(Reuters) - Fast-food workers in hundreds of cities across the United States kicked off a day of strikes and rallies on Thursday to demand a higher minimum wage. The largest job actions were expected in New York and Washington, organizers said.
Workers want the federal minimum wage raised to $15 from $7.25, saying the current rate is not enough to live on. Critics counter that doubling the minimum wage would cost jobs, forcing employers to cut back on the number of workers.
Why not? $15,000 a year (roughly what that wage comes out to) used to be enough to live on, and it wasn't that long ago.
Why isn't it today?
It isn't because of unbacked credit creation which has driven up the cost of living dramatically beyond that of wage increases, which are naturally limited to the increase in productivity.
In other words you have to actually do more with less to get more (in real terms) with wages. To depress purchasing power you need only issue credit, spending exactly like currency, backed by nothing.
Rather than deal with that issue (and the fact that The Fed's own charter says that their job is to prevent that from happening) we instead see this.
And what will be the response? It's already happen -- Applebees is putting tablets in their booths, allowing you to order food and pay right at the table -- with no server.
So now we only need someone to run the food out and bus the table when you're done.
That will allow elimination of about 3/4 of the waitstaff.
Want to bet against that becoming the norm for pretty-much all fast food within a few years?
Those who are going on strike rather than dealing with the real problem deserve what they're going to get -- a lost job.
The most surprising aspect of BBM’s success is probably its strong showing in Asia, where it is competing head to head against powerhouse messaging apps like LINE, WeChat and KakaoTalk. Brand new data from Distimo shows download shares of leading messaging apps across a broad spectrum of Asian countries. This data was gathered over the month of November, so it does not include the first week spike of BBM downloads that yielded 10 Million new users across Apple's AAPL +0.71% iOS and Google's GOOG -0.21% Android devices.
The full article shows 39% market share in Indonesia, 38% in India (!!) and 26% in both Malaysia and the Philippines.
Clearly the cross-platform initiative is working by any measurement you care to use, and Forbes seems to think that this will lead to 200 million users by the end of next year.
That's definitely not in the current stock price for the company's shares.
The 2013 hurricane season just ended as one of the five quietest years since 1960. But don’t expect anyone who pointed to last year’s hurricanes as “proof” of the need to act against global warming to apologize; the warmists don’t work that way.
That admission came in a new paper by prominent warmists in the peer-reviewed journal Climate Dynamics. They not only conceded that average global surface temperatures stopped warming a full 15 years ago, but that this “pause” could extend into the 2030s.
Wait a minute.
The temperature stopped going up 15 years ago? So what have been all the alarmists been telling us for the last 15 years? A lie, that's what.
And what is a lie when it results in policy decisions and pecuniary benefit for the liar? It's called fraud and in any honest society it results in indictment, prosecution, conviction and imprisonment.
But we don't live in such a world.
The single most damning aspect of the “pause” is that, because it has occurred when “greenhouse gases” have been pouring into the atmosphere at record levels, it shows at the very least that something natural is at play here.
Yep. Like, perhaps, that maybe this big orange ball is responsible for global temperature, that buffering reactions are why we have an inhabitable planet in the first place, and perhaps that atmospheric CO2 levels are a result rather than a cause of temperature levels?
I think we need to encourage more global warming.
May I suggest that we contemplate a BBQ for the globull warming antagonists, using wood for fuel of course? That would also reduce the incidence of diabetes so we'd both get rid of the scammers and improve public health.
Sounds like a win to me.
My, what a nice set of Android applications you have there. Looks like Go Launcher (it is.)
But what is that phone?
Oh wait... it's not an Android at all..... it just runs like one along with all the BB10 you want.
One device, two environments, both accessible and running at the same time.
“The basic bargain at the heart of our economy has frayed,” he said in an address in Washington today that echoed a speech he gave two years ago in Osawatomie, Kansas, that set the stage for his 2012 re-election race. Increasing inequality “challenges the very essence of who we are as a people.”
Well, then Mr. Barry Soetero, why didn't you just tender your resignation?
See, it is the issuance of credit unbacked by anything that causes income disparity. The reason is that it also causes asset bubbles, and that in turn raises the cost of living. You can't keep up due to economic inefficiency -- that is, your income always rises at a slower rate than the increased credit availability.
But those in the very top are able to access leverage and they gain access to inside information and ways to use it without going to prison. The latter is essential because without it the inevitable collapses of said bubbles will always bankrupt you.
So you need both the access to cheap credit and inside information so as to know when to get out before being reamed. Otherwise your only choices are to gamble by using the leverage anyway, a losing bet that will almost-always eventually result in your bankruptcy (go ask Jesse Livermore about that; he ultimately blew his own brains out after making -- and losing -- several fortunes.)
The solution to this is to not let that happen.
The way you prevent it is to stop unbacked credit creation by treating unbacked credit creation as the counterfeiting that it is.
None of the asset price ramps we've seen through the years could have happened without that unbacked credit creation.
Tulip mania featured "futures" contracts on tulip bulbs, which were nothing other than naked credit creation. 1873 featured the same game with railroad bonds. The 1920s featured it in stock margin accounts and Florida swampland. 1999 of course featured it in worthless Internet stocks, 2007 in "fog-a-mirror" home loans and now the ramp from 2009 to today via federal and margin debt -- along with worthless Internet stocks. In short all of these bubbles came from the same place. Every one of them found its root in allowing certain entities to emit credit without anything behind it other than a promise to earn tomorrow, an inherently fraudulent promise because the funds to pay both the principal and interest do not exist in aggregate at the time the promise is made and only through the continued exponential creation of more credit can the promise be fulfilled.
These "asset ramps" cause your cost of living to rise dramatically, but your earnings in nominal dollars do not keep pace, because those are not funded with "printed credit"; you labor with real hours of real effort that can't be "printed" out of thin air. Your "appreciation" of earnings power in real terms is thus limited by the realized increase in productivity.
At its core exponential growth is always unstable. Two compound (exponential) growth functions, where one grows faster than the other, will always run away from one another. Since funds are always lent at interest in order for the promises made in aggregate to be kept the credit -- that is, money -- supply must always grow faster than production does.
This means you will always have crashes when such a system is allowed to exist because the purchasing power of each unit of currency is always debased and thus your ability to pay is systematically destroyed over time.
The only way to win such a game is to have inside information and to trade on it so that you exit your leveraged positions before the collapse occurs. Everyone else who uses leverage loses a multiple of their original capital and in most cases loses everything.
If Obama cared about this problem he would identify the true cause of the problem and put a stop to it.
But he doesn't, just as the Republicans don't. They instead both intentionally lie to you about where the problem lies -- whether it be "minimum wage" or some other "social justice" nonsense. Yet Obama knows exactly what made things "work" for him as one of the privileged few, because he has personally abused leverage in exactly the above way with his property and other holdings, just as have the Republicans.
For that matter so has Feinstein and her family; witness the deal for the Postal Service offices that Blum is acting as an "exclusive" agent for. Who is Blum? Take a guess. The value of this scheme? About a billion dollars.
Wake up America and eject this fraud -- along with the other 435 frauds in the US House and Senate -- from their positions of privilege that they are using to intentionally financially abuse you.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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