Matt Taibbi is at it again, this time with “Wall Street’s Bailout Hustle.” I can’t really comment on many of his substantive claims, but there is an awful lot of smoke at this point for one to suppose that there is no fire. Note especially the point that the financial system ”assumes a certain minimal level of ethical behavior and civic instinct over and above what is spelled out by the regulations” (p. 7).
That’s the thing. We have not only replaced a manufacturing economy with a financial economy (see Kevin Phillips). We also have a financial elite is completely corrupt — with devastating consequences to the rest of the economy and the long term prospects of growth. As Taibbi notes, the system depends on a “true believer” syndrome in which people simply can’t believe they were conned. We desperately want to trust our elites — the people who come from the best schools and have close ties to the government. As Francis Fukuyama emphasizes, trust in elites and the assumption of civic mindedness are critical characteristics of individualist societies:
To this set of traits, Francis Fukuyama also adds trust as a critical virtue of individualist societies. Trust is really a way of emphasizing the importance of moral universalism as a trait of individualist societies. In collectivist, family-oriented societies, trust ends at the border of the family and kinship group. Social organization, whether in political culture or in economic enterprise, tends to be a family affair. Morality is defi ned as what is good for the group—typically the kinship group (e.g., the notorious line, “Is it good for the Jews?”). This lack of ability to develop a civil society is the fundamental problem of societies in the Middle East and Africa, where divisions into opposing religious and ultimately kinship groups define the political landscape. The movement of the West toward multiculturalism really means the end of individualist Western culture. (See here, p. 27)
We are entering an era where trust in political and cultural elites is fast becoming a thing of the past. Robert Putnam has shown that trust is lower in multi-ethnic societies. This decline in public trust will be accelerated when people really grasp the enormity of the disaster created by Wall Street and its close connections to the government. It’s really the end of a key feature of what made Western societies so successful. As Taibbi points out, there’s no change on the horizon–just a short pause for reloading.
Finally, I can’t help referring to today’s Doonesbury cartoon about the development of an ethical sense among bankers. The banker begins as a college grad who thinks “I hope to do something of value well and be fairly paid.” By middle age he is saying “I demand to be paid obscenely well for destroying value.” The cartoon illustrates the point that lack of trust in financial elites is very widespread and that they are reasonably portrayed as a predatory elite rather than an elite that helps create value.
The only problem with the cartoon is that it’s at least doubtful that the people who make it to the top in this system ever thought much about creating social value. As Edmund Connelly’s recent blog recounts, there is a very long history of vastly disproportionate Jewish involvement in financial fraud. And rather than a long history of civic responsibility, there is a long history of Jews thinking of themselves as outsiders in Western societies – a hostile elite with a strong sense of historical grievance. The long term prosperity of the society is certainly not uppermost in their minds.
This is the relevant passage from page 7 of Taibbi’s article:
Con artists have a word for the inability of their victims to accept that they’ve been scammed. They call it the “True Believer Syndrome.” That’s sort of where we are, in a state of nagging disbelief about the real problem on Wall Street. It isn’t so much that we have inadequate rules or incompetent regulators, although both of these things are certainly true. The real problem is that it doesn’t matter what regulations are in place if the people running the economy are rip-off artists. The system assumes a certain minimum level of ethical behavior and civic instinct over and above what is spelled out by the regulations. If those ethics are absent — well, this thing isn’t going to work, no matter what we do. Sure, mugging old ladies is against the law, but it’s also easy. To prevent it, we depend, for the most part, not on cops but on people making the conscious decision not to do it.
That’s why the biggest gift the bankers got in the bailout was not fiscal but psychological. “The most valuable part of the bailout,” says Rep. Sherman, “was the implicit guarantee that they’re Too Big to Fail.” Instead of liquidating and prosecuting the insolvent institutions that took us all down with them in a giant Ponzi scheme, we have showered them with money and guarantees and all sorts of other enabling gestures. And what should really freak everyone out is the fact that Wall Street immediately started skimming off its own rescue money. If the bailouts validated anew the crooked psychology of the bubble, the recent profit and bonus numbers show that the same psychology is back, thriving, and looking for new disasters to create. “It’s evidence,” says Rep. Kanjorski, “that they still don’t get it.”
More to the point, the fact that we haven’t done much of anything to change the rules and behavior of Wall Street shows that we still don’t get it. Instituting a bailout policy that stressed recapitalizing bad banks was like the addict coming back to the con man to get his lost money back. Ask yourself how well that ever works out. And then get ready for the reload.
Facing the Future as a Minority
Another aspect is the bankruptcy of economics qua science.
http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html
Diverse peoples with any semblance of traditional values–Catholics, Muslims and German NS–all detest usury and financial speculation. Could there a sociobiological explanation?
When big banks in California, Colorado and North Carolina decided to write mortage loans for illegal aliens a few years ago, it wasn’t to hard to figure out that something was very wrong. LOL.
If these big banks were writing mortage loans to illegal aliens, it didn’t take a genius to figure out that lots of equally shakey characters were getting mortages.
I visit a few financial discussions, and, I asked a few questions directly about the loan policy & the ethnic background of some of the folks in on the decisions to make mortage loans to illegal aliens. Naturally, these bank officers called me a racist in defending their decisions to loan money to illegal aliens. I asked these questions years before the financial blowup & panic.
