| |
|
Thom's blog
The Crash of 2016 Gets Closer Every Day
The denial of fundamental economic principles is setting the world up for another Great Crash. Although wages have been flat or declining since the West started following Thatchernomics and Reaganomics in the late '70s and early 1980s, the stock market has risen to all-time highs. Billions – hundreds of billions – have been made by individuals on Wall Street. Meanwhile over 60,000 factories have closed in United States just in the past 14 years, and over 50 million Americans are either unemployed or underemployed.
In Europe, with the exception of the Scandinavian countries who are ignoring our economic advice, the situation is very similar. Other then Germany, which is becoming a major extractor of wealth from the rest of the EU, European countries and Great Britain are following the same fallacy that has been driving US economic policy for more than 30 years.
The Financial Times on June 29, 2014, with reporting by Sam Fleming and Claire Jones, lead their front page with the warning that "Bank for International Settlements warns 'Euphoric' Markets." The article notes that capital markets are "extraordinarily buoyant," according to the Bank of International Settlements, and argues that central banks around the world "should not fall into the trap of raising rates 'too slowly and too late.'"
They correctly point out how low interest rates have caused an explosion worldwide of corporate debt. Meanwhile, not noted in the article, for-profit corporate banks have discovered that instead of lending money to working-class people to buy homes or cars, it has become more profitable to simply borrow from central banks at very low interest rates, often less than 1%, and then park that money in government treasuries which pay 2% or 3%, in effect loaning the country's money back to the same government at a profit.
Similarly, huge transnational corporations from tech companies to pharmaceutical companies, are hoarding cash in offshore tax havens where it's not available to stimulate local economies, or they're making acquisitions based on fiscal strategies rather than how to best manufacture the best product.
Completely lost in the debate between the BIS and the IMF over simulative central-bank strategies is a simple economic fact. Economies are driven by demand, and the principal component of demand is wages.
-Thom
|
|
Tonight on The Big Picture on RT TV at 7pm and 10pm... The Crash of 2016 Gets Closer Every Day (check your local listings for stations or stream at RT or Free Speech TV, and catch past shows on Youtube)
Have a question or comment for Thom? Grab your phone, hit record and send your video to YourTakeMyTake@gmail.com and we may air it on "The Big Picture."
Need to Know: GOP Taliban Tactics are Harming America- David Laska, New York State Republican Party 
Screwed: Can the DISCLOSE Act save our Democracy?- Lisa Gilbert, Public Citizen
Screwed: The “Deny Americans the Right-to-Know” or DARK act
Green Report: Great Lakes Communities Threatened by Proposed Nuclear Waste Facility
Your Take / My Take Live: Call Thom LIVE at (202) 904-2134 TONIGHT 7-8pm ET (check local listings)
Geeky Science: The Cost and Value of a Tree.....
Daily Take: The Crash of 2016 Gets Closer Every Day
|
|
|
|
Thursday's Daily Stack 
Hour One: It's a special pre-4th July "Brunch With Bernie"... the honorable Senator Bernie Sanders (I-VT) joins Thom with all the news from our nation's capitol and as always he'll be spending the hour taking your calls and answering your questions too... Follow Bernie:    campaign site.
Hour Two: Thom's thoughts on making life decisions - plus you calls!
Quote: "Choose a job you love, and you will never have to work a day in your life." by Confucius.
Quote: " You bet I cut the taxes at the top. That encourages entrepreneurship. What we Republicans should stand for is growth in the economy. We ought to make the pie higher." - George Bush on Larry King Live: South Carolina Republican Debate", February 15, 2000.
Hour Three: Anything Goes!
Article: " 2nd Amendment". A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.Article: " Constitution of the United States", article 3 section 2. "... the supreme Court shall have appellate Jurisdiction, both as to Law and Fact, with such Exceptions, and under such Regulations as the Congress shall make..." Quote: "John Marshall has made his decision: now let him enforce it!" -- Andrew Jackson.
|
|
|
Friday on The Thom Hartmann Program, 12-3pm ET
While you're enjoying the holiday, tune in for a special Best Of - please have a very happy and safe Fourth of July!!
Has the GOP championed ANY law in the last 100 years that helps working people?
Your ideas on GOP proposals that help the working people
Was Jesus a communist? - A socialist?
And, the best of the rest of the news along with your calls right here on...
The Thom Hartmann Program, Occupying The Media 3 hours a day 5 days a week" for "we the people"
And don't forget...Democracy is NOT a spectator sport...it begins with you...
|
|
|
|
|
|
|
|
|
| |
|
|
|
Thom's Poll
Is the U.S. economy on the verge of another crash?
|
|
|
|
|
|
|
|
| |
|
Watch & Listen to Thom
SCOTUS Thinks Women are Not People
Big Oil is a Family Affair
Or watch the Full "Big Picture" Show...
Full Show 7/2/14: Civil Rights Act Turns 50
Tonight's "Lone Liberal Rumble" discusses Speaker Boehner's refusal to bring passable bills to the House floor, Obama's latest call to Republicans to start funding infrastructure projects and the recent anti-women and anti-worker Supreme Court cases. Thom discusses the corruption within the oil industry with Republic Report's Lee Fang and corporate personhood with Wolf Pac's Ryan Clayton. In tonight's "Daily Take" Thom discusses the 50th anniversary of LBJ signing the Civil Rights Act.
Brunch with Bernie - July 3, 2014
The Thom Hartmann Program - July 3, 2014
Are we living up to MLK's dream?
The American Hawks are Silent on Ukraine
Climate Change and Emperor Penguins
|
|
|
|
|
|
Thom and Louise Hartmann founded the New England Salem Children's Village (NESCV) in New Hampshire in 1979. With states delaying payment for the children they entrust to the village, they need help with cash flow. Can you help? Now on Facebook. |
|
|
Show Info
Call Thom on the show at 1-866-987-THOM (8466) (0870 974 9686 from the UK, +1 503 796 2324 from outside the US or UK).
Sign up for Thom's podcasts.
Come on over to the free chat room, where Thom hangs out during the show.
Join in the discussions on Thom's free message board.
Blog or upload videos or audios at Thom's community.
|
|
| |
| |
|
Hello All