iPhone Coronavirus Party In Vietnam

Who doesn’t like their iPhone?

The world’s most popular smartphone is ubiquitous.

And we Westerners must genuinely appreciate the slave labor used to manufacture the parts that go into the handheld electronic communication device.

And without access to cheap slave labor from our Oriental brothers and sisters in Vietnam, China, and other Southeast Asian nations, we couldn’t enjoy using the electronic devices that so captivate our attention, anesthetizing us to their, and others’ suffering.

The liberal ideal of so-called “free trade” has been perverted.

Rather than being used by our nation as a tool to sow seeds of freedom, and cultivate the fruits of liberty, it’s being abused to enslave others far from our shores in the guise of “profitability” and “progress.”

Aided and abetted by their Wall Street corporate masters and pecuniary overlords, American slavery has been exported as a material good to enrich the few at the expense of the many.

And Republicans scoff at Massachusetts Democratic Senator Elizabeth Warren’s chastizement of JPMorgan Chase CEO Jamie Dimon and other banksters who enriched themselves, and their corporate coffers, by TENS OF BILLIONS OF DOLLARS by simply continuing to charge overdraft fees to their customers who’d lost their livelihoods, jobs, and income during the the coronavirus pandemic – even though the Federal Reserve not only cut them significant fiscal slack, but also encouraged them to pass such beneficence along to their customers by forgiving such fees.

They did no such thing.

And what will democratic, freedom-loving American beneficence and largesse do in this instance?

My bet is on “Nothing.”

Gotta’ make no’ munny fuh massa’.

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Vietnam Detects New Highly Transmissible Coronavirus Variant : Coronavirus Updates

https://www.npr.org/sections/coronavirus-live-updates/2021/05/29/1001590855/vietnam-detects-new-highly-transmissible-coronavirus-variant

Vietnam has detected a new coronavirus variant that is highly transmissible and has features of two other strains.

“Vietnam has uncovered a new COVID-19 variant combining characteristics of the two existing variants first found in India and the U.K.,” Health Minister Nguyen Thanh Long said, according to Reuters. “That the new one is

The Economy WILL Crash. It’s only a matter of “WHEN?”

Economics has long been called the “dismal science.”¹

Perhaps it’s because they either a.) Tell the truth, or b.) Warn about bad things to come. Either way, it’s hardly a French tickler, and more like a Marquis de Sade.

But, some folks don’t enjoy hearing the truth, or as the actor Jack Nicholson’s character Guantanamo Base Commander Colonel Nathan Jessup raged upon the witness stand in the 1992 motion picture “A Few Good Men,” that “You can’t handle the truth!”

Of course, we’re familiar with how that movie turned out.

Free economies are based upon consumer spending. Period. Full stop.

If consumers don’t have money, they don’t spend. That’s easy enough to understand.

And, if anything, the coronoavirus pandemic has shown up how poorly prepared this president’s administration has been, and continues to be.

Again, those aren’t “nice words” to hear or read, but they are the unvarnished truth.

To say that “the economy is improving” is a mischaracterization of enormous proportion, so much so, and to the extent that, it’s either whistling past the graveyard, or Whistler’s Mother – both of whom are dead.

The economy was “doing well” according to some estimates. Those estimates included the DJIA, the stock indices of various firms and select industries, and some hedge funds. The “essential” worker bees were just hanging on by a thread in their retail, meat processing, and low-paid food service industry jobs. And once they got sick, they were fired, and… BAMMO! The shit hit the high-speed fan.

Suddenly, there were no more “worker bees” and the economic house of cards began to collapse with each puff of wind from COVID-19 patients’ coughs.

Fortunately, Congress (as in the House of Representatives) had the wisdom and foresight to actually bail out THE PEOPLE this time, and to give a much smaller hand-out to industry. The familiar cry “Where’s MY bailout!?!” was the primary sticking point with the previous administration in the process of recovery from “the Great Recession” when Big Business and industry got practically everything their hearts desired, but the people got nothing. Literally, nothing. Bupkis. Zero. Zilch. Nada. Not even a peck on the cheek after they were screwed.

This time, The People who lost their jobs due to COVID-19 were given an extra $600 per week of Unemployment Compensation, which was set to expire July 31. Ever seeking cheap labor to fill their stores, factories and farms, the Republicans decried the matter, but agreed to go along with the plan, hoping that the administration would  have a more cohesively unified plan to stop the assault of COVID-19 upon America’s lives, young and old, alike.

But as it became increasingly clear that nothing of the sort was going to happen, and that an extension of such benefits would likely become necessary because either businesses went belly-up, or couldn’t guarantee their employees’ safety on the job (as protection against COVID-19), the employees, many of whom were already at risk of serious injury from such infection, declined to return to work, and continued to draw their extra $600/week Unemployment Compensation.

But hey! A bright spot!

Facebook, Apple, Google, Amazon, and other industry monoliths were doing A-okay, and were even increasing profits! So yah… it was all sweetness and pleasantries once again for the Billionaire Class.

But The People.

Those pesky people.

