single currency besides the Chinese Yuan pegging itself against the dollar
~120 seems to be its post-Plaza happy place
Don't hold your breathe.
Hillary as Pres and a GOP Congress is going to be the mother of all shitshows.
I hope to be viewing it from 7 timezones away, like I was 1993-2000.
I only caught the last 7 months of Clinton's presidency. Sigh, wish I could go back . . . (and buy more AAPL)
Its only "health" "care" thats killing 30 somethings like me
Actual cost at covered.ca for a 35 yo making $50,000 is $330/mo for the silver plan.
And i get ABSOLUTELY NOTHING IN RETURN
Actually you get this:
buy me an extraordinary bump in quality of life
until you get hit by a bus and stiff everyone else with your moral hazard.
I went without health insurance from age 25-30, and it was stupid. Once I was self-employed in my 40s I got the equivalent of the silver plan on the open market (I was denied the first time due to a minor knee pain problem but 5 years later BCBS allowed me into their network)
That chart looks OK to me. ?
When I go to WinCo to get my yogurt peanuts and other stuff Trader Joe's doesn't sell, it's the rare person not swiping their CA benefits card.
Family of 5 making $2400/mo gets $300/mo in SNAP. $3600/yr is ~$5000/yr gross for someone paying 25% taxes.
The interest on all of the debt must be dealt with
The endgame is MMT.
So yeah, buy land.
the real response should be
there's always going to be abuse of any welfare -- free money -- program. But how much is significant?
Keep kicking down casandra, while your masters sell the middle class economy down the river.
This btw is an awesome program and we should be doing it at 1000X the scale, and not just rooftop PV -- everything housing related should be aggressively invested in. The better our housing stock, the happier we will be as a people. Real estate is truly the source and sink of all wealth, more the latter though given the supply / demand imbalance.
I don't know why slobs continue to work in this country when you can get everything for free !
if you think life on the dole is so great, try it, LOL
top 1% is raping the working people here more than the bottom 47% is, I'll tell you what
though fwiw I think a nordic-style eurotopia can't work here, just going to Walmart or Winco for me here is a reality check on how well the welfare state can work given our demographics and sociological divides.
shows both the welfare state and the warfare state has doubled since 2000, but the latter has 3X the scale . . .
You are so damn short sighted.
The 1920s didn't feature our economy integrated with 3 billion poor people.
Farm jobs became factory jobs.
Factory jobs are becoming no jobs now.
What we're going to do with millions of underemployed people is something conservatives and neoliberals are going to have to come to grips with eventually,
Hopefully your solutions will be something other than from Soylent Green.
bounds of US Federal Law - let alone within the bounds of international law
The Fed was the System's idea -- loose Congressional and White House oversight, but not control.
as for international law, LOL, Kuroda would be a Class A War Criminal if such a thing existed, and the PBC should be sent to Nuremberg.
. . .
I was reading about the 1963 Everest expedition in Life (via Google Books, LOL) and what struck me was the high cost of of the consumer products listed in the ads of that era.
$1300 for a color Kodak film camera, $1000 for a shitty 12" B&W TV (2014 dollars).
Eating my hotdog at Costco yesterday I saw someone wheeling out a 40" Samsung TV with two gallons of milk in their cart, that TV being a rather elite luxury good just 10 years ago.
The reason real wages are stagnant is simply housing prices (and health prices) are eating us alive!
shows how they have risen since the 1960s, as a % of wages.
Back in 1960, they together took 1/4 of our wages, now it's pushing 3/5. Hello???
and our counterfeit Yellen bucks are being rejected everywhere
while all the hero-worship tends to get a bit self-serving if not self-pleasuring, in addition to WWs I & II, the US's intervention in Korea was noble, save for the occasional atrocities of course, and overall over-tolerance of the ensuing rightwing military dictatorship there that didn't fall for decades.
If I ever meet Daniel Ellsberg I'd like to ask him what he thought the difference was between the US's attempt to save the Seoul regime and our later attempt to save the Saigon regime. While Uncle Ho is a bit different vs. Kim, neither communist regime was democratic and thus both were lacking legitimacy.
The US really made a major effort to "save" South Vietnam.
Aside from the 50,000 KIA, it was a major financial commitment, too:
about twice that of the Bush wars, as % of payrolls, though the Cold War of course had other investments going on.
We can light $1.6T afire in the mideast, but state investment in the domestic economy is communism!
That's the true crime of what has happened since the GOP took over the House in 2010, we haven't done anything on the investment front.
It's my theory that the GOP is saving this stimulus investment for when they take the WH in 2016, if they take it.
What people don't understand at all is that this no longer the 19th century where we had dig PM out of the ground to expand our money supply, like goddamn cavemen.
Sanders has some MMT people as advisers, but he has less a chance of winning than anyone running right now.
