When the Blind insists on leading the Blind. @wolfofwolfst Why Wolf Richter is so wrong! #EnergyEconomics #theDebtMoneyAxiom #IABATO #PDC #GrubStreetJournal #ConquestofDough @financialeyes @JoeBlob20 @wiki_ballot

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Selection_502

https://surplusenergyeconomics.wordpress.com/2019/10/13/156-actual-fantasy/comment-page-1/?unapproved=15238&moderation-hash=a621bef914a3fa637dca32b519afa906#comment-15238

The essential point missed here is that they are not burning cash, they are buring misallocated and mispriced Debt/Credit. The assymetry and lack of skin in the game this engenders for the HedgeFund/MerchantBank sock puppets should be evident to those who engage their grey cells and critical thinking skills.
https://notthegrubstreetjournal.com/

If you check your premises Mr Richter you will see why you are wrong in the emphasis you make in this article. Corporate State Monopoly Capitalism is all about power, control and deterministic philosophy.

Shubick says this.

”The monetary and financial system of an economy are part of the socio-politico-economic control mechanism used by every state to connect the economy with the polity and society. This neural network provides the administrative means to collect taxes, direct investment, provide public goods, trade. The money measures provide a crude but serviceable basis for the accounting system which in turn, along with the codification of commercial law and financial regulation are the basis for economic evaluation and the measurement of trust and fiduciary responsibility among the economic agents. A central feature of a control mechanism is that it is designed to influence process. Dynamics is its natural domain. Equilibrium is not the prime concern, the ability to control the direction of motion is what counts.

“Money”, by Philip Larkin
Quarterly, is it, money reproaches me:
‘Why do you let me lie here wastefully?
I am all you never had of goods and sex.
You could get them still by writing a few cheques.’
So I look at others, what they do with theirs:
They certainly don’t keep it upstairs.
By now they’ve a second house and car and wife:
Clearly money has something to do with life
—In fact, they’ve a lot in common, if you enquire:
You can’t put off being young until you retire,
And however you bank your screw, the money you save
Won’t in the end buy you more than a shave.
I listen to money singing. It’s like looking down
From long french windows at a provincial town,
The slums, the canal, the churches ornate and mad
In the evening sun. It is intensely sad.

a very good Chris Hedges piece on Truthdig,
The Age of Radical Evil.
https://www.truthdig.com/articles/the-age-of-radical-evil/

“These architects of radical evil extract the coal, oil and gas, poisoning our air, soil and water, while demanding huge taxpayer subsidies and blocking the urgent transition to renewable energy. ”

“Corporate culture serves a faceless system. It is, as Hannah Arendt wrote, “the rule of nobody and for this very reason perhaps the least human and most cruel form of rulership.” It will stop at nothing. Anyone or any movement that attempts to impede their profits will be targeted for obliteration. ”

But who are those who resist? Where do they come from? What historical, social and cultural forces created them?

They too are familiar. They are Denmark Vesey, Nat Turner, John Brown, Harriet Tubman and Frederick Douglass. They are Sitting Bull, Crazy Horse and Chief Joseph. They are Elizabeth Cady Stanton, Susan B. Anthony and Emma Goldman. They are “Big Bill” Haywood, Joe Hill and Eugene V. Debs. They are Woody Guthrie, Martin Luther King Jr., Malcolm X, Ella Baker and Fannie Lou Hamer. They are Andrea Dworkin and Caesar Chavez. They are those who from the beginning fought back, often to be defeated by this radical evil but knowing they were called to defy it, even at the cost of their own reputations, financial security, social standing and sometimes their lives.

Reply ↓

  • While many may agree with your declaration and elucidation of evil, those are normative evaluations. The Bell Curve has a greed/power tail as well as a voluntary simplicity one. The drivers are biological. Societal feedback can work to manage the situation, and it is easier in groups of a few hundred including kids and the elderly than in those of tens of thousands and larger. Group responsibility is operative in social mammals. Feedback and knowledge is diluted by scale.

  • Rogerglewis
    on October 17, 2019 at 8:04 pm said:
    Your comment is awaiting moderation.
    It is not my elucidation it is Chris Hedges. I have actually made my own disagreements with a few particularly the Climate narrative aspects of the Hedges article. I have not linked to it here ( my blog that is) Frankly STeven I am rather fed up with your straw-manning me. I am still waiting for the paper you say you published in 2000. The debate here is limited by people such as yourself behaving in all the ways you accuse others of, Our exchanges have been less than illuminating for me , that the feeling is mutual I do not doubt, but do stop the pathetic straw-manning it is rather tedious.

rogerglewison  said:

Your comment is awaiting moderation.

