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Video: The Bank of England is failing us all
I posted this on TikTok this morning:
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
Is It Inflation? Or Is It Greedflation?It’s a paradox. Inflation...
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.
How Trump is Following Hitler’s PlaybookYou’ve heard...
How Trump is Following Hitler’s Playbook
You’ve heard Trump’s promise:
TRUMP: I’m going to be a dictator for one day.
History shows there are no “one-day” dictatorships. When democracies fall, they typically fall completely.
In a previous video, I laid out the defining traits of fascism and how MAGA Republicans embody them. But how could Trump — or someone like him — actually turn America into a fascist state? Here’s how in five steps.
Step 1: Use threats of violence to gain power
Hitler and Mussolini relied on their vigilante militias to intimidate voters and local officials. We watched Trump try to do the same in 2020.
TRUMP: Proud Boys, stand back and stand by.
Republican election officials testified to the threats they faced when they refused Trump’s demands to falsify the election results.
RAFFENSPERGER: My email, my cell phone was doxxed.
RUSTY BOWERS: They have had video panel trucks with videos of me proclaiming me to be a pedophile.
GABRIEL STERLING: A 20-something tech in Gwinnett County today has death threats and a noose put out saying he should be hung for treason.
If the next election is close, threats to voters and election officials could be enough to sabotage it.
Step 2: Consolidate power
After taking office, a would-be fascist must turn every arm of government into a tool of the party. One of Hitler’s first steps was to take over the civil service, purging it of non-Nazis.
In October of 2020, Trump issued his own executive order that would have enabled him to fire tens of thousands of civil servants and replace them with MAGA loyalists. He never got to act on it, but he’s now promising to apply it to the entire civil service.
That’s become the centerpiece of something called Project 2025, a presidential agenda assembled by MAGA Republicans, that would, as the AP put it, “dismantle the US government and replace it with Trump’s vision.”
Step 3: Establish a police state
Hitler used the imaginary threat of “the poison of foreign races” to justify taking control of the military and police, placing both under his top general, and granting law-enforcement powers to his civilian militias.
Now Trump is using the same language to claim he needs similar powers to deal with immigrants.
Trump plans to deploy troops within the U.S. to conduct immigration raids and round up what he estimates to be 18 million people who would be placed in mass-detention camps while their fate is decided.
And even though crime is actually down across the nation, Trump is citing an imaginary crime wave to justify sending troops into blue cities and states against the will of governors and mayors.
Trump insiders say he plans to invoke the Insurrection Act to have the military crush civilian protests. We saw a glimpse of that in 2020, when Trump deployed the National Guard against peaceful protesters outside the White House.
And with promises to pardon January 6 criminals and stop prosecutions of right-wing domestic terrorists, Trump would empower groups like the Proud Boys to act as MAGA enforcers.
Step 4: Jail the opposition
In classic dictatorial fashion, Trump is now openly threatening to prosecute his opponents.
And he’s looking to remake the Justice Department into a tool for his personal vendettas.
In the model of Hitler and Mussolini, Trump describes his opponents as subhuman.
TRUMP: …the radical left thugs that live like vermin within the confines of our country…
Step 5: Undermine the free press
As Hitler well understood, a fascist needs to control the flow of information. Trump has been attacking the press for years.
And he’s threatening to punish news outlets whose coverage he dislikes.
He has helped to reduce trust in the media to such a historic low that his supporters now view him as their most trusted source of information.
Within a democracy, we may often have leaders we don’t like. But we have the power to change them — at the ballot box and through public pressure. Once fascism takes hold, those freedoms are gone and can’t easily be won back.
We must recognize the threat of fascism when it appears, and do everything in our power to stop it.
Government ordered Google to disclose names of users who watched videos
US attempts to trample privacy
US federal authorities ordered Google to provide names, addresses, phone numbers and details of other videos watched, of all users that viewed particular YouTube videos, according to Forbes magazine – and to provide the IP addresses of anyone who watched them without being logged in.
The government said it wanted the details to investigate a suspected crime committed by the publisher of the videos – but did not demonstrate any suspicion that those watching the videos had committed or colluded in any crime, telling the company only that the records would be ‘relevant and material’ to its investigation. Tens of thousands of accounts are believed to have been involved.
