theduran--2020-04-22--Why Post-Coronavirus America Will Have Massive Poverty

The way that Congress and the President structured America ’ s coronavirus bailout legislation , the protections that go to the super-wealthy start immediately , but the protections that go to the neediest — the soaring numbers of unemployed , the increasingly endangered medical workers , etc .
— require documentation which is creating delays that might soon cause many of these individuals to lose their homes , their cars , even their lives .
On April 17th , Matt Taibbi headlined “ The Trickle-Up Bailout ” and he noted that : As we head into the second month of @ @ @ @ @ @ @ developing about the financial rescue .
In one , ordinary people receive aid through programs that are piecemeal , complex , and riddled with conditions .
A law freezing evictions applies to holders of government-backed mortgages only .
“ Disaster grants ” are coming more slowly and in smaller amounts than expected ; small businesses were disappointed to learn from the SBA early last week that aid would be limited to $ 1000 per employee .
As I had already explained on April 14th : America ’ s bailout package to overcome the @ @ @ @ @ @ @ One part is printing money for employees and consumers , so that they won ’ t be thrown out onto the streets for non-payment of debts such as mortgages , car-loans , credit cards , and student loans .
Another part is printing money for bondholders and stockholders , so that their investments will still have value and there won ’ t be panicked selling of them as corporations accumulate soaring losses because consumers are staying home and are cutting way back on expenses .
The top-down part of the bailout ( the @ @ @ @ @ @ @ to the wealth of the already-wealthy , while everybody else sinks financially into oblivion .
( On April 9th , the Zero Hedge financial site explained in detail why even bailing out the airlines would hurt the economy more than help the economy . )
The top-down part supplies the money to the corporations instead of to their employees and consumers , and is therefore supply-boosting instead of demand-boosting .
Supplying money to the corporations that the Government selects to protect will enable those corporations to buy up assets and corporations which during @ @ @ @ @ @ @ the ones that go out of business , and this will leave the nation ’ s wealth in even fewer hands than before the epidemic struck .
The bottom-up part ( the part for workers and consumers ) will be exactly the opposite of that : it will help prevent another Great Depression .
By boosting purchases , instead of bailing-out billionaires and such , it will enable the economy to keep functioning , and it will not increase the concentration of wealth .
However , employees and consumers don ’ t have @ @ @ @ @ @ @ and billionaires also own ( through political donations and lobbyists ) almost all members of Congress ( and also the mainstream press ) , and they not only own , but are represented by , one inside the White House , who is surrounded there by others , and by representatives of others , so that the concerns of the wealthiest will be very well represented by America ’ s Government , and will end up dominating the bailouts , so that only the insiders , who are well-connected in Washington , will @ @ @ @ @ @ @ would be no improvement over Donald Trump , though his rhetoric is different . )
Already , we see , in the ‘ news ’ -reports , that there is ‘ chaos ’ etc .
in the U.S. Government ’ s response to the crisis , but what ’ s not being reported in the mainstream ‘ news ’ -media is that there very much is method to this seeming madness , and it is the method of the well-practiced and well-funded takers , definitely not of their victims , from whom they @ @ @ @ @ @ @ , and now increasingly are , taking .
The takers own the Deep State , and are protected by it .
The vast bulk of the bailouts will go to them .
The vast bulk of the bailouts will go to suppliers ( investors ) , not to their workers and consumers .
So , as a general rule : the more that a person ’ s income depends upon investments , and the less that it depends upon their labor ( wages ) , the more fully that the bailouts will compensate @ @ @ @ @ @ @ suffering as a result of the coronavirus disruptions .
Here is a breakdown of the incomes that the super-rich receive ( mainly from investments ) , versus the incomes that everybody else receive : As can easily be seen there , only the super-rich ( the top 1 % , and most especially the top 0.1 % ) receive the majority of their incomes from investments ( “ Business income ” and “ Capital income ” ) .
Everybody else receives it mainly from “ compensation ” ( wages ) , “ retirement @ @ @ @ @ @ @ ” ( welfare ) .
Most of the benefits to the top 0.1 % will be coming by means of monetary policy , via the Federal Reserve , not by means of fiscal policy — such as the payments to the unemployed ( which are subject to many delays ) and such as the $ 1,200-per-adult grants ( which were the fastest to be paid because it ’ s the “ helicopter money ” that buys votes for the political incumbents , all of whom had voted for the bailouts ) .
The @ @ @ @ @ @ @ $ 2.2 trillion , since that includes whatever the public gets .
However , that part is the smaller portion of the entire program .
As CBS News reported on March 24th , “ Top White House economic adviser Larry Kudlow said the price tag of economic stimulus amounts to roughly $ 6 trillion , which includes $ 2 trillion for direct assistance , and roughly $ 4 trillion in Federal Reserve lending power .
Kudlow said this will be the single-largest such Main Street financial package in the history of the country.
@ @ @ @ @ @ @ House press conference .
He mentioned there just in passing ( at 1:36 ) , that it ’ s a “ six trillion-dollar program , four trillion dollars in lending power from the Fed , that ’ s a six trillion-dollar package … , ” and the reporters in the White House press corps didn ’ t ask him anything about the Fed ’ s part , the $ 4 trillion portion ( the program ’ s part that protects the billionaires ) ; they evidently didn ’ t care about that , @ @ @ @ @ @ @ , which is actually the PR decoration on this $ 6T cake — the $ 2.2T that the public is interested in , the bait-part of the entire bailout-program .
( Its hook won ’ t sink in until the readers ’ children and grandchildren will be paying for it via their taxes in a stripped America . )
However , on March 26th , Wall Street on Parade ( WSP ) — the best investigative-reporting source about Wall Street — headlined “ Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret @ @ @ @ @ @ @ Fund for Wall Street Bailouts ” and disclosed that even what Kudlow had called “ Main Street ” ( the $ 2.2T part ) included much for Wall Street ; and WSP then rhetorically asked , “ Why does the Federal Reserve need $ 454 billion from the U.S. taxpayer to bail out Wall Street when it has the power to create money out of thin air and has already dumped more than $ 9 trillion cumulatively in revolving loans to prop up Wall Street ’ s trading houses since September 17 , @ @ @ @ @ @ @ diagnosis of coronavirus anywhere in the world ?
” They promptly answered this : “ The Fed needs that money to create more Special Purpose Vehicles ( SPVs ) — the same device used by Enron to hide its toxic debt off its balance sheet before it went belly up.
” Furthermore , the $ 454 billion , which WSP called “ the money the Treasury is handing over to the Fed ” is what CBS had reported “ would result in ‘ $ 4 trillion in Federal Reserve lending power ’ .
@ @ @ @ @ @ @ % of these loans to investors — so , it ’ s “ heads you win , tails we lose , ” for taxpayers addressing billionaires , and “ heads we win , tails you lose , ” for billionaires addressing taxpayers .
The billionaires win , the public loses .
But the billionaires ’ media don ’ t mention this fact , that investors get the guarantees , while the public takes all of the risks .
However , what is an “ investment ” for , if non-investors are receiving its @ @ @ @ @ @ @ crime .
And these are huge risks , and all or most of the $ 454 billion that the U.S. is lending to the Fed to guarantee private investors ’ investments could be destroyed in the coronavirus-crisis .
This is far more socialism for the super-rich than for the bottom 99 % .
The billionaires love socialism when they ’ re the ones who are getting the bailouts — the public taking on the risks that investors are supposed to assume .
The issue for billionaires isn ’ t “ socialism versus capitalism @ @ @ @ @ @ @ it ’ s actually “ socialism for us , and capitalism for everybody else.
” That ’ s not “ survival of the fittest , ” for the wealthiest class ; it ’ s instead their ordering their politicians to : protect our wealth , no matter what the cost to the public could turn out to be .
And that ’ s precisely what the President and Congress did .
Kudlow , however , said , instead , that the “ package ” would produce “ a good rebound in the second @ @ @ @ @ @ @ the billionaires it would .
Kudlow was simply being consistent with his own prior record .
On 10 December 2007 , he had headlined in National Review , “ Bush Boom Continues : You can call it Goldilocks 2.0 .
But you can ’ t call it a recession.
” And he closed by saying , “ This sort of fiscal and monetary coordination will continue the Bush boom for years to come.
” He ’ s good for the billionaires ; and , so , today , he ’ s President Trump @ @ @ @ @ @ @ ’ s up there , because he ’ s wrong — not because he ’ s right .
( If he had been right , he wouldn ’ t be there . )
On April 21st , CNBC headlined “ Here are the largest public companies taking payroll loans meant for small businesses ” and the top 10 on the list totals $ 56.5 million going to 10 corporations whose collective market capitalization is $ 2.367 billion .
The smallest of those ten bailouts is $ 10.0M going to the stockholders of a @ @ @ @ @ @ @ of those ten bailouts is to a corporation whose top 3 investors are : Brown Capital , BlackRock , and Vanguard .
On April 20th , Forbes reported that , “ the U.S. central bank has hired private equity giant BlackRock BLK , which manages some $ 7 trillion in assets , to run purchases of corporate bonds and commercial mortgages that are part of its response to the pandemic-led recession.
