The Riots in Essence are About Our Unjust Financial System, That does Not Deliver Adequate Purchasing Power By James Reed

     I was inspired by this Canadian black guy’s survivalist take on the US  riots, well  worth seeing, as it gives a different spin on things:

     We really need to move beyond the usual racial realist take on riots and the burning of the West, as seen at various Dissent Right sites, where the violence is  a product of IQ, and genes, and look to the financial causes of Black people and youth smashing up ATM machines and grabbing money, or looting stores to get electronic goods. Let us not worry too much about assaults, murders, and rapes, for the sake of argument. Clearly, these poor, poor, people do not have adequate purchasing power, and simply want the same consumer goods that white folks have. So far social credit theorists have not taken pen to paper, or key board on this issue yet, but Chris Martenson had made a good start to get the stone rolling. Of course, I will ignore his idea that the days of exponential growth are over, since I hope that mass consumption and resource use will ever-expand by many thousands of times, in this age of plenty of goodies:

“In today’s world, it’s grapes for the elites and cucumbers for the rest of us (if we’re even that lucky). That’s been the model for a long time, but lately it’s been both accelerating and exposed for all to see. Team Elite™ is busy gorging on grapes. It has granted itself $trillions of freshly printed dollars from the US Federal Reserve in order to prop up ‘their fair share of things’ like bonds, stocks, and derivatives. Without any question whatsoever, the Federal Reserve has been printing up money like crazy and stuffing it into every crevice of the US financial markets in a bid to…well, drive up financial asset prices. They’ve been extremely tone deaf the entire way while pretending that their aim isn’t to make the rich richer, or deliver fatter profits to banks. Of course, both of those things are indeed happening as a direct result of the Fed’s policies and anybody with eyes can see that — yet the media refuses to acknowledge this. That means that those holding them are being rewarded like never before. And don’t forget that the richest 10% of Americans own over 84% of all stocks. We also see the same price-goosing with bonds. Corporate bonds are now once again approaching historically low yields which means, in the see-saw language of bonds, they are almost as pricey as they’ve ever been.

In history:
Who received the benefits of that gigantic cluster of grapes that the Fed has lavished upon the bond markets? Well, the owners of all those bonds of course, and the major corporations now able to borrow at rock bottom costs even as small and medium sized enterprises are being wiped out. As I often say, the Fed doesn’t actually create wealth, it redistributes wealth.  While doing that it is both directly and indirectly picking winners and losers. The above chart of corporate bond yields says the Fed is picking large corporations and the wealthy elite over small companies and Main Street folks. Of course, there are no grapes quite as sweet as the ‘special interest’ varietals that are served to only the wealthiest of real estate investors: The institutional failures of the Federal Reserve aside, there are also the obvious failures of management (I can’t bring myself to call them ‘leadership’ anymore) at our major health institutions, politicians who are far quicker to the rescue of major corporations than constituents, politicized and even falsified ‘science’ coming from formerly respected institutions, the list goes on and on. Every one of these breaches of public trust undermines our collective safety and security. Beyond some incalculable level the foundation gives way. The lowest level of management in this story are the police. For decades many police departments have been heavily militarized and trained … Toss in some unresolved racial biases and animosity, civil asset forfeiture, no-knock raids for petty reasons that routinely result in innocent lives being violently taken, and you’ve got a tinder pile waiting for a spark. George Floyd was that spark. A particularly callous officer with a long string of unpunished claims of excessive force and violence lodged against him, knelt on George’s neck until he was dead while 3 other officers stood by and casually watched.  Against the backdrop outlined above, this was one flagrant abuse too many.”

     One could wish to be able to whisper in Chris’ ear the words “social credit.” But, his time will come. Clearly if the poor people had increased purchasing power they would not be burning down cities, but would seek justice like whites do, sitting back and letting their trusted elected representatives work things out, while they continued their day jobs, keeping the show on the road, which has worked swimmingly well, wouldn’t you say?



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Wednesday, 28 February 2024

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