.
+1 Smegley. This guy ignores ACCURATE history to his own demise. Creating an incorrect premise, but close.
Wall Street (via Bush and Warburg) funded Hilter. Then critical German banker types (Allen & John Dulles) were placed into the US political system. Dulles brothers helped a number of German Jews, such as the banker Paul Kemper, escape to the United States from Nazi Germany.
Difference now is USD is world reserve currency, the DM was not. As such the USD havoc will have global ramifications. That is the story.
Most Americans have a hard time accepting the we've become a fascist state. That is another story.
He is a good writer. The article tosses around some things to think about.
Some things to think about while you are lining your bird cage with the article.
Garbage in, garbage out
"For example, the impact of the 2008 financial crisis on the Ukrainian and Russian economies might ultimately be behind the recent war there."
methinks mr shiller has been drinking the kool-aid. us/imf meddling in ukraine is the direct cause of the war between east and west ukraine, it is not russia that is the cause.
"Some will doubt the importance of economic growth. Maybe, many say, we are too ambitious and ought to enjoy a higher quality of life with more leisure. Maybe they are right."
it's not an either-or; increased economic success allows more leeway to enjoy quality of life and leisure. when the leeches and mass-murdering warmongers in the government and central banks stop pillaging the treasury for their own personal purposes such as awarding no-bid contracts to their buddies at haliburton or installing joe biden's son hunter biden on the board of ukraine's largest gas producing company (no conflict of interest there!), there will be much more economic freedom.
these leeches in government use the treasury as their own personal piggy bank, to increase their own power. they drastically overspend and put the people into debt-servitude as though the people were their property, in a word: SLAVES! some think that slavery in the west has been abolished; not so, it has merely been pushed beneath the surface. humanity needs to wake up, be vigilant, reject all government completely, reject the notion that a person can be another person's property, and reclaim their freedom.
everything is the faultof the USA and putey pute is a peace loving guy caught up in it all and doing nothng even remotely sinister, like supplying BUKE rockets to the seperatists
Question is "Who will follow the Elite into Battle?" What if they call a War and No-One shows up. Ya your right....GI JOE
re Bob Shiller warns of parallels to 1937
Mr Shiller confuses 1937 with 1917:
1917 - Bolshevik takeover of Russia, forming USSR
2014 - Neo-Bolshevik (aka "NeoCon" for obfuscation purposes) takeover of USA, forming de-facto USSA
+100 The same tribe both times.
Shiller goes full retard with the Putin=Hitler propaganda which is a shame because he was more credible than that total moron Krugman.
Wall street was hip deep in the creation of the Bolshevik state.
NuYawkFrankie;
What? You don't follow the news.
Well we are both drinkin'.
Late Add:
Yeah, banks created 1907 Bank Scare and the Great Depression.
Ok.
But they wrote the bubbles & Busts for the 20th Century... and maybe wrote the plan fir US Intervention in: the Caribbean and Latin America.
We are being played.
See James Corbett Film:
Century of Enslavement: The History of The Federal Reserve
https://www.youtube.com/watch?v=5IJeemTQ7Vk
& Latin America.
While some kinds of sanctions against international aggression appear to be necessary...
Just what exactly does the author propose to do to punish the usa for their unmitigated international aggression anyway? Flipping commie bastard. /s
http://uk.reuters.com/article/2014/09/14/germany-election-states-idUKL6N...
"The downside of the sanctions imposed against Russia for its behaviour in eastern Ukraine is that they may produce a recession throughout Europe and beyond".
Russia was in the process of a hand-up before the neo-nazi riots with discounted trade pricing which flew in the face of western hegemony.
Why the slant?
Not sure if Shiller is correct in focus on Russia and Ukraine as source of discontent. Although much corruption in Ukraine, they were always a poor country while Russia with energy and mineral wealth has been doing well recently. Real source of discontent is in EU with slow growth and youth unemployment with Iceland, Spain, Italy France, Greece in recent financial trouble. US and Japan also in trouble with fiat pumping not achieving growth targets and under threat of further bursting bubbles and unrest in Middle East requiring unpopular miltary action. So the problem is squarly in the Western economies and unrelated to Russia or Ukraine. However the parallel does exist in understanding that Hitler tried to invigorate German nationalism and industrial/ military growth in reaction to costly war reperations. In this process Nazi Imperialism Hitler invaded suuounding countries including Poland,Soviet Russia for agricultural "space",Rumania and North Africa for oil and other countries as well to establish a new world order that inevitably became a threat to democracy and British led capitalism.
