Jack comments on the recent Wikileaks revelations of secret IMF plans to

impose still more austerity on Greece before this summer. Jack revisits

his predictions of last summer 2015 that the Greek debt crisis would

reappear in 2016 along with the UK exit from the EU and renewed talk of a

Greece exit as well—both of which now appear on the agenda. The Troika’s

origins of the Greek Debt and why a new kind of financial imperialism is

now emerging. Fractures between segments of Europe’s financial-economic

elites continue to grow. Jack discusses what’s wrong with US job and

GDP numbers, and why China GDP stats are about half of the official GDP

rates. Why US central bank, FED, policy of no interest rate hike

benefits US multinational companies at the expense of tens of millions

of US households and small businesses. Jack concludes with explaining

why global oil prices will again fall, China’s mini-stimulus will again

fade, and why Japan and Europe will slip further into QE and NIRP

(negative interest rates) in coming months.

Jack Rasmus discusses the strike of 36,000 communication workers that

began this week at Verizon Communications and how it reflects the

radical destruction by corporations of decent jobs in the US that has

been occurring since the 1990s. Jack calculates 52 million of the total

157 million jobs in the US labor force today are some form of

‘contingent’ or so-called ‘alternative work’ arrangements, paying

substandard wages and few if any benefits. The Verizon strike represents

worker-union efforts to stop corporate conversion of full time regular

jobs to ‘contingent,’ outsourced, contract work. Jack discusses a recent

Princeton Univ. study that shows temp and independent contract jobs

have risen by 9.4 million just since 2005—i.e. more than the total

increase in new jobs (9.1m) over the same period. Full time contingent

jobs now total 23.6m, according to the Princeton study. Add to that 26 m

more in part time contingent employment, plus another 8.2m unemployed

and more than 60 million US workers now earn less than full time wages

and virtually no benefits. And more if the ‘Uberization’ of work

underway is considered.  Median earnings for the 50m barely exceed $30k a

year. Jack explains this is at the core of the growing working class

discontent in the US that is fueling both the Trump and the Sanders

candidacies. Jack speculates on the possibility of a 4-way race for the

presidency in this year’s elections. The show concludes with a review of

the global economy, including the IMF’s recent lowered forecast,

China’s recent GDP stats, and Jack revisiting his prior forecast the US

economy would again stagnant and approach zero GDP growth for the first

quarter 2016 in stats out in a couple of weeks.

Jack discusses this past week’s revelations out of Panama of the massive

tax sheltering, avoidance and fraud by the US and global economic

elites. The economic tax ‘wikileaks’ revelations show global politicians

deeply implicated, including Iceland, UK, Argentina prime ministers.

Jack refers listeners back to his 2006 ‘War at Home’ book and the ‘Great

American Tax Shift’ and writings ever since on this topic, available at

his blog, jackrasmus.com and website, www.kyklosproductions.com/articles/html.

Where the US, Euro, Russian, China 1% hide their money in 27 global

‘jurisdictions’, estimated conservatively at $11 trillion today. Phone

Congress ‘repatriation’ tax proposals of 2005 and 2016 are explained,

recent inversion deals, and how and why US corporations hold more than

$2T offshore today. In the second half of the show, Jack reviews growing

events in Europe, with French workers and students staging massive

protests against ‘labor law reforms’, Dutch voters rejecting inclusion

of Ukraine into the EU, why odds favor a UK (Brexit) from the Eurozone

this June, why a Greek ‘Grexit’ may follow as the IMF threatens to

renege on last August’s Greek bailout, and new evidence of a Germany

economic slowdown. (For further analysis of Europe, see except of Jack’s

chapter 6, ‘Europe’s Chronic Stagnation’, from his 2016 book, ‘Systemic

Fragility in the Global Economy’, posted on his kyklosproductions

website above).

