By Simon Johnson
Citigroup is a very large bank that has amassed a huge amount of political power. Its current and former executives consistently push laws and regulations in the direction of allowing Citi and other megabanks to take on more risk, particularly in the form of complex highly leveraged bets. Taking these risks allows the executives and traders to get a lot of upside compensation in the form of bonuses when things go well – while the downside losses, when they materialize, become the taxpayer’s problem.
Citigroup is also, collectively, stupid on a grand scale. The supposedly smart people at the helm of Citi in the mid-2000s ran them hard around – and to the edge of bankruptcy. A series of unprecedented massive government bailouts was required in 2000-09 – and still the collateral damage to the economy has proved enormous. Give enough clever people the wrong incentives and they will destroy anything.
Now the supposedly brilliant people who run Citigroup have, in the space of a single working week, made a series of serious political blunders with long-lasting implications. Their greed has manifestly proved Elizabeth Warren exactly right about the excessive clout of Wall Street, their arrogance has greatly strengthened a growing left-center-right coalition concerned about the power of the megabanks, and their public exercise of raw power has helped this coalition understand what it needs focus on doing – break up Citigroup.
In a blistering speech on Tuesday, December 9th, Senator Warren emphasized how much power large Wall Street banks have in Washington. The pushback from those banks’ supporters was, not surprisingly, to deny any special rights and privileges.
On Wednesday, a provision — drafted by Citigroup — to repeal part of the Dodd-Frank financial reforms (Section 716) was added by House Republicans to their spending bill. On Thursday, Citigroup led the charge to persuade enough Democrats to vote for that bill. The repeal of Section 716 stayed in the spending bill only because Wall Street brought so much pressure and influence to bear.
Everything that transpired on Wednesday and Thursday exactly fit the pattern that Senator Warren had described on Tuesday.
Those seeking to disparage Senate Warren now attempt to paint her as some sort of extremist – the tea party of the left. But such a description is completely at odds with the reality of this week.
In arguing against the repeal of Section 716, Senator Warren was supporting arguments put forward by Thomas Hoenig (a Republican appointee at the Federal Deposit Insurance Corporation), Sheila Bair (Republican and former chair of the FDIC), and Senator David Vitter (R., Louisiana). On Friday, the Systemic Risk Council – chaired by Sheila Bair – put out a statement against the repeal of Section 716. (I am a member of the SRC; the council includes people from the left, center, and right of the political spectrum.)
These are not left vs. right issues. And the key divide is certainly not the liberal left against anyone else. This is a broad coalition of people who care about financial stability — and who are fighting against a mighty lobby.
Speaking on the floor of the Senate on Friday evening, Senator Warren articulated the core of the problem and what needs to be done. (All the quotes that follow are from the text circulated by her press office.)
“Mr. President, in recent years, many Wall Street institutions have exerted extraordinary influence in Washington’s corridors of power, but Citigroup has risen above the others. Its grip over economic policymaking in the executive branch is unprecedented. Consider a few examples:
Three of the last four Treasury Secretaries under Democratic presidents have had close Citigroup ties. The fourth was offered the CEO position at Citigroup, but turned it down.
The Vice Chair of the Federal Reserve system is a Citigroup alum.
The Undersecretary for International Affairs at Treasury is a Citigroup alum.
The U.S. Trade Representative and the person nominated to be his deputy – who is currently an assistant secretary at Treasury – are Citigroup alums.
A recent chairman of the National Economic Council at the White House was a Citigroup alum.
Another recent Chairman of the Office of Management and Budget went to Citigroup immediately after leaving the White House.
Another recent Chairman of the Office of Management of Budget and Management is also a Citi alum — but I’m double counting here because now he’s the Secretary of the Treasury.
That’s a lot of powerful people, all from one bank. But they aren’t Citigroup’s only source of power. Over the years, the company has spent millions of dollars on lobbying Congress and funding the political campaigns of its friends in the House and the Senate.”
And on the big banks’ complaints about Dodd-Frank, she said this,
“There’s a lot of talk lately about how the Dodd-Frank Act isn’t perfect. There’s a lot of talk coming from Citigroup about how the Dodd-Frank Act isn’t perfect.
So let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn’t perfect.
It should have broken you into pieces.” (Emphasis in the original)
We are going back to the original Republican principles and courage at work the last time this country took on – and won against – concentrated corporate power.
