Friday, August 25, 2023

JOE BIDEN - FOLKS, WE'RE BILLARY CLINTON DEMS FOR BANKSTER BAILOUTS AND HIGH TECH BILLIONAIRES FOR WIDER OPEN BORDERS - Biden Defends Globalism, Blasts Trump’s 10% Tariffs on All Imports

 

THE DEMOCRAT PARTY’S BILLIONAIRES’ GLOBALIST EMPIRE requires someone as ruthlessly dishonest as Hillary Clinton or Barack Obama to be puppet dictators.

http://hillaryclinton-whitecollarcriminal.blogspot.com/2018/09/google-rigged-it-so-illegals-would-vote.html

Globalism: Google VP Kent Walker insists that despite its repeated rejection by electorates around the world, “globalization” is an “incredible force for good.”

 

Hillary Clinton’s Democratic party: An executive nearly broke down crying because of the candidate’s loss. Not a single executive expressed anything but dismay at her defeat. 

 

Immigration: Maintaining liberal immigration in the U.S is the policy that Google’s executives discussed the most. 


Obrador and Biden have announced deals to stabilize — but not stop or reduce — the huge flow of wage-cutting economic migrants through Mexico into U.S. jobs and housing.


Biden Defends Globalism, Blasts Trump’s 10% Tariffs on All Imports

Joe Raedle/KENT NISHIMURA/AFP via Getty Images
Joe Raedle/KENT NISHIMURA/AFP via Getty Images

President Joe Biden is defending globalist free trade, blasting a plan by former President Trump that would set across-the-board 10 percent tariffs on all foreign imports to the United States.

For decades, Washington, DC, lawmakers have championed a free trade consensus despite the policy’s proven record of gutting working and middle class American communities by making it easier for multinational corporations to outsource U.S. jobs to low-wage foreign countries and import their products back into the American market.

Chart via Economic Policy Institute

Trump, the front-runner in the GOP presidential primary, proposed a plan this week that would see 10 percent tariffs slapped on all foreign imports to the U.S. in an effort to protect American workers as well as their jobs and wages.

In response, Biden spokesman Andrew Bates told Politico that the president “strongly opposes” putting U.S. tariffs on foreign imports, claiming the policy would “hurt hardworking families with higher prices and higher inflation…”

“Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation,” Bates said.

Tariffs, though, are opposed by the likes of the Business Roundtable, Wall Street, and the Chamber of Commerce — all of which represent the wealthiest executives and biggest corporations in the U.S.

Likewise, there is no evidence that tariffs raise inflation or prices on consumers.

Analysis by Breitbart News has shown that tariffs do not raise prices on Americans. The latest research from the Economic Policy Institute (EPI) notes that there is no connection between U.S. tariffs and current inflation.

“The timing of the tariffs clearly shows no correlation with inflation and eliminating tariffs could not plausibly restrain it,” EPI researchers write. “The bulk of the tariffs were in place before 2020, yet inflation only began accelerating in March 2021. Clearly, inflation was driven by many sources besides tariffs.”

Biden’s own U.S. Trade Representative (USTR) has issued extensive research that shows the devastation globalization has had on working and middle class Americans:

Another union representative stated that current trade agreements allow for more capital mobility than the agreements prior to the 1980s, enabling auto, electronics, and steel manufacturers to move overseas for any number of reasons. Various union representatives explained that companies are able to use the threat of moving jobs overseas for various reasons — such as better tax implications and lower wages — to limit the power of labor unions and keep domestic wages down. [Emphasis added]

Research last year from the Coalition for a Prosperous America (CPA) finds that imposing 15 percent on all foreign imports with 35 percent tariffs on products in vital supply chains would create about 10 million American jobs and generate over $600 billion in new revenue.

Meanwhile, a Morning Consult poll shows a majority of 61 percent of American voters say an increase in foreign imports has made the U.S. dependent on foreign countries — mainly, China. As a result, voters said they would like to see tariffs used to remedy the issue and protect American industries, while just 16 percent disagreed.

Republicans are the most likely to support tariffs and oppose free trade.

The latest New York Times/Siena College poll reveals that nearly 70 percent of likely GOP voters say the American economy “has lost out from increased trade because it has cost jobs” while only a minority of 17 percent said “increased trade” has helped the U.S. by lowering consumer prices.

Among non-college-educated white working-class GOP voters, 73 percent said free trade costs U.S. jobs, while 70 percent of non-college-educated, non-white working class GOP voters said the same.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here

Mexico’s President Slams Ron DeSantis for Migration Curbs

63Gerardo Vieyra/NurPhoto via Getty

NEIL MUNRO

9 May 2023242

5:30

Mexico’s president slammed Florida Gov. Ron DeSantis on Monday just hours before a phone meeting with President Joe Biden scheduled for Tuesday.

The criticism came because DeSantis prodded the state legislature to adopt migration reforms, including laws that curb the inflow of illegal workers into blue-collar jobs that can be done by Americans — including by Latino Americans.

“Now I found out that the Florida governor — imagine, Florida, which is full of migrants! — is taking repressive, inhumane measures against migrants in Florida because he wants to be a [presidential] candidate,” said Mexico’s president, Andrés Manuel López Obrador (AMLO). He added:

Why does [DeSantis] have to take advantage of people’s pain, of migrants’ pain, of people’s need for political gain?  … This is immoral — this is politicking.

The complaints were spotlighted by Politico.

In contrast, Obrador praised his dealmaking with Biden as he revealed that he would talk Tuesday morning with Biden.

“We will continue talking about the cooperation we have, which is very, very good and which we will maintain,” he said, according to a report by TheHill.com.

Obrador and Biden have announced deals to stabilize — but not stop or reduce — the huge flow of wage-cutting economic migrants through Mexico into U.S. jobs and housing.

In Florida, DeSantis’ new reforms include penalties for transporting illegal migrants into the state, as well as a law requiring more companies to use E-Verify. The E-Verify system allows employers to easily confirm that job seekers are not illegals.

The E-Verify rule is opposed by many business groups who prefer to hire cheap, diligent, and compliant illegals. Much of the illegal hiring is done via subcontractors that protect the major U.S. companies from penalties.

On May 7, the scale of the corruption problem was exposed when illegals — and likely, some sympathetic legal workers — walked off a construction site in Florida:

 

The post-1990 inflow of illegal migrants in middle-class U.S. construction jobs slashed Americans’ wages, pushed huge numbers of Americans out of good jobs, and deterred many younger Americans from entering the unstable sector.

In 2018, an inspector for California agencies explained how Americans were pushed out of the blue-collar construction sector:

In the 80’s and early 90’s when I was a contractor, it wasn’t unusual to see undocumented workers doing landscaping, demolition, then it became roofing, and concrete work. So the heavier, more difficult, and dirtier sort of trades where you actually got in the ditches were the first trades to be taken over [by illegal aliens]. Then the rest of them began to fall. The drywall was next, painting, framing was the last, and now electrical and plumbing has been taken over. All the trades finally went to the illegal immigrants.