Those essential sacrificial lambs of industry… what to do with them? Those who could – and still had jobs – worked from their residences. Those who, for whatever reason

Trump Tax Cuts Aided & Abetted Economic Collapse

The parallels are eerily similar. Republican POTUS, tax cuts, rising stock market, job losses… Great Depression.

Of course, there are other markers along the way, but the primary ones are self evident.

Jamie Dimon, Chairman and CEO of JPMorgan Chase wrote no less than twice that a recession was coming in the company’s April 6, 2020 letter to shareholders. “Recognizing the extraordinary extension of new credit, mentioned above, and knowing there will be a major recession [emphasis added] mean that we are exposing ourselves to billions of dollars of additional credit losses as we help both consumer and business customers through these difficult times.” p10
-and-
“Halting buybacks was simply a very prudent action – we don’t know exactly what the future will hold – but at a minimum, we assume that it will include a bad recession [emphasis added] combined with some kind of financial stress similar to the global financial crisis of 2008.” p15

Bluntly put, it wasn’t China that started this problem.

Just like in the Great Depression, and the “Great Recession,” it was the United States.

Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase

And the entire world suffered.

Not only did Dimon unequivocally state that we will suffer “a major recession,” and reiterated it writing “the future… will include a bad recession,” but he also identifies problems that most Democrats (Bernie Sanders notably among them) have long identified, which Republicans refuse to even hear – critical problems in health, healthcare, education, (within the purview of domestic security), infrastructure, declining wages, increased poverty, failed immigration policies, governmental inefficiency at Federal and state levels, and more.

Dimon continued by writing,

“Of course, America has always had its flaws. The current pandemic is only one example of the bad planning and management that have hurt our country: Our inner city schools don’t graduate half of their students and don’t give our children an education that leads to a livelihood; our healthcare system is increasingly costly with many of our citizens lacking any access; and nutrition and personal health aren’t even being taught at many schools. Obesity has become a national scourge. We have a litigation and regulatory system that cripples small businesses with red tape and bureaucracy; ineffective infrastructure planning and investment; and huge waste and inefficiency at both the state and federal levels. We have failed to put proper immigration policies in place; our social safety nets are poorly designed; and the share of wages for the bottom 30% of Americans has effectively been going down. We need to acknowledge these problems and the damage they have done if we are ever going to fix them.

There should have been a pandemic playbook. Likewise, every problem I noted above should have detailed and nonpartisan solutions. As we have seen in past crises of this magnitude, there will come a time when

JPMorgan Chase CEO blames “Errors, Sloppiness & Bad Judgement” for $2B Credit Default Swap & Derivatives loss

Give particular attention to this sentence, which is found later in the article: “Bank executives, including Dimon, have argued for weaker rules and broader exemptions.”

Give attention also to the last paragraph of the second story: “Of course, this loss only goes to show how weak the Volcker Rule is: Dimon is adamant, and probably correct, in saying that Iksil’s bets were Volcker-compliant, despite the fact that they clearly violate the spirit of the rule. Now that we’ve entered election season, Congress isn’t going to step in to tighten things up — but maybe the SEC will pay more attention to Occupy’s letter, now. JP Morgan more or less invented risk management. If they can’t do it, no bank can. And no sensible regulator can ever trust the banks to self-regulate.”

Is there any remaining argument against deregulating banks?

Is there any remaining argument against re-instituting the Glass-Steagall Act (which separated Banks, Insurance & Wall Street and forbade them from commingling in each others’ businesses)?

Ahead of the Greek financial crisis – in which Goldman Sachs had a direct and unscrupulous role by hiding sales of financial vehicles from Greek, European & American regulators – German chancellor Angela Merkel said this at a March 5, 2010 press conference in Berlin with Greek Prime Minister George Papandreou, (ref: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a26n.U6qS6cU):

“Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb.”  

Now, I wouldn’t expect you or the average reader to be knowledgeable about these things. Honestly, most folks aren’t. But that’s not a condemnation of you, dear reader. Rather, it is a statement acknowledging that banks, bankers, Wall Street types, and Insurance firms do not want to be regulated, and would rather operate free-willy-nilly – without any rules. You and I must  abide by rules. Why shouldn’t they? And as they have consistently demonstrated, they cannot be trusted to do the right thing.

For additional information on Goldman Sachs involvement in the Greek Debt Crisis, I refer you to this 02/08/2010 news item from German news magazine, Der Spiegel: “Greek Debt Crisis How Goldman Sachs Helped Greece to Mask its True Debt,” By Beat Balzli.

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JPMorgan Chase acknowledges $2 billion trading loss and ‘many errors’

By Associated Press, Updated: Thursday, May 10, 6:05 PM

JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

The company’s stock plunged almost 7 percent in after-hours trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.

“The portfolio has proved to be riskier, more volatile and less effective as an economic hedge than we thought,” CEO Jamie Dimon told reporters. “There were many errors, sloppiness and bad judgment.”

The trading loss is an embarrassment for a bank that came through the 2008 financial crisis in much better health than its peers. It kept clear of risky investments that hurt many other banks.

The loss came in a portfolio of the complex financial instruments known as derivatives, and in a division of JPMorgan designed to help control its exposure to risk in the financial markets and invest excess money in its corporate treasury.

Bloomberg News reported in April that