The government and their sycophants in the media never tire of telling us how well the economy is doing (just look at the stock markets, they say) or how we have had umpteen consecutive months of private sector job growth. Those who are not brain-dead know that this so-called recovery has been a disaster for most Americans. Millions of unemployed Americans have given-up looking for work, which makes the BLS unemployment numbers look better than they really are. Real income for the middle class has been falling since at least the year 2000 and our president proudly talks about how his government is helping nearly 50 million Americans with food stamps, which, in his and Nancy Pelosi’s imaginations, helps to grow the economy.
But, not everybody is complaining about this non-recovery recovery. The 1.0 percenters and especially the 0.1 percenters are doing very well indeed and they no doubt send their thanks to Ben Bernanke and the Federal Reserve every day.
Zero Hedge has an excellent article by Jim Quinn, of the The Burning Platform blog, on the sad state of affairs in the all important Retail sector of our economy. Please give this article a read when you have time. For now, I want to share this comment by Jim, which succinctly explains why the 0.1 percenters are so happy:
The entire economic recovery storyline is a sham built upon easy money funneled by the Fed to the Too Big To Trust Wall Street banks so they can use their HFT supercomputers to drive the stock market higher, buy up the millions of homes they foreclosed upon to artificially drive up home prices, and generate profits through rigging commodity, currency, and bond markets, while reducing loan loss reserves because they are free to value their toxic assets at anything they please – compliments of the spineless nerds at the FASB. GDP has been artificially propped up by the Federal government through the magic of EBT cards, SSDI for the depressed and downtrodden, never ending extensions of unemployment benefits, billions in student loans to University of Phoenix prodigies, and subprime auto loans to deadbeats from the Government Motors financing arm – Ally Financial (85% owned by you the taxpayer). The country is being kept afloat on an ocean of debt and delusional belief in the power of central bankers to steer this ship through a sea of icebergs just below the surface.
But, rest assured my friends, the asylum we live in is not just the U.S. of A. The asylum encompasses the entire planet. The central bankers of the world have all followed Bernanke’s lead and the beneficiaries have, of course, been the 0.1 percenters. Take a look at this graphic from another Zero Hedge article.
Eye popping, right? Well, not as eye-popping as this graphic:
But, the Zero Hedge author has more to share with us:
Naturally this should come as no surprise: after all the past 5 years of this website have been, more than anything, a testament to the systematic theft, plunder and pillage of the global middle class by a small cabal of global financial oligarchs – those who have implicit control of the printing presses, who have the legal and legislative support of a few, actually make that all, corrupt and purchased politicians, who have merely made this wealth transfer from the poor, not so poor and modestly wealthy to the wealthiest, possible.
And not only possible, but the most rapid it has ever been in history.
The chart below from OxFam summarizes the unprecedented speed of wealth transfer going to the richest 1% courtesy of Bernanke et al’s theft-enabling, and Congress-approved policies.
None of this should surprise anyone. The world has always worked this way, more or less. You can learn more about the roles of the players and the payers by reading the “About Page” here at Asylum Watch. Those of us who are no longer young lived through the last part of the industrial age. This was a time when innovations created more opportunities of the average person, which is why many, if not most of us, were able to realize our “American Dream”. This IT age is a much different animal. As improvements in computerization and robotics are realized, we are finding that all the goods and services the world needs, can be produced with fewer and fewer people.
I have some advice for today’s young people. You had better have a very good plan about how you will become one of the 1 percenters or, at least, a damn good plan on how you will make yourself useful to one percenters. Otherwise, your “American Dream” will necessarily be limited to the government’s ability to keep your SNAP card recharged.
Well, that’s what I’m thinking. What are your thoughts?