Thursday, April 29, 2021

Mainstream Media Reports US Economy Soars 6.4% In First Quarter- Reality Is A Continuation Of Empire Collapse

Just a quick comment on GDP and employment numbers reported this morning.  

GDP was reported up $544 billion in the first quarter.  Yet, government transfer payments in the first quarter were up $2.3 trillion.  That means the economy actually collapsed in the first quarter (annualized rate down nearly $8 trillion) without back door bailouts to corporations in the form of transfer payments to American citizens.  Remember, US citizens then turn around and use that money to pay their debts to corporations and to buy goods made by corporate capitalism.  Otherwise, we’d be seeing companies fall like dominos or shrink massively in size.  (That’s still going to happen as a long time thesis I’ve written about on here. The Federal Reserve and our corporate devoured government can’t create illusions forever.)

The real unemployment numbers including pandemic unemployment relief reported today are nearly 700,000 new unemployment claims.  For one week!  That includes both traditional unemployment as well as pandemic relief.  In other words, the economy is still imploding and if it weren’t for trillions of free money inserted in every orifice, we’d likely be in the midst of a revolution or collapse of society or both.  The US has really two choices.  One, it must repatriate US private capital that is devouring the world or it can continue its arrogance and hubris and hold onto corporate capitalist empire and ride it until it meets its own fate as determined by capitalism’s endless contradictions.  The hubris and arrogance of US society(In the form of behavior of citizens, corporate executives/politicians/military drunk with power) is palpable so we can expect the latter. 

I’ve noted on here the real unemployment rate is much higher than reported by either U3 or U6 government statistics.  Two research firms, ShadowStats and Ludwig have reported the true unemployment rate in the US is around 25%.  But, government statistics don’t capture much of anything beyond a year unemployment.  Ludwig goes even further in its research and states that 50% of Americans live on less than $20,000 per year.  That number could be off by 50% and still be staggering.  Anyone who doesn’t live in a gated community can see entire swaths of the US look like bombed out third world countries. That data puts the US right up there with other economic superpowers like Mexico, Kenya and Bangladesh.  Biden talked last night about the number of jobs created since he became president as a record. Well, that’s because we had 30 million people (government numbers) out of work and the US has spent nearly $40 trillion since 2008 propping up Wall Street that has misallocated hundreds of trillions of dollars of capital over the last forty years. (The $29 trillion in 2008 I have reported in prior posts plus massive Federal Reserve bailouts in every year since 2008.) 

The US corporate state doesn’t give a shit about poor Americans.  Anyone who doesn’t directly contribute to corporate and investor profits is thrown to the world of despair and chance.  And, we train our citizens to yell “get a job” at anyone who isn’t serving the corporate state.  It has been this way since Reagan took office and replaced democratic government policy with throwing Americans to private capital and telling them to sink or swim.  The poverty and despair in this nation is incredible.  That the government is now handing money to people left and right should be because we live in a democracy where our mutual fates are intertwined and we care about our fellow man.  But, make no mistake, if corporations weren’t on the verge of collapse, the government wouldn’t be helping people with anything. Just as they haven’t for the last forty years.  Well, just as they haven’t for most of our history. 

What people don’t understand is who this hurts the most.  It’s China and global markets.

posted by TimingLogic at 12:00 PM