France’s nurses march – are they now deplorable Michiganders to fake-leftists?

France’s nurses march – are they now deplorable Michiganders to fake-leftists?

May 15, 2020

By Ramin Mazaheri for the Saker Blog

(Hey hey, my new book is out today! Socialism’s Ignored Success: Iranian Islamic Socialism. Buy a copy for yourself and 50 of your closest friends and Iranophobic/Islamophobic/socialism-phobic enemies.)

On May 14 France’s nurses held a protest march in Paris despite ongoing fears about coronavirus — so are they no longer rightly-guided heroes but far-right neo-fascists now?

For several months we’ve been banging pots in gratitude and watching corporations praise them in TV ads but – there they are: gathering in public, not really keeping 2 meters between each other, demanding economic policy changes, defying the advice of their well-paid bosses and generally being very, very bad children who should go straight to bed after dinner.

France’s medical staff won’t be infantilised and have no time for jokes – they are tired of enduring economic hardship and poor working conditions.

Those with overprotective parents claimed the Great Lockdown was to save just one life, but the most common justification among mature adults was to avoid overwhelming medical systems – in France they failed to heed years of public protests saying exactly that.

Excepting the Yellow Vests, nobody in France has protested more in the past couple years than medical staff – austerity has gutted a medical system which in 2000 was ranked number one in the world. I got tired of covering them. My Sputnik Français colleagues hid the tedium of our job as far as the second paragraph: “… protested in order to denounce a lack of resources. It’s a demand which is far from new.” But, you know, people gotta listen to the protesters, so work has us back on the streets again….

Had people listened earlier, France would have far fewer dead grandparents today.

In the US people were explicitly told by Western journalists to not listen to the first anti-Great Lockdown protests, in Michigan. I immediately supported the protesters (in We’re giving up our civil liberties. Fine, but to which type of state?) because, you know – we’re trying to have a democracy here. However, the fake-leftist media looked on them with loathing and terror – calling them irresponsible, science-stupid, selfish, death-crazed, martyrdom-seeking, dangerous curmudgeons and neighbors who would not loan you a cup of sugar.

So the same applies to these French nurses, right?

You would accuse them of being nonchalant about corona? (Or is their crime that they aren’t single-mindedly obsessed with corona enough?)

We can’t really say, because there is no mention of the protesting nurses in Western media, or even in French state foreign-language media. From a mixed economy model to these nurses – more of “the French bad example”.

The widespread insulting of Michiganders refused to take into account their economic situation and the fact that their type of state put them in such a vulnerable position. A stunning 25% of their workers had just become jobless, so why wouldn’t they be demonstrating to get the government’s attention? On top of that their governor imposed an extremely harsh stay-at-home order, as though this was something routine for Michiganders instead of being a (hysterical, economically-suicidal overreaction) shocking, unprecedented first which is undoubtedly more restrictive on movement than being sentenced to house arrest for having committed a serious crime.

Do I think France’s nurses are heroes? Not really – I never asked them to do my job and stand at the front lines during the Yellow Vest protests and do live interviews, giving a big target for the rubber bullets. But, then again, my local garbagemen never asked me to heroically hoist refuse cans for decades even though it’s hardly fun and statistically likely to lead to an early death. And no housewife ever asked me to take care of the kids for even one month, and that seems harder than being a garbageman. Am I a curmudgeon or conceited? No, when one accepts socialism one can’t help but view all workers are equal (capitalists never enjoy this feeling). We all deserve our 15 minutes of fame, I suppose, but caring about fame is decidedly not heroism.

But the kiddies do need heroes, so should the West start cheering: “Nurses are our heroes – except French nurses!”

There is a very worrying outcome of the recent hero worship of medical practitioners: more doctors are now entering politics. The problem with this is simple: you can’t tell a doctor anything – they are the world’s worst-know-it-alls/sufferers from God complexes. They march into a room, quite late, hand down a diagnosis with absolute certainty, which then turns out to be wrong and kills you later (CNBC: The third-leading cause of death in US most doctors don’t want you to know about), but not before you are debt-yoked to a hugely inflated bill, and then doctors imperiously march into the next room and do the same thing all over again. This is NOT a mentality conducive to the consensus-building demanded by democracy.

Well, that’s in socialist-inspired democracy. In liberal democracy technocrats rule with executive decrees, so look for more doctors in office – they can afford to campaign, after all. Thus, “the recent hero worship of medical practitioners” isn’t going to lead to sensible, humble, hard-working nurses to get into office in the West – liberal democracy systematically puts the rich into office.

‘Liberty or boogaloo’? God bless America!

The coronavirus has really laid bare how dictatorial and anti-democratic their executive-dominated system really is, no? What checks and balances, much less public opinion reflected in public policy?

Across the country governors (the presidents of states) have imposed lockdowns without a single legislative vote of approval (at least that I can find). Michigan’s governor, a front-runner to be Biden’s vice-president, seems disturbingly rankled by the existence of other elected officials: Gov. Whitmer blasts Michigan Legislature for meeting during stay-at-home order, says she will veto power-limiting bills. Historically, this trend towards executive decree “began” with Dubya Bush and the Patriot Act, but that’s an inaccurate and sentimental reading of Western liberal democratic history. However, it clearly has become de rigeur across the West, and especially in Hollande/Macron France.

Wisconsin has become the first state, finally, whose judicial branch finally got involved and struck down their governor’s unilateral decree. (What’s amazing is how the Mainstream Media coverage of this was nothing but political sniping – Republicans undermining Democrats – from the very lede sentence.)

If there really are checks and balances in Western liberal democracy they are non-existent or move too slow. The reality is that judges in general are overwhelmingly hyper-conservative and in a non-revolutionary nation do nothing but defend the status quo – why has no judge interceded to prevent the weekly mauling of the Yellow Vests, for example?

(The Vesters will be out there this Saturday, of course, but we already knew what naughty children they are. I wonder if the media will cover it? If they do I doubt they will cover them two weeks in a row.)

It was historically predictable that Michigan and Wisconsin are the first to demand their rights – the Midwest has historically been the hotbed of American “progressivism” (but they still can’t say socialist over there). The state of Missouri was the first to sue China which, LOL, is misguided but at least they are sticking up for residents of the “Show-Me State”. Texas is semi-Midwestern, and non-Americans would expect them to be the first to resist for their sovereign rights, but Texans mostly just talk a lot – like Dubya Bush: all (cowboy) hat and no cattle.

By far the most delightful, “only in America” news item actually comes from the incredibly unfunky state of New Hampshire – “armed demonstrators passed out ‘Liberty or Boogaloo’ fliers at a statehouse protest”. You must be a fake-leftist if you can’t support that, LOL!

I know that when my liberty feels too infringed I immediately break out my best boogaloo dance – it works surprisingly well. I have a “Where’s My Bailout?” t-shirt from 2008 – I need a “Liberty or Boogaloo” t-shirt to sartorially commemorate the Great Lockdown. I really have to question the alleged superiority of the American entrepreneur when I cannot yet find such a t-shirt for sale?

Western journalists have thrown away skepticism during corona, except towards protesters

French nurses go against the script and thus they get ignored, but most often anti-corona hysteria protesters just get discredited.

The reality back in April was that the Michigan gun-wavers were just a small fringe group – the overwhelming majority of protesters stayed in their car as it was primarily an “auto protest”. The Mainstream Media focused on a tiny portion of overall demonstrators in order to totally discredit the anti-establishment message.

In today’s New York Times lead economics columnist, Paul Krugman (who surely cannot boogaloo his way out of a wet paper bag) also discredits the protesters, opposes ending the Great Lockdown (“never mind what the experts say”, he condescendingly pouts) and even fails to bring up a single word about the obvious economic justification for American discontent in his article Covid-19 Reality has a liberal bias:

Indeed, the antilockdown demonstrations of recent weeks appear to have been organized in part by the same people and groups that have spent decades denying climate change.

Virus trutherism is also reminiscent of the various kinds of trutherism that ran rampant during the Obama years. Inflation truthers insisted that the government was hiding the truth about rampant inflation; unemployment truthers, including a guy named Donald Trump, insisted that the steadily improving job numbers were fake.

In my last article (which elicited no happy dancing) Scarce jobs + revenue desperation = sure Western stagflation post-corona, I noted how Western inflation gauges exclude food, energy, housing, medical care and education costs – call me a “conspiracy theorist” for saying some hiding is going on, Paul. US unemployment data counts working just one hour per week as being employed, which allows part-time work and underemployment to pad their (pre-Great Lockdown ) alleged “full employment” rate – Paul must know this, but reporting that doesn’t keep in you in New York Times clover.

The Guardian’s anti-Michigander piece (yes, I enjoy writing the word “Michigander”) I linked to from April 17 used this same “discredit-via-the-organiser” tactic – as if participants were sheep and not humans with free will – in the 5th paragraph of their story.

This is the same tactic we saw against the Yellow Vests. In the 21st century West being lower class and making economic demands automatically makes one a far-right, anti-Semitic, anti-Black, deplorable neo-fascist. Unfortunately, political understanding will progress not one millimeter with such an unfactual position, yet there is huge popular Western support for such a political interpretation.

People also think I eccentrically enjoy writing the term “fake-leftist”, but it’s really quite necessary: in the US the term “leftist” is refused by Democrats as too radical, so they prefer what Krugman used in his headline – “liberals”. US liberals have only the scantest leftist economic component to their ideology – when you press them to be honest they are resolutely anti-socialist and inevitably support not just neo-imperialism but even many aspects of far-right neoliberalism. Yes, they do not openly claim to be “leftist”, but they certainly falsely and opportunistically present themselves that way. This is why “fake-leftist” can and should be used synonymously with “liberal”.

Liberals, fake-leftists and corona hysterics have two things in common: they are now hissing and booing at the French nurses, and they cannot boogaloo.

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Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis.

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US – April 18, 2020

We’re giving up our civil liberties. Fine, but to which type of state? – April 20, 2020

Coronavirus – Macron’s savior. A ‘united Europe’ – France’s murderer – April 22, 2020

Iran’s ‘resistance economy’: the post-corona wish of the West’s silent majority (1/2) – April 23, 2020

The same 12-year itch: Will banks loan down QE money this time? – April 26,

2020

The end of globalisation won’t be televised, despite the hopes of the Western 99% (2/2) – April 27, 2020

What would it take for proponents to say: ‘The Great Lockdown was wrong’? – April 28, 2020

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance – April 30, 2020

Given Western history, is it the ‘Great Segregation’ and not the ‘Great Lockdown’? – May 2, 2020

The Western 1% colluded to start WWI – is the Great Lockdown also a conspiracy? – May 4, 2020

May 17: The date the Great Lockdown must end or Everything Bubble 2 pops – May 6, 2020

Reading Piketty: Does corona delay the Greens’ fake-leftist, sure-to-fail victory? – May 8, 2020

Picturing the media campaign needed to get the US back to work – May 11, 2020

Scarce jobs + revenue desperation = sure Western stagflation post-corona – May 13, 2020


Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books Ill Ruin Everything You Are: Ending Western Propaganda on Red China’ and the NEW Socialisms Ignored Success: Iranian Islamic Socialism.

Picturing the media campaign needed to get the US back to work

May 11, 2020

Picturing the media campaign needed to get the US back to work

Ramin Mazaheri and Jeff J Brown – for The Saker Blog

We can’t always find it but there is always a tipping point. Last week I crunched the data and suggested it’s May 17: The date the Great Lockdown must end or Everything Bubble 2 pops.

Maybe I’m a few days off, but not many more: This bubble-popping is precisely why Trump is not wearing a mask, planned to end the corona task force and keeps talking about reopening; this is why 300 US CEOs and the Department of Defense sent Mexico’s president a letter threatening that they better reopen now and not screw up corporate supply chains.

But what is absolutely certain is that getting the West back to work requires some sort of propaganda campaign to do so – what will that media effort look like?

When I recently asked What would it take for proponents to say: ‘The Great Lockdown was wrong’? readers pointed that many politicians are dug in way too deep to climb out. Yet, whether they claim to be “wrong” or “right” – climb out they must:

There has never been a vaccine for a coronavirus; neoliberalism is predicated on constant growth and wage-earning; The New York Times’ irresponsible rebroadcasting of 1.1 million US deaths in “a best-case scenario wasn’t worth the paper it was printed on – the West has to end the Great Lockdown.

But Americans aren’t going to go back to work until their media stops scaremongering, as their scaremongering line is slavishly followed by European and Western media: polls show more Americans fear getting sick from the virus than economic hardship, and despite all the data showing only the elderly and medically-vulnerable are at risk (thus they are the healthy ones who should be quarantined).

The New York Times now despises Sweden for their corona-sovereignty, but even they can’t help but admit Sweden shows the only way out of the Great Lockdown: “But what about the economy? The choice is not between indefinite shutdown and Russian roulette. A transition needs to occur that balances the risks at play. From that perspective, Sweden is the future.”

The first step is talking about it – how will the West do that?

I have said from the beginning that the West’s arrogance is that whatever China can do, they can surely do: The West is employing quarantining, control methods and collective-over-individualist concepts used by Asian nations, but without having similar cultures of government economic intervention nor widespread trust in their governments, and amid their economic Great Recession on top of it all.

But can the West use the same media persuasion techniques as China?

To find out what worked for China I posed the question to Jeff J. Brown, author of the most important book on China in decades, China is Communist, Dammit! Brown lived in China for many years and realised he had to refute with data and analysis the Western absurdity that China’s rise has come via capitalist methods.

“There is always lots of debate in China, especially facilitated today with all the electronic social media platforms. There was a lot of discussion in China about citizens having more say in the mainstream media, to increase the flow of useful information during the lockdown. There were forums of every stripe, airing grievances about rules being too strict to measures being too lax, to forums on using TCM (Traditional Chinese Medicine) and old fashioned remedies to prevent/treat Covid.”

This is quite a contrast from what I dubbed The West’s middling, middle-class corona response, which inherently assumed that everyone has a comfortable home, job and savings, even though since 1980 the West’s middle-class has been blown apart. This response was designed by well-paid doctors, professors and epidemiologists, and trumpeted by well-paid Mainstream Media mouthpieces.

