Economic Articles from 2018

Chase Says It’s Fighting Climate Change. So Why Is It Financing the Fossil Fuel Industry?

[Economics]
Chase Says It’s Fighting Climate Change. So Why Is It Financing the Fossil Fuel Industry?
By Kate Aronoff
Posted July 11, 2018

Wall Street banks are financing big oilJPMorgan Chase (“Chase”) talks a big game on climate change. The Wall Street bank has committed to becoming entirely reliant on renewable energy by 2020, and facilitating $200 billion in clean financing—of low-carbon fuel sources—by 2025. “Business must play a leadership role in creating solutions that protect the environment and grow the economy,” CEO Jamie Dimon said in a statement announcing the pledge last summer.

As protesters at the company’s Texas shareholder meeting last week pointed out, Chase is leading on an entirely different front: financing fossil fuel infrastructure. There have been ongoing efforts over the last several years for universities and pension funds to drop their investments in fossil fuels. Activists fighting mountaintop removal coal mining successfully targeted banks like PNC to stop financing the practice, and the fight against the Keystone XL pipeline spawned its own push against Bank of America.

This most recent wave of energy in the fossil fuel divestment movement—targeting banks’ financing of fossil fuel infrastructure, in particular—was spurred by the momentum generated in the fight against the Dakota Access Pipeline (DAPL). More…

Why Public Banking is the End Goal of the Divestment Movement

[Community]
Why Public Banking is the End Goal of the Divestment Movement
by Phoenix Goodman
Posted July 10, 2018

Wall Street banks were funding pipeline projectSomething big is starting to happen in the world of activism. Grassroots campaigns are beginning to coalesce into coherent, focused missions with definable outcomes.

The Divest campaign is a classic example of how the People can have a tangible effect on society by speaking the language of the dominating classes: money.

Divestment is what it sounds like: removing public investments from corporate institutions, and repurposing them into organizations which will benefit the common good. This means leveraging the collective will through mass individual actions to force the perpetrators of corrupt and unscrupulous behavior to directly lose profits; in essence, to divest is to boycott. More…

The Long Death of America’s Middle Class

[Economic]
The Long Death of America’s Middle Class
By Nick Giambruno
Posted July 5, 2018

1950s, the middle class was strongestThe late 1950s was the golden age of America’s middle class. This isn’t nostalgia talking. The US really did have robust Main Streets and thriving small businesses. Around then, a husband could support his family on an average income. He and his wife likely owned their own home, as well as their car. They had multiple children—and didn’t think much of the cost of having more. Plus, they had money to save.

Compare that to the average family today. Both spouses likely have to work—whether they want to or not—just to afford the same basic lifestyle. In 1959, the median annual salary for a US high school teacher was $5,276, according to the Department of Labor. Meanwhile, the median US home value was $9,627, according to the US Census Bureau.

That means a teacher made enough money each year to cover over half of the price of a middle-class home. Or 55%, to be exact. Take a minute and think… How does your annual income compare to the price of your home? I’d bet many people make far less than 55%. Today, the median purchase price of a US home is $241,700. To maintain the 1959 income-to-home price ratio, a high school teacher would need to make $132,935 annually. Of course, the average high school teacher doesn’t make nearly that much. Not even close. He or she makes around $48,290—just enough to cover 36% of the median home price. More…

An Empire of Nothing at All. The U.S. Military Takes Us Through the Gates of Hell

[Spiritual]
An Empire of Nothing at All. The U.S. Military Takes Us Through the Gates of Hell
By Tom Engelhardt
Posted July 3, 2018

empire of destructionAs I was putting the finishing touches on my new book, the Costs of War Project at Brown University’s Watson Institute published an estimate of the taxpayer dollars that will have gone into America’s war on terror from September 12, 2001, through fiscal year 2018. That figure: a cool $5.6 trillion (including the future costs of caring for our war vets). On average, that’s at least $23,386 per taxpayer.

Keep in mind that such figures, however eye-popping, are only the dollar costs of our wars. They don’t, for instance, include the psychic costs to the Americans mangled in one way or another in those never-ending conflicts. They don’t include the costs to this country’s infrastructure, which has been crumbling while taxpayer dollars flow copiously and in a remarkably — in these years, almost uniquely — bipartisan fashion into what’s still laughably called “national security.”

