Much has been made of the decision by the Japanese government to inject another $700 billion into their ailing economy. While some may see this as an earnest attempt to save Japan from further stagnation and deflation, even some of the mainstream media (e.g. Bloomberg) are questioning the wisdom of this reckless act.
Over the last few decades, since the crash of 1989, Japan has injected billions into its banks and stock-market to help its economy but all of it has been a miserable failure. America has, via the Federal Reserve, increased its national debt to formerly unthinkable numbers with almost no effect on its ailing economy. Most of Europe has huge public debt as a result of bank bailouts, but still suffers from stagnating or shrinking economies.
In fact, any privately owned central bank that has undertaken monetization policies (creating more public debt) has failed to improve their nation’s economy and merely created a transfer of wealth from the general public to corporate hands.
Of course, government owned banks such as in China and Russia are and do take somewhat different actions given that they are owned by the public (state owned) and not private individuals or corporate entities. Therein lies the crux of the matter – private ownership means private interests, therefore the needs of the country and the populace are of no concern at all.
All that the Fed, BoJ (Bank of Japan), the Bank of England etc. have been concerned with is the preservation of private banks and the continued propping up of stock markets. None of these institutions really care about the real-world economy, real-world inflation or the ability of individuals to maintain their lives in a prolonged period of economic contraction.
While monetizing is all great news for the banks and stock-markets it is terrible news for any people that do not receive well over average earnings – this is because monetizing debt (printing money) causes inflation. As with everything else connected with the economy, governments cook the books on inflation to the extent that the CPI is a total fantasy designed to give falsely low inflation rates.
Even the most foolish of people can see that month by month food, fuel, utilities, clothing and just about everything is going up in price. Part of this is due to factors such as environmental/weather disasters and conflict that can affect production and therefore prices. However, the continual currency wars – a race to the bottom to expand and devalue the US dollar, Euro, Pound, Yen etc is the fundamental cause of runaway inflation that is affecting most households.
When you couple high real inflation with stagnation or reduction in wages over the years since the 2008 crash then real-world buying power of most individuals is drastically reduced. This doesn’t just make people depressed, it makes them angry – hardworking people do not expect or deserve to be thrust into poverty.
Governments press blindly on, printing money, propping up the financial sector and saddling their voters with more and more debt that must be paid for in taxes. They know that the public is unhappy, but they are more interested in placating their corporate partners than listening to a public that is increasingly poor, increasingly angry and increasingly close to open revolt.
Stimulus has failed to produce any ‘green shoots’ simply because it has been directed to where it is of no benefit (except to the already rich) and not at where it desperately needs to go. Throwing good money after bad is not going to change anything unless it is redirected to the bottom and middle earners who are the lifeblood of any consumer society.
Quoting Raul Ilargi Meyer’s recent article: ‘Any stimulus must be directed at the bottom, or it must of necessity fail… it’s very simply that an economy cannot function without its poorer 90% of citizens spending.’
If this is true, which I believe it is, then more monetizing debt can only lead these ailing economies into further ruination and further beggaring of the masses. If this continues then the bulk of the population will become poor enough and angry enough to demand change on their own terms.
This will begin with mass protest and if it is ignored or suppressed then continued attempts to retain the status quo will lead to insurrections and possibly violent revolutions. One can only hope that governments will act soon in the interest of the people for once instead of lining the pockets of corporations and those that own them.
Please share. We don’t really expect much. An odd good summer and for the children not to have to take the boat when they’re reared. People are being told that things are getting better. People are not stupid. It’s getting worse.
I had to use a ‘local’ A&E the other night. We got a letter from our GP and headed for our destination with a screaming 7 week old child. Before we left we explained to the baby sitter that our other two daughters were not to use the tap water when brushing their teeth due to it being contaminated with cryptosporidium. We arrived at the hospital at around 7pm to be met by very helpful staff. We got in line. Baby still screaming. After an hour we got to see a very helpful nurse and were then sent back into a waiting room. After another two hours we were brought into an area to see a doctor. Baby still screaming. It was wall to wall with people on trollies. Some had been there for two days.
So what eh! Sure this is normal. After all things are improving! The war zone hospital scene in front my two eyes is this governments idea of improvement. Even Terry “twist it” Prone couldn’t find a collection of words to make this place look acceptable. The people on the trollies looked both sick and sickened. When you are sick you want at least to be buffered from stress. All I could see and feel was stress. Doctors and nurses trying to manoeuvre around a maze of trollies packed into corridors. Howya Ming said one man. “Ashamed” I said. We didn’t need to elaborate. Another man approached me and said “my wife tried kill herself last night with tablets”. The first line of treatment for this couple in unimaginable trauma was to be subjected to even more. Not even a space to themselves. I had felt more dignity the evening I was committed to Castlerea prison.
At this stage we needed to call home as our other two children would be worried. We called but failed as there was no signal. I went out to the middle of the car park until I finally got one but I still couldn’t ring as our baby sitters mobile was out of range. You see unless we leave the phones in one particular part of our house then they can’t be contacted. By the way we live in the middle of a town.