“A century ago, Teddy Roosevelt was America’s trustbuster. He went after the giant trusts and monopolies in this country, and a lot of people talk about how those trusts deserved to be broken up because they had too much economic power. But Teddy Roosevelt said we should break them up because they had too much political power. Teddy Roosevelt said break them up because all that concentrated power threatened the very foundations of our democratic system.”
“And now we’re watching as Congress passes yet another provision that was written by lobbyists for the biggest recipient of bailout money in the history of the country. And it’s attached to a bill that needs to pass or else the entire federal government will grind to a halt.”
“Think about this kind of power. A financial institution has become so big and so powerful that it can hold the entire country hostage. That alone is a reason enough for us break them up. Enough is enough.”
33 thoughts on “Citigroup Will Be Broken Up”
It appears the worst of the worst is Citigroup and Simon Johnson and Elizabeth Warren have taken them on. I hope the Senate sees the light (but I don’t have much hope).
Ten Thousand Thanks Mr. Johnson for your incisive commentary and reportage on the untoward influence of Citigroup. While we can be encouraged by you and other notables, particularly the right honorable Senator Warren, – the system itself is so foul, corrupted, and controlled by predatorclass fiends, (and Citigroup is not the only one) whose absurd, illgotten wealth gleaned through criminal activity afford these den of vipers and thieves exclusive access and virtual control of the spaniels and paid partisans in our socalled government. The entire system is rigged. And from my pedestrian perspective what options are left for the people? What do we do? Obviously, people like you, and Sen Warren are shining hot lights on wanton abuses, naming names, sourcing facts and truths, raising alarms, and informing both the predatorclass, and the unwashed masses of dangerous and criminal wrongs. And your commentary is balanced, civil, erudite. But what do we do?
Senator Warren, in my mind, – and by my reading, she is a stalwart champion of the people, and justice, and fairplay, and that “goddam piece of paper” we call the Constitution, and the socalled ruleoflaw. Yet she is also the victim of predatorclass, wingnut, and MSM parrot insults, partisan sliming, aspersions, and demonizing. These “information domination” operations, by predatorclass and wingnut propaganda and disinformation covens, (fox news most notably, and all the fascist, wingnut thinktanks, radio fascistspeak broadcasting feaks) work to discredit or demonize each and every word and voice of dissent, and any and all debate. The partisan dismissing and disparaging of Sen Warren, and any and everyone who dares to counter predatorclass interests and illegal crimanal practices distorts, dismisses, clouds, cloaks, and obfuscates the glaring facts, and terrible truths Senator Warren, you and others expose, and unabashedly detail and pronounce. Still the horrorshow continues unadulterated. Blatant naked lies are majikally shapeshifted into truths. Truth and facts are majikally conjured into anti Amerikan, socialist, conspiratorial gibberish the dim sheeple are ordered to ignore, dismiss, and hate.
The saddest and most telling evidence of Amerika’s dysfuntion and systemic corruption – is that even when all the incontravertable facts, truths, and actual videos are exposed, – the predatorclass continues robbing, pillaging, incarcerating, damning, and murdering the people, unabated, unaccountable, immunized, shielded, protected, and advanced on their merry predatorclass, fascist ways. So – what do we do? What recourse is left for the people, the unwashed masses? The question is rhetorical of course. The answer, and the only solution is best articulated here:
(“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”)
The “alter, or to abolish” options are the only hope left to the people.
There are no political or judicial avenues or options left. The entire system is corrupt and foul, and totally controlled by the predatorclass den of vipers and thieves. There is no ruleoflaw. There is no justice. Fascist predatorcass individuals and oligarchs commandeered out once more perfect union and now owns and controls every aspect, element, and resource of the socalled government. Alter or abolish this systemic criminal activity.
In a world where there are no laws – there are no laws for anyone predatorclass biiiiaaatches!
In a world where.
The author was right about ” Give enough clever people the wrong incentives and they will destroy anything. “, it’s not the process, or the system, but the people who make the wrong decisions that lead to the troubles ahead. Our leaders of today are the worst kind of people, in denial and conflict about their situation and this is not an old thing, but as the technology of man increases, so do the problems he creates for himself, and others too. I wish more people could see the writing on the wall as to the only solution here, but I seem to be alone in this respect.
A gvt big enough to give you everything you want, (going to space),
is strong enough to take everything you have. T.J.
“Citigroup is . . . stupid . . .”
