[Peace-discuss] [Peace] Excellent letter to the NG, by David Green

[David Green]

Mort, you should have majored in physics.

On Wed, Jun 10, 2020, 2:20 PM Brussel, Morton K via Peace <
peace at lists.chambana.net> wrote:

> It is good that David keeps writing, but just how many people will
> understand his sentence:
>
>  But that $.45 trillion can/will be debt-leveraged by 10 times, meaning
> that $4.5 trillion dollars has been/will be printed for corporations and
> banks.
>
> I didn’t.
>
> — Mort
>
>
> On Jun 10, 2020, at 8:00 AM, Karen Aram via Peace <
> peace at lists.chambana.net> wrote:
>
>
> Market reflects wealth inequity
>
> Local wealth manager Paul Ruedi (May 24) asks: “So why isn’t the stock
> market much lower? Is there a disconnect between economic realities and
> stock market performance? Economist Dr. Fred Giertz has said the stock
> market is a leading indicator for the overall economy, and is not
> interested in what has happened, but only what is going to happen.”
>
> Nevertheless, the stock market has already responded to what has indeed
> happened. I refer to the CARES Act, by which $1.5 trillion was given to
> households, small businesses, state/local governments and public health,
> with $.45 trillion to “big corporations.” But that $.45 trillion can/will
> be debt-leveraged by 10 times, meaning that $4.5 trillion dollars has
> been/will be printed for corporations and banks.
>
> This ensured that their coffers would be artificially inflated regardless
> of profit during the pandemic and regardless of small business failures,
> family immiseration and death.
>
> Investors, thus reassured, bid back up stock indexes 20 percent from their
> low on the day of CARES passage (March 23) to May 22. Thus continues four
> decades of consolidation of stock wealth among the top 10 percent (80
> percent), and the top 1 percent (40) percent, and the nonpartisan political
> subservience that goes with it.
>
> There was a time when modestly rising stock values meant modestly rising
> general prosperity. Under globalized/financialized neoliberalism, rising
> stock values mean increased inequality and stagnating wages during the
> “best” of times. During the pandemic, the hammer is being brought down in
> even more shameless ways on the working class — wealth manager crassness
> notwithstanding.
>
> DAVID GREEN
>
> Champaign
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