In Brown’s book he relates how the Chinese Communist Party is essentially the world’s largest polling agency, constantly querying public opinion on matters big and small. Frankly, if I was forced to select a single trait which separates China’s government from the West’s it would be this one, as it explains their government’s success & efficiency, the obvious & justified basis for the CCP’s popular support, and the bottom-up nature of socialist democracy as opposed to the top-down, technocratic & aristocratic model of Western liberalism.

“There were lots of differing opinions aired in neighborhood, village and town meetings. The red line to not cross is suggesting the overthrow of China’s communist-socialist system of governance, which is no different than the West, where it is verboten to demand an end to capitalism.

(FYI, when I asked Why does the UK have an ‘army’ of volunteers but the US has a shortage? I related how right up there with Iran’s “Down with England, America and Israel” chants is, “Down with those who oppose (the political principle of) the guardianship of the Islamic jurist.” Socialist-inspired revolutionary nations make it crystal clear that a return to capitalism-imperialism or a tolerance of Western-style fascist speech will never be permitted.)

Mao’s mass line continues to this day in the form of millions of surveys conducted among the people, to air concerns and catch the popular zeitgeist. It is all about learning from the bottom up. Then and now, you grab a banner and protest publicly, when all these other avenues of communication have failed. There are an estimated 300-500 public protests a day in this country of 1.4 billion citizens. China haters take this as a sign of weakness. Baba (Father) Beijing sees it as a source of strength.”

The 21st century Western reality is that taking to the streets usually makes one a far-right neo-fascist or an irresponsible anarchist: we see that in the treatment of the Yellow Vests or the recent anti-Lockdown protests in Michigan, which I immediately supported – of course, as I support democracy – in, We’re giving up our civil liberties. Fine, but to which type of state? Brown relates how China’s state is far superior in perhaps the most important thing in politics: incorporating public opinion into public policy.

If anything will be an argument for centralisation over federalism – and central planning over neoliberalism’s “invisible hand… guiding us all towards corporate fascism & neo-imperialism” – it will be the corona-return: it’s clear that the US is wasting a tremendous amount of time, energy and efficiency by having a central government whose suggestions can be and are being totally ignored at the state level.

“Public campaigns like this are done at the neighborhood and private/public employer level. These entities would get their instructions from city/town/village government units, which in turn, working up the hierarchy, got theirs from county, provincial and national level bodies. As is true in socialist countries, the national government may set the tone, but democracy devolves down to the local level, allowing for reasonable adaptation, according to needs on the ground.”

Imagine the amount of discussion – which could have gone to relating the needs of the lower classes and the Mom and Pop shopkeeper/proletariat – which the US wastes daily in political sniping and Trump Derangement Syndrome? The Eurozone common currency will be similarly hindered by disunity, which is the last thing needed in a crisis.

China was stunningly running at 75% economic capacity around February 10 because they are coordinated and united. Some US governors may even, unthinkably, play politics and delay their reopening with November election goals in mind. Americans haven’t had a war on their soil for 150 years – they just don’t know what a crisis is, and that helps explain their lack of unity in this crisis. They think that their preferred politician not taking office in November constitutes a crisis – the building historic economic catastrophe should recalibrate their realities.

Socialist-inspired nations already made the necessary changes, but the Western liberal & economic model cannot

So Brown has surprisingly shown how – as a result of their model of socialist democracy, and not liberal democracy – China really didn’t need a multi-week media campaign like I envision the West needing because there is so much communication between the people and their pubic officials, as well as such an awareness of what is going on, what is needed and what is to be done.

That makes perfect sense when we realise that socialist democracy is based around discussion-based consensus and not the unilateral decree of Western “liberal strongmen” like Emmanuel Macron nor the individualist “great man-ism” personified by Ayn Rand’s blowhard protagonists. In places like Iran and China everything is done by committee (and the CCP and Basij are essentially two huge committees, after all) because these are not only two new systems, but also systems which have inspired massive Western sabotage campaigns: these bureaucrats know that they cannot be high-handed and aloof, but instead must be receptive, responsive and always trying to keep as large a proportion of the population on the side of their socialist-inspired revolution as possible. In short: they cannot risk wasteful mistakes, but why would they even want the system the West has, especially in a few more months?

Of course, there will still be huge health concerns on May 17, especially in the US, but Condensing the data leaves no doubt: Fear corona-economy more than the virus. Of course, the “Western economy” is not at all synonymous with “global economy”, a rather vital point to Iranians, Chinese, Cubans, etc.

Western politicians, none more than state of emergency-loving France, keep reminding us that this is a war: a war necessarily needs heroes, and the West now needs ones other than nurses and rich doctors. A media campaign of, “Go back to work to save grandma’s social security (and our consumer, unplanned economy)”, is thus logical but would obviously be a complete 180 from the editorial policies and public stances of countless Western media and politicians. Such a campaign is probably only feasible for socialist-inspired nations, where collective and not individual action is lauded.

Trump says he views Americans as ‘warriors’ amid coronavirus and he got roundly mocked for it… but I don’t know what the top US public servant can do otherwise, really? America’s bureaucrats thus know the obvious truth of this article – Westerners will need some sort of inspirational campaign to get them back to work. Westerners are culturally prone to fearing others and wanting to stay at home alone even in good times: Given Western history, is it the ‘Great Segregation’ and not the ‘Great Lockdown’?

Westerners will thus likely stay hunkered down, as for months their private media has been ravenously gobbling up the higher ratings they have gotten via pounding fear into their viewers.

You can say I am underestimating the virulence of corona, but about this I am sure: in the Western Mainstream Media there has been basically zero space given to objectively giving so-called “contrarian” views which could possibly calm people’s fears. It as if I am a bad journalist because I am not scaring people?!

I am a bad journalist for immediately waving the red flag that a Great Lockdown is actually a forced suicide march for the West’s abandoned lower classes? It is not my fault that the neoliberal & neo-imperial system of the West refuses to take care of their elder class, and Pity post-corona Millennials… if they don’t openly push socialism actually contains an immediate answer to the economic chaos caused by the Great Lockdown.

Only time will tell if the Great Segregation/Lockdown was necessary, but we definitely know much more about how to handle coronavirus than on January 1 or even March 1: protect the vulnerable, isolate the sick, take personal responsibility actions in public, population-dense regions need extra precautions, and… get back to normal before the Western double-bubble economy pops.

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Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US – April 18, 2020

We’re giving up our civil liberties. Fine, but to which type of state? – April 20, 2020

Coronavirus – Macron’s savior. A ‘united Europe’ – France’s murderer – April 22, 2020

Iran’s ‘resistance economy’: the post-corona wish of the West’s silent majority (1/2) – April 23, 2020

The same 12-year itch: Will banks loan down QE money this time? – April 26,

2020

The end of globalisation won’t be televised, despite the hopes of the Western 99% (2/2) – April 27, 2020

What would it take for proponents to say: ‘The Great Lockdown was wrong’? – April 28, 2020

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance – April 30, 2020

Given Western history, is it the ‘Great Segregation’ and not the ‘Great Lockdown’? – May 2, 2020

The Western 1% colluded to start WWI – is the Great Lockdown also a conspiracy? – May 4, 2020

May 17: The date the Great Lockdown must end or Everything Bubble 2 pops – May 6, 2020

Reading Piketty: Does corona delay the Greens’ fake-leftist, sure-to-fail victory? – May 8, 2020


Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

Reading Piketty: Does corona delay the Greens’ fake-leftist, sure-to-fail victory?

May 09, 2020

Reading Piketty: Does corona delay the Greens’ fake-leftist, sure-to-fail victory?

By Ramin Mazaheri – for the Saker Blog

A party built around climate change is a luxury only the West can afford, and like most luxuries it is a corrupting influence.

While covering a protest in France several years ago a union member told me how she hoped Iran would stop selling its oil in order to protect the environment.

“Sure,” I told her, “how many billions of euros can we expect France to send us so we can buy food?” I assume she is still ignoring this inconvenient truth and enormous flaw in climate change demands on non-Western countries.

Nobody knows how things will shake out in May 2020 – just how bad the West’s Double Bubble + Great Lockdown economy will soon be – but prior to coronavirus green parties were poised to become a top two party across the West for the first time. In 2019 European Parliament elections they shockingly won 10% of seats and 13% of France’s.

That’s not a majority, but the up-to-the-minute reality is that everybody else has been discredited across the Eurozone: the conservatives, the fake-leftists/pseudo-socialists, the nouveau centrists like Emmanuel Macron, the real-but-disliked leftists. Voters who don’t go far-right have only one choice, and that’s a Green party.

The corona overreaction is throwing a spanner into the works, but are we really predicting a revolution in the Western political trajectory?

It’s certain that the neoliberal response cannot possibly satisfy the lower classes, thus incumbents aren’t going to survive their next election: the next five years should be the same as pre-corona – green parties will play the role of ineffectual opposition/status quo-enforcers to far-right corporate fascists who are more jingoistic than patriotic. That’s what politics will be in much of the West, though not in the two-party Anglophone world.

And yet greens will do what fake-leftists always do: screw up, sell out and falsely claim total ownership of the moral high ground.

Given that greens are the political force most poised to profit in the post-corona profit we should ask: Why are the greens such fake-leftists and so unable to provide adequate solutions for the Western lower classes?

Thomas Piketty and why we have to remind hippies that humans have feelings too, just like crystals do

On a moral level greens are human-hating Malthusians at heart – who could deny that? They put rocks and squirrels ahead of people.

On a political level the problem with handing the greens power amid an economic crisis is how very neoliberal their economics are: capitalism-imperialism fringed with a green garland is still rapacious capitalism-imperialism, after all. Perhaps because they are such animal and nature worshippers greens have totally swallowed the idea that “animal spirits” are the only thing which can possibly guide the economy. Which totem animal corresponds to the spirt of compound debt, I wonder?

We can now understand how very easy it will be for the Western 1% to pivot and embrace green parties as a “solution” to pacify the masses post-corona, much like Barry Obama rebranded the US in 2008.

To prove my point: take this extended interview from April 27 with economist-of-the-decade Thomas Piketty by The Intelligencer, which is part of the fake-leftist New York Media digital empire: here we can witness fake-leftist Westerners have it dawn on them that… oh yeah, it seems politics actually can shape economic outcomes?

Piketty is known as the “scholar of inequality”, and while such issues are the focus of leftists it does not mean he automatically is a socialist and not a capitalist. In the interview he discusses his new book and its solution to the Great Recession-cum-Great Depression 2: “participatory socialism”.

Much like Bernie Sanders (the Democratic Party chiefs he repeatedly bows to surely think: “Thank God we have a donkey like him!”) and his “democratic socialism”, Piketty also misunderstands socialism so very much that he thinks he needs a modifying adjective. At best, we can say that these fake-leftists only grasp the primary aspect of socialism (economic redistribution), but not its second, twin pillar (political power redistribution).

The idea that socialism is not “participatory” is easily and overwhelmingly disproven:

Last year Cuba approved a new constitution: “Some 133,680 meetings were held in neighborhoods and places of work and study. There were 8,945,521 participants, with an estimated two million attending more than one, so that the participation rate was approximately three-quarters of the population. There were 1,706,872 commentaries by the people, with 783,174 proposed modifications, additions, or eliminations.  On the basis of the opinions and proposals of the people, the Constitutional Commission revised the draft.  More than 50% of the proposals of the people were included in the modifications; nearly 60% of the articles were modified in some form.

Is that not “participatory” enough?

Piketty seems to have swallowed the lie that socialism has no second pillar which upholds political empowerment of the humble citizen? We see how millions of Cuban hands wrote their constitution in a bottom-up manner, as opposed to the top-down technocracy/aristocracy of Western liberalism.

Fake-leftists fear socialism because they made no personal effort to understand it, thus their conception of socialism is based on ignorance, propaganda and self-interest, and not logic or history. We see all of these things on display from the otherwise estimable Piketty in this interview.

The West gives Piketty a chance: if he doesn’t seize the moment now then he is an idol in an ivory tower

What can we expect New York Media to say when confronted with the rapacity of neoliberalism anything but, “We had no idea?!”

We should expect more from Piketty – we can judge here if he is more than just a detached theoretician who poses no threat to status quo capitalism-imperialism.

The Intelligencer: One of the main responses to the last book, at least among the American audience, was to treat r > g (Piketty’s shorthand for the fact that the returns to capital have been greater than the growth of the economy as a whole) as though it were a law of nature that could be modified only very occasionally through exceptional political change. But actually, the fact that a rich person’s bank account grows faster than the national GDP, that’s just a phenomenon created by a particular political structure too. It’s a creation of politics.

This illustrates my point: Western fake-leftists – from those approved by investor banker scions to write for New York Media group to the greens – have no idea about how politics shapes economics even though this is the very stuff which socialism’s first pillar is made of. Yes, of course economics are created by a political structure! We see that the neoliberally-indoctrinated never question their core beliefs and “animal spirits” until it is too late.

Piketty’s mildest-of-responses – apologetic and inexplicably guilty – shows why he is so appealing to fake-leftist Westerners: the West’s favourite “leftist economist” shows how his values are not based around socialist critiques but the values of diversity drawn from cosmopolitanism, and culminating in a relativistic moral nihilism which is absolutely unacceptable in the black and white field of economics, with its measurable outcomes.

Piketty: It is.

Probably I was not sufficiently clear about that.

I must say in general I have learned a lot from all the discussion from my previous book. I have learned a lot by traveling to many countries to which I had not traveled sufficiently before. I think by broadening the scope of countries and historical trajectories I look at, it also made me realize this incredible diversity of human ideologies and human imagination to restructure all the time the societies. And that’s probably the main lesson of history, that the idea that there is only one way and there is no alternative is just wrong. 

The Intelligencer: You heard that a lot starting in the 1990s and all through 2008: There’s only one way. (The standard formation of this is ‘TINA: There Is No Alternative (to neoliberalism and neo-imperialism)’.)

PikettyIt’s wrong.

We “heard that a lot” from Westerners – everywhere else people who were not aspiring to being Western clients/puppets were disagreeing… and getting bombed/blockaded for it.

