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Should Billionaires Exist? Do billionaires have a right to...

Published by Anonymous (not verified) on Thu, 02/05/2024 - 7:51am in

Should Billionaires Exist? 

Do billionaires have a right to exist?

America has driven more than 650 species to extinction. And it should do the same to billionaires.

Why? Because there are only five ways to become one, and they’re all bad for free-market capitalism:

1. Exploit a Monopoly.

Jamie Dimon is worth $2 billion today… but not because he succeeded in the “free market.” In 2008, the government bailed out his bank JPMorgan and other giant Wall Street banks, keeping them off the endangered species list.

This government “insurance policy” scored these struggling Mom-and-Pop megabanks an estimated $34 billion a year.

But doesn’t entrepreneur Jeff Bezos deserve his billions for building Amazon?

No, because he also built a monopoly that’s been charged by the federal government and 17 states for inflating prices, overcharging sellers, and stifling competition like a predator in the wild.

With better anti-monopoly enforcement, Bezos would be worth closer to his fair-market value.

2. Exploit Inside Information

Steven A. Cohen, worth roughly $20 billion headed a hedge fund charged by the Justice Department with insider trading “on a scale without known precedent.” Another innovator!

Taming insider trading would level the investing field between the C Suite and Main Street.

3.  Buy Off Politicians

That’s a great way to become a billionaire! The Koch family and Koch Industries saved roughly $1 billion a year from the Trump tax cut they and allies spent $20 million lobbying for. What a return on investment!

If we had tougher lobbying laws, political corruption would go extinct.

4. Defraud Investors

Adam Neumann conned investors out of hundreds of millions for WeWork, an office-sharing startup. WeWork didn’t make a nickel of profit, but Neumann still funded his extravagant lifestyle, including a $60 million private jet. Not exactly “sharing.”

Elizabeth Holmes was convicted of fraud for her blood-testing company, Theranos. So was Sam Bankman-Fried of crypto-exchange FTX. Remember a supposed billionaire named Donald Trump? He was also found to have committed fraud.

Presumably, if we had tougher anti-fraud laws, more would be caught and there’d be fewer billionaires to preserve.

5. Get Money From Rich Relatives

About 60 percent of all wealth in America today is inherited.

That’s because loopholes in U.S. tax law —lobbied for by the wealthy — allow rich families to avoid taxes on assets they inherit. And the estate tax has been so defanged that fewer than 0.2 percent of estates have paid it in recent years.

Tax reform would disrupt the circle of life for the rich, stopping them from automatically becoming billionaires at their birth, or someone else’s death.

Now, don’t get me wrong. I’m not arguing against big rewards for entrepreneurs and inventors. But do today’s entrepreneurs really need billions of dollars? Couldn’t they survive on a measly hundred million?

Because they’re now using those billions to erode American institutions. They spent fortunes bringing Supreme Court justices with them into the wild.They treated news organizations and social media platforms like prey, and they turned their relationships with politicians into patronage troughs.

This has created an America where fewer than ever can become millionaires (or even thousandaires) through hard work and actual innovation.

If capitalism were working properly, billionaires would have gone the way of the dodo.

The video project

Published by Anonymous (not verified) on Tue, 30/04/2024 - 5:45pm in

Tags 

Blogging, YouTube

The last couple of days have begun to suggest that the video project that we only began this month might prove to be successful.

Whilst we are well aware that getting videos right is not easy, and nor is choosing titles, the subject and the promotional commentary that support videos, those that we published on Sunday and Monday have now had significant numbers of views, and have attracted useful subscribers to both the YouTube and TikTok channels.

Sunday's video has been watched more than 7,000 Times on YouTube, and 5,600 times on TikTok. Despite being almost 5 minutes long half of all those who watched it on YouTube stuck with it to the end, which is particularly pleasing. The figure is lower on TikTok, but that is true or every TikTok videos, including very short ones.

Yesterday's video on why tax does not fund government spending was even more successful, with more than 11,000 views so far on YouTube, and 24,000 on TikTok. Those watching it to the end were high in both cases, but it was shorter.

Combine these videos and their views exceeded 47,000.

What is more, we know from the data that we can get from YouTube that most of these views did not come from people who had read this blog before watching the videos.

Over those same two days there was blog traffic of 35,000 views, by no means entirely related to the posts from where the videos were linked. In other words, whilst there was overlap in these figures, it was not that big.

The important point is that by adding the video outlets, the issues that I want to discuss reached many thousands of people who might never have visited this blog. This considerably increases the impact of the work that I am undertaking, making more people aware of these issues.

Of course, that traffic might now fall back again. These figures were above average for us on YouTube where average views per video over the last month have been approximately 4,200 each.  That said, so soon after revitalising the YouTube channel and launching a TikTok presence, these are encouraging figures suggesting this effort is worthwhile, and we have every intention of continuing with it.

