We open with Goldman Sachs injustice and move on to the ‘independent contractor’ ploy just busted at FedEx and Uber and then Wisconsin governor’s attack on public university to lower taxes on corps and rich. We interview Prof Kristin Ross on (her new book) on the significance of the Paris Commune where workers fought injustice by reorganizing society dramatically and effectively.
Dr. Jack Rasmus provides an update on Greek debt negotiations since last week’s Alternative Visions show and discussion on the origins of the Greek debt. Updates include Troika scenarios outlined at its June 12 meeting in Bratislava, the IMF walkout after, the failed meetings that occurred in Brussels over the weekend of June 13-14, and Greece’s proposals of June 15 rejected again by the Troika. Also discussed are the sabotage of the Greek government negotiators by their own Greek Central Bank, which on June 17 publicly declared Greece should sign the Troika’s latest package; Greek prime minister, Tsipras’, warmly welcomed visit to Russia on the same day; and the failed meeting of June 18 of Euro finance ministers in Luxemburg at which it was expected Greece would concede to the Troika’s position but didn’t. Jack notes the growing statements by German and IMF representatives that a managed default and Greek exit is preferable to continuing Greece’s unresolvable debt crisis. Were Greece to agree to the Troika’s position, and generate a $2-$3 billion a year surplus (by cutting spending and raising sales taxes) that it would take Greece 150 years to pay off the Troika debt. Greece cannot pay and cannot ‘grow out of’ the crisis, Rasmus argues. Rumors continue to grow that Greece may rearrange its cabinet, replacing hardliners with more amenable cabinet members should it agree to more Troika cuts in exchange for some debt restructuring. The political and economic risks for both sides of continuing negotiations and of default are noted. Default is quite possible, Rasmus notes, but the most likely 60-40 scenario is some kind of more concessions by Greece for some kind of debt restructuring over the next 90 days, as the current extension is extended yet again.
Updates analyze unemployment numbers to show what they hide as well as reveal. Responses to listeners’ questions expose the economics of lotteries and why the largest US corporations have recently used their profits to buy back their shares in the stock markets. An in-depth interview of Prof. Sohnya Sayres explores the end of free college and universities in the US, the rise of administrators dominating students and faculty, and what these trends have meant for the quality of higher education in the US.
Updates offer latest on Greece’s struggles with Europe, a critique of Buffett on rich vs poor and a hard look at $400 million gift to Harvard from billionaire Paulson. Responses to listeners on new Mayor of Barcelona and TPP. A detailed interview with socialist Kshama Sawant and her seat on Seattle’s city council.
Jack Rasmus updates last week’s show on the decline in US GDP with new data for trade, productivity and jobs, and reviews events of the global economy in Europe, China and elsewhere including the Euro and global bond market sell off of the past week. A preview of his new book, ‘Systemic Fragility in the Global Economy’ due later this summer, is offered, describing the 9 key trends in the global economy today that represent the ‘dead cat bounce’ recovery: slowing real investment, drift toward deflation, explosion of central bank liquidity and credit, rising global corporate debt, the shift to speculative financial asset investing, the restructuring of financial and labor markets in the 21st century, and why central bank monetary policy and government fiscal policies are failing to generate a sustained real recovery of the global economy. How it is all resulting in rising global income inequality in turn.
This program is a replay from a previous week. Alternative Visions show next week, June 13, will discuss the latest events of the Greek Debt Crisis and a potential Greek default impact on Europe and global economic instability
Remarkable changes are underway in the world of monetary policy, theory and even the forms of money itself. Beyond just technology, these new forms and re-forms of the dominant money control systems are being pushed by the need for fairer economic distribution as well as raging battles between global private banks and citizens of Greece, Spain, Canada and more. This week Ellen speaks with Uli Kortsch, president of Global Partners Investments, who advocates replacing money creation by private banks through “fractional reserve lending” with government-issued money, and we visit with colleagues in London working on something similar. Co-host Walt McRee discusses a new series of workbooks designed to enable more local investment while Matt Stannard discusses the humanitarian concerns imposed by the Trans-Pacific Partnership.
Ever since the housing crash of 2008 and the stock market crash that followed, there has been an undeniable trend in our economy. As soon as the Fed began its quantitative easing program, the stock market started to recover. The more cash they dumped into the economy, the higher NASDAQ would soar. To the central planners in Washington, this was a recovery, …
Opening updates focus on Seattle, Puerto Rico, Los Angeles, and Portugal. We then examine business domination of universities in service to profits and Republican efforts to undermine Democrats revenues from unions. We answer listeners’ questions about business influence on govt policies and the question: “What is fascism?”. Major topics treated in the program’s second half are repression aimed at those resisting austerity and crisis of US higher education.
The Fix Is In: Banksters Buy Their Way Out; Prosecutor Preempts Justice
Applied Political Science: Nagging Issues, Smart Fixes
The U.S. Justice Department is allowing four major banks to buy their way out of a massive international interest-rate-rigging scheme. The repeat offenders, although they have pleaded guilty to manipulating the foreign-exchange market, will cough up $6 billion and everybody walks. In St. Louis, Circuit Attorney Jennifer Joyce unilaterally decides that no criminal conduct could be proven against a white police officer who shot and killed an unarmed African American man two months after the killing of Michael Brown in nearby Ferguson. The cop walks.
Leid Stories explains how and why the fix is in.
On any given day, we could easily rattle off a long list of things we think are wrong with the country, the government, the system, even our fellow Americans. Politically speaking, it’s par for the course.
The list gets much shorter, however, if we’re asked to suggest fixes to the things we think are wrong or aren’t working.
Leid Stories takes on the challenge today. Listeners are asked to identify a major national problem or nagging issue and a specific way of solving it within a relatively short time.
In the first half hour of the show, Jack Rasmus takes on the professional economics forecasting establishment and their continual missed prognostications about the condition and direction of the US economy. Reviewing the most recent US economic data for March and April, revisions of US first quarter 2015 GDP estimates in late May show the US economy performed worse in the January-March period than the 0.2% GDP initial estimated growth rate. Jack discusses how new data on business inventories, trade, and retail sales will show a -0.5% or even worse in first quarter US GDP. Data for March and April already show a continuing soft trend, with US retail sales flat, and sales of autos and big ticket items collapsing.