Being “wrong” on this issue merits a lot of public admission of shame and guilt, but Piketty is content to allow decades of deadly mismanagement to be summarised with two words! I wish my teachers had been so leniently brief when I was wrong.

He doesn’t have to be a political firebrand or a raging poet, but we need more than just two words here: Piketty’s reticence is both culturally self-serving (Piketty is French) and also dangerous because the West’s refusal to let anyone go their own way has had such deadly and impoverishing results. Their conversation continues:

The Intelligencer: Since the crash, there has been a sort of acknowledgment from places like the IMF, World Bank, Financial Times, The Economist, all these voices of elite globalized neoliberalism saying, “Okay, there are some real problems here.” But they still aren’t thinking much about alternative models.

PikettyIf you look at how things happen, you’ll see a potential for political mobilization and historical change through social and economic and political processes, which always happen much faster than what the dominant discourse tends to imagine.

The journalist is essentially saying to Piketty: give us an alternative model, please! But Piketty backs away and exonerates those entities by saying, “Well, life moves fast.”

That’s his whole answer – it isn’t much. It’s as if Piketty wants to stay on the good side of these institutions and media – to keep getting book reviews, praise and invites to speak.

Today is the 75th anniversary of Victory in Europe Day – do you know the socialist version of what happened?

It only takes a few paragraphs…

What Piketty does not say is that we need to learn from the history of socialism, which is an alternative model that has been in practice for over a century but which neoliberalism violently opposes.

Western fake-leftists know what waits for them if they say that history openly: blacklisting, de facto censorship, no more invites to speak, no more fawning reviews – it’s the same glass ceiling/first-to-be-fired which vocal union members face in their jobs. This is partially why Piketty wants to invent a “new” socialist model and thus erase a century of global history – he doesn’t want to risk his position.

Another component is that for Westerners socialism in any form is not an “alternative model” but a dead model, even though – gasp! – it clearly is a victorious model. This historical revisionism/ignorance goes back to the millions-murdering formative years of industrial capitalism (the last third of the 19th century), as I wrote about last week in The Western 1% colluded to start WWI – is the Great Lockdown also a conspiracy?

Crucially, Piketty’s generation – and the one before it and the one after it – was taught that US-led “freedom” defeated fascism. Please note neither has an economic component – it is good versus evil, liberty versus repression – whereas socialism always has a loaded economic component; the pity is that its political component (democracy both direct and indirect, like in Western democracies) was caricatured into a totalitarian dictatorship by a capitalist-imperialist 1% waging perpetual war.

Thus, 75 years later the West still does not realise that WWII saw corporate fascism defeat other corporate fascists – the US, full of Jim Crow and a military-industry complex, was indeed a corporate fascist state which defeated the German and Japanese corporate fascists.

However, even that view is false propaganda! It is the Soviet and Chinese socialists who bore the brunt of the effort to topple corporate fascism in Europe and East Asia. Western ideology rejects the obviously exponentially-larger WWII sacrifices of socialist- inspired nations, and thus for them socialism is a tragic experiment instead of a victorious concept. US corporate fascism continued unabated – it began regrowing corporate fascism (now rebranded as “neoliberalism”) in Japan, Germany and the Eurozone.

This socialist analyst crucially shows how “Corporate fascism with American characteristics” was thus never discredited, until 2008.

This illogical historical analysis is why the West is so at a loss to deal with their problems caused by modern corporate fascism (neoliberalism), and why they scratch their head say “Gee, maybe politics can influence economic outcomes?” “Of course!” is what I would have said if I only was given two words, but Piketty says, almost lamenting, “It’s true.”

We can pick up directly with the interview, continuing with the journalist’s intellectual ignorance/faux-shock with Piketty’s academic detachment/indifference. They were discussing the failure of neoliberalism’s leading lights and the possibility of “thinking” about – not discussing nor implementing – alternative models.

Piketty is not about to stand up for human, suffering Yellow Vests, but he will for Mother Nature

The Intelligencer: But of course it’s also true that those people can help design the system and how it evolves, especially in the case of something like the Great Recession. How much did that recovery worsen inequality, in your view? A layman might look at the history and say, “It’s those who have access to capital who can buy distressed assets, and, as a result, unless there is really dramatic intervention, it will always be the forces of capital that benefit from the crisis.” Is that a fair read of how we emerged from the recession?

The journalist suggested the truth – capitalism is always collusion – but Piketty does not rise to the occasion.

PikettyYou’re right that the people at the top have done better once again than average. How do you explain this? I think it’s because if you take the whole compact of fiscal, social, legal, competition policy, there has been insufficient change. In the end, probably the only lesson from the 1929 crisis both from the right and the left, if you look at economist Milton Friedman, monetary economists, everybody agreed that the Federal Reserve and the central banks in Europe made a huge mistake in the 1930s by letting banks fall one after the other. The only lesson from history in a way was “We are going to do whatever it takes, we are going to print whatever money needs to be printed, in order to save the financial sector.” Indeed, it allowed us to avoid the worst, which is a complete fall in economic activity of the kind we had in the 1930s. It’s good news in a way. We have learned something from history.

The problem, of course, is that we are not going to solve everything with central banks. There was nothing else, really, in store. What I’m a bit concerned with today is that even though there’s a lot of motivation to address structural problems, in particular the climate crisis or today’s pandemic crisis, I think there’s insufficient thinking about how to change the economic rules, the organization of property relations in particular, how much private property we want. We need to take seriously the fact that the distribution of the burden has to be discussed from a democratic viewpoint, has to be distributed across income groups. Sometimes, the climate activists, environmental activists, are so convinced that the No. 1 problem is the climate that they don’t want to hear about anything that sounds like income or wages.

Piketty does, however, agree with the thesis of my 10-part series last winter: that Western bankers are the West’s vanguard, enlightened party which is tasked to “solve everything”. But Infinity QE proves that the Western “bankocracy” model cannot promote anything new – there is “nothing else, really, in store”. We should not expect any vanguard party to admit otherwise either, including the Chinese Communist Party or the Iranian Basij, because all three groups view themselves as their system’s champions and saviors. The latter two, of course, have the advantages of being grassroots in composition, thus embodying political power redistribution, who are then tasked with enforcing economic redistribution, which goes a very long way in explaining their enduring popular support. Bankocrats… not so much.

Right after “central banks” was when Piketty could have proposed a “Western, secular Basij” or a “Party for Socialism with European Characteristics”, but not only does he totally ignore these examples – he thinks he has to reinvent the wheel, which is far worse: Piketty dismissed as insufficient the century of theory and practice socialists have already given “about how to change the economic rules, the organization of property relations in particular, how much private property we want.”

If this is what this academic is teaching his 18-year old students he is letting them believe that something called “socialism” never even existed. But, for Piketty, socialism is both a dead idea and one that may make his own career dead. The interview continues:

The Intelligencer: Some climate activists think the solution is to shrink our economies. They call it “degrowth.”

And now we see clearly the reason for this article – the danger of letting greens run the corona recovery. Piketty just hinted at this when he discussed the “climate crisis or today’s pandemic crisis” (clearly, in terms of urgency the latter is the bigger crisis, yet it is secondary for Piketty) – the open Malthusianism of the Greens, which can never satisfy the 99%.

What is posited by The Intelligencer is that humans are the problems – not the tools they use nor choice of systems. It’s a fake-leftist tack which says the problem is not unfair distribution of economic and political power, but the mere act of production. Rather then perfecting socialism – let’s choose de-progress? Piketty knows he is treading on revolutionary ground with such a (dumb) idea:

PikettyWhich has to be discussed very precisely because then you need to be very careful about what exactly you are proposing to the bottom 50 percent in societies. I think it’s possible to design a plan, but we have to be very careful. In France, we had the yellow-vest movement. The government said that it was going to raise the energy tax and carbon tax for the good of the climate….

Piketty then reaches back to a Sarkozy-era initiative of carbon pricing – he has only brought up the Yellow Vests as a cautionary tale, not to relate their socioeconomic views. That is even though – despite the constant propaganda campaigns which glorified the weekly repression of them – (the rarely commissioned) polls showed the Yellow Vests have always been supported by at least 50% of the country. Piketty believes the Yellow Vests exist not as equals, peers and co-leaders but as a wild force who exist to menace the status quo as a sort of way to keep the Western elite honest.

Piketty knows, though would never say it, that if he regularly marched among the Yellow Vests he’d no longer be invited for interviews by New York Media, The Economist, the World Bank, etc. Piketty gets these calls because even as he calls for change he supports the status quo – he is as much an “EU patriot” as Emmanuel Macron and so many of their elite peers. Piketty admits later that EU patriotism is a fundamentally-elitist waste of time:

PikettyWhat this shows is that we should all be concerned about how we rewrite the system. Many people find this very boring, and I can tell you when you try to talk about the transformation and the democratization of European institutions, most people stop listening after five minutes. 

We can now elucidate the main problem of the Western left: they cannot galvanise anybody. They have no ideas and no language to excite people to support this status quo that arrived via unbloody “velvet revolutions” and which have continued via an apathy and anti-democratic disconnect built into the US-written pan-European project.

In Iran, for example, they created a new language: people like Ali Shariati combined the revolutionary language of socialism with the revolutionary language, symbols and heroes of Islam (with an emphasis on Shia heroes) to inspire the masses. Forty years later the staunchest Zionist must concede that the ability of “Revolutionary Shi’ism” to galvanise is succeeding in a broad enough manner so as to thwart any neoliberal “velvet (counter) revolution” in Iran. Contrarily, if they’d actually honor democratic votes the EU might be dissolved this very day.

Semi-pantheistic, human-hating Western greens are not about to die for change, nor are they about to inspire anyone in the lower classes (or the Yellow Vests, who expertly dissect French and EU politics).

Therefore what is interesting is not the upcoming multiyear battle between green parties and far-right parties as the new “two mainstream parties” in the West, but what comes after this: What does Europe do when their fake-leftists prove to be the same old neoliberals who sell out the masses, but this time give you more flowers?

Do they finally turn to socialism, or return to corporate fascism & neo-imperialism? Even with corona, we may need another five years to find that out.

The times make the man – who is left and who is not will be crystal clear post-corona

Piketty is not a fake-leftist on the level of the New York Media group, but he is certainly not a socialist: he supports MMT (modern monetary theory) and its notion that QE can actually be given without banker middlemen directly to the people, but not nationalising banks; he supports a basic universal income which hardly sounds like the massive redistributions enacted in the USSR, China, Iran, etc.; he laments that to pay for that “you have to have progressive taxation” instead calling for taxing only capital and the rich (in Iran, because of this fundamental socialist principle, half the country pays no taxes and no farmer does).

Piketty should be lauded for documenting inequality and some of his ideas go left of the mainstream, but he doesn’t go much further than that. The upcoming months of chaos will tell if he is an “objective” intellectual, just as journalists are supposed to be in the West – stuck in an ivory tower, where they have no social responsibility; despite their greater awareness of a problem, they are told not to feel any personal responsibility as well. The same goes for Western pop culture stars – any political involvement contrary to the 1%’s stances means no fawning airtime.

Yes, Piketty cares about inequality and changing economic structures – “Over the past ten years, we’ve been saving banks, but have we solved our problem with rising inequality, with global warming?” – but he also cares about saving the planet a tremendous, tremendous amount. He cares about it so much that he has apparently not had time to actually examine socialism and become persuaded that class warfare is continuously waged by the capitalist-imperialist 1% against the 99%.

Bottom line: In the 21st century there is no major issue which is so class-neutered as ecology.

Thus, I refuse to play along: a global ecological solution obviously requires global cooperation, which is something only socialism can offer and which is impossible under a capitalist system, as it is based instead on competition.

Talk about the environment is thus just empty talk until capitalism-imperialism is eradicated – this is why a Green party takeover will be welcomed by the Western 1% as a brand change as effective as Barack Obama was in 2008.

It’s not hard for a neo-pantheist to grasp: The West could profit from Iranian oil for decades, but once we get it – oh, the time for oil is over? Either fork over many, MANY scores of billions or: Pump away, Iran!

The reality is that if Piketty ever consistently marched with the Yellow Vests he’d realise they also care deeply about the environment. But Earth will not be destroyed before “la fin du mois” (“the end of the month” – the primary slogan of the Vesters, which illustrates how they struggle to pay their most basic bills at the end of each month) whereas the lives of millions of Frenchmen will be destroyed amid this corona hysteria. Mother Nature is not the problem – Western politics are.

It should be clear: green parties are a useless distraction – they should not be accepted as a substitute for true leftism. Maybe the Double Bubble + Great Lockdown will set off a revolution, but for now neoliberal, Malthusian, pantheistic, fake-leftist green parties remain the West’s political trajectory.

***********************************

Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US – April 18, 2020

We’re giving up our civil liberties. Fine, but to which type of state? – April 20, 2020

Coronavirus – Macron’s savior. A ‘united Europe’ – France’s murderer – April 22, 2020

Iran’s ‘resistance economy’: the post-corona wish of the West’s silent majority (1/2) – April 23, 2020

The same 12-year itch: Will banks loan down QE money this time? – April 26, 2020

The end of globalisation won’t be televised, despite the hopes of the Western 99% (2/2) – April 27, 2020

What would it take for proponents to say: ‘The Great Lockdown was wrong’? – April 28, 2020

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance – April 30, 2020

Given Western history, is it the ‘Great Segregation’ and not the ‘Great Lockdown’? – May 2, 2020

The Western 1% colluded to start WWI – is the Great Lockdown also a conspiracy? – May 4, 2020

May 17: The date the Great Lockdown must end or Everything Bubble 2 pops – May 6, 2020


Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

May 17: The date the Great Lockdown must end or Everything Bubble 2 pops

May 17: The date the Great Lockdown must end or Everything Bubble 2 pops

May 07, 2020

By Ramin Mazaheri for the Saker Blog

The 2008 crisis was top-down – the bankruptcy of Lehman Brothers came out of the blue to the average person. Contrarily, a result of the Western coronavirus overreaction, the 2020 economic implosion is building from the bottom-up: it will occur from the result of millions of tiny Lehmans throwing in the towel.