Jack Rasmus welcomes Pablo Vivanco, political commentator in Quito,

Ecuador to provide a latest update on the right wing economic and

political forces in ascendance in South America, focusing on the latest

developments in Argentina, Brazil and Venezuela. As the economic crisis

deepens throughout the region due to forces beyond the control of

progressive governments in the region—i.e. falling oil and commodity

prices, collapsing currencies, capital flight, slowing global

economy—right wing forces (with assistance of US government and elite)

have launched in the past year an intense attack throughout South

America to reverse the tide of progressive governments that came to

power since 2000. Vivanco describes the strategies and tactics, economic

and political, currently being employed by the nascent Right Wing

Offensive, including efforts to depose recently duly elected governments

in Venezuela and Brazil and the launching of intense austerity

measures, shutting down of independent media, mass layoffs, while

rewarding of global bankers and investors by the new right wing

government of billionaire, Mauricio Macri, in Argentina.  New popular

movements of resistance are described by Vivanco, as are efforts of the

new right wing forces and governments to stifle independent journalists

and media outlets throughout the region.Pablo Vivanco is

currently Director of the English Division of Telesur Media in Latin

America, a consortium of progressive Latin American countries. A former

radio host of ‘Voces Latinas’, he is a long time activist in movements

for progressive change in Latin America, living and working in Quito.

For timely reports in English on daily Latin American political events,

go to: http://www.telesurtv.net/english/index.html

Dr. Jack Rasmus explains how his version of a Financial Transaction Tax

on stocks, bonds, derivatives, and currencies could raise far more than

sufficient revenues to pay for a single payer-national health care

program and still leave hundreds of billions to expand social security

Medicare and other programs.  In the second half of the show, Rasmus

shows how a single payer system would save $1.2 trillion a year out of

the current health care cost of $3 trillion today. Based on a tax study

done in Europe in 2013, Rasmus shows a US financial tax of 5% on stocks

bond trades, a 1% tax on derivatives sold in the US, and 1% on

non-government US currency sales raises $3.89 trillion a year, or about

twice the revenues needed for a comparative single payer system.  Rasmus

then reviews and debunks the debates by neoliberal economists like Paul

Krugman, and Clinton’s ‘gang of four’ economists, who have been

attacking Sanders’ proposals for a financial tax and single payer health

care. In the first half of the show, reviewing recent events in the

global economy Rasmus addresses the fallout from the European Central

Bank’s recent decision to expand its quantitative easing and negative

interest rate programs and why they will fail; the growing default risk

in the US energy junk bond markets; the preliminary agreements by

Russia, Saudi Arabia and others to freeze oil prices; China’s continuing

desperate moves to deal with the massive bad corporate debt problem;

French retreats on introducing labor market reforms in response to mass

demonstrations: the doubling in average prescription drug prices in the

US: and why millennials (age 25-34) in the US now earn take home pay

today in 2016 less than they did in 1984.

Last month the Bank of Japan (BoJ) expanded its QE program and negative

interest rates (NIRP) in a desperate attempt to reboost its stock market

and Yen exchange rate. This past week the European Central Bank

(ECB)went a step further, as both the ECB and BoJ continue to engage in

‘dueling QEs’ that are intensifying global currency wars and slowing

global trade.  ECB chairman, Mario Draghi, lowered the Eurozone’s

negative rate on government bonds another notch, now to -0.4%.

Reportedly half of all government bonds in Europe now trade at negative

rates. In addition, the ECB raised its monthly buying amount from $66

billion to $88 billion, and now will buy corporate bonds as well. The

move subsidizes Euro corporations, lowering their costs of borrowing and

insurance (CDS) on bonds, a move to offload the $1.5 trillion in

corporate non-performing loans in Europe. Jack Rasmus explains why this

won’t have any effect on the Eurozone real economy but will temporary

boost stocks and currency. Jack also reviews why global oil prices have

risen recently to $40 a barrel, Japan’s official return to recession

after doctoring GDP numbers last 3Q2015,  China’s latest

‘mini-stimulus’, the US deepening control of Ukraine’s economy, and the

significance of the ‘Socialist’ government in France new attack on

eliminating the 35 hr. workweek, where 90% of all jobs created in 2015

were part time and temp, and the mass protests now emerging there. Jack

concludes with brief introduction to his forthcoming May 2016 book,

‘Looting Greece: The Emergence of a New Imperialism’, and his next book

out October 2016 entitled, ‘Central Bankers on the Ropes’, both from

Clarity Press. (see his blog, jackrasmus.com and Clarity Press for more

information).

Republican and Democrat presidential candidates sing the praises of Ronald Reagan and Bill Clinton, promising to return to their ‘golden years’ if elected and ‘make America great again’. In today’s show we look at the real record and legacies of Reagan and Clinton: how the 1% got filthier rich under both, how wages and benefits for workers stagnated or fell, how pensions and health care coverage and costs collapsed and rose, how jobs were off shored, reduced by free trade, how part time and temp job creation became rampant, how budget and trade deficits soared, how social security costs were shifted to workers, and other ‘great accomplishments’ were recorded. How Clinton policies were continuation of Reagan’s. How the 1% went from 39% of all income gains to 45% (and today to 97%). The show concludes with some comments on what might happen to the Trump and Clinton nominations and the great uncertainties for the two party system possible this election cycle.

