|
Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
mises
Joined: 05 Nov 2007
Location: retired
|
 Posted: Fri Jan 21, 2011 9:20 pm Post subject: |
 |
|
http://www.theburningplatform.com/?p=9965
| Quote: |
Jeff Immelt, a titan of US industry. He has eliminated 31,000 US jobs since taking over GE, destroyed their balance sheet by turning the company into a giant hedge fund, crushed their stock price and shipped thousands of jobs to China.
As a reward, he gets a White House job sucking Obama�s cock. Well done Jeff. By the way, the earnings they reported today were a fraud. The GE Capital balance sheet is filled with billions of bad debt. If the FASB hadn�t rolled over like a dog and these piece of shit companies like GE, Bank of America and Citigroup had to value their assets for what they are really worth, every one of them would be bankrupt. That is a fact. |
It is a fact. The FASB is an embarrassment.
http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/
| Quote: |
| General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0. |
Move losses to the US (earning carry-forwards to diminish future tax burdens) and profits to low tax jurisdictions. It is a very simple process and any of the useless (for end-users of financial statements) big accounting firms can manage it with ease.
http://www.nakedcapitalism.com/2010/04/guest-post-after-getting-bailed-out-by-american-taxpayers-general-electric-pays-zero-u-s-taxes-pretending-that-all-of-its-profits-are-overseas.html |
|
| Back to top |
|
 |
Kuros
Joined: 27 Apr 2004
|
| Posted: Fri Jan 21, 2011 9:48 pm Post subject: |
|
|
| GE was losing money until it moved to China. You can't protect light manufacturing jobs. You just can't. Appliances call for cheap labor. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Sat Jan 22, 2011 7:02 am Post subject: |
|
|
| Kuros wrote: |
| GE was losing money until it moved to China. You can't protect light manufacturing jobs. You just can't. Appliances call for cheap labor. |
The United States industrialized behind protections. So did Korea, Japan and others. The US deindustrialized without the protections.
There is no reason a state can not protect industry. |
|
| Back to top |
|
|
Kuros
Joined: 27 Apr 2004
|
| Posted: Sat Jan 22, 2011 8:52 am Post subject: |
|
|
| mises wrote: |
| Kuros wrote: |
| GE was losing money until it moved to China. You can't protect light manufacturing jobs. You just can't. Appliances call for cheap labor. |
The United States industrialized behind protections. So did Korea, Japan and others. The US deindustrialized without the protections.
There is no reason a state can not protect industry. |
GE would've died. The Chinese don't have many brand names, but they do have Haier. GE is a case where off-shoring was necessary and protected what American jobs it could. Protections are not a one-size-fits-all solution. About the only industries America lost that were defensible were electronics and automobiles.
Anyway, the best way to deal with all the tax off-shoring is to reform corporate taxes.
I should also add that GE corporate culture is exploitative and soul-sucking. The Immelt pick should be bemoaned for just that reason. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Sat Jan 22, 2011 10:13 am Post subject: |
|
|
The GE story is long and complicated. It probably is not the best example because the latest gang posing as managers financialized the firm. If the FASB ever returns to sensible accounting rules GE will blow up in short order. I suppose it will happen eventually.
Assuming that did not happen, GE would need protections. This is another way to say the American worker would need protection. The American worker is the center of life in the United States. He should not be forced to compete with slave'ish labour from Asia (see the article on India I posted as a topic recently). This is what happens when a society has no hope of meaningful, well compensated and stable employment:
http://www.theburningplatform.com/?p=9979
Free trade is a weapon not an ideal. It allows firms to decrease the standard of living of their workers. Michael Hudson speaks of this frequently. In the past the most successful American industrialists (the best example is Henry Ford alayhi s-salām) saw rising wages as a good thing as workers worked more effectively.
http://www.amazon.com/Americas-Protectionist-Takeoff-1815-1914-Michael/dp/3980846687
^ I strongly recommend that book.
..
http://www.zerohedge.com/article/thomas-friedman-china-and-america
| Quote: |
Over the past twenty years, few people have been as discredited in their worldview as New York Times columnist Thomas Friedman.
The thorough fall from pedestalized grace of the Pulitzer Prize winner, whose latest book, "The World is Flat: A Brief History of the 21st Century," not at all surprisingly won the inaugural Goldman Sachs/Financial Times Business Book of the Year award, can only be compared to that other New York Times columnist who will go down with the debt-leaking titanic, kicking and screaming, that no matter the impending global default, he is right.
And as the premise of globalization goes through its own death rattle, just like the ridiculous Keynesian notion that only more debt can save us from record debt, globalization's biggest advocate is monetizing his last remaining ounces of credibility.