Thank you especially for this, Prof. Johnson. It punctures the belief that these bankers are a savvy, cultured elite who efficiently allocate resources.
The journalistic punditry also reminded that if the spending bill goes through in the Senate (they say the odds favor the passing of the legislation by this coming Monday, at the latest), this could set for further legislation roll back, repeal, dismantling other provisional aspects of Dodd-Frank.
Once you cross that imaginary line in the sand, what’s to prevent you from taking further steps to try and achieve total dominance and control.
The federal government’s national policy is to never, and will not, negotiate with “terrorist” but yet, seems more than willing to “compromise” on bad domestic policy.
Yes, Virginia, you do get the government you voted for… happy holidays to all, and to all a good day.
Does anybody ever ask about the actual provision? Does leaving INTEREST RATE SWAPS in the BHC really add to taxpayer risk, especially taken along side the rather impressive steps taken by the FED to insist on more capital and better stable funding?
Thecreal truth is that rate risk has been perverted by the FED itself for years with QE and that means that the NEXT bailout will not be banks (the FED cannot let rates rise at all) via IRS.
The NEXT bailout will be of the oil companies going broke in the shale patch on “national energy security” grounds.
warren is passionate and it is fun to watch her light up these testifying morons but she is fighting the last war here as she gauges the reaction to a 2016 run.
This issue is not a big deal.
Mr. Johnson why do you think that Citigroup will be broken up?
Citi’s fingerprints are all over the repeal of Section 716, but I do not think they are the only actor. I think there are other financial institutions and interests supporting the repeal.
I think that with the repeal of Section 716 the mega-banks will go all-in in becoming clearing houses for any and all derivatives. Anyone looking to buy or sell derivatives will go to the mega-banks because the FDIC support eliminates almost all of the counterparty risk. Goldman, Citi, JP Morgan, and the other Federally-insured mega-banks will have a field day.
Aside from handing out a monopoly, a bigger problem with the repeal is the systemic risk created. The cheap capital from deposits will allow speculators to put limitless amounts of money into these derivatives markets. I think that the FDIC insured deposits will create a derivatives market many times larger than the derivatives that would exist if Section 716 remained as is.
Having a huge market of inherently volatile assets linked directly to the nation’s payment systems creates a huge systemic risk and is grossly wrong. Additionally encouraging speculation in volatile derivatives isn’t good policy especially when investment is needed in many other areas.
and what of JP Morgan Chase?
Citigroup needs to be broken up and Warren needs to be president. Why is she the only senator doing anything about these bailout loving a holes?
Sharp as a pencil that Annie… (her quote: “WHO (names, please, of the weasels and nimrods) sneaks in these things into these “laws” that….” ).
Which political aide/pol allowed Section 716 to the spending bill?
Or more importantly, which Congressional politician got legally bribed by Citibank? (Please don’t say… it was Hillary Clinton :-)
(@Disney…. I was speaking to the elistists b.s’ers in Congress who get their law degrees from the ivory towers of institutionalized corruption, greed, and selfishness)
One Percenters’ Dream come true:
“With government so corrupted by big money, is it any wonder that only about 1/3 of the electorate thought their vote mattered enough to bother going to the polls in 2014? Is it any wonder than fewer small donors made campaign contributions this year, while the size of large campaign contributions increased? Just when a citizen revolt against the oligarchy is most needed, more and more Americans are unfortunately just giving up on our corrupted democracy,” (http://goo.gl/d7UaFz )
President Obama has two years remaining to finish rewarding all those close to him and his Administration, for helping him get into the White House (therefore, the president cares to nominate Undersecretary at the Treasury, Antonio Weiss).
Live long and prosper for 2015:
Senator Elizabeth Warren 2016:
Title doesn’t fit the facts today…. Citi will not be broken up, on the contrary it looks like they are consolidating power with all the other major banks. It is what it is.
There is so little of REALITY to the derivatives that if those derivatives were used to maintain LIFE on this planet, Wall Street nimrods would never have “discovered” fire, and how to use it wisely. That’s how STUPID they are. They would STEAL fire and when the wind blew it out, they are back to being cold.
The difference in “incentives” between C-suite and the engineers and scientists and clinicians and ECONOMISTS during the Space Race was FAR LESS than it is now – 486 people are NOT, I repeat, NOT worth a collective total of 2.08 TRILLION. That is a RIDICULOUS delusion.
