Austrian central banker calls openly for "creative destruction" of business from Covid.
Submitted by zed2 on Mon, 11/15/2021 - 2:14pm
They want the so called zombie companies to go out of business and not try to hang on .
Even if we lose millions of jobs, they likely consider it to be an "efficiency gain"
FYI The so called "Austrian School"or "Geneva School" of economics is the one that our "leadership" secretly subscribes to.
Comments
Stuff we'd better start admitting
A business that cannot or will not pay its workers enough to live should not exist.
But
Capitalism has died. To survive it must constantly expand, but it has reached the limits of that. It produces far more than people need. It wastes resources and produces garbage and pollution and poverty. (a soft poverty,for "advanced" peoples, but also a moral and cultural poverty) We eat too much, buy too much, and throw away too much. There are far too many of us.
Homo Economis is about to go extinct, and that's a good thing. We can make the passing as painless as possible or we can take down the rest of life with us. For a generation or two it will be terrible. It is always quicker and easier to destroy than to build, and the consequences of all those idle people will be no fun, but no matter what we are going to have to face it.
On to Biden since 1973
well said Smedly
building on a smoldering foundation makes no sense
the debris field needs to be cleared first
It’s eating its own now
It’s now buying up houses and apartments so they can rent them out to us a costs that beggar a lot of people who are living on the edge. Plus high credit card interests and what nots. I don’t know where they will turn after screwing us out of our last dime. The poorest countries at least try to give their people a chance at life while our government refuses to. But they have given themselves everything they deny us. We keep electing the bribed even though we know they are.
There were problems with running a campaign of Joy while committing a genocide? Who could have guessed?
Harris is unburdened of speaking going forward.
Every single destroyed small business is intentional.
If they don't completely crush all ambition and free thought then democracy might grow new roots.
I have difficulty understanding
how a worker in Germany would be impacted by this. I mean, it's capitalism, so it's not incomprehensible to me, but how does it affect workers? Having a "safety net" society must cushion some of the effects. In the US we have capitalist health care, capitalist education, capitalist internet, capitalist government, capitalist opportunity, capitalist everything. Hunger, homelessness, poverty, health care, that's a job for charity.
The other thing that baffles me is how Europeans comfortable with this safety net can still get mad, go out and demonstrate and protest, and in the US we who should be marching every day just lie down and take it. I used to be able to find English versions of foreign news outlets, but I guess paywalls and "right sizing" stopped that. We have a media system designed to keep us at each others throats and not focused on corporate/government corruption, and we fight over the crumbs they let trickle down.
I guess I can't believe any capitalist system outside of the US can be as corrupt as we are. Thank you Wall Street, republicans and democrats for turning our country into a casino.
But their investments!
But their investments!
Their investments must NOT be protected, as they want the "right to even bankrupt the country to do so.
Let their sorry asses fail.
As they knew their sleazy fintech schemes would carry systemic risk, so IMHO, if the oligarchs' money is lost, THEY DESERVE IT.
On the other hand, they should be lined up and shot if they try to steal Social Security and Medicare. (as WTO rules that the crooks put in place behind all of our backs seems to suggest they intend to. )
The UK is as corrupt as we are, possibly worse.
"Hear, Hear"
YES, UK IS at least AS CORRUPT AS THE US. Or even more.
We are lucky we revolted when we did.
We did it because they are shameless pigs. Anglophile politicians and corporate banks and trade deals that gut democracy, are a blight upon the whole world. ng>, without end.
Read up on their spiders web of crooked financial services, They are being exposed by journalists like Nicholas Shaxson The UK is the corrupt nexus of theft from the poor by the rich. Half of the money in the world is stashed there. Its a nexus for large scale tax evasion. Globally.
The European safety netis
The European safety netis being dismantled since the Services Directive. Housing is particularly problematic in Germany, its worse than the US for many people. People are being pushed out of the places where there are jobs. Prison labor is being employed much more, since its so cheap. This is the future for the uneducated. Its getting harder to get the essentials of life and the social safety net is now deemed a theft from businesses of business they are entitled to . Just like here. And for the same reasons. Because of the rapid social dumping it causes The "liberaization" (privatization, and outsourcing/offshoring of services (implemented via GATS and the so called directive is incredibly unpopular, just like GATS and TISA would be if people could vote on them. But their implications are being hidden from the European people. Just like GATS has been hidden from us. Because people would stop buying useless junk, they would start saing and panic. That would hurt business.