Reality was ignored for 12 years: small- and medium-sized businesses need as many rounds of QE as their corporate & high finance counterparts. Fatally for the West’s “real” economy, QE was hoarded instead of downloaned. They still aren’t getting loans: In the US only three million small businesses are getting federal aid out of 30 million – 90% remain frozen out of public policy.

There is a very important difference between the relative ease big companies can get back to work, and the enormous inertia faced by small businesses. Corporations can reportedly get back to normal in 5 to 8 weeks – this is why a corporate-focused media talked with such certainty about a “V-shaped” recovery when the Great Lockdown began. They ignored the outlook of the small businessperson, who often doesn’t have the savings to get back to work and, more crucially, maybe not even the desire.

Me, I never wanted to be a small-business owner – it seems like a LOT of stress for usually very little profit. And owning a restaurant, just so I can freak out twice a week over the possibility of being stuck with unsold fish? Pills are a much easier way to cause my early death. But only an inexperienced and judgmental teenage Che Guevara would not realise that these “humble capitalists” often display global values like hard work, thrift, diligence, etc.

Because of a dogmatic hatred towards capitalism and a disinterest in how economics works, many modern leftists foolishly do not include small proprietors in the proletariat (modern far-rightists do not dismiss their importance, however); and yet they do include craftsman, essentially entrepreneurs who can be even more overcharging, prone to bribery and lordly (nowhere more so than in Paris, in my experience). In France the precarious small shopkeeper is very often an ardent supporter of the Yellow Vests, for example.

The reality is that socialism is mostly a worldview, mindset and acceptance of an idealistic and never-ending task: to assume something about somebody because they are in a certain class or group is stupid prejudice. Deng Xiaoping rightly declared that journalists are in the working-class, and we are… but should we really include all those journalists who get paid an Uber-like/freelancer pittance and yet slavishly champion the upper class and their faux-values to class-jump as soon as possible?

The Western economy hinges on the loneliness of Mom and Pop – give them QE (and a phone call)

One one hand, all Westerners need to do is to get back to work (to satisfy their creditors even more than their Protestant workaholism) – who cares if nobody buys a car as long as cars are being made: Over-supply would be a temporary problem, but it would provide a solution to the problem of the lack of wages being paid. Once people have wages, then they can buy and reduce that oversupply.

On the other hand, many jobs are expressly about getting people to buy – retail, restaurants and many Mom and Pop shops, for example. But how can they put their Confucian values in practice when they aren’t allowed to open up their stores? To me it’s extremist and absurd: After all these weeks we really can’t arrange ANY safe way for Mom and Pop to sell some goods for even ONE hour a day?

There’s another problem just as big – the long-term depression of consumer demand which seems like a certain outcome of the Great Lockdown: what’s the point of opening up when finally allowed if consumers are so scared of making purchases that nobody shows up to buy? The compounding parallel problem of not having any wages to buy with also applies here.

The prospect of multi-month loneliness and poverty for the small business owner is thus a huge variable in the determining the severity of the upcoming economic chaos.

Furthermore, a lot of what small businesses sell isn’t actually necessary – you can, in fact, just eat at home. Yet most Western economies are consumer economies heavily predicated on consumption; why anybody needed a yearly iPhone upgrade was only explained by the University of Missouri’s Thorstein Veblen and his theory of conspicuous consumption, but how will you know if you are impressing the opposite sex when they’re all wearing masks? (LOL, this is not a good era to be single!)

Many business owners are going to have a light flipped on – they don’t need the hassle anymore. They’re going to shut the lights before the bank repossesses the light bulbs, and live off the public dole while they brainstorm and query contacts for a new job. So not only will they be added to the unemployment ranks but – even worse – their employees as well. Corporate layoffs make the headlines but small businesses provide half of all jobs in the US.

Another thing is certain – this can only happen once: a second Great Lockdown is a financial impossibility for the Mom and Pop shop, and likely stroke-inducing as well.

Yet many nations are planning exactly that: staggering and dragging out lockdowns through the summer, like France’s insane (but still tentative) plan to shut down both international and domestic tourism even though it’s at least 10% of their economy. The Eurozone has a huge competitive advantage upon reopening because they actually cared about protecting jobs and supply chains – he who restarts first, and better, captures market share – but their policy-making idiots are poised to squander it via prolonged lockdowns.

If we extend “the greatest economic shock in our lifetimes” then it is no longer just a “shock” but a long-term policy; this policy is not something which small businesspeople can withstand without QE injections similar to what big banks have been given to prevent their own bankruptcies.

What’s certain is that half of all US small business owners said they could only last two months under Great Lockdown conditions – 80% of Americans were on lockdown on April 1.

Hubei was locked down for 76 days, with CCP members bringing people food thanks to a modern, 99%-focused, socialist-inspired democracy (with both direct and indirect aspects, just like West democracy) which actually listens to the needs of their people. That’s a “good” lockdown, which the West cannot/will not do for their 99%. Anybody who said in January, “The neoliberal Western economy has safeguards which would allow it to survive two months of no profit-making/wage-making,” would surely have been laughed at, after all.

I have crunched the data and May 17 should be circled on your calendars as the “tipping point”. If the Great Lockdown is not rolled back by then, there is no going back – the West’s Everything Bubble 2 economy will have been popped by the corona hysteria.

Western policymakers only understand corporate psychology, not Mom and Pop’s, nor that of (working, single) Mom

The stories from the US lower classes are just staggering: The Chicago Tribune’s Feeling hopeless? Worried? Chicago-area pandemic survey shows you’re not alone was not a emotion-focused piece – its poll found that a stunning 42% of locals think it’s unlikely they will have a job by the end of May, and that 23% had run out of food in the last month and had no money to buy more. That portends economic catastrophe.

Such a study of the general public is not an outlier: Over half of poor US households say someone has already been fired or taken a paycut, and that study was from two weeks ago.

I could not be more sympathetic to US workers, who are basically third-world in their instability: Eighty percent of Americans live from paycheck to paycheck, which is a very tiny step above daily hand-to-mouth. From the beginning I have said that they should not go back to work in unsafe conditions but… it is America! What else can they do in a system geared towards the aristocrat/landlord/massa like in the 18th century? Leftists say that the needs of the average worker must be considered by Western policy and I agree, but back in March I was realistic that this type of a “cultural revolution” would not be taking place by the end of April – it has not.

Anybody advocating a three-month Great Lockdown until July 1 simply isn’t working within realistic paradigms: by then supply chains will break down, goods will be in short supply and thus prices will increase amid the “liquidity issues” of the lower class masses. Corporations will join their small-business counterparts with bankruptcies and layoffs. Dogmatic leftists insist that factory workers are oh so very much more rightly-guided and politically knowledgable than Mom and Pop Shopkeeper – so then why are US autoworkers planning to reopen on May 18?

Considering how many Western invasions and blockades are launched to control it, we’d be remiss not to mention oil: storage will run out as early as May 18. Capping and restarting wells is extremely difficult, with no guarantee a restarted well will return to the same production level. Can we imagine the world’s oil producers shutting down and what long-term effects that could have on the “lifeblood of the modern economy”? This alone seems to make a May restart vital.

But in the Western system it’s all about the banks:

After three months of Great Lockdown the stresses on their banking system will be unprecedented and well-beyond the designs of any post-2008 government-regulated “stress tests”. At what point do they say – and corporate banks have essentially already said this, even if community banks realise their viability is tied to their local Main Street: “We don’t have the ability, the bureaucratic size and efficiency, the will, nor the profit motive to work through round after necessary round of small loans,”? What Mom and Pop needed was direct government loans, but in the Western anti-socialist/anti-government “bankocracies” they are forced to go through these parasitic middlemen first, last and always.

The fatal flaw of this very Western system should now be totally exposed: Bankers can very easily quit and say, “I didn’t sign up to save the Western economy,” but that is exactly what neoliberals expect them to do, because they refuse to – sensibly – hand this task to government. Bankers became bankers to get rich, of course. Small businesses held out hope (and held back on layoffs) of government assistance only to be reminded that they have no influence in a Western system dominated by very high-priced “free speech” (and lobbyists).

Perhaps the good news is that we shouldn’t care about stock prices anymore: they will go up, always. Even though there is no way that corporate profitability will return until 2022 or 2023, the past couple months have merely seen a “bull-market pause”, LOL. This is due to the official confirmation of what everybody already knew: central banks will print money to enable stock buying and now also corporate debt – capitalist fundamentals no longer matter.

Western media focuses on the stock market, and the needs of corporations, and only rarely can even see as far as protecting supply chains, but they do not care about Mom and Pop – focusing on them are mere “human interest” stories. However, ignoring the lower classes is the hallmark of the Western aristocratic/bourgeois liberal system – making the lower classes the priority has only ever been documented in socialist-inspired systems.

At heart we have three main issues driving this bottom-up implosion: 1) policymakers who only do anything as a result of high finance, 2) policymakers who don’t understand the needs and psychology of the lower classes, and 3) policymakers who underestimate the enormous economic importance of the lower classes. There is a solution to push back my fail-by date: Massive, rapid and new rounds of People’s QE (i.e. to workers and small businesses) – merely extending the extra $600 unemployment benefits until July 31 won’t be nearly enough, but anyway those Unemployment benefits will be reduced after July 31.

Why my May 17 assessment is so very rightly-guided

Readers know this is a historic era: We are currently in the middle of the worst Ramadan month ever. It’s like the Christmas season has been cancelled.

The 23rd night of Ramadan for Shia is known as the last of the “Night of Destiny” (27th for Sunni, but the night must be “searched for” among the odd-numbered nights of last 10 days as the exact date was never revealed) – this is when it is believed that Mohammad received the Koran’s first verses. Many stay up the whole night worshipping and meditating because the rewards of prayer on the Night of Destiny are better than those of a thousand months combined. It is also the night when God issues his annual decree for what will happen over the next year, thus “Night of Decree” is actually a better translation of Laylat al-Qadr.

This year the 23rd night likely falls on May 16, and – while you will surely allege that I am biased – I think it is very appropriate to say that this is the night upon which the fate of Western neoliberal economics hinges. Thus, if Western leaders do not start acting correctly – which many would view as a Ramadan miracle – it seems certain that their economic fate will be determined by the morning of May 17.

Perhaps what the West’s leaders may have needed was a culture which regularly allows for times of humility and reflection, and for putting a temporary stop to ambition and worldly grasping? Not necessarily an Islamic culture – as Islam is forbidden to be imposed, which is why there are no missionaries – but something which allows space for these ideals, and the neoliberal form of capitalism decidedly does not.

Going until June 17 and still avoiding bottom-up economic catastrophe? You must be out of touch with the lower classes. Until July 17? You must be a lab-bound epidemiologist with a very comfortable salary, savings and home. Until August 17? You are either hysterical, or plan to profit from human suffering, or plan to have your guns blazing amid the West’s World War III.

Still scoffing at my Islamic socialist analysis, eh? FYI: if you didn’t have usury (compound/excessive interest) you probably wouldn’t be in such a huge mess in the first place. But fine, let’s use capitalist competition as our gauge: Do you really think the West’s Great Recession/anti-interventionist economy is even 75% as capable as China’s 76-day Hubei lockdown? That would equate to a May 28 opening.

No, by May 16 most of us will be praying for divine help and for a very, very different calendar year to come – they can give this year back to the Indians, as far as I am concerned. On May 17 that year will be permanently set in motion.

Please note that my date is just a prediction and educated guess – I am certainly not the decree-issuer! And, full disclosure: many have said for many years that I am obviously not even rightly-guided.

***********************************

Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US – April 18, 2020

We’re giving up our civil liberties. Fine, but to which type of state? – April 20, 2020

Coronavirus – Macron’s savior. A ‘united Europe’ – France’s murderer – April 22, 2020

Iran’s ‘resistance economy’: the post-corona wish of the West’s silent majority (1/2) – April 23, 2020

The same 12-year itch: Will banks loan down QE money this time? – April 26, 2020

The end of globalisation won’t be televised, despite the hopes of the Western 99% (2/2) – April 27, 2020

What would it take for proponents to say: ‘The Great Lockdown was wrong’? – April 28, 2020

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance – April 30, 2020

Given Western history, is it the ‘Great Segregation’ and not the ‘Great Lockdown’? – May 2, 2020

The Western 1% colluded to start WWI – is the Great Lockdown also a conspiracy? – May 4, 2020


Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance

April 30, 2020

ZeroHedge, a response to Mr. Littlejohn & the future of dollar dominance

by Ramin Mazaheri for The Saker Blog

It was very pleasant and informative to read Mr. Gary Littlejohn’s April 19 article, Strengthening the US Dollar: Comments on Ramin Mazaheri. I am very happy that he agreed with my article No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all, which sought to temper the eager glee of those whom I call the “dollar demisers” with some historical facts and socialist-based analysis.

What it seems Mr. Littlejohn essentially did was combine my analysis with a very popular article from “high finance dissident” site ZeroHedge, “Down The Rabbit Hole” – The Eurodollar Market Is The Matrix Behind It All, penned by Michael Every of the Netherlands’ Rabobank, and then add his own considerable insights and commentary.

Mr. Littlejohn wrote such a fine article that I am happy to respond to both his and ZeroHedge’s articles.

He began, ”This supportive response aims to provide recent relevant evidence that many of the likely changes Mazaheri describes are already happening very quickly.”

Things are indeed happening very quickly, but they could also be arrested quicker than people think. My article was a counterweight to the idea that the US (and their Western allies, and their client/puppets) is somehow entirely out of control of this process – it is not. I hope that I have overestimated a prediction of 20-30 years more of dollar dominance, but my article demonstrated how from 2008-20 they have more than just weathered a Great Recession they primarily caused. There will be a true anti-dollar revolution, but nobody can accurately predict any revolution – who could have even predicted this Great Lockdown hysteria?

I’m very glad Mr. Littlejohn agrees with the class-based analysis that the 1% is indeed international – it is not some tinfoil-hat conspiracy claim. This fundamental tenet of socialist analysis seems odd in the West only because it is so rarely said – after all, hedge funds, billionaires and wannabe-billionaires decide the editorial policy of Western media.