 

Decades later, millions of Americans remained mired in poverty and drugs.

 

A 2020 report funded by a pro-migration group reported E-Verify would help narrow the income gap between the least-educated and better-educated American workers, said a report funded by a pro-migration business group.

Mexico’s president is a Latino ethnic nationalist who wants to help more Latinos from Central America migrate to his northern neighbor, the United States.

Biden has welcomed that goal. “Look, all of you know all of us in the United States are immigrants,” Biden said. “Mine go all the way back to the Irish famine,” Biden told a January 10 press conference with AMLO and Canada’s Prime Minister Justin Trudeau. Biden added:

At the top of our shared agenda today is keeping North America the most competitive, prosperous, and resilient economic region of the world …  [and creating] pathways for immigrants from Nicaragua, Cuba, and Haiti that were seeking a better life here in the United States of America.

AMLO also asked Biden to amnesty Mexican illegal migrants:

I fully trust President Biden … I’ve asked President Biden to insist before the U.S. Congress to regularize the migration situations of millions of Mexicans who have been in the States working, living in the United States, and contributing to the development of that great nation, which is the United States of America.

“Just imagine: There are 40 million Mexicans in the United States — 40 million [including people] who were born here in Mexico, [or] who are the children of people who were born in Mexico,” he gushed.

But AMLO also used the press conference to celebrate economic growth for Mexicans:

The [Mexican government] budget is used for development and supporting the poorest sectors of our [Mexican] population. Today, we not only have jobs, employment, we have seen reductions in violence. We have less [em]migration as well … what we can see is this flame — this flame which is alive. I’m talking about the flame of hope.

On May 8, as he criticized DeSantis, AMLO also lashed at Texas Gov. Greg Abbott, who pressure Mexican policy to curb migration. Abbott’s power comes from his ability to slow up cross-border trade by stringently enforcing state safety rules.

 

 

 

THE FIRST THING NAFTA BIDEN DID WHEN HE GOT THE WHITE HOUSE WAS HAND NARCOMEX $4 BILLION DOLLARS TO FINANCE THE MEX PART OF THE BIDEN-MAYORKAS INVASION!

White House Deal with Mexico: More Migrants, Less Video

16GUILLERMO ARIAS/AFP via Getty Images

NEIL MUNRO

3 May 20238

8:34

A White House official has signed a border management deal with Mexico to minimize the visibility of accelerating mass illegal migration once officials lift the Title 42 barrier that now protects Americans.

The deal is not intended to block labor migration into Americans’ workplaces and neighborhoods, said Rosemary Jenks, the director of Government Relations for NumbersUSA: “It’s all designed to mask what is the intended goal of the Biden administration — which is to bring in as many people as possible.”

The administration’s same-day announcement that it sending 1,500 troops to the border “is all part of that distraction,” she added. The troops will be “pushing paper and stocking warehouses” to help Biden’s border agents and its progressive non-profit register more migrants for flights and bus trips to Americans’ cities and towns.

The deal with Mexico cooperation helps Biden’s deputies quietly funnel the chaotic and growing flood of illegal, job-seeking migrants through hidden side doors in the border, she said:

You no longer have videos of hundreds of people streaming across the Rio Grande [because] people are being flown in on taxpayer dollars, [and] poor people are coming through the ports of entry — again, with no legal right to be there — so that it doesn’t look like chaos …. [But] the end result is exactly the same: A massive number of people with no right to be here coming into the United States, using taxpayer dollars, taking taxpayer-funded services, competing for housing, competing for jobs, all of the rest of it.

Officials are already inviting up to 30,000 migrants per month to fly from four countries into airports around the United States. They are also helping to bus roughly 25,000 migrants from shelters in Mexico to border sites for quiet catch-and-release processing.

“It is stunning, the lawlessness of this administration,” she added. “They just create these programs out of whole cloth … — these people are making their own laws and nobody’s stopping them.”

The Biden policies are facing legal review in a federal court in Texas, and the U.S. Supreme Court is expected to issue a decision by June.

Understandably, Mexico is using its power over the border flow to extract rewards from the U.S. government, she said.

 

“Mexico has power over the United States,” said Jenks. “Mexico is letting all of these people in through its borders, and it’s doing that very intentionally [because it has the power to] stop it, or … increase the flow.”

For example, Mexico steered up to 30,000 Haitian migrants to the Del Rio crossing in Texas in September 2021. The event was a shock to the Biden administration because the migrant flood was broadcast on the evening TV news to the many Americans who do not monitor political news.

“Mexico has no reason to agree to this [deal] if they’re not getting something of equal value or more value in exchange –I just don’t know what that is,” Jenks said.

The deal “consolidates Mexico’s role as the lynchpin in the US’ migration containment strategy,” said Mexican journalist, José Díaz Briseño.

The strategy is sometimes called. “border externalization,” because it allows White House officials — and their business allies — to quietly sign deals with foreign countries instead of openly negotiating with a divided Congress and hostile voters.

Mexico’s president, Lopez Obrador, is using his power over the U.S. border to minimize U.S. protests while he expands authoritarian rule in Mexico, said a tweet by author David Frum.

Obarado has long sought to swap border cooperation in exchange for more Mexicans and Latinos getting U.S. jobs that otherwise would go to Americans.

The White House’s official statement revealed little about the deal.

For example, it said, “Mexico will continue to accept back migrants on humanitarian grounds” without revealing the monthly cap on return. The current cap is just 30,000, which is far below the monthly arrival of more than 180,000 in April.

The statement does not discuss curbs on the flow of drugs into the United States, which now kill roughly 100,000 Americans each year.

The statement does not talk about the rising flood of global migrants from Chile, Colombia, India, China, Brazil, Cameroon, Nepal, Russia, and more than 150 other countries. Under Biden’s policies, very few migrants from those countries are being sent home. This passive policy ensures that successful migrants will summon many more migrants from their home countries.

Biden’s deputies want to import more foreigners for the jobs and homes that would otherwise go to Americans. For example, the pro-migration border chief, Alejandro Mayorkas, said on April 21:

Our model is as follows: Build lawful pathways, cut out the smugglers who exploit these vulnerable individuals. Build lawful pathways, give individuals an opportunity to reach the United States safely in an orderly way to avail themselves of the humanitarian relief our laws provide.

The White House statement did say that U.S. officials also plan to import another 100,000 poor migrants from Central America. The lucky migrants are the left-behind children of migrants who illegally sneaked into the U.S. economy.

The new pipeline comes after officials announced they would open two pipelines from Colombia and Panama, even as they expand many other inflows of migrants and visa workers.

