Tuesday, March 19, 2013

Cyprus, Not Cyprus Hill Negro

One of the biggest news stories thus far this year was the lead for the top German, Brazilian, Japanese and Canadian Television outlets yesterday. But it wasn’t even mentioned in the coverage offered by CNN, MSNBC, ABC, NBC, or CBS via broadcast transcripts - Thank God for PBS and the News Hour. Not to mention it wasn’t even a consideration for coverage by African American political bloggers or news sites the likes of The Root, Politics 365, The Grio or any other supposedly political news site that is run by African Americans. And no it was not Obama in Israel, or even Keisha Cole and BeyoncĂ©, rather the run on banks and the EU central bank actions toward Cyprus. Yes to get a bailout from the EU central banks, banks are now allowed to take money from all bank depositors – all account holders.

Now I know many will ask, “What does that have to do with me?” A lot and I will attempt to explain, albeit I know it may be difficult for many of us African Americans because we never heard of Cyprus, care or know anything of substance of the Eurozone sovereign debt crisis, but such should be no excuse. See what happened over the weekend was that a group of EZ leaders, the IMF and newly elected President of the small tiny island nation with a GDP the size of Vermont and a population the size of Philly agreed to force all with a bank account to pay for the government’s debt. Banking will never be the same if folk can’t truth the banks and since they saw the could not trust the EZ, IMF, government or the banks they started to pull all of their loot out.

The EU central bank has decided it is ok for big banks to take money out of the accounts of private citizens to pay for the debt of the nation they live in. Yes that right, all under the guise of it being a new tax. Strange since taxes are the result of political legislation and don’t go back in time. But that is what the large global banks are doing and if they can do it there, they can do it here, especially given Obama’s lack of gonads to even prosecute and arrest bankers. Even funnier is the fact that the banks are taking citizen’s money for loans they did not ask for and which the banks knew were bad when they first made them to the government of Cyprus.

Some will naively assert that this is America and it could or would never happen here. Surprise, it already did, last year from on one of Obama’s boys – John Corzine of MF Global. What Corzine did is what we see happening in Cyprus right now – bank account seizure (tax) without due process. Thus if it can be done in Cyprus, it can and will be done in Italy, Ireland, Spain and even the US, since bankers who caused all this nonsense with the assistance of inept politicians will seek to get all their money from the governments they loaned them too to cover for the losses of the zillions of different complex papers they created that were then and still today basically worthless. But yawl don’t hear me though.

What I can say factually that the present Administration, as the last four are for the fat cat bankers and Corporations. Just from IRS statistics we know that Americans who made over $10 million in 2010 paid on average just under 24 percent of their incomes in federal income tax, less than a third what they paid in 1950. The end result of such practices is a nation in which corporate profits are setting records while typical workers continue to make less than they earned a dozen years ago.

You know there was a time in America when corporations paid taxes, no lie. Not anymore even when corporate profits have been growing per annum at a 20 percent rate. In fact, to find a year when corporations were grabbing as great a share of America’s income as they’re grabbing now, you have to go back to 1950. In the 1950s, the average corporation paid about 40 percent in annual taxes. Now, major U.S. corporations actually pay about 12 percent in taxes. Why is this a problem, well in 2011, the Institute for Policy Studies, reported that 25 major U.S. corporations paid their CEOs more than they paid in corporate income taxes.  Then we can take alook at NYC where the number of  residents receiving food stamps has  more than doubled over the past decade under Mayor Bloomberg, according to data released yesterday. Now, 1.8 million receive food stamps, a jump from 800,000 in 2002, and the Independent Budget Office data show. But 99 percent of African Americans believe their President even against fact that the economy is growing. But it is not and if I accept this premise, then for whom is it growing?

First, the cost of the federally funded food-stamp program in places like NYC had increased dramatically to $3.4 billion from $1.28 billion over the past decade. True, naysayers and other average minded individuals reinforced on reciting lessor proofs proffered my weaker minds will say look at the stock market. I in return will say, yes, look at it. But reality notes that the stock market is not a good indicator for overall wealth of Americans since the average American’s wealth, if the happen to own a home is in home equity - real estate values are still down about $5.5 trillion from their peak. So thinking about, one has to ask if the economy is doing so well and growing as Obama describes it, why then are there over 47 million people in the US living on food assistance to survive. It is clear they are not obtaining any of this wealth.

