Language matters. For example, the way our society's leaders choose to comment on the health of America's economy can either make clear to us commoners what's going on — or obfuscate, hide and even lie about the reality we face.
John Kenneth Galbraith said it: “The performance of the stock market has NOTHING to do with the health of the whole economy.” In the Reagan years American sheeple were sold that it did, and an entire couple of generations are now sufficiently enslaved in ignorance. One decent class in macro economics would cure the afflictions of idiot America…
Thanks Owl…brought back some good memories. Still true today also
As long as they can print money by the truckload and bail themselves out whenever is necessary, as long as the Federal Reserve is their bitch, they will continue control the market. It is the furthest thing from free and if allowed to operate without overt manipulation, it would crash tomorrow.
Here’s another “dirty language trick” - a “strong economy” is an economy that depends on poverty and near poverty living for many millions. So a strong economy is a poverty based economy. Maintaining and strengthening this economy maintains poverty.
So a “strong economy” in its current sense is something we want to get rid of as soon as possible.
PS Don’t buy the dirty language trick of the “meritocracy”. The meritocracy is a BIG lie. Ask the millions of hard working people who struggle to pay their bills. “Meritocracy” is a code word for,
"Tough luck suckas! You’re screwed! We’re in charge! "
Bueno - our fiat currency is the best kept secret fully visible to everyone.Operating a country under fiat currency principles could produce a really new politics where the fictions of debt and surplus are corralled and cash is put to work for the millions who need it.
But, they wouldn’t want that would they?
Excellent article. If these truths would be widely told, there might possibly not be so many blind, obedient lemmings pulling the lever for D and R every election. Unfortunately, most Americans will never know the real numbers. As the article states, they hear the Dow Jones is at record highs, or that unemployment is at “4%,” and they think “yay! the economy is booming! Trump is kicking ass!” … then they go off to their minimum wage job and scrape by. For instance, how many Americans 1) know what the “unemployment rate of 4%” even means? I’d be willing to bet most couldn’t even explain it. 2) that it does not count people who have fallen off unemployment because they have used up their allotment - it does NOT actually count the number of unemployed people who simply cannot get a job. That number is actually over 20%. But you’ll never hear a D or R politician, or any of the MSM, actually cite that true number. The pitchforks and the tar and feathers wouldn’t be far behind if you did.
“But wait — nearly all stock is owned by the richest 10 percent of Americans, so the Dow Jones Average says nothing about the economic condition of the 90 percent majority of Americans”
I disagree. The smaller the slice of the economic pie going to the employed (wages), the larger the slice going to the corporation (profits), so the higher the Dow should go. A rising Dow (especially one rising faster than GDP, or faster than your wages) does say something about the economic condition of the 90%: It says, "“tough luck buster, we’re taking it!”.
No they would not- debt is their business.
Plus underemployed even for educated people including those of middle age.
Thanks for the concert!
If they can print money by the truckload, doesn’t that make it kinda useless?
It goes to the concept of money. Which John Kenneth Galbraith said, paraphrased, money is imaginary.
In any other reality the answer would be yes. But here is the catch…they understand the consequences of going down that road, so they simply ignore it. It is like a collective agreement to pretend it’s not happening. Insane I know…but there it is.