PJ didn’t say this, but he might as well have.
These are the two things you need to know about the monetary system and they apply to pretty much every currency in the world, including the euro.
When I first read that Drucker quote, I immediately thought of drones and how their efficiency makes possible aggression that would otherwise be too costly or unfeasible.
Goldman Sachs horde 25% of the World’s Aluminium then manipulate the price by delaying delivery to companies by 16 months, increasing the price of it, making them a lot of money and potentially costing consumers $5 Billion over 3 years.
The works of the roots of the vines, of the trees, must be destroyed to keep up the price, and this is the saddest, bitterest thing of all. Carloads of oranges dumped on the ground. The people came for miles to take the fruit, but this could not be. How would they buy oranges at twenty cents a dozen if they could drive out and pick them up? And men with hoses squirt kerosene on the oranges, and they are angry at the time, angry at the people who have come to take the fruit. A million people hungry, needing the fruit—and kerosene sprayed over the golden mountains.
And the smell of rot fills the country.
He wrote those words more than 70 years ago, yet the conditions he describes still ring true for 50 million Americans living in food insecure households today… . Hungry families do not have enough food… [but] not because of scarcity. Every year 40% of food produced goes uneaten. That’s 20 pounds of food per person per day. And that is the twisted irony of hunger in America today. What Steinbeck called that crime that goes beyond denunciation, landfills brimming with rotting food while 15% of households don’t have enough to eat.
It’s economical violence.
Dec. 10 2013
The chief executives of McDonald’s and Starbucks earn more than $9,200 an hour, which is at least 1,000 times the hourly wages of their sales associates, according to a new report by the personal finance website NerdWallet.
The report highlights fast food and retail companies with some of the biggest gaps between CEO pay and hourly wages paid to associates.
McDonald’s, Starbucks and Dollar General top the list, followed by Gap, TJ Maxx, Target, Wal-Mart, CVS Caremark, Best Buy and AT&T Wireless.
Out of those 10 companies, median CEO pay on an hourly basis was calculated as $7,334, compared to $8.73 for sales associates. NerdWallet reviewed 100 companies for the report and selected the 10 that had the highest annual CEO pay to compare the disparities.
CEO pay was calculated by dividing each chief executive’s total compensation (as reported in the company’s annual proxy statement) by 60 hours a week times 50 weeks per year. Sales associates’ wage information was obtained from Glassdoor.com.
The NerdWallet study comes as employees of fast food and retail chains have been staging a series of demonstrations and strikes demanding better pay.
capitalism! job creators! they earned it!
We welcome American Airlines to the NASDAQ Exchange this morning, as they celebrate the completion of their merger with US Airways! Now trading under the symbol “AAL.”
Hahah, I also welcome our airline oligopoly. This is a good thing for America because just look at how patriotic these companies are? You don’t hate the free market and America do you?
Then accept this merger blindly.
University of Missouri economic historian and former Wall Street economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid. The result is an ever-growing class of permanent debt slaves.
The clip below comes from a 2011 documentary called “Surviving Progress.” In it, Hudson states that the problem originates with the privatization of finance. “Every society in history for the last 4,000 years has found that the debts grow more rapidly than people can pay,” he says. “The problem is a small oligarchy of 10 percent of the population at the top to whom all of these net debts are owed to. You want to annual the debts to the top 10 percent. That’s what they’re not going to do. The oligarchy is running things. They would rather annul the bottom 90 percent right to live than to annul the money that’s due to them. They would rather strip the planet and shrink the population and be paid rather than give up their claims. That’s the political fight of the 21st century.”
Hudson’s belief that the problem cannot be solved without a radical reorganization of finance comes from his experience on Wall Street. “My job on Wall Street was to be balance and payments economist for Chase Manhattan bank in the 1960s. My first job there was to calculate how much debt could third world countries pay, and the answer was ‘Well, how much do they earn?’ And whatever they earned, that’s what they could afford to pay in interest. And our objective was to take the entire earnings of a third world country and say ‘Ideally, that would be all paid as interest to us.’ ”
Hold someone’s loved one for ransom and you’re guilty of kidnapping. Hold everything nature provides free of charge for ransom and you’re guilty of economics.
I think we should trust Google on this one.
What a surprise.