The real threat today is a direct result of Global Capitalism and World Free Trade running its course with winners and losers. It seems winners are China and other developing countries but financial stress in developed nations of US and EU. However the stress has not impacted the top 1% but rather the middle class. Therefore the top leaders must find ways to revive national growth or the financial pyramid is destined to collapse. How our elected, but malleable leaders, as well as "vested power players" face these problems will determine if we find solutions, enter a depression or continue on a course of war. Unfortunatly the real problem is with the" vested multinational interests" that will find it difficult to change course because they never had it so good.
"Russia.............has been doing well recently." ???? Uh...check out the ruble.
check out the deficit as % of GDP
Comes the time , comes the man :
, a man told Maxim that if he wanted to make a fortune, he should invent a machine that would help these Europeans kill each other. Maxim did and sold his machine guns to European countries on the eve of World War I,
A good case can be made that it was the machine gun that caused the war by rendering cavalry obsolete . The ruling class were all cavalrymen .
These days :
A cloud of bullets is so passe .
See http://andreswhy.blogspot.com/2012/02/smart-bullets.html
Is the impending mass dispersal of smart bullets causing the rash of wars ? The smart bullets swings the balance toward the badly trained , poor infantry against war machines .
Economists don't know the differences between money and liquid assets. Reg Q ceiings were removed. 38,000 NBs were given the legal authority to become 38,000 CBs. Reserve requirements ceased to be binding in 1995. The Fed began paying interest on IBDDs sucking savings from the NBs. Twin deficits are looming.
We've in for a protracted period of slow economic growth.
Condoleezza Rice described the reasons of the conflict in her interview.
America has been trying for years to destroy the European energy dependence on Russian oil and gas and the Ukrainian pipeline.
Now it's time to make the Russian economy suffer by cutting its oil and gas exports. Europeans will suffer too, but American companies will supply them with cheap American gas while making enormous profits.
http://www.n24.de/n24/Mediathek/videos/d/4758188/-russland-wird-das-geld...
By the way, there was an oil tanker "Condoleezza Rice" http://iaincarstairs.files.wordpress.com/2013/08/condoleezzarice-ship-bo...
It's different now. Not saying better, just saying different. Now we've got time-traveling androids and The Force, zombies and vampires, and our leader is an Obama. If you like your 1937 you can keep your 1937.
"The current world situation is not nearly so dire, but there are parallels, particularly to 1937"...
Oh really?...
I think Bob Schiller is leaving out the part about the Country that deposited, not one... but two... weapon(s) of mass destruction in the Pacific theater of WWII that has killed millions and that was instrumental in starting an arms race with another super power it has been threatening for World energy dominance that has lasted for more than 69 years that has bankrupted "this Country" in question and will do far worse if a conventional exchange were ever to take place!
Snapshot of those two weapon(s) that were used to end the second world war that started an arms race then...
Snapshot of what those weapons can do 69 years later from the adversary that never used them on any of it's adversaries to date... But that has this same Country on it's border poised to start a major conflict again!
Pleasant dreams Bob...
Sure hope it will always stay in the realm of the conventional forever!!!
Keep telling yourself that the same guys who did it the last time would never think of using it again given the consequences it would bring today!!!
Reading Robert Schiller's ramblings is like reading Dennis Rodman's ...lol.
like watching a cow take a s*it
his smells worse though
Disagreement: The world situation today is much more dire, in so many ways. I won't even mention the fact that the insane predator-chimps today have tens of thousands of nuclear weapons, each hundreds to thousands of times more destructive than the pop-tarts dropped in WW2 (with apologies to decedents of folks in or near Hiroshima and Nagasaki).
Disagreement: Most humans today sanction, support, embrace and defend over-the-top blatant mass-murdering cretins. The tendency towards benevolence that tends to apply to people who perform real, actual, honest, benevolent physical and intellectual productive work no longer applies to a very substantial portion of human beings (especially not in the "major" fictitious nations). And so, expect a brutal future, human beings. Almost all of you asked for it, by your sanction, support and funding of the most insanely nasty, diabolical, aggressive human predators ever.