"The objective of the services directive is to realise the full potential of services markets in Europe by removing legal and administrative barriers to trade" (Safety net programs are now framed as trade barriers, and a theft from corporations of their property). "The simplification measures introduced by the directive have increased transparency and made it easier for businesses and consumers to provide or use services in the single market. The directive was adopted (dishonestly) in 2006 and implemented by all EU countries in 2009. The European Commission is now working with EU countries to further improve the single market for services."
The infrastructure bill will bring a lot of low paid subcontractors to the US and the younger generation will be angry that they dont get these jobs. But to give them the jobs would defeat the whole purpose of this vast global restructuring, which ha been in the making since the 1990s. Its basically ahuge payoff to the firms of the less developed countries. Temping firms make huge profits on their labor. Thuis sea change is supposed to help the most unequal countries firms profit big. Its claimed to be a payback to the most unequal countries that funnels them jios as a reward fir having low wages. The infrastructure jobs that are heading their way via s LDC Services Waiver, may even repay the huge Third World Debt, which they owe to banks. Its an odious debt, money stolen by corruption. So its illegitimate. But GATS and TISA are supposed to funnel them the jobs and money to repay this huge massive illicit debt. Its like a sort of payback for helping us win over the former Soviet Union,l by endorsing our system and privatizng all these services. Shutting out Communism,the mantra goes. Amercans are expected to sacrifice their futures in order to help the cause, and boosting the numbers of billionaires and superrich in the developing countries, where very low wages are the norm, helping the owners of these huge sweat shops, and IT forms stay on top. They come in and replace entire departments in the US. Imagine these multimillion dollar firms doing all the desk jobs now done by allegedly spoiled high skill US workers. stay on top, and to lower wages. Making business profitable again. (Profit margins have fallen recently) Profit is king,
Eastern Europe has lower wages and cheap labor so they intend to draw on it to keep wages down. Look up "Boklestein Directive" Most of it is rooted in GATS. TISA does similar things, basically what is called economic integration. They are trying to create a global labor market, at lower costs. The "least Developed Countries" are being drawn into the developed countries in order to prop up the lowest wage countries with precious entry level jobs. And as we all know people in the developed countries are being framed as unwilling to work for the wages they want to pay.
The shift has been hyped as intended to be the biggest wealth transfer in history. Its supposed to benefitAfrica, South Asia. Digital commerce is the new El Dorado, with countries like India positioning themselves as the Back Office of the World. As companies shift their desk jobs to the other side of the world to cut costs.People in rich countries like Germany and the US are alleged to expect too much for the 21st century. We think its still the 1900s, when wages and laws were higher and labor unins had much mor power. Its not democracy any more, people cant vote to fix these things, politicians hands are tied in a so called "golden straightjacket" thats intended to protect investors property, by blocking laws or other measures that "expropriate" the property of the rich. Policy has become the property of the international investor class. Read up on TISA and GATS and what they do. Its a big change. Poor countries are also hoping to become new destinations for work of all kinds, especially education and healthcare which are being privatized globally. People are being pushed towards services they can afford where they can afford them, not high cost services in the rich countries. Same with housing, favelas are being cleared and the poor evicted and the land financialized and turned into condominiums. Hospitals in the poorest countries are being upgraded and thir insurance companies are signing pacts with the US ones, to lower the medicolegal stadard of care and dergulate the business of healthcare globally. A new world of contracts running everything. Commerce is a corporate right. This will make healthcare affordable, a hospital procedure that costs $200000 in the US might be available for $20,000 in India. Some countries have large numbers of "doctors" and "engineers" who are lacking the appropriate degrees. (according to the WTO's criteria) Rather than arrest them, they are bringing them into the system. They need the warm bdies to work as subcontractors in places like the US. to provide "Affordable Care" for the expat Americans and Europeans. The countries with the lowest wages are the ones with the highest yields. Thats where the services jobs are headed. To the low wage countries. The rich countries are for the rich people.