Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Weekly SPX & Gold Price Cycle Report - 17th Oct 19
What Makes United Markets Capital Different From Other Online Brokers? - 17th Oct 19
Stock Market Dow Long-term Trend Analysis - 16th Oct 19
This Is Not a Money Printing Press - 16th Oct 19
Online Casino Operator LeoVegas is Optimistic about the Future - 16th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - Video - 16th Oct 19
$100 Silver Has Come And Gone - 16th Oct 19
Stock Market Roll Over Risk to New highs in S&P 500 - 16th Oct 19
10 Best Trading Schools and Courses for Students - 16th Oct 19
Dow Stock Market Short-term Trend Analysis - 15th Oct 19
The Many Aligning Signals in Gold - 15th Oct 19
Market Action Suggests Downside in Precious Metals - 15th Oct 19
US Major Stock Market Indexes Retest Critical Price Channel Resistance - 15th Oct 19
“Baghad Jerome” Powell Denies the Fed Is Using Financial Crisis Tools - 15th Oct 19
British Pound GBP Trend Analysis - 14th Oct 19
A Guide to Financing Your Next Car - 14th Oct 19
America's Ruling Class - Underestimating Them & Overestimating Us - 14th Oct 19
Stock Market Range Bound - 14th Oct 19
Gold, Silver Bonds - Inflation in the Offing? - 14th Oct 19
East-West Trade War: Never Take a Knife to a Gunfight - 14th Oct 19
Consider Precious Metals for Insurance First, Profit Second... - 14th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - 13th Oct 19
The Most Successful IPOs Have This One Thing in Common - 13th Oct 19
Precious Metals & Stock Market VIX Are Set To Launch Dramatically Higher - 13th Oct 19
Discovery Sport EGR Valve Gasket Problems - Land Rover Dealer Fix - 13th Oct 19
Stock Market US Presidential Cycle - Video - 12th Oct 19
Social Security Is Screwing Millennials - 12th Oct 19
Gold Gifts Traders With Another Rotation Below $1500 - 12th Oct 19
US Dollar Index Trend Analysis - 11th Oct 19
China Golden Week Sales Exceed Expectations - 11th Oct 19
Stock Market Short-term Consolidation Does Not change Secular Bullish Trend - 11th Oct 19
The Allure of Upswings in Silver Mining Stocks - 11th Oct 19
US Housing Market 2018-2019 and 2006-2007: Similarities & Differences - 11th Oct 19
Now Is the Time to Load Up on 5G Stocks - 11th Oct 19
Why the Law Can’t Protect Your Money - 11th Oct 19
Will Miami be the First U.S. Real Estate Bubble to Burst? - 11th Oct 19
How Online Casinos Maximise Profits - 11th Oct 19
3 Tips for Picking Junior Gold Stocks - 10th Oct 19
How Does Inflation Affect Exchange Rates? - 10th Oct 19
This Is the Best Time to Load Up on These 3 Value Stocks - 10th Oct 19
What Makes this Gold Market Rally Different From All Others - 10th Oct 19
Stock Market US Presidential Cycle - 9th Oct 19
The IPO Market Is Nowhere Near a Bubble - 9th Oct 19
US Stock Markets Trade Sideways – Waiting on News/Guidance  - 9th Oct 19
Amazon Selling Fake Hard Drives - 4tb WD Blue - How to Check Your Drive is Genuine  - 9th Oct 19
Whatever Happened to Philippines Debt Slavery?  - 9th Oct 19
Gold in the Negative Real Interest Rates Environment - 9th Oct 19
The Later United States Empire - 9th Oct 19
Gold It’s All About Real Interest Rates Not the US Dollar - 8th Oct 19
A Trump Impeachment Would Cause The Stock Market To Rally - 8th Oct 19
The Benefits of Applying for Online Loans - 8th Oct 19
Is There Life Left In Cannabis - 8th Oct 19
Yield Curve Inversion Current State - 7th Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Deregulation, Privatization, and Cheap Labor - Obama’s Corporate Plantations

Politics / US Politics Jan 12, 2014 - 06:39 AM GMT

By: Mike_Whitney

Politics

The man who promised to restore hope and bring change to America, has announced a plan to open five corporate plantations in the United States. On Thursday, President Barack Obama, whose policies have resulted in the greatest number of public sector job losses in US History (Public sector jobs have declined by 718,000 jobs since Obama took office.) announced the opening of five “Promise Zones” located in San Antonio, Philadelphia, Los Angeles, southeastern Kentucky, and the Choctaw Nation of Oklahoma. According to an article in USA Today:


“Under the proposed Promise Zones, the federal government plans to partner with local governments and businesses to provide tax incentives and grants to help combat poverty.” (“Obama to name 5 ‘Promise Zones’ for assistance“, USA Today)

Combatting poverty’ has nothing to do with it. Obama plans to shower the nation’s biggest corporations–which recorded record profits in the last year and are presently sitting on more than $1.3 trillion in cash–with more lavish subsidies and tax breaks while providing an endless source of cheap slave labor to boost future earnings. The president believes that the wealth generated in these profit zones, er, promise zones will trickle down to the area’s residents, even though–as the Christian Science Monitor notes–”it can be hard to tell whether a program’s benefits reach the poorest people, rather than flowing largely into the hands of the business owners who get the tax credits.”

Here’s more from USA Today:

“Obama said his administration plans “to partner with 20 of the hardest-hit towns in America to get these communities back on their feet. We’ll work with local leaders to target resources at public safety, and education, and housing.” (USA Today)

Translation: The Obama administration is committed to assisting the corporate oligarchy whenever possible even if it means further eviscerating the rapidly-diminishing US middle class and reducing millions of hard-working Americans to grinding third world poverty. Deregulation will allow corporations to privatize policing, education and any other lucrative public resource or service. According to the New York Times: “White House officials said the Promise Zones initiative would not provide new money, rather it would be aimed at providing the local governments and agencies “aid in cutting through red tape to get access to existing resources.”

No new money??

How do you like that? So, the man that helped push through the multi-trillion dollar Wall Street bailouts is not going to give one red cent to the nation’s poorest and most needy people. Instead, he is going to do whatever he can to eliminate the rules that keep voracious corporations from feeding at the public trough.

Conservative Senate Minority Leader Mitch McConnell of Kentucky — “praised the proposed Promise Zone for Eastern Kentucky saying:

“I wrote a letter last year supporting this designation because this region has suffered enormous economic hardship over the last several years,” McConnell said in a statement.”

Mitch McConnell likes Obama’s plan. That says it all, doesn’t it?

Plantations were a familiar feature of the antebellum South, but were abandoned following the Civil War. Now a new generation of corporate kleptocrats want to revive the tradition. They think that weakening consumer demand and persistent stagnation can only be overcome by skirting vital labor protections and shifting more of the cost of production onto workers. Obama’s promise zones provide a way for big business to slip the chains of “onerous” regulations and restore, what many CEO’s believe to be, the Natural Order, that is, a Darwinian, dog-eat-dog world where only the strongest and most cunning survive. This is a world in which Obama has done quite well, although he’s had to distance himself from his political base and throw friends under the bus (Jeremiah Wright) in his relentless climb to the top. Even so, selling out has never been an issue for Obama.

Special economic zones are not a new idea, in fact, they’ve been tried in the UK, Australia and other places where the global bank cartel exerts its grip. In Tokyo, last month, right-wing PM, Shinzo Abe announced the launching of his own “Special Economic Zones”. Here’s a short summary of Abe’s plan from an article in the Japan Times:

“Special zones aimed at spurring corporate investment through deregulation and tax incentives are to be created in Tokyo as well as Osaka and central Aichi Prefecture….Other deregulation steps to debut in such zones will let private firms operate public schools, let experts without teaching licenses teach classes, expand the scope of treatment that can be administered by non-Japanese doctors and nurses, facilitate the use of foreign drugs and increase the number of hospital beds.” (Japan Times)

Sound familiar? Deregulation, privatization, and cheap labor; the toxic coctail that has vaporized the US middle class and wiped out a good portion of the developing world.

Obama calls these promise zones. We think corporate plantations is a more fitting moniker.

By Mike Whitney

Email: fergiewhitney@msn.com

Mike Whitney lives in Washington state. He is a contributor to Hopeless: Barack Obama and the Politics of Illusion (AK Press). Hopeless is also available in a Kindle edition. Whitney’s story on declining wages for working class Americans appears in the June issue of CounterPunch magazine. He can be reached at fergiewhitney@msn.com.

© 2013 Copyright Mike Whitney - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Mike Whitney Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules