Yes, The ‘Banksters’ Are Bad, But So Is Greek Profligacy & Sloth

Debt, Economy, EU, Europe, Federal Reserve Bank, Labor, libertarianism

After midnight, tonight, Greece will turn into a pumpkin. The Eurozone nations won’t be bailing the country out again after the deadline. Or so they say. For the life of me, however, I can’t understand why some ostensibly rational libertarians have joined Max Keiser and Stacy Herbert at RT in shaking the fist at the “banksters,” on behalf of the Greeks robbed.

Because EU manipulations have hurt Greece the most, some libertarians have concluded that Greece is the most victimized. That’s but part of the picture. True, the “apparatchiks of the EU” have aimed to create “one nation under inflation.” The EU superstate is especially bad for the unproductive Greeks. The same can be said for the effects of the European central bank and its beneficiaries: they harm the Greek people most.

But why discount the simpler realities of Greek’s political economy? As even this (unhinged) article concedes, “Greece had been on a steady path toward bankruptcy for 25 years.” Why not Germany, the workhorse of Europe?

Greece is among the least productive and most profligate EU countries. It’s a messy habit of mind that ignores this reality in favor of an analysis of macroeconomics alone. Thus, for example, Greece has a population of about 11 million, close on one million of whom were in the employ of the public sector, in 2009.

Is that 10 percent?????????????????????????????????????????????????????? Do you know what kind of liability that creates in perpetuity in terms of pensions and perks? The sovereign debt crisis has since forced the government to fire some parasites, but you get the drift.

As far as I know, Greeks have not voted to leave the EU and restore their own currency. This would indeed make them more competitive. And the Greek people have elected a socialist government that is resisting cuts to the public pension system, changes in the parasites’ retirement age (ridiculously young), and flexibility in sclerotic labor markets, socialized by the people’s choice. Would the Greeks rather starve than work? It seem so.

More Greece facts: “Greece deal: Seriously, what’s holding it up?”

No Trump Apology Tour?

Celebrity, Elections, IMMIGRATION, Media

Donald Trump is on the right track, speaking truth to the powers that be, and refusing to be cowed into apologies for his outspokenness. There is no greater achievement for an anti-politician than to be denounced by career politicians and their puppeteers.

“NBC is so weak and so foolish,” Trump taunted, “to not understand the serious illegal immigration problem in the United States.” And: “They will stand behind lying Brian Williams, but won’t stand behind people that tell it like it is, as unpleasant as that may be.”

The billionaire was responding to NBC’s decision to sever ties with him and boycott his shows because he, Trump, spoke candidly about the chaos on the border with Mexico.

Donald Trump: “When Mexico sends its people, they’re not sending their best. They’re not sending you. … They’re sending people that have lots of problems and they’re bringing those problems with [them]. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people. But I speak to border guards, and they tell us what they’re getting.”

Why The National, Disproportionate Preoccupation With Two Perps?

Crime, IMMIGRATION, Justice, Law

It took hundreds of law-enforcement officers, aided by border patrol agents, to corner and catch two outlaws, on the lam in northern New York for three weeks. The manhunt for notorious killers Richard Matt and David Sweat is over (read the tedious details for yourself). As the law spares no effort in … praising itself, we can ponder the disproportionate obsession with these two criminals.

In particular, criminals of the Matt and Sweat caliber (or potential) cross the country’s Southwest, wide-open borders almost every day. They go on to integrate into drug cartels (yes, I’m pro-legalization; always have been), as drunk drivers and petty or not-so-petty criminals. No one stops them. No one is allowed to ask them for their pedigree.

So why the out-of-whack preoccupation with these two perps?

UPDATE II: Lagging Labor Participation (Just Another Gov. Index)

America, Canada, Economy, Europe, Labor, Russia

About the decline in US labor-force participation, when compared to other developed countries: One would think that the US has to have an absolute greater labor participation percentage than the rest of the far-less vibrant, Third-Way, Western economies, given the vitality of our economy. What RT is screeching about pertains to the rate of decline in US labor participation rates. One would expect this to be more precipitous in our economy, given that extreme welfarism and interventionism in labor markets are newer here than in the already atrophied European economies.

RT Boom & Bust: “The US stands alone, at least when it comes to labor participation rates. If you compare America to seven other advanced economies, such as Canada, France, and Germany, it’s the only country that hasn’t shown gains in labor force participation over the past 15 years. That’s according to a new study out by the Federal Reserve Bank of St. Louis. Boom Bust’s Ameera David weighs in.”

First, Russia’s labor-force participation rate, if these figures are accurate, is better than expected:

“The World Bank provides data for Russia from 1990 to 2012. The average value for Russia during that period was 61.9 percent with a minimum of 57 percent in 1998 and a maximum of 67.2 percent in 1990.”

The OECD (Organization for Economic Cooperation & Development) ranks the Russian Federation at 68.2 participation rate, in 2011. Not bad.

The number of Americans not in the labor force, as of 05/08/2015, is a staggering 93,194K, “with the result being a participation rate of 69.45 or just above the lowest percentage since 1977.”

This still puts the US above all other developed countries, besides Sweden, Norway and Iceland whose participation rates are in the 70s.

These 2013-2014 values for G-20 Economies are somewhat different:

Labour Force Participation Rate – USA 62.60% Apr-2014
Labour Force Participation Rate – Japan 59.06% Mar-2014
Labour Force Participation Rate – Germany 60.40% Nov-2013
Labour Force Participation Rate – France 56.50% Nov-2013
Labour Force Participation Rate – Brazil 55.86% Mar-2014
Labour Force Participation Rate – UK 62.90% Nov-2013
Labour Force Participation Rate – Italy 49.20% Nov-2013
Labour Force Participation Rate – Canada 65.60% Apr-2014
Labour Force Participation Rate – Australia 64.81% Apr-2014
Labour Force Participation Rate – Spain 58.80% Nov-2013
Labour Force Participation Rate – Mexico 59.64% Nov-2013
Labour Force Participation Rate – South Korea 61.79% Mar-2014
Labour Force Participation Rate – Indonesia 66.90% Aug-2013
Labour Force Participation Rate – Turkey 49.12% Feb-2014
Labour Force Participation Rate – Argentina 60.53% May-2013
Labour Force Participation Rate – South Africa 57.13% Nov-2013

The Rest are Here …

UPDATE I (6/28): Labor Participation: Just Another Gov. Index.

Europe has all sorts of labor laws, increasingly creeping up on America. For example, job-sharing. Instead of firing, two individuals will be forced to “share” one job. Fewer work hours and less pay is involved, but “labor participation” is kept up artificially. Naturally, the more skilled occupations are less prone to this central tinkering.

Yes, productivity: I am told by my sources in high-tech hubs that while the great American companies will have one super-duper specialist working on, say, a niche design in a product; the Scandinavian competitors—countries that sport the highest labor-participation—will have seven experts working that niche in a product.

In other words, productivity in an American mega-company is way higher, with one man doing the work of seven. However, the obviously misleading labor-participation index will lag the more productive a country is.

UPDATE II: Via Facebook Thread:

John Clement: If the job participation rate is at 69.45% then why isn’t the unemployment rate at 30.55%?

Ilana Mercer: John Clement, we presumed that LPR is calculated on the basis of an estimation of the number of people who ought to be working. So if total employment is 100%, your point is a good one.