Economic Gloom 'n Doom etc blah

[Mordae]

Figured it might be nice to have a spot to put all the happy tidings from the economic sector...

The Head Of ‘The Central Bank Of The World’ Warns That Another Great Financial Crisis May Be Coming

Most people have never heard of Jaime Caruana even though he is the head of an immensely powerful organization. He has been serving as the General Manager of the Bank for International Settlements since 2009, and he will continue in that role until 2017. The Bank for International Settlements is a rather boring name, and very few people realize that it is at the very core of our centrally-planned global financial system. So when Jaime Caruana speaks, people should listen. And the fact that he recently warned that the global financial system is currently "more fragile" in many ways than it was just prior to the collapse of Lehman Brothers should set off all sorts of alarm bells. Speaking of the financial markets, Caruana ominously declared that "it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally" and he noted that "markets can stay irrational longer than you can stay solvent". In other words, he is saying what I have been saying for so long. The behavior of the financial markets has become completely divorced from economic reality, and at some point there is going to be a massive correction.

So why would the head of 'the central bank of the world' choose this moment to issue such a chilling warning?

Does he know something that the rest of us do not?...

[Rockhopper]

I have all my ill gotten gains safely converted into gold and buried somewhere in my patch!

Tim.

[Lenzabi]

More than ever, this shows the world needs a economic reboot. erase debts, and reset prices to sane levels. and try a new economic model as "Money from debt" is not infinite, it collapses in on itself.

[Mordae]

I have all my ill gotten gains safely converted into gold and buried somewhere in my patch![/quote]

Can't say that I blame you. Ours (and a sorry amount it is    ) is converted into assets that will come in useful a bit later (spinning wheel, loom, hand tools etc).

More than ever, this shows the world needs a economic reboot. erase debts, and reset prices to sane levels. and try a new economic model as "Money from debt" is not infinite, it collapses in on itself.

No arguement there Len

[Rockhopper]

Yeah, I have my tools and gear too. Including a hand-driven stone wheat grinder.

Got a 22cal. high-power air rifle too. Soon cast up some slugs for it.

[Mordae]

*dribbles*

  

[Lenzabi]

http://www.dailykos.com/story/2014/07/19/1315061/-NYTimes-Profiles-Part-Time-Hell-Offered-To-American-Workers?detail=email

About 27.4 million Americans work part time. The number of those part-timers who would prefer to work full time has nearly doubled since 2007, to 7.5 million. According to Bureau of Labor Statistics data, 47 percent of part-time hourly workers ages 26 to 32 receive a week or less of advance notice for their schedule.

In a study of the data, two University of Chicago professors found that employers dictated the work schedules for about half of young adults, without their input. For part-time workers, schedules on average fluctuated from 17 to 28 hours a week.

So there is under worked and fearfulness in the American workforce as more jobs go "part time"

[Mordae]

Yeah, in the UK I believe its the "zero-hours contracts" that are achieving the same.  It still comes down to the root issue of wealth inequality and the amount of debt...although there are a couple of bright spots in an otherwise dark picture...

Ecuador Takes First Step Toward a Commons Economy

...The announcement of the project was made in September, 2013, by the Free/Libre Open Knowledge Society, or FLOK Society, a project at the IAEN national university that has the support of the Ministry of Human Resource and Knowledge in Ecuador. (FLOK stands for “Free, Libre, Open Knowledge”, and the FLOK Society is a government-sponsored project to imagine how Ecuador might make a strategic transition to a workable post-capitalist knowledge economy.)

The research project is focusing on many interrelated themes, including open education; open innovation and science; “arts and meaning-making activities”; open design commons; distributed manufacturing; sustainable agriculture; and open machining.  The research also explores enabling legal and institutional frameworks to support open productive capacities; new sorts of open technical infrastructures and systems for privacy, security, data ownership and digital rights; and ways to mutualize the physical infrastructures of collective life and promote collaborative consumption.

The FLOK Society project builds on a larger, preexisting national development vision that Ecuador has been pursuing.  You should check out the impressive government report, National Plan for Good Living, 2009-2013 (pdf file) here...

One of the movements that have evolved to combat debt is a US movement called Rolling Jubilee.  It's an offshoot of the Occupy Movement, and basically gets donations then they can "buy" lump sums of debt (that would otherwise end up at a debt collectors) at a very good price...a couple of cents per dollar of debt. and pay it off.

