#financial-system

So, Trump recently floated this idea of a 50-year mortgage — and honestly, it’s one of the most absurd, dystopian financial ideas imaginable. Let’s break this down, because it’s not just bad economics — it’s bad for everyday people, bad for homeowners, and good only for the banks and real estate speculators who want to keep us paying forever. A 50-year mortgage isn’t a dream of homeownership —…

Michel, ‘we are ready to do more to stop Putin’

(ANSA) – BRUSSELS, MARCH 23 – “We are ready to do more to stop Putin’s war machine”. This was stated by the president of the European Council, Charles Michel, speaking in plenary at the European Parliament. “We are taking action against the Kremlin with our international partners. We have imposed very heavy sanctions like never before, hitting the financial system, paralyzing key economic sectors…

2011: The Last (Debt-Consumerist) Christmas in America

The end of debt-based affluence: welcome to The Last Christmas in America (TLCIA).

Almost 35 years ago, as unemployment rose toward 10%, the January 1975 cover of Ramparts magazine blared: The End of Affluence: The Last Christmas in America. (TLCIA)

The article wasn't referring to the religious celebration; it was referring to the postwar concept of Christmas as the frenzied, exhausting year-end pinnacle of our one true secular faith, Consumption, a final orgy of buying and binging.

It is instructive to recall how the Federal government responded to unemployment, high inflation and rising budget deficits in the early 1970s: it began fudging numbers, manipulating data to mask the politically inconvenient realities of rising inflation, unemployment and deficits by playing switcheroo with Social Security Trust Funds, inflation data, etc.--games it continues to play in 2011 to cloak reality from the media-numbed public.

The market was not so easily fooled. The Bear market, reflecting the "real" recession, lasted 16 years, from 1967 to 1982. Now statistics are echoing that last great recession: rising prices for essentials, systemically high unemployment and stagnant wages while the corporate media and the organs of statistical manipulation (a.k.a. the sprawling, putrid public-private cesspool of the Ministry of Propaganda) trumpet "the return of growth" and skyrocketing corporate profits.