” So : the owners of BlackRock will now receive , from “ the U.S. central bank ” ( the Federal Reserve @ @ @ @ @ @ @ the U.S. Small Business Administration , in this “ emergency ” program .
Also on April 21st , David Sirota ’ s blog bannered “ Dems Give Unanimous Consent To Trump ” , and described the just-passed second coronavirus bailout legislation , which totals $ 484 billion : It “ doesn ’ t include any resources for first responders , budget-strapped states or food stamps .
It doesn ’ t include any new oversight of the first bailout bill .
It includes nothing to help states move to a vote-by-mail system in the @ @ @ @ @ @ @ the general election .
It basically doesn ’ t include any alleged Democratic Party priority at all.
” But the legislation passed Congress with “ unanimous consent , ” in this ‘ compromise ’ with the Republicans ( who oppose any government-benefits that might go to the poor ) .
After the immediate crisis is over , America will have a top 0.1 % who are unscathed and whose mega-corporations will be selling not only what they had been selling before , but selling virtually everything that sells in the post-coronavirus world .
@ @ @ @ @ @ @ including restaurants , B & Bs , etc . )
had previously been selling , will , in the future , be supplied ( to the extent that it remains being supplied at all ) by McDonalds , Starbucks , Marriott , Amazon , Target , Walmart , and other megacorporations ( controlled by billionaires ) , which will have been receiving , from the Fed , and from the Treasury , whatever they needed in order to carry their investors through the crisis-period .
( And who are those investors ?
Look @ @ @ @ @ @ @ mainly of “ Business income ” and “ Capital income ” — the chief recipients of dividends , interest , and capital gains incomes . )
Furthermore : after the crisis , commercial real estate will be super-cheap , because of all the bankrupted mom-and-pop businesses .
Wages also will decline , as the public become increasingly desperate , and the billionaires win increasing market-power .
Therefore , not only will the megacorporations be selling a larger percentage of the national output , but their expenses will go down .
Consequently : America @ @ @ @ @ @ @ and lots wealthier billionaires .
This , however , will be only a temporary situation , because the enormous spread of poverty will result in greatly decreased taxes coming into all levels of the U.S. Government .
Bridges will collapse , potholes will proliferate , unendowed colleges will close , nervous breakdowns and heart-attacks will increase , and thus the public won ’ t be able to spend as much as they were spending before the crisis hit .
And , so , although the megacorporations will be selling a larger percentage of @ @ @ @ @ @ @ decline , because of the spreading poverty .
Therefore , even the billionaires won ’ t necessarily become richer than they were before the crisis hit .
All of this outcome is unnecessary and results from corruption .
The only reason why there is any bailout , at all , for investors ( in anything other than pass-through entities ) , is the pervasive governmental corruption at the very top .
If there were no corruption , then the only bailouts would be to individuals and pass-through businesses ( which are individuals ) @ @ @ @ @ @ @ America is a very corrupt country at the top , and that is the reason why it will collapse in the aftermath of the coronavirus crisis .
Ultimately , when the wealth-inequality is so extreme , the billionaires are selling mainly to each other , and the necessities for the public are less and less profitable to sell at all .
The outcome will therefore be economic collapse , and perhaps even revolution .
The basic way to evaluate how well or poorly a nation ’ s Government is performing in this crisis @ @ @ @ @ @ @ coronavirus cases to its total population , but if a given country has not yet reached its peak in its daily number of new cases , then that country ’ s ratio is probably still rising , in which instance , that country ’ s performance will probably turn out to have been less good than this ratio currently is showing it to be .
And , conversely , the lower this ratio is , the better the performance of that country ’ s Government is shown to be in responding to Covid-19 @ @ @ @ @ @ @ have the largest numbers of cases at the present time , and the ratio of that number to their total population ; and also shown here is the date when the daily number of new cases peaked ( because if it hasn ’ t yet peaked , then this crucial ratio will probably be rising in that country ) : Ratio of total cases to total population , per million ( the lower this number , the better ) : USA = 2,472 maybe not yet peaked RUSSIA = 362 maybe not yet @ @ @ @ @ @ @ countries might especially be noted , since the main reason they aren ’ t on that list is their being outstandingly good performers : The worst of all these performers appear currently to be , though not yet in any clear order : USA , Spain , and Italy .
The best appear to be , in order : China , Japan , and S. Korea .
Regardless of a country ’ s size , here are the absolute worst performers , and their respective known infection-rates per million : San Marino ( @ @ @ @ @ @ @ , Iceland ( 5,210 ) , Gibraltar ( 3,918 ) , Faroe Islands ( 3,786 ) , Isle of Man ( 3,610 ) , Belgium ( 3,534 ) , Ireland ( 3,248 ) , Switzerland ( 3,243 ) .
The U.S. press has recently been particularly praising Denmark ’ s performance , and noting that Denmark ’ s coronavirus emergency legislation is more socialistic than Sweden ’ s is .
However , both of those Scandinavian countries actually have very similar actual performance , thus far , in this crisis .
In Denmark @ @ @ @ @ @ @ was on “ saving jobs , ” instead of on protecting investors .
It ’ s a democratic socialist country , perhaps the most equalitarian in the world .
Of course , that ’ s the exact opposite of dictatorial capitalism ( fascism ) , which became America ’ s system after FDR died in 1945 , and increasingly thereafter ( hyper-imperialistic , military-industrial-complex or “ MIC ” dominated , like fascist regimes usually are ) , perpetrating coups and invasions , destroying Iran , Iraq , and many other countries , in @ @ @ @ @ @ @ wealth of its billionaires ( like the fascist countries had done going into WW II ) .
No cases of coronavirus-19 were reported in Denmark until February 27th .
Denmark unanimously passed its emergency law on March 13th — drastically different bailout legislation from the one that America subsequently passed — in order to deal with the crisis .
The daily number of Denmark ’ s new Covid-19 cases peaked on April 7th , and has been declining since that time .
Its neighbor Sweden peaked on April 8th .
Sweden ’ s @ @ @ @ @ @ @ , but relies more on individual discretion .
However , since Sweden , like Denmark , is a democratic socialist country , individuals needn ’ t worry about paying medical bills , nor about being paid while on sick-leave .
So , employees aren ’ t desperate to return to their places of work , such as in America ; and , therefore , these countries don ’ t spread the infection as readily as in the U.S. and are thus far less likely to have recurring peaks and delayed terminations of the @ @ @ @ @ @ @ in America , where losing one ’ s job can mean losing one ’ s health care , even sick employees may be inclined to stay on the job and perhaps infect customers . )
And there are no corporate bailouts in either Denmark ’ s or Sweden ’ s legislation .
Denmark ’ s Finance Minister , the Social Democrat ( or democratic socialist ) Nicolai Wammen was interviewed for 15 minutes on March 27th , by Christiane Amanpour , and he explained Denmark ’ s emergency law , which was overwhelmingly @ @ @ @ @ @ @ America ’ s is ) .
Here , therefore , is the actual performance , thus far , of both of those two countries : Both of them are reasonably comparable to Germany , UK , Turkey , and Iran , but not as good as S. Korea , and not nearly as good as the two best , China and Japan .
In the final analysis , China and Japan could turn out to have the least-corrupt and best-run Governments ; and the most corrupt Governments could turn out to be USA @ @ @ @ @ @ @ , the performances of Brazil and some other nations in the southern hemisphere might yet turn out to be even worse than those of USA , Spain , and Italy , because the winter season has ’ t yet reached there .
Another important way of measuring a nation ’ s coronavirus performance is tests per million population .
Among the nations with the largest numbers of cases , Italy and Germany are excellent on this , having above 20,000 persons tested per million population ; and China is the worst ( because @ @ @ @ @ @ @ many were tested ) .
Consequently : China ’ s outstanding performance ( as measured by low number of reported cases ) might actually be fraudulent .
Japan ’ s outstandingly low number of reported cases might also be fraudulent , because their test-number per million is only 923 .
America ’ s test-rate is in the mid-range : 12,651 .
Denmark ’ s is 17,358 .
Sweden ’ s is 9,357 .
What can not be reasonably doubted is that America ’ s Governmental response to the coronavirus-19 pandemic is catastrophically corrupt @ @ @ @ @ @ @ on Parade headlined “ Here Are the Contracts Showing How $ 4.5 Trillion in Stimulus Was Outsourced to Wall Street ” and described — and documented — what the Wall Street Journal and the rest of the financial press would not , which is the U.S. Government ’ s legalized money-laundering operation , via the Fed , transferring onto the American public almost all of the losses that America ’ s billionaires will be suffering from the coronavirus crash .
Back on 21 January 2020 , WSP described this money-laundering , in its @ @ @ @ @ @ @ “ The epic financial collapse on Wall Street in 2008 was , reduced to its basic terms , simply the end game of Wall Street banks ’ efforts to monetize their frauds.
” They noted : “ On April 9 , 2019 , the nonprofit Wall Street watchdog , Better Markets , released a study titled : “ Wall Street ’ s Six Biggest Bailed-Out Banks : Their RAP Sheets & Their Ongoing Crime Spree.
