Majorityrights News > Category: Business & Industry

When this tweet speaks of “the socialist party” it is speaking of a party that would not delimit social accountability to native interests first and foremost.

The sane management of pervasive ecology has been dealt yet another serious blow as a central element, the management of human ecology through the accountability that ethnonationalism provides, has been pushed aside - at least temporarily - by liberal internationalist interests.

Matteo Salvini’s crucially necessary nativist, ethnonationalist anti-immigration platform has been sidelined by a coalition of the 5-Star Party, which is in cahoots with foreign interests and the corporate internationalist sell-out, Giuseppe Conte, reinstalling him as Prime Minister; allowing him to continue his border liberalization policies which are destroying Italy, Italians and European peoples broadly.

Italy’s corrupt Five-Star Movement announced Wednesday that it had made a deal with the Liberal Party to form a coalition government — keeping Prime Minister Giuseppe Conte in place while avoiding elections and ousting the ethnonationalist League led by Matteo Salvini.

Conte’s position was strengthened this week when President Trump, who pretends to share a similar vision on immigration to Salvini, tweeted his support of Conte – calling him a “very talented man who will hopefully remain Prime Minister!”

Showing his true colors form the start, Trump shunned a meeting with Salvini, who was prepared to endorse him as Trump campaigned for the Presidency.

While Salvini was able to gain popular support by broadening his party’s platform from Lega Nord, to one that represents all of Italy, he sought to gain elite support along with the 5-Stars and Conte’s party by joining the ass-kissing of the Kremlin, the Knesset and the Trumpstein agenda.

Salvini might have added Trumpstein, Putin and Netanyahu to the list of people not to trust with native European interests.

And with friends like that, highly practiced in the art of treachery, the message is: lay down with dogs and wake up with fleas.

Rather, wake up sidelined by the truly corrupt - corrupt enough to push aside your crucially necessary anti-immigration, nativist position and sell out your people and their ancient birthright.

Dr. Jörg D. Valentin@drjdvalentin

#RT
@EchoPRN: RT
@BasedPoland: It’s official.

The #FiveStarMovement & the [liberal] party have reached an agreement to form government

Ibid: #Salvini will be out of government until 2023 (unless snap elections at some point).

Italians can prepare for a new …

Ergo, maybe you can ‘weenie the Salvini’...

Did Jeffrey Epstein Personally Set Off the Financial Crash of 2008?

STEVE SAILER, 14 Aug 2019:

As you may recall, the timeline of the 2008 financial collapse got serious in March 2008, when the Wall Street firm of Bear Stearns started to go under due to mortgage-based securities. The New York Fed tried to bail Bear Stearns out, but it still became insolvent anyway. Then in September 2008, Lehman Brothers started to drown as well. Thinking that the lesson of Bear Stearns was to not throw good money after bad, the authorities let Lehman go under, which then set off global panic.

Interestingly, Jeffrey Epstein may have personally initiated the dominos falling that eventuated in the collapse of Bear Stearns by asking, on April 18, 2007, for his $57 million back from a hyper-leveraged Bear Stearns hedge fund investing in mortgage-based financial gimcrackery.

Oddly, this might be one of the few actions I’ve heard about Epstein that isn’t obviously shady. He probably got the $57 million in the first place in a crooked manner, but he had the right to try to retrieve what was left of his money.

From the New York Times financial section in 2007:

More Bad News for Jeff Epstein?

BY DEALBOOK JULY 11, 2007

It was just about a year ago that Jeffrey Epstein, the reclusive financier, was being charged with soliciting prostitutes in Palm Beach, Fla. He may now have another image problem on his hands.

BusinessWeek reports that Mr. Epstein’s Virgin Islands-based money-management firm, Financial Trust Company, is listed in a filing with the Securities and Exchange Commission as a stakeholder in Bear Stearns‘s High-Grade Structured Credit Strategies Enhanced Leverage Fund, which became much easier to refer to in recent weeks as “Bear Stearns’ collapsing hedge fund.”

It is a tantalizing nugget of information about someone who rarely discloses anything about his business or his billionaire clients. Despite his penchant for privacy, Mr. Epstein runs in prominent circles: he once flew former President Bill Clinton on his 727.