The Administration is a top down machine just like it was when Ronald Reagan started the practice. The US financial system is buttressed upon trillions of dollars of bailouts and loan that result in risky speculation that cause incessantly financial bubble after bubble. Right now, America has a record debt of $16.7 trillion. Maybe this is why as quiet as it is kept, the Obama administration has announced policy that would allow the federal government to control private citizens 401k’s.

Plainly stated, it is the cost of borrowing money itself that has bankrupted Cyprus, Ireland, Spain and Italy. As it stands, the same shackles of debt are on the hands and feet of the US government and if history is any indication from a policy purview, the people will be the ones to pay for it. But this won’t happen, Obama and Bernanke are so stuck on “quantitative easing” even when they know and data points out that it is just making money out of thin air via a few zeroes added via a computer monitor. The problem with today’s QE is that it has put money into the pockets of the big fat Wall Street bankers but not into the pockets of consumers. What we need is to obviate all public debt and let the corporations and banks keep theirs and let them deal with the problems they created as a fiat. I mean default on the public debt has worked in Iceland, Argentina, Ecuador, and Russia, among other countries.

 But this all makes too much sense and we African Americans don’t care if it hasn’t anything to do with a singer, rapper or anything on television. I know, I asked all of my classes if they were aware of what had occurred in Cyprus: one asked, “you mean Cyprus Hill?” I responded “naw Negro, Cyprus not Cyprus Hill.” Cyprus may be just the start. As of now banks are closed until Thursday. We will have to see if a run starts again and if it spreads to other European nations, if so, it could be the end of the Eurozone and the start of the demise of the US economy. Two years ago we exported 40 percent of our goods and services, this year its down to 21 percent.


12kyle said...

Good post man!

You're right. Most kids DON'T know about this. Neither does a lot of grownups

oakleyses said...

louis vuitton outlet online, michael kors outlet online, prada outlet, longchamp outlet, coach outlet, louis vuitton, jordan shoes, oakley sunglasses, polo ralph lauren outlet, oakley vault, michael kors outlet online, michael kors outlet store, ray ban sunglasses, christian louboutin shoes, kate spade handbags, coach outlet store online, tiffany and co jewelry, nike free, polo ralph lauren, michael kors outlet, louis vuitton handbags, prada handbags, nike shoes, longchamp outlet online, coach outlet, tiffany jewelry, chanel handbags, coach purses, kate spade outlet online, gucci handbags, red bottom shoes, christian louboutin outlet, true religion, michael kors outlet online, nike air max, ray ban outlet, nike air max, true religion outlet, longchamp handbags, louis vuitton outlet, christian louboutin, tory burch outlet, burberry outlet online, cheap oakley sunglasses, michael kors outlet online, burberry outlet online, louis vuitton outlet

oakleyses said...

ray ban pas cher, air max, michael kors canada, hermes pas cher, michael kors uk, air max pas cher, burberry pas cher, mulberry, nike roshe run, north face, air jordan, hollister, nike air max, sac michael kors, ray ban uk, louis vuitton uk, true religion jeans, tn pas cher, lacoste pas cher, new balance pas cher, ralph lauren pas cher, nike air force, lululemon, true religion outlet, longchamp pas cher, scarpe hogan, guess pas cher, oakley pas cher, vans pas cher, nike roshe, north face pas cher, timberland, louis vuitton pas cher, longchamp, nike free pas cher, barbour, ralph lauren, hollister, nike air max, nike blazer pas cher, sac vanessa bruno, chaussure louboutin, converse pas cher, louis vuitton, nike free, abercrombie and fitch, sac louis vuitton

oakleyses said...

instyler ionic styler, canada goose outlet, beats headphones, canada goose outlet, abercrombie and fitch, p90x workout, vans outlet, birkin bag, mac cosmetics, reebok shoes, wedding dresses, ugg outlet, soccer jerseys, soccer shoes, chi flat iron, longchamp, insanity workout, jimmy choo shoes, babyliss pro, roshe run, valentino shoes, nike huarache, nfl jerseys, north face jackets, herve leger, giuseppe zanotti, mont blanc pens, new balance outlet, north face outlet, celine handbags, canada goose outlet, hollister, rolex watches, mcm handbags, ugg soldes, ugg boots, marc jacobs outlet, uggs outlet, nike trainers, bottega veneta, canada goose, asics shoes, ugg, lululemon outlet, ferragamo shoes, ghd, uggs on sale

oakleyses said...