” It should have made headlines on the front pages of every major newspaper in the U.S .
@ @ @ @ @ @ @ mainstream media.
” ( Incidentally : Obama repeatedly promised to prosecute banksters , but secretly protected them and prosecuted none of them , though their crimes had been monstrous .
The billionaires ’ thefts from the public are entirely bipartisan , supported by over 95 % of Congress — the billionaires own the Presidents and members of Congress , and not only own virtually all of the news-media . )
On April 20th , America ’ s National Public Radio ( NPR ) broadcast “ Amid Pandemic , Italian Prosecutors Warn That Mafia @ @ @ @ @ @ @ reported that Mafia bosses were buying up cheap some of Italy ’ s suddenly desperate small businesses .
If the same thing is being done by America ’ s billionaires , that ’ s not yet being reported by their press — perhaps it will instead be reported by Italy ’ s press .
The Federal Reserve are controlled by and represent the banksters — Wall Street — who not only skim on their own accounts but work with and for the billionaires , some of whom are themselves banksters , but many @ @ @ @ @ @ @ private equity funds , and all types of FORTUNE 500 companies .
Basically , Wall Street works for the billionaires .
The billionaires run practically everything in America , except Main Street .
In the upcoming June 2020 issue of the neoconservative ( pro-U.S.-imperialist ) Democratic Party U.S. magazine , The Atlantic , their George Packer banners “ We Are Living in a Failed State : The coronavirus didn ’ t break America .
It revealed what was already broken.
” That magazine blames this “ failed state ” on the ( neoconservative @ @ @ @ @ @ @ ’ s phrase there “ a dysfunctional government ” links to an anti-Republican article , by one of the top officials in the liberal neoconservative U.S. Administration of the Democrat Barack Obama , titled “ How Trump Designed His White House to Fail.
” However , the actual cause of the gradual collapse , since 1945 , of what had been U.S. President FDR ’ s largely democratic U.S.A. , is the billionaires who own both Parties — it is bipartisan .
This rot comes from both Parties ’ billionaires .
( The @ @ @ @ @ @ @ to be controlled by the same Democratic Party billionaire who controls Apple corporation . )
No billionaire will publish the reality .
For example , Packer ’ s article said : “ The second crisis , in 2008 , intensified it [ ‘ a bitterness toward the political class ’ ] .
At the top , the financial crash could almost be considered a success .
Congress passed a bipartisan bailout bill that saved the financial system.
” The presumption there is that the only way to restore the economy after a crash @ @ @ @ @ @ @ s billionaires .
It ’ s a timely propaganda-message , at this moment when the billionaires require their Government to bail them out , yet again .
( I recently proposed one way to reduce the billionaires ’ dictatorship over America . )
On April 17th , WSP headlined “ Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy ” and closed by urging : “ Americans need to use this time at home to call their Senators and Reps in Congress and demand the separation of @ @ @ @ @ @ @ on Wall Street .
We ’ re talking about nothing less than the survival of this country.
” Needless to say , the ultimate beneficiaries of this public largesse — to America ’ s billionaires — don ’ t desire to publicize such writings , any more than they desire to expose to the public their offshore bank accounts .
Unlike so much that ’ s in the billionaires ’ ‘ news ’ , the facts that are reported here are solidly documented ( and linked-to ) , but the billionaires don ’ @ @ @ @ @ @ @ the masses don ’ t know these facts , and so the mass-violence , when it comes , won ’ t be focused against the billionaires .
What you ’ re reading , here , is being kept secret by ( not being published by ) the billionaires ’ media .
So — if only in order to spread word that the cause of this is not “ the Chinese ” or “ foreigners ” or “ the Jews ” or some other amorphous ethnicity ( who aren ’ t actually to blame @ @ @ @ @ @ @ the web-address ) atop this article , to all of your friends , as “ FYI : ” .
It might stir some interesting conversations , especially if all the ‘ news ’ that they know comes from America ’ s billionaires — the same people who fund the country ’ s successful politicians , each and every election-year .
The American Revolution did not come about by misinformed people .
It came about by informed people .
Misinformed people create only more problems .
So , that ’ s “ FYI.
” @ @ @ @ @ @ @ historian Eric Zuesse is the author , most recently , of They ’ re Not Even Close : The Democratic vs. Republican Economic Records , 1910-2010 , and of CHRIST ’ S VENTRILOQUISTS : The Event that Created Christianity .

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
Eric Zuesse, originally posted at Strategic Culture
The way that Congress and the President structured America’s coronavirus bailout legislation, the protections that go to the super-wealthy start immediately, but the protections that go to the neediest — the soaring numbers of unemployed, the increasingly endangered medical workers, etc. — require documentation which is creating delays that might soon cause many of these individuals to lose their homes, their cars, even their lives.
On April 17th, Matt Taibbi headlined “The Trickle-Up Bailout” and he noted that:
As we head into the second month of pandemic lockdown, two parallel narratives are developing about the financial rescue.
In one, ordinary people receive aid through programs that are piecemeal, complex, and riddled with conditions.
A law freezing evictions applies to holders of government-backed mortgages only. “Disaster grants” are coming more slowly and in smaller amounts than expected; small businesses were disappointed to learn from the SBA early last week that aid would be limited to $1000 per employee.
That’s typical.
As I had already explained on April 14th:
America’s bailout package to overcome the coronavirus ‘recession’ is twofold:
One part is printing money for employees and consumers, so that they won’t be thrown out onto the streets for non-payment of debts such as mortgages, car-loans, credit cards, and student loans.
Another part is printing money for bondholders and stockholders, so that their investments will still have value and there won’t be panicked selling of them as corporations accumulate soaring losses because consumers are staying home and are cutting way back on expenses.
The top-down part of the bailout (the part for investors) will merely add to the wealth of the already-wealthy, while everybody else sinks financially into oblivion. (On April 9th, the Zero Hedge financial site explained in detail why even bailing out the airlines would hurt the economy more than help the economy.) The top-down part supplies the money to the corporations instead of to their employees and consumers, and is therefore supply-boosting instead of demand-boosting. Supplying money to the corporations that the Government selects to protect will enable those corporations to buy up assets and corporations which during the crisis are being auctioned off by the ones that go out of business, and this will leave the nation’s wealth in even fewer hands than before the epidemic struck.
The bottom-up part (the part for workers and consumers) will be exactly the opposite of that: it will help prevent another Great Depression. By boosting purchases, instead of bailing-out billionaires and such, it will enable the economy to keep functioning, and it will not increase the concentration of wealth.
However, employees and consumers don’t have many lobbyists, but billionaires do, and billionaires also own (through political donations and lobbyists) almost all members of Congress (and also the mainstream press), and they not only own, but are represented by, one inside the White House, who is surrounded there by others, and by representatives of others, so that the concerns of the wealthiest will be very well represented by America’s Government, and will end up dominating the bailouts, so that only the insiders, who are well-connected in Washington, will be protected. (And Joe Biden would be no improvement over Donald Trump, though his rhetoric is different.)
Already, we see, in the ‘news’-reports, that there is ‘chaos’ etc. in the U.S. Government’s response to the crisis, but what’s not being reported in the mainstream ‘news’-media is that there very much is method to this seeming madness, and it is the method of the well-practiced and well-funded takers, definitely not of their victims, from whom they (and their Government) have been, and now increasingly are, taking. The takers own the Deep State, and are protected by it. The vast bulk of the bailouts will go to them. The vast bulk of the bailouts will go to suppliers (investors), not to their workers and consumers.
So, as a general rule: the more that a person’s income depends upon investments, and the less that it depends upon their labor (wages), the more fully that the bailouts will compensate for the losses they’ll be suffering as a result of the coronavirus disruptions.
Here is a breakdown of the incomes that the super-rich receive (mainly from investments), versus the incomes that everybody else receive:
www.taxpolicycenter.org/taxvox/let-me-tell-you-about-very-rich-they-are-different-you-and-me
As can easily be seen there, only the super-rich (the top 1%, and most especially the top 0.1%) receive the majority of their incomes from investments (“Business income” and “Capital income”). Everybody else receives it mainly from “compensation” (wages), “retirement income,” and “Transfer income” (welfare).
Most of the benefits to the top 0.1% will be coming by means of monetary policy, via the Federal Reserve, not by means of fiscal policy — such as the payments to the unemployed (which are subject to many delays) and such as the $1,200-per-adult grants (which were the fastest to be paid because it’s the “helicopter money” that buys votes for the political incumbents, all of whom had voted for the bailouts).