But, above all, this remains a competition between two ideologies: capitalist-imperialist cultures (and their repressed client states) and socialist-inspired cultures. The latter culture acknowledges this openly – the former hide and denies it, famously declaring an ideological “end of history“. Both of these cultures remain supranational in scope and reach, even if capitalist-imperialists continue to falsely assume their global political dominance and persist with their “clash of civilisations” (which first came for the Muslims) with a book of self-flattering “universal values” at the tip of their spear.

What Westerners have started to realise – 2008 began this process and the looming 2020 crisis will accentuate it – is that the neoliberal empires they cheered on always intended to come for their 99% as well. For proof just look at Greece, the Yellow Vests and the decade-long austerity self-cannibalisation of the Eurozone. There are those who believe the upcoming explosion of this critical mass will cause the revolution implied by the fall of the dollar – this article will pose an alternative view; it’s a view which Westerners cannot even conceive of much less discuss because – of course – they have no enemies, There Is No Alternative, their ideology conquered even before their armies arrived, they are so willing to die for their own rightly-guided governments… right?

Mr. Littlejohn was right to marvel at the primacy of Western/international high finance in his discussion of the enormous consequences of the recent decisions by the Fed & ECB to purchase corporate bonds.

If we care about our nation, then we must ensure corporations and individuals (and in the US corporations are now legally treated as individuals, in a major 1%er victory) are legally and fiscally subservient to not only our nation’s laws but our nation’s moral values (i.e. the spirit of the law). Capitalist-imperialist ideologies do not have this type of patriotism: their patriotism, due to a system predicated on competition and not cooperation, cannot be displayed via this positive defense but only via a very negative attacking – be it Putin, Russia, Muslims, those on the other side of the political aisle, socialists, the Iraqis, the Vietnamese, the Algerians, etc.

Mr. Littlejohn writes of the corporate debt purchases: ”This seems to allow the development of a possible strategy that discriminates against foreign-owned companies (such as Chinese-owned Huawei) to be starved of Fed funds.

Indeed it does. But nations have a right to defend themselves (like with protectionism), after all; contrarily, national aggression (like with blockades) is the cardinal sin of international law. The new Fed-Treasury open alliance, with BlackRock as their bureaucratic arm, is a problem for the American citizen in that the priority is not the elevation of American corporations/individuals, but of Western/international high finance.

This lack of patriotism is rightly offensive to the many Tyler Durdens of ZeroHedge, but because they reject socialist analysis they don’t fully understand it nor can they proffer actual solutions instead of a useless, destructive Fight Club-esque rage.

ZeroHedge: the West does not rule the whole world, try as they might

It’s important to note the very fair criticism often made of “dissidents-but-not-really” like ZeroHedge: they have been wrong for years. They keep saying that capitalism is about to collapse because just look at this excellent data we culled and this fine analysis… and yet it has not collapsed. This doesn’t make ZeroHedge permanently wrong, necessarily – it could make them ahead of the curve. Mr. Littlejohn was quite right in relying on them as he did.

I also wonder if ZeroHedge would do any better if they were put in charge of the Western economy? ZeroHedge’s editorial line is resolutely Austrian/Chicago economics. They do not publish any articles advocating socialist reforms, but they do publish many anti-socialist diatribes which may or may not be reprinted from the 1930s. Indeed, I am always flattered when they do occasionally reprint some of my geopolitical articles, and I definitely find it very amusing because many of the comments are – and this is a direct quote: “This is the worst thing I have ever read on ZeroHedge!” LOL!!! Well, they are based around socialism, not Austrian/Chicago economic brutality, selfishness and egotism. But when it comes to economics ZeroHedge is not about providing balance and objectivity – they are trying to protect their investments.

But in most newspapers the best, objective hard news about foreign countries is actually found in the business section – they need some truth because they are trying to protect their investments. ZeroHedge is indeed indispensable during this economic crisis because of their excellent taste in culling key hard business news from around the world – we can never find such contrarian-yet-factual, everything-is-not-100%-rosy, up-to-the-minute hard news at any of the Mainstream Media business sections or websites. ZeroHedge knows what to look for regarding Western economic problems and it wants them fixed – they are trying to protect their investments.

One of the favourite sources of analysis for ZeroHedge is Rabobank. Perhaps it is because they are Dutch, and their “junior partner” status in the North European strangulation of Latin Europe gives them some pause regarding the ruthlessness of the Germanic-Austrian-Chicagoan mindset? Perhaps because it is a bank based not only around cooperatives but agriculture as well that they have a very un-New York City view on the desirability of empire? Or maybe not… anyway.

As Mr. Littlejohn wrote of their “Rabbit Hole” article: “It treats the global market for Dollars under a single label, namely Eurodollars, but if one adopts that approach then it tends to downplay the historical significance of the rise of the petrodollar….” Indeed to both assertions – calling the eurodollar the “matrix behind it all” is rather magical thinking – it would be nice if the flaws of capitalism-imperialism could be entirely sourced to this one issue but, alas…. I think Mr. Littlejohn may agree with me that Every overrates the exceptionalism and risk of eurodollars. It’s very name is misleading – “globodollars” would be more accurate than “westdollars”, as socialist countries have participated. Eurodollars are a key part of offshore banking money laundering – they are not some new development – and I will discuss later how they are still, in application and spirit, dollars.

Yet the Rabobank analysis of the future of dollar dominance by Every is useful and has great merit. Here is how Every sees the possible outcomes of this QE Infinity post-corona hysteria world:

“Indeed, look at the Eurodollar logically over the long term and there are only three ways such a system can ultimately resolve itself:

  1. The US walks away from the USD reserve currency burden, as Triffin said, or others lose faith in it to stand behind the deficits it needs to run to keep USD flowing appropriately;
  2. The US Federal Reserve takes over the global financial system little by little and/or in bursts; or
  3. The global financial system fragments as the US asserts primacy over parts of it, leaving the rest to make their own arrangements.”

Thus, the first possibility is for the US to abandon dollar dominance via essentially declaring bankruptcy/refusing to pay debts.

The third possibility is for the global financial system to collapse and for the US to assert primacy over parts of it. But this idea is inherently flawed: socialist-inspired systems would NOT fragment, due to the independent, anti-capitalist, anti-Western nature of their systems.

Argue all you want about how China, Iran, Cuba, Vietnam and others would be negatively impacted by the Great Depression II, but I will argue just as long about how all their laws, governmental economic control, and a culture of interventionism will allow socialist-inspired nations to weather this storm EXACTLY as they have weathered Hot War, Cold War and Western blockades. This report for PressTV I did from Havana on “How the Cuban blockade works” opens with a rare sight in Cuba: a billboard. It reads “The blockade: the longest-running genocide in human history.” What is Great Depression 2 compared to that, at least for Cubans?

So I would not be arguing small points, indeed: Cuba exists, Iran exists, China exists – all resist. Every fatally assumes that the West and the entire globe are synonymous – they absolutely are not!

Thus, option three’s critical mistake is seemingly caused by common Western arrogance: It is not “The global financial system fragments” but the “WESTERN financial system fragments”. Again, this is not a small difference between our analyses: the West does not run the entire globe, try as they might and as self-flattering as that has been for them to insist. Here is the new, corrected option #3:

The WESTERN financial system fragments as the US asserts primacy over parts of it, leaving the rest to make their own arrangements.

The West’s incestuous 1% will maintain their primacy over the West and their most-favoured puppets, i.e. no change, except for the obvious, looming degradation of THEIR financial system.

Yet Every seems to believe some clients will perhaps slip away from the US/West – really? When he writes “leaving the rest to make their own arrangements” he is completely vague, probably because he is used to equating “the West” with “the world”: how can a nation leave the world, after all? No wonder he is vague. What Every fails to see is that any nation making “arrangements” outside of the West’s orbit can only go over to a necessarily China-focused – which is to say, a socialist-inspired bloc-focused – arrangement which is indeed already in place.

How can it not be binary in this fashion?

Is Every saying that some nations will soon adopt the 1979 slogan of the Iranian Islamic Revolution – “Neither East nor West but the Islamic Republic of Iran”? That would be quite interesting and I would cheer very loudly… but I do not expect that many nations will reclaim their sovereignty in such an emphatic fashion in 2020. Every is predicting revolutions (and many of them), which is even riskier than predicting a date for a Covid-19 vaccine.

And why should we be optimistic, when all it takes is some bribes and just a couple thousand soldiers to hold a nation’s capital, transportation hubs and sources of natural wealth (as in all over West Africa with France) – why would the Western 1% just “leave the rest” alone? That would be terrible for the capitalist bottom line: if France stops getting African uranium for peanuts then the consumer costs of their nuclear-dependent energy system will skyrocket, to give a single example among many. Thus, any nation which says to the West that they want to “make their own arrangements” will either need strong patrons (i.e., the anti-Western socialist-inspired bloc), or 1979-Iran style determination for true independence.

Anyway, no nation is a (geopolitical) island – Iran’s turn away form the West necessarily implied a turn to the East, and today they are China’s most trusted non-Oriental ally. Every, in a historical nihilist fashion, negates the existence and reality that There Is An Alternative… sorry Westerners, this IS real and is not some mere fad.

While the US (which leads the Western 1%) may say, “You want your money? Come get it,” (option 1) they will definitely not abandon neo-colonialism (option 3), which is so very, very profitable.

Thus, we appear to be stuck with option 2 – “The US Federal Reserve takes over the global financial system little by little and/or in bursts;”.

But we are not: Every is entirely mistaken to present that as some sort of new development!

The Western central banker collusion which was the “solution” to the 2008 crisis was based around following the diktat of top US bankers regarding when to issue QE and when to enact ZIRP (Zero Interest Rate Policies). Discussing this evidence that the Fed has colluded with the central banks of their allies was the basis of my 10-part series on the Western “bankocracy” from last winter, but the idea that bankers collude is not at all a new development in socialist thought.

Therefore what will happen is his third option, but accurately modified: The global Western financial system fragments, as the West asserts primacy over as many puppets/clients as possible, but the persistent economic success of the socialist-inspired camp attracts fresh allies.”

Such a development is entirely in keeping with my original article’s thesis of continued, but not endless, dollar dominance. The competition between two ideologies has never ended: the fallout from the corona hysteria may indeed bust out capitalism-imperialism but it cannot & will not cause the socialist-inspired camp to suddenly quit just as their popularity and relative strength is about to peak; just as after 2008 China peaked so high that they were able to end the (allegedly) “unipolar” world.

So where do we go from here? Answer: a slow decline for the West, which – again – is NOT the entire globe

I will keep saying it because it is true: Even if we judge via their own capitalist metrics, China, Vietnam, Iran – these countries have soared over the past four decades while the real economy of the West has been trashed. Iran only began to have postwar hardship when the inhuman Western blockade ramped up with the EU, US, UN triple sanctions of 2011. Even Cuba has had more economic growth and stability since the end of the Special Period (the fall of the USSR) than the West! ZeroHedgers will protest, “But we said not THIS capitalism (the neoliberal form)”, but it’s not like they have remained anywhere but the powerless fringe and, anyway, that is not my problem.

So a “slow decline” is imprecise journalism – it is a continued decline. Maybe a drastic plummeting in dollar dominance is indeed around the corner, but anyone in April 2020 who says they can predict the future is lying.

So what was Every’s take on the most certain scenario? We should learn it because despite its flaws, caused by its unbalanced and blinkered pro-“capitalism with Western characteristics”, it’s a very fine article.

“In other words, the BIS (Bank for International Settlements) is making clear that somebody (i.e., the Fed) must ensure that Eurodollars are made available on [a] massive scale, not just to foreign central banks, but right down global USD supply chains. As they note, there are many practical issues associated with doing that – and huge downsides if we do not do so. Yet they overlook that there are huge geopolitical problems linked to this step too.

Notably, if the Fed does so then we move rapidly towards logical end-game #2 of the three possible Eurodollar outcomes we have listed previously, where the Fed de facto takes over the global financial system. Yet if the Fed does not do so then we move towards end-game #3, a partial Eurodollar collapse.”

Again it’s a fine analysis but hobbled by the same two flaws: Every does not realise that #2 (“where the Fed de facto takes over the global financial system Western financial system”) has already happened, although it certainly must increase in order to forestall #3; and he does not realise that the Fed will NOT take over the financial systems of the “socialist-inspired bloc” with any amount of QE due to the laws, culture and modern history of said bloc. I hope it’s clear where Every goes astray and why.

This is also not my problem, but: To preserve the Western system we should assume that the long, LONG-awaited downloaning of Western QE “right down global USD supply chains” has finally come. However, it has come too late, and it has only finally arrived on top of the economic disaster which is the suicidal (for the West’s lower classes) Great Lockdown, and it will be expressly designed to be just enough downloaning to forestall mass domestic revolt yet not enough to prohibit the endless increasing of the 1%’s market concentration.

QE Infinity (barring an absurd amount of downloaning, which is politically impossible and would amount to a debt jubilee) cannot forever forestall a dollar collapse, but the “dollar demisers” falsely believe that fiscal policy/money issuance is the only tool the Western elite has. The end-of-the-dollar-revolution will not occur after, as I wrote in my first article, rounds of QE are rotated among different allies, and – as needed – massive Western propaganda campaigns, very watered-down but socialist-inspired concessions to the 99%, debt moratoriums, military distractions and maybe even World War III. Maybe even World War IV, too, and this is why I don’t exaggerate against a culture which believes deeply in their “clash of civilisations”:

The Western 1% simply cannot get “in” the socialist-inspired bloc or the yuan – after all, the aristocratic class in Iran, Cuba, China and elsewhere was totally expelled (to the West) – think they won’t make the dollar their “last stand” and use all their tools? As always, the West underrates the totalitarian nature of their most successful sons and daughters, but Iranians, Cubans and others do not. Yes, the economic scale of the crisis in 2020 is (potentially) revolutionary, but anyone who says it has already gone beyond the capacity of the Western 1% to rein it in and keep profiting… all this accuracy-driven journalist can say is, “Maybe, it’s still early.”

