Tuesday, August 05, 2008

Rush Limbaugh Quotes Carpe Diem: "Buying Foreign Oil is An Exchange of Wealth, NOT A Transfer"

This CD post (about T. Boone Pickens' rantings about oil and the "biggest transfer of wealth in history") was read today in its entirety on the Rush Limbaugh radio show (transcript here).

Limbaugh comments: T. Boone, he knows better than this. He knows this is not a transfer of wealth. A transfer of wealth is taxing producers, taking it away from them and giving it to non-producers. Transfers of wealth are things like the estate tax when the money you take from somebody doesn't redound to them in any way, shape, manner, or form. But this purchase of oil every year from foreign sources is not a transfer of wealth. It is an exchange of wealth.

32 Comments:

At 8/05/2008 10:44 PM, Blogger Robert said...

I actually directed Rush to your site more than a month ago for something else you wrote. Not sure if he found it before that.

 
At 8/05/2008 11:32 PM, Blogger tommcmahon said...

Congratulations, Mark!!!!

 
At 8/06/2008 2:02 AM, Blogger VH said...

Does this mean that you are gonna get a bunch of DittoHeads here?

 
At 8/06/2008 8:02 AM, Anonymous Anonymous said...

So, what I am hearing is we should not drill our natural resources and continue to import oil from overseas? Maybe the democrats have it right. We are getting oil from foreign countries for pieces of green paper. Sounds like a great deal to me.

 
At 8/06/2008 8:24 AM, Anonymous Anonymous said...

Let the rest of the world deplete their reserves in exchange for "worth less" dollars. Based on peak oil theory, this is already happening. With "drill, drill, drill" ala Kudlow, the USA may be the future oil producer it use to be.

 
At 8/06/2008 8:51 AM, Blogger Sophist said...

The sophist is back from a short vacation and he is surprised to read again statements like thrown around:

"Importing oil certainly involves a transfer, but it's not a transfer of wealth, it's a market transaction involving the exchange of oil for currency."

I repeat here my past response to the above claim with a few changes:

Dear MP:

(1) If the Arabs (oil producers in general) keep the USD they receive or invest in US then the situation is better. But if they start exchanging the money for other currencies (like they have been doing to an extend) then THERE IS transfer of wealth because:

(1) USD loses value and Americans need more money to purchase other needed goods from overseas, like China.

(2) Imported inflation reduces purchasing power in the case of sliding currency.

So, the situation can be lose-win, if there are more players involved, in this case a foreign exchange party that will buy USD at lower prices in exchange for another currency.

For example, China understands this and they do not exchange dollars. At this point, trade with China is win-win. Chinese know that if it turns lose-win, tariffs will be imposed. So they do not sell dollars.

Some may recall that the slide of the dollar got a lot faster when a few Arab nations announced rebalancing of foreign currency reserves.

If the oil producers start exchanging dollars in the future, China may be forced to do the same. A plunging dollar may cause foreign investors to sell US debt to avoid currency losses. That can make it extremely hard for US to refinance its debt and may cause for the first time a downgrade of its quality. That can become a very serious situation with unpredictable worldwide consequences.

Thus, I suggest to those who think getting oil for dollars is a simple exchange to reconsider their naive views.

 
At 8/06/2008 10:27 AM, Blogger Robert said...

Wrong. Those dollars can only be spent in this country. If they are never spent here, then there was a transfer of wealth...but not from US to them, but rather from them to US. In effect, we got oil for paper. Your comment that they trade the money to a third party is also nonsensical. Why would a 3rd party take those dollars unless they intend to use them? And why would they take them if they believed it was a bad deal for them? If effect you are saying that those traders are stupid. Yes the value of those dollars vis a vis other currencies can drop. But that is due to policies of our government, not trade.

 
At 8/06/2008 10:32 AM, Blogger David said...

The Limbaugh analysis is simplistic. What is really going on, if oil prices maintain current or higher levels, is a transfer of wealth from the owners of human capital to the owners of static capital in the form of oil-bearing land. See my post at Chicago Boyz.

 
At 8/06/2008 10:53 AM, Blogger Robert said...

Define "static capital".

 
At 8/06/2008 10:59 AM, Blogger Sophist said...

robert,

do you think that all players in trades are rational? If so, how do you explain bubbles, like the dot com one?

 
At 8/06/2008 11:05 AM, Blogger Robert said...

