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Julianna welcomes Marxian Economist Professor Richard D. Wolff to the show again, to parse out what our economic system now looks like as a result of a health system that he says puts profit over people. Professor Wolff's intention in the interview is to help give us a brighter future, as well as the steps we need to take to make it a reality.
Wolff is an American Marxian economist, known for his work on economic methodology and class analysis. He is Professor Emeritus of Economics at the University of Massachusetts Amherst, and currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.
In the same way that the 911 attacks were used to trash The U.S. Constitution and create a true police state, Trump & his minions have weaponized the Pandemic and aimed it at political "enemies". (Anyone who disagrees with the New Reich)
i.e. should they just not bother coming back to "work", ever.
Rest of the United States of America is in virtual complete shutdown, apart from "essential" businesses (food service, utilities etc.)
Citizens are (or should be according to local/regional edict) in quarantine at home. Not at work/their jobs (if they still have one at this point)>
How is the U.S. Congress in any way shape or form "essential" to American human beings living their daily lives?
Even law enforcement / the court systems nationwide are on a shoestring Skeleton Crew operational and service-the-community status at the moment.
On Thursday, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade credit rating, meaning they have a greater likelihood of defaulting. The Fed is not simply accepting junk bonds as collateral for loans, it will actually be buying junk bonds potentially hundreds of billions of dollars of them. Two of the popular junk bond ETFs, iShares iBoxx High Yield Corporate Bond ETF (symbol HYG) and SPDR Bloomberg Barclays High Yield Bond ETF (symbol JNK) closed the trading day on Thursday up 6.55 and 6.71 percent, respectively, on the announcement. Those ETFs had been plunging in price for most of the month of March.
For years now, prudent investors have been forgoing risky investments like junk bond ETFs and accepting a much tinier yield on U.S. Treasury securities. Now, high rollers like hedge funds that bought junk bonds and junk bond ETFs and received the higher yields, are getting bailed out of these risky bets. The markets will now, going forward, price junk bonds on a closer plane with Treasury securities, assuming the Fed will not let them fail.
This is effectively killing the pricing mechanism of Wall Street. A U.S. Treasury note has the unconditional guarantee of the U.S. government to make the timely payment of interest every six months and pay the principal at maturity. Junk bonds are backed by nothing more than deeply-indebted corporations, which can, and do, frequently file for bankruptcy protection, making their bonds sometimes sell for pennies on the dollar. But going forward, junk bond ETFs will be priced on the premise that the Fed may ride to the rescue.
I have never seen the energy so high in this country for a #GeneralStrike!
David Cole, national legal director of the American Civil Liberties Union (ACLU) stated: "All kinds of constitutional liberties are being constrained right now. They are restricted because there's a reason to restrict them. In a time like this, you have to defer substantially to public health experts." But does this mean that we should be ratting-out our neighbors for violating COVID-19 stay-at-home orders?
"Murder Most Foul"
words and music by Bob Dylan
New evidence has emerged from China indicating that the large majority of coronavirus infections do not result in symptoms.
Chinese authorities began publishing daily figures on 1 April on the number of new coronavirus cases that are asymptomatic, with the first day's figures suggesting that around four in five coronavirus infections caused no illness. Many experts believe that unnoticed, asymptomatic cases of coronavirus infection could be an important source of contagion.
A total of 130 of 166 new infections (78%) identified in the 24 hours to the afternoon of Wednesday 1 April were asymptomatic, said China's National Health Commission. And most of the 36 cases in which patients showed symptoms involved arrivals from overseas, down from 48 the previous day, the commission said.
China is rigorously testing arrivals from overseas for fear of importing a fresh outbreak of covid-19.
Tom Jefferson, an epidemiologist and honorary research fellow at the Centre for Evidence-Based Medicine at the University of Oxford, said the findings were "very, very important." He told The BMJ, "The sample is small, and more data will become available. Also, it's not clear exactly how these cases were identified. But let's just say they are generalisable. And even if they are 10% out, then this suggests the virus is everywhere. Ifand I stress, ifthe results are representative, then we have to ask, 'What the hell are we locking down for?'"
Jefferson said that it was quite likely that the virus had been circulating for longer than generally believed and that large swathes of the population had already been exposed.
the Fed is now literally BUYING UP THE ENTIRE WORLD with their announcement to buy junk bonds. Hedge fund bailouts are also proposed. Steve Mnuchin, U.S. Treasury Secretary still denies that the Fed is buying stocks ("oh no, not at this time" when asked by corporate media) when we know for a fact that the major Wall Street primary dealer banks, who directly receive the Fed's printed-on-computer-screen QE / bailout deposits, are buying up large cap corporate stock on the Dow / S&P. In addition to buying up debt, the bond market and everything else.
The Fed (which itself is owned by WS banks) uses Wall Street investment banks to buy stocks by proxy.
16 million people are out of work. Stock market (on bailout/Fed-proxy buying) rockets skyward.
No cash moving in the global economy - everyone is quarantined at home. No airline traffic. Virtually no commuter automobile traffic. Gasoline and crude oil usage/sales at all time lows, no place to store excess petroleum.
Central bank that issues the global reserve fiat currency is buying up entire world's assets.
this is a "free" market?
this is 'capitalism'?
