The necessity of debt cancellation

An excellent interview with Michael Hudson, author of And Forgive Them Their Debts:

Rees Jeannotte: To think about a more sensible way to deal with a debt crisis. Maybe you can use the most recent example of a national debt cancellation, namely here in Germany.

Michael Hudson: That’s right. The German Economic Miracle was the Allied debt reforms of 1947/48. They essentially wiped out all debts except for what employers owed their employees – you know, the workers’ wages and minimum working balances at the banks. It was easy for the Allies to cancel the debts owed to German creditors. because the creditors were mainly Nazis. The whole idea was to wipe them out. They didn’t the want to leave the former Nazis with financial power to take over the economy again. They wanted a Clean Slate.

Canceling the debts created the German Economic Miracle. Because the economy was able to operate without personal debt, and without much public debt or corporate debt. It was able to take off. Today, essentially you’re dealing with a criminalized banking class that I think we should treat in the same way that the Allies treated the Nazis. If you don’t cancel the debts owed to them, the economy is going to shrink and shrink, and polarize. We’re going to have essentially a neo-feudalism controlled by the creditor class, like you had in Rome in the Dark Ages. Do you really want a new Dark Age?

Rees Jeannotte: No, not particularly. This leads us into the financial crisis of 2008, where you were among the few people to predict it accurately. It was largely based on a giant private debt bubble. Private debt is something that we don’t hear much about. I tried to look for the totals on private debt worldwide. You find out the debt to GDP ratio for public debt. For government debt, but it’s never about private debt.

Michael Hudson: That is because the right-wing politicians want to abolish government and the social services it provides. Apart from the money governments owe for military spending and NATO, they owe pensions and health care. The right-wing program in Germany and Europe is to get rid of pensions, to lower them, to financialize and privatize the pension system instead of Germany’s pay-as-you-go system, which is quite good. They want to get rid of social spending.

Also, they look at government debt as the adversary of private debt. For instance, in the United States, President Clinton finally ran a budget surplus in the last year of his rule. What happens when a government runs a surplus? That means that it doesn’t spend money into the economy. The economy has to rely on banks to get credit, because every economy needs credit to function and grow. Bankers realize that if the government doesn’t provide the economy with money – by spending deficits into the economy to promote employment – then people will have to borrow from the banks. But if they keep borrowing from the banks to buy homes rising in price and just to maintain their living standards, their families will end up looking like Greece or Argentina. They’re going to have to pay more of their income as interest. Bankers will end up with the houses, and with private industry. They will end up controlling everything, including the government.

For thousands of years the leading tension of civilization has been over who is going to dominate and plan society’s economy. Will it be democratic governments or wise rulers seeking stability and military security? Or, will it be a financial oligarchy that wants to get rich by impoverishing the rest of society?

He’s correct. The ultimate and mathematically certain outcome of the current financial system is that the owners of the banks own literally all the property and all of the people. This is not a question of right-wing vs left-wing, and it’s very important to remember that banks are not capitalism, corporations are not human beings, and usury is not freedom.

Quite the opposite, as it happens.

As usual, there are commenters at Unz who can be relied upon to produce the retarded “conservative” attack on debt cancellation. Make no mistake, if at this point you still oppose debt cancellation on the grounds of “personal responsibility”, you are economically retarded, by which I mean, you are so stupid, so shortsighted, and so unable to do the very simple math involved that if I had the ability to do so, I would forbid you to read this blog.

If it’s selective then people who made responsible economic decisions will be forced to subsidize the self-indulgent and/or foolish economic decisions of others. 

The inexorable math of usury and the way in which credit shifts the demand curve upward dictates that however “responsible” your economic decisions are, sooner or later you will be forced to not only “subsidize the self-indulgent and/or foolish economic decisions of others”, you will be forced to make equally foolish decisions yourself. The fiscal conservative’s belief in “responsible debt” is no different than the Churchian’s belief in Judeochristianity, and it stems from exactly the same evil source.


The rotten fruit of National Review

Crazy Days and Nights retro-outs William F. Buckley:

This deceased writer/publisher of a well known magazine that still runs was also known for having a television show. His manner and speaking style were mocked on sketch comedy shows many times.

He preferred sexual relations with men rather than with women but like a lot of men of his generation he could not acknowledge this and so married and had children. In addition, the audience he cultivated would not have accepted this.

He spent a lot of time with homosexual prostitutes from a specific procurer.  He would often tell his favorites that he would refer to them on his TV show by assigning them an obscure word, Latin or old English, and then use the word on his show that week.

