Thursday, January 17, 2013

Sometimes you're chumming the water and realize you need a bigger boat

Jobless claims fell by 35,000 last week to a five year low, and the number of people leaving jobs voluntarily is way up. This indicates that there is enough competition for workers that people can again feel comfortable about changing jobs. In theory this should drive up wages, but of course the Mitt Romney class continues to target good paying jobs for export.

Walmart claims it will ad $50 billion in additional American made products, but this is over the next ten years. On a yearly basis this is really only 1% of their current sales. Some things are simply cheaper to make here, with Walmart's growth rate they will outsource far more jobs in the next ten years than that $50 billion represents, even if they keep to the letter of their 'commitment' to buy American. Every new Walmart results in 200 local middle class jobs being permanently reduced to 'working poor', this doesn't count the factory jobs lost or the local jobs they supported.

The Republican planned default by America is less than four weeks away. It more tricky this time around to calculate the exact moment of the Apocalypse with tax refunds going out this time of year complicating the government's cash flow. How much the IRS pays out can vary from tens of millions one day to tens of billions on another day.

It's too bad they nixed the platinum coin plan, my own crazy idea would be to mix trace amounts of platinum into the check printing ink, then just print coin shapes on the checks and let banks redeem them at the Federal Reserve. The platinum could then be easily recycled.

The righties like to screech that we borrow a quarter of the Federal budget from China, we don't of course. The communists haven't purchased any significant amount of Treasury bills since 2006, and even then they paid for them in USD. If we were really borrowing from China your tax refund would be denominated in Renminbi (the People's currency). The other name for Red Chinese currency is the Yuan which means simply 'round'.

The only reason Greece is in trouble is that they let billionaires get away without paying taxes. Who would be stupid enough to do something like.... oh yeah our Republicans do that, and tell us that's a good thing for 'job creation'. The Greeks don't have their own currency, they use German Euros.

That's right I called them 'German' Euros. Germany is the Great White Shark in the goldfish bowl, and they're doing just fine. Greece is now obliged to literally sell the entire country for pennies on the euro to the fat cats. Who would be stupid enough to sell the country's entire infrastructure to the private sector for pennies.... oh yeah, here the Republicans do that and call it 'privatizing' like it was a good thing.

Germany's central bank is moving a big part of their gold reserves to Germany. The Bundesbank is 'repatriating' 375 tons from Paris, and 300 of the 1500 tons that they have on deposit with the NY Federal Reserve. There's no official reason why they're doing this, other than German pride. They lost all their gold after the war of course, and this represents accumulated foreign currency reserves. They moved a thousand tons from the Bank of England in 2001 because the Brits were charging them for storage. This had been a secret that only came out recently in an audit report. The US and France don't charge for keeping it, but the Germans are moving it anyway.

Gold is up about $20/ounce this week, but probably not over this German action. It's still about $200/oz below its peak. The rightwing 'experts' still want to sell you gold, guns and dehydrated food. That Mayan panic might be passe, but the Kenyan troops are coming any day and you need to be prepared, or was it Mayan troops? I can't keep the crazy talk straight. That's not to say that I'm recommending you lean over the side of the boat when applying chum. There are things out there that will get you, but they're the same sharks that put out the rightwing talking points every morning.

PS Harpoons on ebay (this is true) start a 19.99, a good one is only $70. Guaranteed to penetrate the rightwing blubber, or your renmindi back.


Anonymous said...

Went to Walmart store 2 weeks ago for the first time in over 2 years. It was 1:30pm on a Tuesday. I was amazed how crowded the store was at that time. Long checkout lines. Lots of people of all ages shopping. ... Does anyone work anymore? Or is everyone on social security disability? .. Yes, I work ... I was picking a few things up for evening office meeting.

Anonymous said...

"The only reason Greece is in trouble is that they let billionaires get away without paying taxes." And that half the country is employed by govt. and can retire in 50s with govt. pension. .. I mean, seriously, how many billionaires live in Greece? Onassis died 38 years ago. .. When have you ever went to a store and bought something "Made in Greece". Never. Tourism is about all they got. .. But I do like a Greek Salad once in awhile.

prairie2 said...

It's amazing that the trolls think that by simply repeating their de-bunked talking points and 'factless' facts that we're going to accept their fantasy version of events. None of the things they think they know about Greece are true, never any actual numbers, just anecdotes that support their prejudices.

Anonymous said...

You never answered the question. How many billionaires live in Greece? Well, I will inform you: 3 ... Take that talking point and stick it in YOUR lefty welfare/nanny state talking points.

prairie2 said...

"How many billionaires..." even if there are only 3 who claim Greek residency, that isn't everybody who is evading taxes, and if you don't actually live there, it's really easy to dodge their tax system. You can claim reality doesn't exist, but that doesn't make it so.