As it turned out our daughter was fine. With cryptosporidium in your water supply you never know. No matter how vigilant you are as a parent there’s always the worry that somehow the child’s bottle has been contaminated. The basic instinct of being able to run something under a tap to give it a clean is turned on it’s head.
We travelled home that night and both my wife and I spoke about the services in this country. You can’t drink the water. If your child does and gets sick then they must endure the torture of an overcrowded understaffed A&E. That’s if you can get there on time. You can’t ring home with news because the phones don’t work. When you try to get to and from the A&E you must put up with diabolical road conditions. When we got up the following morning we sent our children to a school with a pupil teacher ratio so high that crowd control is the best the teacher could possibly achieve. You basically have to teach them yourself when they come home. I pity the committed teachers who are expected to work in these conditions.
I hear the cry from government deputies that it is easy to be in opposition. No it’s not. It’s torture. It’s torture to watch everything falling around our ears while at same time our government tells us things are getting better. We are a warned about the sinister fringe. How much more sinister can it get than the way things are at the moment. While we struggle to provide basic services for our citizens we at the same time continue to bail out the European banking system. The interest alone on the odious bank debt is 1.6 billion per annum. So even when you pay to get services there are cut to the bone because the banker must be paid first.
The last few weeks have been inspirational. I have a hope that people are starting to expect more. Why shouldn’t you? Keep expecting and eventually you will get it. Keep it up. Bring on December 10th and bring this government to its knees. The alternative is to accept that barely surviving is the new thriving. Accept it now and you accept it forever.
The vote follows on from similar agreements made with the UK and Denmark. It has political backing from fellow euro zone Member States.
“I welcome the Swedish Parliament’s decision to agree to the waiver for Ireland’s proposed repayment of a portion of its IMF loan and the confirmation by the Swedish Government that was provided today. We have already received confirmation of waivers from the UK and Denmark. Our EU and bilateral lenders have been very supportive of the government’s objective of improving Ireland’s debt sustainability since I discussed this issue with them in early September,” said Mr Noonan in a statement.
“Significant progress has been made on this project since agreement in principle was secured at the informal Ecofin in Milan in September to replace expensive IMF loans with cheaper, low cost market funding. There are real and tangible benefits to Ireland from this transaction, and I would like to take the opportunity to thank Sweden for their continued support for Ireland,” he added.
Ireland plans to repay approximately €18.3 billion of IMF loans ahead of schedule. It is believed the Government is likely to follow the first repayment with a bond issue in January with a view to repaying a further €9 billion-€10 billion of the IMF debt early next year. The remainder of the IMF debt would not be paid off early as the relevant rate of interest – just above 1 per cent – is lower the than current market rate.
Separately, the NTMA said its auction on Thursday drew bids that amounted to €1.875 billion, approximately 3.75 times the amount on offer.
Typically, the NTMA’s short term paper has been issued with a maturity of three months.
Earlier this month the NTMA raised €3.75 billion in 15-year bonds , the first time it has issued debt of this maturity since 2009. The debt was issued at an interest rate of 2.487 per cent, the lowest level ever for Irish 15-year bonds.
This piece is well hidden in the Irish times as everybody is still focused on the Irish water fiasco but this is not good news! It is a betrayal of the Irish nation as this is an exercise by this traitor Noonan to legalize the odious debt forced on the people of Ireland by the previous gangsters of the last government! We the people of Ireland do not recognize this illegal move by this bought and paid for collaborator of the private gamblers /speculators and bondholders. We the people of Ireland were suckered into paying 47% of the cost of saving the EURO and we are no seeing Noonan try and wrap this odious debt into a legal obligation on to the next Government! We are been set up again and this traitor is cementing the next 3 generations into financial slavery!
The Next government must take legal proceedings against the ECB and any and all of its officers involved in the blackmailing of the Irish nation an exercise that made financial slaves of me and my children and their children! These proceedings must be taken to the European court of justice as such actions of the ECB are a direct violation of the spirit of the Lisbon treaty and all earlier treaty’s! A concerted PR effort should be mounted across the continent of Europe and the peoples of Europe must be made aware of this gross injustice (the financial enslavement of an entire Nation) and the hope is the peoples of the different nations will pressure their governments to pay back the people of Ireland and compensate us for the past 6 years of financial enslavement! Even the people of Germany think we took this enslavement lying down! Time for us now to get up off our knees and demand restitution and take back our self-respect!
Anyone who is willing to allow this political self-serving parasite continue in power is equally guilty of this appalling fraud on the Irish nation! We owe it to our children and the next generation to make a stand against a totally corrupt system! We must now make it clear that the next government must bring prosecutions against these collaborators and every one of these parasites must have their state pensions withdrawn and all of their personal assets taken away as they have accumulated this wealth through criminal actions! This is unbelievable, how much more are we going to take for God sake???