Regulatory filings show that Mr. Epstein’s firm had voting power over 10 percent of the equity in the Bear Stearns fund, which, aided by loans from some of Wall Street’s biggest banks, bet heavily on the securities linked to the market for subprime mortgages, or those to homeowners with weak credit histories.

As the subprime mortgage market has been rocked by a rise in defaults, many of those bets have gone bad. As of the end of April, the Bear fund was down 23 percent for the year.

Mr. Epstein did not respond to BusinessWeek’s calls, and his lawyer had no comment.

We now know that Epstein had invested $57 million in this Bear Stearns fund run by Ralph Cioffi and Matthew Tannin, two of very few Wall Street executives ever put on criminal trial over The Crash. (They beat the rap.)

From “The Secret History of the Bear Stearns Crash” in Fortune in 2009 by William Cohen:

After 40 months of positive returns, the sudden and sharp decline in the two hedge funds was new territory for Cioffi and Tannin. They struggled mightily to figure out what to do. On April 18, one of Cioffi’s investors, who had $57 million invested, informed him that he was considering redeeming his money.

The unnamed investor wanting his money back was very likely Jeffrey Epstein.

Cioffi told the investor that the portfolio managers had $8 million of their own money invested, one-third of their liquid net worth. He neglected to tell the investor that he had taken $2 million of his own money out and invested it in his other hedge fund. …

Epstein appears to have been one day ahead of Cioffi and Tannin in figuring out the end was nigh:

[Tannin] went on to wonder whether the funds should be closed or significantly restructured. The argument for closing the funds was based on the market and on a complex internal April 19, CDO report, which was a new analysis that Tannin had recently perused. “If we believe the [new CDO report] is ANYWHERE CLOSE to accurate, I think we should close the funds now. The reason for this is that if [the CDO report] is correct, then the entire subprime market is toast,” wrote Tannin. “If AAA bonds are systematically downgraded, then there is simply no way for us to make money – ever.”

Wikipedia now synthesizes the bits and pieces that have appeared here and there over the years:

In August 2006, Epstein, a month after the federal investigation of him began,[56] invested $57 million in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage hedge fund.[55][59] This fund was highly leveraged in mortgage-backed collateralized debt obligations (CDOs).[59] On April 18, 2007, an investor in the fund, who had $57 million invested, discussed redeeming his investment.[60] At this time, the fund had a leverage ratio of 17:1, which meant for every dollar invested there were seventeen dollars of borrowed funds; therefore, the redemption of this investment would have been equivalent to removing $1 billion from the thinly traded CDO market.[61] The selling of CDO assets to meet the redemptions that month began a repricing process and general freeze in the CDO market. The repricing of the CDO assets caused the collapse of the fund three months later in July, and the eventual collapse of Bear Stearns in March 2008. It is likely Epstein lost most of this investment, but it is not known how much was his.[60][59]

By the time that the Bear Stearns fund began to fail in May 2007, Epstein had begun to negotiate a plea deal with the U.S. Attorney’s Office concerning imminent charges for sex with minors.[55][56] In August 2007, a month after the fund collapsed, the U.S. attorney in Miami, Alexander Acosta, entered into direct discussions about the plea agreement.[56] Acosta brokered a lenient deal, according to him, because he had been ordered by higher government officials, who told him that Epstein was an individual of importance to the government.[40] As part of the negotiations, according to the Miami Herald, Epstein provided “unspecified information” to the Florida federal prosecutors for a more lenient sentence and was supposedly an unnamed key witness for the New York federal prosecutors in their unsuccessful June 2008 criminal case against the two managers of the failed Bear Stearns hedge fund. Alan Dershowitz, one of Epstein’s Florida attorneys on the case, told FOX Business “We would have been touting that if he had [cooperated]. The idea that Epstein helped in any prosecution is news to me.”[55][6][62]

Donald Trump and Chinese President Xi Jinping. (Andy Wong / AP)

Neoliberalism Has Met Its Match in China

TruthDig.org, 7 Aug 2019:

When the Federal Reserve cut interest rates last week, commentators were asking why. According to official data, the economy was rebounding, unemployment was below 4% and gross domestic product growth was above 3%. If anything, by the Fed’s own reasoning, it should have been raising rates.

