Thursday, July 16, 2020

pcr speaks about the reduction of 'our choices' in the commercial world which was once called monopoly and we have a game named after it. the thing is it was once a target for 'our' government and now seems to be its aim;

Monopoly Is the New Normal
Paul Craig Roberts
CNN is happy to report more bad news that can help the presstitutes unseat President Trump: 
“Mass unemployment. Surging bankruptcies. An unprecedented health crisis. It’s going to be really ugly. Here come the big bank earnings.” 
The report has interesting information that CNN doesn’t seem to have noticed. CNN reports that banks are in trouble because of low interest rates.  But don’t banks pay low interest rates and charge high rates? Interest on credit card balances is 19%, and if you miss a payment the interest rate can rise to 29%.
CNN reports a S&P Global Ratings estimate of $2.1 trillion in credit losses due to the pandemic and says the five largest US banks have set aside $35 billion against loans expected to go bust.
That is not much of a cushion for the loans of our five largest banks. Unless rules have changed and I am mistaken, bank reserves are an offset to profits. If the five banks expect $35 billion in profits and put that amount in reserves, they have no profits to report and no taxes to pay. Later when they need a stock price boost, they can stop adding to reserves, and their earnings will show a big jump. more..........

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