Our money was STOLEN to be used to TORTURE us. Bottom line.
@Foresta – start a spa that will de-program people from “learned helplessness”….
More misery for others = More $$$$ for ME ME ME
You are all lawyers, is not all this “legislation” about making it ILLEGAL to enforce the laws that were broken? Everything got broken when those laws were broken. Like, duh.
After the way all the small donors who supported Obambi were so clearly shafted, Warren is not going to be able to tap into “populism”…?!
“…We can not know if we could have got “intelligence” without torture….”
Prof. Johnson is probably too optimistic. National City Bank goes back to the 1860s and is tied in so closely with the US government that ripping it out will require more effort that apparently was available even in 2009 when the world hated bankers. To understand Citigroup’s power in Washington, it is necessary to go back at least 100 years, most of which is punctuated with influence. Interstate banking and universal banking are just two of the change that they have pushed through with brinkmanship. In 2004, they also took a stab at cracking the Euro (see http://www.germanlawjournal.com/index.php?pageID=11&artID=581) , which certainly could have had its indirect benefits for the US.
While the public only wakes up about financial system problems when it hits savings and jobs, the financial industry has a team working 24/7 to insure that the kind of damaging legislation adopted in 1933-1939 never return. It is wonderful that people like Warren and Johnson work on this, but I don’t think we should be too optimistic about getting the broader public’s attention and being able to counter the flow of lobbying money and skill. The first thing that can happen is that at least academics can start changing the narrative, and perhaps some momentum will build.
Time will tell: Will the next financial crash be large enough so that the American voter will finally demand the needed political change? Hint: Get private money out of campaign finance (MovetoAmend.org), stop the revolving door between business and Congressional representatives, end gerrymandering Congressional districts, ending lobbying for political favors, on and on, on and on, on and on . . .
David, education in this country is a tragedy, it is at the heart of the country’s problems, it has built a competition of eugenics in secret that is based on quite a few false premises and has plenty of momentum, so much so that the only thing that will reverse this trend will come from a God these same people don’t believe in. That and some rethinking of the integrity of the banking system, might provide some hope for the future of the country, what we have built today is a disgrace to mankind in just about every way, and has been proved to be so.
David and Gail need to at least pretend that not everyone has capitulated to “learned hopelessness”…and – wow – thousands in the streets marching is about – what? – “racism”….? Like the sports GUYS with their multi-million dollar contracts and the rappers and the C-suite of global Drug Lords are making less $$$$ than the other “races”….?
The burden is on apologists to PROVE that our $$$$ was NOT used to build the “technology” that STOLE a LIFETIME of fruits – HONEST LABOR fruits…
Yeah, let’s analyze what “education” is needed for the GLOBAL “culture” that catapults someone into the majik zone where the fingertips of the “exceptional” Hunger Game contestants brush against the 1% gated community…
I have the rest of the joke down, but I am going to put a patent on it first –
“An atheist and a Mormon walk into the CIA….”
Adam Lanza and the other dude killing blondes who rejected him in Hollywood – sons of the 1%ers (or at least the sycophants of the 1%) – were they “disenfranchised”…?
The REAL problem in USA is that morphing thieving merciless sadistic fascist ARMY of “enronistas” – their “education” is what?
“Everything that transpired on Wednesday and Thursday exactly fit the pattern that Senator Warren had described on Tuesday.”
Yes. Unfortunately, it also exactly fit the pattern of a corrupt imperial structure ruling over a distracted, confused & relentlessly indoctrinated population, incapable of and uninterested in lasting or meaningful reform.
….yup, next… the Volcker Rule, then dismantle the crown jewel – Consumer Financial Protection Bureau, and the rest of Dodd-Frank legislation.
Would it be better to have Senator Warren work from the Senate floor, applying her usual scorched-earth criticism at the banks while her colleague, Senator Charles Schumer, squirms and winces. (By the way, Senator Schumer voted in the affirmative on the spending bill.)
“In an interview discussing her fight to keep a major Wall Street giveaway out of the $1.1 trillion government spending bill this weekend, Warren was asked about Ready For Warren, a group that launched in July 2014 to convince the senator she should consider a 2016 run.”
“I’m, I’m not running for president. That’s not what we’re doing,” Warren said. “We had a really important fight in the United States Congress just this past week. And I’m putting all my energy into that fight and to what happens after this.”
“Warren denied she’s running for president three more times:
Would you tell these independent groups, “Give it up!” You’re just never going to run.