“Everything that the Biden administration does has the effect of bringing more people into the United States who should not be here and do not have a right to be here,” said Jenks

In 1990, Congress set current immigration levels at about one million per year, alongside a flow of temporary workers for favored interest groups, including farmers, resort operators, and Fortune 500 companies. Those high caps provide roughly one immigrant for every four U.S. births but helped limit the migration-imposed damage to Americans’ national labor and housing markets.

Biden’s cooperation with other countries, and the establishment media, helped minimize the public recognition and response to Biden’s population policy. “They got away with [an inflow of] 4.5, to 6 million people over the last two years,” she said.

Despite the massive inflow, Biden’s deputies and their allies are portraying his border policies as a return to the l0w migraiton rules set by President Donald Trump and his deputies.

 

Extraction Migration

The federal government has long operated an unpopular economic policy of Extraction Migration. This colonialism-like policy extracts vast amounts of human resources from needy countries, reduces beneficial trade, and uses the imported workers, renters, and consumers to grow Wall Street and the economy.

The migrant inflow has successfully forced down Americans’ wages and also boosted rents and housing prices. The inflow has also pushed many native-born Americans out of careers in a wide variety of business sectors and contributed to the rising death rate of poor Americans.

The lethal policy also sucks jobs and wealth from heartland states by subsidizing coastal investors with a flood of low-wage workers, high-occupancy renters, and government-aided consumers.

The population inflow also reduces the political clout of native-born Americans, because the population replacement allows elites to divorce themselves from the needs and interests of ordinary Americans.

 

In many speeches, Mayorkas says he is building a mass migration system to deliver workers to wealthy employers and investors and “equity” to poor foreigners. The nation’s border laws are subordinate to elite opinion about “the values of our country,” Mayorkas claims.

Migration — and especially, labor migration — is unpopular among swing voters. A 54 percent majority of Americans say Biden is allowing a southern border invasion, according to an August 2022 poll commissioned by the left-of-center National Public Radio (NPR). The 54 percent “Invasion” majority included 76 percent of Republicans, 46 percent of independents, and even 40 percent of Democrats.

 

THE NEXT MEXICAN INVASION IS AT HAND:

"Mexican president candidate Andrés Manuel López Obrador called for mass immigration to the United States, declaring it a "human right". We will defend all the (Mexican) invaders in the American," Obrador said, adding that immigrants "must leave their towns and find a life, job, welfare, and free medical in the United States."

 

 

OPEN BORDERS = GIVE YOUR JOB TO AN ILLEGAL WHO WILL WORK CHEAPER IS PART OF THE DEMOCRATS' DESTRUCTION OF AMERICA AND THE RISE OF GLOBALISM

Our young people have been and are being radicalized and propagandized daily. Supporting all this are the Democrats of today, and their DSA allies. They are a united front committed to transforming and gutting America from the inside out. Destroy the middle class, render impotent parental rights, isolate the church as a spewer of hate and intolerance, render ineffective the rule of law, demean the history and the Constitution of these United States. In concert with global elites, the media elite, and the toxic leftist bilge that is constantly oozing from their seats of power, they are doing just that.

 

From the L Word to Cultural Marxism

By Richard A. Chiero

During the 1988 presidential campaign, then vice-president George H.W. Bush labelled his counterpart Governor Michael Dukakis of Massachusetts in pejorative fashion with the ‘L’ word, or ‘liberal.’ To be deemed a liberal during that era to many meant you would be perceived as being outside the mainstream, and one who was indecisive or deemed weak in foreign affairs, especially with the Soviet Union, and not a strong supporter of the military. You were most likely to support strict gun control, be seen as soft on crime, and support abortion, as Dukakis did. So negative was the connotation that most politicians of the era ran away from the moniker, with many describing themselves instead as centrists, as Bill Clinton did in 1992.

In the same fashion, throughout the 20th century in the United States, to be labelled a ‘Socialist’ would have been political suicide and would virtually automatically preclude such a candidate from winning any national office. That was the case until 2007, when Bernie Sanders won the Senate seat in Vermont as an avowed ‘Socialist.’ Sanders was not taken all that seriously by the majority in the early years of his service. However, in the democratic primaries of both the 2016 and 2020, it became plain to see that the label ‘Socialist’ was no longer considered derogatory to many Americans given the strength of his grassroots support. His voter base in both primaries revealed that much of his support were young people, aged 18-30, becoming strong contributors to his success.

Today, some sixteen years after Sanders’ election to the Senate, we have five members of Congress and over 150 state legislature officeholders nationally who describe their political delineation as that of ‘Democrat-Socialist,’ which is not a classic political party -- yet. Most contemporary democrats of any stripe do not appear to reflect the democrats of previous generations. Not too many democrats of today are espousing “Ask not what your country can do for you,” and likely advocate the opposite. But adding the term ‘Socialist’ to Democrat is not simply a play on words. It is arranged that way to soften the impact of the term ‘Socialist.’ The reality is, they are Socialists, plain and simple. From the Democratic Socialists of America (DSA) website, under the page ‘What is Democratic-Socialism?’ The first line reads: ‘Capitalism is a system designed by the owning class to exploit the rest of us for their own profit.’ What tripe does that sound like?  Further on it states: ‘We want to collectively own the key economic drivers that dominate our lives, such as energy production and transportation.’ One can only wonder what that really means.

Back to the Sanders surprise showing in 2016, and to a lesser extent in 2020. How did that happen? As mentioned, the lion’s share of his voters were young, 18-30. In 1984, President Ronald Reagan ran for reelection against Sen. Walter Mondale. According to the Roper Center at Cornell, this same age group that voted so strongly for Sanders in democratic primaries thirty-plus years later voted 61% for Reagan in the 18-24 bracket, and 57% in the 25-30 bracket. Those numbers reflect all voters in that age group, Democrat, Republican, and independents. These Baby Boomers voted decisively for the conservative, and were a part of a landslide, as Reagan garnered a full 59% of the electorate that year. It begs the question, what changed? Many Boomers had gone to universities and colleges and earned degrees. Many had seen and were aware of the protests and demonstrations of the 60s and 70s that were front page news as they grew up. Even though radicals were the drivers of the protest scene in that era, they were a minority when it came to the overall population.

So why the vast difference in political leanings 1984 to 2016? I think we can credit Marxist thinkers Antonio Gramsci and Rudi Dutschke, with their quest to undermine Western culture with the “Long March Through the Institutions” and replace them with Marxist ideals as playing a significant role. The difference was that instead of promoting failed Soviet-style economic Marxism, this new rendition would be Cultural Marxism, that is, a thrust to radically change culture by focusing on the allegedly oppressed classes, while at the same time undermining America’s institutions.  By the late 1980s, this plan was in full swing in academia. New York Times writer Felicity Berringer pointed to this in an article “The Mainstreaming of Marxism in U.S. Colleges” written October 25, 1989. She wrote, “As Karl Marx’s ideological heirs in Communist nations struggle to transform his political legacy, his intellectual heirs on American campuses have virtually completed their own transformation from brash, beleaguered outsiders to assimilated academic insiders. It could be considered a success story for the students of class struggle, who were once regarded as subversives.”     

