Tuesday, May 03, 2011

Global Recovery and Bailouts from the Recession Stoked Profits but Not Taxes or Wages

Nick Pearce of the influential Institute for Public Policy Research (ippr) in Wages, profits and the recovery: cui bono? asks:
"Where has the lion's share of the recovery gone in different countries: real wages or profits? This is a question asked by the Economist this week, off the back of a very interesting briefing note from BCA Research."
The results are clear. Profits in the U.K., Germany and the United States have skyrocketed, as banks and other enterprises stuff their pockets with bailout cash and similar benefits, while taxes are reduced and wages even more so, in comparison, increasing the already gigantic gap between the haves and have nots.

The average wage-earner and citizen is being ripped off royally while a small minority are laughing all the way to the bank.

As the old saying goes, fools and their money are easily parted.

Hat tip to the Alex Harrowell at the blog, A Fistful of Euros.

Environmentally Potentially Catastrophic and Traffic-Wise Unnecessary 160-meter 1.7 km long Bridge to Be Built Over the Mosel in the Middle of World-Renowned Wine Country Despite Protests of the Intelligentsia

All for "a fistful of euros". You fools.

Apparently, contrary to the words of wisdom of the intelligentsia, it has been decided by short-sighted gold-blinded politicians to build the unnecessary and environmentally potentially catastrophic monster bridge over the Mosel as planned. The greed for money, not mature wisdom, guides that decision.

Hear the news presentation in German language via audio on demand as linked at Deutschlandfunk dradio.de. 

Ludger Fittkau reports in:  

Gefahr für den Riesling oder Entlastung für Umwelt? Moselhochbrücke wird gebaut 

that the bridge is being built precisely in a region of the Mosel valley which is important for collection of water needed by the grape vineyards, and no one knows just what effect the bridge and its pollution will have on the Mosel wines. 

One thing is sure, it is not likely to be good.

We find it difficult to understand that leading German politicians of the region could have sold out the soul of their own locality in this manner for a handful of euros that will be gone soon after the bridge is built, and what then?

The bridge will not bring more money or tourists to the Mosel, nor will it create any jobs here. Quite the contrary, it will keep many tourists away and there is the real possibility that a bridge of these monstrous proportions can do permanent damage to the region's major industry, which is wine-growing. 

The people who will earn money from the Mosel bridge will be those driving across it, not those living or working beneath it.

A World of Resource Scarcity Faces Humanity: Jeremy Grantham in "Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever"

Jeremy Grantham, Chief Investment Officer of GMO Capital (which manages over $100 billion in assets), in "Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever" alerts us to the scarcity of resources that will (or already does) mark the world economic picture, and he explains that it is high time for humanity to accept that our planet has experienced a paradigm shift in the last decade with long-term consequences for all of us.

This is a "must read" for everyone.

Hat tip to CaryGEE for the initial message,
googled to the specially formatted version at The Oil Drum
and from there linked to the original article at GMO.

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