Another bad scene is when the American president of Deutsche Bank got on CNBC a few months before the blowup, and admitted he couldn’t value American securities, and that the Federal Reserve had allowed him to use non-governmental securities as collateral for loans from the FED—a violation of the Federal Reserves Charter at the time.
I called a couple of Congresspersons of my acquaintence, they didn’t get it.
Just look at the story of Ken Lay of Bank of America. Bank of America was the centerpiece of the North Carolina financial industry – read, not Jewish New York. While there’s no doubt Lay was as crooked as the rest of them, Bank of America was forced into deals by direct government decree from Hank Paulson and the Federal Reserve; if he didn’t do the deal, he would be fired and replaced. So he did the deal, and know he is in trouble for it.
The financial press all but admits the obvious – Ken Lay (read Bank of American/North Carolina financial industry) was not in the same “club” as the “local Democratic establishment” (read, New York Jews) and were not major financial supporters of Obama (Lay gave mostly to local NC Republicans) unlike the “winners” and “survivors” – Jamie Dimon of JP Morgan Chase (Jewish) and Lloyd Blankfein of Goldman Sachs (Jewish) – who all just happened to be major supporters of Obama. Jamie Dimon is even from Chicago.
Reagan fired Paul Volcker and hired Alan Greenspan, and the Republican financial legacy became Dick “deficits don’t matter” Cheney all under the guise of “fiscal conservatism.”
The Federal Reserve is just younger than 100 years old. It’s not a force of nature, nor is it some amazing technological feat. It’s just a political economic institution. So are casinos in Vegas.
Tom Watson, the subprime mortgages given to illegal immigrants was just the overstep, the fraud had been going on for a decade or perhaps more.
When they legitimized naked short selling, and were able to marginalize businesses like Overstock dot com whose CEO tried to sue over it, they realized that people would continue to pour retirement money, etc., into the market even though they were selling stock that didn’t exist, more or less. Since the middle class only has a few tax free options, mortgages or 401ks, and since they were able to successfully bribe/bamboozle the pathetic “regulators” and since they were paying for the press like CNBC and the like, they just kept pushing it forward as long as it would go.
Madoff was a major breakdown in the scheme, but you see how much has changed since then – basically nothing.
Think of the derivatives and the “insurance” and credit swaps as a Pick Six Lottery Ticket. In the Lottery, if you get one number right, you get ten dollars. If you get two, you get 100 dollars, three, 1000 dollars, etc.
Credit Default Swaps are insurance, if someone defaults, you have to pay. If you get one digit wrong, you pay ten dollars, two digits, 100, three 1000, etc.
So when you get to ten digits – what happens? As Long Term Capital Management showed us, you get bailed out by the Federal Reserve/US Treasury, the tax payer. Privatized profit, socialized losses.
You mean Ken Lewis of BofA, not Ken Lay.
I think you mean Ken Lewis—not Ken Lay.
@ AmusedEuro
Mortage lending to illegal aliens was the trip wire. Right, the door had been opened with the scraping of Glass Steagle, and the unregulated market in derivatives & other exotic financial instruments etc.
The Credit Default Swaps were much the same as a bookie laying off the bets he can’t cover. LOL.
anon, of course you are correct, my apologies I meant Ken Lewis of Bank of America. So many crooks, I can’t hardly keep them all straight.
knocking out manufacturing also knocks out ethnic competition – the more gentile industries that are destroyed the more power they have.
the financial system “assumes a certain minimal level of ethical behavior and civic instinct over and above what is spelled out by the regulations” (p. 7).
that’s the problem with organized jewery – they always violate that assumed minimal level – in their talmudic way of thinking, they aren’t doing anything ‘wrong’.
But when they behave like that, the elite that do not are financially eclipsed and lose power… thus the quick downward spiral begins, as it has in every country they have entered.
I would not hold out hope of some ‘revolution’ around the corner – they have been able to oppress host populations for CENTURIES – Spain and Poland, for example, and they are only just beginning here.
As Francis Fukuyama emphasizes, trust in elites and the assumption of civic mindedness are critical characteristics of individualist societie
i don’t mean this facetiously – asking organized Jewery to behave in this manner is asking them to no longer be “jewish” – ain’t going a happen.
so like an economist assuming an economic model or trying to forecast the future.. we have to assume they will NOT change..
As Edmund Connelly’s recent blog recounts, there is a very long history of vastly disproportionate Jewish involvement in financial fraud. And rather than a long history of civic responsibility, there is a long history of Jews thinking of themselves as outsiders in Western societies – a hostile elite with a strong sense of historical grievance. The long term prosperity of the society is certainly not uppermost in their minds.