John Ellis, professor at the University of Santa Cruz during this same period wrote in his 2020 book The Breakdown of Higher Education, “Radical politics was a rising force on the campuses, and we were trying to draw attention to the dangers in what was happening while there was still some chance of arresting it. But it’s now clear that we failed to stop the slide, because the political radicals on campus never had any interest in what we had to say. Their purposes were not ours. We were interested in the quality of higher education, but what they cared about was getting control of the campuses so they could use them to promote their political ideology, one so unpopular with the general public that it could not have been advanced in any other way.”

The bitter truth is that the ‘Long March’ worked! It took time, but now we face this massive challenge of how to root it out of our federal, state, and local governments, along with our military, universities, media, school boards, etc. Our young people have been and are being radicalized and propagandized daily. Supporting all this are the Democrats of today, and their DSA allies. They are a united front committed to transforming and gutting America from the inside out. Destroy the middle class, render impotent parental rights, isolate the church as a spewer of hate and intolerance, render ineffective the rule of law, demean the history and the Constitution of these United States. In concert with global elites, the media elite, and the toxic leftist bilge that is constantly oozing from their seats of power, they are doing just that.

Abraham Lincoln spoke of this potential of self-inflicted catastrophe when he said: “At what point then is the approach of danger to be expected? I answer. If it ever reach us it must spring up amongst us; it cannot come from abroad. If destruction be our lot we must ourselves be its author and finisher. As a nation of freemen we must live through all time or die by suicide.”

Which will it be? Life or death? What’s next for America?    

(Quotations for this article derived from the work of Mike Gonzalez and Katharine Gorka of the Heritage Foundation.)

Rich Chiero is a writer and a historian deeply concerned with conditions in the United States and the West in general. He can be reached at: rachiero@gmail.com

Image: Eclusette

 

 WHO RUNS THE NATION? THE GLOBALIST DEMOCRAT PARTY AND THEIR BANKSTERS AND BILLIONAIRES FOR OPEN BORDERS…. or George Soros, their paymaster?

“Obama would declare himself president for life with Soros really running the show, as he did for the entire Obama presidency.”

https://mexicanoccupation.blogspot.com/2022/01/democrat-party-billionaires-for-open.html

 

George Soros Donates $125 Million to Democrats Before November Midterms 

THE DEMOCRAT PARTY’S OPEN BORDERS FOR CHEAP LABOR

Those are the subliterate, low-skill, non-English-speaking indigents whose own societies are unable or unwilling to usefully educate and employ them. Bring these people here and they not only need a lot of services, they are putty in the hands of leftist demogogues as Hugo Chavez demonstrated - and they are very useful as leftist voters who will support the Soros agenda.

El Paso Shelter Director: ‘Humanitarian Crisis’ Is Worst I’ve Ever Seen, ‘We Are Expecting the Worst’ when Title 42 Ends

133

 

IAN HANCHETT

8 May 2023283

2:01

On Monday’s broadcast of MSNBC’s “José Díaz-Balart” John Martin, who is the Director of the Opportunity Center for the Homeless in El Paso, TX stated that there is “a humanitarian crisis” in the city, “we’ve never seen the situation as critical” as it is now, and “we’re overwhelmed.” Martin also stated that they’re “expecting the worst” as Title 42 is lifted.

Martin said, “Well, the reality is that we’re overwhelmed. We’ve got several partners within the community. All of the emergency shelters are operating at or over capacity, and to give you an example of our situation with the Opportunity Center for the Homeless, we’ve got 200 inside the shelter, and we’ve had up to 810 outside the shelter camped in the alley. So, it truly is a humanitarian crisis.”

He added, “This all started for us a little over a week-and-a-half ago when we saw the influx come in, and then it’s exponentially increased. And it is prior to the lifting of Title 42, and we are expecting the worst. We are hearing numbers anywhere from 500 to 1,000 to 1,500, and it just depends upon the source that you’re talking to. The difficulty that we have is that we’ve got a mix of individuals and/or families as it relates to the processing, some of which that have gone through it, many of which that have not, and they’ve been relying on either the CBP One app or they’ve been trying to file their applications online. But most recently, we found that you’re not able to travel if you go through the online process or also what’s referred to as the pro se. So again, that means they’re staying in El Paso.”

Martin concluded, “In all honesty, even at the height of what we saw at the latter part of 2022, we’ve never seen the situation as critical as what you’ve got here.”

Follow Ian Hanchett on Twitter @IanHanchett

 

New York County Exec.: Adams Is Dumping Migrants on Us Without Warning Because He ‘Can’t Handle’ Being a Sanctuary City

 

IAN HANCHETT

9 May 202350

1:47

On Monday’s broadcast of the Fox News Channel’s “Your World,” Rockland County, New York Executive Ed Day (R) stated New York City Mayor Eric Adams (D) didn’t warn local officials about his plan to send migrants to Rockland County and that Adams “decided he wanted [to be] a sanctuary [city], and he got it. And now he realized he bit off more than he can chew and he can’t handle it.”

Day stated, “We had to figure it out ourselves…the Mayor and the Mayor’s office were not giving any details. We had to figure out through investigation exactly where this was going to be. We figured out what hotel it was. We got information that told us how many people were coming. They consistently refused to tell us when they were coming. So, they left us no choice. We have no idea what’s happening. And I resent the fact that somehow Mayor Adams thinks he has a hold on humanity and treating people well. He’s doing these folks no favors. We actually have a very humane course of action here. We have great connections with our local not-for-profits that were at my press conference today, treating people right. What the Mayor is doing right now is taking people, trying to have New York City homeless shelters outside New York City, in direct violation of zoning laws.”

He continued, “We have a situation where the Mayor of New York decided he wanted [to be] a sanctuary [city], and he got it. And now he realized he bit off more than he can chew and he can’t handle it. So, he wants to take these poor folks and dump them wherever.”

Follow Ian Hanchett on Twitter @IanHanchett

Mexico’s President Slams Ron DeSantis for Migration Curbs

1Gerardo Vieyra/NurPhoto via Getty

NEIL MUNRO

9 May 202361

5:30

Mexico’s president slammed Florida Gov. Ron DeSantis on Monday just hours before a phone meeting with President Joe Biden scheduled for Tuesday.

The criticism came because DeSantis prodded the state legislature to adopt migration reforms, including laws that curb the inflow of illegal workers into blue-collar jobs that can be done by Americans — including by Latino Americans.