What is this, even?
you really, honestly still think all of this is about "the coronavirus"?
A weekly 30 minute review of international news and opinion, recorded from a shortwave radio and the internet. With times, frequencies, and websites for listening at home. 3 files- Highest quality broadcast, regular broadcast, and slow-modem streaming. NHK World Radio Japan, Radio Havana Cuba, Sputnik Radio, and Radio Deutsche-Welle.
The US Conference of Catholic Bishops and Jubilee USA Network, an interfaith religious group, is urging President Trump to lead the G20 on coronavirus global debt relief plans.
** FASCISM HAS ARRIVED! **
For the first time in the history of the Federal Reserve, it has signed on to a plan with Congress to nationalize the unmanageable debts of global banks and other multinational corporations and put the U.S. taxpayer on the hook for the losses. Conducting the bulk of these programs will be the Federal Reserve Bank of New York, known as the New York Fed, which is a private institution owned by (wait for it) multinational banks.
Because the New York Fed is owned by multinational banks and is allowed to create trillions of dollars out of thin air to conduct bailouts of global banks and multinational corporations since it created this precedent in 2008, it is effectively functioning as a multinational central bank with the Federal Reserve in Washington, D.C. and Fed Chairman Jerome Powell little more than titular props for what's really going on.
Aside from the fact that Biden's cognitive decline is visible to the naked eye and it is incredibly reckless and repressive to demand that it be suppressed, these concerns were first raised not by Trump operatives nor by Sanders supporters, nor were they first raised within the last several weeks. Quite the opposite is true: they were raised repeatedly over the last year principally by Democratic Party officials and their most loyal allies in the media.
Federal Reserve is about to BLAST more hot air into the punctured balloon that is the economy and U.S. stock market - this surge will be going directly to the major Wall Street banks who will be using large portions to buy up stocks and further prop up the system which is on fiat currency life support.
So, expect Trump to blab more "look at the stock market!!11!!" while job layoffs are astronomical with millions of new unemployed. 'Small business loan program' of Treasury Dept. ensures ongoing debt slavery. State governments are absolutely broke, unemployment programs are cash-dry: Fed will lend and debt-enslave them as well. And consumer credit card debt skyrockets. You can't make this stuff up.
Go to the website and start organizing.
US unemployment at the start of April 2020 is higher than at the peak of the 1929 Great Depression. Trump is to blame for the botched response to the Coronavirus that he initially called a hoax. To generate economic activity, he recently proposed raising CEO deductions for entertainment and restaurant bills. We face a collapse of the GDP, consumption, investments and tax revenues. The real hoax is Trump's commitment to America!
This is a World Wide Global Psy-Ops Agenda, to excert control and monitoring of compliance of populations. Per Jane's Aircraft, the United States has donated several UAV Drones to the Malasian government, and that delivery will not be complete for 2 years. The real open source slip of information is that the amalasian General stated that these donated drones will not be utilized during the Covid-19 operations, but that commercial drones will be used to monitor populace compliance to the 6 ft. Separation rules and ban on public gatherings.
This accomplishes many goals. World-wide perameter rule. Compliance monitoring, to divide a classify human populations by behavior and concentrations. Do economically Force people toward the necessity to look to government for survival means, money, food, water,etc.
Compliance also means the collapse of smaller than corporate business models to funnel monies toward corporate domination entities.
The 6 ft. Rule along with a Military Agenda points to a very organized effort to do the unsaid same type of policies in the U.S. and across the World.
This is a most dangerous situation that could lead to massive homelessness and poverty, and the only solution is not to fall for the Psy-Ops lie of Covid-19.
The fatality numbers of this incident do not match the Worldwide response to it.
Stop the Covid-19 Lie.
so now what?
Because of the pandemic we are experiencing, and because no one really knows who may be struck next with the virus, or who may die as a result, it seemed appropriate to provide a list of artistic luthiers/guitar builders who make beautiful handmade custom built guitars. This includes "Wes Brandt Luthier" http://www.wesbrandtluthier.com/ of Portland, Oregon!
the Fed - a privately held banking cabal which can "print" an infinite amount of dollars in exchange for any "collateral" including baseball cards, donkey turds, used condoms or oxygen - can lever up 20x, 50x, even 100x or more with zero regard for the underlying collateral.
And the real kicker is that what and how the Fed decides on what leverage to apply, how to value the collateral, and which companies to bailout (and which to let fail), is now a secret.
So what does all this mean? Three things:
1. the US population will go in debt to the tune of at least $454BN to pre-fund the Treasury's "first-loss" equity tranche which will be then handed over to the Fed as seed capital. That's in addition to the trillions in additional debt the Treasury will incur to fund the fiscal stimulus and whatever subsequent programs it launches.
2. the Fed will then apply 10x - or much more - leverage to make any collateral it makes loans against "money good", bailing out any and all asset holders while triggering the endgame of the US dollar as the world's reserve currency, because without even a veiled pretense of scarcity, the dollar literally becomes less valuable than toilet paper.
3. As JPM's chief economist Michael Feroli put it, "The Fed has effectively shifted from lender of last resort for banks to a commercial banker of last resort for the broader economy."