I would agree that the Jewish involvement is way disproportionate because a) Jews are disproportionately represented amongst the financial elites generally and especially so at the very top and b) they have a milleniums-old culture of usury and seeing themselves as exploitative outsiders. But I must confess to being mystified when an alleged “long history of civic responsibility” among white American financial elites is mentioned, even when they were in better control of the casino/floating crap game called Wall Street. Weren’t they more or less still in control in 1929? If so, whose fault was that? And how were the Robber Barons such shining exemplars of civic responsibility? It would be useful to recognize different stages of development of the financial system, which is just the economic side of the global technological system. Factoring that in, it’s only to be expected that different types of problems will be characteristic of different eras. During the age of Robber Barons — a list without a lot of recognizably Jewish names, as far as I can see — they had a whole continent to plunder, and so it stands to reason that their exploits would be more connected to accomplishments like building railroads and developing resources. Yes, it’s true that these were concrete things of value to the population generally and, for the most part they didn’t make their piles of money from usury or financial gimmicks like credit default swaps, but these guys weren’t angels. They didn’t exactly do what they did out of a sense of civic responsibility, and they didn’t have any particular concern for their race. If they had, perhaps the Jews wouldn’t have been let in in the first place.
And how were the Robber Barons such shining exemplars of civic responsibility?
JP Morgan as NOT a robber baron and detested them.
@ Adam
Just about all of the popular literature concerning the “Robber Barons” was written by Jews, and or Marxists.
What’s the historical fact that robber barons existed got to do with the mess we’re in today?
It is so common to see Jew defenders do this: try to deflect attention from Jewish malfeasance by pointing to someone else’s malfeasance. Very much the same tactic as naughty children use, hoping that if they can distract the grownup by saying, “so-and-so was doing it, too-oo-oo-oo” they can avoid their own punishment.
The late great John “Birdman” Bryant, God rest his soul, died a couple of years ago, but before he did he penned, what I consider, his most important essay, I offer this to you as an aid to further understanding what Dr MacDonald mentioned earlier, referencing Putnam.
Distinguished readers of TOO Blog I offer a jewel:
Exploitation Versus Trust: The Difference in the Jewish and Gentile Worldviews
Thank his widow for maintaining his most informative website.
Taibbi’s “substantive claims” are the only things of interest in his work, along with his vituperative style. Judging from his books and articles, he’s a typical Liberal elitist, sneering at “birthers” and “truthers” and other non-Nation approved groups.
He’s simply discovered that the Left hate the financial elite too, so he can attack them without losing his Nation-cred.
That said, it is PRECISELY the Jewish element that he obfuscates. His “con man” metaphor, as I illustrate at my blog,
http://jamesjomeara.blogspot.com/2010/02/another-blast-from-matt-talmudi-matt.html
allows him to confine his illustrations ENTIRELY to White people like Charles Ponzi, and fictional characters played by actors like Paul Newman, Robert Redford, Ray Liotta and Joe Pesci.
[Yes, I know Newman was Jewish, but he plays White]
As for his “True Believer” syndrome, again this is just a lame attempt to obfuscate the real technique: the Masonic “Revelation of the Method”:
http://jamesjomeara.blogspot.com/2010/02/revelation-of-method-this-essay.html
“Adam” in a 2007 thread at Age of Treason said (http://age-of-treason.blogspot.com/2007/12/auster-and-anti-anti-semitism.html):
“Funny you mentioned J.B. Salsberg; he was my cousin, and indeed, he was Stalin’s bootlicking tool for over three decades.”
Looks like the apple doesn’t fall far from the tree.
regarding meritocracy, here is something I found from Henry CK Liu. It discusses meritocracy and loyalty and the imperial examination system:
http://mailman.lbo-talk.org/1998/1998-November/010980.html
Confucianism is meritocratic. The imperial examinations and the process of studying for them are presumably g-loaded. However, the exams are not a test of pure-g since a highly intelligent person cannot take it. They must first understand Confucianist doctrine which stresses loyalty because power is tied to virtue.
I supposed intelligence, power, and virtue are decoupled in the American meritocracy which is why it failed.
me says:
And how were the Robber Barons such shining exemplars of civic responsibility?
JP Morgan as NOT a robber baron and detested them.
Yeah, he was just oozing with civic responsibility.
From wiki:
“Whenever possible, go outside the expertise of the enemy. Look for ways to increase insecurity, anxiety and uncertainty. (This happens all the time. Watch how many organizations under attack are blind-sided by seemingly irrelevant arguments that they are then forced to address.)”
Saul Alinsky (Communist Jew organizer)
The crypto-Jew, Adam, attempts to make excuses for his Semitic brethren. “Werent the WASPS in their day just as bad as the Jews?” he asks. Lets review the past few decades, keeping in mind that Jews are less than 3% of the population, to make a comparison. At the root of the greatest scandal of the 1980s was the Jew Ivan Boesky and his Semitic cronies. But this was dwarfed by the Jew Michael Milken with his Semitic crew and their junk bonds, helping to ignite the Savings&Load debacle. In the 1990s, the record was broken again by the Jewish theft of Russia’s assets. Naturally, Jews were in the thick of the Enron scandal. And of course, the record was broken again recently with the Jew, Bernie Madoff, running a Jewish empire of fraud. Now, we have Goldman Sachs, 80% Jewish leadership leading an even bigger ripoff. Lo and behold, almost ALL of the worst parasites are Jewish! Thats an over-representation of over 25X, quite an amazing feat for such a tiny minority, which has held the world records for financial thievery for decades.