Below, we present Fora TV's recently released Asia Society interview with Friedman who discusses at length his view on the parallels and differences between China and the US. Note: absolutely nothing of significance will be learned in this presentation, which is merely a rehash of stale, faulty and thoroughly discredited assumptions yet it is a good starting point to learn about all that is flawed in the prevailing view of how the two countries are supposed to coexist in the future. In other words: take verything Friemdna says and flip it 180 degress, and you will be on the right path.
|
Whatever Tom (and any other recipients of the Goldman/FT book of the year) asserts to be true we can confidently assume that the exact opposite is likely the reality.
..
The hostile and indifferent elite:
http://www.theatlantic.com/magazine/archive/2011/01/the-rise-of-the-new-global-elite/8343/3/
| Quote: |
| The U.S.-based CEO of one of the world�s largest hedge funds told me that his firm�s investment committee often discusses the question of who wins and who loses in today�s economy. In a recent internal debate, he said, one of his senior colleagues had argued that the hollowing-out of the American middle class didn�t really matter. �His point was that if the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, that�s not such a bad trade,� the CEO recalled. |
|
|
| Back to top |
|
|
bucheon bum
Joined: 16 Jan 2003
|
| Posted: Tue Jan 25, 2011 5:13 am Post subject: |
|
|
UK Economy Contracts .5% in 4Q of 2010
| Quote: |
The contraction took economists by surprise, as forecasts had been for growth of between 0.2% and 0.6%.
The construction industry was a large contributor to the fall, with activity decreasing by 3.3% in the quarter. |
|
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Tue Jan 25, 2011 9:09 am Post subject: |
|
|
http://www.bloomberg.com/news/2011-01-24/wall-street-partying-in-davos-as-bank-ceos-overcome-angst-after-crisis.html
| Quote: |
As Wall Street chief executive officers flock to the World Economic Forum, they�ll be breathing a sigh of relief along with the Swiss mountain air: There are no panels on compensation or redesigning financial regulation.
After spending much of last year�s meeting defending the industry and debating proposed rules, bankers plan to focus on wooing clients and winning business, according to executives at three Wall Street companies, who spoke anonymously because they weren�t authorized to comment publicly.
The bankers will be coming to Davos, Switzerland, with a renewed sense of confidence. JPMorgan Chase & Co.�s profits last year were the highest in the bank�s history, and Citigroup Inc. returned money to the U.S. Treasury and reported its first full- year profit since 2007. Governments have so far opted against breaking up or levying extra taxes on banks deemed too big to fail, and the Basel Committee on Banking Supervision, which sets global financial-regulatory guidelines, isn�t requiring lenders to meet new capital standards until 2015. |
Suck it, proles.
On Robert Rubin:
http://larryflynt.com/?p=1148 |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Wed Jan 26, 2011 5:45 am Post subject: |
|
|
http://www.accountancyage.com/aa/news/1900246/lords-accuse-auditors-deceiving-investors
| Quote: |
AUDITORS "MISLED" investors in the lead up to the crisis by supplying UK banks with a clean bill of health after being told taxpayers' money would be used to bail them out, a House of Lords Committee has heard.
The Lords' Economic Affairs Committee criticised auditors for signing off on banks' accounts on the basis the UK Government would prop up the banks.
"Your duty is to report to investors the true state of the company. You were giving a statement that was deliberately timed to mislead the company and mislead markets and investors about the true state of those banks and that seems to be a very strange thing for an auditor to do," said Lord Lipsey.
Debate focused on the use of "going concern" guidance, issued by auditors if they believe a company will survive the next year. Auditors said they did not change their going concern guidance because they were told the government would bail out the banks.