“Now I found out that the Florida governor — imagine, Florida, which is full of migrants! — is taking repressive, inhumane measures against migrants in Florida because he wants to be a [presidential] candidate,” said Mexico’s president, Andrés Manuel López Obrador (AMLO). He added:

Why does [DeSantis] have to take advantage of people’s pain, of migrants’ pain, of people’s need for political gain?  … This is immoral — this is politicking.

The complaints were spotlighted by Politico.

In contrast, Obrador praised his dealmaking with Biden as he revealed that he would talk Tuesday morning with Biden.

“We will continue talking about the cooperation we have, which is very, very good and which we will maintain,” he said, according to a report by TheHill.com.

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Obrador and Biden have announced deals to stabilize — but not stop or reduce — the huge flow of wage-cutting economic migrants through Mexico into U.S. jobs and housing.

In Florida, DeSantis’ new reforms include penalties for transporting illegal migrants into the state, as well as a law requiring more companies to use E-Verify. The E-Verify system allows employers to easily confirm that job seekers are not illegals.

The E-Verify rule is opposed by many business groups who prefer to hire cheap, diligent, and compliant illegals. Much of the illegal hiring is done via subcontractors that protect the major U.S. companies from penalties.

On May 7, the scale of the corruption problem was exposed when illegals — and likely, some sympathetic legal workers — walked off a construction site in Florida:

 

The post-1990 inflow of illegal migrants in middle-class U.S. construction jobs slashed Americans’ wages, pushed huge numbers of Americans out of good jobs, and deterred many younger Americans from entering the unstable sector.

In 2018, an inspector for California agencies explained how Americans were pushed out of the blue-collar construction sector:

In the 80’s and early 90’s when I was a contractor, it wasn’t unusual to see undocumented workers doing landscaping, demolition, then it became roofing, and concrete work. So the heavier, more difficult, and dirtier sort of trades where you actually got in the ditches were the first trades to be taken over [by illegal aliens]. Then the rest of them began to fall. The drywall was next, painting, framing was the last, and now electrical and plumbing has been taken over. All the trades finally went to the illegal immigrants.

 

Decades later, millions of Americans remained mired in poverty and drugs.

 

A 2020 report funded by a pro-migration group reported E-Verify would help narrow the income gap between the least-educated and better-educated American workers, said a report funded by a pro-migration business group.

Mexico’s president is a Latino ethnic nationalist who wants to help more Latinos from Central America migrate to his northern neighbor, the United States.

Biden has welcomed that goal. “Look, all of you know all of us in the United States are immigrants,” Biden said. “Mine go all the way back to the Irish famine,” Biden told a January 10 press conference with AMLO and Canada’s Prime Minister Justin Trudeau. Biden added:

At the top of our shared agenda today is keeping North America the most competitive, prosperous, and resilient economic region of the world …  [and creating] pathways for immigrants from Nicaragua, Cuba, and Haiti that were seeking a better life here in the United States of America.

AMLO also asked Biden to amnesty Mexican illegal migrants:

I fully trust President Biden … I’ve asked President Biden to insist before the U.S. Congress to regularize the migration situations of millions of Mexicans who have been in the States working, living in the United States, and contributing to the development of that great nation, which is the United States of America.

“Just imagine: There are 40 million Mexicans in the United States — 40 million [including people] who were born here in Mexico, [or] who are the children of people who were born in Mexico,” he gushed.

But AMLO also used the press conference to celebrate economic growth for Mexicans:

The [Mexican government] budget is used for development and supporting the poorest sectors of our [Mexican] population. Today, we not only have jobs, employment, we have seen reductions in violence. We have less [em]migration as well … what we can see is this flame — this flame which is alive. I’m talking about the flame of hope.

On May 8, as he criticized DeSantis, AMLO also lashed at Texas Gov. Greg Abbott, who pressure Mexican policy to curb migration. Abbott’s power comes from his ability to slow up cross-border trade by stringently enforcing state safety rules.

 

 

THE DEMOCRAT PARTY’S BILLIONAIRES’ GLOBALIST EMPIRE requires someone as ruthlessly dishonest as Hillary Clinton or Barack Obama to be puppet dictators.

http://hillaryclinton-whitecollarcriminal.blogspot.com/2018/09/google-rigged-it-so-illegals-would-vote.html

Globalism: Google VP Kent Walker insists that despite its repeated rejection by electorates around the world, “globalization” is an “incredible force for good.”

 

Hillary Clinton’s Democratic party: An executive nearly broke down crying because of the candidate’s loss. Not a single executive expressed anything but dismay at her defeat. 

 

Immigration: Maintaining liberal immigration in the U.S is the policy that Google’s executives discussed the most. 

 

 

IMAGES OF AMERICA UNDER LA RAZA MEX OCCUPATION:

 

Your neighborhood will be next to fall to LA RAZA!

 

 

http://mexicanoccupation.blogspot.com/2013/10/america-la-raza-mexicos-wide-open.html

 

 

Clinton Foundation Put On Watch List Of Suspicious ‘Charities’

 

http://mexicanoccupation.blogspot.com/2015/04/charity-navigator-clinton-foundation.html

 

"But what the Clintons do is criminal because they do it wholly at the expense of the American people. And they feel thoroughly entitled to do it: gain power, use it to enrich themselves and their friends. They are amoral, immoral, and venal. Hillary has no core beliefs beyond power and money. That should be clear to every person on the planet by now."  ----  Patricia McCarthy

 

 

Dow Soars on Election Day, Banking Stocks Lead the Way

Getty Images

JOHN CARNEY

3 Nov 202020

3:01

The U.S. stock market roared into election day, sending the Dow Jones Industrial Average over 450 points higher.

The Dow climbed by more than 680 points, or around 2.5 percent Tuesday morning, before retreating from their highs.

With two hours of trading left, the Dow is up 460 points, or 1.74 percent. The Nasdaq Composite is up  1.5 percent. The S&P 500 is also up 1.5 percent. The small-cap Russell 2000 is up 2 percent.

Ten of the 11 sectors of the S&P 500 were up. The Energy sector was down 1.2 percent. The Financials sector was the best performing, up 2.3 percent for the day, lead higher by the bank component’s 2.7 percent gain and the consumer finance subsector’s 2.8 percent gain. The KBW Nasdaq Bank Index, which tracks the stocks of the biggest banks, rose 2.5 percent.

Donald Trump’s victory for 2016 set off an explosive rally in stocks, defying widespread predictions that he would lose or that if he won it would cause the market to crash.

Many of the big Wall Street firms have Joe Biden as the runaway favorite to win the presidency, just as they had Hillary Clinton the favorite four years ago. Morgan Stanley said in a note to clients Tuesday that they estimate a 76 percent chance that Biden wins and the Democrats take control of the Senate. They estimate just an eight percent chance that Trump wins and GOP holds the Senate. The Wall Street firm gives just a thirteen percent chance of a mixed result with Biden winning but the GOP holding the Senate.