A US court granted the order but asked Google not to publicise it. In a separate incident, government agencies asked Google for a list of all accounts that watched eight livestreamed videos. It’s not known whether Google acceded to the orders.
Google told Forbes that it has ‘rigorous’ processes to protect user privacy, but the discovery of the government moves raised concerns about governments being able to access private information just because it claims ‘relevance’ and does not demonstrate any reasonable grounds to suspect that an individual has committed any crime. It is not known whether the UK or other governments have made similar attempts to access Google user records.
In 2021, Google admitted running ‘experiments’ that hid some websites from search results, raising questions about the risk of political or commercial interference in search results. In January of this year, the company paid five billion US dollars to settle a lawsuit over its collection of user data through its Chrome browser even when users activated its ‘incognito’ mode.
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Doctor Who: Ncuti Gatwa Geeks Out Over America Ferrera & More (VIDEO)
On the Oscars red carpet, Doctor Who star Ncuti Gatwa discussed taking on the iconic role and geeked out over Barbie star America Ferrera.
Who’s to Blame for Out-Of-Control Corporate Power? One man is...
Who’s to Blame for Out-Of-Control Corporate Power?
One man is especially to blame for why corporate power is out of control. And I knew him! He was my professor, then my boss. His name… Robert Bork.
Robert Bork was a notorious conservative who believed the only legitimate purpose of antitrust — that is, anti-monopoly — law is to lower prices for consumers, no matter how big corporations get. His philosophy came to dominate the federal courts and conservative economics.
I met him in 1971, when I took his antitrust class at Yale Law School. He was a large, imposing man, with a red beard and a perpetual scowl. He seemed impatient and bored with me and my classmates, who included Bill Clinton and Hillary Rodham, as we challenged him repeatedly on his antitrust views.
We argued with Bork that ever-expanding corporations had too much power. Not only could they undercut rivals with lower prices and suppress wages, but they were using their spoils to influence our politics with campaign contributions. Wasn’t this cause for greater antitrust enforcement?
He had a retort for everything. Undercutting rival businesses with lower prices was a good thing because consumers like lower prices. Suppressing wages didn’t matter because employees are always free to find better jobs. He argued that courts could not possibly measure political power, so why should that matter?
Even in my mid-20s, I knew this was hogwash.
But Bork’s ideology began to spread. A few years after I took his class, he wrote a book called The Antitrust Paradox summarizing his ideas. The book heavily influenced Ronald Reagan and later helped form a basic tenet of Reaganomics — the bogus theory that says government should get out of the way and allow corporations to do as they please, including growing as big and powerful as they want.
Despite our law school sparring, Bork later gave me a job in the Department of Justice when he was solicitor general for Gerald Ford. Even though we didn’t agree on much, I enjoyed his wry sense of humor. I respected his intellect. Hell, I even came to like him.
Once President Reagan appointed Bork as an appeals court judge, his rulings further dismantled antitrust. And while his later Supreme Court nomination failed, his influence over the courts continued to grow.
Bork’s legacy is the enormous corporate power we see today, whether it’s Ticketmaster and Live Nation consolidating control over live performances, Kroger and Albertsons dominating the grocery market, or Amazon, Google, and Meta taking over the tech world.
It’s not just these high-profile companies either: in most industries, a handful of companies now control more of their markets than they did twenty years ago.
This corporate concentration costs the typical American household an estimated extra $5,000 per year. Companies have been able to jack up prices without losing customers to competitors because there is often no meaningful competition.
And huge corporations also have the power to suppress wages because workers have fewer employers from whom to get better jobs.
And how can we forget the massive flow of money these corporate giants are funneling into politics, rigging our democracy in their favor?
But the tide is beginning to turn under the Biden Administration. The Justice Department and Federal Trade Commission are fighting the monopolization of America in court, and proposing new merger guidelines to protect consumers, workers, and society.
It’s the implementation of the view that I and my law school classmates argued for back in the 1970s — one that sees corporate concentration as a problem that outweighs any theoretical benefits Bork claimed might exist.
Robert Bork would likely regard the Biden administration’s antitrust efforts with the same disdain he had for my arguments in his class all those years ago. But instead of a few outspoken law students, Bork’s philosophy is now being challenged by the full force of the federal government.
The public is waking up to the outsized power corporations wield over our economy and democracy. It’s about time.
My Ultimate History Crash CourseAre we in a second Gilded...