At the heart of Every’s argument, ZeroHedge’s complaints, Austrian/Chicagoan indignation that a national economy is indeed the same as a household, and also the West’s many “dissidents but not really” is a common theme that capitalism will implode because they cannot keep “rolling the debt over”. This is essentially echoed by Trotskyism, which holds that capitalism will eventually crumble under the weight of its own contradictions. (It is also notable that all these Westerners also think that the West – which has no enemies, which has no competition, to which no credible alternative exists – can never be defeated, only implode. More arrogance, but I have digressed.)

But they can keep rolling it over.

Again, they can keep rolling it over.

Every believes that the “eurodollar” is so very risky and exceptional because, “They (are dollars which) are not under the US’ legal jurisdiction, nor are they subject to US rules and regulations.” What he has ignored is that the high-finance holders of these dollars and markers are still very, very much informal upholders of the US-led Western system: Every has ignored culture, psychology and history in favor of a purely legal view of these eurodollars, instead of how the owners of these eurodollars operate in practice.

The Caymans, Luxembourg, Switzerland, Hong Kong and Singapore (all in the top 13 for eurodollar-dependant nations) – we should be worried that these tax havens will disobey the US and jeopardise the system? We should believe that they are even being honest about their claimed dollar reserves? We should be worried that the 1% is going to start sending their dollars to the average person instead of into these tax havens, creating a liquidity crisis? Anyone who has their money in the Caymans is certainly a parasite on society – we should worry for them, or fear them creating a “moral hazard” reckoning-implosion of the Western financial system? If all these eurodollars in the Caymans disappeared the real global economy would be fine – some rich people would be forced to get by on what’s in their Swiss bank accounts. Eurodollars are a problem – they are often the imaginary credit used by the elite who manipulate the West’s imaginary FIRE/QE economy – but there are bigger fish to fry in April 2020.

However, at root the Eurodollar system is based on using the national currency of just one country, the US, as the global reserve currency. This means the world is beholden to a currency that it cannot create as needed,” – exactly: a large percentage of these tax-haven eurodollars are hoarded, immorally stolen dollars, but they are still dollars. Again, they are not being held by the types of people who can be called “revolutionaries” or “patriots” or “moralists”, LOL – they will not be used in international warfare against the West because they are part of a truly supranational 1% Western financial system. They are held by people who are very over-leveraged, true, but these are not people whom repo men visit, eh? Again – it’s still the dollar which is in charge, and the dollar is on the 1%’s side, not America’s side.

Every’s “nationalist” view – that the Caymans are about to make a geopolitical power play – lacks the wider, better perspective provided by the socialist lens: the Western 1% can indeed collude to create more dollars as they need, and they have since 2008. This group can, “keep USD flowing out or else a global Eurodollar liquidity crisis will inevitably occur”, which Every mistakenly fears. They can indeed keep “rolling it over” via QE Infinity – the fact that QE Infinity is a term which journalists finally devised came up after years of foolish waiting for QE to end shows that the Western 1% has a very sound, but immoral, grasp on reality.

Fundamental question: Why would the West stop rolling it over?

If you ask ZeroHedge they might say – with an oxymoronic “capitalist idealism”: because we can’t reward excessive greed nor failure. LOL….

But who among the West’s high-finance 0.01% will be the class traitor who calls in the marker which implodes the system? He or she would implode his or herself, as well. The West is so big it is not just one person who can implode it, anyway: there is no single marker with a “quadrillion” after the number.

And forget mass domestic protests (which will be banned for months and months in the few Western countries which actually have a protesting culture) because whoever heard of mass protests for “reformism” (which is all Western semi-dissidents propose)? That is nonsensical – mass protests either lead to revolution or they fizzle quickly in the “can’t we all just get along”, middle-class, political status quo-ism which defines the West’s eternally anti-socialist culture.

Thus there is no saviour – individual or national – to be had – there is only long, hard opposition via socialism, which is an entirely new system that has fixed the errors of the old capitalism-imperialism system. Therefore the only entity which could cause the system to explode – if we are being pragmatic – is a bloc led by China. Only they have they weight, combined with their allies, to ever break the dollar’s dominance. But they are not going to do that next Tuesday:

They are not economically strong enough, nor are their few allies, nor do they have enough allies, nor could they be aided within a Western society which has nearly no “5th columnists” but merely “semi-dissidents” whose greatest minor achievement is to not want more war/blockades with the socialist-inspired bloc (because it could blow up the planet, negatively affect the rainforest, trigger negative emotions, disrupt the avocado-toast supply chain, etc.). Look at where we are in April 2020: it is a radical, unheard of idea to be reading of any “socialist-inspired bloc” – how can we say that China today is anywhere as omnipresent and dominant as the USSR-led bloc was in, say, 1945, ’55, ’65, ’75 or ‘85? Many of you right now are denying this idea that in 2020 there is any possible “socialist-inspired bloc” – remember that your (likely) reactionary grandfathers and grandmothers had no such illusions of their total victory.

This relative weakness, this inability to provide an alternative to dollar dominance, is why Iranians will tell you: China is not going to “save” anyone except for China, because they are not strong enough. Iran was the first non-Oriental country to learn this fact, even if some in Iran haven’t learned it yet.

However, what China will do is work with you – they will create long-term plans with you (as China and Iran have done on the Belt and Road Initiative) if you prove your socialist and anti-imperialist bonafides. They will work with you even if you are imperialist-capitalists – it is the only way to gain strength and ultimately beat them.

Every, ZeroHedge, the countless Western Rabobanks – they believed the socialist-inspired bloc had been crushed; they are incredibly upset that the 2008 Great Recession and the phony QE “solution” has permitted China to rise and have the temerity to question their neoliberal, neo-imperial, greedy “universal values”. China is indeed now a threat to the West but it is not yet what the USSR was for decades – a concrete alternative which was willing to foot your bills (the USSR was the only empire where the centre bled for the periphery) while your national culture reforms itself away from imperialist ideals in order to (don’t you get this yet?) break the grip of international high finance on your people.

Thus, the dollar will not be beaten next Tuesday.

This is why corona hysteria will ultimately be manipulated by the Western 1% to strengthen the dollar, i.e. – their dollar and not America’s dollar. Barring reforms – and I have seen none which hyper-financialisation did not take advantage of since 2008 – 2008 will only largely repeat itself.

Indeed, it would take a revolution for a Western crisis to be unsuccessfully manipulated… but “semi-dissidents”, i.e. liberal reformists, hold out that mere false hope. They don’t see – like China, Iran, Cuba and others – that the Western 1% will do, like Mario Draghi of the ECB, whatever it takes to maintain their neoliberal empire.

The proof that this analysis is correct could not be more clearly illustrated than by World War I: a war started by international high finance to forestall the victory of socialism and to defend capitalism-imperialism despite its failure for their 99%.

Mr. Littlejohn grasps these historical concepts, and their political-moral implications, far more than the rabidly capitalist ZeroHedge and their preferred analysts.

Mr. Littlejohn and the dream of Eurasia, a concept which strikes down European exceptionalism

I disagree with Mr. Littlejohn where he gives his extension of Every’s three-outcome analysis:

Even a partial Eurodollar collapse would do serious damage to those countries (more than half) which have sought emergency IMF support, and so this new power gives the Fed enormous political leverage over most major economies and over multilateral agencies such as the IMF, the World Bank or even the European Union [EU]. Given that Trump sees the EU as a potential competitor to the USA, and given the low proportion of US Dollars that its major economies have in relation to their trading needs, the EU is very vulnerable to US economic pressure in the present circumstances.”

Indeed, the developing world who are Western clients and not socialist-inspired clients will have huge problems very shortly. The impact of the Great Lockdown hysteria on the developing world is another article I have been meaning to write, but it will be an extension of Part 3 from the “bankocracy” series: QE paid for a foreign buying spree: developing countries hurt the most.

However, while Trump (who looks even riskier post-corona to the 1% free-trade globalists than he did in November 2016, when they did all the could to prevent his election and his protectionist ideas) may personally see the EU as a competitor, the many people richer than him know that this is not the case – the US and EU will continue to collude. Ergo, not only does the Fed want that “enormous political leverage” but the European 1% wants the Fed to have it, too. The dollar needs to remain in charge for the Western financial system to profitably continue for Europe’s 1% – the structure of the Eurozone was penned by the US for precisely this reason, as was the Plaza Accord for the yen. (As I wrote in the final part of a 7-part series in 2017, which socialistically examined the QE crisis in the Eurozone, “With the Plaza Accord of 1985, Japan adopted the US-orchestrated neoliberal changes that were designed to suck the surpluses from Japan back into the United States.”)

Thus the Fed’s sidelining (outspending) of the IMF and World Bank (but not the ECB, as they can print money) should be viewed as what it is – increased market concentration which will profit the Western 1%, as predicted by Marx. Every’s analysis is so unblinkered-capitalist that he likely cannot see this Eurogroup-Fed alliance, but the fine analyst Alastair Crooke alludes to it; however, Crooke still fails to use the socialist class analysis lens and instead fundamentally looks at such global political changes via a slightly-wider but still outdated nationalist lens.

Europe’s 1% may publicly gripe against the Fed’s decisions but they cannot go against them without effectively declaring war on the dollar. The US, Eurozone, Japan, and Saudi economies, plus their clients, are all intertwined – happily, for their 1%. If they did declare war on the dollar they would only have two options:

  1. Join the socialist-inspired bloc – this means renouncing capitalist-imperialist culture, and that will never happen.
  2. Europe carves out a “Third Way”, in a drastic revolution to the binary ideological system which has raged for over a century. This revolution has been so very often discussed in Europe but it has never, ever happened precisely because Europeans are so very devoted to their capitalist-imperialist culture. They have proven that they don’t want a Third Way, should one even exist. Talk of a “Third Way” has proven to be merely a way for Europeans to arrogantly assert their alleged exceptionalism/chauvinism. At some point they will give up and embrace “Eurasia”, but that is a ways away.

I think Mr. Littlejohn need not worry about “if the Euro collapses as a currency in the coming depression” – the euro, the yen and the dollar will all strengthen in a crisis because that is when investors seek safe havens and these are three of the four biggest global economies in what is soon to be an increasingly economically-depressed global market. All three also collude to fix their currencies relative to each other, due to the interconnected nature of the Western 1%, so while they will jockey for position for export power it is only within agreed-upon limits as it is as a fundamentally-united trio, and also fundamentally (as of 2008) united against the yuan, the champion currency of the socialist-inspired bloc.

So, overall, I think perhaps Mr. Littlejohn underestimates the way the euro/EU can burst free of these bonds to become a sovereign counterweight to the dollar/US, and also that Europe will embrace a culturally-unwanted idea of Eurasia anytime soon. Crooke does a good job in his article of linking the actions of the Fed with what I wrote about in Part 3 of the 2017 series, The hopelessly corrupt structure of the Eurozone & the Eurogroup. I think we simply have to look at how then-Economy Minister Emmanuel Macron organised the takeover of national giant Alstom Energy for GE in 2015 to show that Europe’s leaders will prioritise the US 1% (who are richer and thus have more influence ) than the EU’s 1%. It’s not a “new” or “slow” decline for Europe, but a “continued” decline as well.

Europe does not want sovereignty, which is a modern concept; sovereignty has become “modern” because it has been wiped out by Western-led globalisation. The neoliberal (and thus also neo-imperial) empire which is the EU does not respect sovereignty but suppresses it, as Europe is obviously NOT modern.

It’s difficult to change the matrix which modern Western commentators place the world upon – nationalism, imperialism-as-inevitable, chauvinism against non-Western cultures, existentialism (the feeling of being trapped due to not perceiving any alternative) and the historical & political nihilism which is the legacy of WWII.

It’s thus a radical, unheard of concept which still easily upends Every’s analysis – the West is NOT the entire world. New York, London, Paris and Tokyo will grow even more powerful post-corona due to even-greater wealth/market concentration, but their Greeces, “Flyover Country” and their developing world clients will continue to be bled. And as Western inequality, dominance, militarism and market concentration re-doubles amid their supranational financial system chaos, a whole other bloc is poised to not just weather the storm but thrive amid the post-corona chaos precisely because they rejected the Western legal and cultural system.

It’s not that as if these entities didn’t all collude to try and stop China’s rise – WWII was only more murderous to the Soviets, after all – it’s that they could not. It’s not as if they didn’t beg the CCP to change their laws to allow foreign control of Chinese industries – it’s that China would not. The West finally gave up because the CCP made the Western 1% too much money while still retaining control and serving the Chinese people. It’s not as if the West hasn’t tried to get Iran to go “neoliberal” (LOL) and sell off the 90% of the non-Black Market, non-carpet economy which the Iranian government controls – it’s that they could not. It’s not as if the West hasn’t tried to break Cuba, North Korea and others – it’s that they could not.

You cannot stop an idea, especially a superior idea.

My original article was aimed at the hasty, gleeful “dollar demises” and sought to, as the French say, “put some water in your wine”. The West’s “double bubble economy + Great Lockdown hysteria” crisis now is indeed enormous, but it cannot possibly ruin the socialist-inspired bloc – only themselves because that is THEIR economy, not ours.

That is a very sober – and not immoderately gleeful – analysis from the socialist-inspired bloc.

Mr. Littlejohn is on the right track and hopeful that Europe will come around – who would argue with hope in right action? I would remind Mr. Every that there IS an alternative and that it is not new. I would remind ZeroHedge that socialism does not ban competition and that socialism WILL win the binary ideological struggle, as they have been doing since 1980 (as ZeroHedge keeps pointing out via their fine documenting of the West’s continued economic failures).

I thank Mr. Littlejohn for his time, consideration and efforts.

***********************************

Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US – April 18, 2020

We’re giving up our civil liberties. Fine, but to which type of state? – April 20, 2020

Coronavirus – Macron’s savior. A ‘united Europe’ – France’s murderer – April 22, 2020

Iran’s ‘resistance economy’: the post-corona wish of the West’s silent majority (1/2) – April 23, 2020

The same 12-year itch: Will banks loan down QE money this time? – April 26, 2020

The end of globalisation won’t be televised, despite the hopes of the Western 99% (2/2) – April 27, 2020

What would it take for proponents to say: ‘The Great Lockdown was wrong’? – April 28, 2020

Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US

April 18, 2020

Same 2008 QE playbook, but the Eurozone will kick off Western chaos not the US

by Ramin Mazaheri for The Saker Blog

US bankers caused the Great Recession, and thus the US was the first to suffer economic turmoil. The coronavirus is a novel malady: we now know that it only severely attacks infirm and unstable bodies – it’s not overly facile to graft this idea onto the global economy.