Unfortunately, Adam, WASPs were on the whole honest, patriotic churchgoing people who actually cared about their nation, with relatively few exceptions. They were not outsiders forming an ethnic mafia, seeking to steal what they may while the getting is good. The scandals of the 1920s tended to be small, unconnected affairs, and the 1929 crash was brought on by speculation, not planned fraud and crass dealing. But it shouldnt be a surprise, as thieving from the goy is an ancient custom among Jewry, working as a team and protecting their own. As the Talmud says, “When a Jew murders a Gentile, there will be no death penalty. What a Jew steals from a Gentile he may keep.”
J.P. Morgan was something much worse than a Robber Baron. He was a banker.
The boasts that China is the next rising economy ignore the fact of the resourcefulness, the work ethics, the ingenuity and the resilience of the American people. Our economy is different than China’s and much greater. China’s economy could not withstand the assaults upon it that Jews have dealt to ours. We are now watching the once great Japanese economy slip and founder.
The “its too big to fail” claims can be directed at the American economy given the problems they’re having with destroying us completely. The only real problem we have is The Jews. Its not too late for us and we can save ourselves and we can save America.
We freely discuss these issues here and its hard to grasp sometimes the extent to which Jews act as a lethal cancer upon us. The true believer syndrome effects us in ways other than just financial.
There is a long list of people who have been locked away for the crime of “denying history”. Imagine being a brilliant person capable of writing a factual book regarding the history of Nazi Germany and you wake up one day and are dragged from your home and family and whisked off to a foreign country and jailed. Yet most Americans cheer the singing of the National Anthem and still imagine we are free and brave.
The A3P should go after this government for refusing to put a stop to these arrests and persecutions of free people.
How can we claim that Islamic jihads against people such as Salmon Rushdie are terrible things but its ok to lock someone away for denying history? Lets talk about comparisons between Nazis and Zionists and Islamic terrorism vs Jew terrorism.
The bottom line is we never consented to live in a world of Jews, by Jews or for Jews. Yet the culture of fear of Jews is real and we have to destroy that culture and with any luck this time it will be world wide and permanent.
I’ve been told, by someone familiar with them, that the Morgan family claimed they were descended from Morgan the pirate. LOL.
I would consider Morgan one of the Robber Barons, only in that working with incomplete information available in that era, he made very selfish choices concerning the public good. If the public good ever crossed his mind?
The same goes for all the gentiles caught up in today’s financial scandals!
The gentile Robber Baron of today is much better educated, and has more complete information & tecnology than the 19th Century Robber Barons could ever dream of having.
My first reaction is to say that the robber barons or any other part of American history or any activity by Americans is none of Jews’ business. We can manage our own nations and lives without the unwelcome meddling or presence of Jews.
However some people claim that the robber barons had connections to the Rothschilds and that every evil committed in our financial institutions have such connections. I do not know what is fact and what is fiction but the Rothschilds have certainly had enough wealth and power and influence that would naturally result in mythic tales about them. They were jealous of the Czar’s wealth and so the Czar didn’t last long and neither did Christianity in Russia.
There was a big difference between Morgan and Henry Ford and I don’t have to say what that difference was.
The Rothschilds forced a central bank upon America in spite of the efforts of people from Andrew Jackson to Abe Lincoln to prevent it. They are relentless and today the jews are reaping the profits, big time. People loyal to America paid a political price from Lincoln to Jimmy Carter.
The Rothschilds control London with their banks and they control America as well. The first order of business is to get rid of the Federal Reserve, prosecute every jew who ever ran it and make campaigns free of money. We actually need to prosecute Jews because their activity is criminal and they should pay under rule of law. We must make them pay for destroying our rule of law!
We need to outlaw Jew financial practices such as usury, derivatives, speculation and all of that.
Basically get rid of Jews. But first they should pay reparations. Reparations to those who have been terrorized, imprisoned or otherwise persecuted by them. Reparations to Palestinians. Reparations to Americans. Reparations to pay to re-establish other races from America and the rest of the West. We’ll get our money back and use the law to do it.
Al Gore’s daughter is married to a descendant of the man who was sent to America by the Rothschilds to establish a central bank. An example of how Jews marry and mix with the ruling families in their victim countries.
The big difference today is a prudent estimate that half of the financial theives are Jews. LOL. That doesn’t excuse the gentile financial criminal saying—the Jew made me do it.
By the same token the historical international Jew, and that international/global mindset are popular today with the gentile elite.
You know, the term “Robber Baron” was coined by a (probably) Jewish Marxist Matthew Josephson in a book of the same name. Revisionist evaluations of their practices have shown that, for all their faults, they really weren’t that bad. This reminds me of Kmac’s article on Henry Ford “Defaming America’s Past.”
“The big difference today is a prudent estimate that half of the financial theives are Jews. LOL. That doesn’t excuse the gentile financial criminal saying—the Jew made me do it.”
Nobody says it does.
But Gentile malfeasance doesn’t excuse Jews, either, as Adam, et al., would like to fluster us into assuming.
Prosecute ‘em all, but the Jews’ penalties ought to be different — because they are not us, as they constantly remind everyone.
This years Bankster profits were a gift from the state in two key ways:
1.) First and most important, they have been able to lend at 0 and reinvest in US Govt treasuries of slightly greater maturity that offer a higher yield. If they want to be a bit more adventurous, there are many other higher yielding assets they were able to invest in. Leverage this up 10 or 20 to one and that is real money being made. THE BOTTOM LINE: When u can borrow money at 0% it is NOT HARD to make money. In fact, its FREE MONEY!
