MAR 23 16 SIT EC y POL
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Submitted by Tyler
Durden on 03/22/2016. http://www.zerohedge.com/news/2016-03-22/why-trump-right-trade-agreements
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Free trade is a great concept, as are free markets and
freedom. The problem is none of these things exist in practice
because they don’t provide sufficient advantages to the ruling class.
The Fed and HFT systems now dominate global markets, western nations
systematically overthrow any (freely elected) foreign government that doesn’t
bow down to them and free trade
agreements are put in place to ensure
investors maximize profits no matter what the costs to society.
….
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ZERO HEDGE
ECONOMICS
"FREE"
TRADE, JOBS, & INCOME INEQUALITY: It's Not As Easy As We Might Think.
S-by Tyler Durden on 03/22/2016. By Charles Hugh-Smith of OfTwoMinds
blog,http://www.zerohedge.com/news/2016-03-22/free-trade-jobs-income-inequality-its-not-easy-we-might-think
Cheap imports, offshoring of production and the global
expansion of financial markets have driven U.S. corporate and financial profits
to unprecedented heights.
Globalization (a.k.a. "free" trade) has become
an election issue for two reasons: many voters blame "free" trade
with China and other nations for job losses in the U.S. and rising income
inequality as globalization's "winners" in the U.S. outpace its far
more numerous "losers."
Slapping fees on imports (which by the way is illegal in
treaties such as the WTO) will not solve the larger problems of reduced
employment, stagnant wages and rising income inequality. To make a dent
in those issues, we'll need to tackle central bank and
central-state policies that have pushed finance and speculative churn to
supremacy over the productive economy.
SEE
FOUR MORE CHARTS
1- The Great Prosperity : 1947-1979 vs. THE
GREAT REGRESSION 1980-NOW. See image: http://www.oftwominds.com/photos2016/productivity2-16.jpg
2- The disconnect between productivity and wages. See image at: http://www.oftwominds.com/photos2016/income-inequality3-16.jpg
3- Financial Profits vs.
Debt GDP (Pct) 2015/09/30 See image at: http://www.oftwominds.com/photos2016/fin-profits3-16b.png
4- Corporate profits after
Tax (without IVA and CCaj) See image at: http://www.oftwominds.com/photos2016/corp-profits3-16b.png
Total U.S. corporate profits soared once trade with China
and the financial free-for-all of housing/debt/fraud took off. This chart makes it clear that the winners
from 2001 on were financiers and corporations exploiting two dynamics:
offshoring production to China and maintaining product costs to reap outsized
profits, and borrowing cheap money to expand overseas and skim profits from
carry trades.
What do we get if we add these
charts up?
1. Offshoring of production jobs
to China et al. undoubtedly slashed jobs for the bottom 90%, but these losses
were offset (or masked) by the rise of housing/debt/fraud bubbles that boosted
employment in the FIRE sector (finance, insurance, real estate).
2. Financialization and central
bank intervention greatly rewarded those with the skills and sociopathologies
needed to participate in the resulting debt/fraud booms.
3. U.S. corporations reaped the
gains from offshoring jobs, and these gains flowed to top management and those
who own corporate shares, i.e. the top 5%.
4. The trend of rising income
disparity started long before China's trade was significant enough to impact
the U.S. economy, and correlates with the rise of financialization and cheaper
technology tools.
5. These trends rewarded
management, finance and technology expertise, which are concentrated in the top
10% of the work force.
6. Cheap imports, offshoring of
production and the global expansion of financial markets have driven U.S.
corporate and financial profits to unprecedented heights. Since these profits
largely flow to top management, financiers, technocrats and owners of corporate
capital--roughly speaking the top 10% or even top 5%--it's no wonder wealth and
income disparity is rising: there is no other output possible in the current
system.
Slapping fees on
imports (which by the way is illegal in treaties such as the WTO) will not
solve the larger problems of reduced employment, stagnant wages and rising
income inequality. To make a dent in those
issues, we'll need to tackle central bank and central-state policies that have
pushed finance and speculative churn to supremacy over the productive economy.
…
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Earlier today Fed
President Evans said this "I think the economic fundamentals [of the
US] are really quite good." As the following three charts show,
there is only one thing that looks "quite good" and it is not
'economic fundamentals'...
Macro-economy? Nope
Micro-economy? Earnings expectations... Nope!
And The Bond Market... Nope!!
