I’ll apologize right up front for sounding so cynical. It’s hard not to when all the news sounds so doom and gloom. Over the last couple of months it has been all the news media can talk about. The world is collapsing…Countries are going bankrupt. Unemployment is rising. If Greece defaults, we are all in trouble. Markets are falling over the side of a cliff. A horrible recession is looming. But is it really that bad? Look around. I don’t see the sky falling?
Here are some recent quotes that got me thinking that the wool is being pulled over our eyes…
“The best October equity markets have had in years ended on a sour note Monday.” – Here is a quote that seems to elude to the markets having a sour note. Oh, that sounds bad! Except the part about the equity markets having the best October run since the early 90’s.
“On the corporate earnings side the S&P 500 Index is on track to record an eighth consecutive quarter of double digit year-over-year earnings growth”. Really? I thought we were in hard times? How then could we have 8 consecutive quarters of double digit year-over-year earnings growth?
Well, I can think of a way…How about you lay off a bunch of workers, and claw back hours for others from full time to part time? Then start outsourcing your production to 3rd world countries where labour is pennies per hour? Ya, that would work. You could have your federal government decide that the smallest of union strikes is a crisis, and force back to work legislation. You could decide a report card is an essential service. There is so much you can do to guarantee profits.
It is a known statistic that wages have been on a steady decline for the last 3 decades. At the same time, big business is booming! We know live in a world of public resources being giving to private corporations to keep up profits. Those same corporations have no interest in local communities and offer up low paying part time jobs. Then they offer their ultra-cheap-to-make products back to us consumers at highly marked up prices.
How are the big labour sources like China and India doing in this global ‘crisis’? Well, they are doing really great right now thank you. Our own British Columbia Premier Christy Clark is currently on a trade mission to China and India to work on building relations between our BC businesses and these economic powerhouses. They see opportunity. They see manufacturing and production opportunities at pennies on the dollar. Let’s just send our raw resources to them to make, and have them come back here marked up 1000%, to sell back to us? Good for profits, not good for poor people.
Our Canadian Prime Minister eluded to there being a lot of money out there to help troubled countries like Greece. China being one of those countries.
Money doesn’t disappear. It has to go somewhere. I’m not edumacated enough to understand economics in depth, but something is clearly wrong…IMHO, we have set up a dangerous precedent where governments are now bailing out huge corporations with tax payers money in order to save jobs for us poor people. What happens to all this money? Maybe some smart reader can help me out here?
Perhaps I found the answer? Here is an article over at the Huffington Post about Big Bank profits and corporate bonuses. http://www.huffingtonpost.com/2011/05/25/bank-profit-corporate-bonus_n_866903.html
So, huge corporations are making lots of money? Yup. Is there money out there? Yup.
So what is the problem? Profits. Global corporations want to continue making record profits. That is the problem. Profits before people should be their motos.
But there is choice. How about people before profits?
November 5th is a global day to take a stand against greed. The Occupy movement is promoting moving all your money to local credit unions. Hell, so is Michael Moore!
Start keeping your hard earned money local and move your money where it helps people in your neighbourhood. Move your money!