I told them, “I’m not running for president.”
You’re putting that in the present tense, though. Are you never going to run?
I am not running for president.
You’re not putting a “never” on that.
I am not running for president. You want me to put an exclamation point at the end?”
* * * * * * * * * * * *
Senator Warren among other reasons, knows better NOT to challenge Hillary Clinton until Hillary decides on her own terms, place, and time whether to run or not. Senator Warren is also aware of and wants to avoid the appearance and realities of dividing the Democratic Party–her being squarely blamed if the party loses in 2016.
Additionally, Ready for Hillary probably threatened all possible challengers within the party, to remain on the sidelines until the damn f*in’ Hillary, herself, gives the order for others to go ahead and run – she is being coy about her true intentions because that’s a part of being a power monger, and a “prick tease” as some men would ascribe to that kind of outwardly behavior.
While Hillary is dragging azz on the decision, she gets to continue enjoying the attention, speculation, celebrity, paid speeches, and fund-raising from Goldman Sachs. Hillary says she honestly hasn’t decided but, she has also been brain-washed into thinking we’re all waiting for her royal Coronation. Joan Walsh of Salon says Hillary can “evolve”, “change” from her close ties to Wall Street. Bush 41 also promised “Read my lips, no new taxes”. President Obama chimed in with “Change You Can Believe In” because I know how disgusted you really were with Bush 43.
So… yes, the lamestream media should stop asking Senator Elizabeth Warren about running for POTUS, parsing out the language of ‘present tense’ to the point of angering the Senator. (After Hillary officially announces of not running, then, the lamestream media can continue where they left off back in December of 2014, hounding Senator Warren wherever she goes.)
As an NYU grad it is not for me to dispute an mit alumni, but if you check on the orig. Name for Citibank and the door to door sales on margins in the late 1920s, I think interesting things will be found.
Readers of this article might find the following of interest. Note especially the time line of events since the Glass-Steagall Act was abolished and what the results are right now, for all those who think their deposits in large banks are secure.
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Interesting links concernedciitzen. The entire system is rigged. Predatorclass and jpredatorclass oligarchs own and control every aspect of the global financial markets; – the quantifying systems, Flashboys alogs, and networks, the institutions that trade, represent, and promote markets, invent and conjure alarmingly more complex exotic, intrinsically risky financial products, the regulatory apparatus overseeing and defining markets, products, and institutions. The purchased spaniels and paid partisans in the socalled government. The judicial apparatus, and dominating individuals and cardre’s in every state, county, municipality, and the federal courts, including the 5-4 fascist supreme court. The predatorclass owns and controlls the pigs, – I mean militarized thugs – I mean socalled police, and the militarized, private and public intelligence gathering communities. That thing we once called the Constitution is a shattered, tattered, dismembered, and redefined “goddamn piece of paper”. Our power, water, sewage, transportation, and healthcare systems are owned and controlled by the same predatorclass shaitans undermining the peoples best interests for profit. Our privatized prison industrial complex incarcerates more citizens total, than China or Russia with three or two times our population, – for profit. Our ridiculous and laughable socalled healthcare, and education systems are also owned, controlled, and manipulated by the predatorclass absconding, redirecting, and controlling healthcare and education funds to enrich predatorclass cronies and select predatorclass oligarchs – and working equally determined and criminally to deprive the Department of Education, The Department of Health, and their sundry sister organizations and institutions, and schoolsystems, schools, and classrooms, and public hospitals, and healthcare facilities nationwide, and periphery support institutions and organizations – all are savaged, deprived, and dismantled for predatorclass profits.
How long will the people endure? What measurement of suffering and deprivation will mark a turning point in the peoples perceptions? How much abuse will a race, a culture, a nation, or an individual hazard and endure before, – resisting and working to defend against, and destroy the abuser?