The bailouts’ widely publicized part is the $2.2 trillion, since that includes whatever the public gets. However, that part is the smaller portion of the entire program. As CBS News reported on March 24th, “Top White House economic adviser Larry Kudlow said the price tag of economic stimulus amounts to roughly $6 trillion, which includes $2 trillion for direct assistance, and roughly $4 trillion in Federal Reserve lending power. Kudlow said this will be the single-largest such Main Street financial package in the history of the country.” Kudlow said it at a White House press conference. He mentioned there just in passing (at 1:36), that it’s a “six trillion-dollar program, four trillion dollars in lending power from the Fed, that’s a six trillion-dollar package …,” and the reporters in the White House press corps didn’t ask him anything about the Fed’s part, the $4 trillion portion (the program’s part that protects the billionaires); they evidently didn’t care about that, but only about the $2.2 trillion, which is actually the PR decoration on this $6T cake — the $2.2T that the public is interested in, the bait-part of the entire bailout-program. (Its hook won’t sink in until the readers’ children and grandchildren will be paying for it via their taxes in a stripped America.) However, on March 26th, Wall Street on Parade (WSP) — the best investigative-reporting source about Wall Street — headlined “Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts” and disclosed that even what Kudlow had called “Main Street” (the $2.2T part) included much for Wall Street; and WSP then rhetorically asked, “Why does the Federal Reserve need $454 billion from the U.S. taxpayer to bail out Wall Street when it has the power to create money out of thin air and has already dumped more than $9 trillion cumulatively in revolving loans to prop up Wall Street’s trading houses since September 17, 2019 – long before there was any diagnosis of coronavirus anywhere in the world?” They promptly answered this: “The Fed needs that money to create more Special Purpose Vehicles (SPVs) — the same device used by Enron to hide its toxic debt off its balance sheet before it went belly up.” Furthermore, the $454 billion, which WSP called “the money the Treasury is handing over to the Fed” is what CBS had reported “would result in ‘$4 trillion in Federal Reserve lending power’.” And U.S. taxpayers are guaranteeing 100% of these loans to investors — so, it’s “heads you win, tails we lose,” for taxpayers addressing billionaires, and “heads we win, tails you lose,” for billionaires addressing taxpayers. The billionaires win, the public loses. But the billionaires’ media don’t mention this fact, that investors get the guarantees, while the public takes all of the risks. However, what is an “investment” for, if non-investors are receiving its risks? It’s just legalized crime. And these are huge risks, and all or most of the $454 billion that the U.S. is lending to the Fed to guarantee private investors’ investments could be destroyed in the coronavirus-crisis. This is far more socialism for the super-rich than for the bottom 99%. The billionaires love socialism when they’re the ones who are getting the bailouts — the public taking on the risks that investors are supposed to assume. The issue for billionaires isn’t “socialism versus capitalism,” like they always say; it’s actually “socialism for us, and capitalism for everybody else.” That’s not “survival of the fittest,” for the wealthiest class; it’s instead their ordering their politicians to: protect our wealth, no matter what the cost to the public could turn out to be. And that’s precisely what the President and Congress did. Kudlow, however, said, instead, that the “package” would produce “a good rebound in the second half of the year.” Maybe for the billionaires it would.
Kudlow was simply being consistent with his own prior record. On 10 December 2007, he had headlined in National Review, “Bush Boom Continues: You can call it Goldilocks 2.0. But you can’t call it a recession.” And he closed by saying, “This sort of fiscal and monetary coordination will continue the Bush boom for years to come.” He’s good for the billionaires; and, so, today, he’s President Trump’s top economic advisor. He’s up there, because he’s wrong — not because he’s right. (If he had been right, he wouldn’t be there.)
On April 21st, CNBC headlined “Here are the largest public companies taking payroll loans meant for small businesses” and the top 10 on the list totals $56.5 million going to 10 corporations whose collective market capitalization is $2.367 billion. The smallest of those ten bailouts is $10.0M going to the stockholders of a $151 million corporation. The largest of those ten bailouts is to a corporation whose top 3 investors are: Brown Capital, BlackRock, and Vanguard. On April 20th, Forbes reported that, “the U.S. central bank has hired private equity giant BlackRock BLK, which manages some $7 trillion in assets, to run purchases of corporate bonds and commercial mortgages that are part of its response to the pandemic-led recession.” So: the owners of BlackRock will now receive, from “the U.S. central bank” (the Federal Reserve), some of the bailouts from the U.S. Small Business Administration, in this “emergency” program.
Also on April 21st, David Sirota’s blog bannered “Dems Give Unanimous Consent To Trump”, and described the just-passed second coronavirus bailout legislation, which totals $484 billion: It “doesn’t include any resources for first responders, budget-strapped states or food stamps. It doesn’t include any new oversight of the first bailout bill. It includes nothing to help states move to a vote-by-mail system in the event that coronavirus complicates in-person voting during the general election. It basically doesn’t include any alleged Democratic Party priority at all.” But the legislation passed Congress with “unanimous consent,” in this ‘compromise’ with the Republicans (who oppose any government-benefits that might go to the poor).
After the immediate crisis is over, America will have a top 0.1% who are unscathed and whose mega-corporations will be selling not only what they had been selling before, but selling virtually everything that sells in the post-coronavirus world. For examples: what mom-and-pop businesses (including restaurants, B&Bs, etc.) had previously been selling, will, in the future, be supplied (to the extent that it remains being supplied at all) by McDonalds, Starbucks, Marriott, Amazon, Target, Walmart, and other megacorporations (controlled by billionaires), which will have been receiving, from the Fed, and from the Treasury, whatever they needed in order to carry their investors through the crisis-period. (And who are those investors? Look at that chart above, the recipients mainly of “Business income” and “Capital income” — the chief recipients of dividends, interest, and capital gains incomes.)
Furthermore: after the crisis, commercial real estate will be super-cheap, because of all the bankrupted mom-and-pop businesses. Wages also will decline, as the public become increasingly desperate, and the billionaires win increasing market-power. Therefore, not only will the megacorporations be selling a larger percentage of the national output, but their expenses will go down.
Consequently: America will have lots more poor people, and lots wealthier billionaires.
This, however, will be only a temporary situation, because the enormous spread of poverty will result in greatly decreased taxes coming into all levels of the U.S. Government. Bridges will collapse, potholes will proliferate, unendowed colleges will close, nervous breakdowns and heart-attacks will increase, and thus the public won’t be able to spend as much as they were spending before the crisis hit. And, so, although the megacorporations will be selling a larger percentage of national output, that national output will decline, because of the spreading poverty. Therefore, even the billionaires won’t necessarily become richer than they were before the crisis hit.
All of this outcome is unnecessary and results from corruption. The only reason why there is any bailout, at all, for investors (in anything other than pass-through entities), is the pervasive governmental corruption at the very top. If there were no corruption, then the only bailouts would be to individuals and pass-through businesses (which are individuals) — the “bottom-up” bailouts. America is a very corrupt country at the top, and that is the reason why it will collapse in the aftermath of the coronavirus crisis.
Ultimately, when the wealth-inequality is so extreme, the billionaires are selling mainly to each other, and the necessities for the public are less and less profitable to sell at all. The outcome will therefore be economic collapse, and perhaps even revolution.
The basic way to evaluate how well or poorly a nation’s Government is performing in this crisis is the country’s ratio of coronavirus cases to its total population, but if a given country has not yet reached its peak in its daily number of new cases, then that country’s ratio is probably still rising, in which instance, that country’s performance will probably turn out to have been less good than this ratio currently is showing it to be. And, conversely, the lower this ratio is, the better the performance of that country’s Government is shown to be in responding to Covid-19.
Here are the ten nations that have the largest numbers of cases at the present time, and the ratio of that number to their total population; and also shown here is the date when the daily number of new cases peaked (because if it hasn’t yet peaked, then this crucial ratio will probably be rising in that country):
Ratio of total cases to total population, per million (the lower this number, the better):
USA = 2,472 maybe not yet peaked
SPAIN = 4,367 peaked March 26th
ITALY = 3,043 peaked March 19th
FRANCE = 2,421 peaked April 3rd
GERMANY = 1,772 peaked March 27th
UK = 1,901 peaked April 10th
TURKEY = 1,133 peaked April 11th
IRAN = 1,010 peaked February 12th
CHINA = 57 peaked March 30th
RUSSIA = 362 maybe not yet peaked
In addition, the following major countries might especially be noted, since the main reason they aren’t on that list is their being outstandingly good performers:
JAPAN = 88 peaked April 11th
S. KOREA = 208 peaked March 3rd
The worst of all these performers appear currently to be, though not yet in any clear order: USA, Spain, and Italy.
The best appear to be, in order: China, Japan, and S. Korea.
Regardless of a country’s size, here are the absolute worst performers, and their respective known infection-rates per million: San Marino (14,028), Andorra (9,280), Iceland (5,210), Gibraltar (3,918), Faroe Islands (3,786), Isle of Man (3,610), Belgium (3,534), Ireland (3,248), Switzerland (3,243).