Of course all players aren't rational. But the government won't make them rational. Freddie Mac anyone? Being bankrupted by rational players will though.

 
At 8/06/2008 12:04 PM, Blogger Amit said...

Mark,

Don't consider it an honor that Rush quotes you. Rush is manipulative and carries a lot of negative baggage. Disassociation from Rush is best.

Amit

 
At 8/06/2008 12:40 PM, Blogger Robert said...

It seems to me that when we talk about a transfer of "wealth" we should define what wealth is. In my opinion, assets are the foundation of wealth. When I work, I generate assets in the form of cash. That cash can be put to use in multiple areas to generate more cash. If I then trade that asset for another person's asset, I fail to see how I've lost wealth. I've made a decision that the gasoline is more important to my future wealth than the cash.

 
At 8/06/2008 1:35 PM, Blogger juandos said...

LIBTARD ALERT!

"Don't consider it an honor that Rush quotes you. Rush is manipulative and carries a lot of negative baggage. Disassociation from Rush is best"...

What is Rush's alledged manipulation and what is this alledged, "negative baggage" you mention?

"Thus, I suggest to those who think getting oil for dollars is a simple exchange to reconsider their naive views"...

LOL!...

It is a simple exchange today...

You dreaming up potential problems that might take place in the future is just that, dreaming...

Much the samething was said back in the early seventies when Nixon took the dollar off of the gold standard and allowed the dollar to float...

 
At 8/06/2008 2:34 PM, Blogger Amit said...

To Juandos,

LIBTARD, nice. How did you arrive at that one?

Rush is a terrible person, it does not matter if you're lib, moderate or cons., Rush has enemies all over. Just think, outside of obscure products, Rush has NEVER secured any endorsement contracts, no one invites him to TV shows and he's been proven wrong numerous times...

I'm not a LIBTARD...you're just an idiot.

 
At 8/06/2008 2:45 PM, Blogger David said...

robert...by "static capital" in this sense, I mean wealth that a person (or a society) owns because of inherited land value, as opposed to wealth created thru labor, innovation, etc.

 
At 8/06/2008 2:55 PM, Blogger Robert said...

Would a McDonald's franchise be static capital?

 
At 8/06/2008 3:11 PM, Anonymous Anonymous said...

Rush is a terrible person

Subjective. Sources?

It does not matter if you're lib, moderate or cons., Rush has enemies all over.

Like at the
Marine Corp
? I guess terrible people donate $2.1M to charity all the time. How much have you given?

Just think, outside of obscure products, Rush has NEVER secured any endorsement contracts, no one invites him to TV shows

Neither has
Mahatma Gandhi
.

and he's been proven wrong numerous times...

Again, you offer no evidence or sources. Regardless,
Isaac Newton
has been proven wrong several times.

Does that make him an idiot, like Rush and Juandos? I'm not a Rush fan, but I dislike idiotic posters even more.

 
At 8/06/2008 4:02 PM, Blogger Amit said...

To Anonymous Above...and to Libtard Lover....

Mahatma Ghandi is dead, that's why he's has seen no endorsement contracts, and when he was alive, there was no TV/Media industry in India.

You make me laugh when you compare Isaac Newton to Rush Limbaugh. Are you serious? Isaac gave us the fundamental laws of Physics, What has Rush given to Society...Confused "Conservatives"?

No, I did not donate 2.1MM to the Marine Corp, because I don't have 2.1MM to give. Also, he did not give cash, he auctioned a letter, which may or may not belong to him.

So, now who's the Idiot?

A

 
At 8/06/2008 5:38 PM, Blogger Craig said...

"Rush is manipulative and carries a lot of negative baggage. Disassociation from Rush is best."

A lot of people in this country certainly agree with you (wrongly, I believe,) but that's no reason not to be flattered that he read the post. Several million listeners heard it.

I say, well done.

Signed,
Limbaugh listener and frequent Carpe Diem reader

 
At 8/06/2008 8:53 PM, Anonymous Anonymous said...

No, it is a transfer of wealth. The oil only costs $2 to remove from the ground. It is a rip-off of huge proportions.

 
At 8/06/2008 10:53 PM, Blogger Robert said...

Then don't buy it.

 
At 8/07/2008 3:54 AM, Blogger Sophist said...

Anom said: Regardless, Isaac Newton has been proven wrong several times.