Are Presidents Above the Law? Donald Trump thinks presidents...

Published by Anonymous (not verified) on Fri, 26/04/2024 - 12:21am in

Are Presidents Above the Law? 

Donald Trump thinks presidents should be allowed to commit crimes. Rubbish.

Trump claims that quote, “A PRESIDENT OF THE UNITED STATES MUST HAVE FULL IMMUNITY” from prosecution for any crime committed while in office. His lawyers even claim that a president could be immune from prosecution for having a political opponent assassinated.

Trump says anything less than total immunity would quote, "incapacitate every future president.” Baloney. It would incapacitate him! He’s the only president who’s been criminally charged with trying to orchestrate a violent coup on January 6th, 2021.

Trump wants to turn the U.S. president into a supreme ruler — who is not bound to the same laws that everybody else is — the very antithesis of the bedrock values this country was founded on. A president shouldn’t be above the law.

In reality, this is all part of Trump’s plan to avoid accountability. He wants to gum up the legal system to delay his federal trial until after the 2024 election. If he really believed he was innocent, wouldn’t he want to have a trial as soon as possible?

Just as bad, the Supreme Court is abetting his plan by dragging its feet.

Trump’s criminal trial in the January 6 case was supposed to begin in March. But now, it’s on hold until Trump’s immunity claim is resolved by the Supreme Court. Who knows how long that will take?

The high court could have ruled on Trump’s immunity claim immediately — which Special Counsel Jack Smith asked it to do last December. Instead, the Supreme Court accepted Trump’s request not to expedite a ruling. Trump’s immunity claim then went slowly through the lower courts, which, not surprisingly, found that, no, presidents DO NOT have carte blanche to commit crimes.

The Supreme Court then had another chance to expedite a ruling on this, but it took weeks even to set a date for arguments.

The Supreme Court can move quickly when it wants to. When Trump appealed Colorado’s decision to keep him off the state ballot, the Supreme Court rushed to get a ruling out before the Colorado primary. Shouldn’t the court move with the same urgency on Trump’s immunity claim? Otherwise, Trump’s January 6th trial may not be decided before the presidential election.

Voters are entitled to know before casting their ballots whether they are choosing a felon for president.

The Case Against RFK Jr.RFK Junior is not who you think he is.It...

Published by Anonymous (not verified) on Wed, 24/04/2024 - 4:11am in

The Case Against RFK Jr.

RFK Junior is not who you think he is.

It pains me to say it, but he is a dangerous nutcase.

He claims to want to heal America, but his vision for our future is tainted by his endorsements of hateful conspiracy theories – and the fact that he is being funded in large part by donors aligned with Donald Trump.

It’s time to lift the curtain on a campaign based on false, irresponsible, and self-contradictory claims.

RFK Junior repeatedly promoted a right-wing conspiracy theory that chemicals in the water are turning people gay or transgender.

He suggested COVID-19 was a bioweapon, mysteriously designed to spare Jewish people.

[RFK Jr.: “COVID-19 is targeted to attack Caucasians and Black people. The people who are most immune are Ashkenazi Jews and Chinese.”]

He’s spent years spreading anti-vaxx lies.

And in his 2021 book, RFK Junior alleged, with no plausible evidence, that Dr. Fauci performed genocidal experiments, sabotaged treatments for AIDS, and conspired with Bill Gates to suppress information about COVID-19.

These are not the words of someone who is serious about leading – let alone healing – this country.

As someone who once worked for his father, RFK, and admired his uncle, JFK, I’m disturbed to see RFK Junior speak this way.

RFK Senior would never have suggested that a deadly virus was targeted at certain races. And as president, JFK signed the Vaccination Assistance Act in order to, “achieve as quickly as possible the protection of the population, especially of all preschool children.”

If not for his illustrious name – and role as a potential spoiler – RFK Junior would be just another crackpot in the growing pool of fringe politicians.

It’s no coincidence that he shares top backers with the likes of Donald Trump and Marjorie Taylor Greene — or that Trump allies Roger Stone and Steve Bannon encouraged him to run in the first place.

But the Kennedy brand is political gold, and it could pull away just enough sympathetic voters to tip the race toward Trump.

Democracy won by a whisker in 2020. Just 44,000 votes in Arizona, Georgia, and Wisconsin decided the outcome. If RFK Junior — or any third-party candidate — peels off just a fraction of the vote from Biden, while Trump’s base stays with him, they will deliver a victory to Trump.

If Junior had any respect for the principles his father fought and ultimately died for, he would withdraw his candidacy. Immediately.

A 10% student tax is unfair

Published by Anonymous (not verified) on Thu, 18/04/2024 - 11:17pm in

I have just posted this video on YouTube.

