July 18, 2011
“He’s going to go down as the man who brought on the depression that the Republicans never could have gotten away with. Only a Democrat posing as a left-winger could support the anti-labor, anti-wage, pro-Wall Street policies that his advisors have been pressing….Full Audio Interview:
The economy’s going under because Wall Street and investors realize that it’s a done deal. That Mr. Obama is going to succeed in pushing the economy much further into a depression. We need the depression in order to cut living standards and labor by 30 percent. We need a depression in order just to lower the wages of America and to have an excuse – of course, a depression is going to make the budget deficit even larger and the solution to the depression has already been written up, just like the invasion of Iraq was all written up before 9/11, the solution is going to be that the government is going to sell off its land, whatever is in the public domain.
The American government is going to look just like Greece and just like Ireland. They’re going to be told, ‘The states can’t pay, there’s no federal revenue to share with Minnesota or Wisconsin or the city of Chicago. They’re going to have to sell off their roads, sell off their streets, sell off their infrastructure, sell off their public utilities, sell off their business. The government will sell whatever it has, the Postal Service, to essentially buyers who will now borrow the money from the banks making a huge new market for banks and investment bankers, in privatizing and cutting up what used to be the public domain and turning it over to the wealthiest 10 percent of the economy. So people realize yes, the class war’s back in business. We’re going into a depression. We’ll buy back all these stocks after they go but meanwhile, the game’s over. Let’s grab what we can and just bail out. And that’s what’s happening now.”
“Guns, Finance and Butter – Finance Is the New Mode of Warfare” with Dr. Michael Hudson. The jobless recovery; the debt ceiling and default; China; Greece; banks, not countries, receive the bailouts; financial warfare; IMF and EU; European Central Bank; US credit default swaps; US agricultural exports create food dependency; currency devaluation devalues the price of labor; class war of banks against the rest of society.Full Transcript:
Listen to interview here (((mp3 audio)))
“When I was in Norway one of the Norwegian politicians sat next to me at a dinner and said, “You know, there’s one good thing that President Obama has done that we never anticipated in Europe. He’s shown the Europeans that we can never depend upon America again. There’s no president, no matter how good he sounds, no matter what he promises, we’re never again going to believe the patter talk of an American President. Mr. Obama has cured us. He has turned out to be our nightmare. Our problem is what to do about the American people that don’t realize this nightmare that they’ve created, this smooth-talking American Tony Blair in the White House.”
Erskine Bowles, co-chair of Mr. Obama’s debt commission, said a small, short-term solution [to the budget deficit] would not be enough. “That is not going to fool our creditors, many of whom do not love America as we do,” he said. China is the biggest foreign holder of US debt.
“‘We stand by the people and government of Greece as you put your country back on a path to economic stability and prosperity,’ Ms. Clinton said, noting that this progress was essential for the United States, too.” But not too much austerity when it came to supporting Obama’s war against Libya. She “emphasized Washington’s ‘strong support’ for Greece’s commitment to right its debt-ridden economy through tough austerity measures, and she thanked the Greek government for its contribution to NATO-led operations in Libya …”
There is wide speculation that [Tribune] might have [taken on so much debt that all of its assets aren’t gonna cover the debt in case of (knock-knock) you know what. Well that’s what we [the bank’s Tribune team] are saying, too. But we’re doing this ‘cause it’s enough to cover our bank debt. So, lesson learned from this deal: our (here I mean JPM’s) business strategy for TRB, but probably not only limited to TRB is ‘hit and run’ – we’ll s_uck the sponsor’s a$$ as long as we can s_uck $$$s out of the (dying or dead?) client’s pocket, and we really don’t care as long as our a$$ is well-covered. Fxxk 2nd/private guys – they’ll be swallowed by big a$$ banks like us, anyways.
The European Central Bank and the IMF told Greece that it had to run a budget surplus or at least minimize its budget deficit to meet the eurozone criteria. But it was not to balance the budget by taxing the rich. That’s the ECB’s constituency, after all. Greece was told to sell off its ports and public domain, and counting this as budget revenue. So it would balance the budget not by progressive taxation, which is how America and Western Europe got rich, but by selling off the public domain – mainly to foreigners.
Guns and Butter is produced and edited by Bonnie Faulkner and Yarra Balko. To leave comments or order copies of shows, email us at email@example.com. Visit our website at www.gunsandbutter.org.