Only to come back victorious, like in the case of the cparticle theory of light: people thought light was waves after Newton until they dicovered the photon, they tried to argue it is massless to keep Newton out but now they find it must have some very small mass.

Being wrong or right has proven to be a social perspective and a function of time.

 
At 8/07/2008 8:04 AM, Anonymous Anonymous said...

No, I did not donate 2.1MM to the Marine Corp, because I don't have 2.1MM to give. Also, he did not give cash, he auctioned a letter, which may or may not belong to him.

Amit, he donated the 2.1M from auctioning the letter, AND matched that with a PERSONAL 2.1M donation. He did give his personal money in the amount stated.

So, now who's the Idiot?

You may not be an idiot, but you are lazy. Keep posting without any sources or understanding of what you are talking about.

 
At 8/07/2008 8:13 AM, Anonymous Anonymous said...

when [Ghandi] was alive, there was no TV/Media industry in India.

A google search for mahatma ghandi newspaper india would have turned up this source:
Indian Opinion
. I guess you were wrong about that, too.

So, now who's the Idiot?

I think it is becoming more clear.

 
At 8/07/2008 8:15 AM, Anonymous Anonymous said...

You make me laugh when you compare Isaac Newton to Rush Limbaugh. Are you serious? Isaac gave us the fundamental laws of Physics, What has Rush given to Society...Confused "Conservatives"?

The point, which was obviously over your head, is everyone has been proven wrong at some point. That does not mean that person is an idiot.

 
At 8/07/2008 4:24 PM, Anonymous amit said...

Anonymous,

"Indian Opinion" was a publication, an editorial, an opinion piece. It was not anything close to EIB. It is closer to university publications, than ad-supported media. Get your details straight. Please read my comments carefully.

The ISaac Newton comment was not over my head, it was a poor comparison. You do not use Isaac Newton's mistakes to justify Rush's . Isaac, as I mentioned, gave us laws of Physics, so he is allowed to make mistakes.

If you want to argue offline, feel free to email me, just let me know. I will whip you anytime, anyday.

 
At 8/07/2008 5:50 PM, Blogger juandos said...

amit asks the silly question: "LIBTARD, nice. How did you arrive at that one?"...

Why with your silly, factless bit of whining about Rush of course...

You further whine and again with nothing credible to back up your whining: "Rush is a terrible person, it does not matter if you're lib, moderate or cons., Rush has enemies all over"...

This is absolute drivel since its obvious you don't have a shred of anything like real life experiences dealing with Rush to back up such an inane statement...

Rush has LIBTARD enemies all over...

Then there is this other golden bit of bizzare rationalization your part amit: "Just think, outside of obscure products, Rush has NEVER secured any endorsement contracts"...

Really? Is that why Rush just garnered a very substantial contract for the next eight years?

Still amit digs his/her hole deeper with this bit of silliness: "no one invites him to TV shows and he's been proven wrong numerous times..."...

Again the lack of something even remotely credible to back that up...

How do you know Rush wants to be invited on to someone else's show?

How do you know Rush hasn't turned down numerous invites?

amit do you make this stuff up as you go along or are you channeling Keith Olbermann?

So it looks like I was on target with the LIBTARD Alert wasn't I amit?

 
At 8/07/2008 8:43 PM, Anonymous amit said...

Juandos,

Your responses made no sense.

Amit

 
At 8/07/2008 10:10 PM, Anonymous qt said...

Amit,

How difficult is the concept of positing a resolution and providing evidence to support your theories? Juandos is expecting you to support what you say with something beyond just your opinion.
This is called a proof in argumentation.

Most of us never learn this stuff in school and much of what we hear is argued on the basis of appeals to the emotions. Developing your capacity to think, debate and explore ideas however, requires one to attain a higher level of logic and reasoning.

The Teaching Company has a very good program on Argumentation. It helps to put a great many concepts that you see into a useful perspective.

It is not about winning, scoring points or demolishing your opponent, but about developing your mind so that you can debate on either side of a question with equal conviction. It should be the better reasoned argument and the better idea that should persuade the listener.

 
At 8/11/2008 5:50 PM, Blogger OBloodyHell said...

> If the Arabs (oil producers in general) keep the USD they receive or invest in US then the situation is better. But if they start exchanging the money for other currencies (like they have been doing to an extend) then THERE IS transfer of wealth because:

sophist, geez, get a clue.

So someone else gets the paper. THEY can do two things with those pieces of paper (instead of the Arabs):
1) They can buy things here, (instead of those Arabs you just said "was ok").
2) They can wipe their asses with them.