My Ultimate History Crash Course
Are we in a second Gilded Age?
Is Trump really a Fascist?
Why are we so politically polarized?
How did corporations take over our politics?
To understand the present, study the past.
Please join me as I share 6 crucial lessons from history.
David Tennant Jabs Donald Trump During BAFTA Film Awards Monologue
David Tennant couldn't resist getting in a dig at disgraced ex-U.S. POTUS Donald Trump during Sunday's BAFTA Film Awards opening monologue.
Staged/BAFTAs: David Tennant Deals with Michael Sheen's Dog Dilemma
BAFTAs host David Tennant reunited with Staged co-star Michael Sheen for an opening sketch that saw Tennant faced with a big dog dilemma.
Think Tipping Is Out of Control? Watch This.TWO DOLLARS AND...
Think Tipping Is Out of Control? Watch This.
TWO DOLLARS AND THIRTEEN CENTS AN HOUR.
That’s how much millions of American workers are paid under the federal subminimum wage — which was set all the way back in 1991.
While many think tipping for services has gotten out of control, arguing over who deserves a tip and how much they should get distracts from what we should really be angry about: business models that depend on not paying workers a living wage.
It’s bad enough that the federal minimum wage is a measly $7.25 an hour. But employers are allowed to pay tipped workers just $2.13 an hour because supposedly the workers will be able to make up for it in tips.
Saru Jayaraman of One Fair Wage has been advocating to change this absurd and exploitative law. I asked her to share with us FOUR big reasons why we need to get rid of the subminimum wage and pay service workers a full living wage with tips on top.
Number 1: Workers who earn a subminimum wage often end up making less than the minimum wage
43 states currently allow certain workers to be paid a subminimum wage. Employers in these states are legally required to make up the difference if a worker’s combined wage and tips don’t reach the full minimum wage. But over a third of tipped workers report that their bosses regularly fail to do this.
That’s because enforcement of wage laws is lax, and it makes it easier for employers to get away with shortchanging staff.
Number 2: The subminimum wage perpetuates gender discrimination and harassment on the job
More than two-thirds of tipped workers — 70% — in the U.S. are women. And one in six women that work a tipped job are living in poverty — that’s nearly 2.5 times the rate for workers overall.
Since workers earning the subminimum wage are so dependent on tips to make a living, they are put in situations where they have to tolerate inappropriate customer behavior. A staggering 76 percent — that’s more than three-quarters of tipped workers — have reported experiencing sexual harassment on the job. And that only got worse during the pandemic.
Number 3: Tipping is actually a relic of slavery
Tipped workers are disproportionately people of color. And Black service workers in particular consistently earn less, including tips, than their white counterparts for doing the same job.
Look, this inequity of the subminimum wage is tied to America’s history of structural racism.
Following the Civil War, tipping was used as a racist solution by employers who didn’t want to pay formerly enslaved Black workers. So by allowing them to pay their workers just in tips rather than a wage, employers were able to avoid directly paying these workers.
Number 4: Paying workers a living wage plus tips is actually better for business — and our economy.
Corporate lobbyists, particularly for the restaurant industry, warn that paying workers a full minimum wage with tips on top will be devastating to businesses. But research shows these fears are completely overblown.
So far, seven states have replaced their subminimum wage for tipped workers with a higher minimum wage that still allows for tips on top. These seven states are actually faring better than the 43 states with subminimum wages for tipped workers — both in the number of restaurants and number of people employed by restaurants. And take home pay for restaurant servers and bartenders in these states was 24% higher than in states with a wage of just $2.13 an hour.
Workers at restaurants that have scrapped their subminimum wages in favor of higher minimum wages with tips on top are more productive, happier, and less likely to quit their jobs. This alone helps business owners cut employee turnover nearly in half. This is especially important following the pandemic, when restaurants are facing historic staffing shortages because over 1 million workers have left the industry due to low pay.
So not only have higher wage states been able to maintain their industries, but workers are more productive, getting paid more, and less likely to live in poverty.
And when workers have more money, they spend more money — stimulating their local economies in the process.
And for the first time in 30 years, workers are winning on this issue, like in DC and Chicago and a dozen other states.
The bottom line is that ending the subminimum wage for tipped workers is better for workers, it’s better for business, it’s better for our economy — and it’s the right thing to do.