April 4th, 2020
Did Congress just nationalize the Fed? No. But the door to that result has been cracked open.
Mainstream politicians have long insisted that Medicare for all, a universal basic income, student debt relief and a slew of other much-needed public programs are off the table because the federal government cannot afford them. But that was before Wall Street and the stock market were driven onto life-support by a virus. Congress has now suddenly discovered the magic money tree. It took only a few days for Congress to unanimously pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will be doling out $2.2 trillion in crisis relief, most of it going to Corporate America with few strings attached. Beyond that, the Federal Reserve is making over $4 trillion available to banks, hedge funds and other financial entities of all stripes; it has dropped the fed funds rate (the rate at which banks borrow from each other) effectively to zero; and it has made $1.5 trillion available to the repo market.
On November 29 of last year, the Washington Post quoted two experts on the state of toxic debt on Wall Street. Emre Tiftik, a debt specialist at the Institute of International Finance, said this: "We are sitting on the top of an unexploded bomb, and we really don't know what will trigger the explosion." Krista Schwartz, a finance professor at the University of Pennsylvania's Wharton School said this: "It's going to make everything happen faster, larger, worse. The recession would just be that much deeper."
The article noted that corporate debt had reached a record $10 trillion or an unprecedented 47 percent of the overall economy. Even worse, the corporate borrowing binge had not gone to boost innovation or the productive capacity of the corporations but had been used instead to "repurchase their own shares, pay higher dividends to investors and fund acquisitions." Quoting S&P, the article noted that "more than $3 trillion over the past five years" had been spent by the corporations to buy back their own stock.
Those stock buybacks artificially inflated profits at these firms and resulted in huge compensation for "performance" for the corporate CEOs, including those at the biggest banks on Wall Street. Now the day of reckoning is here and the evil genius plan is to throw a few crumbs at desperate people on Main Street while forcing the taxpayer to absorb the astronomical losses of another decade of hubris by the Fed and Wall Street.
Trump weaponized and disfigured the rule of law by making the Dept of Justice go after his political opponents and pardoned white collar criminals to show white collar crime does not exist at all. The constitutional state is being replacedby the security state. The security state is marked by the generalization of fear, the de-politiczation of citizens, the repetition of the big lie (we are invaded) to repress the small lies and trust in an all-knowing leader.
St. Louis Fed President James Bullard wants American citizens tested each day for the SARS-CoV-2 virus and forced to wear a badge that designates you as 'negative'.
Bullard laid out a system where every American would be tested every day and would wear a badge with their negative result, similar to the ones people wear after they vote.
Does this remind you of something? ...
link to steemit.com
Despite RECORD money printing by the WCB, World Central Bank, (The Federal Reserve), why no hyperinflation? The answer is simple.. NO MONEY VELOCITY. Cash IS NOT moving because the economy's of the world are dead- no money velocity. The trillions in cash created from thin air cannot as of yet chase the same, or less, amount of goods, hence why no massive inflation yet. An uncontrolled sell off in the bond market, which will happen, WILL cause a tidal wave of cash to move and THEN all those printed/digital dollars will begin to chase the same amount of goods. Very simple...
After the transition to Atlantic turbo-capitgalism, almost nothing can be recognized from the earlier times of the initiatives of the social market economy. In this situation, the counter-factual and fact-immune creed of all conservatives is enmeshed in a deep unconsciousness about the world in which we live. We live in a plutocracy where the richest 62 persons have as much wealth as the poorer half of the world's population.
We want to invite people who witness or experience first hand any
enforcement of the Governor's stay-at-home order, whether it's a warning
or a citation, to let us know about it. Ideally you should have evidence
of the encounter. The number for the incident report line is 503-321-5120.
The Fed has entered its 'Thelma and Louise' moment. It has had the monetary pedal to the metal since the system died in 2008. Now they are too close to the cliff edge to stop without causing a collapse. The virus has popped the massive stocks-bonds-real estate bubble and arrested the real economy putting monetary velocity at virtual zero. In short, the fiat currency debt-based monetary system has died and nominal valuations are collapsing. The Fed knows this and is flooring the monetary gas pedal, knowing that the system has past critical, and figures: we're dead either way; let's do the only thing we can do (create credit and currency and buy everything) and maybe a miracle will happen. They are also vainly buying up the Treasury bond market and thus manipulate associated interest rates *to prevent yield curve inversion*. Interest rate control (and moreover inference / recommendation of rates) is the Fed's _actual_ purpose.
This is the end game. The Fed cannot save the fiat currency system because growth can no longer sustain (sovereign/corporate/consumer) debt levels. Further, confidence has cracked and the virus is the final coup de grace. Obtain food, water and essentials now because when credit lines fail supply lines will follow. Get some form of security, and into hard assets that do not rely on the Fed or paper credit to hold purchasing power: gold, silver, platinum. At present cash (the U.S. dollar) is king and the most demanded asset on the planet largely via eurodollar time-dependent deposits/transactions, which most non-U.S. countries, entities and corporations rely on simply to pay debts. However, once foreigners have cleared their dollar-denominated contracts (debts and bonds) the dollar will collapse against gold; severe stagflation is coming and will persist for years. This is a mathematical certainty. Take this window of opportunity to convert your dollars into tangibles while you still can.