|
Longer discussion here:
http://retheauditors.com/2011/01/25/auditors-under-pressure-in-the-uk-or-are-they |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Fri Jan 28, 2011 4:11 pm Post subject: |
|
|
http://www.zerohedge.com/article/jim-grant-fed-now-business-manipulating-stock-marketshould-confess-it-has-sinned-grievously
Jim Grant:
| Quote: |
| "I think what would be very good for the Fed if there would be a confession, the Fed should confess that it has sinned grievously, and is in violation of every single precept of its founders and every single convention of classical central banking. Quantitative Easing is a symptom of the difficulties that the Fed has created for itself. The Fed is running a balance sheet which if it were the balance sheet attached to a bank in the private sector would probably move the FDIC to shut it down. The New York Branch of the Fed is leveraged more than 80 to 1. Meaning, that a loss of asset value of less than 1.5% would send it into receivership if it were a different kind of institution...The Fed is now in the business of manipulating the stock market." |
Not even a year ago the claim that the Fed was deliberately propping up the stock market was called a conspiracy theory. It was as obvious then as it is now. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Tue Feb 01, 2011 1:13 pm Post subject: |
|
|
http://www.zerohedge.com/article/world-becomes-zimbabwefied-cotton-futures-surge-17-one-month
| Quote: |
| One of the benefits of America finally seeing what Zimbabwe went through as it entered hyperinflation, ignoring for a second that the Zimbabwe stock market was the best performing market, putting Bernanke�s liquidity pump to shame, is that very soon everyone will be naked, once companies finally realize they have no choice but to pass through surging input costs. And while some may be ecstatic by the S&P�s modest rise YTD, it is nothing compared to what virtually every single agricultural product has done in the first month of 2011. To wit: Corn spot up 7.76%, wheat up 5.63%, Rice up 10.08%, Hogs up 10.16%, Sugar up 5.64%, Orange Juice up 3.33%, and cotton�. up 17.08%. That�s in one month! |
http://www.zerohedge.com/article/here-comes-qe3-hoenig-says-more-quantitatve-easing-be-discussed
| Quote: |
| We thought Jon Hilsenrath would break the news of QE3. To our shock, it comes from the only sensible man at the Fed, Kansas Fed's Tom Hoenig. Per Reuters: "The Federal Reserve could debate extending its bond-buying program beyond June if U.S. economic data prove weaker than policymakers expect, Kansas City Fed President Thomas Hoenig said. Another round of bond buying "may get discussed" if the numbers look "disappointing," Hoenig told Market News International in an interview published on Tuesday." May we suggest in that case that Joe LaVorgna stop blaming every herpes outbreak in the US on snow and instead indicate that shit is once again hitting the fan. Obviously, this is merely a scheme to keep the market well bid no matter how violent the revolutionary images on TV, brought upon precisely by this genocidal policy. Even more obviously, it means that oil is going to $200 on short notice. |
Double down, then triple down. And on. |
|
| Back to top |
|
|
Menino80
Joined: 10 Jun 2007
Location: Hodor?
|
| Posted: Tue Feb 01, 2011 1:53 pm Post subject: |
|
|
A good'n. I would also recommend "Kicking Away the Ladder" and "Governing the Market". |
|
| Back to top |
|
|
recessiontime
Joined: 21 Jun 2010
Location: Got avatar privileges nyahahaha
|
| Posted: Wed Feb 02, 2011 5:54 am Post subject: |
|
|
| I dont think it was ever conspiracy that The Bernanke is propping up the stock market. He himself said in a speech that his reasoning for QE was that it would force people to spend (before their dollars became worthless from inflation). The whole idea of QE in The Bernanke's mind was to fight deflation, meaning people spending less and less leading to a downward spiral in prices. So far, it has worked, prices are not deflating, they are inflating. The Bernanke has also told us that we should accept inflation as part of the norm from now on. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
| Posted: Wed Feb 02, 2011 6:26 am Post subject: |
|
|
http://www.telegraph.co.uk/finance/globalbusiness/8296987/IMF-raises-spectre-of-civil-wars-as-global-inequalities-worsen.html
| Quote: |
IMF raises spectre of civil wars as global inequalities worsen
The International Monetary Fund (IMF) has warned that "dangerous" imbalances have emerged that threaten to derail global recovery and stoke tensions that may ultimately set off civil wars in deeply unequal countries.
Dominique Strauss-Kahn, the IMF's chief, said the economic rebound across the world is built on unstable foundations, with many rich nations still strapped in job slumps while the rising powers of China, India and Brazil already facing the threat of overheating. "It is not the recovery we wanted. It is a recovery beset by tensions and strain, which could even sow the seeds of the next crisis," he said.
"Global unemployment remains at record highs, with widening income inequality adding to social strains," he said, citing turmoil in North Africa as a prelude to what may happen as 400m youths join the workforce over the next decade. "We could see rising social and political instability within nations � even war," he said.
The IMF has published a paper entitled Inequality, Leverage and Crisis arguing that the extreme gap between rich and poor � with echoes of the US in the late 1920s � was an underlying cause of the Great Recession from 2008-2009.
The paper, by the Fund's modelling unit, warned of "disastrous consequences" for the world economy unless workers regain their "bargaining power" against rentiers. It suggests radical changes to the tax system and debt relief for workers.
|
The IMF advocating debt relief for workers. That's a good sign that the elite know they've completely screwed themselves by so thoroughly screwing us. |
|
| Back to top |
|
|
caniff
Joined: 03 Feb 2004
Location: All over the map
|
| Posted: Wed Feb 02, 2011 6:50 am Post subject: |
|
|
| So what the IMF is saying, I suppose, is that if the ship were to sink it would take both steerage and the first-class compartments along for the ride. |
|
| Back to top |
|
|
mises
Joined: 05 Nov 2007
Location: retired
|
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
