My Twitter Posts for November 2019

« The Debate on Marx’s Rate of Profit Thesis: Michael Heinrich vs. Michael Roberts & Me

My Twitter Posts for November 2019

December 2, 2019 by jackrasmus

The following are some of my Twitter posts for the past month of November 2019. Brief takes on events, surveys, reports, and matters of interest on US and global economy and politics–including trade wars, the Fed, healthcare costs, US wages & productivity, recession, and commentary on Trump and Democrat political candidates for President.

Dec 2
#Tariffwars

Trump reinstates tariffs on Brazil/Argentina steel. Why? USMCA trade deal frozen + China mini deal in trouble. So open trade wars elsewhere to divert attention from failing trade policy. Besides, how dare Brazil-Argentina dare cut deals on soybeans & wheat with China!

Dec 2
#Democrats

Wave of Bloomberg TV ads now hitting all sections of country as he launches his presidential bid. Details suggest he’s more ‘left’ than Warren and a flaming NY progressive. But billionaires say what they think folks want to hear, then deliver for the rich (aka Donald)

Nov 27
#tradewar

A report just released by NY Fed concludes US consumers & businesses are paying for Trump’s 25% China tariffs. Tariffs cost them $40B a year, per Fed. Trump’s 25% tariffs should=20% cut in China prices on US imports if China were paying. But China prices fell only 2%

Nov 26
#Democrats

Obama comes out publicly against ‘left’ wing of party (Sanders-Warren) & on behalf of corporate wing of party as it seeks a backup to Biden & tries to stop Sanders-Warren. Obama always part of corporate wing, financed in 2008 by real estate, Chicago $, & NY hedge funds

Nov 26
#Democrats

Billionaire Bloomberg enters race for Dem party nominee. Latest in moneybag wing of party to bet on ‘brokered convention’, as Biden fades as their choice. Their strategy now is stop Sanders-Warren on first vote at convention, then push their ‘centrist’ to nomination.

Nov 26
#Fed

Chair Powell says US labor mkt strong. But monthly job gains now half that of 2018, even with tens of thousands of current census job & holiday hires. Watch for big job contractions early 2020, when census & holiday hiring stop/reverse. Then watch consumer spending plummet

Nov 24
#Buttigieg

New darling of moneybag wing of the Dems. Backup if Biden fails. But who’s really funding ‘Butt’? Finance capitalists like Paul Tudor Jones & other shadow bankers. Deja vu, like when Chicago money & NY hedge funds pushed Obama into the race at the last minute in 2008.

Nov 20
#tradewar

Signs growing that Trump’s Phase 1 mini-trade deal with China may not get signed off by Dec. 15. Trump getting nervous. Financial markets too, returning to pre-deal safe havens of US Ts. Should deal not get signed Dec. 15, watch for financial markets’ sharp contraction

Nov 19
#debt

Institute Int’l Finance says global debt rose from $78T in 2008 to $250T today. Debt can rise if income gains cover principal & interest; or if P&I is paid by raising more debt. Crises begin when income falls & debt refi freezes up. It’s a debt driven economy-until it’s not

Nov 16
#impeachment

What’s different Trump v. Nixon impeachment?: Fox news, social media, Trump Sup. Court majority, sycophant Republican party, strategically inept Dem Party leadership, no recession, 2yr before elections. As someone said: “First as tragedy; second as farce.”

Nov 12
#Healthcare

New Gallup poll finds 34% adults know a family or friend who died last 5 yrs because couldn’t afford health cost. 17% of adults under 45 knew of family or friend who died because of unaffordable cost (compared to 6.6% adults over 65 who knew. Medicare for All anyone?)

Nov 12
#USWages

Trump & US media keep saying US wages rose ave. 3.1% this past yr. But US Labor Dept. data show real median wage Dec 2016 at $10.70/hr. Same wage rose by Sept. 2019 only $10.96/hr. That’s 9 cents/yr & well less than 1%. Maybe managers, tech, professionals got 50%+ raises

Nov 11
#Obamacare

10 yrs of Obamacare+Trumpcare results: Employer health ins. premiums up 50% + premium prices rising 3x the CPI. Ave. deductibles up 3X, to $1,655 (82% plans now with v. 50% 10yrs ago). ACA out of pocket expenses raised to $16,400 for families. Only 10m insured. 40m not

Nov 10
#Trump

says US Economy “greatest in history of world”. Here’s ‘for whom’: Fortune 500 corps distributed $2T in stock buybacks+dividends to shareholders 2017-18; another $1.3T due 2019 + more buybacks-dividends payouts by remaining 2m US corps + $300b tax cuts to corps & investors

Nov 9
#Trump

says US economy today “greatest in history of world”. But for whom? New Financial Times/Petersen Institute poll shows 65% say ‘no better off or worse off’ since Trump. But investors will get $1.3 trillion in stock buybacks+dividends this year, after $1.2T last year.

Nov 8
#tariffwar

China officials today say Trump agrees to reduce tariffs. Trump says he hasn’t (while admin. spokespersons say he has). What’s up? Prediction: Trump will retract some Dec. 15 tariffs he hasn’t even yet imposed. Will it be enough for China to sign Phase 1? Maybe not

Nov 6
#productivity

US data today show productivity 3rd quarter negative–1st time in 4yrs–due to prior 2 quarters of contracting bus. investment & manuf. Unit labor costs (ULCs) in turn now rising. Coming next? Less hiring & slower job growth as business moves to offset rising ULCs.

Nov 6
#tradewar

Anonymous Trump admin. official says signing Phase 1 mini-trade deal with China not likely in November. Maybe December. Why the delay? Dispute whether US will withdraw some tariffs–a ‘must have’ per China. Market lemmings now assuming a ‘done deal’ may be surprised.