Jack welcomes local community organizers, Maria Marroquin, director

of the Worker Day Center in Mt. View, California, and Gayle McLaughlin,

former mayor and now city councilperson in Richmond, California, to

explain the grass roots efforts underway in their cities today to resist

and rollback skyrocketing rent prices. With apartment rents having

risen 25%-30% the past two years, and wages either frozen or falling for

working and middle class families, more are being displaced and forced

to move out of their homes—often evicted unfairly and arbitrarily by

apartment chain property owners owned by hedge funds and other big

finance Wall St. organizations.  Maria describes the efforts in progress

in her city to unite forces to resist unjust evictions and stabilize

rents by passing city ordnances giving renters some basic rights.  Gayle

describes how the Richmond Progressive Alliance in her city challenged

and won majority seats on the city council and passed rent ordnances and

how the California Apartment Association—the big business lobbying arm

for multi-unit apartment owners—temporarily blocked the ordnance. Gayle

describes the organizing underway today for an even better rent ordnance

coming up this November.  Jack offers suggestions how the various

fragmented efforts need to unite and ‘march on Sacramento’ to force

statewide rights for renters and stop the rent price gouging that is now

out of control, much like pharmaceutical drugs and education price

gouging. 

For more information about events underway and planned

in Richmond, go to: [email protected] or

richmondprogressivealliance.net website. For events in Mt. View go to

mtviewtenantscoalition.org. Find out how successful resistance to rent

gouging is done.

In today’s show host, Jack Rasmus , focuses on who is providing the big

money behind US presidential candidates—Rubio, Cruz, Bush, Clinton, and

Trump. The names of the big right wing donors behind the Republicans

candidates are noted, where they’ve made their billions and how much

they’ve contributed. How the Clinton’s have amassed more than $110

million in assets since 2001, including more than $100million in

speaking fees. Hillary’s billionaire contributors. The legal corruption

of the US election system is explained, including ‘dark money’ from 501

(c) groups that hide their contributors. (see his blog, jackrasmus.com,

for a more detailed analysis of ‘billionaires behind the US election’).

Jack then digresses to comment on the recent death this past week of the

right wing ideologue, Supreme Court justice, Antonin Scalia, whose

legacy includes advancing the corruption of the US electoral system from

Citizens United case to restricting voting rights, and limits on civil

liberties of minorities.  At the ‘top of the show’ Jack reviews the

major economic developments of the past week, including actions by

central banks in the Eurozone, Japan and China; prospects for a ‘deal’

on global oil prices between Russia and Saudi Arabia; and the

negotiations in Brussels in progress between the UK’s prime minister,

David Cameron, and the European Union on the coming June 2016 UK

election to decide whether to ‘exit’ the EU or not.  Jack concludes the

show with a review of his late 2015 predictions of the ‘fault lines’ in

the global financial system in China, Europe, Emerging Markets, and the

US, which now appear to be emerging as predicted. (see his blog,

jackrasmus.com, for a free chapter from his book, ‘Systemic Fragility in

the Global Economy’, on why China will likely be the locus of the next

financial crisis).

Jack reviews US Federal Reserve Chair, Janet Yellen’s, testimony to

Congress this past week. Her overestimation of the health of the US

economy and underestimation of the crisis in the global economy are

noted, and special attention given to her statement that ‘negative

interest rates’ are being prepared for in the US. The logic behind the

$6 trillion in negative rates to date in Europe and Japan is debunked.

And the negative consequences for the global economy from negative rates

are explained. Central banks have gone too far, too long and are now

trapped by their own policies, making the global economy worse by the

day. Jack reviews evidence of the banking system beginning to crack in

Europe (key banks there in trouble) and provides a summary of the

‘global financial fault lines’ from chapter 11 of his recent book,

‘Systemic Fragility in the Global Economy’, and his take on the most

vulnerable financial markets. Also addressed is why the US working class

is orienting toward Trump (45-54 age group) and Sanders (18-34) with

serious implications for the Democrat and Republican establishments.