The middle class in the United States is being systematically destroyed, and nobody is doing much of anything to stop it. Our incomes are shrinking, our share of the income pie is at an all-time low, our jobs are being sent overseas, debt burdens have soared to unprecedented heights and millions of formerly middle class Americans have fallen into poverty. America once had the largest and most vibrant middle class that the world has ever seen, but now it is rapidly being shredded. Unfortunately, this is particularly true for younger Americans. Today, families that have a head of household that is under the age of 30 have a poverty rate of 37 percent. That is astounding. The truth is that there are not enough decent jobs for the hordes of young people that are entering the marketplace each year. Once upon a time, a college degree was just about a guaranteed ticket to the middle (Read More...)
Since December of 2007, the government and mainstream media have pointed to runaway spending and predatory lending practices as the cause of the economic meltdown. The fairytale we’ve been spoon-fed is that borrowing, lending and the derivatives debacle was brought on with the fiscal abandon of a frat boy with a free brewery pass at spring break. There is no doubt that all three lead to foreclosures and financial ruin for far too many US citizens. But that’s only part of the story. The real instigator that has so many of us dodging pink slips, fighting to put food on the table and scrambling to stave off foreclosure began with the restructuring of NAFTA and GATT agreements.
When President George W Bush handed the baton over to President Clinton to sign the beefed-up North American Free Trade Agreement (NAFTA) in 1992, it rang the death knell for America. At the time, concerned citizens were alarmed, for the agreement flew in the face of the constitution: article 1, section 8 that states tariffs are to be levied as a means to support the US government.
Many insiders warned NAFTA was less about improved investments and exchange of goods than it was a means for mega rich investors and multi-national (Read More...)
Mania and the Economic Meltdown of Society
by Barnabe Geisweiller
During a period of the Dutch Golden Age prices of tulip bulbs reached extraordinary levels. Single tulip bulbs were bought and sold for small fortunes, making some very wealthy. It is widely considered the world’s first speculative bubble and, like all bubbles, it suddenly collapsed. The period is popularly referred to as “tulip mania.”
There have been numerous manias since the tulip craze of the 17th century. Recent bubbles include the dot-com bubble and many real estate bubbles around the world. In bubbles products and assets trade at considerably inflated values compared to their intrinsic ones.
Today, we are at the end of a period of wealth and excess like the Roaring Twenties. This time it is the value of money itself that has been distorted, and the pursuit and concentration of wealth without a relative productive merit to society that has reached the point of mania.
We have come to this point because of corporations and financial markets without integrity, and a (Read More...)