SEE IMAGE
LOCATION AT : http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/03/22/20160322_EvansYouTwat3_0.jpg
So what exactly is is
that Mr.Evans sees? Either
he is stupid (PhD suggests otherwise), ignorant (possible), or lying (probable)
since the only thing that matters clearly in the level of the S&P 500 -
being above 2,000! Or was Evans' hawkishness a sign The Fed is worried that
markets are way over their skis once again?
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QUICK NEWS ON ECONOMICS
Oil
Drops To $40 Handle After IEA Warns Production Freeze Is
"Meaningless". Submitted
by Tyler Durden
on 03/23/2016
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Dollar
Winning Streak Continues For Fourth Day Pushing Oil Lower; Futures Flat. Submitted by Tyler
Durden on 03/23/2016
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Is
The Stock Rally Getting Too Complacent? (Spoiler Alert: Yes). Submitted by Tyler
Durden on 03/23/2016
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Former
Goldman Employee Avoids Prison, Gets $5,000 Fine For Stealing Secret NY Fed
Documents. Submitted by Tyler
Durden on 03/22/2016
Submitted by Tyler
Durden on 03/23/2016 - 07:57
- Futures little changed day after Brussels attacks (Reuters)
- Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
- Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
- After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
- Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
- Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
POLITICS
Collision
Course: Latest Delegate Count Shows Trump, Clinton Destined For Duel. Submitted
by Tyler Durden
on 03/23/2016 :
Clinton won Arizona & Barners Utah and Idaho
Clinton has 1212 delegates
Sanders got 918, almost 300 less than Clinton
Super-delegates: Clinton got 467 & Sanders 26 . They can switch candidates if she loses
the lead in pledge delegates. For this to happens Sanders need to win 3 major
States: CA, NY & PA. He can get it.
..
Bernie Sanders took Utah and Idaho - but it’s likely to be
far too little, far too late, said zero-hedge. [ I don't think so. Hillary bubble is getting burst. she is nervous in the video. Reason: more than half of total pledge delegates are still in dispute and Sanders can get it.]
..
But despite wins for Cruz and Sanders on Tuesday, the state
that “mattered” went to Trump and Clinton. Trump cruised (no pun intended) to
victory in Arizona, besting “lyin’, lyin’ Ted” by 24 points, while Clinton
extinguised “The Bern” with extreme prejudice, winning by 20. Here's what
Clinton said after her win:
Video URL: https://youtu.be/HB-Oexm8OVA
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RUBIO'S FAILURE: HOW OUR BROKEN ECONOMY FUELS VOTER RAGE. Submitted by Tyler Durden on 03/22/2016
..
The Politics of a Failing Economy
None of this may seem to be connected to economics,
but the connection is actually quite close.
..
The economy has performed
so poorly for so long that tens of millions of primary voters are very, very
worried. The more they worry about getting or keeping jobs, the more they worry
about job competition from immigrants, and the more easily they become inflamed
about open borders. Voters also sense that the crony capitalists are getting
richer while they are getting poorer, which is true, and they identify the
crony capitalists with the unlimited immigration position. Big business in
particular wants the cheapest labor possible, they reason, and this means big
business wants open borders.
..
There is an irony here. Free and open markets, with
free and open prices, not controlled by government, are the only way to create
prosperity and jobs for the poor and middle class, not just those enriching
themselves from government connections. Yet a declining economy often produces
political waves that are inimical to free and open markets.
..
Meanwhile, the greatest harm done to the economy has been
done by the world’s central bankers. Entrusted with protecting the value of
global currencies, they have instead trashed them, in the process creating
today’s cycles of bubble and bust. No economic logic, no valid theory, no
empirical evidence supports what these self-appointed central economic planners
have done, but the more their radical ideas fail, the more they double down on
them. The only beneficiaries are the crony capitalist rich and is it
any wonder that, under these circumstances, primary voters would be angry and
look to unconventional candidates?
..
A Declining Empire
..
The reasons for the decline and fall of the Roman Empire
have been endlessly debated. In my own view, there were three, highly
interrelated causes.
..
The first was noted by Ludwig von Mises: the Emperors
debased the currency and by doing so destroyed what had been a thriving
economy, what might be called the world’s first “global” trading economy.
So far, we are doing the same.
Second, the emperors increasingly opened the borders to
immigrants. This might have turned out better if the economy had been
thriving. But with the economy in sharp decline, it made a bad situation worse
and eventually led to outright invasions.