2.) The destruction of some of the major market-making firms combined with the uncertainty widened spreads in many key financial products. With less competition those firms that were either bailed out or survived on their own were in a wonderful position to clean up. Would this have been possible for many/most of these firms without daddy government’s helping hand??
By the way the “robber barons” cannot be thought of as one uniform group. Some were all bad but others are rightly considered business heros.
The great Industrialists were no angels, however the industries that they organized and built paid dividends (to all Americans in terms of higher standards of living) For the next 100+ years. How long will the fortunes created by today’s financial slick willies pay dividends to the American People? Oh yea, I forgot: They never contributed anything, and in fact they have left us will a shattered shell economy, one bubble after the next, and an enormous and growing debt. That is a difference that cannot be ignored.
The solutions to the financial sector is fundamental and usually not mentioned/ignored. The changes are simple yet difficult to move towards.
1. Those with Christian values need to retake control. Christian commerce focuses on creating value for society, and letting profits be an outcome of performing this task. Immoral snakes seek quick profits by “gaming” society. They can never be controlled by regulation, because their entire mentality is based on gaming rules and exploitation.
2. A structural change: Eliminate the entire edifice of fractional reserve banking and return to 100% commodity backed currency. Nothing would do more to deflate the bloated financial sector than this. Fractional reserve banking is the reason most everyone has to go way in the hock to buy a home. It forces individuals to bid against each other with “funny money” to make any major purchase. It is responsible for the great waves of credit expansion (inflationary lending) and and contraction (deflationary collapse of the funny money loans). When banks make loans they “Poof” create assets for themselves, and create corresponding liabilities for the rest of society. (Wouldn’t it be nice if we could all make capital out of thin air??) I have come to realize it is nothing more than a tool for exploitation. It is the one business practice that more than anything else has corrupted the market economy. We are nowhere near banning this practice as it is such an integral part of our system. However, I highly recommend that anyone here interested in what we should be moving towards should read up on it.
Correction: In that last post I meant to say:
“First and most important, they have been able to -BORROW- at 0 and reinvest in US Govt treasuries”
I wish John “Birdman” Bryant would refrain from using the slur “gentiles”. That’s a Jew word we should avoid, much like “racism” or “racist”. Calling me a gentile sounds very foreign and Jewy to me.
I can’t stand this “gentile” word!
“Gentile – This is a claim to supremacy over white Euro-Americans by claiming the right to name and label them; an expression of contempt akin to shiksa and goyim; and an attempt to smother white American diversity and nationality. It embraces the Manichean worldview that there are only two kinds of people: gentiles and non-gentiles.”
http://www.resistingdefamation.org/
I agree that trust is declining, but right now multiracial capitalism is still a part of our everyday religion.
It’s built entirely on trust.
On our consent.
And it’s everywhere…like the air we breathe.
The problem is most people are totally incapable of conceiving of any other way of living.
So they put their (blind) trust in the system.
As long as they have food in their bellies, don’t expect much from ordinary people.
LOL. @ Anne
The word gentile has been around for a long time in the English language. It is the root word of gentleman i.e. “gentile man”. Or genteel, as in gentile. etc.
No one will ever accuse a Jew ob being a “gentile man”. :))
“of” being…I’m starting to sound like the Kingfish. LOL.
What has been ignored in these posts and which is relevant to Dr. MacDonald’s essay is the demand of the Wall Street crowd that U.S. businesses outsource their manufacturing and now even research to countries with vast pools of cheap surplus labor in order to bring more to the bottom line. The companies that outsource are rewarded by the stock market (i.e. the money runners: mutual, hedge fund and pension fund managers and those that blindly follow them) with higher stock prices. There is no thought given to the consequences for the American workers who are displaced and for the communities where they live and for the well being of the nation as a whole. The accumulation of wealth, power and influence for themselves and their tribe is all that matters.
That was not always the case. The Anglo-Saxon elites of yesteryear knew instinctively that protecting their industrial prowess was key to national prosperity and progress as well as their own. Today, the selfish interests of minority financial elites has been responsible for dismantling the great industrial engine that was the USA.
TGD says:
That was not always the case. The Anglo-Saxon elites of yesteryear knew instinctively that protecting their industrial prowess was key to national prosperity and progress as well as their own. Today, the selfish interests of minority financial elites has been responsible for dismantling the great industrial engine that was the USA.
This ignores the development of mass transportation techniques in the 20th century without which factories could not have been moved overseas, and also mass communication techniques such as the internet, which allow jobs to be outsourced on a global basis. If this technical infrastructure had existed in prior eras, we can be sure it would have been used.
Reducing history to only a war of racial interests does it violence. Believe it or not, there are other factors involved too.
“This ignores the development of mass transportation techniques in the 20th century without which factories could not have been moved overseas’
Railroads and ocean going ships have been around a very long time.
Massive offshoring of America’s manufacturing base only started becoming a phenomenon in the last 2 decades of the 20th century.
No. It wasn’t mass transportation that drove offshoring. It was a hostile elite who viewed their own interests and continuance as being best served and secured by gutting the White middle class. The offshoring was enabled by tax law changes which removed import tariffs and allowed multinational corporations to have all the rights of truly American corporations. Who got the tax changes passed? Neocons.
