No drama means more of the same blah blah.


Each individual African average 500 kilograms of CO2 per year. The average French, six tons. The average American creates 24 tons of CO2 per year (yes, 4 times the French). That could be somehow excusable if the average American lived better. But, clearly the average American is living less well than the average Frenchman, when all is considered, from schools to health care, to vacation, social net, income, debt level, and even, now, unemployment. So to whom do these other 18 tons of CO2 profit in the USA?

Obama is going to Copenhagen, but just for the beginning, showing himself for the planet to admire, and will not stay, when everything is decided during this CO2 conference. The other 66 heads of states will be left to their own instruments, digesting the humiliation inflicted to them by the US president.

Also Obama, in a further subtle insult and obfuscation, grandly announced that the USA would reduce CO2 emissions by 17% from 2005. Nobody else on Earth measures from 2005. But the American president is special, he thinks different. Everybody else measures CO2 levels from 1990. Island states have demanded that the CO2 emissions be reduced by at least 40% from 1990 levels (they do not like drowning, and they are drowning under an accelerating sea level rise, year after year).

Germany has agreed to those CO2 reduction numbers. France and the rest of the European Union may be able to achieve something like this. But the USA augmented its emissions by 10% to 12% between 1990 and 2005. So what Obama is really talking about is more like a 5% to 7% reduction from the CO2 levels. It’s all the more grotesque, since the USA has the capability, and the interest to do much more (but not so for the small oligarchy Obama and the top democrats seem to depend from).

Europe, including Great Britain, has suggested a tax on financial transactions. The British talked about reducing "socially useless" activities. Indeed. I have proposed such a financial transaction tax on my blog, years ago. There are many deep reasons for it. One of the reasons is to create a speed limit on financial transactions. The cause of that speed limit would be the same as the cause for having the speed of light in physics. Namely the necessity to distinguish between cause and effect.

In other words, some of the reasons for having such a tax are much deeper than those usually found at the conceptual level familiar to economists. The financial transaction tax is necessary, otherwise the financial universe will keep on making no sense.

The transaction tax would help reduce the world of transactions that make no economic sense, and bring desperately needed income for the state. But Summers and Geithner, representing Wall Street as usual are against it, and they are Obama’s handlers. Obama does not care what they say, they are his handlers.

Meanwhile Obama is going to tell Karzai in Afghanistan that it will be different next time. In other words, Obama wants us to believe that he believes that Afghanistan is not "too big to fail". A reminder is in order: the Obama administration sent the money of the poor to the rich who had destroyed the economy, because we were told that those rich were "too big too fail".

Having sent too much of the money to rescue those who had caused the disaster, and to reinstitute them in their commanding positions, and give them enough to play same as they did before, Obama could not send enough to the real economy. So the real economy is going to tank again as the skyrocketing unemployment start to take its toll. (Global unemployment, U6 is already at 17.5%, versus 25% at the top of the Great Depression.) The crisis is not finished, because big banks make profits only with (government) rigged trades, instead of making them honestly, the old fashion way, by earning them from irrigating the real economy. So soon the economy will fold again, while "No Drama Obama" is unable to enact the necessary drama to make things move, in the right direction (hint: it is not towards Afghanistan, with its secret "black" prison violating international, and U.S., law)

Hence the USA will crawl along until it becomes blatant, even to those submitted to heavy American plutocratic propaganda, that the European Union got it right: a bit more central planning and honesty is what the doctor ordered.

Meanwhile China and Europe have interest to comfort the USA in the error of its ways, and let it simmer in its Middle Age time warp.

Which other country use the same unit system as the Roman empire? The USA. A lot of this country has become firmly stuck in what worked, and will never work again.

And so on.

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One Response to “No drama means more of the same blah blah.”

  1. JMG Says:


    What some finance and economy professors and other critters serving the oligarchy claim not to understand is that the pathetically low growth of the median income proves that the financial sector sucked up way too much of financial capital. In the present, grotesquely undemocratic fractional banking system, it’s the banks themselves which create most of the money, and then, in an obvious conflict of interest, decide who gets the money. To stabilize this outrage through carefully tuned influence peddling, they then take political manipulators such as Rahm Emanuel, and give him quickly 16 million dollars in two years, so he would know, and let it be known, who the true masters are (then he can teach his friend Obama)….”

    Steal a lot and become king?

    A bad system of allocating capital consumes not less energy in self-justification than a good one but more in order to hide the lie that it is worthy of the costs it exacts from the populace. Bob Dylan said, “Steal a little and they throw you in jail. Steal a lot and they may make you king.” The cherished idea that the Federal Reserve System is independent of political influence has for some been exposed as untrue, but those individuals and institutions which continue to benefit the most from the system’s largesse are laboring mightily to prevent change.

    Math and Liars

    Mark Twain said that “the definition of a gold mine is a hole in the ground (zero) with a liar on top (minus one).” (zero minus one equals minus one.) Twain’s glib humor, like Will Rogers’, was immensely popular because it entertained (priceless) without taxing the thinking skills of the audience (unquantifiable). When it comes to pondering the inequalities of how our system allocates capital however, most people who are nominally able to do the math cannot fathom how much wealth is continually being bestowed upon the few that have of late been referred to as “too big to fail.”


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