Therefore, among Western nations and their client states it is the Eurozone (the weakest link in the global macro-economy, despite being also the biggest link) which will see the worst economic effects of the “Great Lockdown” stupidity.

(It is “stupid” because the West is employing quarantining and control methods used by Asian nations, but without having similar cultures of governmental economic intervention nor widespread trust in their governments.)

Because reality is multilayered we must not become immune – even though many want to focus only on the medical/tabloid/political sniping/fear aspects of corona – to the enormity of the Great Lockdown’s economic consequences. So it’s wake-up call time:

Hey! It is now really bad, economically!

Double hey!! Europe was already bad, economically!!

Triple hey!!! Europe was already intellectually paralysed when it came to fixing their bad political-economics!!!

We all get the first point, but regarding the second: Sadly, I am a rare Europe-based journalist who has publicly discussed how the Eurozone has already had a Lost Decade worse than either of Japan’s two – here is the data, which was quite easy to crunch but nobody in the Mainstream Media wanted to crunch it (or publish it).

So I tear you away from your corona-fear porn to point out: the Eurozone already had severe underlying morbidity. (Japan’s ailments – such as an obese debt-to-GDP ratio – are of an entirely different order for so many obvious political-structural reasons.)

I keep asking myself: “Maybe it’s not so bad, economically?” After all, the Eurozone has one competitive advantage over their US partners: their governments often chose to protect employment by assuming wage payments. This will prove vital psychologically (which influences consumer activity) and logistically (keeping supply chains normal) upon reopening.

But it is not the “Socialist Republic of the Eurozone” but rather the “Neoliberal Empire of the Eurozone”: some nations have suspended rents and debt repayments, but these are temporary suspensions and not total forgiveness of 1%er rentier parasitical activities. The state orders you to cease economic activity but will not fully cover the costs of doing so – cui bono? The Eurozone, after all, does not want socialist equality but capitalist inequality and wealth/market concentration – it’s the “birthplace of human rights (for aristocrats)”.

But the Eurozone’s wage assumptions and its larger social safety net – funded by the stolen wages of over two centuries of imperialism – cannot mask its fundamental weakness relative to other currencies.

Not much EU QE yet, but what else could they do – go socialist? Or perhaps fix the pan-European project?

Round after round until today’s “well past the point of ‘QE Infinity’” has proven that modern neoliberalism has only one play in its playbook. So we should not be surprised that 2008 is repeating itself.

The US has once again been the first to announce the biggest bailout. Currency swaps to debt-entrap client states were immediately opened in a series of hugely successful moves to buttress the dollar, yet again. In order to diffuse and stagger the effects of money-printing from threatening the dollar’s global dominance – just like a decade ago – we should expect the European Central Bank to hold off their major bailout once again.

The multinational 1% works in tandem, not competition, much to the consternation of analysts who can’t analyse in terms of class warfare. This Western “bankocracy” is something which I described in a 10-part series from last winter: Western central bankers: they’re God, they trust – a 10-part series on the QE economy.

Accordingly, the ECB has only announced a €750 billion rescue package, which is dwarfed by the $6 trillion of the US and even – in a rather significant development – the €1.1 trillion of Germany. France’s bailout is just 10% that of Germany’s, despite being 70% its economic size, because Emmanuel Macron is – of course – 100% supportive of the international 1%’s long-running goal of crushing the French model.

(“Fiscally responsible”, “debt fearing”, “Weimar-scarred” Germany has also additionally announced a “limitless” aid program for small- and medium-sized businesses: this was made possible due to the collateral appropriated from a decade of heartless strangulation of small- and medium-sized businesses in weaker areas of the Eurozone. Disgusting, how the rich get richer and how hypocritically Germany turns socialist just when the heat is turned on. As I point out over and over, because it is a fact: for over a century the obstacle to European stability remains Germany.)

So the ECB is obviously laying back, waiting for US QE to wend its way through the Western economy, but it’ll be the same playbook: G20 central banker + corporate banker collusion to keep QE going across the West.

But how long can infinity last?

Which is to say: how long can European nations keep borrowing from middlemen banks instead of using the ECB as it ought to be used – directly and with sovereignty, and not with national debt-increasing loans, as in this rescue package but outright purchases? The ECB directly funding national governments is against EU law.

The ECB wants to end these rules for this rescue package, but they could be challenged legally. However, they seem to have already thrown out this rulebook and are buying Italian bonds disproportionately – we are in the middle of a crisis, after all, and the wheels of justice move slow. But we don’t know that for sure because – in the lack of transparency which repeatedly plagues pan-European institutions – the ECB does not have to publish details of what it is buying under its emergency bond purchases

How long can this nonsense go on, both legally and politically, as well as historically and culturally?

I assume we’ll only find out for sure when the bond crisis fully hits the Eurozone.

It’s the bond market, stupid

As I wrote in Part 5, How QE has radically changed the nature of the West’s financial system:

“(Nomi) Prins (author of Collusion) quotes Bank of England leader Mark Carney in 2015 to illustrate this point: ‘As I wrote to G20 Leaders, the structure of (the) financial system has changed significantly since the crisis. Virtually all of the net credit since the crisis has been from the bond markets and the size of assets under management has increased by 60% to $74 trillion.’

Those numbers are staggering. The 2017 estimate for worldwide total GDP was around $75 trillion. Global QE had reached $12 trillion in 2016.”

Both the US and Eurozone now have huge corporate debt problems due to QE-funded stock buybacks, but while the biggest problem in the US in 2008 was mortgage debt in the Eurozone it was government debt. If a government – the largest economic player in any nation – cannot pay its bills (and in the Eurozone individual nations have no power to print money to pay their bills) said nation necessarily collapses. This is why government debt problems in the US and Japan are not at all comparable to the government debt problems of Greece, Belgium, France, etc.

Government debt is thus a fundamentally more troubling issue than subprime mortgage or corporate debt, and this is why their Sovereign Debt Crisis lasts four years and was not contained until 2012, years after the US “solved” their issue.

So the key question revolves around lending to sustain the Eurozone’s governments (at what interest rates), and the difference (spreads) between bond rates of different members of the Eurozone (because the failure of one major member could imperil the 19-member euro currency).

Wars increase interest rates, as there is demand caused by the activity of reconstruction, but epidemics historically produce lower interest rates, because nothing needs to be rebuilt and everyone is still peering through a crack in their front door and finding even that risky. This is significant given that European banks were greatly weakened by the 2008 and 2012 crises, to the point where only one European investment bank is now among the world’s 10 biggest (long-wobbly Deutsche Bank); and also that banks play a more vital role than in the US – European companies eschew selling bonds and shares to procure two-thirds of their credit from banks, a rate double that of the US.

We also know that the ECB has already been in negative-interest rate territory since 2014, so they cannot go lower than stealing your savings (and thus gutting their banks profits and making them weaker, and also forcing them to search for risker investments); we also know that nations such as Spain and Italy have had panic-inducing borrowing problems relatively recently; and we also know that their collective currency essentially refuses to be a political collective other than agreeing to all use the same bits of coloured paper.

Europe was supposed to be “forged in crisis”, and what has 12 years of fire revealed? The “pan-European project” essentially comes down to sharing the same bits of coloured paper and free (border, capital) movement. The lack of true international solidarity (which only exists in socialism, and never in competition-based capitalism) makes this a national project with no nation. That sounds paradoxical and nonsensical, but hey – I didn’t pen the Eurozone’s corrupt and unaccountable structure: the teachers of the Chicago Boys did.

A project of international solidarity based on the furthest-right capitalist and most rabidly anti-socialist principles has proven to be as stupid a concept as that sounds. In this crisis Eurozone nations are outbidding each other for personal protective pandemic gear (nor sharing it among themselves, in a public relations campaign the average Eurozoner is galled by), but also the favors of international high finance.

It is the latter which which will kill far more than corona via poverty.

But how has the ECB responded thus far? Typical: steal from others and claim they invented it

What we can certainly count on from the stagnant Eurozone is to expect zero creativity – since 1980 that is only found in Japan and the US, and all the Europeans can do is trail in their wake and try to look smugly stylish.

The European Central Bank’s key April 7 announcement reads like a bunch of concessions to common sense born of desperation, because that’s exactly what they are.

Here is the very start and bullet points of their press announcement – the key here is to note how very much they are willingly degrading the quality of their collateral/financial instruments:

  • ECB adopts an unprecedented set of collateral measures to mitigate the tightening of financial conditions across the euro area
  • Temporary increase in the Eurosystem’s risk tolerance in order to support credit to the economy
  • ECB eases the conditions for the use of credit claims as collateral
  • ECB adopts a general reduction of collateral valuation haircuts
  • Waiver to accept Greek sovereign debt instruments as collateral in Eurosystem credit operations
  • ECB will assess further measures to temporarily mitigate the effect on counterparties’ collateral availability from rating downgrade.

“Mitigate”, “increase in… risk tolerance”, “eases”, “reduction of collateral valuation” – everything is about making banking/fiscal standards lower, and thus riskier. In a monetary bloc which stared into the abyss in 2012, and which has had only growth rate stagnation and internally-weakening austerity ever since… does allowing more risk sound like a good solution?

Perhaps the easiest way to understand the Eurozone’s intrinsic dysfunction is that Greek national bonds, which were formerly considered to be too risky to be part of the ECB’s bond-buying program, will now be bought. This measure should have been implemented immediately in 2012 to help collectively mitigate bad Greek collateral, but richer Eurozone members wanted to force their products into Greece and buy up Greek assets. But what they are saying now is that collateral which was bad in 2012 is acceptable in 2020 even though said collateral is fundamentally even weaker, due to the failed solutions of austerity and upcoming post-corona economic prospects.

In a neoliberal bankocracy with a normal, united currency the ECB would socialise this bad collateral directly, but they cannot; they cannot bypass the banking middlemen (because they have never created “more Europe”), who can indeed refuse to buy Eurozone national bonds and send borrowing costs to unsustainable 7% levels.

The last one is the kicker, “rating downgrade”: for reasons only “capitalist conspiracy” can probably explain, word on the street is that ratings agencies feel that their credibility is on the line this time and so they will not be lenient like in 2008. Thus, the corona lockdown will produce a ton of corporate and banking downgrades, which will increase their borrowing costs, thus provoke bank bankruptcies in a currency bloc heavily dependent on their banks. The ECB is thus acknowledging to these groups that it knows this is coming and that it will do “whatever it takes”, a la ECB chief Mario Draghi in 2012… but this time for weak corporations that deserve to go bust (in capitalism). This is an immediate echo of the unprecedented, historic, unexpected Fed decision last week to start buying corporate junk debt.

This is the bond pin on which the Eurozone will turn

The Eurozone’s atrocious neoliberal underpinnings fundamentally leaves themselves more wide-open to the machinations of high finance than any other currency. The Eurozone and the pan-European project can be conceived of as a US/German federal system, where the states have a lot of power to gain or fail based on their own policies, but with only a tiny amount of federal support available in case of emergency.

Here is the crux of the biscuit for the Eurozone in a post-corona world: QE is not going to finally create economic growth unless strings are FINALLY attached. Not down-loaning this round(s) of QE means total, prolonged economic chaos combined with rapid governmental insolvency in the awful neoliberal-empire structure which is the Eurozone.

But it’s the same rub, yet on a wound which is even more raw than in 2012: any such formal strings will cause bankers to shy away from loaning to these ever-riskier national Eurozone economies; at the same time, successfully attaching said strings would enrage the populace because why are these banker-middlemen needed at all?

High finance pre-corona has been pacified with no-strings QE in order to keep them from attacking the Eurozone’s national bond markets – but if strings get attached then high finance can’t hoard the QE, get it? This is the ultimate height of neoliberal capitalism’s parasitical rapaciousness, and which is never reported.

So either Europe cuts out the middlemen and lends directly – and investors pounce upon the national bond markets in retaliation, as they did in 2009 or after Mitterrand’s anti-austerity victory in 1981 – or the Eurozone formally admits the middlemen are indeed the government in Western bankocracy, and national populaces revolt. A good place to read about this historical trend and economic inevitability is part 2 from my 7-part series from 2017, back when I foolishly assumed QE Infinity was an impossibility: Why no Petroeuro? or France’s historic effort for an anti-austerity Eurozone.

Insolvency in a Eurozone nation is thus the biggest, most likely threat to the Western-dominated global order. The Eurozone remains a disunited currency, which is an unsustainable paradox.

The long-running historical reality is that Germany preferred to join a neo-imperial project led by the US rather than the one led by Paris and Brussels, and this is why collective aid to nations has never been done in the Eurozone. Macron warns of EU unravelling unless it embraces financial solidarity – France has said this for so many decades that it no longer has any effect. Germany and their true partners – the US – simply don’t believe in European solidarity, only dominance of Europe.

The US can get away with making BlackRock the new private bureaucracy of the Fed & the financial strong-arm of the executive branch – Europe isn’t as dumb. The Yellow Vest and national strike marches hung effigies to BlackRock. Europeans are different, special, more intelligent, the global catalyst for modernity, the intellectual leaders of the West, etc.

Or so they keep telling us.

Time to show off that European finesse they’re so self-satisfied with… or throw it out altogether and join the Yellow Vests.

***********************************

Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity post-corona Millennials… if they don’t openly push socialism – April 14, 2020

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all – April 16, 2020

Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all

April 16, 2020

by Ramin Mazaheri for the Saker Blog

No, the dollar will only strengthen post-corona, as usual: it’s a crisis, after all

There is a lot of chatter about how the coronavirus economic overreaction and subsequent US bailouts will end the dollar’s reign as the global reserve currency – such wishful thinking is shortsighted and ignores even recent Western capitalist history.