The Federal Reserve released the shocking details of what it has been up to in the past week. Its balance sheet has skyrocketed from $5.3 trillion as of March 25 to $5.85 trillion yesterday, a growth of $557 billion in one week's time.
One of the factors affecting this growth was a $142 billion jump in the amount of its Central Bank Liquidity Swaps, where it provides dollars to foreign central banks in exchange for their local currency. During the last financial crisis, some of these dollar swaps were used to bail out global foreign banks that were in trouble. Given the current condition of numerous European banks, and their ties through derivatives to Wall Street's mega banks, there is every reason to believe these dollar swaps are another thinly disguised bailout of a Frankenbank-financial system - for the second time in 12 years.
Then there is the Primary Dealer Credit Facility (PDCF) where the Fed is illegally accepting stocks as collateral for loans to the trading houses on Wall Street - as it also did during the 2008 financial crash. Under any possible interpretation of the Federal Reserve Act under which the Fed operates, it is only allowed to accept "good" collateral for loans. When the stock market is making wild swings and losing as much as 3,000 points in a day, stocks are decidedly not "good" collateral. Loans issued to the trading houses of Wall Street under the PDCF facility grew from $27.7 billion on March 25 to $33 billion on April 1, an increase of 19 percent in one week. During the 2007 to 2010 financial crisis, the Fed made $8.95 trillion in revolving loans from its then newly created PDCF facility. It kept that $8.95 trillion a secret from the public until Congressional legislation forced it out into the sunshine.
Three Wall Street trading houses, and their London trading units, received almost two-thirds of the $8.95 trillion in cumulative loans from the PDCF. Those firms were Citigroup, Morgan Stanley and Merrill Lynch.
Oregon needs a concerted covid19 testing program in order to get people back to work sooner than later.
The initial, alarming estimates of deaths from the virus COVID-19 were that as many as 2.2 million people would die in the United States. This number is comparable to the annual U.S. death rate of around 3 million. Fortunately, correction of some simple errors in overestimation has begun to dramatically reduce the virus mortality claims. The most recent estimate from "the leading U.S. authority on the COVID-19 pandemic" suggests that the U.S. may see between 100,000 and 200,000 deaths from COVID-19, with the final tally likely to be somewhere in the middle." This means that we are expecting around 150,000 U.S. deaths caused by the virus, if the latest estimates hold up.
How does that compare to the effects of the measures taken in response? By all accounts, the impact of the response will be great, far-reaching, and long-lasting. To better assess the difference we might ask, how many people will die as a result of the response to COVID-19? Although a comprehensive analysis is needed from those experienced with modeling mortality rates, we can begin to estimate by examining existing research and comparative statistics. Let's start by looking at three critical areas of impact: suicide and drug abuse, lack of medical treatment or coverage, and poverty and food access.
March 30th, 2020
"What seemed to allow this deadly night to descend was that the intellectual patterns that were supposed to be in charge of things, that should comprehend the threat and lead the fight against it, were paralyzed."
Robert M. Pirsig, 'Lila: An Inquiry Into Morals', pg 305
Later in the day on 9/11/2001 a third building, WTC Building 7, descended at nearly free-fall speed with such perfect symmetry as to serve as a textbook example of excellence in prepared demolition. The official reason for the collapse of the 47 story, steel-framed skyscraper was given in 2008 by Shyam Sunder of the National Institute of Standards and Technology (NIST): "WTC 7 collapsed because of fires fueled by office furnishings." It had taken seven years for NIST to fabricate a tortured videotaped explanation obviously out of sync with the actual collapse. The explanation reeked so visibly of scientific fraud that demonstrating that Building 7 was professionally wired for destruction became seen as the factor that could best be used to expose the larger web of lies surrounding the 9/11 events.
March 26th, 2020
OK, I've got some good news and I've got some bad news. The good news is mainly for authoritarians who missed all the fun during the War on Terror. The news is ... welcome to the War on Death!
Yes, that's right, global capitalism (a/k/a "the world") is now at war with Death ... which is great news for authoritarians! No more bothersome critical thinking. The time for questioning our leaders is over. It's time to shut up and follow orders. We're in a global state of emergency, folks! We're talking lockdowns, soldiers in the streets, abrogation of our constitutional rights, arbitrary arrests, indefinite detentions, round-the-clock media fear-propaganda ... the whole totalitarian megillah!
What, you're probably asking, is the War on Death? Well ... for those who remember the War on Terror, the War on Death is just like that, except this time the evil enemy is Death ... or, all right, maybe not exactly like that, but there are a number of striking similarities.
For one thing, just like the War on Terror, we didn't start it. Death attacked us! There we were, peacefully going about our global capitalist business, quelling a worldwide "populist" rebellion orchestrated by Russian-backed Nazis, when Death attacked us with a coronavirus ... more or less exactly the way that the terrorists attacked us in 2001.
Western society has long been gripped by a deep seeded belief in money. Trillions of dollars of bank notes tied to ever-growing mountains of un-payable national debts has taken on a life of its own over the years. As the post-1971 years rolled by, society increasingly lost a sense that this human invention called "money" was created to serve humanity rather than rule it, and with that lost sense, money became an idol of worship.
