REAGAN-THATCHER SCAMS = NO FUTURE FOR 99+%
The rise of a low-wage economy and record inequality in US and UK
30-year anniversary of the 1984-85 UK Miners Strike.
George Irvin is Research Professor at the Univ of London (SOAS) and author of: Super Rich: The Rise of Inequality in Britain and the United States.
1970s crisis in Capitalism = Has deepened with the Thatcher-Reagan CREATED CRISIS era = A response to ’70s profit squeeze acute in US and UK = Done to restore profitability.
Reagan-Thatcher Revolution = Destroy unions and Labor Power to Negotiate Higher Wages = MAXIMIZE Profits.
Reagan-Thatcher Revolution = Internationalization of competition = Companies saw their profits squeezed by BRIC industrializing Underdeveloped Countries. MAKE GLOBALIZATION GREAT FOR COMPANIES BY MAXIMIZING SLAVERY.
UK and US were squeezed by competition from Japan and Germany with much more modern economies. = Newer Machine Technology = Better Products! = Total Failure of US and UK to modernize industry.
1960s + early ’70s = UK Labor Government wanted to modernizing industry = White heat of technological revolution = But Labor LOST to the Reagan-Thatcher Era. = 1970s was the setup period for ’80s and ’90s Squeezing of Workers’ Wages = Implement the Low-wage economy to MAXIMIZE MULTINATIONAL LOOTING.
Reagan-Thatcher Revolution = Great wave of private equity takeovers and mergers = Rise of private equity groups concentrated capital and pretend to Modernize Industry = But was PURE asset stripping for PRIVATE GAINS = A SCAM.
LONDON BANKSTERS = ONLY PROSPERITY IN UK
Before Reagan-Thatcher = US and UK economies moved towards Financialization = Give Finance Capital (EXTRACTION FROM REAL ECONOMY FOR PERSONAL LOOTING) the Upper Hand over Industrial Capital *INNOVATION AND PRODUCTIVE GDP VALUE)
1971-72 Smithsonian Agreement effectively (NIXON ENDED THE GOLD STANDARD) ended the Bretton Woods system of floating exchange rates to help the banking system to MAKE TRADING in FOREIGN EXCHANGES A MASSIVE LOOTING SCAM with annual GLOBAL flow of foreign exchange $1,000+ Trillion = $1 Quadrillon. = LONDON BANKSTERS Power to skim a small percentage for VAST PERSONAL WEALTH = Economic and Political power LONDON’S MAJOR FINANCIAL SECTOR SCAM = LAY WASTE TO LABOR.
FOREIGN EXCHANGE SCAM = Made the very poor even poorer by de-industrialization of UK replaced by the GLOBALIZATION SCAMS of cheap service sector–McJobs and Walmarts, etc. = Paid MIN WAGES or allowed to pay even LESS. = ENDED MIDDLE CLASS WORKERS protected by UNIONS = RISE OF THE RICH FEW + An UNDERCLASS 99.999% Other.
Reagan-Thatcher Revolution = Dropped taxation of the RICH + RAISED Indirect taxes on the POOR AND MIDDLE CLASS. = MASSIVE RECORED INEQUALITY = Growing poverty + A FEW $BILLIONAIRES + A falling off of GOV SERVICES AS GOV IS BEING SHRUNK WITH THE FALL OF TAX REVENUES FROM RICH AND EVEN BIGGER CORPORATIONS. = Public Services SCALED DOWN from 1950s, ’60s, and ’70s under Thatcher and Reagan VOODOO.
Where does the economy go from here?
US produces WEAPONS SYSTEMS and UK produces almost NOTHING in Real PRODUCTS OR SERVICES.commodities. LONDON is highly Financialized UK Economy = HUGH GROWTH in SCAMMED LOOT + Industrial sector has fallen = Pauperizing most workers. = NO HIGH-WAGE ECONOMY!
US and UK = Only way demand can keep going = Military + DEBT for PEOPLE = DEBT AND USURY SLAVERY = Extend growth for a SHORT while, but as POVERTY GROWS the MORE DEBT OPTION ENDS = END of Anglo-Saxon SCAM C”R”APITALISM in US and UK but LONDON AND NYC plans to EXPLOIT DESBT SLAVERY AROUND THE WORLD. No Positive Future for WORKERS as GOV is OWNED by the MULTINATIONAL BILLIONAIRE OLIGARCHS. = NO growth in UK and USA as they continue to SHRINK GOV and strangle workers and DO AWAY with UNIONS. = END TO US AND UK CONSUMER ECONOMY!
