Stakeholder Government?

Stakeholder Government? 

 

Other money will be allocated to speed the adoption of AI in sectors such as agriculture and health care, the statement said. The funds “will help harness the full potential of AI so Canadians, and especially young Canadians, can get good-paying jobs while raising our productivity, and growing our economy,” Trudeau said.

 

-      Trudeau Unveils $1.8 Billion Package for Canada’s AI Sector, Bloomberg 

 

By Gregg Wall (4-13-2024)

 

Stakeholder capitalism was the hot buzzword or term in the 2020 general election, but the term seems to have fallen out of favor.  Stakeholder capitalism essentially means the spoils of capitalism should be shared, to some degree, by the stakeholders: consumers, labor, smaller businesses along the supply chain & within the community, the larger community itself, and arguably the government itself, in the form of said business actually paying taxes.  This idea runs contrary to the belief, largely held among many mainstream economists & Wall St., that businesses should serve exclusively ‘animal spirits,’ a/k/a greed, a/k/a shareholder value.

 

The term, ‘stakeholder capitalism,’ came to mind this week as we all watched PM Justin Trudeau seemingly do what he does best, hand out corporate welfare.  Mr. Trudeau delivered $2.4 billion (CAD) in taxpayer money, like candy, to boost the AI industry in Canada.  In his announcement, all the key buzzwords were there: tech, well paying jobs, helping Canadians, the economy, growth, etc., etc.  All this, despite the fact that many in the Tech industry have been calling for a pause and restraint, concerning AI.  In all fairness to Mr. Trudeau, he’s not alone in his love of socialism for multinationals and the wealthy.  Biden burned his first two years in office, with House and Senate majorities, not delivering BBB, not delivering on abortion, a higher minimum wage, or the more generous iteration of the child tax credit (the COVID version)… but rather, doing what Western leaders, centrists, corporatists, and neolibs do best, shoveling out the corporate welfare by the billions (w/ money printed up by central banks and funded by the taxpayer, many of whom are being crushed, presently, by corporate greed).  See, for example, Mr. Biden’s comparable Chips Act, where the president will pay billionaires and chip utilities, already swimming in unimaginable profits, to return operations to U.S. shores. Who said trickle-down is dead?  And that’s exactly what corporate handouts are: trickle-down fiscal policy. 

 

All of which begs the question, why is Canada, the United States doling about billions to big business, tech, and utilities?  And where does it all go…. CEO pay packages, dividends for shareholders, greed, kickbacks to sleazy politicians, stock buybacks?  One of the greatest boondoggles are the stadiums local, state, and provincial governments fund for billionaires and professional sports teams.  Not only is this form of socialism for the rich entirely unnecessary, but conveniently, seemingly, nobody goes back after the fact to learn if all the taxpayer funded largesse actually yields the purported results (in terms of ‘well-paying jobs,’ boosting the economy, and business ‘growth’).  Although we do know taxpayer funded stadiums are a waste, and rarely, if ever, deliver the alleged benefits back to the community and taxpayer.  In short, it’s a scam. 

 

Meanwhile, conservatives/libertarians throw a tantrum at the mere thought of free school lunches for little Jimmy or Sally.  Right?

 

All this begs the questions, if the private sector is the end all, be all of the economy, the cornerstone of human existence… why all the poverty, why the growing tent cities, why the endless greed, price gouging, and inflation?  Why the endless race to the bottom among governments & politicians, who conveniently play along with the scam?  Why the endless taxpayer funded socialism for a privileged few and endless austerity for citizens?  Why all the extravagant national debt backstopping failed neoliberalism?  And if governments are shoveling it out, why not have the governments produce the goods or services themselves to better ensure competition, growth, jobs, opportunities, and the money is well spent?  Since private sector cartels & monopolies are married to the state (see again, privatized profits, socialized losses), why not let the state produce the goods & service, preferably with audits and oversight by NGOs and third parties?  The reason is obvious: because in many instances, the state, unfettered, would humiliate the private sector.  It’s also much harder for state run enterprises to kickback to politicians, which is the real reason why politicians can’t fund privatization initiatives fast enough. 

 

Hell.  Next time some scumbag billionaire insists upon a new stadium and shakes down local, provincial, or state government(s) for a taxpayer funded stadium… why not tell said scumbag to get the hell out of Dodge, and inform Mr. Scumbag that the province will create its own professional team and join the league, insist upon joining the league.  In this manner, all the benefits of said sports team accrue, exclusively, to the taxpayer.  Talk about building up state or provincial budgetary surpluses, or pay down state or provincial debt & deficits. 

 

In fact, while we are on the topic, where are all the caveats and conditions on how all this corporate welfare is spent (surrounding all the billions Messrs. Biden, Trudeau, and Western leaders are shoveling out the door)?  You won’t find any caveats or conditions.  Why isn’t the Chips Act paid back, at least in part by the industry?  Why isn’t the Canadian taxpayer receiving a cut in future AI profits, as a result of Mr. Trudeau’s generosity?  (What about all the drug research the American taxpayer funds that is handed over to Big Pharma, year, after year, after year?)  Where are the audits and guarantees?  You won’t find any. 

 

At a time that national debt is growing higher and higher, in Europe, N. America, and the UK... at a time that social spending and public services are the first to be cut (see Social Security in America)...  isn’t it time for responsible stewardship of public monies by politicians and not a band of insiders and thieves that are helping themselves to the public till???  At a time of endless austerity for the public and endless socialism for Bay and Wall Street… really, who has the public’s back?  Seemingly, no one. 

 

Stakeholder capitalism appears to be dead and buried… another casualty of crony capitalism & greed… perhaps, Stakeholder government will take off?  After all, don’t we all live in ‘democracies’… you know, governments that allegedly serve the people, governments that are ‘by and for’ the people.  Elected politicians that, allegedly, serve the greater good and not donors and themselves?  Wild concepts, I know.  Perhaps, dated even?  If that’s the case, shouldn’t we ditch the charade and begin the revolution?

 

The bottom line, we need people in power, who make it their passion to think outside the box and make sure budgets, spending measures, and the national debt are their personal responsibility... as closely guarded as they guard their own money.  Elected leaders who are constantly looking for ways to serve the, presently, disenfranchised taxpayer, not a small group of billionaire crooks & oligarchs.  And especially, not themselves. 

 

Stakeholder government, a/k/a democracy… has a nice ring to it. 

Copyright JM Hamilton Publishing 2024

Neoliberalism's Highway to Hell

Neoliberalism's Highway to Hell 

 

The Biden administration in recent days quietly authorized the transfer of billions of dollars in bombs and fighter jets to Israel despite Washington’s concerns about an anticipated military offensive in southern Gaza that could threaten the lives of hundreds of thousands of Palestinian civilians.

 

-      U.S. signs off on more bombs, warplanes for Israel, Washington Post

 

By Gregg Wall (3-30-2024)

 

The Baltimore bridge disaster this week was just another stoplight on America’s highway to hell.  The collapsing bridge could have been an opportunity to reflect upon the U.S. economy, government, and regulatory state (what little remains of it), but within a few short hours Biden was offering up taxpayer money to paper over yet another crisis and quite possibly shower the shipping companies with corporate welfare.  Let’s see, this latest debacle comes after an aircraft monopoly, Boeing, couldn’t keep a door connected to the fuselage on an Air Alaska 737 - Max 9… and then, there’s the 2023 Norfolk Southern train derailment in Palestine, Ohio.  That and countless other disasters and near misses that occur in the United States daily.

 

The American people have been fed a line about our monopoly economy (how monopolies are good for jobs and efficient producers); but between quality and safety failures, and the tendency of monopolies to kill an economy, innovation, jobs, and opportunity, there’s very little trust in these utilities left, if any.  North Americans are being burned out, flooded, and poisoned by corporations, and the politicians the corporations own, in the name of greed and profits.  

 

Canada is in the same boat.  And in much of Europe and the UK, the same holds true.  Many of these economies have been commodified, deregulated, financialized, and globalized, with the courts, laws, and legislative bodies rigged entirely in capital’s favor.  Workers, particularly the younger generation, are being crushed on benefits, cost of living, housing, jobs, and retirement savings.  And these monopoly, neoliberal economies are characterized by astronomical sums of government & private sector debt… debt accumulated, especially in America, to fund corporate welfare, absurd DOD/MIC spending, endless for-profit wars, a tax code for billionaires & multinationals, and Wall St bailouts, et al.

 

 

 

 

The New York Times did a piece this week on the erosion of libertarianism, titled: The World’s Unpopular Leaders, by German Lopez.  In his piece, Mr. Lopez notes that POTUS Biden is deeply unpopular, but his unpopularity is exceeded by six Western heads of state (who will likely be replaced in their upcoming, respective elections).  That’s a huge turnover.  What could have made these leaders so deeply unpopular?  Mr. Lopez cites the four I’s, as the reason for tremendous dissatisfaction, or inflation, immigration, inequality, and incumbency (which is a tremendous start).  But, arguably, the four I’s are symptomatic of the four C’s:  Centrism, Corporatism, Corruption, and Consolidation.  Time and time again in Europe and N. America we’ve seen where these heads of state -- and predominately, two-party systems -- have been revealed as little more than a front for corporate rule and oligarchy.  That is to say, our elected politicians have little or no interest in serving The People… time and time again, they demonstrate nothing but contempt for the public they, allegedly, serve… but rather, serve exclusively capital and great wealth & power.  And as these leaders no longer feel any accountability or responsibility to respect the will of the people, they have basically become servants and stewards of fascism (the marriage of the corporation and the state).  The overriding ideology - neoliberalism - that links the four C’s is essentially, despotic capital rule. Further making capital’s control absolute is the consolidation & monopoly formation that has transpired over the last 43 years.  

From NY Times

 

It is this hegemonic power that drives Mr. Lopez’ four I's.  From corruption, the purchase of elections & politicians, comes the dominance of the extremist corporate and centrist neoliberal ideology (which the corporate MSM backstops and defines as the ‘center’).  With monopoly power arrives inflation (aka supply-side price gouging), and immigration (largely tolerated – despite the endless culture wars & political grandstanding - because immigration suppresses benefits & wages on behalf of capital).  Immigration makes the wealthy… well, wealthier.  Of course, it is the four C's that also drive inequality, that is monopoly’s ability, via monopsony, to dictate benefits, gov social policy, and wages.  And then there’s incumbency, the idea that duopoly’s leaders burn their political capital over time… again, diminished political fortunes are spawned by the cronyism, abject corruption, and the complete lack of accountability we see within Western political duopolies. 

 

Throughout the West citizens are waking up to the fact that the economic & political deck is entirely stacked against them.  If the public is lucky, politicians and centrist parties will offer incrementalism with some social or public policy modifications to soften neoliberalism’s and oligarchy’s brutally jagged & sharp edges.  If the public is unlucky, politicians will engage in endless cultures wars, fund genocide, and gaslight the voting public on how scary and wretched their opponent is.  Meanwhile, wage & wealth inequality -- indeed, poverty -- grows to revolution inducing proportions.  Most upsetting and entirely hypocritical, the public sees the entire economy is based upon privatized profits and socialized corporate welfare (and extraordinary debt) … while the citizenry are told to fast on endless austerity and an ever-shrinking portfolio of grossly underfunded public services.  In short, the public not only carries the monopolies and oligarchy on their back, under a low wage regime… but they also must pay for the national debt used to bailout the rich, repeatedly (not to mention, debt used to fund monstrous, for-profit wars). 

 

All this is to say, the four I’s of our collective discontent roll up to the four C’s of hegemonic domination, a failing crony neoliberal ideology and the soon to be fired politicians, who carry water for same.  The public is also learning that merely pivoting back and forth between the two corporatist and centrist political parties, ultimately, achieves little.  Hence, the trend towards greater unaffiliated voting (i.e. independents), and movement towards third party candidates & parties, or what the corporate MSM calls the extreme left and right.  How ironic, when the so-called centrists and corporatists embrace endless: austerity for the public, Wall St. bailouts, absurd sums of debt, genocide, radical neoliberalism, and wars.  

 

Who are the extremists again? 

 

Copyright JM Hamilton Publishing 2024

Neoliberalism is Dead

Neoliberalism is Dead

 

The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

 

-       Section 2A Monetary Policy Objectives

 

By Gregg Wall (3-16-2024)

 

Neoliberalism is dead, buried – like an avalanche – under the crushing weight of bank & billionaire bailouts, corruption, failed duopoly, greed, predatory monopolies, oligarchy, and endless for-profit wars.  America increasingly reduced to the status of a banana republic, its government for sale and rent to the highest bidder.  So entirely corrupt & lost, so ignominious and yet foreseeable the fall, America fails to shock… perhaps the only thing surprising is how insular & thin the bubble Dem and GOP grandees, the MSM talking heads, and their owners all dwell within.  Entirely lost in the lies, fiction, and narratives they attempt to sell the public. 

 

Perhaps there’s no better example of America’s precipitous fall than the attack upon freedom of speech, as congress, in record-time, came together in near unanimous bipartisan support for the TikTok ban this week.  You know Washington and AIPAC have entirely lost the narrative (w/ far too many facts running directly counter to the American/Israeli storyline), and have no legitimate response, when they - like a despotic regime – have begun to outlaw speech and attack online communications & networking.  The lies are stacking up so fast… put out by the Biden administration, Bibi, & the MSM… that major news organizations no longer have any credibility.  Absolutely pathetic.  Seems that the majority of America’s youth, the under 35 crowd, no longer believe the Boomer establishment, the lies and the propaganda. Gerontocracy has grown fetid, rotted, high on its own supply, and lazy. 

 

What could have turned off the younger generations?  Perhaps it’s the endless wars, the cataclysmic national debt, the massive transfer of wealth and welfare to the connected and the powerful… or simply, the endless litany of lies and unfulfilled commitments Biden promised in 2020 to get elected.  Maybe it’s the predatory monopoly economy that destroy jobs, opportunity, innovation, and continually – w/ no reason other than greed – uses it totalitarian power to dictate prices, wages, government policy, and foreign policy.  It’s all a lie.  Everything we’ve been taught. Unelected, unaccountable Boardroom & C-suite dictatorships with horrific, unimaginable powers have turned the United States into a totalitarian state (with just the fig leaf of a failed, entirely corrupt, two-party system).  In the span of my lifetime, America went from having a thriving middle class to a two-tiered society: the haves and the have nots. 

 

The younger generations, they know.  They see with their own eyes how their parents live, or their grandparents lived.  They are willing to work and put in the time, but the opportunity is simply not there.  The economy is consolidated and w/ that consolidation, a large number of well-paying jobs are eliminated.  Child poverty is rising, suicides rising, the planet burning, tent cities growing more numerous, deaths of despair on the rise, greed – masquerading as inflation – has sent the cost-of-living spiraling out of control, obscene wage & wealth inequality, artificial and contrived scarcity… entirely manufactured… so a few can profit, and the icing on the putrid cake:  catastrophic national debt forever used as an excuse for endless austerity.  

 

 

 

 

 

 

The systemic corruption, the capture of the nation by a predatory few is deeply upsetting, unsettling, and is already setting off blowback, paroxysms, and a revolution in thinking and attitudes. Sclerotic, entirely corrupt leadership tends to have that effect.  And at the epicenter of all sits the Federal Reserve.  No other nation in the brief history of humanity has been gifted with so much power and privilege, as that afforded to the Federal Reserve; and no other nation in the brief history of humanity has squandered and wasted so much power and privilege in the span of a little over three decades (in a violent orgy of corruption & greed).  Unprecedented greed and corruption in the form of for-profit wars, for-profit empire, financed colonialism, privatization schemes, tax cuts for the uber-wealthy, the massive transfer of wealth, inflated asset values for the rich, endless Wall St bailouts, the aforementioned economic consolidation into a totalitarian economy, and the buyout of the U.S. government itself… all it funded by the Federal Reserve and monetary policy.  One endless supply of socialism and welfare mainlined into the arms of oligarchy, multinationals, and the political class; and one big F.U. to the American people, seventy-eight percent of which now live one pay check away from humility or are already on the streets. 

 

Neoliberalism is dead, flatlined, braindead… kept alive, in a zombie state, by an endless infusion of what Wall St likes to call ‘liquidity’ or in more common terms, bailout money.  As I noted last November, the U.S. economy is kept alive on an endless diet of money printing and war.  Otherwise, the economy is actually shrinking, failing to grow, and it certainly isn’t taking care of the vast majority of Americans.  Not only does the economy ride on unsustainable debt and aimless wars… but crushed and suppressed labor also keeps the house of cards afloat (with low wages and lousy benefits, see for-profit healthcare).  Someone has to pay for all those extravagant CEO pay packages and it's generally labor. 

 

Every time a crisis occurs the congress is bailed out of any tough decision making or choices, and the Federal Reserve steps in with a catastrophic flood of money and debt.  Every time the economy falls down, it’s understood that no questions are to be asked, and no scrutiny from the public or our ‘democratic government’ is to occur, so increasingly the Federal Reserve and monetary policy becomes the de facto solution. 

 

But if we carefully examine the FED policy objectives … endlessly bailing out our failed libertarian economy, endlessly propping up fiscal malfeasance, and financing catastrophic debt and wars… appears nowhere in the FED’s mandate.  Four successive FED chairs have enabled gross corruption, avarice, incompetence, and the abdication of responsibility & accountability, by both congress and America’s private sector. 

 

In fact, what can be clearly argued is that the FED’s monetary policies of continuously financing catastrophic debt and fraud, endless wars, limitless bailouts, bottomless corporate welfare, and billionaire & multinational entitlements… the consolidation of the economy into monopolies… has had disastrous consequences for the FED’s true mandate, that of maximum employment (of well paying jobs) and stable prices.  Funding the creation of a monopoly economy, via easy money, where unelected, unaccountable CEOs dictate prices, wages, and government policy … along with runaway national debt… clearly, is both detrimental and destructive to labor, families, children, the American people, and the long-term viability of the nation.  

 

America needs a new FED chair with a new outlook, and renewed commitment to FED policy, instead of the myopia that surrounds the latest four FED chairs… who constantly hold up labor as an excuse for bailing out a failed economic model, Wall St., and the perpetuation of a bankrupt status quo.  In summary, it’s long past time to cut up the Democratic and Republican parties’ credit card… for endless wars, empire, wholesale fraud & corruption, a failed supply-side paradigm, genocide, limitless private sector bailouts (with credit card privileges extended to oligarchy, multinationals, and Wall St).  

 

None of that is in the FED mandate. With the Congress cut off, real conversations can begin about what to do with the national debt run up by an ultra-corrupt gerontocracy, from taxing great wealth to writing down, slowly, the national debt (in whole or part), to eliminating billionaire entitlements.  Cuts to Social Security and Medicare should not be entertained. 

 

The American people have had enough fraud. 

 

Copyright JM Hamilton Publishing 2024