Why are we imposing tax rates only designed for those with much higher incomes onto students earning little more than the minimum wage? It makes no sense, at all.

The transcript is:

Why are so many people paying up to 38 per cent tax on quite, well, average levels of earnings in the UK?

As we know, the basic rate of income tax on earnings up to £50,270 a year in the UK in 2024 is supposedly 20%. Supposedly, but not actually, of course.

If you earn your income from work, you also pay National Insurance. And that adds 8 per cent to the bill.

And then if you're a younger person who's been to university, and approximately half of younger people now have, then you'll also be repaying your student loan. If you're earning much over £25, 000, that means that your combined tax rate will now be 38%.

Now, people say, but that's a student loan repayment, that's not a tax.

Of course, it's a tax. It's charged on your income at a fixed rate depending on how much you make. So, it's a tax in anything but name.

And the reality is, that means that a person who is on little more than minimum wage now could be paying 38 per cent marginal tax rates. When somebody earning double that sum - on £60,000 a year, but who did not go to university - might only be paying 42%, and the

There is no sense to this. In fact, the only sense within it is that it is extremely unfair and it must be designed to be so. Why else would we end up with such a bizarre situation? Somebody, I presume, wanted it to happen.

Well, I don't. And I don't think anyone with any sense should. Because this unfairness, first of all between the young, and secondly between those on lower incomes and those who are on higher incomes who had the benefit of going to university free of charge in a great many cases, should not exist inside our tax system.

It's a disincentive to the young, it prevents them saving, it prevents them buying their own homes, it prevents them putting money aside for a pension and it leaves them worse off than those on a much higher level of income with regard to their tax rate.

This should stop. The student loan repayment system does not cover even a tiny proportion of the cost of sending students to university. Let's stop pretending it does. Let's stop charging unfair tax as a result. And let's come up with a better way of funding universal education for everyone, which our society needs.

Doctor Who: BBC, Disney+ Release New Key Art Poster, Banner Art

Published by Anonymous (not verified) on Tue, 16/04/2024 - 4:07am in

"Your Cosmic Joyride Awaits" this May with Showrunner Russell T. Davies and series stars Ncuti Gatwa & Millie Gibson's new Doctor Who.

On mistakes

Published by Anonymous (not verified) on Sun, 14/04/2024 - 4:27pm in

Tags 

Blogging, YouTube

I am human. I make mistakes. I did so yesterday in the video that we put outin the video that we put out. Instead of saying that proportional representation required the creation of larger constituencies, I said the first-past-the-post did. I did not notice it until the video video was out, when others drew it to my attention. I immediately posted a narrative correction, pointing out the very obvious mistake. I thought that was good enough.

Several commentators disagreed. In every case the theme was similar. The point they made was that I do, inevitably, have critics on the web, and they might jump on such mistakes and use them to suggest that I really do not know what I am talking about. I get that point. I think it might have reasonable in times gone by, when I might well have agreed with them.

On reflection, however, I decided to leave the video on the platforms where I shared it . Firstly, that was because the mistake was acknowledged. It’s hard to really create capital of an acknowledged mistake.

Second, these TikTok orientated videos are not meant to be the ultimate answer to any question. Just like no blog post is intended to achieve that goal these are parts of an ongoing narrative. I think the world sees such content in that way.

Third, my critics will have a go at me even if I get things right. As a matter of fact, blogs ,tweets and other material saying that I am wrong is put out pretty much every day for those who want to believe it.

Fourth, soon if someone wants to make a video of me saying pretty much anything it will be possible for them to do so using AI, and apart from the fact that I will not have put it out it will be very hard to differentiate it from the real thing.

Fifth, perfection is the enemy of the good. If I spent forever trying to eliminate every typo on this blog the amount of content would go down considerably and my enjoyment from doing so would entirely disappear. Despite the fact that I sometimes am apparently unable to spot glaring errors, and have an occasional tendency when using the iPad to make really awful mistakes, the traffic has survived and, based on what they tell me, is the envy of many a publisher who would like returns equivalent to those I enjoy for the effort and cost expended.

Sixth, people were watching, liking and discussing the video and that seemed to be of benefit. Plus, I was out all day and had no alternative material to offer.

Seventh, it’s a lesson learned. Just as this morning’s video has some typos in the transcript ( which is normal almost everywhere as they are AI generated), mistakes happen. And we are only just over a week into this experiment in terms of putting material out.

It has been a massive learning curve. Thomas has worked phenomenally hard and has risen to the challenges, including a demand for speed whilst encountering new issues almost continually, and somehow we got well over 100,000 views in that week. I am pleased with that.

We’ve tried two cameras, and the iPhone is better. Now we need to master it in more environments. The intention is to make way from the desk sometime.

We have tried three microphones and there are strengths and weaknesses. This is a complicated area.