Market pundits explained that we’re in a trade war and a currency war. Other central banks were cutting their rates, and the Fed had to follow suit in order to prevent the dollar from becoming overvalued relative to other currencies. The theory is that a cheaper dollar will make American products more attractive in foreign markets, helping our manufacturing and labor bases.

Over the weekend, President Trump followed the rate cuts by threatening to impose, on Sept. 1, a new 10% tariff on $300 billion worth of Chinese products. China responded by suspending imports of U.S. agricultural products by state-owned companies and letting the value of the yuan drop. On Monday, the Dow Jones Industrial Average dropped nearly 770 points, its worst day in 2019. The war was on.

The problem with a currency war is that it is a war without winners. This was demonstrated in the beggar-thy-neighbor policies of the 1930s, which only deepened the Great Depression. As economist Michael Hudson observed in a June interview with journalist Bonnie Faulkner, making American products cheaper abroad will do little for the American economy, because we no longer have a competitive manufacturing base or products to sell. Today’s workers are largely in the service industries—cab drivers, hospital workers, insurance agents and the like. A cheaper dollar abroad just makes consumer goods at Walmart and imported raw materials for U.S. businesses more expensive.

What is mainly devalued when a currency is devalued, Hudson says, is the price of the country’s labor and the working conditions of its laborers. The reason American workers cannot compete with foreign workers is not that the dollar is overvalued. It is due to their higher costs of housing, education, medical services and transportation. In competitor countries, these costs are typically subsidized by the government.

America’s chief competitor in the trade war is obviously China, which subsidizes not just worker costs but the costs of its businesses. The government owns 80% of the banks, which make loans on favorable terms to domestic businesses, especially state-owned businesses. If the businesses cannot repay the loans, neither the banks nor the businesses are typically put into bankruptcy, since that would mean losing jobs and factories. The nonperforming loans are just carried on the books or written off. No private creditors are hurt, since the creditor is the government and the loans were created on the banks’ books in the first place (following standard banking practice globally). As observed by Jeff Spross in a May 2018 Reuters article titled “Chinese Banks Are Big. Too Big?”:

Because the Chinese government owns most of the banks, and it prints the currency, it can technically keep those banks alive and lending forever. …

It may sound weird to say that China’s banks will never collapse, no matter how absurd their lending positions get. But banking systems are just about the flow of money.

Spross quoted former bank CEO Richard Vague, chair of The Governor’s Woods Foundation, who explained, “China has committed itself to a high level of growth. And growth, very simply, is contingent on financing.” Beijing will “come in and fix the profitability, fix the capital, fix the bad debt, of the state-owned banks … by any number of means that you and I would not see happen in the United States.”

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I don’t even like throwing a bone to the Jewish ass-kisser Trump, or candidates from either party (Democrats either, of course) of America’s utterly baked-in and controlled liberal system - wherein “conservatives” only conserve liberalism. However, even if Trump was forced to address this issue to push back against (((Social Media Bias))) in favor of the Democrats in the coming election, and even if the examples of censorship are not those with platforms that I agree with (for example, a pro-life platform excluded from Twitter), the issue and the fact of censorship and “popularity” being manipulated, brought out into open awareness and discussion from underneath the gaslighting by (((social media))) is helpful.

As ethnonationalists, you may not like the examples of people and issues censored.

On the other hand, just as raising the issue of censorship itself provides some daylight for our concerns, so too the intersectionality that a David Horowitz experiences in his example of social media censorship provides some grounds for us to seize upon. Yes, Horowitz has concerns for intersectionality against (((his interests))) in mind, ultimately (no small matter, he’s not “one of us and on our side”); nevertheless, he’s the one who spilled significant beans on the who, what, how of Cultural Marxism/Political Correctness that allowed William Lind to articulate the matter so well for purposes of our ethnonationalist critique and increased freedom from its voodoo.

Tulsi Gabbard sounds off on ‘clear bias’ during her debate

Trump hosts conservative social media personalities at White House

Fox News
President Trump’s White House summit aims to air our grievances over political bias on social media platforms. Invitees are mostly comprised of prominent, and sometimes controversial, online right-wing pundits. #FoxNewsLive #FoxNews