Decades of this modern religion have resulted in an incredibly tragic situation: a disproportionate wealth distribution in the hands of the 0.1%, an over-bloated services/consumer driven economy, increased rates of poverty and despair internationally as well as a dismal loss of vital skills, and productive capacity once enjoyed by advanced industrial nations just four decades ago. Vital infrastructure built up during the 1930s-1960s has been permitted to decay through simple neglect while un-payable debts have reached record highs.
Then like a thief in the night, the illusion was ripped away.
This "missing something" is clearly demonstrated by the continued obsession with money as new bailouts of the collapsing speculative banks have now risen to a $1 trillion/day overnight repo loan to collapsing banks which is added to the $1 Trillion 14 week loans offered every week that will dramatically increase the $9 trillion already emitted since helicopter money began in earnest in September 2019. With the mass panic and economic shutdown instigated by COVID-19, markets have lost over 30% of their value and fears of a new great depression have spread far and wide. Rather than impose serious bank regulation like Glass-Steagall to break up the commercial from speculative banks as was done in 1933, the American government has merely unleashed unlimited money printing. This bipolar response is akin to trying to stop a raging fire with a combination of water and gasoline.
Since the 1990s the western financial system has been careening towards a crash much worse than anything the world saw in 1929, and the deep state trying to manage this wreck from above would love nothing more than to impose a fascist dictatorship onto a frightened population.
Born in 1881 to a family of patriotic Quakers, Smedley Butler quickly rose through the ranks of the military becoming the most decorated military figure of U.S. History- a record he holds to this day with multiple medals of honor, an Army distinguished service medal and Marine Corps Bruvet medal (to name just a few).
By the end of the British-orchestrated meat grinder known as WWI, the General had become an activist patriot giving speeches across America in denunciation of the private financiers steering America's war-driven economy. Speaking to veterans in August 1933, the general said:
I have spent 33 years being a high-class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer for capitalism... I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. I helped make Mexico and especially Tampico safe for American oil interests in 1916. I helped make Haiti and Cuba a decent place for the National City [Bank] boys to collect revenue in. I helped rape half a dozen Central American republics for the benefit of Wall Street... In China, I helped see to it that Standard Oil went its way unmolested... I had a swell racket. I was rewarded with honors, medals, and promotions. I might have given Al Capone a few hints. The best he could do was operate a racket in three cities. The Marines operated on three continents...
In spite of his outspoken criticism of crony capitalism, Wall Street's elite simply presumed all men had their price, and Butler was probably just indignant because he was never given a big enough piece of pie.
There is a little-known agency, called Agenda ID2020 which is behind implementing the Dark Deep State's agenda. The infamous Agenda ID2020 is a public-private partnership, including UN agencies and civil society. Key partners include the Bill and Melinda Gates Foundation (co-founder), the Rockefeller Foundation (co-founder), Gavi, the Vaccine Alliance that "brings together public and private sectors with the shared goal of creating equal access to new and underused vaccines for children living in the world's poorest countries"; Accenture, A global management consulting and professional services firm; and IDEO.Org, an international consulting firm, "to design products, services, and experiences to improve the lives of people in poor and vulnerable communities."
Agenda ID2020's principal objective is implementing an electronic ID program that uses generalized vaccination as a platform for digital identity. In May 2016, at the impulse of the Bill and Melinda Gates Foundation, the United Nations Office for Partnership (UNOFP) organized an international Summit in New York to create Agenda ID2020. According to the Summit's own website, Agenda ID2020 is a strategic, global initiative launched in response to the Sustainable Development Goal (SDG) 16.9: "Provide legal identity to all, including birth registration, by 2030 ... . harnessing Digital Identity for the Global Community... . Around one-fifth of the world's population (1.8 billion people) is without legal identity, which deprives them of access to healthcare, schools, shelter."
A weekly 30 minute review of international news and opinion, recorded from a shortwave radio and the internet. With times, frequencies, and websites for listening at home. 3 files- Highest quality broadcast, regular broadcast, and slow-modem streaming. Radio Deutsche-Welle, NHK World Radio Japan, Radio Havana Cuba, and Sputnik Radio.
Only faith (as in a religion), the "invisible hand," the "law" of the "free" market can judge everything. State interventions can only be annoying. The market itself is allegedly "social". Everyone acts acording to his advantage. The system is not social but lives from the creation of permanent and growing injustice. "Needs" can be produced completely irrationally. Goods are both material and "positional" (Iring Fetscher).
"Everything if you look at what has happened since 2008, with interest rates at 0% and [thus] abundant capital which has enabled all of these billion-dollar unicorns to burn money and you know, I don't want to get talking about Tesla but it's the perfect example. It's lost money seventeen years in a row. And, obviously we've seen [TSLA stock price whipsawing ludicrously up-down] what's happened in that recently. There is no company in history that would have 60, 70, 80, 90, a hundred billion dollar valuation that had not made money for 17 years in a row. And it's only been afforded that luxury by zero cost of capital."