Biden has raised tens of millions of dollars from Wall Street. During his time as a U.S. Senator from Delaware, Biden earned the nickname “Plastic Joe” for his willingness to promote legislation friendly to credit card issuers, including a law that made it harder for bankrupt customers to get debt relief.

Most analysts think the economy and the stock market could get a big boost if Democrats sweep the election. A unified government would be more likely to quickly pass a stimulus bill, likely giving stocks a short-term boost and ameliorating the drag from new restrictions aimed at stemming the pandemic’s surge.

Biden’s immigration and visa programs would likely import enough workers to ease wage pressure, boosting corporate profits by lowering compensation costs. An increase in foreign workers also generates new customers for U.S. companies, especially U.S. banks and large retailers. Biden is viewed as likely to lift tariffs on China, allowing U.S. companies to send more jobs to cheaper overseas labor markets.

Biden has promised a rush of higher taxes and new regulations, including climate change schemes that would make energy more costly and damage U.S. manufacturing.

 

 

Patriotism vs. Globalism in 2020: A Country Is at Stake

BY VERONIKA KYRLENDO

Given the extraordinary pace of events in America and the world this year, it is not hard to imagine that a bystander — perhaps a bug-eyed alien who has been following the series "The Earth" — would be pleased with the dynamics of the show.  But he also would be puzzled at the rapid twists of the plot.  The U.S., for example, enters a 2020 season in all its might and glory, with the strong economy, where unemployment for everyone is low, where reduced taxes and regulations promise further growth, and the basic indices of economic activity spell "victory" for the funny-looking guy who made it happen.  Then — BAM! — a "deadly virus" hits — eh, unimpressive...the mortality rate would have been much higher for the sake of the show; 2 percent is a rookie number (would be even lower if the infected were not placed in the nursing homes).  Nonetheless, America goes into lockdown, losing trillions of dollars.  Unemployment soars.  Then — BAM! — massive protests accompanied by rioting, looting, arson, vandalism, and sheer violence erupt as a response to the incident of police brutality.  The whole system is declared evil and beyond repair.  The crime rate soars.  American flags are burned — not in Iran or North Korea, but in Washington, D.C.  Some parts of the country that were the envy of the world look like a war zone.  Whoa, a startled viewer would think — what just happened?

What is happening is that November gets closer, and the country finds itself in a situation that may be described with a mathematical catastrophe theory used to study discontinuous processes.  An example of a discontinuous process would be an arched bridge to which more and more weight is added.  At first, little effect is seen as the weight on the bridge is increased — the bridge begins to bend almost imperceptibly.  At a certain point, however, enough weight is added to the bridge that it collapses.  A sudden change in a discontinuous process is called a catastrophe. 

The American model right now has one active variable, the economic model, and one active parameter, a necessity to choose one out of two courses of its development.  Speaking scientifically, we have reached a divergence point that requires a system to follow one of the two possible paths that are mutually exclusive.  At this point, both of them are equally probable, and the system "freezes" — to land on one of the paths, it needs a push.  It is difficult to accurately prognosticate the system's behavior at this point, but one can model it.  Once the choice is made, the return to the divergence point is impossible — if you stand before the abyss, you may either walk around it or take a step into it.

Which paths lie before America?  The first one is presented — and has been practiced for the last 20 years — by the globalism aimed to secure America's leading place in monopolar world.  The main tools of it are supranational entities such as international organizations, multinational corporations, and financial institutions like the IMF and the World Bank.  Even though globalization has been pictured by academia and media as an endless pool of growth, opportunities, and progress, it has been marked by substantial shortcomings.  For example, under the new regime of enhanced financial mobility and power, with greater volatility of financial markets and increased risk, real interest rates have risen substantially.  This has discouraged long-term investment in new plants and equipment and stimulated spending on the re-equipment of old facilities along with a large volume of essentially financial transactions — mergers, buybacks of stocks, financial maneuvers, and speculative activities.  This explains why overall productivity growth in the member-countries of the Organization for Economic Co-operation and Development fell.  So did gross fixed investment, and so did GDP growth.  But the elites have done well despite the slackened productivity.  Because globalization has helped keep wages down, while increasing real interest rates, the upper 5 percent of households have been able to skim off a large fraction of the reduced productivity gains, thereby permitting elite incomes and stock market values to rise rapidly.  For the multinational corporations that shaped foreign policy by engaging in lobbyism, globalization has also been great.  One of their main objectives that they achieved was cheaper labor sources.  Labor is often cheapest, and least prone to cause employer problems, in authoritarian states.  Capital moves to such friendly investment climes, shifting resources from the more expensive to the less costly locale.  (That is why the MNCs have vocally opposed the Trump administration's escalation of trade tensions, tightening of immigration restrictions, and disruption of global value chains.)

For the global majority, globalization has been a whole different story.  Income inequality rose markedly both within and among countries.  In the United States, despite a great increase in productivity thanks to new technologies, inequality rose.  Underemployment, job insecurity, benefit loss — all increased

The Trump administration disdains globalization and practices a healthy and much needed protectionism.  It withdrew from free trade and other deals and viciously attacked globalization structures nurtured by the previous administrations: U.N., NATO, WTO, International Criminal Court, and now WHO, which proved shockingly unprofessional and frankly hostile to the U.S. interests.

If Trump gets four more years as a president, he may get to the holy of holies of the economic globalism — the IMF and the World Bank — which will undoubtedly face a debt crisis due to the downfall of the world economy.  Ironically, the COVID-19 hysteria that became an act of desperation for the Democrats — whether it was a projected event or a natural crisis that would have been a shame to waste — now plays against the global financial leviathan and its masters.  According to none other than George Soros, the COVID-19 pandemic is a one-two financial punch for developing economies.  Not only has it put extraordinary pressure on budgets worldwide, but it has also caused a sharp exodus of capital from emerging markets.  JPMorgan Chase & Co. predicts that 1 in 5 emerging-market countries will default on their debt obligations — meaning that the core banks may collapse.  If some federal reserve banks fail, the government may nationalize them — but no doubt Trump would not save them, as Obama did in 2008.  That would fatally undermine the economic foundation of the Democrats for good; that's why Trump's victory is not an option for them.

If Biden wins, he, as a true O'Biden-Bama Democrat, will have to save the failing banking system by unprecedentedly increasing the national debt in a weakened economy.  The previous model that balanced emission with trade deals would not be possible to execute in a severely damaged global economy.  That is why Biden's victory would lead to a delayed catastrophe, but with lower chances of surviving it, because the condition of the country will deteriorate — his leftist policies will make sure of it.