I'm not sure but I think the low absorbency for US bills would make them really lousy toilet paper.

How do you miss this obvious flaw in your whole reasoning process?

Flow is often not a bad thing for money. While that's hardly a given, it's generally a truism that stagnant money is worthless money. It's the flow, like electricity, which powers the economy. The analogy with electricity does have some really obvious limits, but it's not entirely invalid, either.

The biggest reasonable danger of flow is if it flows to power actions which are socially undesirable -- like terrorism, nuclear/bio weapons, and the like.

Think of money like crystalized human time.

The transfer of money means some measure of humanity's total, aggregate time is being spent to power an activity.

Some of those possible activities have dire social consequences, in that they represent needless destruction of other collections of crystallized human time, or require other expenditures of crystallized time to prevent said destruction.

But for the most part, short of some things like that, the flow itself isn't bad.

Inefficient, perhaps, but not bad in and of itself.

 
At 9/03/2008 8:01 PM, Anonymous Anonymous said...

Don’t believe one optimistic word from any public figure about the economy or humanity in general. They are all part of the problem. Its like a game of Monopoly. In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH. Unlike ‘lesser’ estimates, this includes all stocks, bonds, cash, and material assets held by America’s richest 1%. Even that filthy pig Oprah acknowledged that it was at about 50% in 2006. Naturally, she put her own ‘humanitarian’ spin on it. Calling attention to her own ‘good will’. WHAT A DISGUSTING HYPOCRITE SLOB. THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. Don’t fall for any of their ‘humanitarian’ CRAP. ITS A SHAM. THESE PEOPLE ARE CAUSING THE SAME PROBLEMS THEY PRETEND TO CARE ABOUT. Ask any professor of economics. Money does not grow on trees. The government can’t just print up more on a whim. At any given time, there is a relative limit to the wealth within ANY economy of ANY size. So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty. A similar rule applies worldwide. The world’s richest 1% now own over 40% of ALL WORLD WEALTH. This is EVEN AFTER you account for all of this ‘good will’ ‘humanitarian’ BS from celebrities and executives. ITS A SHAM. As they get richer and richer, less wealth is left circulating beneath them. This is the single greatest underlying cause for the current US recession. The middle class can no longer afford to sustain their share of the economy. Their wealth has been gradually transfered to the richest 1%. One way or another, we suffer because of their incredible greed. We are talking about TRILLIONS of dollars which have been transfered FROM US TO THEM. All over a period of about 27 years. Thats Reaganomics for you. The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class. Causing a domino effect of socio-economic problems. But the rich will never stop. They just keep getting richer. Leaving even less of the pie for the other 99% of us to share. At the same time, they throw back a few tax deductible crumbs and call themselves ‘humanitarians’. Cashing in on the PR and getting even richer the following year. IT CAN’T WORK THIS WAY. Their bogus efforts to make the world a better place can not possibly succeed. Any 'humanitarian' progress made in one area will be lost in another. EVERY SINGLE TIME. IT ABSOLUTELY CAN NOT WORK THIS WAY. This is going to end just like a game of Monopoly. The current US recession will drag on for years and lead into the worst US depression of all time. The richest 1% will live like royalty while the rest of us fight over jobs, food, and gasoline. So don’t fall for any of this PR CRAP from Hollywood, Pro Sports, and Wall Street PIGS. ITS A SHAM. Remember: They are filthy rich EVEN AFTER their tax deductible contributions. Greedy pigs. Now, we are headed for the worst economic and cultural crisis of all time. Crime, poverty, and suicide will skyrocket. SEND A “THANK YOU” NOTE TO YOUR FAVORITE MILLIONAIRE. ITS THEIR FAULT. I’m not discounting other factors like China, sub-prime, or gas prices. But all of those factors combined still pale in comparison to that HUGE transfer of wealth to the rich. Anyway, those other factors are all