"So, here we are. We've created this world around us. The consumer needs these companies to lose money, because if Uber was a money-making enterprise for example, people wouldn't be able to pay for an Uber. And so here we are. You're getting cost pressures on the consumer side, you're getting demand pressures. And none of this works. Fundamental principles of economics nothing we have built around us, works. There's a perfect example of this, Louis Vuitton LVMH [luxury goods company] recently wanted to buy Tiffany, and they issued 10 billion dollars of bonds in order to fund the acquisition of Tiffany; a large proportion of which (we don't know for certain since they don't release the holdings, but) you can very safely assume was purchased by the ECB [European Central Bank]. They placed that bond at negative interest rates. So, Louis Vuitton has been funded by the ECB, been paid, to borrow the money to buy Tiffany. I mean, at what point does the madness stop?"
As the International Monetary Fund, G20 and world leaders consider urgent actions to confront the economic impacts of the coronavirus, a development group says IMF money is available to prevent crisis and support healthcare.
There are two dark secrets about the Fed's last bailout of Wall Street. First, the Federal Reserve Board in Washington, D.C. - a federal agency with its Chairman and Board appointed by the President and confirmed by the U.S. Senate - outsourced the bailout to the FRB of New York, a private institution owned by the Wall Street banks. The New York Fed, in turn, outsourced management of the bailout to some of the very Wall Street firms that were receiving the funds. This is known from details contained in the GAO audit.
The second dark secret is that the underlying cause of the enormity of the bailout - hundreds of trillions of dollars in derivatives that interconnected the same global banks as counterparties - has never been reformed by Congress. A feeble attempt was made in the Dodd-Frank legislation but was quickly repealed by an amendment forced into a must-pass spending bill by the bailout's largest recipient - Citigroup, which was insolvent for much of the time the New York Fed was lavishing $2.65 trillion on it.
From December 2007 to November 10, 2011, the Federal Reserve, secretly and without the awareness of Congress, funneled $19.6 trillion in cumulative loans to bail out the trading houses on Wall Street. Just 14 global financial institutions received 83.9 percent of those loans or $16.41 trillion. A number of those banks were insolvent at the time and did not, under the law, qualify for these Fed loans. Significant amounts of these loans were collateralized with junk bonds and stocks, at a time when both markets were in freefall. Under the law, the Fed is only allowed to make loans against "good" collateral.
Six of the institutions receiving massive loans from the Fed were not even U.S. banks but global foreign banks that had to be saved because they were heavily interconnected to the Wall Street banks through unregulated derivatives. If one financial institution in this daisy chain of derivatives failed, it would set off a domino effect.
Global liquidity crisis, not just in the United States. Since September 2019 the Fed has pumped trillions into the U.S. overnight repo market alone; all of it prior to the "virus crisis" and shutdown. (Goldman Sachs predicts U.S. GDP to crater by 34%)
--> IT IS *NOT* "because" of the virus, or the subsequent shutdown. THIS ECONOMY HAS BEEN IN FREE FALL SINCE (at least) 2019 when the Fed began its "temporary" overnight repo injections for Wall Street banks.
The debt market ( 3-month vs. 10-year Treasury bond curve ) *must* stabilize, otherwise U.S. and global economic collapse will occur. ALL CURRENCY ISSUANCE and virtually the entire global economy is based upon debt.
The Fed and U.S. Treasury department / government, in financial markets are 'picking winners' right now to be bailed out. Look at Boeing (a company which has failed and should be out of the commercial aircraft business) for example: totally propped up by government bailouts and stock buybacks
Crude oil is below $20/bbl.
Totally unprecendented - You need to be your _own_ central bank, get out of fiat currency units and into hard money/assets/resources. Prepping for a new Dark Ages.
They are trying to RE-INFLATE a megabubble that has already burst. No way this is going to work.
Most people's thinking is determined by the development of the Covid-19 crisis, the return of "the hour of executive power" (Gerhard A. Ritter), i.e. state of exception legislation, and the fears which it evokes as well as the economic measures which appear to be in response to the health crisis.
A United Nations agency that predicted the 2008 financial crisis is calling for $1 trillion in debt relief for developing countries to battle the economic impacts of the coronavirus.
Back here, the Corporatis demands social closenessing by forcing people to food-shop during limited hours. In Northampton (MA), the 'Big Y' grocery stores are open as:
=/ Effective Thursday, March 19th all Big Y stores will reserve the hours of 7 a.m. to 8 a.m. for customers who are 60 and older or have compromised immune systems.
Regular store hours are now 8 AM to 8 PM until further notice. This will give our store teams time to conduct additional preventive sanitation and restock product on shelves. These are just some of the extra measures Big Y is taking across our entire operation to safeguard the health and well-being of our customers, our associates, and our communities. We appreciate your understanding. /=
According to the U.S. Treasury, as of February 29, 2020, there was $16.9 trillion in marketable U.S. Treasury securities outstanding. Of that amount, at the end of February, the Federal Reserve held $2.47 trillion or 14.6 percent - making it, by far, the largest single holder of U.S. Treasuries anywhere in the world.
By this past Friday, the Fed's ownership of the Treasury market had increased to $3.12 trillion. It had grown by an unprecedented $650 billion in one month's time. And on March 23, the Fed announced that it would buy unlimited amounts of both Treasury securities and agency mortgage-backed securities "to support smooth market functioning."
But exactly how can a so-called "free market" function smoothly if the country's own central bank is cornering the market?
