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Here is a link to an article by Economics Professor Micheal Hudson explaining the dynamics of the global class war that is now going on at YOUR expense.
Better to be aware of how you are being screwed, rather than becoming a partisan in the meaningless and phony rivalry between Democrats and Republicans, who serve the same masters. Taking sides in these battles is the ultimate in being played for a sucker.
"..The danger the United States faces today is that the government debt crisis scheduled to hit Congress next spring (when Republicans are threatening to vote against raising the federal debt limit as the government deficit soars) will provide an opportunity for the wealthy to give a coup de grace on what is left of progressive taxation in this country. A flat tax on wage income and consumer sales would free the rentiers from taxes on their property just the opposite of Keyness hoped-for euthanasia of the rentier....
"...This tax shift already has been underway for the past thirty years. It has doubled the proportion of the returns to wealth (interest, dividends, rents and capital gains) enjoyed by the wealthiest 1%, from a reported one-third in 1979 to an estimated two-thirds of the U.S. total today.
This regressive tax shift off wealth onto wage earners has occurred in three ways. The largest and most egregious was the Greenspan Commissions ploy of moving the cost of Social Security and Medicare out of the general budget (where it would have to be financed by taxpayers in the higher brackets) onto the bottom of the scale in 1982. Instead of being treated as entitlements paid by the highest tax brackets, it is treated as user fees by employees with a cut-off (currently about $102,000) for higher-income earners. The pre-saved Social Security fund was invested in Treasury bills and then lent to the government enabling it to cut taxes on the higher brackets. Social Security and Medicare became a euphemism for giving the government enough forced saving of labor so that the Treasury could cut taxes on the higher income and wealth brackets..."
Denninger is always worth considering. The Politics Of Tax-And-Screw in [Market-Ticker]
"....In point of fact, both are tax-and-screw.
And it's you who's getting screwed.
Let's start with some of the arguments from the right side of the aisle. The Senate today voted down extending the "Bush Tax Cuts" for everyone except the wealthy. Wealthy, incidentally, is defined as a family earning $250,000 or more, or a single person earning $200,000....."
"....McLaughlin was the "villain" in the politicization of intelligence on Iraqi weapons of mass destruction, according to the chief of the Iraq Survey Group, David Kay. Few people remember that it was McLaughlin who actually delivered the "slam-dunk" briefing to the president in January 2003. Nevertheless, the Obama administration named McLaughlin to lead the internal investigation of the CIA's intelligence failures in the attempted bombing of a commercial airliner and the shootings at Fort Hood, Texas, in 2009...."
"...Sadly, President Obama has totally abandoned his campaign commitment to accountability. He has refused to take any action on accountability for torture and abuse, and his administration has refused to pursue legal action against the CIA for the destruction of the tapes that documented the sadistic behavior of CIA employees and contractors. The CIA officer most responsible for the destruction of the tapes, Jose Rodriquez Jr., said that it would be less damaging to destroy the tapes than to allow them to be seen. Rodriquez, who successfully fought a subpoena to testify before the House intelligence committee, could not have been more right...."
"...The reaction to WikiLeaks and its founder, Julian Assange, tells us all we need to know about the total corruption of our "modern" world, which in fact is a throwback to the Dark Ages.
Some member of the United States government released to WikiLeaks the documents that are now controversial. The documents are controversial because they are official US documents and show all too clearly that the US government is a duplicitous entity whose raison d'etre is to control every other government.
The media, not merely in the US but also throughout the English speaking world and Europe, has shown its hostility to WikiLeaks. The reason is obvious. WikiLeaks reveals truth, while the media covers up for the US government and its puppet states.
Why would anyone with a lick of sense read the media when they can read original material from WikiLeaks? The average american reporter and editor must be very angry that his/her own cowardice is so clearly exposed by Julian Assange. The american media is a whore, whereas the courageous blood of warriors runs through WikiLeaks' veins..."
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
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I'm hopeful WikiLeaks will uncover some truth about what the big banks are up to. It sounds pretty certain that they have something on BofA but that remains to be seen. I'd love for them to uncover some truth on the Federal Reserve as well and show how they're in it for profit and not to "save the economy". Heck, I'd love for them to expose CNBS showing how they're being coached to provide nothing but propaganda to get the mom's and pop's to buy back into equity mutual funds.
