A new variant, magic coins, and libertarian collapse …

A new variant, magic coins, and libertarian collapse … 

In poorer African nations, the cascade of travel closures triggered a wave of resentment among people who believed that the continent was yet again bearing the brunt of panicked policies from Western countries, which had failed to deliver vaccines and the resources needed to administer them.

Richer countries, having already hoarded vaccines for much of 2021, were now penalizing parts of the world that they had starved of shots in the first place, scientists said.

“Told you so,” said Francois Venter, a researcher at University of the Witwatersrand in Johannesburg, referring to warnings from African researchers that delaying vaccinations there risked the emergence of new variants. “It feels like these rich countries have learned absolutely nothing in terms of support.”

 

As Omicron Variant Circles the Globe, African Nations Face Blame and Bans – NY Times

 

By Gregg Wall (11-27-2021)

Thanksgiving week 2021 started off brightly enough, filled with hope and some hints at a return to normality, but try as the media might, it just never felt right.  And then the reports hit, w/ holiday air travel in the United States back in full swing, news of a new COVID variant coming out of southern African nations.  The new, Omicron, appears - at least as of this writing, this is all still under review by scientists – more easily transferable and there are ominous warnings that Omicron, maybe, better able to evade vaccine defenses.  All of this should come as no surprise, as the global vaccine rollout was handed off to the private sector – Big Pharma – which has an inherent conflict of interest, or moral hazard, built into its business model.  To wit, crush the virus with vaccine, globally, and all those billions in taxpayer funded profits are likely to vanish overnight or certainly be crimped. 

And so here we are, the libertarian economic model, and market rule, failing humanity once again, as a new -- potentially, far more lethal -- variant is shutting down parts of the globe and threatens economic recovery.  Politicians are already reacting.  Biden, not for the first time, is calling for the release of vaccine formulas and the suspension of IP rights.  Such a move will undoubtedly be met with howls of derision & scorn by Big Pharma utilities, which have badly botched the pandemic response (largely, with taxpayer funded vaccine formulas & technology).  Politicians, particularly in the US Senate, that profit from taxpayer monies laundered through private corporations (with campaign contributions, stock buybacks and dividends) will undoubtedly kick up a fuss.  As once again, so-called moderate senators will place greed, monopolies, rigged markets, and their own personal interests ahead of the interests of humanity.  Even if humanity dodges a bullet with this new variant, what of the next? 

Lost in all the shuffle this week was a hidden piece coming out of Bloomberg… in which Mark Carney offers the following insight on the Net-Zero paradigm.  A paradigm politicians frequently love to cite as the great savior of the other planetary crisis facing humanity, Big Oil & the climate catastrophe. 

The use of carbon offsets should be a last resort to cover only a small fraction of emissions if the world is to achieve meaningful decarbonization, according to Mark Carney, the co-chair of the Global Financial Alliance for Net Zero.

If I read Mr. Carney correctly, it appears that Net-Zero, and carbon credits, will not save the planet.  Nor will this ‘market-based solution’ provide the answers for a planet under threat by atmospheric floods, drought, famine, & fire (aka the four horsemen of the apocalypse), as a direct result of fossil fuels emissions.

So much for billionaire rule, laissez faire, and the infallibility of markets…  the trifecta is literally slitting humanity’s collective throat. 

 

 

 

 

Of course, it’s about to get interesting in the Senate again… the place where all good deeds and better legislation goes to die.  Eleven months into President Biden’s term, his Build Back Better agenda is coming up for a vote… just as the debt ceiling limit is all set to rear its ugly head, yet again.  You know, the favorite tool of far-right politicians -- who shower trillions in welfare upon corporate donors, the MIC, Wall St., and their own stock portfolios -- but then turn around and use the same debt limit as a well-timed excuse to cut aid and eliminate proposals of long overdue assistance to the American people.  

Over the last couple of months there’s been much talk about magic coins that could be used to thwart the debt ceiling.  I love a good gimmick & to wonk-out as much as the next person, and even highly educated economists seem up for the coin.  Nearly everybody in the U.S. is tired of the national debt (debt accumulated bailing out Wall St, repeatedly, financing endless war, funding tax cuts for the rich and, seemingly, a bottomless welfare state for billionaires) being used as an excuse to inflict endless austerity upon the American people. 

But does the magic coin really resolve the national debt itself?  What happened to a good old-fashioned debt haircut or write down?  The nation’s inability to take on our ever-soaring national debt is just another in a long line of failures that America’s two-party system seems unable, or unwilling, to address.  With the Federal Reserve’s balance sheet swollen with Treasuries, it seems to be in a fantastic position to engage in gradual, methodical debt forgiveness.  The FED could even move the forgiven Treasuries off balance sheet and place them in a bad bank or a SPV (special purpose vehicle), so as not to take the hit.  Excess money supply contorting bond and equity markets, evaporated?  Problem solved. 

(As for inflation… almost all of it is being generated by the end result of the failed libertarian model: cartels & monopolies with too much pricing power, and a TBTF Wall Street.)

If such a course of action were followed, so much for GOP and far-right Dem arguments about the national debt (which, as long as faith in the dollar to pay tomorrow’s bills is retained, are moot)… public debt forgiveness, by the FED, eliminates nearly all arguments about the Build Back Better bill, presently before the Senate.  Last I checked, the badly abused US dollar is on a tear, as a preferred safe-haven asset. 

What such a move does not do, most unfortunately, is address the abject corruption & structural defects that plague the US economy and government.  

One step at a time. 

Copyright JM Hamilton Publishing 2021

The Third Annual Neoliberal Darwin Award…

 

The Third Annual Neoliberal Darwin Award… 

 

The “Glasgow climate pact” was adopted despite a last-minute intervention by India to water down language on “phasing out” coal to merely “phasing down”.

 

The pledges on emissions cuts made at the two-week long Cop26 summit in Glasgow fell well short of those required to limit temperatures to 1.5C, according to scientific advice. Instead, all countries have agreed to return to the negotiating table next year, at a conference in Egypt, and re-examine their national plans, with a view to increasing their ambition on cuts.

 

-      Cop26 ends in climate agreement despite India watering down coal resolution, Guardian

 

 

By Gregg Wall (11-13-21)

 

This year’s Neoliberal Darwin Award winners were easy enough to identify…  not only does this industry consistently lie about its products, contribute immensely to destroying the planet, receives billions and billions in government welfare annually, but the Oil & Gas industry plays a key role in demonstrating just how corrupt Western democracies have become.  So right up on the metaphorical podium, right beside the Oil Majors and OPEC, we would have to place highly corrupt politicians, who always find an excuse or a means to sabotage any moves to eliminate fossil fuels. 

 

Of course, I witnessed -- and breathed -- planetary destruction this summer here in Calgary, with climate fires burning up the Western United States and Canada.  At one-point British Columbia had no fewer that 300 fires burning, and entire towns were evaporated.  Farmers also took a hit, with Big Oil destroying crops and livestock, and the resulting higher food prices, due to scarcity, are showing up as workers are still dealing with an exceptionally nasty pandemic. 

 

The timing of all this matches up perfectly as COP26, finally, winds down.  And as many predicted, COP26 is a bust.  It seems that the endless finger pointing game, America’s failed political duopoly has turned into an art form, readily transfers to the global stage.  Nations that earn huge revenues from trading in oil & gas are reluctant to give up their gravy train, developing nations – dependent upon fossil fuels – do not want to make the sacrifice required for a green transition, and so-called developed nations don’t want to spend the money to save the planet.   Oil despots say they a perfectly willing to let the planet burn, as they move to extract every last barrel from the ground.  And so, the finger pointing begins, nothing is achieved, politicians can shrug – they tried, and the planet chokes and floods (burning under the weight of too much humanity and an utterly failed libertarian/neoliberal economic model). 

 

Almost everybody recognizes Big Oil & Gas as a malevolent force in the world.  America has fought endless Middle East wars, sacrificed thousands of troops… for what, so that Oil majors could lay claim to Iraqi oil fields?  So that we could continue to prop up the Royal House of Saud?  So that military industrial complex stocks could rise higher and make the day traders in Congress wealthier still?  But Big Oil & Gas – with their Wall St. buddies – took things to a new level this year, when fossil fuels supplies were deliberately cut by OPEC, the Texas Oil patch deliberately held back on production, and Wall St bid up oil commodities to make a killing and manufacture inflation.  Of course, the billionaire/corporately owned MSM did its part and promptly picked up the narrative that POTUS Biden’s progressive promises have created inflation, even though – surprise, surprise – very little of Biden’s promises have been enacted and passed into law.

 

So at a time that labor has been crushed for three to four decades, wages have stagnated, the wealthy have cleaned up from entirely rigged Western economies, governments, and stock markets… Western labor & essential workers must deal with a pandemic and soaring food & fuel prices (in large part manufactured by cartel, monopoly, monopsony, foreign supply chains, and highly corrupt Western government officials that profit from all this). 

 

Oh, the sweet irony of watching the UK’s PM Johnson chastise world leaders on the coming of pitch forks and torches, as humanity rises up, while the Tory party is mired - are you ready for it – in its very own ‘sleaze scandal.’  And speaking of corrupt politicians, Canada’s own, Mark Carney, former head of the BOC and BOE … and now with Brookfield Asset Management (bespoke purveyors of financial engineering and private equity chaos… not to mention fossil fuels and pipeline investments) … has been chairing a Net-Zero committee.  Per Bloomberg, seems that the Net-Zero committee is a complete disaster, w/ no scientists and no global government, formally, signing onto Mr. Carney’s project.  And yet, the fossil fuels industry loves it, Wall St and shadow banking loves Net-Zero, and politicians love the Net-Zero paradigm that merely enriches the 1% for trading in carbon credits.   That’s a whole lotta love for a failed, half-baked ‘markets will save us’ proposition.

 

 

 

 

 

 

 

 

Have I left anything out?  This product, this year’s award winner has it all:  It’s killing the planet; destroys crops & livestock; manipulates the economy – by manufacturing inflation; is driving mass migrations of humanity; manipulates governments and politicians so as to thwart humanity and a progressive agenda; collects billions in corporate welfare & tax cuts (while seemingly, there’s no money for green initiatives); it continues to make Wall St. & politicians fabulously wealthy; while its known and social costs are passed onto the disenfranchised suckers who actually pay taxes (such as myself). 

 

It’s as if the devil himself developed a product and turned it loose on humanity, as a direct affront to Goddess, her creation, and so as to stack heaven & hell with fresh souls. 

 

This year’s award winner clearly demonstrates the nihilism that ensues, when too much economic power is transferred into the hands of a predatory few (as Big Oil & Gas shows its complete stranglehold over democracy and the aspiration of effective and sound government). 

 

In the last twenty-four months I’ve attempted to expand my horizons by reading up on Freud and Jung.  One of many theories Freud advanced was the theory of the pleasure principle and a death drive.  While Freud is widely read to this very day and many of his theories, or modifications of same, still hold sway… his death wish principle remains among his most controversial.   

 

In the heavens, Freud should rest easy… Big Oil & Gas and failed neoliberalism are just the latest manifestation of humanity’s outward obsession with death and planetary destruction.  Ironically, the higher up the food chain some members of society climb, the more megalomaniacal & psychotic they become… the more intransigent, tyrannical, and obsessed with control & power they become, all at the expense of humanity, productive change, and the planet.

 

No wonder this same criminal class of billionaires is constantly looking to Mars and space stations to escape the hell they’ve created here on Earth. 

 

Big Oil & Gas… its management, ownership, and owned politicians … are not only this year’s Neoliberal Darwin Award recipients, but they are the death drive defined.  As for a solution, it’s obvious by now that we need to take the path to a green future out of politicians’ hands, and demand that the process be placed on autopilot, with: concrete goals and objectives, the ramping up of renewable energy, third party audits, and draconian penalties for failure achieve goals, annually. 

 

Copyright JM Hamilton Publishing 2021