Posted by GT on Tue, 01 Apr 2008 15:39 | #

“In this globalised financial world the profits have been privatised and the risks have been socialised”.

That is certainly true today.  Not true in 1929, however.  That is why talk of a “Great Depression” as severe as our grandparents’ is laughable.  Far more real wealth was lost then – non-borrowed wealth built over several lifetimes of comparatively hard physical labor.  Since the late 1960’s American worker’s wealth has declined Fabian-style.  At this point, who but a kid or idiot would claim that the American working-class has not been destroyed?  What we have now are single head of household and two-parent working families with latchkey kids distributing Made in China products or flipping McBurgers in a multiracial “service” economy.  If Americans suffering real loss didn’t revolt in 1929, their easy credit, light-laboring, urbanized, yuppie grandchildren sure as hell won’t do so now.  In view of socialized economic risks, making economic depression a precondition for change places reform and jewry’s expulsion far into the future – if at all.  Do we want a future in North America?  If we do, then we must make it.  I suggest we start by taking back the countryside. Easy online racialism using “depression” to promote “revolution in the cities” is not going to work.

Posted by GT on Tue, 01 Apr 2008 16:15 | #

Economic common sense dictates that it isn’t sustainable at all, and the longer it takes for the cost to return to source, the more likely the financial system will not be able to accomodate it, and will collapse.

Economic reality shows that *it* has been sustained for a very long time - since the end of the last Depression, in fact.  Since then all we’ve seen are periodic re-concentrations of real wealth into fewer hands, Fabian-style.  The process will continue.  Besides, who among us really care if Europid McBurger flippers lose their jobs?  Anybody?  We know the condition is temporary.  Somebody has to lose.  Our Chinese investments are of greater concern.

Posted by GT on Tue, 01 Apr 2008 20:20 | #

The post-1929 socializing of risk is also accompanied by outright lies.

The Consumer Price Index, for example, allegedly measures the price of goods and services purchased by urban households.  What it doesn’t include is income tax, stock costs, and since 1983, the price of homes.  Home prices are now converted into rental equivalents, a bookkeeping trick which has the effect of reducing household costs in relation to income when adjusting for inflation.  This is done to perpetuate the myth that “we’re doing as well or better than our parents.”  Thus when monetarists acknowledge a “quadrupling of median home values since 1940 when adjusted for inflation,” we must always remember that “adjusted for inflation” means “home prices in all years have been converted to rental equivalents.”

Are we doing as well as our parents in 1970?

Increased single head of households and two-earner families.  High job turnover.  Outrageously high cost of homes.  Soaring education expenses.  Smaller family sizes.  Larger median-sized family homes.  The destruction of the American working class.  Fuel prices doubled or tripled since the end of the year following 911.  Food costs on the upswing.  Food imported from Mexico.  Less expensive and poor quality goods from China.  Mexican housekeepers and gardeners.  Crowded emergency rooms.  You tell me.

Somebody has been making money for the past 40 years and will continue to do so.  The funny thing is, while the bubble was growing the majority of today’s lower middle-class complainers were me-tooing it to the hilt - pretending they were one of the smart guys, bragging about their portfolios, and newsletter subscriptions.  Impressive!  “Making money work, so you don’t have to.”  Ayn Randism at its finest.  And it was all good until the housing bubble burst.  Now, some of the smaller fish are being eaten.  In terms of the big picture that’s nothing more than a readjustment, a reconcentration of wealth, an economic “ding.”  No revolution is coming out of this.

Posted by onlooker on Tue, 01 Apr 2008 22:41 | #

GT,

Let’s face it, all the average workers in the West (especially the USA) are going to have to adjust to a lower standard of living ... a much much lower standard of living. We are in the process of being blended into third world poverty. Give it 20 years and we’ll be there. Look at the racial diversity and standard of living of Communist Cuba—that’s what the average workers’ standard of living will resemble. It shouldn’t come as a surprise to anyone who’s been paying attention to what’s been happening.

We will be ruled by a wealthy class of the cognitive elite, just as the “Bell Curve” foretells.

The cognitive elite will be able to reside and rule over us from anywhere on the planet, just as “The World is Flat” explained.

Posted by Guessedworker on Tue, 01 Apr 2008 23:06 | #

This evening I watched an hour-long documentary on BBC2 which covered exactly the same ground as Kieser.  It was titled Super Rich: The Greed Game, and it explained in loving detail how these bank and hedge-fund artistes are incentived with earnings of 30%, even 40% of profits and none of the losses.  Greed does the rest, guiding them into the riskiest bets with the highest potential earnings.  Even if some have paid the penalty by losing their jobs, they’ve done wonderfully well out of it and, of course, suffered none of the downsides.  Sales of Rollers and Veyrons and million dollar watches are very buoyant.

Posted by torgrim on Wed, 02 Apr 2008 05:04 | #

“Easy on line racialsim using “depression” to promote “revolution” in the cities is not going to work. GT.

Yes, agreed. Mainly for the reason that the Fed. can just about do anything to promote it’s survival. While, “casting overboard”, all that are not connected to the Fed., as re- 1980-84.

GT
“In the Globalision financial world the profits have been privatised and the risks have been socialised.”
So, nothing has changed, the President, FDR, confiscated the gold and re-monitsed the value. A treasonous act, in my opinion and socialised the debt.

GT.
“That is certaintly true today, not true in 1929 however. That is why talk of a “Great Depression”, as severe as our grandparents is laughable. For more wealth was lost than -non borrowed wealth built over several lifetimes at comperitively, hard labor.”

Agreed, the Fed.ie.,“powers that be”, will “paper over this one”, and we will pay for the debacle through inflation. Yet, beware, of the “October Surprise”, as this is when the “correction” *may* happen, be it legislative or otherwise.

GT, “For more wealth was lost than-non borrowed wealth built over several lifetimes at comperitively, hard labor.”

From my experience and my families experience, I will respectfully disagree with your premise.