The “intellectual force behind the modern conservative movement” was always a complete fraud. It may interest you to know that while I was signed by Universal Press Syndicate with the idea that I was the young right-wing writer most capable of filling in for his supposedly formidable shoes, I never thought that either his columns or his novels were very good.

In fact, I found both of them to be borderline unreadable, the columns in particular being masterpieces in sounding educated and intellectual without ever saying much of anything at all. So, it shouldn’t be a surprise that modern conservatism went nowhere and accomplished nothing, as it is the rotten fruit of an inverted tree.


The bowties dither

I tend to suspect these rumors may be true, simply because it reminds me of all the conservative morons who are more afraid of winning the wrong way than continuing to lose:

BREAKING: DEVELOPING (RUMINT) D.C. @GOP supposedly have some extremely salacious pictures of @RepAdamSchiff that were recovered when the @FBI served search warrants on Ed Buck’s drug den in Los Angeles. There is debate on whether these obscene pictures should be publicly leaked.

This isn’t even remotely hard. Let the light shine. Let the American people know the truth, whatever it is, about their so-called “leaders”.

It doesn’t matter if winning knocks your damned bowtie askew or not. Damn the bowties and their idiotic obsession with grace and style. If you’re not willing to fight, if you’re not willing to take a punch or two, and especially if you’re not willing to punch your opponent in the face as many times as it takes, then stay the hell out of the ring and get the hell out of our way.

Starting nothing is good. But finishing everything is the point.


Conservatives wave the white flag… again

Rod Dreher does what conservatives do best, surrender. Now they’re waving the white flag in the culture war:

Chick-fil-A proved that no matter what nasty things your enemies said about you, if you held your head high and continued doing good work, you would succeed. With so many American businesses and institutions capitulating to the woke mob, Chick-fil-A’s quiet, lonely resistance was inspiring.

It all came crashing down in mid-November, when the company quietly announced it was changing its giving priorities. No longer would it donate to the Salvation Army and the Fellowship of Christian Athletes, two charities that activists slammed as gay-haters. Chick-fil-A did not say outright that it was cutting off ‘anti-LGBT’ charities, but for anyone half-literate in reading public relations statements, it was clear they were doing exactly that.

It’s hard to overstate the symbolic importance of this move. For one, Chick-fil-A’s white flag meant that it accepted the vicious slander that the venerable Salvation Army, of all organizations, is a hate group. More importantly, Chick-fil-A was not pressured by financial losses to back down. It did so from a position of strength — hence the stunning demoralization of conservatives. If even one of the great financial success stories in American retailing would not hold out against leftist campaigners, what hope do the rest of us have to thrive in a highly ideologized public square?

Mind you, Chick-fil-A’s opening toward armistice will not buy it peace. The fast-food giant will now be shaken down so hard by gay groups seeking ‘reparations’ that its corporate teeth will rattle — and that still won’t be enough. LGBT activists will not rest until they have strangled the last Evangelical wedding-cake baker with the entrails of the last homophobic farm fowl.

However, in US culture war terms, Chick-fil-A’s surrender really is a Germans-marching-down-the-Champs-Élysées moment for the right. The conflict, which roughly dates from the late 1960s, has moved from a combat phase to a life-under-occupation period. Though the craven capitulation of a Christian-run corporation as successful as Chick-fil-A must shatter the delusions of the most ardent dead-enders, in truth the culture war was definitively lost five years ago.

What a total load of nonsense. Not only are we not surrendering, we are taking the offensive! The Promethean forces have been reeling since 2016, weakened from within and from without, under assault from the god-emperor, from China, from Russia, and from the Men of the West.

Never pay any heed to a conservative. They are cowards, cucks, and capitulants.

And never forget. All we need is twelve.


Why Mitt Romney is such a cuck

He’s been wholly owned from the start of his career in financial piracy:

In 1984, Mr Romney set up Bain Capital, the firm’s investment arm, overseeing fundraising from his Boston office. Corporate files obtained by The Daily Telegraph show that Lyons, whom Bain hired to help set up its British office, was his first investor, putting in $2.5 million via a front company in Panama.

Colleagues from the time said in interviews with The Daily Telegraph that the “unlamented” Lyons, the Yorkshire-born retail magnate and close ally of then-prime minister Margaret Thatcher, also reported back to Boston that he had signed up Maxwell, a friend and fellow City giant. “Jack took an interest in Bain almost as if we were his sons,” said one Bain executive based in London at the time. “He wanted us to succeed in the UK and he introduced us to a lot of people . . . I remember attending a luncheon in London with Robert Maxwell.”