TGD said, “That was not always the case. The Anglo-Saxon elites of yesteryear knew instinctively that protecting their industrial prowess was key to the national prosperity and progress as well as their own. Today the selfish interests of minority financial elites has been responsible for dismantling the great industrial engine that was the USA.”
For example; Before the Great Fire of London 1666, until Canada became a Commonwealth, Norway supplied lumber resources to built and rebuild London.
During the 18th century the Anglo-Saxon elites purposely developed the Commonwealth and actually boycotted timber from it’s old trading partner, Norway, (a normal self interest), and this is but one reason for the large diaspora from Norway to N.America,(read here economic depression in Norway). As an aside, it was so detrimental to the Norwegian Merchant Marine that the ships would sail from Norway with a converted lumber schooner for passengers to America and when arrival in N. America, the ships captains would load their vessels with the Canadian timber for England.
Let me repeat & clarify this: By the same token the historical international Jew, and their international/global mindset are popular today with the gentile elite.
Steamships and trains have been around for a long time now. Tom Freidman is a Jew—even though his first name is Tom. LOL.
Regarding Andrew’s comment of Feb. 28, 11:06 PM: for additional documentation see blogger Zsidozas’ series, “Hebrewnomics,” here:
http://zsidozas.wordpress.com/
(when you get to the bottom of the page, click where it says “Older posts” to continue reading back to the October 28th start of the series).
B says:
Massive offshoring of America’s manufacturing base only started becoming a phenomenon in the last 2 decades of the 20th century.
I try to simplify the picture as much as possible, but I can’t make it foolproof. Nothing is proof against as determined a fool as B.
So let’s also observe that other factors, too, have played a part. The first half of the 20th century saw two World Wars and a massive worldwide economic Depression, and so although it might have been technically possible, in a few cases, to relocate an American factory overseas, with those things going on it apparently wouldn’t have been cost effective. If it had been, then of course it would have been done. Another factor is pre-existing distribution networks. The interstate highway system in America was only begun in 1956, and completion did not occur until 1996. Such a system is important to facilitate distribution of product arriving at port cities from factories located overseas. Still another factor is a certain level of modernization and urbanization having been reached in the overseas countries to which the factories will be relocated. Port facilities, communications, and transportation networks have come up to certain standards in order to support the smooth operation of a factory, the government must be stable, and the available workforce must be plentiful, comparatively well-educated or at least trainable, and cheap. China and much of Southeast Asia was in turmoil from roughly 1945-1975, when the Vietnam War ended, and the Cultural Revolution in China was winding down, and the situation required a few years to stabilize.
Taking these factors into account explains why offshoring took as long as it did.
The offshoring was enabled by tax law changes which removed import tariffs and allowed multinational corporations to have all the rights of truly American corporations.
Low tariffs as US policy date from 1913, the year the Income Tax Amendment was ratified. Thereafter, tariffs as a source of federal revenue became comparatively unimportant. In any case, attempts to restore them via the Smoot-Hawley Tariff Act of 1930 proved disastrous. Another go-round of protectionist measures in the 1970s were attempted to protect the US automobile industry, but failed.
Who got the tax changes passed? Neocons.
Interestingly, it turns out that more Jewish senators voted against NAFTA than voted for it. For: Lieberman, Specter Against: Cohen, Feinstein, Kohl, Feingold, Boxer, Lautenberg, Levin, Metzenbaum.
“The interstate highway system in America was only begun in 1956, and completion did not occur until 1996.”
Well, if you’re simply going to tell lies, then debating you is pointless.
Any map from the early 70s looks substantially the same as today wrt the interstate highway system. “Completion” as you call it merely involved details here and there regarding interchanges / small areas through canyons, etc.
An interstate highway system is NOT important for offshoring. An interstate highway system is important for internal distribution of goods — whether produced in Detroit or offloaded from a ship in the LA port.
B says:
“The interstate highway system in America was only begun in 1956, and completion did not occur until 1996.”
Well, if you’re simply going to tell lies, then debating you is pointless.
You’ve been a fountain of lies yourself, B. But then, most members of my fan club are liars. By the way, thanks for joining up!
Any map from the early 70s looks substantially the same as today wrt the interstate highway system. “Completion” as you call it merely involved details here and there regarding interchanges / small areas through canyons, etc.
It’s true I was off by 4 years on the completion date, but even the 70s is close enough to prove my point. The other things I described needed to fall into place and weren’t ready yet anyway.
From wiki:
An interstate highway system is NOT important for offshoring. An interstate highway system is important for internal distribution of goods — whether produced in Detroit or offloaded from a ship in the LA port.
If you can’t efficiently distribute the goods from factories located offshore, then you obviously can’t locate them offshore, can you? The larger markets that improved distribution networks open up enables offshoring because it reduces the relative costs of locating the factory offshore.
Railroads are just as efficient (actually more so) as over-the-road trucking for moving goods on a continent-wide scale. Offshoring would have been profitable at any point in the 20th century, including the 50s when American manufacturing was the envy of the world, when “made in America” meant quality and American assembly workers enjoyed the highest standard of living in the world.
In fact, offshoring to Taiwan did happen. And Americans at the time rightfully sneered at the junk. Made in Taiwan was a punchline. Americans at the time also demonstrated a sense of loyalty to their fellow Americans. The meme put out by the elite, which was not hostile to middle-class Americans, was to buy American.
“Thereafter, tariffs as a source of federal revenue became comparatively unimportant.”
I’m not talking about whether tariffs are the major source of federal funding.
I’m talking about tariffs’ use as a stick to persuade amoral, nominally American corporations — who came into being employing the ingenuity of American born and educated engineers and whose startup profits were made for them by American factory workers — who would prefer to be multinational with no particular concerns about or loyalty to the America which birthed it, except in regards to access to American markets, to behave as if America’s citizens are worthy of decent lives.
” In any case, attempts to restore them via the Smoot-Hawley Tariff Act of 1930 proved disastrous.”
The idea that Smoot-Hawley caused the Great Depression is now an acknowledge myth. Ben Shalom Bernanke admitted the Great Depression was caused by the Federal Reserve (first through massive expansion of the money supply causing the Roaring 20s and the stock market bubble, and then sudden severe restriction of the money supply causing speculators to be unable to borrow to meet margin calls during the crash.)
“Another go-round of protectionist measures in the 1970s were attempted to protect the US automobile industry, but failed.”
The 1973 OPEC oil embargo, in response the the Americans’ resupplying the Israeli miltary during Yom Kippur war, caused gas lines and gas prices to jump, which forced Americans into needing very small, therefore gas-sipping, subcompacts which Detroit was not making at the time.
Also, Americans at the time discovered that the quality of Japanese cars, having recently greatly improved, was superior to what Detroit was making at that time.
The same argument for better quality cannot be said today regarding China with its junk toasters which last a month, lead-paint tainted toys, and ostensible surge protectors which, because they are improperly wired, cause fires. Today you virtually cannot FIND in American stores, any small appliances NOT made in China. And it’s all junk. Dangerous, short-lived junk.
Irony: Slavery in the agriculture industry in America ended with the Civil War. So today’s neo-slaver hostile elite uses what amounts to slave labor in China for manufacturing.
Fan club?
You are delusional.
Disgust club, maybe.
China got most-favored nation status in the 90s, and Bush admin’s neocons got it made permanent in 2000,
But as I said, offshoring opportunites could have been fully exploitable in the 50s. Taiwan, for example. But it didn’t happen on a nation-wrecking scale as Chinese offshoring has done now, because the elites encouraged Americans to buy American and lawmakers held the stick to “encourage” amoral American corps to behave themselves, tariffs as one tool.
Saying the interstate highway system got finished in the 1990s, when it was essentially finished, but for a few details that didn’t make a hill of beans’ difference overall, by the late ’60, and calling a 2 decade difference “close enough” is just a joke. It’s dissembling. It’s misleading. It’s a lie.
You’ve been caught in a plain lie, Adam, which makes everything else you’ve posted, suspect.
I am an artist and a big supporter of your work and book. It
absolutely infuriates me the way some liberal feminized students and
faculty try to yell over you when you try to talk to a class. I wish I
was in that class to stick up for your points of view. Is there
anything I can do to help? I have a degree in graphic design from
UMASS, and an art site and I wrote a blog that started talking about
this issue on ziomax.com I saw hypocrisy all over my college too.
I took most articles down if fear of obama new hate laws. I could use
a mentor like you in my life. I fear there is just no one else around.
Sincerely
Max
@ B
I ordinarily don’t like to waste time arguing with idiots, B, but in your case I’ll make an exception.
First, this highway thing. B, B, B. You’re trying to have it both ways. First you say having a good highway system is unimportant, and then you expostulate at great length on my supposed “lie” about its completion date. If you think it’s not important, then the completion date isn’t really relevant, is it?
Second, you’re actually quite wrong about that. Having a good distribution network via interstate highways is an important factor in enabling offshoring to the Orient, which you yourself admit began as soon as it was actually possible, when “junk” started arriving from Taiwan. One might also add Japan to that, as their quality was quite uneven when they first started exporting to us, too. But that’s to be expected. Techniques refine themselves over time; glitches are worked out, and quality improves. This is actually a characteristic of the entire global technological system itself. In the early stages of its expansion, it was important that a factory be located close to sources of supply and close to markets. But now, as a general principle governing the expansion of the global technological system, we can observe that progressive improvements in mass transportation and distribution techniques have made it increasingly irrelevant where the factory is located.
Third, you stupidly reiterate that “Offshoring would have been profitable at any point in the 20th century…” when I have already explained to you that, among other things, two World Wars and the Great Depression prevented any such action in the first part of that century. As for the period 1950 to 1975, unstable conditions in China and Southeast Asia prevented it. There was simply no place to offshore anything to. Wasn’t I clear about that? Why can’t you understand that simple point?
I’ll stop now to allow my fan club — especially its newest member, B — to lovingly dissect my every word, misconstrue and mangle all my arguments, call me a Jew, a liar, etc. :-)
“If you think it’s not important, then the completion date isn’t really relevant, is it”
Only in the sense that people who will dissemble in small matters will dissemble when it counts.
No, the highway system is NOT a necessary prerequisite for offshoring. Railroads are a BETTER distribution means for transporting goods long distances. (More energy-efficient, requiring fewer employees per pound of goods moved, and less traffic to hold things up.)
The interstate highway system was built for National Security, such that the Army could drive its soldiers to any place in America, quickly, along with all its jeeps, etc. It also enabled White flight, so delayed the race war.
As far as the world wars as a preventer of offshoring, hooey. We weren’t at war with Mexico. By 1940s Mexico’s revolution was over. Railroads could certainly move goods from Mexico to U.S, had a hostile elite decided to move manufacturing to Mexico in the 50s. Nope. Maquiladoras had to wait for a hostile elite to wrest power.
China isn’t particularly stable, today.
Remember Tiananmen Square? That was a very great issue in the 1990s when the debate was going on to give China most favored nation status. But since the hostile elites had pretty much consolidated their power at that point, MFN status went through anyway, and the offshoring commenced in earnest.
“Techniques refine themselves over time; glitches are worked out,”
Thank you for providing me another point how the elites who promote offshoring are hostile. Good, effective manufacturing techniques have long since been worked out in America, and we Americans shouldn’t HAVE to put up with poor quality. The glitches shouldn’t happen. And wouldn’t if stuff were still built by loyal Americans working for loyal American companies for Americans, as it ought to be.
You got 2 things to worry about, Adam.
1. Ethnocentricity lurks in the hearts of all humans. For Whites to have suppressed theirs is an unnatural state of affairs, and, as do all natural inclinations, will soon revert to normal. And the Jews will be sent packing, yet again.
2. Peak oil will very soon make a laughingstock of globalization. It’s all predicated on cheap oil, immediately available. When, not if, oil is $300 a barrel, diesel-powered ships bringing lousy toasters and toys from China will be exposed for the ludicrous idea it is.
“If you think it’s not important, then the completion date isn’t really relevant, is it”
Only in the sense that people who will dissemble in small matters will dissemble when it counts.
No, the highway system is NOT a necessary prerequisite for offshoring. Railroads are a BETTER distribution means for transporting goods long distances. (More energy-efficient, requiring fewer employees per pound of goods moved, and less traffic to hold things up.)
The interstate highway system was built for National Security, such that the Army could drive its soldiers to any place in America, quickly, along with all its jeeps, etc. It also enabled White flight, so delayed the race war.
As far as the world wars as a preventer of offshoring, hooey. We weren’t at war with Mexico. By 1940s Mexico’s revolution was over. Railroads could certainly move goods from Mexico to U.S, had a hostile elite decided to move manufacturing to Mexico in the 50s. Nope. Maquiladoras had to wait for a hostile elite to wrest power.
China isn’t particularly stable, today.
Remember Tiananmen Square? That was a very great issue in the 1990s when the debate was going on to give China most favored nation status. But since the hostile elites had pretty much consolidated their power at that point, MFN status went through anyway, and the offshoring commenced in earnest.
“Techniques refine themselves over time; glitches are worked out,”
Thank you for providing me another point how the elites who promote offshoring are hostile. Good, effective manufacturing techniques have long since been worked out in America, and we Americans shouldn’t HAVE to put up with poor quality. The glitches shouldn’t happen. And wouldn’t if stuff were still built by loyal Americans working for loyal American companies for Americans, as it ought to be.
You got 2 things to worry about, Adam.
1. Ethnocentricity lurks in the hearts of all humans. For Whites to have suppressed theirs is an unnatural state of affairs, and, as do all natural inclinations, will soon revert to normal. And the Jews will be sent packing, yet again.
2. Peak oil will very soon make a laughingstock of globalization. It’s all predicated on cheap oil, immediately available. When, not if, oil is $300 a barrel, diesel-powered ships bringing lousy toasters and toys from China will be exposed for the ludicrous idea it is.
Jews sure like to get discussions off track. For obvious reasons.
Prometheus says:
I agree with Prometheus. The winners survived not through any “free market” anything, but because they had the power of the state behind them – Treasury, Congress, and the Federal Reserve. JP Morgan Chase and Goldman Sachs are the winners because they successfully manipulated the Treasury, Congress, and the Federal Reserve into destroying their competition and giving them favored status.
Braying about “capitalism” and “free markets” in this situation is absurd. Trying to pin the blame on Democrats or Republicans or some ideology is just as absurd.
This is an oligarchy and to win you need to figure out how to displace them.
The Federal Reserve poses as technocrats, but they are political. A banker is not fundamentally a mathematician, he’s a politician, who uses fancy math to mystify political control of property rights and community economic relationships. Bankers have the power to create money “out of thin air” [their words] to buy real assets, and that is a political arrangement, not an economic force of nature.
Going back to the economic arrangement of the past, like a gold monetary standard and the like, is probably not optimal. But there are many alternative arrangement we can make that work within natural laws of economics/finite resources.
JP Morgan Chase and Goldman Sachs really have only three things going for them: a bunch of paper with various print, the ability to call the state to confiscate property, and a direct relationship with the monetary powers at the Federal Reserve and the US Treasury.
This is a political issue, not an economic issue.
There is a side to China MFN that very few people get—China MFN is also an investment treaty. In other words American money that could have, and should have been invested in the United States in plant & equipment was instead invested in China!
China got the plant & equipment paid for by American corporations & banks.
“civic instinct” Code for Nationalism…a polity composed of genetically closely related people.