If US and UK FURTHER DECLINE as world power over next 20 years = Largely because of DECAYING INEQUALITY ECONOMICS
HISTORICAL SUMMARY = Postwar expansion — 1970 Profit Squeeze — Currency Scams — Squeeze on wages (SLAVERY EXPLOITATION in ASIA) — Financialization SCAMS in debt-driven SCAMS — MASSIVE INEQUALITY of TODAY.
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Roots of Income Inequality by David Cay Johnston, a Pulitzer Prize Winner in 2001
$10.10 MIN WAGE = Substantially lower than 1960s
Obama’s State of the Union 2014 focused on expanding economic opportunities by raising the MIN WAGE + Make college more affordable + Increasing economic mobility = “after four years of economic growth, corporate profits and stock prices have rarely been higher, and those at the top have never done better. But average wages have barely budged. Inequality has deepened. Upward mobility has stalled…. too many Americans are working more than ever just to get by–let alone to get ahead. And too many still aren’t working at all.”
FACT: Past 5 years income and wealth inequality has accelerated.
JOHNSTON: It’s important that we restore the minimum wage. Back in the mid ’60s, it was almost $11 an hour.
Education = Neglected in USA with huge barriers for bright but poor and middle-class children getting first-rate educations, especially at college.
More fundamental problems = GOV POLICIES take money from the many and redistribute it to the few:
Middle Class Tax dollars Build Factories in Foreign Lands
Middle Class Tax Dollars Build Private Office Towers
Middle Class Tax Dollars Build Shopping malls
Middle Class Tax Dollars Pays for WARS OF CHOICE = OFTEN FAKED WARS
Middle Class Tax Dollars Subsidize Multinational Corporations and BILLIONAIRES
Middle Class Tax Dollars help Multinationals Exploit $1 per Hour Slavery
Middle Class Tax Dollars indirectly Subsidize Wall Street Speculation Via The FED
NO Middle Class Tax Dollars help Mom-and-Pop Companies
Middle Class Taxpayers are cheated by Multinational corporations who delay (often indefinitely) paying income taxes or Hide Income Offshore for 30 to 50+ Years while collecting Interest = MONEY PULLED FROM THE REAL ECONOMY.
OBAMA: “Opportunity is who we are. And the defining project of our generation must be to restore that promise.” = Access to a good job!
“Inequality Rising–All Thanks to Government Policies” by David Cay Johnson = Shifted income tax burden in USA to the middle class = Paying higher Taxes than in the early ’60s + Corporations Pay NEAR ZERO NOW + Top O.1% Pay NEAR ZERO in TAXES using 14,OOO LOOPHOLES. = 90+% of people can’t save or invest.
Government Policies = Completely eviscerated unions = Now 7% of private production workers are in unions compared to 35% in 1970s. Germany is heavily Unionized. MULTINATIONALS have PUSHED DOWN WAGES using $1 an hour SLAVERY in ASIA = Subsidized by GOV INCENTIVES or SUBSIDIES.
Government Policies = Deindustrialization of USA = 58,OOO FACTORIES CLOSED and shipped to Asia or South of the Border. = 12,OOO,OOO JOBS LOST with a MULTIPLIER OF 4 TO 6 TIMES other JOBS LOST. = SIDE GOAL = KILL UNIONS
CHINA ALONE = Factories sent just to China = Cost 2.8 Million Jobs conservatively.
Mexico + Vietnam + South America = MILLIONS MORE = GOV INCENTIVES
Government Policies = Made the global-level capitalists very wealthy = MULTINATIONALS out to MAKE A KILLING = Doing terrible damage to the rest of the country.
Specific policies Causing INEQUALITY:
Government Policies = Free trade = NO such thing = Trade is subject to intense rules = MULTINATIONAL LICENSING OF SLAVE LABOR to MAX PROFITS. = Secretive Trans-Pacific Partnership Obama is push through Congress with no significant debate = Up-or-down vote = Chapter QQ (over 40 chapters) = 30,000 words of gobbledygook rules to benefit BIG MULTINATIONAL Corporations at expense of working people in USA and elsewhere = Done in secret = NO open discussion of shifting jobs out of the country.
Government Policies = Korean Free Trade agreement we were promised both sides would be better off with more exports = $1 of USA gain VERSUS $25 in South Korean GAINS.
Government Policies = Could substantially reduce or reverse income inequality = TAX MULTINATIONALS AND CORPORATIONS AND THE RICH and REDUCE TAXES ON MIDDLE CLASS AND POOR + Raise MIN WAGES back to PAR with 1960s including federal contractor employees who use food stamps. + Stop massive subsidies to Walmart and Walton family = MIDDLE CLASS TAXPAYERS HELP BUILD THEIR STORES + Warren Buffett AND Burlington Northern Santa Fe Railway does NOT need to have MONOPOLY RATES.
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