Last November, in a then-boring but now-prescient 10-part series (I socialistically re-interpreted ex-Wall Streeter Nomi Prins’ book Collusion, which chronologically detailed the QE-spreading collusion between G20 central banks since 2008), I wrote the following in Part 3: QE paid for a foreign buying spree: developing countries hurt the most:

“Yet by flooding the world with trillions of dollars via QE the US was able to, paradoxically, maintain dollar dependence despite their crimes. The US dollar share of global reserves today is 62%, almost exactly what it was in 2008. Combined with the other source of the crisis – the euro – the two combine for 82% of global reserves. By comparison, the yuan – which so many predict is about to dethrone the dollar – is at below 2%; I wouldn’t hold my breath.”

But corona is different, right? Two percent and 62% will suddenly change places, right?

No, more QE is more of the same thing, and this is a “thing” which has worked exactly as designed; it is also a “thing” which is never broached in the Mainstream Media: “A way to create debt traps which increase Western control over their neo-imperial subjects. … Neoliberal-capitalism financial policies must be viewed as a neo-imperial tool, of course.”

People are acting as if Western neoliberalism hasn’t worked, LOL? It has worked spectacularly well… but only for their 1% and not for “the nation”, exactly as designed.

Many fine semi-dissident commentators apparently do not follow high finance, nor can they interpret their actions, even though high finance is the West’s vanguard party (thus the theme of my recent series – “bankocracy”); they often incorrectly focus on an easier-to-grasp storyline of nationalist competition, which (like racism, sexism or tribalism) simply cannot ultimately take precedence over class warfare.

I’m not being dogmatic – this simply provides the fullest explanation of economic events. Reject what socialists could call the “conspiracy” of the 1% via class warfare? Then you likely move on to absurd, unprovable “conspiracy theories” involving secret cults, elaborate handshakes, ritual sacrifice, etc.

This is the bottom line which (whom I will call) “dollar-demisers” simply do not understand: For better or for worse (certainly worse), the US and their greenback are still the gold standard when it comes to 1%er perceptions of a safe harbour in a crisis.

This will hold true in 2020 just as it did in 2008.

Many semi-dissident analysts unwittingly take a rather Trotskyist view that capitalism will eventually implode under the weight of its own contradictions. It won’t – some rats always find a way to survive a sinking ship, eh? Thus, open socialist combat is the only way to defeat modern Western capitalism, and also to satisfyingly explain what is going on in the Western Great Recession/Depression 2.

So maybe the yuan will become the dominant currency… but not in two months, nor two years – maybe two decades? That’s a big “maybe”. In my lifetime, I think.…

Until then, please believe me: Western globalisation/neoliberalism has a LOT of ammo, clout, clients, banks, real money, real gold, fake money and paper gold to keep their mighty dollar on top. Socialism teaches us: it is NOT just Americans who will deploy these weapons.

Just look at what high finance did when the corona crisis hit – journalism is just recent history

As soon as the lockdowns hit Western Europe you couldn’t buy a dollar from high finance. Why? Because people were panicking and wanted a safe haven (and had huge bills to pay) – they did not run to the yuan, but the greenback. The yuans ran to the greenback!

(Some Western commentators often act as if China doesn’t know what they are doing by being the second-biggest holder of US Treasuries – as if Beijing is somehow being suckered or something? Similarly, but from the other side of misunderstanding, Trotskyism faults China for playing along with capitalist-imperialists in order to strengthen Chinese socialism. Both views are absurd.)

As the corona overreaction progressed, and even as it became clear that a country with third-world inequality and gaping structural flaws was about to go on lockdown and impoverish half its populace within a season, this country’s currency did not drop in value as it should have – I am speaking of the US.

Fair? No. Reality? Proven. Predictable? Entirely.

Equally unprecedented during these March days was a historic run on physical gold, history’s nostalgic (not current) safe haven, which I would have bought if I could have found any (I actually did not even look, as I have no money). This was a major step in a vital historical trend – let’s call it “fiat regoldification” – but please note: here we are, still using fiat (paper) money. Please note #2: individual 1%ers are still buying (parking their assets) way more in dollars than they are in bars of gold, even if central banks have edged more towards gold than dollars only recently.

What also happened in March? Just like in 2008, the US immediately opened more “currency swaps” – loaning scores of billions of dollars to their main client states to satisfy dollar demand… and make them even more beholden to maintaining dollar supremacy.

And by the end of March the US announced (effectively) $6 trillion in new bailout money. Yet no dollar devaluation, still? Return back to that 62% figure: yes, dollar dominance didn’t increase significantly since 2008, but there was no stagnation because the total reserves held by all central banks has expanded by more than half since 2008.

The “dollar-demisers” just don’t get it – they must live in nationalist vacuums? Germany just announced $1 trillion, after all, right? (France finally announced theirs – just $120 billion… because the global 1%’s plan continues to be “strangle the French model”.) Many nations have announced a similar “devaluation” as well, and they didn’t benefit from the dollar’s perception of unrivalled stability to begin with. The US $6 trillion comes within this critical context. But now extend out your timeframe to 2008 – how much new money has been printed across the G20? In this global context of recent history $6 trillion isn’t much, certainly not enough to ruin the dollar.

But beyond the unshakable perception of stability, the dependance entrapment, and the global money printing bonanza, what’s the biggest reason why everyone is rushing to the dollar? Simple – everyone else’s debt and collateral sucks even harder than it did in 2008: Eurozone bonds, corporate bonds, mortgage/credit card/auto loan-backed securities, overinflated stocks, overinflated real estate, overinflated Da Vincis, Third World investments about to go bust, any-World investments about to go bust post-global corona lockdown – US bonds are still the best, safest place for the 1% to park their savings.

So – don’t get it twisted – the dollar is now stronger than ever in 2020.

Just check the dollar index – it’s up over 20% since 2008, even though they were the cause of the crisis, and for the reasons I listed. The dollar will only strengthen post-corona, as usual: it’s a crisis, after all.

You’re underestimating people, and you underestimate how much room the US has

Here’s the thing about people not understanding high finance – they also are too dismissive of them (like with China’s treasury-holding bankers): People mistakenly assume that US bankers are a bunch of rich-kid idiots, and that they do not realise that being viewed so positively by the rabid capitalists of the global 1% undoubtedly gives them unparalleled leverage. No – the US is well-aware that its money machine can go brrrrrr, to use the top meme on this subject, and the dollar will not crater.

So when Neel Kashkari goes on TV and says the Fed has an “infinite amount of cash” it is wrong to make fun of him – the focus should be on the fact that he is taken SOMEWHAT seriously despite making such an economically-illogical claim. He is taken seriously because that is HOW VERY much money the US can print before they imperil the dollar’s reserve currency dominance.

The dollar is used in 40% of the world’s debt, 80% of global payments and nearly 100% of its oil sales – again: the world’s rich want to use dollars. Again, China doesn’t even want to use their own currency – in the past two decades dollar-denominated debt has exploded, and this trend was led by China. And yet we should assume the yuan is on the cusp of replacing the dollar? This unwind will not, I’m sorry to say, happen at corona-speed.

How much room does the Fed have to inject? A lot, depressingly.

(So we’re clear: What is this injecting doing? It is assuming the bad debts/failed investments of multinational high finance dominated by NYC. That total is not some infinite, abstract, undefined mathematical variable. This is what the phrase “picking the winners” means. Nobody is holding a marker with “quadrillion” after the number. )

From $2 trillion in 2008, in late March it was suggested it could hit $10 trillion to stem the corona craziness. That won’t be enough – and the hidden “10-to-1” lever in the $450 billion section of the $2.2 trillion bailout implies that already – but the US probably has $20-30 trillion worth of room before difficulty sets in.

People will fly off the handle at that (mainly Austrians and Chicagoans), but they don’t seem to comprehend reality: the unparalleled demand, the importance of competitive context in currency wars, as well as the political reality that the US as well as their allies (capitalism is collusion) will use all their political and probably military tools to postpone the monetary/political/historical revolution which is fundamentally implied by the end of dollar dominance.

And there’s even more advantages, because bankers are not as dumb as you think.

First of all: duh, they aren’t going to inject it overnight. Did they inject their $4 (or $8) trillion since 2008 overnight? Of course not – the US colluded with other G20 nations for over a decade so that the QE machine could keep going “brrrrrrr” – just at different nodes, as Prins’ books an my series related. The Fed works with other G20 central banks, it must be recognised – nationalism does not supersede a class analysis.

Secondly, it’s crucial to recall that the global 1% forced first Japan then the Eurozone (the biggest competitors of the US, at least until the 2008 crisis & response allowed China to rise so high) to take on austerity, bailouts and multiple Lost Decades which made their debt-to-GDP ratios explode. So this bringing down of the competition is only giving US Treasuries more leeway and power. Modern capitalism IS always international collusion – this didn’t start in 2008.

Of all the major Western economies only Germany and South Korea have good debt-to-GDP ratios, but Washington the global 1% have simple solutions to force them to increase their debt in order to protect THEIR dollar: Korean reunification, and an end to German strangulation of the Eurozone. If you don’t think they would force to protect THEIR dollar, then you fatally overrate the power of nationalism.

This 1%er collusion is what so many good commentators just can’t see because they reject the class struggle. This is why they are rather absurdly expecting to use only yuan – or maybe euro or yen or loonies – by next Tuesday. The reality is that a socialist victory against predatory capitalists is long, hard and unyielding – this provides great inspiration and creativity when accepted. It does hurt your job opportunities in journalism, though. But many journalists and analysts are happy with just complaining.

So the corona bailouts are NOT going to end global dollar dominance, for all the reasons I’ve listed.

QE provokes inflation, but do you understand inflation? I mean, REALLY?

Corona’s “Great Lockdown” is sure to provoke falls in subservient currencies, but it won’t cause the dollar to double in value, either. That won’t be permitted:

A weak dollar hurts the average American but it certainly helps the sectors of society supported by the 1%: export-driven corporations, debtors (banks) and landlords (rentier exploiters). I explained this in my “bankocracy” series – Part 5: Understanding the West’s obsession with inflation. The 1% only cares about inflation which hurts their investments – they could not care less about rises in the price of bread, metro tokens, rent, etc. This is precisely why the MSM keeps saying how inflation is low… when 99% of their readers think, “No it isn’t.”

Due to this widespread misunderstanding/misinformation regarding inflation, many commentators confuse a rise in domestic prices for key goods with the international strength of the dollar. The former is a domestic concern – domestic inflation will be a result of money-printing. Domestically the dollar has lost an estimated 80% of purchasing power since Nixon went off the gold standard. However, the latter is an international concern and – while no one stays at the top of the hill forever – the US dollar is (of course!) protecting and re-protecting itself via international 1%er collusion to stay there as long as possible regardless of the effect on the average US consumer. What “1%er patriotism” are you talking about, and in the age of globalisation, too?!

Yes, rents and food will go up: No, the dollar will not stop being the international reserve currency. Yes, because you won’t openly support socialism you suffer under a bundle of unjust contradictions and cognitive dissonances.

Again, a class analysis provides a fuller explanation of corona-related high finance machinations than does an analysis based around mere nationalism.

But many of you older readers can, sadly, take this to your graves: the dollar’s dominance is unquestioned and will be defended by the international 1%, just as it has been since 2008, and just as it has been since it ascended the bloody capitalist heap. The 1% has never known eras, epochs, patriotisms, etc., and certainly not since the rise of industrial capitalism.

The problem is not QE, nor is it the “dollar system” – it is the entire system of values encapsulated by “capitalism-imperialism” and undoubtedly in “capitalism with Western characteristics”.

You can find the odd article like Pandemic proves there is only one world reserve currency, but this article gave the real reasons why; only a socialist microscope can reveal the core economic truth.

I could be wrong – and so could that article – about 20-30 more years of dollar dominance. Maybe the corona overreaction will set off a Great Depression so unmanageable that a socialist revolution occurs quite soon? That’s the only possible way the dollar is dethroned earlier.

(Of course, according to logic, any uprising which is not openly pro-socialist – and is thus pro-capitalist – cannot be a “revolution” at all. The development of post-corona “coups” would produce regimes which would – at best – still certainly collaborate with the dollar for national benefit.)

The West has no solution – wants no solution – wants only more of all this capitalist-imperialist chaos for the 99%… and thus corona immediately kicked off the “solution” of QE Infinity. No Western nation’s 1% is going to stop colluding to make that continue.

So keep your yuan under your mattress – infinity won’t end next Tuesday. I hope you find this article useful in your leftist struggle!

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Corona contrarianism? How about some corona common sense? Here is my list of articles published regarding the corona crisis, and I hope you will find them useful in your leftist struggle!

Capitalist-imperialist West stays home over corona – they grew a conscience? – March 22, 2020

Corona meds in every pot & a People’s QE: the Trumpian populism they hoped for? – March 23, 2020

A day’s diary from a US CEO during the Corona crisis (satire) March 23, 2020

MSNBC: Chicago price gouging up 9,000% & the sports-journalization of US media – March 25, 2020

Tough times need vanguard parties – are ‘social media users’ the West’s? – March 26, 2020

If Germany rejects Corona bonds they must quit the Eurozone – March 30, 2020

Landlord class: Waive or donate rent-profits now or fear the Cultural Revolution – March 31, 2020

Corona repeating 9/11 & Y2K hysterias? Both saw huge economic overreactions – April 1, 2020

(A Soviet?) Superman: Red Son – the new socialist film to watch on lockdown – April 2, 2020

Corona rewrites capitalist bust-chronology & proves: It’s the nation-state, stupid – April 3, 2020

Condensing the data leaves no doubt: Fear corona-economy more than the virus – April 5, 2020

‘We’re Going Wrong’: The West’s middling, middle-class corona response – April 10, 2020

Why does the UK have an ‘army’ of volunteers but the US has a shortage? – April 12, 2020

No buybacks allowed or dared? Then wave goodbye to Western stock market gains – April 13, 2020

Pity the lives of post-corona Millennials… if they don’t openly push socialism – April 14, 2020

Ramin Mazaheri is the chief correspondent in Paris for Press TV and has lived in France since 2009. He has been a daily newspaper reporter in the US, and has reported from Iran, Cuba, Egypt, Tunisia, South Korea and elsewhere. He is the author of the books ‘I’ll Ruin Everything You Are: Ending Western Propaganda on Red China’ and the upcoming ‘Socialism’s Ignored Success: Iranian Islamic Socialism’.

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