"The tendency towards benevolence that tends to apply to people who perform real, actual, honest, benevolent physical and intellectual productive work no longer applies to a very substantial portion of human beings"
The productivity of labor and small businesses has been siphoned off via the fascist corruption of inflation, corporate repression and insatiable .GOV bureaucracies.
Production and creation have/are being expropriated by the parasitic oligarchs and their statist mercenary enablers.
"People will never be happy with newfound opportunities for leisure if it seems to signal their failure relative to others."
The leisure of poverty and repression or the leisure of being asset stripped digitally?
[Russians' discontent, and the Russian president Vladimir Putin's decision to annex Crimea and to support the separatists.]
Stopped reading there.Already have my propaganda quota for the day.
My son just told me that Obombya used the terms "axis" powers and "allied" powers. The last time these words were uttered in the USSA, off to another world war we went! OMG!! But we had a great economy again, didn't we?
How in the world did Russia manage to lose the lease papers for Alaska?
Banking With Hitler (Full Length) British http://www.youtube.com/watch?v=veQfroRUWdM
Hitler’s Economics & Why You Should Know A Thing Or Two About Them http://www.zerohedge.com/news/2014-01-17/guest-post-hitler%E2%80%99s-eco...
Hjalmar Schacht was Hitler’s economic guy. According to Wikipedia, Schacht: ”became a supporter of Adolf Hitler and the Nazi Party, and served in Hitler’s government as President of the Reichsbank and Minister of Economics. As such, Schacht played a key role in implementing the policies attributed to Hitler.”
(Only German) Horace Greeley Hjalmar Schacht http://www.youtube.com/watch?v=AmC_G2imymQ
More on Hitler here: http://forum.prisonplanet.com/index.php?topic=209554.0
Benjamin Friedman also had much to say ( not good) about socialist Jews (communists)
"For example, the impact of the 2008 financial crisis on the Ukrainian and Russian economies might ultimately be behind the recent war there."
fast forward this plebian fool.
"In the late 1930s, people were also worrying about discontent in Europe, which had already powered the rise of Adolf Hitler and"
this started right after UK FR and the US hit DE with massive costs for ww1 by 1933 AH was already rolling.
"Though many will deny it, we are always comparing ourselves with others, and hoping to climb the social ladder. People will never be happy with newfound opportunities for leisure if it seems to signal their failure relative to others."
i will deny it. this is total b*llshit.
jeez what a piece of sh*t to start the week with.
Shutup already about war being economic Stimulus. If it was so great why did people in the UK and France have to live on food rations until the 1950s? It was great for the USA because Europe transferred over 100 years of accumulated capital over to the USA to pay for arms and weapons.
Now there's nobody to send their treasure over ask yourself how great for the economy Vietnam was (forced USA off the gold standard), how about Iraq and Afghanistan? Other than for a select few insiders the new perma war USA state is not doing so well (hint take a look at Detroit and Chicago).
I suggest the author read the broken window fallacy.
It was the Congress of 1946 that undid scads of central planning that was the start of the recovery. - Ned.
Exactly! It's disturbing to see supposedly intelligent people claiming WWII "ended the depression." That is absurd! Actually the depression was over as soon as FDR abandoned his central economic planning efforts in an effort to win over the business community in preparing for war. The idea that war is "stimulus" is the mother of all broken window fallacies.
I wonder if most readers realize that circa 1920-1939 mighty England defensively stultified europe as a whole and practically condoned the rise of nazi germany? The brits running the show back then wanted all of europe cutting each others throats, limited in power and incapable of warring with the commonwealth. It was a four-flushing cocksuckers kind of foreign relations policy- not pragmatic or altruistic in the least, but it served to keep a check and balance on each countries might.
If comparisons wanted to be made about who is turning into nazi germany, that's easy: The nameless jewish face, in control of every key industry in the most important countries on earth, are now the nazi's. You dont have to be a country dictator to be in control of the masses. That is sooo 20th century. They have trained our neurons so efficently through the years by means of hollywood propaganda and whelps in govt that it is an almost inconceivable notion to say the slightest negative word against them. Do you know of any other race of people that enjoys that privilege? You see how genius they are?