Yes this video and this should be required viewing for all.
Brian
October 23, 2014 7:37 pm
The sad part of both of the above videos is that they miss the part about why income is taxed. The actual taxable event. Almost every bit of money out there in circulation is bank money (bank credit and FR credit/notes/1’s & 0’s in a CPU). Very little is state money (coin & US notes. Good luck getting the later). The former (bank credit) is issued outside of congresses direct control and is hence subject to regulation by congress. Regulation = Tax. Look at the progression of income taxes in this country. Did people pay it prior to WW2? Nope. Pay was largely still handed out at windows at the end of the day/week to workers in coin form. After WW2 began and inflation started pushing up costs and most companies started to issue checks in lieu of coin (silver coin at this point). Gold was a thing of the past, SSA also helped rope people into the system and Milton Friedman’s withholding scheme sealed the deal. Checks are contracts and if not negotiated properly the bank will pay them in bank credit. The income tax on bank credit is really just a currency regulating mechanism to limit inflation. How is that working out? The problem with forcing bank credit on people as “payment” of their wages is it obligates them to a slew of taxes that in the end leaves them in a position that they have to take more credit from the bank as loans (credit cards/house/whatever) in order to make ends meet. The wife has to go to work. The kids are shoved into daycare. The banks get richer and richer. The Gov gets more tax money at the expense of the well being of its people. Society degrades slowly over the decades. Inflation pushes up the cost structure forcing people into higher tax brackets even though their “money” buys less when pay raises are finally given to offset the inflation a little but not much.
Personal note: I was at a monthly smoke up the ass rah rah session the other day when they went over the corporate Q3 results. We had our best quarter EVER as far as margins/revenue/profit/ASP’s are concerned. Will that translate to a higher wage or bonus? Experience says no. I heard similar shit before only to be told we have to save $$ to invest in R&D so your fucked. Meanwhile Corp. profits are higher then ever and buy backs are ongoing so the exec’s can exercise their fucking options for another fleet of Gulfstream 5’s. Thanks!
sensetti
October 23, 2014 11:50 pm
Brian, by now what do you expect? It’s all fucked up and bullshit. Do what I do, drink dirty vodka martini’s, you start out the night concerned as hell, by this time of night you don’t give a shit and tomorrow your only concern is the thunder between your ears. Rinse, lather and repeat. It’s a perfect fucking existence. Might I be so bold as to recommend Ketel One Vodka. It’s superb
MOYB
October 24, 2014 12:28 am
sensetti that works, until it doesnt.
Dr. Stucky's Teaching Assistant
October 24, 2014 12:42 am
Feel ya, Brian. The old corp had fixed it so the exec level was well cared for but the schlubs at the bottom got diddly. Your personal story reminded me of those guys.
Now you got me thinking, each time we got swallowed up by a bigger corp, our bennies shrank. I wonder if our government bennies will shrink the same way while the whales collect billions?
backwardsevolution
October 24, 2014 6:13 am
Very good video. James Corbett always does a great job! Commercial and investment banking needs to be split up again. No securitization of mortgages – make the banks keep these on their books. They’re not going to fool around with handing out loans to mirror-foggers if they have to hold them.
If bankers/speculators/investors want to fool around with “innovative financial products”, then fine, but no bail-outs. Buyer beware.
Stop all campaign contributions to politicians – none. Get the money out of politics.
Yes this video and this should be required viewing for all.
The sad part of both of the above videos is that they miss the part about why income is taxed. The actual taxable event. Almost every bit of money out there in circulation is bank money (bank credit and FR credit/notes/1’s & 0’s in a CPU). Very little is state money (coin & US notes. Good luck getting the later). The former (bank credit) is issued outside of congresses direct control and is hence subject to regulation by congress. Regulation = Tax. Look at the progression of income taxes in this country. Did people pay it prior to WW2? Nope. Pay was largely still handed out at windows at the end of the day/week to workers in coin form. After WW2 began and inflation started pushing up costs and most companies started to issue checks in lieu of coin (silver coin at this point). Gold was a thing of the past, SSA also helped rope people into the system and Milton Friedman’s withholding scheme sealed the deal. Checks are contracts and if not negotiated properly the bank will pay them in bank credit. The income tax on bank credit is really just a currency regulating mechanism to limit inflation. How is that working out? The problem with forcing bank credit on people as “payment” of their wages is it obligates them to a slew of taxes that in the end leaves them in a position that they have to take more credit from the bank as loans (credit cards/house/whatever) in order to make ends meet. The wife has to go to work. The kids are shoved into daycare. The banks get richer and richer. The Gov gets more tax money at the expense of the well being of its people. Society degrades slowly over the decades. Inflation pushes up the cost structure forcing people into higher tax brackets even though their “money” buys less when pay raises are finally given to offset the inflation a little but not much.
Personal note: I was at a monthly smoke up the ass rah rah session the other day when they went over the corporate Q3 results. We had our best quarter EVER as far as margins/revenue/profit/ASP’s are concerned. Will that translate to a higher wage or bonus? Experience says no. I heard similar shit before only to be told we have to save $$ to invest in R&D so your fucked. Meanwhile Corp. profits are higher then ever and buy backs are ongoing so the exec’s can exercise their fucking options for another fleet of Gulfstream 5’s. Thanks!
Brian, by now what do you expect? It’s all fucked up and bullshit. Do what I do, drink dirty vodka martini’s, you start out the night concerned as hell, by this time of night you don’t give a shit and tomorrow your only concern is the thunder between your ears. Rinse, lather and repeat. It’s a perfect fucking existence. Might I be so bold as to recommend Ketel One Vodka. It’s superb
sensetti that works, until it doesnt.
Feel ya, Brian. The old corp had fixed it so the exec level was well cared for but the schlubs at the bottom got diddly. Your personal story reminded me of those guys.
Now you got me thinking, each time we got swallowed up by a bigger corp, our bennies shrank. I wonder if our government bennies will shrink the same way while the whales collect billions?
Very good video. James Corbett always does a great job! Commercial and investment banking needs to be split up again. No securitization of mortgages – make the banks keep these on their books. They’re not going to fool around with handing out loans to mirror-foggers if they have to hold them.
If bankers/speculators/investors want to fool around with “innovative financial products”, then fine, but no bail-outs. Buyer beware.
Stop all campaign contributions to politicians – none. Get the money out of politics.
I could go on and on, but it’s late.