Bye-Bye to “A Fair Day’s Wage for a Fair Day’s Work”???? Virtual Vs. Real Economies Distortion Threatens Fundamentals – 09/21/2013

For Your Entertainment (FYE)
Strangely enough after all this period of Labor Union activity reduction, we may see a resurgence of the American Federation of Labor (AFL) motto, “A fair day’s wage for a fair day’s work “……..;+)
After all, we are not that far from “indentured servitude” and “debt bondage”……….:+(
After all is said and done on stock exchanges and hedge funds, is all this paper or digital data worth its proclaimed wealth in the “real” “main street” economy or just “delusion” and “make believe”????
You have to accept the system conventions or it will crash and more and more people start to choose to doubt it, even though the polls show how much the population “seems” “uneducated” about the distortions……………..
“Druckenmiller, whose net worth is estimated at more than $2 billion, said that the implication of the Fed’s policy is that the rich will spend their wealth and create jobs—essentially betting on “trickle-down economics.””””I mean, maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work,” he said. “But it hasn’t worked for five years.””

“The top 1 percent of Americans hold 35 percent of the nation’s wealth—up slightly since 2007. The top 10 percent own more than 80 percent of all stocks and more than half of all individual financial assets in the U.S., according to the Federal Reserve and Wolff.”

” A stream of new data on inequality also suggest that the gap between the wealthy and the nonwealthy is growing, largely becaue of rising stock markets. New data from Emmanuel Saez, an economist at the University of California at Berkeley, found that the top 1 percent captured 95 percent of the gains during the recovery.”

“According to the Census Bureau, incomes for the middle class have largely remained flat while the wealthy have gained. The income top 10 percent earns nearly 12 times as much as the bottom 10 percent, up from a little more than 10 percent in 1999.”

“Economist Anthony Randazzo of the Reason Foundation wrote last year that QE “is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality.” ”

“In a paper titled “Why Hasn’t Democracy Slowed Rising Inequality?,” four political scientists asked why voters haven’t forced politicians to close the gap between the rich and the rest. Adam Bonica of Stanford, Nolan McCarty of Princeton, Keith T. Poole of the University of Georgia and Howard Rosenthal of New York University cited several reasons. “

“First, they said, both parties have embraced free-market capitalism, which they say benefits those at the top. Second, they said, changes in immigration and voter turnout mean the voting population is now skewed toward the wealthy. “

“They said rising overall wealth in the country has made part of the population less reliant on government. The rich have also used their resources to “influence electoral, legislative and regulatory processes,” and the political process is now distorted by gerrymandering. “

“The authors assume that most Americans see inequality as a leading problem. But they may not—and they may not understand the statistical extent of the problem.”
” A majority of Americans said that inequality is “an acceptable part of our economic system,” a number that has also increased since the late 1990s.”“What’s more, Americans dramatically understate their perceived level of inequality. When asked about the share of wealth held by the top 20 percent, most Americans were way off (they said 59 percent, it’s closer to 85 percent). ”

“Indentured servitude was a form of debt bondage, established in the early years of the American colonies and elsewhere. It was most used as a way for poor teenagers in Britain and the German states to get free passage to the American colonies. They would work for a fixed number of years, then be free to work on their own. The employer purchased the indenture from the sea captain who brought the youths over; he did so because he needed labor. Most worked as farmers or helpers for farm wives, while some were apprenticed to craftsmen. Both sides were legally obligated to meet the terms, which were enforced by local American courts. Runaways were sought out and returned. A majority of the white immigrants to the American colonies in the 18th century were indentured. “

“Debt bondage (or bonded labor) is a person’s pledge of their labor or services as repayment for a loan or other debt. The services required to repay the debt may be undefined, and the services’ duration may be undefined. Debt bondage can be passed on from generation to generation.”

“According to the Anti-Slavery Society:

“Pawnage or pawn slavery is a form of servitude akin to bonded labor under which the debtor provides another human being as security or collateral for the debt. Until the debt (including interest on it) is paid off, the creditor has the use of the labor of the pawn.”

“Debt bondage has been defined by the United Nations as a form of “modern day slavery” and is prohibited by international law. It is specifically dealt with by article 1(a) of the United Nations 1956 Supplementary Convention on the Abolition of Slavery. It persists nonetheless especially in developing nations, which have few mechanisms for credit security or bankruptcy, and where fewer people hold formal title to land or possessions. According to some economists, for example Hernando de Soto, this is a major barrier to development in those countries – entrepreneurs do not dare take risks and cannot get credit because they hold no collateral and may burden families for generations to come.

“Researcher Siddharth Kara has calculated the number of slaves in the world by type, and determined the number of debt bondage slaves to be 18.1 million at the end of 2006.

“In India the rise of Dalit activism, government legislation starting as early as 1949, as well as ongoing work by NGOs and government offices to enforce labour laws and rehabilitate those in debt, appears to have contributed to the reduction of bonded labour there. However, according to research papers presented by the United Nations International Labour Organization, there are still many obstacles to the eradication of bonded labour in India.”

Are we building a new global indentured servitude debt bondage civilization ?????………:+(


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s