The average earnings as a percentage of turnover by oil companies over recent years are around 5%.
The average earnings as a percentage of turnover by the banks and the manufacturers of pharmaceuticals are around 20 %!
So if you’re in need of $100,000 annual treatments for treatment for breast cancer, or if you’re an African with AIDS earning $1 a day, I hope you’ll be pleased that the drug manufacturers are doing so well.
Capitalism is nourished by growth. Without growth it cannot survive. It’s a function of the debt-based monetary system which requires growth to cover future interest commitments.
We cannot easily address climate change without threatening the capitalist system’s very existence. It could be done, but the status quo has its head up its backside and won’t acknowledge the extent of the problem.
Eventually things will change, the sooner that happens the better for your children.
The TPPA isn’t a trade deal; it goes far deeper than that. I have reservations about a deal of which we really know nothing.
If a free trade agreement can’t be fully described in a couple of A4 sheets of paper, then it isn’t a free trade agreement.
The Americans will never give an inch on trade without taking a mile. Or on anything else come to that.
People are saying, “Our great and glorious leaders would never sign up to something that isn’t in our best interests.”
Really? Remember Vietnam? Afghanistan? Iraq? What’s good for politicians isn’t always what’s good for the suckers who voted for them.
Here’s a real expert.
Professor Jane Kelsey remains remarkably civil whilst trying to inform the smarmy middle-aged adolescent, Mike Hosking:
This Academy Award winning documentary film narrated by Matt Damon is really important. If you wish to understand the full extent of the financial crisis and the cynical lying bastards who created it, you must watch this film. It was made in 2010 but is just as relevant today. These people have escaped all consequences and continue to plunder your assets with ever increasing avarice and to set up the next crash.
The link below is the best online version I can find. If the link is broken, have a version in my Dropbox right here
‘Inside Job’ provides a comprehensive analysis of the global financial
crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.
If everyone in the Western world watched this film there would be bloody revolution. My wife isn’t easily moved by the continual stream of information that I plague her with about the awful state of the world, unlike me, she’s a committed Christian and believes that man is incapable of ruling himself and that God will sort us out fairly soon. However, this academy award winning film stopped her in her tracks. She was stunned, astonished, outraged and profoundly depressed by it. Just as I was.
Maybe the deity should pull Her Divine Finger out.
How the Masters of the Universe betrayed us, how we paid, and how we’re still paying
The graphs at the bottom of this post are from the New York Times. They’re self explanatory. What isn’t clear is how the movers and shakers of the world can be so bloody stupid. The figures are for the USA but it all applies here in New Zealand and throughout most of the world.
At the top of the graphic you can see that for the last 30 years wages have pretty much stayed the same relative to inflation for 82% of the workforce. The top 18% however, have creamed it. (The top 1% and even more avaricious 0.1% have really creamed it; we’ll get to them at another time.) As a result, in order to be able to buy all the flash cars, flat screen TVs, the ever more fancy houses, and the iPads that media advertising bombards we peasants with, we’ve been borrowing up to our ears. Hence the current mess, and a situation where the people doing the lending are almost as deep in it as the borrowers.
Almost, but not quite. In some cases, not at all. (Continued below the graphic).
dummy line break
Monumental stupidity from the top
What is mind-bogglingly and infuriatingly stupid about all this is that–as you can see from the second graph–it’s all happened before and it was perfectly clear that it was going to happen again. Not only that, it happened in the previous century (the 1800s) as well! More than once!
The Occupy Wall Street movement has some momentum and there are people—Dr Ravi Batra for instance—with a good track record of predictions who believe that the time has come for such a movement to change the world. The non-productive money manipulators have broken the free market capitalist model and pay-back time could be nigh if the protesters can get their act together.
Where I part company with the Occupy Wall Street folk is that I don’t believe that capitalism is the problem. Capitalism works extremely well when adequately contained. It’s the failure of governments to regulate the money-go-round that’s the problem.
Here’s one of the ways the fat cats are creaming the system and destroying the world’s economy for the rest of us.