Nov 5
#USeconomy

Just released Financial Times/Peterson Foundation voter poll: 31% say worse off compared to before Trump; another 33% say no change. Causes: low wage & no income change + high debts. So much for distorted news re. wage growth & “Greatest Economy in US History” (Trump)

Nov 3
#UStaxes

US treasury (UST) announces looser rules for corp. ‘inversions’-i.e. where US multinational corps (MNC) move their HQs offshore to book lower taxes. Result: less net US tax revenues, more US deficit & debt, but more MNC profits after $2T 2018-28 from Trump 2018 tax cuts

Posted in Uncategorized | 1 Comment

One Response

on December 3, 2019 at 3:39 am | Reply Norman Pilon

Reblogged this on Taking Sides.

Comments RSS

Leave a Reply Cancel reply

Enter your comment here...

Fill in your details below or click an icon to log in:

Email (required) (Address never made public)

Name (required)

Website

You are commenting using your WordPress.com account. ( Log Out / Change )

You are commenting using your Facebook account. ( Log Out / Change )

Cancel

Connecting to %s

Dr. Rasmus on Twitter

Click here to Dr. Jack Rasmus @drjackrasmus
Jack’s Weekly Radio Show, ALTERNATIVE VISIONS

Click here to listen to the show on the Progressive Radio Network.
NEW BOOK
While the capitalist system has undergone numerous restructurings throughout its history, capitalist elites purpose in restructuring has remained the same: to restore and/or extend their hegemony. The current restructuring, operative since 1978, is called Neoliberalism. The book examines Neoliberalism as both an Idea and an historical practice composed of a particular mix of fiscal-monetary-trade-industrial policies that began with the latest US capitalist restructuring in the late 1970s, continuing to evolve to this day. The book further explains the deeper material forces giving rise to - as well as now undermining - the Neoliberal policy regime, with special focus given to the crisis of Neoliberalism in the wake of the 2008-09 global crash, Obama's failure to resurrect it, and Trump's current doomed effort to restore it in a new, more aggressive form. Evidence why Neoliberalism is destroying US Democracy concludes the book's analysis.
NEW BOOK
Describes how US federal governments, often in cooperation with the largest US private banks, introduced and expanded central banking functions from 1781 through the creation of the Federal Reserve Act of 1913. Based on an analysis of the evolution of the US banking system - from pre-1781, through the 1787 US Constitutional Convention, Congressional debates on Hamilton's reports to Congress, the rise and fall of the 1st and 2nd Banks of the United States, and through the long period of the National Banking System form 1862-1913, the book shows how central banking in the US evolved out of the private banking system, and how following the financial crash of 1907 big New York banks pushed through Congress the Federal Reserve Act of 1913, creating a central bank which they then managed for their interests.
BOOK
(Click on image) CENTRAL BANKERS is a comprehensive critique of central banks’ policies in the 21st century, explaining why the massive injections of free money to the banking system since the 1970s enabled the creation of excess corporate debt that has led to financial bubbles and repeated crises. The book addresses the growing contradictions of central banking, why they are failing in their functions, targets and tools, and proposes a radical democratization and restructuring to transform them to serve the public interest and not the private banks.
Book:
(Click on image) LOOTING GREECE, A New Financial Imperialism Emerges. This book - Reveals clearly who calls the shots in the Eurozone—the hardliners, not the remnants and political residue of what was once European social democracy, - Follows the negotiations in their excruciating detail as the Troika tightens the screws from 2009 to the present, - Shows how Europe’s financial elite enriches itself on Greek debt, privatizations and financial manipulations, turning Greece into an Economic Protectorate.
Book:
(Click on image): This book offers a new approach to explaining why mainstream economic analyses have repeatedly failed and why fiscal and monetary policies have been incapable of producing a sustained recovery. It explains why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed the trend, and why the next crisis may therefore prove even worse than that of 2008-09.
Book plus DVD and Powerpoint slideshow
(Click on image) Obama's Economy: Recovery for the Few, explains how the weakest and most lopsided economic recovery since 1947 has been the direct outcome of failed economic policies of the Obama administration and US Federal Reserve bank since February 2009. Includes a detailed 'alternative program' in the final chapter. Includes the book, a video DVD presentation, and 66-slide PPT slideshow.
Book
(Click on image) Obama's Economy: Recovery for the Few, explains how the weakest and most lopsided economic recovery since 1947 has been the direct outcome of failed economic policies of the Obama administration and US Federal Reserve bank since February 2009. Includes a detailed 'alternative program' in the final chapter.
Book
(Click on image) A theoretical analysis, with historical case examples, of origins, causes and future evolution of the recent--and continuing--economic crisis in the U.S. and global economy. Includes predictions in 2009 of the inevitable failure of Obama policies and more serious crisis to come, 2013-15.
Book
(Click on image) Seven specific reasons why economic recovery under Obama since 2009 has failed for all but the wealthiest few and largest corporations. The book spells out eight specific areas as an Alternative Economic Recovery Program.
Book
(Click on image) The War At Home: The Corporate Offensive From Ronald Reagan to George W. Bush, is a 534 page, extensively researched, nonfiction book that describes the evolution of corporate-government policies from 1980 to 2005 that have shifted more than a $1 trillion dollars a year, every year, from 90 million American middle and working class households to the wealthiest 10% and corporations.
Search

Search for:
Email Subscription

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Email Address:

Join 439 other subscribers
Jack Rasmus Site: KYKLOS PRODUCTIONS
Blogroll