Friday, August 14, 2015

"Was it over when the Germans bombed Pearl Harbor?"

China devaluing the yuan against the USD had everyone in a tizzy this week. Taking a 2% markdown in one day alone started a three day decline that ended Friday with China giving their currency a slight bump against the dollar. And China stated flatly that they will maintain this exchange rate. Mostly this devaluing against a strong dollar is a signal to China's own people that they will do what it takes to maintain their economy.

The usual suspects in Republican debates are screaming Currency War and China is about to crash the Dollar! Of course there is no way this is about to happen now, this isn't 2008. All the panic did push the price of gold up slightly or rather pause its decline. At some point the price of gold will get low enough that I'm going to treat myself to a solid gold can opener.

Right Wing trolls have been having a hard time coming up with new Talking Points, so they continue to use the old ones that are way past their 'lie by date'. Workforce Participation Rate is an oldy but a goody, they're now screaming about how it hasn't been this low since the early 70s. The fact is that the percentage of working adults over 16 and not in the military or an institution, began declining at the beginning of the 2000s as Baby Boomers began to retire.

The Right Wing's supplemental Talking Point is that the Workforce Participation shot way up under Reaganomics. Obama's economic numbers are better than Reagan's in any meaningful way and Obama didn't borrow current equivalent of $10t to give away to his cronies either. Of course Reagan could have never have won the Battle of Jutland without those four Iowa Class Battle Battleships and 250 ships he built to support them. (Jutland 1916 was last time battleships fought) And of course Reagan could have never have stopped the Soviet Nazis attack on Pearl Harbor without building the Star Wars missile defense system at the cost of $3t (adj dollars).

Oh yeah, the Job Participation Rate shooting up under Reagan. It was simply millions of women going to work even if they had young children because of Reagan's War on Middle Class wages. For those of you who don't remember the olden days before Reagan, it was common for married women to never work outside the home and with a union job not a difficult thing to do. Now only religious cultists observe that practice.

The current Job Participation rate for Prime Workers 25-55 years old has actually been climbing robustly since Obama put the brakes on the Bush Crash. Of course there have been no real gains in wages but it's up to Congress to reinstate the Hamilton Plan for Manufactures. It was originally enacted in 1792 and largely maintained until 1981 building America to the industrial juggernaut it once was. Now they want to take Hamilton off the money because nobody knows why he's there. China has actually been following his plan since 1981 has gone from building steam locomotives to being the number one world economy, maybe they'll put him on the ten yuan bill.

Twitter @BruceEnberg - where we flip the Right Wingers over and check their 'lie by date'.


Fake_William_Shatner said...

I'd say most of the new jobs are lower wage than the old jobs. Not sure if Obama could have done more with Congress, though he's not as skilled at the one-on-one negotiations, and I hear he doesn't like the whole shaking hands and ego stroking of the Clintons. So without a t-shirt, Republicans have hurt feelings so they have to ruin the country and shut down the government to balance the situation.

To be fair to Republicans (I do this with difficulty), during the Reagan era, the trend for women to enter the workforce was already in play, and would have happened with any President. However, it masked the abysmal situation for the Middle Class and women went from wanting to explore their personal power to needing to work in order to maintain household buying power.

Now we've got latch key kids and street gangs and some people wonder why. My personal theory is that street gangs also function to force wages to their members -- to replace the loss of Unions. When at a convention in Vegas, we had to pay the crips money to NOT steal our stuff. ON balance, it was slightly less than the cost of conventions in Chicago due to unions (and admittedly, not one of the "fair" ones).

All this gets me thinking how the mob rose to power -- as a defense against fascism in Italy, and then again as a way for Italians to get power outside of the system that tried to exploit them -- and to provide security in towns that would otherwise be paying corrupt cops. Over time, they got more corrupt -- which seems like a strange comment.

I wonder when we will have an increase in crime -- when the underclass realizes that they've been victims of legal crimes by the Plutocrats.