The U.S. press has recently been particularly praising Denmark’s performance, and noting that Denmark’s coronavirus emergency legislation is more socialistic than Sweden’s is. However, both of those Scandinavian countries actually have very similar actual performance, thus far, in this crisis. In Denmark, the focus of the emergency legislation was on “saving jobs,” instead of on protecting investors. It’s a democratic socialist country, perhaps the most equalitarian in the world. Of course, that’s the exact opposite of dictatorial capitalism (fascism), which became America’s system after FDR died in 1945, and increasingly thereafter (hyper-imperialistic, military-industrial-complex or “MIC” dominated, like fascist regimes usually are), perpetrating coups and invasions, destroying Iran, Iraq, and many other countries, in order to expand its power and the wealth of its billionaires (like the fascist countries had done going into WW II). No cases of coronavirus-19 were reported in Denmark until February 27th. Denmark unanimously passed its emergency law on March 13th — drastically different bailout legislation from the one that America subsequently passed — in order to deal with the crisis. The daily number of Denmark’s new Covid-19 cases peaked on April 7th, and has been declining since that time. Its neighbor Sweden peaked on April 8th. Sweden’s emergency legislation is less strict about lockdowns, but relies more on individual discretion. However, since Sweden, like Denmark, is a democratic socialist country, individuals needn’t worry about paying medical bills, nor about being paid while on sick-leave. So, employees aren’t desperate to return to their places of work, such as in America; and, therefore, these countries don’t spread the infection as readily as in the U.S. and are thus far less likely to have recurring peaks and delayed terminations of the coronavirus crisis. (By contrast: in America, where losing one’s job can mean losing one’s health care, even sick employees may be inclined to stay on the job and perhaps infect customers.) And there are no corporate bailouts in either Denmark’s or Sweden’s legislation. Denmark’s Finance Minister, the Social Democrat (or democratic socialist) Nicolai Wammen was interviewed for 15 minutes on March 27th, by Christiane Amanpour, and he explained Denmark’s emergency law, which was overwhelmingly bottom-up, not top-down (such as America’s is).
Here, therefore, is the actual performance, thus far, of both of those two countries:
DENMARK = 1,329 peaked April 7th
SWEDEN = 1,517 peaked April 8th
Both of them are reasonably comparable to Germany, UK, Turkey, and Iran, but not as good as S. Korea, and not nearly as good as the two best, China and Japan.
In the final analysis, China and Japan could turn out to have the least-corrupt and best-run Governments; and the most corrupt Governments could turn out to be USA, Spain, and Italy. However, the performances of Brazil and some other nations in the southern hemisphere might yet turn out to be even worse than those of USA, Spain, and Italy, because the winter season has’t yet reached there.
Another important way of measuring a nation’s coronavirus performance is tests per million population. Among the nations with the largest numbers of cases, Italy and Germany are excellent on this, having above 20,000 persons tested per million population; and China is the worst (because it doesn’t even say how many were tested). Consequently: China’s outstanding performance (as measured by low number of reported cases) might actually be fraudulent. Japan’s outstandingly low number of reported cases might also be fraudulent, because their test-number per million is only 923. America’s test-rate is in the mid-range: 12,651. Denmark’s is 17,358. Sweden’s is 9,357.
What cannot be reasonably doubted is that America’s Governmental response to the coronavirus-19 pandemic is catastrophically corrupt. On April 16th, Wall Street on Parade headlined “Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street” and described — and documented — what the Wall Street Journal and the rest of the financial press would not, which is the U.S. Government’s legalized money-laundering operation, via the Fed, transferring onto the American public almost all of the losses that America’s billionaires will be suffering from the coronavirus crash. Back on 21 January 2020, WSP described this money-laundering, in its earlier 2008 embodiment, this way: “The epic financial collapse on Wall Street in 2008 was, reduced to its basic terms, simply the end game of Wall Street banks’ efforts to monetize their frauds.” They noted: “On April 9, 2019, the nonprofit Wall Street watchdog, Better Markets, released a study titled: “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” It should have made headlines on the front pages of every major newspaper in the U.S. Instead, it was effectively ignored by mainstream media.” (Incidentally: Obama repeatedly promised to prosecute banksters, but secretly protected them and prosecuted none of them, though their crimes had been monstrous. The billionaires’ thefts from the public are entirely bipartisan, supported by over 95% of Congress — the billionaires own the Presidents and members of Congress, and not only own virtually all of the news-media.) On April 20th, America’s National Public Radio (NPR) broadcast “Amid Pandemic, Italian Prosecutors Warn That Mafia Groups Are Cementing Their Power” and reported that Mafia bosses were buying up cheap some of Italy’s suddenly desperate small businesses. If the same thing is being done by America’s billionaires, that’s not yet being reported by their press — perhaps it will instead be reported by Italy’s press.
The Federal Reserve are controlled by and represent the banksters — Wall Street — who not only skim on their own accounts but work with and for the billionaires, some of whom are themselves banksters, but many of whom are operating hedge funds, private equity funds, and all types of FORTUNE 500 companies. Basically, Wall Street works for the billionaires. The billionaires run practically everything in America, except Main Street.
In the upcoming June 2020 issue of the neoconservative (pro-U.S.-imperialist) Democratic Party U.S. magazine, The Atlantic, their George Packer banners “We Are Living in a Failed State: The coronavirus didn’t break America. It revealed what was already broken.” That magazine blames this “failed state” on the (neoconservative) Republican Party, and so Packer’s phrase there “a dysfunctional government” links to an anti-Republican article, by one of the top officials in the liberal neoconservative U.S. Administration of the Democrat Barack Obama, titled “How Trump Designed His White House to Fail.” However, the actual cause of the gradual collapse, since 1945, of what had been U.S. President FDR’s largely democratic U.S.A., is the billionaires who own both Parties — it is bipartisan. This rot comes from both Parties’ billionaires. (The particular propaganda-operation, The Atlantic, happens to be controlled by the same Democratic Party billionaire who controls Apple corporation.) No billionaire will publish the reality. For example, Packer’s article said: “The second crisis, in 2008, intensified it [‘a bitterness toward the political class’]. At the top, the financial crash could almost be considered a success. Congress passed a bipartisan bailout bill that saved the financial system.” The presumption there is that the only way to restore the economy after a crash is to bail out the country’s billionaires. It’s a timely propaganda-message, at this moment when the billionaires require their Government to bail them out, yet again. (I recently proposed one way to reduce the billionaires’ dictatorship over America.)
On April 17th, WSP headlined “Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy” and closed by urging: “Americans need to use this time at home to call their Senators and Reps in Congress and demand the separation of federally-insured, deposit-taking banks from the casinos on Wall Street. We’re talking about nothing less than the survival of this country.” Needless to say, the ultimate beneficiaries of this public largesse — to America’s billionaires — don’t desire to publicize such writings, any more than they desire to expose to the public their offshore bank accounts.
Unlike so much that’s in the billionaires’ ‘news’, the facts that are reported here are solidly documented (and linked-to), but the billionaires don’t report these facts. Thus, the masses don’t know these facts, and so the mass-violence, when it comes, won’t be focused against the billionaires. What you’re reading, here, is being kept secret by (not being published by) the billionaires’ media. So — if only in order to spread word that the cause of this is not “the Chinese” or “foreigners” or “the Jews” or some other amorphous ethnicity (who aren’t actually to blame) — please email the URL (the web-address) atop this article, to all of your friends, as “FYI:”. It might stir some interesting conversations, especially if all the ‘news’ that they know comes from America’s billionaires — the same people who fund the country’s successful politicians, each and every election-year. The American Revolution did not come about by misinformed people. It came about by informed people. Misinformed people create only more problems.
So, that’s “FYI.” And thanks for reading here.
3 UPDATES 10PM ET on April 22nd:
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https://www.nytimes.com/2020/04/22/business/sba-loans-ppp-coronavirus.html
http://archive.is/k2656
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
Some businesses seeking coronavirus loans got to avoid flaky online portals or backed-up queues. Many other small businesses couldn’t get their loan requests submitted before the money dried up.
At Chase, the nation’s largest bank, nearly all private and commercial banking clients who applied for a small-business loan got one.
By Emily Flitter and Stacy Cowley • April 22, 2020, 9:14 PM ET
——
https://www.nytimes.com/2020/04/22/business/economy/coronavirus-small-business-loans-real-estate-trusts.html
http://archive.is/trV7Q
Luxury Hotel Company Is Biggest Beneficiary of Small-Business Funds
Ashford Inc. and the real estate investment trusts it oversees have tapped $53 million in Paycheck Protection Program funds via Ritz Carltons and other hotel holdings
By Jeanna Smialek, Jim Tankersley and Alan Rappeport • April 22, 2020 Updated 6:05 p.m. ET
——
https://www.nytimes.com/2020/04/22/business/stock-market-tracker-live-coronavirus.html
http://archive.is/2iCOR
More than 100 public companies got millions in small-business loans.
22 April 2020 9:23PM ET
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Investigative historian Eric Zuesse is the author, most recently, of They’re Not Even Close: The Democratic vs. Republican Economic Records, 1910-2010, and of CHRIST’S VENTRILOQUISTS: The Event that Created Christianity.
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theduran--2020-04-22--A Real New Deal & Debt Jubilee or a Green New Deal & Global Dictatorship?

As scary as it is for some to admit even at this stage of the game , the current financial system sits precariously on the edge of a meltdown beyond anything ever recorded in human history .
Normally , such a systemic meltdown would generate such turbulence and panic that the masses of complacent subjects would be induced to action in defense of their families and nations , however under current circumstances , the coronavirus pandemic has ensured that no such mass movement , or policy fight has taken shape .