canada goose uk, coach outlet, hollister, swarovski jewelry, canada goose, canada goose pas cher, links of london uk, pandora charms, montre femme, karen millen, converse, moncler, moncler, moncler outlet, louis vuitton canada, uggs canada, ray ban, moncler, vans, louboutin, hollister canada, swarovski uk, timberland shoes, toms outlet, thomas sabo uk, juicy couture outlet, baseball bats, ugg, wedding dress, converse shoes, juicy couture outlet, pandora jewelry, canada goose, pandora uk, hollister clothing, supra shoes, ralph lauren, replica watches, moncler, nike air max, iphone 6 case, gucci, air max, oakley, parajumpers outlet, moncler, lancel, moncler

ninest123 said...

ninest123 16.04
nike free, polo ralph lauren outlet, tiffany and co, louis vuitton, nike air max, louis vuitton outlet, michael kors, replica watches, kate spade outlet, prada outlet, nike free, chanel handbags, louboutin, tiffany jewelry, louis vuitton outlet, oakley sunglasses, cheap oakley sunglasses, longchamp outlet, christian louboutin outlet, uggs on sale, louis vuitton, replica watches, nike outlet, louboutin outlet, ray ban sunglasses, tory burch outlet, nike roshe run, air jordan pas cher, oakley sunglasses, prada handbags, ralph lauren pas cher, sac longchamp, longchamp pas cher, ugg boots, louboutin pas cher, oakley sunglasses, ray ban sunglasses, ugg boots, burberry, ray ban sunglasses, oakley sunglasses, gucci outlet, polo ralph lauren outlet, louis vuitton, longchamp outlet, jordan shoes, louboutin shoes, nike air max, air max, longchamp

ninest123 said...

ugg boots, true religion jeans, tn pas cher, nike free run uk, ugg boots, hermes, lacoste pas cher, burberry outlet online, nike air max, abercrombie and fitch, hogan, hollister, michael kors, ralph lauren uk, true religion jeans, north face, north face, michael kors outlet, new balance pas cher, ray ban pas cher, michael kors outlet, coach outlet, oakley pas cher, michael kors, coach outlet, michael kors, true religion outlet, michael kors, lululemon, michael kors outlet, nike air max, converse pas cher, nike air max, coach purses, vanessa bruno, nike roshe, timberland, burberry, kate spade handbags, replica handbags, michael kors outlet, air force, ray ban uk, hollister pas cher, sac guess, nike blazer, true religion jeans, vans pas cher, mulberry, michael kors outlet

ninest123 said...

soccer shoes, herve leger, nike trainers, vans shoes, p90x workout, mont blanc, timberland boots, beats by dre, instyler, baseball bats, nike huarache, abercrombie and fitch, ferragamo shoes, iphone 6s plus cases, oakley, mac cosmetics, mcm handbags, hollister, bottega veneta, iphone cases, nike air max, giuseppe zanotti, s5 cases, wedding dresses, iphone 6 cases, iphone 6 plus cases, longchamp, asics running shoes, celine handbags, jimmy choo shoes, ghd, nike air max, nike roshe, lululemon, north face outlet, insanity workout, hollister, hollister, ralph lauren, north face outlet, ipad cases, iphone 6s cases, nfl jerseys, iphone 5s cases, new balance, chi flat iron, louboutin, babyliss, valentino shoes, soccer jerseys, reebok shoes, birkin bag

ninest123 said...

moncler, barbour jackets, ugg boots uk, moncler, canada goose, moncler, bottes ugg, wedding dresses, vans, canada goose uk, canada goose, converse outlet, replica watches, ray ban, pandora jewelry, moncler, thomas sabo, marc jacobs, canada goose outlet, barbour, pandora jewelry, louis vuitton, sac louis vuitton pas cher, moncler, canada goose, links of london, moncler outlet, moncler, converse, lancel, ugg,ugg australia,ugg italia, toms shoes, montre pas cher, ugg pas cher, canada goose outlet, karen millen, pandora charms, hollister, pandora charms, juicy couture outlet, canada goose, coach outlet, swarovski crystal, swarovski, gucci, louis vuitton, louis vuitton, moncler, supra shoes, ugg,uggs,uggs canada, doudoune canada goose, louis vuitton, juicy couture outlet
ninest123 16.04