Bernake Killing Middle Class
- Thread starter Hitnruntrader
- Start date
i'll honestly be amazed if we still have a central bank in 5, 10 years at most
i think if we're going to successfully come out the other side of the decline of the dollar, our next currency will need to be the following:
1. explicitly designed with the goal of zero long and short term change in purchasing power
2. probably a claim on a basket with a 100% realistic representation of general consumer prices. no cpi bullshit, no core inflation, no convenient justifications reliant on the short-term cost savings of exporting our economy
3. the goal of this money will be 100% price stability. so instead of monetizing debts, defecits and hazards, we will monetize real assets. ie - people actually directly get something of value for their labor/ingenuity (and don't need to be a leveraged speculator to safely retain it)
i think if we're going to successfully come out the other side of the decline of the dollar, our next currency will need to be the following:
1. explicitly designed with the goal of zero long and short term change in purchasing power
2. probably a claim on a basket with a 100% realistic representation of general consumer prices. no cpi bullshit, no core inflation, no convenient justifications reliant on the short-term cost savings of exporting our economy
3. the goal of this money will be 100% price stability. so instead of monetizing debts, defecits and hazards, we will monetize real assets. ie - people actually directly get something of value for their labor/ingenuity (and don't need to be a leveraged speculator to safely retain it)
Droite de Senor,
Guess that translates as the "Right of the Patron" or something.
I'll believe anything at this point.
Gurdjieff called these people "Hasnamuses"
if you are familiar with his work...... "Power Possessing Beings."
Well, the bigger they are the harder they fall....
They may fall after me, but they'll fall.....eventually.
Then maybe we can see a new dawn !
2011 - 2012 seems to be an important juncture.....
All kinds of interlocking things happening then.
Even the ancient Mayan Calendar.
.
Guess that translates as the "Right of the Patron" or something.
I'll believe anything at this point.
Gurdjieff called these people "Hasnamuses"
if you are familiar with his work...... "Power Possessing Beings."
Well, the bigger they are the harder they fall....
They may fall after me, but they'll fall.....eventually.
Then maybe we can see a new dawn !
2011 - 2012 seems to be an important juncture.....
All kinds of interlocking things happening then.
Even the ancient Mayan Calendar.
.
middle class is killing itself. Just like I read in a different thread that how it is unfair that workers at some domestic automotive plants get paid 26/hour (or something similar), which causes them to think that that's the right way to get paid.
Most of this workforce is high school grads at the most
The truth is that many Americans especially the ones that are overpaid middle class don't deserve their wages.
It's true - how can you pay someone 26/hour to put a battery in a car?
I gotta say I have worked for Tower Automotive (TWR.PK as it was later knowed after getting bumped off NYSE or Nasadq), I'm now layoffed, but I saved enough money from working there to not have to worry.
Anyway, Tower was bought by Cerberus just like Chrysler and things that they do now are crazy in the plant.
They make us work really hard while union didn't do shit. When Cerberus bought Tower we started working twice harder because they would consolidate two jobs for one person.
I personally hate the union myself because it breads laziness in the workplace and there were people there that did nothing that I would like gone.
Most of this workforce is high school grads at the most
The truth is that many Americans especially the ones that are overpaid middle class don't deserve their wages.
It's true - how can you pay someone 26/hour to put a battery in a car?
I gotta say I have worked for Tower Automotive (TWR.PK as it was later knowed after getting bumped off NYSE or Nasadq), I'm now layoffed, but I saved enough money from working there to not have to worry.
Anyway, Tower was bought by Cerberus just like Chrysler and things that they do now are crazy in the plant.
They make us work really hard while union didn't do shit. When Cerberus bought Tower we started working twice harder because they would consolidate two jobs for one person.
I personally hate the union myself because it breads laziness in the workplace and there were people there that did nothing that I would like gone.
The more I think about it, the more Ben HAS to cut. He wants inflation, and he wants short-term bond yields near 0. The reason? Banks sitting on cash or t-bills earning negative 4 or 5% considering inflation are eventually going to get tired and begin buying higher yield notes at some point as the loss from inflation will exceed preceived default risk of CDOs.
Not to mention that inflation is the only way to prop up the housing market. I say he cuts 1% on the 18th, or holds an emergency meeting and does two cuts back to back like January. Watch the spread on the disocunt window be cut to 25 bps above fed funds.
A weaker dollar makes our shit assets look better overseas. The only trick is to keep commodities under control.
Even if Ben succesfully ends the credit crisis, he's then going to have a full blown recession anyway due to spending cutbacks to afford gas and food. Rates will already be sub 1 1/2% whichwill give him very little room to navigate.
Not to mention that inflation is the only way to prop up the housing market. I say he cuts 1% on the 18th, or holds an emergency meeting and does two cuts back to back like January. Watch the spread on the disocunt window be cut to 25 bps above fed funds.
A weaker dollar makes our shit assets look better overseas. The only trick is to keep commodities under control.
Even if Ben succesfully ends the credit crisis, he's then going to have a full blown recession anyway due to spending cutbacks to afford gas and food. Rates will already be sub 1 1/2% whichwill give him very little room to navigate.
The middle class has to blame their own spending habits, not Bernanke.
Did Bernanke
- himself install a government that spends trillions of US tax payers money on overseas wars? Or was that tens of millions of middle class bible belt voters?
- force the middle class to buy overvalued homes with zero money down?
- suggest to them to go year after year with a negative saving rate?
- recommend the middle class to live a life way above their means like the rich and famous, having 8 credit cards each and abusing their home as an ATM so they can buy a 3rd BMW/Mercedes/Porsche and a collection of Louis Vuitton bags for the wife?
Bernanke is not to blame. IMO he's just the perfect scapegoat getting the blame because he is now supposed to single-handedly clean up a gigantic mess after the foolishly naive middle class consumers and nutcase politicians in Washington.
Jews will get all the blame, again. History will repeat itself.
People that run banks understand human psychology, so there is no way they couldn't have known what relaxed credit rules will lead to, credit leads to debt, it's unavoidable and the more the debt, well we know the rest. Do you know that people that live in Eastern European countries have savings? (Not all, though many). In the UK millions of people do not have any savings at all, they go from week to week in the red. Main reason for that is absense/tight regulations of credit in Eastern European countries, so people have to budget based on what they have, not what they borrow.
Our schools don't teach about "anything financial" as a requirement to graduate from high school or to get a college degree. (Recall all the crap you were required to take or did take... What could have been more valuable than at least one semester of personal finance and economics?)
Why is finance not taught? Because the Powers have a vested interest in our remaining ignorant.
Sure, the information is available for those who seek it. What percentage of the population does?
Not enough people understand how we're being hosed to affect a change.... just like there are not enough wealthy peoples' votes [you know, the ones who pay the vasssst majority of the income tax] to affect change in the Gummint.
"They" have us right where they want us... which of course ALWAYS was the REAL plan.
The average person is either educated (as in gone to university), or uneducated. If educated she is so full of useless shit, if not educated she doesn't know shit.
If you think you know what universities are by what you have seen in movies, then (like in the movies) no one in the world works or has a job in order to obtain the necessities of life, he is just one happy man roaming the earth as he pleases.
As a student in engineering you have to go through all this useless crap, worthless courses that don't have the slightest impact on your life or future career but to waste your time.
America has alot of good things, but some places you just see such inefficient systems so full of crap, even a management with an average IQ can make it more efficient, yet they don't, I just don't get it.
One of the facts of this world is that destruction is so much easier than building, one inefficient system can cause such problems as to paralyze the other systems. And yet no one cares to correct these inefficient systems.