Category Archives: Banksters

Do robotic insurance agents get commissions?


Or are banksters [for insurance is, after all, banking on your own mortality] putting the premium on profit in an aging Japan?

From the Yomiuri Shimbun:

A major life insurance company will deploy humanoid robots nationwide this autumn, using them to wait on customers at its offices and sending them out on sales calls.

Meiji Yasuda Life Insurance Co. has announced plans to deploy 100 Pepper robots, made by SoftBank Group Corp., at its 80 branches in October. Pepper will explain insurance products and services, and accompany sales people on their rounds.

This will give Meiji Yasuda the highest number of humanoid robots deployed in the financial industry.

Pepper will explain comparatively simple, reasonably priced insurance products in customer service areas at branch offices. The robots also will attend to visitors at insurance seminars held by the company, and accompany Meiji Yasuda salespeople on visits to other companies to promote insurance products.

How long before we start to see robotic peddlers on our own doorsteps?

And what does such a development imply?

What other sales jobs can be filled without having to do with those messy humans? No unions, no health insurance, no retirement benefits, and programmed to do exactly what you want them to do.

Kinda like the Trump Republican base.

Conventional Wisdom: Humor & Weimar America


As the GOP convention winds to a close, a video take on the event and the election.

We begin with a brutally frank assessment of the Republican convention from Lewis Black, during a guest sport on The Late Show with Stephen Colbert.

And he’s got the best idea yet on what to do with the two November contenders:

Lewis Black On The Election: “It’s A Social Experiment”

Program notes:

The comedian and star of “Back in Black” on Broadway suggests that by choosing between two deeply unpopular presidential candidates, voters are participating in a grand social experiment.

The election as emerging fascism fueled by both parties

Next up, a Paul Jay interview with journalist and former Berkeleyan Robert Scheer on the emerging fascism of Weimar America, and the way both parties have worked to bring it about.

From The Real News Network:

Robert Scheer: Neofascist Trump or Corporate Hawk Clinton Are No Choice at All

From the transcript:

JAY: So let’s start with question one. Is this just a kind of eccentric right populist, and another variance of the Republican Party? Or is this something that’s gone further into what you can call a new authoritarianism, developing neofascism, or such?

SCHEER: Well, it’s precisely a neofascism, and I think we should explain, particularly to younger people, what we mean by this. Because it’s not just throwing around some frightening word. But we’ve had this phenomenon. We have it right now in Europe. We have it where you’re–basically what you’re, what you had under the rise of Mussolini and Hitler, in Italy and Germany.

And what you’re really talking about is scapegoating real problems, there are real problems, you don’t get fascist movements taking over, rising to power, without people being in pain. Hurting. The economy in shambles, their aspirations are limited, they’re worried about their future. And we have a situation now in the United States that is increasingly resembling a kind of post-Weimar Germany. It’s neofascism, it’s not fascism. But basically, people are perplexed: why is life not getting better? Why is income disparity more glaring? Why did my $38 an hour job in [inaud.] or mining disappear, and now I have to work for $7, $8, $9 an hour. What about the benefits I thought I had? What about my ability to send my kid to college?

So we have lowered expectations in America. We have a great sense of pain. And it’s not, you know, just one region and one group of people. And it’s in that atmosphere that you can basically have one of two narratives to respond. You had the Bernie Sanders narrative that said yeah, we got real problems, here. Income inequality is getting worse. The good jobs are not there. The benefits are not there. And we’re going to propose a progressive alternative. And that’s why Bernie Sanders, you know, almost knocked Hillary Clinton out of the box, because Hillary Clinton represented the establishment that had enabled this kind of pain out there.

On the Republican side, Trump did something amazing. He wiped out the whole Republican establishment. He did it up from Maine to Alabama. And he was able to do it across the country because people are hurting. They’re not fools, they’re not desperate to back a fool. What they are desperate about is having a good life for their kids, for themselves, and they’re worried. And so this demagogue of the right comes along with a neofascist message, and by that I mean precisely blaming the undocumented worker, you know, blaming people who don’t have your religion, or gay people, or minorities, or something of that sort. Blaming them for the problems that people with power have caused.

And that’s the key ingredient of neofascism, is to distract people from the real origin of the problems, and make them think it’s the undocumented Mexican worker, which is absurd. They’re not the people who have destroyed housing in America. They’re not the people who did the collateralized debt obligations and credit default swaps and all the junk that Goldman Sachs and others did that brought the economy down. And to blame some guy who’s crossed the border, or some woman who’s crossed the border and is trying to clean a house or help raise a kid there for your problems. . .is absurd.

And Michael Moore declares Trump will be the winner

And he gives a plausible rationale for his analysis in this special convention of HBO’s Real Time with Bill Maher.

