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Forum Post: Business 21

Posted 5 months ago on Feb. 1, 2021, 5:13 p.m. EST by agkaiser (2492) from Fredericksburg, TX
This content is user submitted and not an official statement

In a 21st century community, people save money in banks. Banks loan money to businessmen. Businessmen hire people to make products. They also buy produce from the self employed and other businesses. Then they sell products back to people at a profit and some grow very rich. As you see, I'm talking about the theoretical real economy, not the FIRE Sector extraction machine seen on Wall St.

If the bank doesn't have enough savings deposits to cover a loan, the check is issued and a debit is entered on books. Most days checks from other banks are deposited and the books balance. If not an overnight loan from the FED will top up the required reserves. In the morning the FED is paid back and the debit entered on the books.

If the people can't afford to buy the products they've produced, make house payments etc. their savings and property are forfeit to the bank and/or the businessmen.

A thousand years ago feudal lords collected rents from people like farmers and taxes, fees, rents etc from tradesmen and self employed producers. Much of the rent was paid with produce. The lord sells produce to the people and grows rich. If the tenants can't afford to buy the things they need and pay their due, their personal property and/or lives are forfeit. They and their children may be forced into bondage.

We're so much better off today. We only lose our homes and livelihoods when the banks foreclose. Homeless people suffer from exposure, malnutrition and want of medicine and many things needed to live a normal life. Their lifespans are considerably shorter than average. Whose fault is that?

Those who can afford to rent from the new owners - private equity like Blackstone - will be the lucky ones, for as long as they can keep it up. Isn't capitalism a glorious cultural advance?

https://www.nakedcapitalism.com/2021/01/michael-hudson-finance-capitalism-vs-industrial-capitalism-the-rentier-resurgence-and-takeover.html

Video link https://youtu.be/JnCgCfcAZWY

13 Comments

13 Comments


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[-] 2 points by ImNotMe (1488) 1 month ago

"Leaked IRS Files - Billionaires Bezos, Musk, Bloomberg, Buffett . . . Avoided Taxes as Wealth Soared"! (Video)

"A major exposé by ProPublica has revealed how U.S.billionaires pay little in income tax compared to their massive wealth or sometimes even nothing. The private tax records of some of the country’s top billionaires show that between 2014 & 2018 the wealthiest 25 Americans how that between 2014 and 2018 the wealthiest 25 Americans saw their collective wealth jump by more than $400 billion, but they paid just over $13 billion in federal income taxes — amounting to a tax rate of just 3.4%."!

radix omnium malorum est cupiditas!

[-] 1 points by beautifulworld (23438) 1 month ago

Bo Burnham's amazing song re. Jeff Bezos:

https://www.youtube.com/watch?v=lI5w2QwdYik

[-] 1 points by ImNotMe (1488) 4 weeks ago

Note "Bezos’s Blue Origin lost its bid for a major NASA contract to Elon Musk, but the Senate is ordering the agency to give a second one now." from ...

MULTUM in parvo!

[-] 1 points by ImNotMe (1488) 3 weeks ago

"Billionaires Bezos, Musk, Bloomberg, Buffett .. Avoided Taxes, as Wealth Soared: Leaked IRS files"!

Consider how "A major exposé by ProPublica has revealed how US billionaires pay little in income tax compared to their massive wealth, or sometimes even nothing. The Private Tax records of some of the USA’s top billionaires show that between 2014 & 2018, the wealthiest 25 Americans how that between 2014 and 2018 the wealthiest 25 Americans saw their collective wealth jump by more than $400 billion but they paid just over $13 billion in federal income taxes — amounting to a tax rate of just 3.4%"!

which ends .. "Point is, in order to enforce this illogical, immoral system, the corrupt rulers—most of the time, don’t need guns and tear gas to keep the exploitation mechanisms humming along. All they need are some good, solid bullshit myths for us all to buy into, hook, line and sinker. Some fairy, tales are for adults. It’s time to wake up"!

radix omnium malorum est cupiditas!

[-] 1 points by beautifulworld (23438) 3 weeks ago

Myths of America from Lee Camp:

Myth No. 1—You are free.

Myth No. 2—If you work hard, things will get better. (Ha ha!)

Myth No. 3—Buying will make you happy.

Myth No. 4—The police are here to protect you. They’re your friends.

Myth No. 5—We have an independent judiciary.

Myth No. 6—We have an independent media that keeps the rulers accountable.

Myth No. 7—We have an accountable and legitimate voting system.

Myth No. 8—We have a democracy.

From "American Society Would Collapse If It Weren’t for These 8 Myths" http://www.informationclearinghouse.info/49928.htm

I can't help but wonder, though, that if it weren't for these myths, American wouldn't collapse, but would it, in fact, get better???

[-] 1 points by ImNotMe (1488) 2 weeks ago

Please ask, "Why America Can't Have 'Nice Things'?" ... by Thom Hartmann:

which "So, if the majority of Americans want Scandinavian/European healthcare,

schools, unions, wages and taxes-on-the-rich, why don’t we have these things?"

This excellent link, is a repository & resource, embedded with LOTS of good info

to wake folk on USA up & to try to stop them voting for their jailers & oppressors!

Also, please try to consider the implications of the information below, via this link:

per aspera ad astra ...

[-] 1 points by beautifulworld (23438) 2 weeks ago

Even a 4 day work week (with full pay) is happening in other countries.

https://www.usatoday.com/story/money/2021/07/06/iceland-worker-study-four-day-work-week-productivity/7871364002/

What would happen to a society that started spending quality time with children again, cultivating happiness and quality of life (not material quality, but real instrinsic quality)? Iceland may find soon find out.

Looks like Spain is up for it too:

https://www.usatoday.com/story/money/2021/07/06/iceland-worker-study-four-day-work-week-productivity/7871364002/

Germany, Japan too:

https://www.livemint.com/news/world/this-country-asks-firms-to-move-to-4-day-workweek-to-improve-work-life-balance-11624726652260.html

When it comes to workers' rights and "family time" the U.S. is always behind. As Thom Hartman says, we can't have nice things here, because basically, the billionaires and their worshipers won't let us.

[-] 1 points by ImNotMe (1488) 1 week ago

"When it comes to workers' rights and "family time" the U.S. is always behind. As Thom Hartman says, we can't have nice things here, because basically, the billionaires and their worshippers won't let us" & because it TOTALLY ears repeating! Also, consider:

ad iudicium?

[-] 1 points by ImNotMe (1488) 2 weeks ago

Consider - "A Moving Account of a Battle Against Corporate Power" . . . by Chris Lynn Hedges:

fiat lux et fiat justitia!

[-] 1 points by ImNotMe (1488) 1 month ago

"What is behind the fears about inflation?" .. good refresher/primer by Alex Callinicos:

ad iudicium ...

[-] 1 points by ImNotMe (1488) 3 months ago

Consider: https://inequality.org/

et fiat justitia . . . ruat caelum!

[-] 1 points by ImNotMe (1488) 2 months ago

"Humanity Does Not Need Bill Gates" - by Rob Larson & Nathan J. Robinson:

ecce homo ...