The choice we as a country will make in November is clear: Trump and patriotism or Biden and globalism.  Development or decline.  It is just that simple.

Follow Veronika Kyrylenko, Ph.D. on Twitter or LinkedIn.

Image: Fox News via YouTube.

WALL STREET BANKSTERS KNOW HOW WELL OBAMA-BIDEN-HOLDER SERVED AND PROTECTED THEM DURING THE ECONOMIC MELTDOWN THEY CAUSED.

 

A remarkable article in The American Prospect—a liberal publication that supports Biden against Trump—makes a devastating exposure of these militarists for Biden, under the headline, “How Biden’s Foreign Policy Team Got Rich.”

 

In other words, Wall Street favored Biden by better than four to one, and Biden’s $23 million lead among the financial elite accounted for more than his entire $16 million edge over Trump in fundraising in May and June.

“According to figures released this week by the Center for Responsive Politics, Wall Street in particular is favoring Biden’s campaign over Trump’s. The group found that Biden has raised $52.4 million from the finance, insurance and real estate industries, of which $32.2 million came from “securities and investment.”

 

Wall Street, Republicans and militarists back Biden campaign

 
9 July 2020

Anyone who wants to know what type of policies will be pursued by a Biden administration in the event the Democrats win the November 3 presidential election has only to look at the social and political forces that are rallying to his campaign.

BLOG EDITOR: BIDEN WAS ENDORSED VERY EARLY BY WAR PROFITEER AND PARTNER FOR RED CHINA SEN. DIANNE FEINSTEIN.

They include Wall Street, prominent Republicans and veterans of the Obama national security team.

Thanks to strong support from big business, the presidential campaign of the former vice president outraised President Trump’s reelection campaign in June, according to figures announced by the two campaigns last week. Joe Biden raked in $141 million, while Trump’s campaign took in $131 million.

It was the second consecutive month that Biden collected more in campaign contributions than Trump, following a $6 million edge in May, $80.8 million to $74 million, according to reports filed with the Federal Election Commission.

The Trump campaign still leads in cash in the bank, with $295 million on hand as of July 1, as it had few expenses during the Republican primaries, where Trump had only token opposition. Biden’s campaign was effectively broke at the time of his breakthrough victories in the Super Tuesday primaries on March 3, but he now has amassed a war chest of at least $125 million, according to published estimates.

ActBlue, the online fundraising vehicle for the Democratic Party as a whole, took in $392 million in June, shattering all previous records, the bulk of it in smaller donations and contributions from first-time donors. This is an indication of the widespread popular hostility to Trump, exacerbated by his vitriolic attacks on the mass protests against police violence that took place throughout the month, as well as his refusal to take any serious action to stem the coronavirus pandemic.

BLOG EDITOR: THE RICH KNOW WHO WILL SERVE THEM BEST! ALL BILLIONAIRES ARE DEMOCRATS.  THE GREATEST TRANSFER OF WEALTH TO THE RICH IN AMERICAN HISTORY OCCURRED DURING THE BANKSTER REGIME OF OBAMA-BIDEN-HOLDER.

But a major factor in Biden’s fundraising surge has been a series of virtual events featuring former President Obama, Senator Elizabeth Warren and Senator Kamala Harris, at which wealthy contributors were invited to give the maximum donation of $5,600 directly to Biden as well as much larger sums to the Democratic National Committee (DNC) and the political action committee favored by the Biden campaign, Priorities USA, which expects to spend $200 million by itself to support his election.

Under the terms of an agreement between the Biden campaign and the DNC, the Biden Victory Fund can receive checks as large as $620,600 from wealthy donors. The money is then distributed in smaller amounts to the campaign, the DNC and various state parties in order to comply with campaign finance regulations.

Top of Form

Bottom of Form

According to figures released this week by the Center for Responsive Politics, Wall Street in particular is favoring Biden’s campaign over Trump’s. The group found that Biden has raised $52.4 million from the finance, insurance and real estate industries, of which $32.2 million came from “securities and investment.”

Trump raised $33.5 million from the broader category of finance, insurance and real estate. He was competitive with Biden among the real estate moguls, who view Trump as one of their own, but trailed badly, with only $7.8 million, from the “securities and investment” subcategory.

In other words, Wall Street favored Biden by better than four to one, and Biden’s $23 million lead among the financial elite accounted for more than his entire $16 million edge over Trump in fundraising in May and June.

Along with the support of the stock exchange and financial institutions, Biden is winning support from sections of the Republican Party. This includes the well publicized Lincoln Project, established by former Republican campaign operatives Reed Galen, John Weaver, Rick Wilson and Steve Schmidt, with the support of other former party officials like Jennifer Horn, former chair of the New Hampshire Republican Party, and George Conway, a prominent Republican lawyer and husband of Trump adviser Kellyanne Conway.

The Lincoln Project began running television and internet commercials denouncing Trump from a right-wing foreign policy standpoint, criticizing him as soft on China and Russia. One ad, released after the New York Times launched its fabricated and unsubstantiated charge that Russia paid bounties to Taliban fighters to kill American soldiers in Afghanistan, features a former Navy SEAL who attacks Trump for not ordering military action to kill Russians. The ad is titled “Betrayal.”

BLOG EDITOR: BOTH BIDEN AND GEORGE W BUSH ARE GLOBALIST FOR OPEN BORDERS AND ENDLESS WAR. THE BUSH FAMILY, LONG PARTNERED WITH THE 9-11 INVADING SAUDIS, STARTED TWO WARS AGAINST IRAQ WHICH ARE STILL FILLING THEIR POCKETS.

Another political action committee, “43 Alumni for Biden,” consists of hundreds of former officials in the Republican administration of George W. Bush (the 43rd US president). They declare they are “choosing country over party” in the November election, stating: “We believe that a Biden administration will adhere to the rule of law ... and restore dignity and integrity to the White House.” As a Super PAC, the group can raise unlimited sums of money to run ads attacking Trump or boosting Biden.

The final component in the rapidly coalescing coalition of reactionaries supporting the Biden campaign consists of former military-intelligence officials of the Obama administration, who have made a killing in the lucrative business of “strategic consulting” and now hope to return to power in a Biden administration. Several of them, including former deputy defense secretary Michele Flournoy and former deputy national security adviser and deputy secretary of state Anthony Blinken, have signed on as Biden’s top national security advisers.

A remarkable article in The American Prospect—a liberal publication that supports Biden against Trump—makes a devastating exposure of these militarists for Biden, under the headline, “How Biden’s Foreign Policy Team Got Rich.”

It documents the creation of a strategic consulting firm called WestExec Advisors (named after West Executive Avenue, the street outside the West Wing of the White House in Washington D.C.). WestExec was founded by two lesser operatives, Sergio Aguirre, former chief of staff to Samantha Power, UN ambassador under Obama, and Nitin Chadda, a former aide to Obama Secretary of Defense Ashton Carter.