Also featured in Tony Schwartz, the man who really wrote Donald Trump’s The Art of the Deal and who has proclaimed that Trump’s victory in November would herald the end of civilization:

Bill Maher Live RNC Special Edition: July 20

Program notes:

Bill Maher and his guests – Michael Moore, Dan Savage, Joy Reid, and Tony Schwartz – discuss the 2016 Republican National Convention during this special edition of Real Time.

Resisting the Greek capitulation to the banksters


Greek’s have seen austerity at its worst, inflicted by the joint powers of the European Commission, the European Central Bank, and the International Monetary Fund.

The austerians are acting in the interest of the banks of Germany and France, lending institutions that bankrolled arms deals that profited the military/industrial complexes of the lender nations.

While Greek official corruption was clearly involved in some of the deals, the bribe payments came from German companies eager for profits from the sale of weapon systems, warships, and other materiel necessary for the new Cold War.

A succession of Greek governments signed off on massive cuts in public salaries and pensions, restrictions on the national public health system, and the sell-off of ports, railroads, islands, and other public assets.

Finally, the Greek people said “Enough!,” and in and in January 2015, they voted in a new government headed by a previously marginal party, a coalition of the Left named Syriza [previously], swept to power on a platform calling for an end of the payments.

With party leader Alexis Tsipras becoming chancellor, Syriza seemed on track to mount the first real resistance to the ave of austerity programs imposed on nations of Ireland and Southern Europe in the wake of the crash caused by the institutional corruption of Wall Street and the City of London.

Seven months after taking power, Syriza called a referendum on the issue of whether or not Greece should accept the latest austerity mandates from the Troika. When the votes were tallied, 61 percent of the Greek electorate declared no to further austerity.

Two months later the leaders of the anti-austerity movement were gone, and Tsipras was ready to surrender once again.

In this interview with The Real News Network, one of those leaders talks about those critical events, and the launch of a new party to continue the resistance to the money lord of the North:

Odious Debt and the Betrayal of the Popular Will in Greece

From the transcript:

DIMITRI LASCARIS, TRNN: This is Dimitri Lascaris reporting from Lesbos, Greece, for The Real News.

This week, The Real News is in Lesbos to cover the Crossing Borders Conference on the refugee crisis in the Mediterranean.

This afternoon we’re joined by Zoe Konstantopoulou. Zoe Konstantopoulou is the former speaker of the Greek Parliament. She was elected to that position in February of last year with a record number of votes from her fellow MPs, including, surprisingly, the support of the right-wing New Democracy Party. But her tenure as speaker of the Greek Parliament was short-lived. Her position was vacated in October of last year after the SYRIZA government decided to implement an austerity program that was even more severe than [the one that] over 60 percent of the population of Greece had rejected in a referendum in July of last year.

>snip<

LASCARIS: Now, last year, after the referendum in which over 60 percent of the Greek population effectively voted to reject an austerity program that was even less severe than what was ultimately implemented, the prime minister, Alexis Tsipras, called a snap election and there was a rebellion of the left wing of the SYRIZA party, and they formed another party called Popular Unity, which I understand you supported in the election that was held in September.

KONSTANTOPOULOU: I cooperated as an independent candidate with Popular Unity.

There’s more, after the jump. . . Continue reading

Austerity on the march in Portugal and Brazil


The austerians, the folks who impose a “new fiscal order” on nation-states in order to assure the ongoing profits of banksters and corporateers, are exercising their reign across the globe, forcing governments to public abandon healthcare systems, public spaces, public sector pensions, and other institutions that had characterized the post-World War II political and social landscapes.

The rhetoric the austerians use is inevitably pretentious and portentous, declaring, in effect, that the plight of the poor in developed in late-stage developing nations is essentially their own fault, and that programs designed to lift them from poverty are really sloth-inducing handouts.

The bottom line, of course, is the bottom line. Not the bottom line of the social contract, but the bottom line on corporate and banksters spreadsheets.

Austerianism, in short, makes the world save for corporatocracy.

Two classic examples can be found in events unfolding in two nations an ocean apart, yet united by a common language.

Austerity on the march in Portugal

Portugal, one of the PIIGS nations [along with Italy, Ireland, Greece, and Spain] of post-Bush crash Europe, has never recovered from the crash, and state financing has been critical to keeping the country viable.

But enough is enough, the austerians have decreed.

From United Press International:

European Union finance ministers supported sanctioning Spain and Portugal for breaking targeted budget deficits Tuesday.

The EU’s economic and financial affairs council decided Spain and Portugal should be sanctioned for breaking rules that countries’ budget deficits must remain within 3 percent of gross domestic product.
Advertisement

“The Council found that Portugal and Spain had not taken effective action in response to its recommendations on measures to correct their excessive deficits” the European Council said in a statement on its website on Tuesday. The Council’s decisions will trigger sanctions under the excessive deficit procedure.”

