http://www.youtube.com/watch?v=pVGwa4MCmaw

Pure Soviet / Nazi propaganda

This is what real leadership looks like…………

www.youtube.com/watch?v=BotyxdQyQaA

This isn’t about ration choice theory or economics or hetrodox/orthodox opinions. This is about acadeo-theological justification for banker’s policies. Switching to hetrodox economic theories simply changes the tune being played on the same pipe.

Economics should not be looked on as an academic discipline anymore. It is a form of public relations.

He later talks about the non sov nature of the government (1h .21 m)

The banks create the money (really credit) in the eurosystem which means they have total money power ….obviously under such a system they will seek to eat all of the surplus for their extractive global games.

He talks of the economy as a series of debt contracts (ironically with no real money to pay the debts in this free banking nightmare)

The Gov (1h .20 m) “Thereby sucking more resources out of the government sector when the government has to fill the hole (taxing bank money only) - this is the problem of closing that circuit”

Banks seek to extract and destroy nation state systems as they did not have total money power under such a system.

Our remaining capital accrued during the credit inflation period is being exported to Asia & the Euro core.

Again I will say it again - the Euro & the European experiment is a expression of pure monetary evil.
Especially after 1979 Ireland became part of this Euro Soviet.

Europe is at the very core of the neo - liberal nightmare since the very start - going as far back as the 1960s
All of the other CBs in the Anglo world have worked toward creating this dastardly experiment.

This is the reality of the market state.

There is no real division of power as in a nation state system.

The speaker for the market state system which has assumed effective local executive power in this jurisdiction (its not a real country) states there will be very nasty but unspecified consequences …….

But we cannot know the threats in open view in a supposed democracy and we don’t know the profits for the ECB.

The question of where these extractive profits go is never asked.

Kevin Humphreys asks the “Gov”…………………..starts at 1H .00m

http://www.oireachtas.ie/viewdoc.asp?DocID=22674&&CatID=127
(view on external player)

The Gov expects to pay “our” debts with no money in the system.

Banks don’t lend money………….. they lend credit , even CBs
Money is a national thingy.
The euro is not a money token - its a (external) capital token.

This is not understood

“The problem is that the growing gap between the real wages and productivity also violated the traditional relationship between real wages and consumption. So, if the output per unit of labour input (labour productivity) is rising strongly yet the capacity to purchase (the real wage) is lagging badly behind – how does economic growth which relies on growth in spending sustain itself?

The two questions are clearly related. Marx identified the “realisation problem”, which he considered to be intrinsic to capitalism. In the past, maintaining a constant wage share helped offset this problem.

Dork - it my belief that the Euro was designed to destroy all labour value , given its intrinsic monetary structure.
I.e. euro governments cannot maintain this labour share even if they wanted to.
It therefore must MUST push up the costs of capital ($ price of oil to unheard of & sustained levels)

Bill - “It is not clear to me that the focus on tax equity (whatever that means) is sufficient to promote the political changes necessary to make the fundamental steps that are required.”

Perhaps corporations which hold claims on wealth need to be looked at slightly differently ………

Why do they hold so much surplus claims as if they were a bank or something ?
http://bilbo.economicoutlook.net/blog/?p=20337

Lack of demand ?

“The notion that the “lost taxes” are in some way preventing the government from spending is just an application of mainstream economics. In terms of Modern Monetary Theory (MMT) such terminology is grossly misleading.

The tax revenue lost just represents “numbers on a bit of paper” and the only issue that is important is the amount of purchasing power that is embodied in the tax cuts (or the reversal of them) and how it is distributed.”

Levying higher taxes certainly lowers the purchasing power of those who are paying the taxes and progressives argue that the burden of this lost purchasing power should be spread across income recipients.

“Saying that the rich should pay might make progressives feel better but it doesn’t face up to the real problem – a need for fundamental re-education of the public about the role of the budget deficit and the status of currency-issuing governments. That is where the progressive effort should be focused.”

PS
In the euro area the above sov government dynamics do not apply….
Billy talks about a free floating currency sov currency system.

I am of a more conservative bent then above but I believe Billy is correct in a world without final settlement…………(he would argue differently of course given the currencies are free floating and all but we do know CBs manipulate their value using complex derivative means)

Anyway - Imagine you hold 99 % of all the claims on wealth in this world……….how can you spend it if there is no economy to spend it in ?
This is the great paradox for sov wealth holders.
The world is becoming too unstable to spend your tokens.
Hold on to your extreme ratio of wealth and your wealth declines
Dilute your claims on wealth and your wealth declines………

It is kind of funny in a sick sort of way.
Its a question of how far these guys will push it.

The Dept of Foreign Affairs said the comments were made in a personal capacity and the dinner ‘was off the record’.

Also this Wednesday, 4pm at the Finance Committee there are two motions (i) re. Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters with the United States of America;

(ii) re. Exchange of Information relating to Taxes with Montserrat

Sure to be the usual sycophancy but might be a nugget or two in it.

Copy of ILR came the post this morning too. Looks very useful. Fair play for getting it out & best of luck with it.