As I wrote in a February 27th editorial Why @ @ @ @ @ @ @ Caused by Coronavirus , the inevitability of the meltdown has been well known to all leading central bankers and highly placed officials in “ a position to know ” for a very long time .
This fact was known even before the new wave of emergency bailouts were begun in September 2019 starting with $ 50 billion/night of overnight repo loans .
It was known even before the age of bailout was created to postpone the 2008-09 collapse of the system under threat of Martial Law .
It was known before Glass-Steagall was @ @ @ @ @ @ @ deregulated in 2001 .
Let ’ s just say it ’ s been a part of a very ugly plan for a very long time .
But make no mistake , you didn ’ t have to be a “ highly placed ” banker or technocratic social engineer to know this collapse was going to happen .
No crystal ball was ever needed .
All a thinking person had to do was assess the observable underpinnings of the post-1971 financial order and look with unbiased eyes upon the consistent rate of collapse of @ @ @ @ @ @ @ while taking note of the paradoxical hyperbolic increase of monetary assets , and speculative claims in the system every year since the age of “ deregulation ” was ushered in ( and the post WWII paradigm of industrial growth economics was thrown in the trash ) .
Outsourcing of vital manufacturing , decay of infrastructure maintenance and improvement , privatization of public goods , and loss of machine tool powers simply resulted in the transfer of wealth into the hands of a small elite , and the stripping of nation states from the @ @ @ @ @ @ @ monetary growth used to be tied to the measurable growth of physical economic variables mentioned above , the post-1971 world order demanded that money could only grow according to debts that were ever more disassociated from reality .
Instead of justifying the growth of infrastructure , and improvements in the productive powers of labor , debts became tied to mere speculative activities setting in place a time bomb in the form of a new bubble economy .
Whether artificially induced or left to their own devices , bubbles by their very nature ALWAYS @ @ @ @ @ @ @ of the trans-Atlantic bubbles has not yet occurred , we still have a choice .
Hyperinflation 101 : How NOT to Run an Economy Either we can break up the banks with Glass-Steagall bank separation , and a total bankruptcy reorganization ( aka : Debt Jubilees ) or we can pump more money into the zombie banks in order to accelerate hyperinflation and fascism following the 1923 German model .
Sadly , up until the present moment , the playbook used was published in 1923 .
In response to the collapse , and @ @ @ @ @ @ @ been used to justify the shutdown of the economies of the world , the NY Federal Reserve has been converted into a giant Hedge Fund designed to purchase trillions of dollars of junk debts from private banks to the tune of $ 6.13 trillion as of April 13 .
This represents a 42 % increase in only one month from the $ 4.31 trillion balance sheet on March 11 .
Most of these assets take the form of Special purchase vehicles authorized to purchase over $ 4.5 trillion of toxic debt under the @ @ @ @ @ @ @ as tranches of Collateralized Loan Obligations ( CLOs ) which are highly toxic derivatives tied to leveraged corporate junk debt to the scale of $ 2.2 trillion .
Former banker and author of Planet Ponzi , Mitchel Feierstein recently wrote an RT editorial on April 10that put it succinctly : “ The fed is socializing hedge fund investments gone bad placing tax payers at risk.
” Unlike too many analysts who prefer to merely opinionate about the crisis , Feierstein happily strikes the nail on the head by zeroing in on the conceptual @ @ @ @ @ @ @ value and debt .
Is all debt evil ?
Of course not .
If a farmer wishes to take out a debt to buy a better tractor which will improve his productivity then it will extinguish itself over time .
If a heroine addict wishes to take out a debt to feed his addiction then that debt would obviously be destructive .
In this vein Feierstein states : “ Debt is never a bad thing if it is used to create organic growth or fund infrastructure development that creates opportunities and employment .
@ @ @ @ @ @ @ grotesque weapons of financial destruction by structuring synthetic derivatives products that use leverage of 300 to 1 or more- meaning that $ 1 million can control $ 300 million in assets.
” The system of derivatives products and leverage referred to by Fierstein has now attained levels which “ officially ” amount to $ 700 trillion , but which most expert economists claim runs as high as $ 1.5 quadrillion of fictitious capital .
World GDP is no greater than $ 80 trillion .
This is the bubble that threatens to tear apart @ @ @ @ @ @ @ Feierstein is joined by a surge in Ibero-American voices who have loudly begun calling for a debt jubilee in the face of the oncoming blowout .
Founded by Latin American leaders , including Argentina ’ s current president Alberto Fernandez in July 2019 , the Puebla Group has now come out calling for a total write off of the unplayable IMF and World Bank debts that have held Latin America hostage for decades under the weight of conditionalities and usury .
After a 3 hour conference call with its 40 members , the @ @ @ @ @ @ @ priorities of the [ existing ] global model led to the abandonment of social policies , especially those related to healthcare systems ” and that “ health , research , and public policy can not be subordinated to the interests of the market.
” Other founders of the Pueblo Group include former presidents Fernando Lugo ( Paraguay ) , Rafael Correa ( Ecuador ) , Dilma Rousseff ( Brazil ) , and former cabinet ministers , diplomats and senators .
This dovetails the March 20 call by the Latin American Center for Geopolitics @ @ @ @ @ @ @ multipolar system and a cancelation of all usurious Ibero-American debts .
A director of CELAG named Alfredo Serrano wrote that “ after the tsunami ” , hopefully “ a kind of New Deal , a new social and economic contract will emerge , in which health and other basic rights will be at the center of the economy and that the financial economy will be at the service of the real economy and not the other way around.
” While not going as far as the Pueblo Group or CELAG , Mexico ’ @ @ @ @ @ @ @ on April 8 by stating the fact that the crisis will require a new system and that said system must be based upon the total rejection of neoliberalism .
In his speech , Obrador stated “ that the neo-liberal model is collapsing .
That is what is happening ; that is , the coronavirus precipitated the fall of a failed model….
“ How is it possible that the pandemic has such a huge effect , economically and socially ?
… Among other things , social investment was stopped ; healthcare was privatized .
@ @ @ @ @ @ @ have public services for the population .
They are the ones worst hit.
” Although he did not explicitly state that a debt cancellation must occur , Obrador called for a New Deal solution to the crisis asking : “ What did President Roosevelt do in a situation like this ?
Reactivate the economy with investment ; employment for everyone ; a minimum salary for everyone , especially the youth .
Reactivate the construction industry .
That is how he lifted up the United States and returned tranquility , happiness to his people… @ @ @ @ @ @ @ same thing today ?
” Real New Deal NOT Green New Deal As I wrote in my previous paper How to Crush a Bankers ’ Dictatorship : A Lesson from 1933 , Franklin Roosevelt ’ s New Deal was NOTHING like the “ Green New Deal ” which many leading central bankers have been promoting as a replacement to the dying neo-liberal order .
When Sir Michael Bloomberg ( yes he was made a knight of the British Empire in 2014 ) or the Bank of England ’ s Mark Carney , or @ @ @ @ @ @ @ Global Green New Deal it is important to recognize that this is a trap and similar to the original in name only .
Since this fact is still not widely known , a few words on this must be stated .
Carbon taxes , cap and trade schemes , biofuels ( to burn the food supplies ) , or inefficient windmill and solar energy infrastructure may create a momentary spike in jobs that would satisfy Keynesian economists who think economic progress comes from individual “ bottom up ” purchasing power , but the @ @ @ @ @ @ @ of that attained during the New Deal of the 1930s and the needed remedies to support today ’ s nearly 8 billion people .
Rather than increasing industrial activity , large scale infrastructure and ultimately sustain social safety nets the way FDR achieved , the Green New Deal will crush nations ’ abilities to produce for themselves , sustain their people or even maintain global populations at current levels which this author developed in a 2014 lecture entitled “ The Imperial Fraud of Entropy ” featured below .
As sick a fact as @ @ @ @ @ @ @ “ utilitarian necessity ” for certain oligarchical social engineers attempting to manage humanity as a system from the top .
The real New Deal , as Obrador desires , or as China , Russia and other pro-Belt and Road nations demand , must be anti-Malthusian as well as anti-neoliberal .
It must be based upon activities that increase human life both quantitatively as well as qualitatively on every level : material , intellectual and spiritual .
Long term infrastructure projects funded by low interest/conditionality-free loans made the original New Deal work and it @ @ @ @ @ @ @ t died pre-maturely months into his fourth term under conditions which Stalin stated in an interview with FDR ’ s son Elliot , was the effect of poisoning by “ Churchill ’ s gang ” .
These principles worked then , and they continue to work today as China and 135 nations working together under the Belt and Road Initiative framework have demonstrated beautifully .
This growth of humanity as a species made in the image of a Creator is what the Malthusian technocrats hate and fear , and this is why the @ @ @ @ @ @ @ , mars and asteroid mining and cooperation on space exploration more generally is so necessary to fuel the sort of anti-Malthusian , open system discussion for a genuine Global New Deal which must govern the transition from the age of parasitic globalization and empire to a new Multipolar age of cooperation and creative reason .