Who Says We Didn’t See Irish Water Coming…
(how oil became water)
The Irish Government has valued the oil and gas discovered off the coast of Ireland at about 400 Billion Euros; that’s 400,000,000,000 euros at a conservative estimate. Most countries with this much oil and gas to exploit take an average of 65% of the value of that oil and gas.
As a direct result of the behaviour of successive Irish governments, this state, your country, is now left with 0% shares in the ownership of this gas and oil, and no claim on potential royalties. Along the way the government reduced the tax rate on profit from the sale of those particular natural resources from 50% to 25%. We are leaking valuable reserves of minerals and fuel to business interests at great cost to the wealth of the nation.
With oil and gas reserves dwindling worldwide, the government constructed a deal that allows those companies exploiting our natural resources to write off 100% of costs before they declare taxable profit, and Irelands licensing laws allow for no security of supply, meaning businesses can export our property rather than sell it back to the Irish people.
With the establishment of Irish Water it’s happening all over again. Legislation is not good enough. Unless Irish Water is abolished and unless water, as a natural resource, is brought under the protection of the constitution this will all happen again.
This state of affairs is not in the national interest; it denies countless billions of euros to the national exchequer. Your government changed the law to allow the exploitation of natural resources for profit by business interests. You can make them change the laws to reclaim what is rightfully the property of the Irish people.
Expropriate. Take it.
We must now as a nation use the tool of expropriation to address the disparity between the ever increasing wealth of the rich and the ever increasing poverty of the working class and the poor. Nationalisation of the country’s infrastructure and natural resources must be seen as an immediate priority to achieve this end. This will create jobs and stimulate our national economy.
All natural resources must be protected as property of the people and exploited only for the benefit of the nation. The Common Fisheries Policy and quota enforcement are decimating coastal town and villages around the country. Irish fishing grounds have a commercial value of 201 Billion Euro, yet Irish fishermen share in only 17 Billion Euro of that overall value. The rest is ceded to Europe. Our seas should be protected for and fished by our own self-governing fishing community. We already have instruments of state capable of protecting Ireland’s territorial waters.
The will to work the land is being squeezed from our farming communities; our farmers should be allowed and encouraged to tend their fields and herds as they themselves see fit. Common sense dictates that we should eat quality locally sourced produce. We should profit from our ability to provide an abundance of reputable foodstuffs for trade buyers and the export market. The engagement of TTIP will endanger that ability and will end generations of farming families and communities all over the country. The Ireland we love is an instantly recognisable brand that we can market and profit from. These behaviours will help maintain our sense of unity, and will stimulate our national economy.
Our banks must be fully and completely nationalised without hesitation. We should remind ourselves that successive governments have worked openly for the benefit of shareholders to the now obvious detriment of the working class. Nationalisation of the banking system will make a shareholder of the taxpayer and will immediately cause both a reorganisation of debt and easier access to finance for the vast majority of working people.
Our transport, communications and energy networks must be the property of the people and maintained as national assets. This will stimulate our national economy.
We already pay for our water. It should be ours.
Think. Nationalisation and the act of expropriation will always favour the taxpayer. Although unpopular with the shareholder, it ensures that government manages the property of the state to the benefit of the country. This route alone will identify a government willing to act for the greater good. Remember this.
We have never, as a nation, come this far before; we have never been so informed; we have never been so united; we have never been so angry and we have never been so prepared. This is your time. Take responsibility. Communicate. Fix this country. You are Ireland, and you are the only alternative.
Join the protests.
See you on the 10th December…
You must have heard this phrase: “NOTHING COMES FOR FREE IN THIS WORLD” Our article today will make you understand the logic behind this phrase. So, let’s get rolling!
Google.com, this website is now an integral part of nearly every household on this planet and interestingly nearly every user thinks he/she has been using this website for free. But, he/she is totally wrong/unaware of the agreement signed by them while signing up for any of the Google’ product.
Google does charge a fee/royalty from users availing its services! Well, you must be wondering when was the last time you paid Google a fee? No clue? Let us clear your thoughts, you pay Google a fee/royalty every second you are using it. Huh! You must be thinking by now the writer is joking/wasting time. But, it is true; Google gets access to all the information regarding your searches, video views, like/dislikes and etc once you are logged in.
But, how to check the amount of data Google has on you? Well, it’s simple, we will guide you step up step and you can follow us!
Step 1: Go to this link: https://www.google.com/settings/
Step 2: Click on “Account history”
Step 3: Scroll down and click on “edit settings” in front of Ads
Step 4: You will see a page with all the stuff Google knows about you
It looks like this
Simple click on Pause to disable the search saving by Google. If you can’t see any pause button then you are lucky and the search saving feature is already disabled ;)
The information on the page is used by Google to make their ad products better and interactive. Amazingly, all the information on the page you would never had intended to share with Google but Google received it via agreement you signed while signing up with one of its products.
Though it is impossible to read every line, but still do read all the agreements you sign online from next time around and do not forget to share this article with your friends. So, stay tuned and keep reading at hackread.com!