related and further aggrivated because of GREED. If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives. IT MAKES THEM RICHER. The credit industry has been ENDORSED by people like Oprah Winfrey, Ellen DeGenerous, Dr Phil, and many other celebrities. IT MAKES THEM RICHER. Now, there are commercial ties between nearly every industry and every public figure. IT MAKES THEM RICHER. So don’t fall for their ‘good will’ BS. ITS A LIE. If you fall for it, then you’re a fool. If you see any real difference between the moral character of a celebrity, politician, attorney, or executive, then you’re a fool. No offense fellow citizens. But we have been mislead by nearly every public figure. We still are. Even now, they claim to be 'hurting' right along with the rest of us. As if gas prices actually effect the lifestyle of a millionaire. ITS A LIE. IN 2007, THE RICHEST 1% INCREASED THEIR AVERAGE BOTTOM LINE WEALTH AGAIN. On average, they are now worth over $4,000,000 each. Thats an all time high. As a group, they are now worth well over $17,000,000,000,000. THATS WELL OVER SEVENTEEN TRILLION DOLLARS. Another all time high. Which by the way, is much more than the entire middle and lower classes combined. Also more than enough to pay off our national debt, fund the Iraq war for twenty years, repair our infrastructure, and bail out the US housing market. Still think that our biggest problem is China? Think again. Its the 1% club. That means every big name celebrity, athlete, executive, entrepreneur, developer, banker, and lottery winner. Along with many attorneys, doctors, politicians, and bankers. If they are rich, then they are part of the problem. Their incredible wealth was not 'created', 'generated', grown in their back yard, or printed up on their command. It was transfered FROM US TO THEM. Directly and indirectly. Its become near impossible to spend a dollar without making some greedy pig even richer. Don't be fooled by the occasional loss of a millionaire's fortune. Overall, they just keep getting richer. They absolutely will not stop. Still, they have the nerve to pretend as if they care about ordinary people. ITS A LIE. NOTHING BUT CALCULATED PR CRAP. WAKE UP PEOPLE. THEIR GOAL IS TO WIN THE GAME. The 1% club will always say or do whatever it takes to get as rich as possible. Without the slightest regard for anything or anyone but themselves. Reaganomics. Their idea. Loans from China. Their idea. NAFTA. Their idea. Outsourcing. Their idea. Sub-prime. Their idea. High energy prices. Their idea. Oil 'futures'. Their idea. Obscene health care charges. Their idea. The commercial lobbyist. Their idea. The multi-million dollar lawsuit. Their idea. The multi-million dollar endorsement deal. Their idea. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea. $20 DVDs. Their idea. Subliminal advertising. Their idea. Brainwash plots on TV. Their idea. Vioxx, and Celebrex. Their idea. Excessive medical testing. Their idea. The MASSIVE campaign to turn every American into a brainwashed, credit card, pharmaceutical, medical testing, love-sick, celebrity junkie. Their idea. All of the above shrink the middle class, concentrate the world’s wealth and resources, create a dominoe effect of socio-economic problems, and wreak havok on society. All of which have been CREATED AND ENDORSED by celebrities, athletes, executives, entrepreneurs, attorneys, and politicians. IT MAKES THEM RICHER. So don’t fall for any of their ‘good will’ ‘humanitarian’ BS. ITS A SHAM. NOTHING BUT TAX DEDUCTIBLE PR CRAP. In many cases, the 'charitable' contribution is almost entirely offset. Not to mention the opportunity to plug their name, image, product, and 'good will' all at once. IT MAKES THEM RICHER. These filthy pigs even have the nerve to throw a fit and spin up a misleading defense with regard to 'federal tax revenue'. ITS A SHAM. THEY SCREWED UP THE EQUATION TO BEGIN WITH. If the middle and lower classes had a greater share of the pie, they could easily cover a greater share of the federal tax revenue. They are held down in many ways because of greed. Wages remain stagnant for millions because the executives, celebrities, athletes, attorneys, and entrepreneurs, are paid millions. They over-sell, over-charge, under-pay, outsource, cut jobs, and benefits to increase their bottom line. As their profits rise, so do the stock values. Which are owned primarily by the richest 5%. As more United States wealth rises to the top, the middle and lower classes inevitably suffer. This reduces the potential tax reveue drawn from those brackets. At the same time, it wreaks havok on middle and lower class communities and increases the need for financial aid. Not to mention the spike in crime because of it. There is a dominoe effect to consider. IT CAN'T WORK THIS WAY. But our leaders refuse to acknowledge this. Instead they come up with one trick after another to milk the system and screw the majority. These decisions are heavily influensed by the 1% club. Every year, billions of federal tax dollars are diverted behind the scenes back to the rich and their respective industries. Loans from China have been necessary to compensate in part, for the red ink and multi-trillion dollar transfer of wealth to the rich. At the same time, the feds have been pushing more financial burden onto the states who push them lower onto the cities. Again, the hardship is felt more by the majority and less by the 1% club. The rich prefer to live in exclusive areas or upper class communities. They get the best of everything. Reliable city services, new schools, freshly paved roads, upscale parks, ect. The middle and lower class communities get little or nothing without a local tax increase. Which, they usually can't afford. So the red ink flows followed by service cuts and lay-offs. All because of the OBSCENE distribution of bottom line wealth in this country. Anyway, when you account for all federal, state, and local taxes, the middle class actually pay about the same rate as the rich. The devil is in the details. So when people forgive the rich for their incredible greed and then praise them for paying a greater share of the FEDERAL income taxes, its like nails on a chalk board. I can not accept any theory that our economy would suffer in any way with a more reasonable distribution of wealth. Afterall, it was more reasonable 30 years ago. Before Reaganomics came along. Before GREED became such an epidemic. Before we had an army of over-paid executives, bankers, celebrities, athletes, attorneys, doctors, investors, entrepreneurs, developers, and sold-out politicians to kiss their asses. As a nation, we were in much better shape. Strong middle class, free and clear assets, lower crime rate, more widespread prosperity, stable job market, lower deficit, ect. Our economy as a whole was much more stable and prosperous for the majority. WITHOUT LOANS FROM CHINA. Now, we have a more obscene distribution of bottom line wealth than ever before. We have a sold-out government, crumbling infrastructure, energy crisis, home forclosure epidemic, credit crunch, weak US dollar, 13 figure national deficit, and 12 figure annual shortfall. The cost of living is higher than ever before. Most people can't even afford basic health care. ALL BECAUSE OF GREED. I really don't blame the 2nd -5th percentiles in general. No economy could ever function without some reasonable scale of personal wealth and income. But it can't be allowed to run wild like a mad dog. ALBERT EINSTEIN TRIED TO MAKE PEOPLE UNDERSTAND. UNBRIDLED CAPITALISM ABSOLUTELY CAN NOT WORK. TOP HEAVY ECONOMIES ALWAYS COLLAPSE. Bottom line: The richest 1% will soon tank the largest economy in the world. It will be like nothing we’ve ever seen before. The American dream will be shattered. and thats just the beginning. Greed will eventually tank every major economy in the world. Causing millions to suffer and die. Oprah, Angelina, Brad, Bono, and Bill are not part of the solution. They are part of the problem. THERE IS NO SUCH THING AS A MULTI-MILLIONAIRE HUMANITARIAN. EXTREME WEALTH MAKES WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE. WITHOUT WORLD PROSPERITY, THERE WILL NEVER BE WORLD PEACE OR ANYTHING EVEN CLOSE. GREED KILLS. IT WILL BE OUR DOWNFALL. Of course, the rich will throw a fit and call me a madman.. Of course, they will jump to small minded conclusions about 'jealousy', 'envy', or 'socialism'. Of course, their ignorant fans will do the same. You have to expect that. But I speak the truth. If you don’t believe me, then copy this entry and run it by any professor of economics or socio-economics. Then tell a friend. Call the local radio station. Re-post this entry or put it in your own words. Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.