Matthew Ehret is the Editor-in-Chief of the Canadian Patriot Review , a BRI Expert on Tactical talk , and has authored 3 volumes of ‘ Untold History of Canada ’ book series .
In 2019 he co-founded the @ @ @ @ @ @ @ reached at [ email protected ]

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
Originally published on the Strategic Culture Foundation
As scary as it is for some to admit even at this stage of the game, the current financial system sits precariously on the edge of a meltdown beyond anything ever recorded in human history. Normally, such a systemic meltdown would generate such turbulence and panic that the masses of complacent subjects would be induced to action in defense of their families and nations, however under current circumstances, the coronavirus pandemic has ensured that no such mass movement, or policy fight has taken shape.
As I wrote in a February 27th editorial Why the Coming Economic Collapse Will NOT be Caused by Coronavirus, the inevitability of the meltdown has been well known to all leading central bankers and highly placed officials in “a position to know” for a very long time. This fact was known even before the new wave of emergency bailouts were begun in September 2019 starting with $50 billion/night of overnight repo loans. It was known even before the age of bailout was created to postpone the 2008-09 collapse of the system under threat of Martial Law. It was known before Glass-Steagall was repealed in 1999 and over-the-counter derivatives were deregulated in 2001. Let’s just say it’s been a part of a very ugly plan for a very long time.
But make no mistake, you didn’t have to be a “highly placed” banker or technocratic social engineer to know this collapse was going to happen. No crystal ball was ever needed.
All a thinking person had to do was assess the observable underpinnings of the post-1971 financial order and look with unbiased eyes upon the consistent rate of collapse of the PHYSICAL economic platform that supports life while taking note of the paradoxical hyperbolic increase of monetary assets, and speculative claims in the system every year since the age of “deregulation” was ushered in (and the post WWII paradigm of industrial growth economics was thrown in the trash). Outsourcing of vital manufacturing, decay of infrastructure maintenance and improvement, privatization of public goods, and loss of machine tool powers simply resulted in the transfer of wealth into the hands of a small elite, and the stripping of nation states from the economic sovereignty they once enjoyed.
Where monetary growth used to be tied to the measurable growth of physical economic variables mentioned above, the post-1971 world order demanded that money could only grow according to debts that were ever more disassociated from reality. Instead of justifying the growth of infrastructure, and improvements in the productive powers of labor, debts became tied to mere speculative activities setting in place a time bomb in the form of a new bubble economy. Whether artificially induced or left to their own devices, bubbles by their very nature ALWAYS pop
Since the chaos of the collapse of the trans-Atlantic bubbles has not yet occurred, we still have a choice.
Hyperinflation 101: How NOT to Run an Economy
Either we can break up the banks with Glass-Steagall bank separation, and a total bankruptcy reorganization (aka: Debt Jubilees) or we can pump more money into the zombie banks in order to accelerate hyperinflation and fascism following the 1923 German model.
Sadly, up until the present moment, the playbook used was published in 1923.
In response to the collapse, and precipitated by the covid-19 pandemic which has been used to justify the shutdown of the economies of the world, the NY Federal Reserve has been converted into a giant Hedge Fund designed to purchase trillions of dollars of junk debts from private banks to the tune of $6.13 trillion as of April 13. This represents a 42% increase in only one month from the $4.31 trillion balance sheet on March 11. Most of these assets take the form of Special purchase vehicles authorized to purchase over $4.5 trillion of toxic debt under the secret supervision of Blackrock, as well as tranches of Collateralized Loan Obligations (CLOs) which are highly toxic derivatives tied to leveraged corporate junk debt to the scale of $2.2 trillion.
Former banker and author of Planet Ponzi, Mitchel Feierstein recently wrote an RT editorial on April 10that put it succinctly: “The fed is socializing hedge fund investments gone bad placing tax payers at risk.”
Unlike too many analysts who prefer to merely opinionate about the crisis, Feierstein happily strikes the nail on the head by zeroing in on the conceptual issue of good vs false standards of value and debt. Is all debt evil? Of course not. If a farmer wishes to take out a debt to buy a better tractor which will improve his productivity then it will extinguish itself over time. If a heroine addict wishes to take out a debt to feed his addiction then that debt would obviously be destructive.
In this vein Feierstein states: “Debt is never a bad thing if it is used to create organic growth or fund infrastructure development that creates opportunities and employment. Debt is dangerous when used to develop grotesque weapons of financial destruction by structuring synthetic derivatives products that use leverage of 300 to 1 or more- meaning that $1 million can control $300 million in assets.”
The system of derivatives products and leverage referred to by Fierstein has now attained levels which “officially” amount to $700 trillion, but which most expert economists claim runs as high as $1.5 quadrillion of fictitious capital. World GDP is no greater than $80 trillion. This is the bubble that threatens to tear apart the nations of the world now.
The Importance of a Debt Jubilee
Feierstein is joined by a surge in Ibero-American voices who have loudly begun calling for a debt jubilee in the face of the oncoming blowout. Founded by Latin American leaders, including Argentina’s current president Alberto Fernandez in July 2019, the Puebla Group has now come out calling for a total write off of the unplayable IMF and World Bank debts that have held Latin America hostage for decades under the weight of conditionalities and usury. After a 3 hour conference call with its 40 members, the group published a declarationstating that “the priorities of the [existing] global model led to the abandonment of social policies, especially those related to healthcare systems” and that “health, research, and public policy cannot be subordinated to the interests of the market.” Other founders of the Pueblo Group include former presidents Fernando Lugo (Paraguay), Rafael Correa (Ecuador), Dilma Rousseff (Brazil), and former cabinet ministers, diplomats and senators.
This dovetails the March 20 call by the Latin American Center for Geopolitics(CELAG) to support a new multipolar system and a cancelation of all usurious Ibero-American debts. A director of CELAG named Alfredo Serrano wrote that “after the tsunami”, hopefully “a kind of New Deal, a new social and economic contract will emerge, in which health and other basic rights will be at the center of the economy and that the financial economy will be at the service of the real economy and not the other way around.”
While not going as far as the Pueblo Group or CELAG, Mexico’s President Lopez Obrador, made headlines on April 8 by stating the fact that the crisis will require a new system and that said system must be based upon the total rejection of neoliberalism. In his speech, Obrador stated “that the neo-liberal model is collapsing. That is what is happening; that is, the coronavirus precipitated the fall of a failed model….“How is it possible that the pandemic has such a huge effect, economically and socially? … Among other things, social investment was stopped; healthcare was privatized. There are countries today which do not have public services for the population. They are the ones worst hit.”
Although he did not explicitly state that a debt cancellation must occur, Obrador called for a New Deal solution to the crisis asking:
“What did President Roosevelt do in a situation like this? Reactivate the economy with investment; employment for everyone; a minimum salary for everyone, especially the youth. Reactivate the construction industry. That is how he lifted up the United States and returned tranquility, happiness to his people…. So, why not do the same thing today?”
Real New Deal NOT Green New Deal
As I wrote in my previous paper How to Crush a Bankers’ Dictatorship: A Lesson from 1933, Franklin Roosevelt’s New Deal was NOTHING like the “Green New Deal” which many leading central bankers have been promoting as a replacement to the dying neo-liberal order. When Sir Michael Bloomberg (yes he was made a knight of the British Empire in 2014) or the Bank of England’s Mark Carney, or some other Malthusian technocrat call for a Global Green New Deal it is important to recognize that this is a trap and similar to the original in name only. Since this fact is still not widely known, a few words on this must be stated.
Carbon taxes, cap and trade schemes, biofuels (to burn the food supplies), or inefficient windmill and solar energy infrastructure may create a momentary spike in jobs that would satisfy Keynesian economists who think economic progress comes from individual “bottom up” purchasing power, but the longer term EFFECT will be the opposite of that attained during the New Deal of the 1930s and the needed remedies to support today’s nearly 8 billion people.
Rather than increasing industrial activity, large scale infrastructure and ultimately sustain social safety nets the way FDR achieved, the Green New Deal will crush nations’ abilities to produce for themselves, sustain their people or even maintain global populations at current levels which this author developed in a 2014 lecture entitled “The Imperial Fraud of Entropy”featured below. As sick a fact as this is, depopulation is considered a “utilitarian necessity” for certain oligarchical social engineers attempting to manage humanity as a system from the top.
The real New Deal, as Obrador desires, or as China, Russia and other pro-Belt and Road nations demand, must be anti-Malthusian as well as anti-neoliberal. It must be based upon activities that increase human life both quantitatively as well as qualitatively on every level: material, intellectual and spiritual. Long term infrastructure projects funded by low interest/conditionality-free loans made the original New Deal work and it would have ended colonialismif FDR hadn’t died pre-maturely months into his fourth term under conditions which Stalin stated in an interview with FDR’s son Elliot, was the effect of poisoning by “Churchill’s gang”.
These principles worked then, and they continue to work today as China and 135 nations working together under the Belt and Road Initiative framework have demonstrated beautifully.