And there are also other ventures such as the UK based Trillion Fund that invests in renewable energy, which may not be a bad idea if this assessment from BP is correct: http://oilprice.com/Energy/Energy-General/BPs-Latest-Estimate-Says-Worlds-Oil-Will-Last-53.3-Years.html

[Agartha]

In the UK too many are employed part time and most are on zero hours contract: I never was because of the job I do but my sister (a chef) does. Right now she's got 2 part time jobs: one on a fixed hours contract (25 hrs a week), the second on a zero hours contract (she gets what she gets) but with both she manages to work full time.

I try to talk to my kids and niece about future jobs, hoping they will decide to choose a career with a future as the future looks bleak if you are unskilled.

I went to a seminar for 'careers of the future' and this is roughly what they told us:

Medical profession will not only still be relevant, but even more than now. If  you want to earn good money then go to medical school or nursing/ Occupational therapy/physicians. If you don't want to study become a carer as the demand will increrase in the future.

Other jobs with increasing demand: all type of energy/environmental engineering, petroleum engineering, computer analyst, software developers, primary/elementary school teachers.

[Rinoa]

There are always jobs available in the area I live in for carers, unfortunately that is not what I'm qualified for, also teachers are much in demand.

[Agartha]

There are always jobs available in the area I live in for carers, unfortunately that is not what I'm qualified for, also teachers are much in demand.

Carers are in high demand in most developed countries, due to the high number of elderlies we have.
Some places do not ask for qualifications and they can train you themselves, but if you want more money then I'd suggest to do the NVQs whilst working.

The thing is that this type of job is not for everybody's taste.........what do you like to do, Rinoa?
 

[Rockhopper]

Al Jaz has been running a series called "Meltdown" going into the who caused the crash and the cost to ordinary people.

The whole idea of the system we have now is to turn the developed nations into low wage (part time) economies. I have a friend who is working 4 part time jobs and still struggles to meet his commitments.

The old system of a Jubilee where all debts were written off every 50 years and people could then start again, worked well too.

Tim.

[Mordae]

Well apparently it's time to find out if you can taper a ponzi scheme, as the Fed is finally ending the quantitative easing program that's been flooding the markets with cheap money.

As a lot of the stock market activity in the US lately seems to have been Corporations doing "buy-backs" on their own stock, it'll be interesting to see if this dries up (or torpedoes) the markets.

The Dow is at 16974, the S&P 500 is at 1982 and the NASDAQ is at 4549. Keep an eye on how the markets perform from this point.

[Rockhopper]

Yup Mordie.

Here is some useful info on that very subject.

Tim.

[Lenzabi]

This look a good read Rock!

The shortsighted greed of the .01% is causing the unnecessary suffering of an unprecedented number of people.  Their consolidation of wealth has created a system of economic slavery.  In a wealthy and technologically advanced society, it is a crime against humanity for a majority of the population to be toiling in extreme debt, poverty, unemployment and low-wage jobs.

And yet, toil like slaves they will as long as the rich .1% stay at the level of income grubbing that they are doing, along with their hoarding away money. They may have to be forced into re-distribution, IF a government not bought and owned like our present one is appears somehow.

The government needs to redistribute the budget away from warfare and spend 2/3 of that 3trillion on saving the economy and Social Security, re-tax the rich, and to help save the infrastructure we are talking a good sized 40-50% tax base til things equalize.

Corrupt polis out, honest and more morally viable ones in, (And religious nuttery has no place here). I peak of those who would do the job for a decent salary, and also say no to bribery, etc, and also end the siliness of massive "contributions" by corporations by removing "corporate personhood" and "Money as speech"

"business as usual" has no more place in our government, we need common sense and proper educated people with the ability to see what has to be done for the good of all, not just a wealthy few.

[Lenzabi]

Another good one from the article

As more people grow aware of the deliberate systemic nature of their unnecessary suffering, exploitation and oppression, there will soon be a critical mass who will insist upon nothing less than absolute revolution. The delusional political class and mainstream media uphold the status quo as if it is insurmountable.   In reality, it is highly unstable, unsustainable and collapsing at an increasing rate.

In other words, the richy riches best re think how they want to play things out before like those in Versailles, the torches and pitchforks come for them as well.

[Rockhopper]

That is the best excerpt I have read in a long while Len. I have ordered the full book by David McGraw.

Tim.

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