According to the EU, Portugal and Spain have 10 days to appeal the decision. And the commission has 20 days to recommend fines that could amount to 0.2 percent of GDP.

But top EU officials have indicated the sanctions are likely to be symbolically set at zero, according to the Wall Street Journal.

In other words, Portugal has just been served notice.

Austerians and the Brazilian coup

The government of Brazilian President Dilma Rousseff, while less than perfect, had been struggling to keep the social contract alive, but that didn’t suit the Brazilian plutocracy, the spiritual descendants of the colonial land and cattle barons who exploited the native population and were the largest buyers of African slaves, outstripping the American South by far.

They used their bought-and-paid-for legislators to oust Rousseff through a vote of impeachment for crimes that, events have subsequently made clear, could be more rightly charged to them than to Rousseff.

And now, challenged with potential criminal charges for their own looting, they are busily engaged in the sell-off of the Brazilian commons, opening up endangered landscapes for industrial agriculture, displacing native populations, and generally grabbing up as much as they can whilst the sun still shines.

The latest grab, via teleSUR English:

Brazil’s unelected interim President Michel Temer said his government is considering the privatization of two of the country’s busiest airports in Sao Paulo and Rio de Janeiro.

“It is possible that we will privatize Congonhas and Santos Dumont, which should give a good sum” of money, Temer said in an interview with the Folha de S.Paulo website, referring to Congonhas airport in Sao Paulo and Santos Dumont in Rio de Janeiro.

The interim government, imposed by the Brazilian Senate, is considering two options for privatizing the airports: one would keeping the government airport authority Infraero as a minority partner while giving most control to private companies, while the other would keep Infraero as the biggest stockholder with 51 percent of shares while private companies would manage the airports.

In both cases such moves would lead to thousands of people losing their jobs, as private contractors would seek to bring in new staff with new contracts and less oversight by the state.

Temer said the sale of state assets and major privatization plans is meant to generate sufficient revenues to meet the fiscal target for 2017, which foresees  a deficit of around US$42 Billion.

So who are the Brazilian lootocrats?

Glenn Greenwald has conducted a fascinating interview with U.S.-born Portuguese-speaking journalist Alex Cuadros, who covered the Brazilian plutocracy for Bloomberg.

Author of the just-published Brazillionaires: Wealth, Power, Decadence, and Hope in an American Country, a book on Brazil’s financial elite, he describe the relevance of the Brazilian experience for folks in the U.S.

From the Intercept:

[T]he relationship between Brazil and its billionaires is relevant to an American reader. There was something about studying this relationship in a country that’s not my own, where I don’t have nearly as much baggage, that made it easier to see how it works. But really it’s a relationship that exists in most countries today. In the end I think that the Brazilian billionaire tradition is simply an extreme version of a natural relationship between wealth and political power.

There are some differences. In Brazil, partly because the state has always had a large presence in the economy, a lot of wealthy families owe their fortunes to personal connections to the government or even outright corruption. This clashes with the American ideal of the self-made man who gets rich thanks only to his own talent and hard work.

But of course, if you look at the richest people and companies in the U.S., they tend to defend their fortunes by putting their money to work in the political system, swaying the rules in their favor through lobbying, campaign donations, and other, less transparent contributions. Obviously there’s a difference between outright graft and legal forms of influence, but the desire and the effect are often similar: to allow the very rich to claim a larger piece of the economic pie without necessarily making the pie larger.

Charts of the day III: Til debt us do part. . .


Two compelling offerings from the Los Angeles Times article warning of growing indications another crash lurks just ahead:

Debts global. . .

BLOG Debt 1

And domestic. . .

And note especially that right hand column while also remembering that corporate cash on hand has reached record levels:

BLOG Debt 2

Chart of the day II: Eurozone, U.S. bad bank loans


From a just-issued report from the International Monetary Fund, a stunning comparison of bad bank loans and write-off ratios in the U.S. and the 19-nation common currency Eurozone:

Euro Area Policies: 2016 Article IV Consultation--Press Release;

Deutsche Bank: Odds are, another crash is coming


Via the Wall Street Journal comes a warning:

The so-called yield curve suggests there’s a 60% chance of a U.S. recession occurring in the next 12 months, according to analysts at Deutsche Bank, led by Dominic Konstam. The calculations attach the highest probability to an economic contraction since the financial crisis.

The yield curve, typically measured using the level of long-term rates relative to short-term rates, has gained particular attention this year because of the narrowing difference between the two, often thought to signal an economic slowdown. Some measures are at their flattest since 2007.

The bank’s fixed-income researchers looked at the difference between the three-month and 10-year U.S. Treasury yields, which has been narrowing sharply in recent months. Adjusting for the low level of short-term rates suggests that the yield curve is already inverted, they found.

“Given the historical tendency of a very flat or inverted yield curve to precede a US recession, the odds of the next economic downturn are rising,” the analysts found.