Just like FDR and the WPA etc we could have -- right now -- THREE MILLION people working on infrastructure all over the country.
And this could be more than a year or three flash in the pan like ARRA, it could be a multidecade funding commitment. If we don't want to raise taxes on the 'job creators', just have Yellen print the fucking money and spend it on useful stuff. It's not that difficult.
three million jobs x $100,000 capital investment in each is $300B/yr annual commitment, less than what we should cut out of our bloated DOD budget.
That's an investment that we're just not getting any ROI on anymore, if we ever did.
Actually, looking at the population numbers:
I see that if we were to scale the WPA to today's population that would be more like NINE million WPA jobs. WPA didn't pay all that much, $900/month or basically minimum wage. But today's WPA could at least build housing for people, eliminating that as an expense for millions -- imagine if a WPA job came with your own house as part of the deal!
The GOP has inculcated in people that our government can only destroy things. But we can have it build things, too.
is simply dismal. We should have twice the rate of construction now just replacing all the crap stock put up in the 1960s and 70s.
ten times the secretaries that there are now
4M jobs "lost" (under trend) since 2000.
Once AI bridges that gap, it's one of the first job that will be eliminated.
yup, should happen in my lifetime if not career.
software development is still shockingly stone-age, really. IDEs have IQs of 20 when they could have IQs of 2000.
the banks have not lent their excess reserves
It was a strong green light to the one percenters (and their money managers) in the know.
yup, 1933 was off the table in 2H08/1Q09
No change in the rate of inflation unless you want to admit inflation actually moderated after QE.
The paycheck economy was being stimulated 2002-2007 via the $1T/yr housing bubble mortgage money inflow.
When that failed in 2008 they wired up QE to arrest the incipient deflation.
We lost 8M jobs 2008-2009, 10M if you count the 2M jobs that we should have gained through continued expansion those two years.
6% of the workforce and 3% of the wagebase was purged in the recession.
they also messed with the distribution of debt. (so called printing)
their main contribution was actually intervening as they did, not just sitting on their hands and continuing the pretence that we have a hard-money economy dependent on global capital inflows to remain functioning if not solvent.
Clinton's minions liked being in awe of the bond market during their time in the sun in their first term. Greenspan was just pulling their chain:
The crash and the ability for new businesses to buy up old assets at discount during those crashes are the capitalistic market economy's fundamental
source of vitality, progress and evolution mechanism of transferring capital from weaker to stronger hands.
The world was Uncle Warren's Oyster in 2008-2009, and he did pretty good on the firesales, LOL.
His purchase of BNSF is one for the ages.
Certainly the Fed fended off continued malaise and 1930s-style price discovery.
shows there were 3 pumps, the big one in 2009, the follow-on in 2010-2011 (including Twist, not shown on that graph), and the post-election pump of 2013-14.
Job growth since 2010 has been eerily consistent, but:
shows we're still 10M jobs away from 2000-level 'full employment', and all those jobs are full-time jobs.
P/T employees have little bargaining power, given the shortage of f/t jobs and demographics of Gen Y flooding into the workforce now.
Wages rose ~8% pa for most of the 70s, that's inconceivable now.
No wage inflation, no inflation!
That area has so much oil in the sand already, from natural seepage and the previous driling, it doesn't really matter.
The low interest rates are the result of incredible historically high demand to loan the United States money.
shows the Fed has been working on the supply side, too.
Somewhere in the narrative this:
has to be included, or at least understood.
The question is, what economic factors could offset the influx of money enough to keep it from establishing a long-term trend?
8 million jobs missing in the productive economy
Key thing about the 70s was there was a bumrush of baby boomers getting jobs, +20 million new jobs that decade.
The Obama recovery has seen +10M jobs since 2009, but nearly all of that was just clawing back what was lost in the 2008 dump.
We're in a post-labor economy now, so we're not going to get a wage-price spiral like the 70s, outside the health sector of course, that's the last bastion of labor with pricing power.
Of course, along with the landlords they're robbing the rest of the economy, but that's the way we want it apparently.
I used to think the boomers would have to liquidate their holdings starting now, putting selling pressure on the market.
But Gen Y is bigger than the boomers, and they're buyers now, along with a lot bigger global middle class than existed 30-odd years ago.
There doesn't have to be an "end" if nothing is going hyperbolic or otherwise is unsustainable.
The rise of Alt-A lending 2003-2007 was a textbook case of the unsustainable eventually failing, something that an absolute idiot should have seen coming by 2005.
I saw the outlines, but it was only the Casey Serin case breaking in late 2006 that educated me on how much outright fraud was going on in the mortgage sector.
No way an unemployed fuckstick like him should have been able to borrow $2M to acquire his real estate empire, but there it was.
The top 5% taking 33% of the national income is perhaps unsustainable, but we need better modelling of the long-run to more fully understand what is going on with that.