The Commodity Futures Trading Commission (CFTC) is probing 15 banks over allegations that they instructed brokers to carry out trades that would move ISDAfix, the leading benchmark rate for interest rate swaps. Royal Bank of Scotland also said it was co-operating with authorities regarding the investigation. (The game plan was to screw the pension companies, thus leaving older folks destitute)
While Amazon was banging the drum last week about its new warehousing centre ‘creating’ 5,000 jobs (the Black Dude turned up to get some camera action and add soundbite rhetoric to the august occasion) the company’s global efficiency programme was quietly wiping out 25,000 potential and actual jobs resulting from its growth. (Amazon is twice the size of retail giant TJX, but is 80 times more profitable. Pause here while the accountants reading ejaculate. It can do this because it has no greeters, after-sales staff, staff welfare programmes of any note, or retail sites. Although still massively profitable, TJX employs 179,000 people and make the shopper experience on of the best. The remote, impersonal, and at time infuriating Amazon employs just 89,000. In other words, the President just gave his approval to a hypocritical scam)
Zhang Ruimin, CEO and founder of China’s largest appliance maker, Haier Group, recently remarked to journalists that ““I’ve been thinking how we could change the operations into a new model that ties R&D directly to the markets, while manufacturing would be taken care of via outsourcing.” What Mr Zhang means, of course, is moving even Chinese jobs offshore….as he gave away by adding, ““We have production plants in 24 locations all over the world,” he said. “But production costs are currently higher only in Japan, the United States, and Italy, compared to China.” China’s advance towards Western living standards is becoming a rake it keeps standing on….all because Zhang Ruimin wants more savings, more money, more efficiency, and more achievements to make his dick feel bigger. (Mind you, he is right about the West meeting China on the way down. And of course, Signor Draghi at the ECB is preparing to deliver Zhang the slave labour he craves).
Neoliberalism destroys the lives of the many, and enriches the materially obsessed few. It feeds on unelected power while screwing the electorate. Milton Friedman was a dried-up old jerk who knew three-fifths of f**k-all about anthropology – social or otherwise. The sooner we all wake up to this – and stop proclaiming that either Marx or Keynes has the answer – the stronger will be our ability to kill the Beast, and move on.