This growth of humanity as a species made in the image of a Creator is what the Malthusian technocrats hate and fear, and this is why the Trump-Putin-Xi commitment to asteroid defense, lunar, mars and asteroid mining and cooperation on space exploration more generally is so necessary to fuel the sort of anti-Malthusian, open system discussion for a genuine Global New Deal which must govern the transition from the age of parasitic globalization and empire to a new Multipolar age of cooperation and creative reason.
Matthew Ehret is the Editor-in-Chief of the Canadian Patriot Review , a BRI Expert on Tactical talk, and has authored 3 volumes of ‘Untold History of Canada’ book series. In 2019 he co-founded the Montreal-based Rising Tide Foundation and can be reached at matt.ehret@tutamail.com
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theduran--2020-04-22--India and Pakistan increase mutual violence amidst pandemic

Submitted by InfoBrics , authored by Lucas Leiroz , research fellow in international law at the Federal University of Rio de Janeiro… In the midst of the global pandemic , India and Pakistan are increasing mutual violence , without due attention being paid to the situation by the international media .
Several violations of the ceasefire between the two countries have been taking place in recent weeks , reigniting the flame of a regional war that troubled the world last year , when relations between India and Pakistan approached the total catastrophe in Kashmir .
In April , India violated @ @ @ @ @ @ @ drone to capture images of Pakistani territory along the Line of Control .
The drone is estimated to have crossed more than 600 meters of the Pakistani airspace .
In an official note , the Pakistani Army stated that the act was a true provocation and that it obtained an incisive and effective response : “ This blatant act was answered harshly by the Pakistani Army troops , who shot down the Indian drone .
This act of the Indian Army is a clear violation of the rules established between the two countries @ @ @ @ @ @ @ s lack of commitment to the 2003 ceasefire ” .
Previously , Pakistan reportedly summoned an Indian diplomat to express protest against violations of the ceasefire agreement signed in 2003 , but apparently has had no success in the negotiations .
Last year , another Indian drone was also shot down after entering 150 meters into Pakistani territory , according to the Pakistani Armed Forces .
However , the Indian Army also claims to have its grounds for tightening up the surveillance system .
According to a response by the country ’ s @ @ @ @ @ @ @ the drone was the recent detection of a large Pakistani infiltration into Indian territory .
In a recent Pakistani military operation around the Line of Control , five Indian soldiers were killed , undermining collective security and exacerbating local tensions .
India responded sharply to the attack , firing missiles at Pakistani platforms and deposits in the regions of Jammu and Kashmir .
According to the Pakistani government , these platforms were used by terrorist groups and have been completely destroyed .
According to a recent study by the National Academy of Sciences @ @ @ @ @ @ @ led by Jonas Jagermeyr , a low-level nuclear conflict between India and Pakistan could wipe out large areas of the world ’ s food supply , starting cataclysmic fires that would extinguish the sun in a decade-long nuclear winter .
In an approximate estimate of 150 nuclear warheads for each country , Pakistan and India pose a real threat to global food security with their arsenals , if they eventually use them .
Although it is a small nuclear stockpile , representing an insignificant fraction of the world ’ s 14,000 warheads , @ @ @ @ @ @ @ be devastating , even in a “ limited war ” , which raises the need to seek a reconciliation dialogue and to try to ease tensions .
The study is carried out by starting a simulation in 2025 , when tensions in the region turn into a hypothetical shooting war , and then supposes what might happen if both sides detonate a total of 100 bombs with the size of the Hiroshima one – much less powerful than many modern warheads .
In addition to the immediate death and destruction of the explosions @ @ @ @ @ @ @ agitate the world ’ s climate for years , according to the study , causing immense fires that would send more than 5 million tons of soot into the stratosphere .
With a layer of smoke , global temperatures drop sharply , sending crop yields into a steady downward spiral , “ overcoming the greatest famine ever recorded ” , creating an almost apocalyptic world scenario .
It is for these reasons that Russia recently warned that the accession of India and Pakistan to the Treaty on the Non-Proliferation of Nuclear Weapons would @ @ @ @ @ @ @ dangerous idea , given that both countries have been involved in an endless conflict for decades that pushes them to an eternal arms race that aims to define who is the superior power .
This situation of conflict and dispute could represent the definitive end of the agreement and its complete failure , instead of limiting the arsenals of India and Pakistan , so that it may be safer to keep them out .
A possible war between India and Pakistan would not benefit anyone .
Both are extremely strong countries , with @ @ @ @ @ @ @ lose with a conflict of such magnitude .
The image of both countries is diminished by the war , being rejected from international agreements and projects with other world powers due to the insecurity generated by their presence .
It is more than obvious that the real way to resolve the territorial disputes between them is not war , but dialogue and arbitration .
A formal and definitive agreement could extinguish or at least soften and postpone the disputes between Pakistan and India , however , it is clear that countries with such @ @ @ @ @ @ @ in dialogue .
For this reason , it is lucid to defend international arbitration mediated by another emerging power , such as Russia or China , which aims at a balance point and a fertile and lasting agreement , from which India and Pakistan can develop peacefully and improve their relations between themselves and with other countries .

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
Submitted by InfoBrics, authored by Lucas Leiroz, research fellow in international law at the Federal University of Rio de Janeiro…
In the midst of the global pandemic, India and Pakistan are increasing mutual violence, without due attention being paid to the situation by the international media. Several violations of the ceasefire between the two countries have been taking place in recent weeks, reigniting the flame of a regional war that troubled the world last year, when relations between India and Pakistan approached the total catastrophe in Kashmir.
In April, India violated Pakistani airspace by sending a military spy drone to capture images of Pakistani territory along the Line of Control. The drone is estimated to have crossed more than 600 meters of the Pakistani airspace. In an official note, the Pakistani Army stated that the act was a true provocation and that it obtained an incisive and effective response: “This blatant act was answered harshly by the Pakistani Army troops, who shot down the Indian drone. This act of the Indian Army is a clear violation of the rules established between the two countries and has demonstrated the Indian Army’s lack of commitment to the 2003 ceasefire”.
Previously, Pakistan reportedly summoned an Indian diplomat to express protest against violations of the ceasefire agreement signed in 2003, but apparently has had no success in the negotiations. Last year, another Indian drone was also shot down after entering 150 meters into Pakistani territory, according to the Pakistani Armed Forces.
However, the Indian Army also claims to have its grounds for tightening up the surveillance system. According to a response by the country’s security forces, the reason for sending the drone was the recent detection of a large Pakistani infiltration into Indian territory. In a recent Pakistani military operation around the Line of Control, five Indian soldiers were killed, undermining collective security and exacerbating local tensions. India responded sharply to the attack, firing missiles at Pakistani platforms and deposits in the regions of Jammu and Kashmir. According to the Pakistani government, these platforms were used by terrorist groups and have been completely destroyed.
According to a recent study by the National Academy of Sciences of the United States of America, led by Jonas Jagermeyr, a low-level nuclear conflict between India and Pakistan could wipe out large areas of the world’s food supply, starting cataclysmic fires that would extinguish the sun in a decade-long nuclear winter. In an approximate estimate of 150 nuclear warheads for each country, Pakistan and India pose a real threat to global food security with their arsenals, if they eventually use them. Although it is a small nuclear stockpile, representing an insignificant fraction of the world’s 14,000 warheads, the nuclear power of these countries can be devastating, even in a “limited war”, which raises the need to seek a reconciliation dialogue and to try to ease tensions.
The study is carried out by starting a simulation in 2025, when tensions in the region turn into a hypothetical shooting war, and then supposes what might happen if both sides detonate a total of 100 bombs with the size of the Hiroshima one – much less powerful than many modern warheads. In addition to the immediate death and destruction of the explosions, a cascade of side effects would agitate the world’s climate for years, according to the study, causing immense fires that would send more than 5 million tons of soot into the stratosphere. With a layer of smoke, global temperatures drop sharply, sending crop yields into a steady downward spiral, “overcoming the greatest famine ever recorded”, creating an almost apocalyptic world scenario.
It is for these reasons that Russia recently warned that the accession of India and Pakistan to the Treaty on the Non-Proliferation of Nuclear Weapons would be a real disaster, an extremely dangerous idea, given that both countries have been involved in an endless conflict for decades that pushes them to an eternal arms race that aims to define who is the superior power. This situation of conflict and dispute could represent the definitive end of the agreement and its complete failure, instead of limiting the arsenals of India and Pakistan, so that it may be safer to keep them out.
A possible war between India and Pakistan would not benefit anyone. Both are extremely strong countries, with enormous growth potential and which can only lose with a conflict of such magnitude. The image of both countries is diminished by the war, being rejected from international agreements and projects with other world powers due to the insecurity generated by their presence. It is more than obvious that the real way to resolve the territorial disputes between them is not war, but dialogue and arbitration.
A formal and definitive agreement could extinguish or at least soften and postpone the disputes between Pakistan and India, however, it is clear that countries with such a history of rivalry have great difficulty in dialogue. For this reason, it is lucid to defend international arbitration mediated by another emerging power, such as Russia or China, which aims at a balance point and a fertile and lasting agreement, from which India and Pakistan can develop peacefully and improve their relations between themselves and with other countries.
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