I never thought I would use a sound mixer, but I have.

We have learned a lot about lighting and avoiding glare in my glasses.

I now know why you wear make up when making video, because a little cuts down weird lighting reflections a lot. Oddly, no one seems to notice it if I forget to wipe it off either, so we must have got the balance about right.

And we’ve learned to reject what we’ve made. More attempts have been abandoned than got finished, by some way. We are trying to do well.

That said, we will definitely do better. The focus will be on getting the captions more accurate next. And yes, of course we will try to avoid obvious mistakes. More care will be taken. I/we get the message. But, so far I think the experiment is proving to be worthwhile.

Comments are, of course, welcome.

Doctor Who: Varada Sethu Joins Gatwa, Gibson as Season 2 Companion

Published by Anonymous (not verified) on Sat, 13/04/2024 - 5:19am in

BBC, Disney+ & Russell T. Davies' Ncuti Gatwa & Millie Gibson-starring Doctor Who Season 2 will also star Varada Sethu as a new companion.

Video: The Bank of England is failing us all

Published by Anonymous (not verified) on Thu, 11/04/2024 - 6:26pm in

I posted this on TikTok this morning:

@richardjmurphy

The Bank of England has failed us Across the developed world inflation is now falling back to levels last seen before the Covid crisis. The UK will soon be there. However, interest rates are not falling back to the levels of that period. The Bank of England increased them, saying that doing so would beat inflation, which was untrue, and now they’re keeping them high to benefit the wealthy. It's time they were cut significantly. #bankofengland #money #uk

♬ original sound - Richard Murphy - Richard Murphy

Is It Inflation? Or Is It Greedflation?It’s a paradox. Inflation...

Published by Anonymous (not verified) on Thu, 11/04/2024 - 4:30am in

Is It Inflation? Or Is It Greedflation?

It’s a paradox. Inflation is dropping but prices aren’t coming down. How can this be?

Because corporations have enough monopoly power to keep them high.

Here’s just one example that will make you fizz: Pepsi.

In 2021, PepsiCo, which makes all sorts of drinks and snacks, announced it was forced to raise prices due to “higher costs.” Forced? Really? The company reported $11 billion in profit that year.

In 2023 PepsiCo’s chief financial officer said that even though inflation was dropping, its prices would not. Pepsi hiked its prices by double digits and announced plans to keep them high in 2024.

How can they get away with this?

Well, if Pepsi were challenged by tougher competition, consumers would just buy something cheaper. But PepsiCo’s only major soda competitor is Coca-Cola, which – surprise, surprise - announced similar price hikes at about the same time as Pepsi, and also kept its prices high in 2023. The CEO of Coca-Cola claimed that the company had “earned the right” to push price hikes because its sodas are popular. Popular? The only thing that’s popular these days seems to be corporate price gouging.

We’re seeing this pattern across much of the economy — especially with groceries. Inflation is down. You see, the rate of inflation measures how quickly prices are rising. Prices are now rising far more slowly than in the past couple of years. And while supply chain disruptions really did make it more expensive to produce a lot of goods, the cost to produce them now is rising even more slowly than prices.

But consumer prices are still up, allowing most corporations to keep their profit margins near a 10-year high.

They can get away with overcharging you because they have monopoly power — or so few competitors they can easily coordinate price increases.  

If Pepsi and Coca-Cola had lots of competitors, they wouldn’t be able to raise prices so high because someone would make cheaper substitutes, and consumers would buy those instead. But Pepsi and Coke own most of the substitutes!

This isn’t just happening with Coke and Pepsi. Take meat products. At the end of 2023, Americans were paying at least 30% more for beef, pork, and poultry products than they were in 2020.

Why? Near-monopoly power! Just four companies now control processing of 80 percent of beef, nearly 70 percent of pork, and almost 60 percent of poultry. So of course, it’s easy for them to coordinate price increases.

And this goes well beyond the grocery store. In 75 percent of U.S. industries, fewer companies now control more of their markets than they did twenty years ago.

So what can we do?

Well, it’s largely flown under the media radar, but the Biden administration is taking on this monopolization with the aggressive use of antitrust laws.

It’s taken action against alleged price fixing in the meat industry — which has been a problem for decades.

It’s suing Amazon for using its dominance to artificially jack up prices — one of the biggest anti-monopoly lawsuits in a generation.

It successfully sued to block the merger of JetBlue and Spirit Airlines, which would have made consolidation in the airline industry even worse.

But given how concentrated American industry has become, there’s still a long way to go. Inflation is down. But many people don’t feel it because prices are still high, and in some cases are still rising because of continued price gouging.

This is where you have more power than you might think.

You might not be able to break up big corporations, but you can keep up the pressure on our government to fight corporate monopoly power.

And help spread the truth by sharing this video.

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