If the Fed keeps up this pace of Treasury buying, it will own the entire Treasury market in about 22 months.
where do you think I'd be?
you think I just crash on people's couches / pitch tent in people's back yards?
say : "thanks yo, appreciate you putting me up again this month" ?
Would I even bother to have my own personal income, or a job?
would I panhandle to strangers on the street, asking for handouts?
Hayek, author of Road to Serfdom, said the market was self-healing and market outcomes were just outcomes. Wages determined by the market were automatically just. In his book "Submission is Freedom," unionist Patrick Schreiner explains how public investments and market corrections are vital. Neoliberalism is an indoctrination and ideology that stylizes the market and competition as natural laws and subordinates the real economy to the financial markets and speculation.
The alphabet soup of new programs could have profound long-term consequences for the functioning of the Fed and the allocation of capital in financial markets. Specifically, these are:
CPFF (Commercial Paper Funding Facility) - buying commercial paper from the issuer. PMCCF (Primary Market Corporate Credit Facility) - buying corporate bonds from the issuer. TALF (Term Asset-Backed Securities Loan Facility) - funding backstop for asset-backed securities. SMCCF (Secondary Market Corporate Credit Facility) - buying corporate bonds and bond ETFs in the secondary market. MSBLP (Main Street Business Lending Program) - will lend to eligible small and medium-size businesses, complementing efforts by the Small Business Association.
The Fed isn't allowed to do any of this; the central bank is only allowed to purchase or lend against securities that have government guarantee: treasury securities, agency mortgage-backed securities and the debt issued by Fannie Mae and Freddie Mac.
So how can they do this? The Fed will finance a special purpose vehicle (SPV) for each acronym to conduct these operations. The Treasury, using the Exchange Stabilization Fund, will make an equity investment in each SPV and be in a "first loss" position. What does this mean? In essence, the Treasury, not the Fed, is buying all these securities and backstopping of loans; the Fed is acting as banker and providing financing. The Fed hired BlackRock Inc. to purchase these securities and handle the administration of the SPVs on behalf of the owner, the Treasury.
In other words, the federal government is nationalizing large swaths of the financial markets. The Fed is providing the money to do it. BlackRock will be doing the trades.
is what the Federal Reserve is doing right now (buying up the bond debt market, buying large-cap companies on stock market, flooding world central banks fiat dollars) with unlimited TRILLIONS of dollars, enough?
i.e. enough to keep financial markets and/or the dollar itself from collapsing entirely.
We blew right past socialism right to boardwalk space fascism.
A weekly 30 minute review of international news and opinion, recorded from a shortwave radio and the internet. With times, frequencies, and websites for listening at home. 3 files- Highest quality broadcast, regular broadcast, and slow-modem streaming. NHK World Radio Japan, Radio Deutsche-Welle, Radio Havana Cuba, and Sputnik Radio.
When it comes to the money going to the Federal Reserve and then out the door to Wall Street, the legislation says only this:
"Not more than the sum of $454,000,000,000... shall be available to make loans and loan guarantees to, and other investments in, programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity to the financial system... ."
Why does the Federal Reserve need $454 billion from the U.S. taxpayer to bail out Wall Street when it has the power to create money out of thin air and has already dumped more than $9 trillion cumulatively in revolving loans to prop up Wall Street's trading houses since September 17, 2019 - long before there was any diagnosis of coronavirus anywhere in the world.
The Fed needs that money to create more Special Purpose Vehicles (SPVs) the same device used by Enron to hide its toxic debt off its balance sheet before it went belly up. With the taxpayers' money taking a 10 percent stake in the various Wall Street bailout programs offered by the Fed, structured as SPVs, the Fed can keep these dark pools off its balance sheet while levering them up 10-fold.
We find it difficult to believe that Senators Bernie Sanders, Elizabeth Warren, Sherrod Brown and Jeff Merkley would vote in favor of this legislation - given their in-depth knowledge of what the Fed did during the last financial crisis. The public deserves an honest explanation from each of them.
[WH economic adviser Larry Kudlow:] "And finally, I want to mention the Treasury's Exchange Stabilization Fund. That will be replenished. It's important because that fund opens the door for Federal Reserve fire power to deal in a broad-based way through the economy for distressed industries, for small businesses, for financial turbulence. You've already seen the Fed take action. They intend to take more action. And in order to get this we have to replenish the Treasury's emergency fund. It's very, very important. Not everybody understands that. That fund, by the way, will be overseen by an oversight board and an Inspector General. It will be completely transparent. So, the total package here comes to roughly $6 trillion $2 trillion direct assistance, roughly $4 trillion in Federal Reserve lending power."
If you are an average American, you have no idea what Kudlow is talking about. How is the U.S. Treasury going to take $500 billion of taxpayers' money that is dumped into its Exchange Stabilization Fund, hand part of that over to the Federal Reserve, and get $4 trillion in bailouts via the Fed?
It's really quite easy. The first thing to understand is that we are the only "democracy" in the world that has turned the actual creation of unlimited amounts of our money over to a private entity owned by mega Wall Street banks. We're talking about the New York Fed.