That’s not, of course, what would make most of us more secure, but what would make them — the denizens of the national security state — ever more secure in Washington and elsewhere. We’re talking about the Pentagon, the Department of Homeland Security, the U.S. nuclear complex, and the rest of that state-within-a-state, including its many intelligence agencies and the warrior corporations that have, by now, been fused into that vast and vastly profitable interlocking structure. More…

Match Made in Hell: Bayer-Monsanto Partnership Signals Death Knell for Humanity

[Social]
Match Made in Hell: Bayer-Monsanto Partnership Signals Death Knell for Humanity
by Robert Bridge
Posted July 3, 2018

poison our food, then sell us expensive drugs to treat cancersOn what plane of reality is it possible that two of the world’s most morally bankrupt corporations, Bayer and Monsanto, can be permitted to join forces in what promises to be the next stage in the takeover of the world’s agricultural and medicinal supplies?

Warning, plot spoiler: There is no Mr. Hyde side in this horror story of epic proportions; it’s all Dr. Jekyll. Like a script from a David Lynch creeper, Bayer AG of poison gas fame has finalized its $66 billion (£50bn) purchase of Monsanto, the agrochemical corporation that should be pleading the Fifth in the dock on Guantanamo Bay instead of enjoying what amounts to corporate asylum and immunity from crimes against humanity. Such are the special privileges that come from being an above-the-law transnational corporation.

Unsurprisingly, the first thing Bayer did after taking on Monsanto, saddled as it is with the extra baggage of ethic improprieties, was to initiate a rebrand campaign. Like a Hollywood villain falling into a crucible of molten steel only to turn up later in some altered state, Monsanto has been subsumed under the Orwellian-sounding ‘Bayer Crop Science’ division, whose motto is: “Science for a better life.” More…

Corporations Masquerading as Government in Australia & World Wide

[Economic]
Corporations Masquerading as Government in Australia & World Wide
by Andy Whiteley
Posted July 1, 2018

countries are corporationsWould you be surprised to find a company with the same name as your country registered with the Security and Exchange Commission (SEC) in Washington DC?

Well, guess what?! Among those listed as corporate entities by the United States SEC are Israel, Turkey, Italy, Hungary, Sweden, Finland, Argentina, Colombia, Brazil, The Philippines, South Korea, Japan, Jamaica, South Africa, Canada, Australia… and my personal favourite (and I quote) “Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp.”

Interesting! So what could all this mean? For the purpose of this article we will follow the example of Australia. More…

A Cashless Society Looms: Cui Bono?

[Economic]
A Cashless Society Looms: Cui Bono?
by Virginia Fidler
Posted June 27, 2018

war on cash has dangersThe government, of course, is extremely interested in your spending habits. The taxing authorities use an electronic money trail to monitor your spending and ensure against tax evasion. In addition, cards save the government the cost and trouble of printing and storing additional currency.

Your electronic purchase trail is nirvana to large corporations. Knowing your spending habits allows them to customize their ads to an ever-larger consumer base. They know what you need before you do and are ready to entice you with specials, sales and “act now” deals. More…

The Real Economic Numbers: 21.5 Percent Unemployment, 10 Percent Inflation and Negative Economic Growth

[Economic]
The Real Economic Numbers: 21.5 Percent Unemployment, 10 Percent Inflation and Negative Economic Growth
By Michael Snyder
Posted June 20, 2018

media liesEconomist John Williams of shadowstats.com has been tracking what our key economic numbers would look like if honest numbers were being used for many years, and he has gained a sterling reputation for being accurate. And according to him, it looks like the U.S. economy has been in a recession and/or depression for a very long time.

Let’s start by talking about unemployment. We are being told that the unemployment rate in the United States is currently “3.8 percent”, which would be the lowest that it has been “in nearly 50 years”.

To support this claim, the mainstream media endlessly runs articles declaring how wonderful everything is. For example, the following is from a recent New York Times article entitled “We Ran Out of Words to Describe How Good the Jobs Numbers Are”…

The real question in analyzing the May jobs numbers released Friday is whether there are enough synonyms for “good” in an online thesaurus to describe them adequately. More…

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