Maxwell, an avowed socialist, invested through his British print firm, which was ultimately controlled by his secretive foundation in the tax haven of Liechtenstein. Lyons’s nephew, Graham, and a trust in his name, invested a further $225,000. Graham Lyons, now a barrister in London, declined to discuss Mr Romney’s fund, adding: “I’m not in finance.” He referred queries to Lyons’s son Jonathon, who did not respond.

A string of Bain partners invested about $12 million of their own money; Mr Romney putting up at least $160,000. Millions more came from investors in other tax havens including the Bahamas and Switzerland, and powerful families from El Salvador, some of whom were later linked to Right-wing “death squads” responsible for murders in their country’s civil war. The $37 million fund was a great success, funding among others the global expansion of Staples, the stationers. According to a prospectus, it yielded an average return of 173 per cent a year on stakes in 21 firms, making millions in profits for its investors. “Every couple of years I would get a cheque,” one recalled. “It was always a lot more than I had put into it”. One Bain executive said: “Bain Capital is now a multi-billion dollar fund, and it’s made Mitt very wealthy”.

Maxwell died in suspicious circumstances in 1991 at the age of 68. It emerged he had plundered hundreds of millions of pounds from employee pension funds to plug holes in company finances, prompting a partial bail-out by British taxpayers.

Republicans should be horrified that they ever ran this guy as their presidential candidate. He would have been worse than Obama. Remember, Maxwell and Epstein are precisely the same thing.


11,111 resignations

Notable Resignations Worldwide tracked on a daily basis:

On Dec. 22, 2017 #QAnon asked us to “Track CEO Resignations” (see Q-Post #413).

Since Dec. 26th, 2017 Resignations, Retirements, Firings and Deathcases are tracked!

Total numbers are not that important – but individual cases are! Not everyone on the list is a bad person! RESEARCH!

There is no advertising or tracking on this site! Nothing is loaded from another domain!
Your ability to research with privacy is my goal! WWG1WGA!

Resignations
11111

The pace does appear to be increasing. And in not-entirely-unrelated news, Tucker Carlson pointed out how Heritage Foundation and other conservative organizations are observably more dedicated to defending Big SJW Tech than the interests of the American people:

Why all the inaction on these questions? Well, a big part of the problem is that conservative nonprofits here in Washington, the ones that are supposed to be looking out for you, aren’t actually looking out for you. They’re looking out for big tech. A new report from The Campaign For Accountability obtained by this show highlights how conservative organizations in D.C. have colluded with big tech to shield left-wing monopolies from any oversight at all. It’s an amazing story and it’s happening now….

 A recent paper by Heritage entitled “Free enterprise is the best remedy for online bias concerns,” defends the special privileges that Congress has given to left-wing Silicon Valley monopolies. And if conservatives don’t like it, Heritage says, well they can just start their own Google. The paper could’ve been written by tech lobbyists. In fact, it may have been written by tech lobbyists. A trade association that represents Silicon Valley called the liability exemption that Googles enjoys, “the most important law in tech.”

Well, Heritage’s paper repeats that line verbatim. Word for word. Along with many other lines that the lobbyists wrote.


Goldberg defends the Deep State

Not much doubt who the cuckservatives serve anymore. And it isn’t America:

The deep state is the right’s new bogeyman.

I’d wager that until fairly recently, few people had ever heard the phrase. I’d also bet that roughly 99 percent of those who fling the term around have no idea that it’s borrowed from Turkish politics.

The idea of a deep state, or “state within a state,” is that there are undemocratic forces within the permanent bureaucracy, the military, and the intelligence services who pursue their own interests rather than those of the people or the agenda that voters desire.

Depending on the country in question, deep states are not only real, they are sometimes as devious as people fear. At various times in the history of the Soviet Union, the secret police ran the government and the Communist party for its own benefit.

In the democratic West, the civil service and other bureaucratic institutions often accumulate enough power and arrogance that they see themselves as immune to the desires of voters or politicians. Prior to a few years ago, some people would call this sort of thing the “deep state,” and depending on the context, that was fine.

But now it’s become a partisan talking point in defense of almost everything President Trump does. It’s a warrant for widespread paranoia and hysteria. People talk as if we live in a Jason Bourne or James Bond movie, with secret deep state organizations plotting to overthrow the government or something.