Saudi Arabia chaired an emergency virtual G20 meeting for Presidents and Prime Minsters as the coronavirus wreaks havoc on the global economy.
The International Monetary Fund and World Bank announced that Somalia qualifies to receive debt relief. In three years time, Somalia's debt will be reduced from $5.2 billion to $557 million.
The International Monetary Fund asked G20 countries and other lending countries to stop collecting debt from poor countries due to the coronavirus pandemic.
The chart that tells you how all of today's economic troubles are going to end is not the bar graph of new deaths from coronavirus in Italy versus deaths in the U.S. It's the chart that shows the number of potential deaths among the banks and insurance companies that have gorged themselves on risky derivatives and serve as counterparties to each other in a daisy chain of financial contagion.
The chart is why the Federal Reserve is throwing unprecedented sums of money in all directions on Wall Street. Because despite being a primary regulator to these massive bank holding companies, the Fed has no idea who is actually in trouble on derivative trades, other than looking at a chart like this.
The chart also explains the Democrats refusing to sign off on the fiscal stimulus legislation that would have given U.S. Treasury Secretary Steve Mnuchin a $500 billion slush fund where the names of the recipients of bailouts could be withheld from the public.
U.S. Treasury Secretary Steve Mnuchin and Wall Street pundits are all over cable news, repeating the mantra that "this is nothing like the last financial crisis," while seeking to lay the blame for all of the newly-announced bailout measures for Wall Street at the feet of the coronavirus. But in terms of Wall Street privatizing profits and socializing losses, this is exactly like the last financial crisis.
Wall Street's crisis has a specific launch date: September 17, 2019. That's when the Fed, for the first time since the last financial crisis, began dumping hundreds of billions of dollars a week into Wall Street's trading houses. That program, called "repo loans," now tallies up to more than $9 trillion in cumulative loans made to Wall Street at super-cheap borrowing rates. The first article we wrote on that Fed program was dated September 18, 2019 and titled: The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You.
September 17 was almost four months before the first death from coronavirus was reported in China on January 11, 2020 and five months before the first death was reported on February 28, 2020 in the U.S.
Central banks are the teeth and claws of the 1-percenters, who will gladly rend you asunder.
Their plan is total global control, through a world reserve central bank digital currency (CBDC)
This is to be introduced once the fiat paper dollar collapses (which it will, with they hyperinflation to result from the umpteen-trillion dollar flooding of currency worldwide).
President Trump today praised the Federal Reserve for their multi-trillion dollar 'bailout' takeover of planet Earth which is in progress.
Stock market's 2,000 point gain today occurred when national economies have announced a 3 week full lockdown... Some of the biggest market gains were in companies with serious corporate debt and stock-buyback trouble prior to this and now have little to no income.
Do you think it was retail investors who pumped that stock back up? No. It was Wall Street banks that run the Fed.
South Korea tests more people than Germany, almost 3 times, 84K in a week.
Social distancing works in Japan and South Korea and new cases are massively decreasing.
Japan has closed schools but lets restaurants and shops stay open without a curfew. People bow instead of shaking hands.
1. toilet paper, hand sanitizer shortages at grocery stores
2. online debates by otherwise skilled, intelligent persons about "how many will die", "the numbers show XX__ infected", "much worse/more than reported"
3. Persons in public visibly-physically fearful of proximity of others
4. Government crackdowns adhered to willingly "in the name of safety" (when in fact common sense adherence to individual personal hygiene is more than half the battle and perhaps the ENTIRE battle)
the stimulus package total amount (to be distributed among U.S. citizens) of $2 trillion, is equal to the amount that the Federal Reserve is printing-distributing to buy up capital and debt assets on Wall Street and globally *every 2 hours*. Unprecedented quantitative easing/buyouts of assets by a single central bank.
the Fed is playing a desperate gamble, by 'dollarizing' the entire planet flooding the world with debt-note fiat money, to preserve the world's reserve currency unit. Will it work?
Treasury Secretary Mnuchin will not disclose names of the large-cap corporations that the Federal Reserve is currently buying debt assets of, "for at least 6 months" from now. Wonder why? ...
Developing Countries Demand Debt Payments Stop
This business and its owner licensed-practitioner "Roland Frauchiger" M.A. MFT are guilty of gross violations of "physician-patient" confidentiality, which in my opinion are criminal felonies, numbering in the "hundreds" of counts.
This is real true up-to-date info. Unlike so much else that has been offered by foolish people.
What is the Federal Reserve system? How did it come into existence? Is it part of the federal government? How does it create money? Why is the public kept in the dark about these important matters? In this feature-length documentary film, The Corbett Report explores these important question and pulls back the curtain on America's central bank.
Posted originally 27.Sep.2014 13:22
Religious Development Group Proposes Solutions for Pandemic Economic Impacts
St. Louis Federal Reserve President James Bullard :
"This is a planned, organized partial shut down of the U.S. economy."
Fascism = merger of state and corporate power
Federal Reserve = PRIVATE-owned U.S. central bank,
which has flooded all global central banks with $$$ Trillions of debt based fiat currency dollars amid this crisis, vastly increasing all national debt, continues their multi-Trillion overnight repo bailouts of Wall Street banks, _and_ plans to buy up corporate debt
The military is coming. Martial law is coming.
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