The weekly survey of economists shows that they now believe we are significantly less likely to see a double-dip recession next year with the majority shifting from 1 in 3 odds down to 1 in 4 odds. The only problem with this bit of cheery news (we are living in time where only 1 in 4 odds that civilization will end is now “good news”), the big problem with this news is that this is the same bunch of guys that always get it wrong. I wouldn’t bet on the sun coming up based on the majority thinking of these corporate agenda driven nit-wits.
The trend line on jobless claims continues to move in the right direction with “only” 390,000 workers filing initial claims last week. But, here again the numbers are so distorted by corporations churning the workforce to drive down wages that the numbers don’t mean much.
The stock markets closed the week up significantly based on the capture of both Greece and Italy by the Forces of Darkness. So-called Techno-crats will lead both countries with “everybody” (that’s what the corporate media says) “everybody” buying into it on the assumption that this will take the politics out of political decision making, it also takes out the democracy. Here again you have a couple guys who have been profoundly wrong about economics for decades, and they have not changed their tune by one single note. Now they will now run these two countries on the basis of what is good for the one percent. The rumor is that Portugal is poised to fall next week as the dark conquest marches across Europe.
The rational for throwing the smaller Euro countries to the wolves is that it will lighten the sleigh and the rest of us will survive, or more specifically the banks won’t crash. But the harsh level of austerity they are imposing will suck the life out of these economies so collapse remains inevitable. One can surmise that the plan is to keep repeating the cycle over and over again with a crash or close to it, and follow this with another bailout for the banks. Then the wholesale transfer of assets to pay the interest to the creditors. Basically, ever more printed money will finance the acquisition of the planet for the one percent.
With every cycle more and more real tangible wealth is transferred to the one percent based on the fact that they hold our massive debt. Debt that was only run up in the first place because the one percent weren’t paying their taxes, nor paying high enough wages to the middleclass so that workers and the government had to borrow money. Money that never should have been in the hands of the one percent to begin with.
Herman Cain is right about one thing, it is our own damn fault. We could have stopped this from happening. We could stop it now but too few realize we have the power. The 99% bought into 40 years worth of corporate lies because too few of us read anything but the sports scores and even if you do the lies are everywhere. There’s no real shame in being hoodwinked until you know better and then don’t fight back. www.prairie2.com