Third, pandemics arrived, massive pandemics that wiped
out large proportions of the population. We have not yet experienced
anything like that, but medical authorities continually warn us that it could
happen anytime, and could take the form of a viral pandemic, for which there
would be no cure, or a bacterial pandemic such as TB, because we have allowed
antibiotic resistant forms to flourish through antibiotic misuse.
..
It is a long way from Marco Rubio back to Marcus Aurelius,
the “good” emperor who nevertheless persecuted the Christians, or the many
incompetent or mad Caesars, but humanity does tend to make the same errors
over and over again and rarely takes the time or trouble to learn from the
past.
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Fascism,
American Style. Submitted by Tyler Durden on 03/22/2016 :
If Donald Trump is a
fascist - as nearly half of Americans surveyed believe - then so is every other
politician in office or running for office in America who has ever prioritized
money and power over human beings. Consent of the governed, however, no longer
applies. Actual control has finally passed to the oligarchic elite
controlling the government behind the scenes.
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Jeb
Bush Endorses Ted Cruz. Submitted by Tyler
Durden on 03/23/2016 : Rupert Murdoch-owned WSJ
describes as "a big prize for the Texas senator as he tries to
consolidate support of Republicans opposed to frontrunner Donald Trump."
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"Western
Tuesday" Results: Trump, Clinton Win Arizona; Cruz Gets Utah; Sanders
Takes 2. Submitted by Tyler
Durden on 03/22/2016
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Submitted by Tyler
Durden on 03/22/2016. http://www.zerohedge.com/news/2016-03-22/why-trump-right-trade-agreements
..
Free trade is a great concept, as are free markets and
freedom. The problem is none of these things exist in practice
because they don’t provide sufficient advantages to the ruling class.
The Fed and HFT systems now dominate global markets, western nations
systematically overthrow any (freely elected) foreign government that doesn’t
bow down to them and free trade agreements are put in place
to ensure investors maximize profits no matter what the costs to society.
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ME & GLOBAL ISSUES
The
Great Game & Partitioning Of Syria. Submitted by Tyler
Durden on 03/22/2016
..
Russia’s decision to greatly reduce its military presence
in Syria, coming as it did with little warning, has left the world struggling
for explanations. Russia is to maintain a military presence at its naval
base in Tartous and at the Khmeymim airbase. In fact Russia is
“withdrawing without withdrawing”. By re-establishing the Assad
government in Syria, and permanently placing its forces at Syrian bases, the
Russian’s have placed an impenetrable obstacle to the development of the
Qatar gas pipeline. Russia has also
placed itself at the nexus point of other new offshore gas discoveries in the
Eastern Mediterranean, including Israel, Cyprus, and Greece.
..
It’s not hard to imagine a new Russian pipeline to Europe
serving these new partners. Could easing of sanctions also lead to the
implementation of the long-stalled plans of Gazprom for a second pipeline under
the Baltic Sea to Germany for Russia and its partners, Royal Dutch Shell,
Germany’s E.ON, and Austria’s OMV?
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Greek
Border Desperation: 2 Refugees Self-Immolate Over 'Concentration Camp'
Conditions. Submitted by Tyler Durden on 03/22/2016
Just days after Greek Interior Minister Panagiotis
Kouroumplis compared the nation's refugee camps to WW2 concentration camps,
saying "I wouldn’t hesitate to say that this is a modern
Dachau," KeepTalkingGreece
reports two men poured gasoline on their clothes and set them on fire on
Tuesday morning to protest the appalling conditions at Idomeni camp and the
closure of the borders.
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GLOBAL RESEARCH
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The
Brussels Attacks – Another False Flag?
By Peter Koenig &
Fake
Video Used in News Coverage of Brussels Terror Attacks. By Prof Michel
Chossudovsky,
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WASHINGTON BLOG
..
The stock market has
regained all of its loses year to date as economic indicators continue to flash
red, corporate profits continue to plunge, consumers continue to spend less at
retailers, real wages continue to fall, and housing sales continue to decline.
The entire dead cat bounce has been generated through corporate stock buybacks,
Wall Street lemmings trying to make up for their terrible year to date
investing performance, and central bankers who will stop at nothing to verbally
manipulate markets higher – since their monetary machinations over the last
seven years have been a miserable failure in reviving the real economy. ⇒
Keep Reading
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NOTICIAS IN SPANISH
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ARG Pesada herencia de “dictadura de
Videla” y dictadura neoliberal 30.000 que son mundiales
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PRESS TV
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