The world is on fire. Amerika has shapeshifted in a few decades from the beacon of hope, and a champion of democracy and freedom, – to fascist tyranny commandeered, owned and controlled by a few predatorclass individuals, and predatorclass oligarch, with militarized local police, systemic massive surveillance and spying operations, systems, and apparatus, and horizontal and vertical control of most media, and every form and letter or frame of media in the socalled MSM. Torture is “OK” according to the perverted and depraved voices of the fascist predatorclass overlords, and the would “do it again”, and again and again to defeat evildoers. We are mindcontrolled into tolerating and believing the insipid lies of our predatorclass overlords bruting and executing policies that benefit the predatorclass and predatorclass oligarchs singularly and exclusively – and impose severe reductions in spending that benefits the people, and loosen or dissolve or dismantle laws and systems that protect the people. The people mindlessly accept and tolerate the den of vipers and thieves responsible for the most devastating, longest lasting financial crisis since the great depression purchasing and then controlling the puppets and spaniels in our socalled government to bailout, immunize, shield, protect, advantage, and advance the predatorclass and predatorclass oligarchs singularly and exclusively – and heaping the imponderable debts and burdens for failure, or losses on the people. Someday, something more horrific than the people already suffer will ignite a spark – and the evils will not be tolerated or accepted any more. On that day – all bets are off. The people will know the government is no longer representative, or democratic, or beholden to the ruleoflaw. The people will recognize and accept that our once more perfect union is now a predatorclass kleptocracy, a government of, by, and for the predatorclass singularly and exclusively. The the people will work to alter and abolish the socalled government, and the predatorclass tyrants who own and control the socalled government.
In a world where there are no laws – there are no laws for anyone predatorclass biiiiiaaatches!
No it wont, just like Bush and Cheney wont be tried for war crimes, but it never hurts to hope, Torture hurts! And not just the CIA kind either, but the Citibank kind, the bought and paid for Congress kind, and the Supreme Court too. ~Randy~
It’s time that everyone, including me, took our right to vote seriously and voted these people out of office. An adult, dry drunk, adolescent, along with one of the most vile, evil vice presidents in our nation’s history, stole the vote in their second bid for office, ‘occupied’ the White House, dismantled the constitution, declared war not only on a sovereign nation that posed no threat to the United States, but on us, the men, women, and children of this great nation. As a result we have a GOP majority, a Democrat minority, and others with no political affiliation, only their own agenda, who destroy those members of their respective parties or affiliations who attempt to thwart their insidious goals, and meet all the DSM’s criteria that determines who is a sociopath and/or psychotic. I am neither a Republican, Democrat, nor will I ever endorse the Tea Party, I am an American citizen. A living witness to this nation being torn apart by Congress, the Supreme Court, Wall Street, bribes, payoffs, dark money, and a total disregard for the civil and human rights of all. I will lose friends because of what I have chosen to share in this forum. Some will say both online, as well as to my face, they no longer ‘like’ me because of my politics. My reply to them is this and only this: I am not about politics, but what is right, moral, just, and in the best interest of all men, and women, along with our children, regardless of color, and not just a privileged few. ~Randy~
CROMNIBUS OF LIBERTY
Unemployables in wake of industrial destruction will either become opium-heroin and or cocaine addicts http://www.pseudoreality.org/committeeof300.html … by “industrial destruction ” is ment globalisation and dragging away of industries and employment we had for decades already aswell as all political agenda fraud at global level to plunder and wreck every Nation
WE ZULLEN SLAVEN MAKEN VAN NIET-JODEN https://www.stormfront.org/forum/t204251-2/
Where’s Moses when you need him?
By asking Senator Warren only about whether she will run for President – it accomplishes – wha’? It DISTRACTS from the work she is doing NOW.
Yellen just said this at her conference – “,,,,new language is not a change in policy….theories are important….”
A bigger load of hoooey has never been hurled in order to cover that “we will make the adjustments necessary to keep being able to STEAL a fee from all human activity with the FIAT $$$$ we rule….
here’s an example – the IRS automatically taxes 10% of a taxi driver’s fare booking – this in a reality where a $3 tip goes to the credit card machine and the way the screen is set up, the passenger never sees the “tip” option buried in the top left corner, so the driver is paying taxes on wages they never got because it went to the technology (credit card machine). The current algorithmic “accounting” at operations that involve labor should be taught at MIT and other universities – there is no way left to suck OUT whatever “wages” were briefly in the hands of “labor” and then they helped out the IRS to get theirs through health care fines and taking out taxes on tips never received – meaning the driver is paying taxes FOR the credit card machine’s $3 fee. What is disgusting is how HAPPY those passengers are who know they are leaving the cab without paying a tip thanks to technology
(WHY would 18 BILLION go to an Uber app?? – getting something for NOTHING))
THAT is why USA is degenerating – because of its techno fetish – the enronistas ENJOY torturing – psychologically and physically. PRIMA FACIE evidence….
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