So what can we do about it? Well, not much. Unfortunately, we are stuck on a runaway train. The problem has gone unchecked for too many years. The US/global depression is comming thanks to the 1% club. It would take a massive effort by the vast majority to prevent it. Along with a voluntary sacrifice by the rich. THATS NOT GOING TO HAPPEN. But if you believe in miracles, then spend your money as wisely as possible. Especially in middle and lower class communities. Check the Fortune 500 list and limit your support of high profit/low labor industries (Hollywood, pro sports, energy, credit, pharmaceutical, cable, satelite, internet advertising, cell phone, high fashion, jewelry, ect.). Cancel all but one credit card for emergencies only. If you need a cell phone, then do your homework and find the best deal on a local pre-pay. If you want home internet access, then use the least expensive provider, and share accounts whenever possible. If you need to search, then use the less popular search engines. They usually produce the same results anyway. Don't click on any internet ad. If you need the product or service, then look up the phone number or address and contact that business directly. Don't pay to see any blockbuster movie. Instead, wait a few months and rent the DVD from a local store or buy it USED. If you want to see a big name game or event, then watch it in a local bar, club, or at home on network TV. Don't buy any high end official merchendise and don't support the high end sponsors. If its endorsed by a big name celebrity, then don't buy it. If you can afford a new car, then make an exception for GM, Ford, and Dodge. If they don't increase their market share soon, then a lot more people are going to get screwed out of their pensions and/or benefits. Of course, you must know by now to avoid those big trucks and SUVs unless you truly need one for its intended purpose. Don't be ashamed to buy a foreign car if you prefer it. Afterall, those with the most fuel efficient vehicles consume a lot less foreign oil. Which accounts for a pretty big chunk of our trade deficit. Anyway, the global economy is worth supporting to some extent. Its the obscene profit margins, trade deficits, and BS from OPEC that get us into trouble. Otherwise, the global economy would be a good thing for everyone. Just keep in mind that the big 3 are struggling and they do produce a few smaller reliable cars. Don't frequent any high end department store or any business in a newly developed upper class community. By doing so, you make developers richer and draw support away from industrial areas and away from the middle class communities. Instead, support the local retailer and the less popular shopping centers. Especially in lower or middle class communities. If you can afford to buy a home, then do so. But go smaller and less expensive. Don't get yourself in too deep and don't buy into the newly developed condos or gated communities. Instead, find a modest home in a building or neighborhood at least 20 years old. If you live in one of the poorer states, then try to support its economy first and foremost. Be on the lookout for commercial brainwash plots on TV. They are written into nearly every scene of nearly every show. Most cater to network sponsors and parent companies. Especially commercial health care. Big business is fine on occasion depending on the profit margins and profit sharing. Do your homework. If you want to support any legitimate charity, then do so directly. Never support any celebrity foundation. They spend most of their funding on PR campaigns, travel, and high end accomodations for themselves. Instead, go to Charitywatch.org and look up a top rated charity to support your favorite cause. In general, support the little guy as much as possible and the big guy as little as possible. Do your part to reverse the transfer of wealth away from the rich and back to the middle and lower classes. Unfortunately, there is no perfect answer. Jobs will be lost either way. Innocent children will starve and die either way. But we need to support the largest group of workers with the most reasonable profit margins. We also need to support LEGITIMATE charities (Check that list at Charitywatch.org). This is our only chance to limit the severity and/or duration of the comming US/global depression. In the meantime, don't listen to Bernanke, Paulson, Bartiromo, Orman, Dobbs, Kramer, OReiley, or any other public figure with regard to the economy. They are all plenty smart but I swear to you that they will lie right through their rotten teeth. IT MAKES THEM RICHER. These people work for big business. The 'experts' they cite also work for big business. They are all motivated by their desire to accumulate more wealth. THEY WILL LIE RIGHT THROUGH THEIR ROTTEN TEETH. So don't fall for their tricks. Instead, look at the big picture. The economic problems we face have been mounting for well over 20 years. All of them caused or aggrivated by a constant transfer of wealth from poorer to richer. Soon, it will cause the first ever GLOBAL DEPRESION. Its not brain surgery. Its simple math. Like I said, you are welcome to run this by any professor of economics or socio-economics. If thats not good enough, then look up what Einstein had to say about greed, extreme wealth, and its horrible concequences. I speak the truth. GREED KILLS. IT WILL BE OUR DOWNFALL.

Its already underway. A massive campaign to divert our attention. Trump, Buffet, OReiley, and several others have been running their mouths about the economy. Finally admitting a hint of severity. They even have the nerve to acknowledge the possibility of a US/global depression. Still, they refuse to acknowledge the underlying cause. GREED KILLS. IT WILL BE OUR DOWNFALL.

A word for those who respond with the usual 'I know more than you. Look how smart, knowledgable, and articulate I am' crap. Let me say this in advance. I don't claim to be an expert in this field. But I did go on record with these predictions long before any public figure uttered the word 'recession'. Since then, I've gone on record against people like Greenspan, Bernanke, and Paulson. So far, my predictions have been accurate. Like I said. This is not brain surgery. For the mostpart, its simple math. When you concentrate the world's wealth, you also concentrate its capital and shrink the middle class along with the potential market for every major industry. Homes go unsold. Bills go unpaid. Banks fail. More products go unsold. Jobs are lost. More banks fail. and so on. and so on. Throughout the cycle, the rich will tighten their grip. Concentrating the world's wealth and resources even further and ensuring the collapse of every major economy worldwide. Think it can't happen? Think again. GREED KILLS. IT WILL BE OUR DOWNFALL.

 

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