“Roger, you have posted numerous comments linking to the same site, presumably your own. If you’ll refrain from doing that for a period, that would be helpful.”

Hi Tim, I have also been studying the monetary system and particularly Energy Economics for quite a long time, Soddy’s Work and also the Work of Technocracy back in the 1930’s was alive to the point. As such when I link to my own Blog it is to the full extent of the references I have made to those questions.

The Internet is about Links, Hyper text Transfer Protocol .(HTTP) and ( “URL’s )(Uniform Resource Locator’s) is a way of addressing Meta data and searching for needles in haystacks and for attribution.
I also make video and link to those, Search engine optimisation is very much driven by link backs and cross-references and my linking as well as providing source material is designed to bring traffic back to this Blog.

Strawmanning of argumentation is a ubiquitous feature of the internet as is forum sliding and de-platforming both subtle covert and overt. All these things are relevant to Media outlets that challenge established Narratives.
Mark Carney’s recent sermons on Net Zero Carbon and punishment for those who refuse to buy into the narrative and the ( Carbon Credits) and Yannis Varafoukis’s recent Project Syndicate Article on The IBS adopting Libra the CryptoCurrency are all relevant to both the core subject of this Blog but also the context of the political economy and geopolitical context.

My own blog is linked to my WordPress avatar and it is one which I do link to often but on subjects in which I claim, considerable expertise but not a monopoly.

sufficiently educated but of course that
06:18
begs all the questions, I mean how do you
06:20
know what is insufficient? are they only
06:21
sufficiently informed when they agree
06:23
with you ?

“To be truly radical is to make hope possible, rather than despair convincing”. – Raymond Williams
@raymonddeyoung on October 18, 2019 at 9:05 pm said:

“[T]he more radical the person is, the more fully he or she enters into
reality so that, knowing it better, he or she can transform it. This
individual is not afraid to confront, to listen, to see the world
unveiled. This person is not afraid to meet the people or to enter into a
dialogue with them. This person does not consider himself or herself
the proprietor of history or of all people, or the liberator of the
oppressed; but he or she does commit himself or herself, within history,
to fight at their side.”―Paulo Freire,
Pedagogy of the Oppressed

Work Without Hope
Samuel Taylor Coleridge – 1772-1834
Lines Composed 21st February 1825

All Nature seems at work. Slugs leave their lair—
The bees are stirring—birds are on the wing—
And Winter slumbering in the open air,
Wears on his smiling face a dream of Spring!
And I the while, the sole unbusy thing,
Nor honey make, nor pair, nor build, nor sing.

Yet well I ken the banks where amaranths blow,
Have traced the fount whence streams of nectar flow.
Bloom, O ye amaranths! bloom for whom ye may,
For me ye bloom not! Glide, rich streams, away!
With lips unbrightened, wreathless brow, I stroll:
And would you learn the spells that drowse my soul?
Work without Hope draws nectar in a sieve,
And Hope without an object cannot live.

The Magic Money Tree and Private Banks , misunderstood and kind to small children and animals?or Just another Fix of Crony Capitalists

 

 

One comment

  1. drtimmorgan
    on October 21, 2019 at 1:21 pm said:
    The companies are, I think, burning cash, but it’s been supplied to them either by lenders or investors, the latter perhaps using borrowed credit.

    The point is that newly-created credit, used by these companies as ‘cash’, finds its way into the economy, where its circulation creates activity, measured as part of GDP, which wouldn’t have existed without the cheap credit being created in the first place.

    rogerglewis
    on October 21, 2019 at 1:51 pm said:
    “The point is that newly-created credit, used by these companies as ‘cash’, finds its way into the economy, where its circulation creates activity, measured as part of GDP, which wouldn’t have existed without the cheap credit being created in the first place”.

    Tim that Begs the question, in my opinion, Richters previous video on the Housing bubble sets up the same strawman.

    I have put up a blog on the question as to why Richter is wrong due to his faulty premise.

    The control of the debt is the shell game that he and you are missing. as we move to an increasingly cashless economy it becomes ever more obvious but the same old robber barons are playing the same old cards.

    “On Sept, 1, 1894, we will not renew our loans under any consideration. On Sept. 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price… We may as well own three-fourths of the farms of the West and the money of the country. Then the farmers will become tenants as in England …” — 1891, American Bankers Association, as printed in the Congressional Record of April 29, 1913