In fairness, Jonah is a bona fide expert on the Deep State since binge-watching the British TV series of the same name this summer. The thing that is particularly stupid about his defense of the imperial bureaucracy is that “Deep State” is just a name that applies to a phenomenon that everyone has known existed since Yes, Minister first appeared on British television in 1980.

It’s not a canard, it is a well-confirmed phenomenon, and it is at war with the legitimate Presidential administration.


Everyone sees through conservatives now

The Babylon Bee goes for the conservative jugular:

Local conservative man Patrick Porkers thrashed liberals Tuesday for supporting policies that he himself will support in just five years.

From medicare for all and a wealth tax to free college and canceling student debt, the conservative systematically dismantled every policy liberals support, though he’s going to cave on every single one of these just a few years from now.

The man says he’s staunchly opposed to how fast progressives are changing things and prefers the conservative approach of changing the exact same things but just on a little bit of a delay.

“Liberals are ruining this country,” he said, shaking both his head and his fist. “They go and put forth all these radical ideas that will destroy the fabric of our society. Sure, I end up conceding ground to the libs and supporting policies I would have found appalling just five years ago. But I’ve got to be the voice of reason here and caution everyone against the very ideas I will come to agree with a short time from now.”

The important thing is that no one can call him racist. No one would be happier to vote for a black conservative than him! No one! And the second most important thing is that no one can call him anti-Semitic either. He not only believes in the Judeochristian values upon which America and Western civilization were founded, they fly an Israeli flag in the sanctuary at his church!

His virtue is impeccable.


The downfall of conservatism

A conservative laments the betrayal of the conservative media and establishment conservatives who have been exposed by President Trump in Human Events:

What had happened to my heroes?

I understand their objection to Trump’s style—three years ago, I myself was put off by it—but style is nothing when measured against substance. Here was a president advancing their agenda—our agenda—didn’t that mean something?

Establishment conservatives were tokens, allowing liberal elites to pretend they were objective when they were fully intent on transforming American society.

At first, I attributed their open mutiny to pride. Pride is human, and prideful men often make for sore losers.

But now, after ample time to recover from their humiliation, the persistent whining from establishment conservatives has exposed a very ugly truth about our former “leaders.” The George Wills and Tom Nichols of the world were always more interested in self-promotion than advancing conservatism.

Before President Trump’s explosive entrance onto the political scene, mainstream conservatism was somewhat tolerated by gatekeepers in the media, academia, and the arts. My heroes were nuisances to America’s increasingly liberal institutions, sure, but no real threat to the progressively progressive status quo. Establishment conservatives were tokens, allowing liberal elites to pretend they were objective when they were fully intent on transforming American society.

But Donald J. Trump was a different animal altogether, one who refused to kowtow to the cultural norms of American political theater. His frank and straightforward style was intolerable to liberal puppet masters who had spent decades corralling Republicans and forcing them to play nice.

Establishment Republicans have built entire careers out of playing nice. And it shows.

The threat of banishment from cocktail parties and university lectures—over Donald Trump of all people—has been enough to force much of the right’s pundit class to toss aside their ideals to preserve mainstream acceptance.

Three years later, it’s this cadre of tamed conservatives who are lending their efforts to the left’s never-ending coup against the President.

I am ever so pleased to have resolutely refused to ever describe myself, or allow others to describe me, as a conservative. I trust my reasons for having done so are now eminently clear to all and sundry.

And it’s good to see more and more former conservatives seeing the light about the intrinsically false nature of their pseudo-philosophy and its nonexistent principles.


Gay pirate abjures 1st Amendment

Rep. Dan Crenshaw violated his oath to the U.S. Constitution:

Congressman Dan Crenshaw suggested that criticism of Israel should not be protected under the First Amendment during an event last night. Crenshaw was asked about federal laws that demand contractors in America sign a pledge that they will not boycott Israel.

The audience member also drew attention to a law passed by the state of Florida which prohibits anti-Semitism in public schools and universities throughout the state but is written to conflate “anti-Semitism” with criticism of Israel.

“These laws are obviously flagrant and troubling violations of the First Amendment to free speech,” said the questioner. “Will you honor your oath and denounce these laws here, now and forever?” Crenshaw was asked.

Crenshaw immediately accused the questioner of “cloaking yourself in the First Amendment” as an excuse to engage in “vehement anti-Semitism.”

It’s official. The U.S. Constitution is anti-Semitic. It’s time to choose whom you will serve, conservatives.