These two recruited Flournoy and Blinken to serve as the group’s biggest “names.” Flournoy was widely expected to become secretary of defense if Hillary Clinton won the 2016 election and she is once again at the top of the list for Pentagon boss under Biden.

Under Trump, Flournoy served on the Pentagon’s Defense Policy Board, the President’s Intelligence Advisory Board and the CIA director’s External Advisory Board, before leaving once the 2020 presidential campaign heated up. She is a notorious warmonger, and The American Prospect article details her role in advocating continued US military support to Saudi Arabia in its war in Yemen, which has resulted in $3 billion in weapons contracts for Raytheon. WestExec principal Robert Work, a former deputy defense secretary, is a member of Raytheon’s board of directors.

WestExec quickly made a splash in Washington with its launch party attended by top former Obama national security aides such as Susan Rice, Tom Donilon and Denis McDonough. It lined up a list of clients so potent that neither WestExec nor the Biden campaign would release the names, for fear of exposing the fact that Biden’s foreign policy advisory group is a wholly owned subsidiary of the big military contractors.

One particularly noxious principal at WestExec is former Deputy CIA Director Avril Haines, who, as The American Prospect put it, “helped design Obama’s program of using drones for extrajudicial killings.” In June, the Biden campaign announced that Haines would oversee foreign policy for the Biden transition team.

While the former drone missile chief prepares plans for the future Biden administration, the current advisers, with their lucrative “consulting” affiliations, are listed by The American Prospect as follows: “Nicholas Burns (The Cohen Group), Kurt Campbell (The Asia Group), Tom Donilon (BlackRock Investment Institute), Wendy Sherman (Albright Stonebridge Group), Julianne Smith (WestExec Advisors) and Jake Sullivan (Macro Advisory Partners). They rarely discuss their connections to corporate power, defense contractors, private equity, and hedge funds, let alone disclose them.”

This is what Senator Bernie Sanders, Senator Elizabeth Warren and their various liberal and pseudo-left apologists have embraced as the alternative to the fascistic Trump administration—a government of warmongers and corporate shills, no less committed to the defense of the interests of the American ruling elite.

 

Fear and uncertainty dominate Jackson Hole central bankers’ meeting


The annual Jackson Hole conclave of central bankers, which concluded over the weekend, underscored the incapacity of global financial authorities to devise any policies either to bring about economic growth or counter the mounting contradictions in the financial system.

Reporting on the meeting, held in virtual format this year because of the COVID-19 pandemic, the Financial Times noted: “It was the head of Singapore’s monetary authority who best summed up the biggest fear gripping the virtual Jackson Hole conference this year.

“‘We’re not going back to the same world,’ Tharman Shanmugaratnam warned.’”

The central initiative at the gathering was the decision by the Fed’s key policy-making body to maintain interest rates at their ultra-low levels for an indefinite period and keep pumping money into the financial system.

The decision, announced by the Federal Open Market Committee as the conclave opened and elaborated on in a keynote speech by Fed Chair Jerome Powell, was in effect a guarantee to Wall Street that its demand for “forward guidance”—lower interest rates for longer—would be met.

The Fed said it would no longer be guided by a 2 percent inflation rate limit in determining its interest policy, but would instead focus on an “average” rate of 2 percent, meaning that the cheap money regime could continue even if prices rose above that level.

As for dealing with the slump in the global economy—the most serious since the Great Depression—and combating the potential for further storms in the financial system following the market meltdown in mid-March, there were no answers, as underscored by the remarks of the Singapore finance minister.

“We’ve got to avoid a prolonged period of high levels of unemployment, and it’s a very real prospect,” he said. “It is not at all assured that we will get a return of tight labour markets even with traditional macroeconomic policy being properly applied.”

It was a significant comment because one of main themes in remarks by central bank chiefs was that monetary policy alone would not be sufficient to restore growth, and government intervention was needed to boost the economy. But, as Shanmugaratnam noted, even if “properly applied,” there were no guarantees of success.

According to the Financial Times, the notion that central bankers “need to face the reality of permanent upheaval and long-term economic damage” was the “main theme” of the event.

One of the most frequently cited academic papers produced for the meeting was prepared earlier this month by Colombia University academic Laura Veldkamp on the long-term effects of the COVID-19 pandemic.

The paper said that the biggest economic effects of the pandemic “could arise from changes in behaviour long after the immediate health crisis is resolved.” A potential source of such a long-lived change was a shift in the “perceived probability of an extreme, negative shock in the future,” and that “long-run cost for the US economy from this channel is many times higher than the estimates of the short-run losses in output.”

The paper continued: “This suggests that, even if a vaccine cures everyone in a year, the COVID-19 crisis will leave its mark on the US economy for many years to come.”

In other words, the pandemic was not only a trigger event, acting on the contradictions that had built up in the economy and financial system, but a transformative one as well.

With the Fed now having formally committed itself to the endless supply of cheap money to Wall Street, attention will turn to the European Central Bank (ECB), which is also conducting a strategic policy review, to see whether it goes down the same road.

While the governing council, under the presidency of Christine Lagarde, may be inclined to move in the same direction as the Fed, it would face certain opposition from Germany’s Bundesbank, which has expressed opposition to the easing of monetary policy.

A member of the governing council told the Financial Times, “we will look at it,” but the Bundesbank would be “very nervous” about it.

“We are not out of firepower by any means, and to be honest, it looks from today’s vantage point that we were too cautious about our remaining firepower pre-COVID,” he said, adding that there are times when we “need to go big and go fast.”

The actions of the Fed have done nothing to boost the real economy, as an increasing number of companies announce that temporary layoffs will be made permanent.

The Wall Street Journal reported Saturday that a survey conducted by Randstad RiseSmart found that “nearly half of US employers that had furloughed or laid off staff because of COVID-19 are considering additional workplace cuts in the next 12 months.”

This indicates that the pandemic has been a trigger for a major restructuring of employment conditions.

The effects of the Fed’s policies and the further monetary easing to come are focused on the stock market, with Wall Street indexes rising to the record levels they achieved in February. The main beneficiaries have been the high tech companies—Apple, Microsoft, Alphabet (the owner of Google) and Facebook—which together comprise more than a fifth of the Nasdaq index.

The extent of their rise and growing financial and monopoly power is indicated by the results of an analysis carried out by Bank of America Global Research, reported by the business channel CNBC. It found that the market capitalization of the major US tech firms, now standing at $9.1 trillion, was greater than the market capitalization of the entire European market, including the UK and Switzerland, at $8.9 trillion. In an indication of the massive shift that has taken place, the research note pointed out that in 2007, total European market capitalization was four times that of US technology stocks.

 

 

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