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mostlysignssomeportents · 11 months

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Social Security is class war, not intergenerational conflict

Today, Tor.com published my latest short story, "The Canadian Miracle," set in the world of my forthcoming (Nov 14) novel, The Lost Cause. I am serializing this one on my podcast! Here's part one.

They're at it again (again). The oligarch-thinktank industrial complex has unleashed a torrent of scare stories about Social Security's imminent insolvency, rehearsing the same shopworn doom predictions that they've been repeating since the Nixonite billionaire cabinet member Peter G Peterson created a "foundation" to peddle his disinformation in 2008:

https://en.wikipedia.org/wiki/I.O.U.S.A.

Peterson's go-to tactic is convincing young people that all the Social Security money they're paying into the system will be gobbled up by already-wealthy old people, leaving nothing behind for them. Conservatives have been peddling this ditty since the 1930s, and they're still at it – in the pages of the New York Times, no less:

https://www.nytimes.com/2023/10/26/opinion/social-security-medicare-aging.html

The Times has become a veritable mouthpiece for this nonsense, publishing misleading and nonsensical charts and data to support the idea that millennials are losing a generational war to boomers, who will leave the cupboard bare:

https://www.nytimes.com/2023/10/27/opinion/aging-medicare-social-security.html

As Robert Kuttner writes for The American Prospect, this latest rhetorical assault on Social Security is timed to coincide with the ascension of the GOP House's new Speaker, Mike Johnson, who makes no secret of his intention to destroy Social Security:

https://prospect.org/economy/2023-10-31-debunking-latest-attack-social-security/

The GOP says it wants to destroy Social Security for two reasons: first, to promote "choice" by letting us provide for our own retirement by flushing even more of our savings into the rigged casino that is the stock market; and second, because America doesn't have enough dollars to feed and house the elderly.

But for the New York Times' audience, they've figured out how to launder this far-right nonsense through the language of social justice. Rather than condemning the impecunious olds for their moral failing to lay the correct bets in the stock market, Social Security's opponents paint the elderly as a gerontocratic elite, flush with cash that rightfully belongs to the young.

To support this conclusion, they throw around statistics about how house-rich the Boomers are, and how much consumption they can afford. But as Kuttner points out, the Boomers' real-estate wealth comes not from aggressive house-flipping, but from merely owning a place to live. America's housing bubble means that younger people can't afford this basic human necessity, but the answer to that isn't making old people homeless – it's providing a lot more housing, and banning housing speculation:

https://pluralistic.net/2021/06/06/the-rents-too-damned-high/

It's true that older people are doing a lot of consumption spending – but the bulk of that spending isn't on cruises to Alaska to see the melting glaciers, it's on health care. Old people aren't luxuriating in their joint replacements and coronary bypasses. Calling this "consumption" is deliberately misleading.

But as Kuttner points out, there's another, more important point to be made about inequality in America – the most significant wealth gap in America is between workers and owners, not young people and old people. The "average" Boomer's net worth factors in the wealth of Warren Buffett and Donald Trump. Older renters are more rent-burdened and precarious than younger renters, and most older Americans have little to no retirement savings:

https://www.forbes.com/sites/teresaghilarducci/2023/10/28/the-new-york-times-greedy-geezer-myth/

Less than one percent of Social Security benefits go to millionaires – that's because the one percent constitute one percent of the population. It's right there in the name. The one percent are politically and economically important, but that's because they are low in numbers. Giving Social Security benefits to everyone over 65 will not result in a significant outlay to the ultra-wealthy, because there aren't many ultra-wealthy people in America. The problem of inequality isn't the expanding pool of rich people, it's the explosion of wealth for a contracting pool of rich people.

If conservatives were serious about limiting the grip of these "undeserving" Social Security recipients on our economy and its politics, they'd advocate for interitance taxes (which effectively don't exist in America), not the abolition of Social Security. The problem of wealth in America is that it is establishing permanent dynasties which are incompatible with social mobility. In other words, we have created a new hereditary aristocracy – and its corollary, a new hereditary peasantry:

https://pluralistic.net/2021/06/19/dynastic-wealth/#caste

Hereditary aristocracies are poisonous for lots of reasons, but one of the most pressing problems they present is political destabilization. American belief in democracy, the rule of law, and a national identity is q function of Americans' perception of fairness. If you think that your kids can't ever have a better life than you, if you think that the cops will lock you up for a crime for which a rich person would escape justice, then why obey the law? Why vote? Why not cheat and steal? Why not burn it all down?

The wealthy put a lot of energy into distracting us from this question. Just lately, they've cooked up a gigantic panic over a nonexistent wave of retail theft:

https://www.techdirt.com/2023/10/31/the-retail-theft-surge-that-isnt-report-says-crime-is-being-exaggerated-to-cover-up-other-retail-issues/

Meanwhile, the very real, non-imaginary, accelerating, multi-billion-dollar plague of wage theft is conspicuously missing from the public discourse, despite a total that dwarfs all retail theft in America by an order of magnitude:

https://fair.org/home/wage-theft-is-built-into-the-business-models-of-many-industries/

America does have a property crime crisis, but it's a crisis of wage-theft, not shoplifting. Likewise, America does have a retirement crisis: it's a crisis of inequality, not intergenerational conflict.

Social Security has been under sustained assault since its inception, and that's in large part due to a massive blunder on the part of FDR. Roosevelt believed that people would be more protective of Social Security if they thought it was funded by their taxes: "we bought it, it's ours." But – as FDR well knew – that's not how government spending works.

The US government can't run out of US dollars. The US government doesn't get its dollars for spending from your taxes. The US government spends money into existence and taxes it out of existence:

https://pluralistic.net/2020/12/14/situation-normal/#mmt

A moment's thought will reveal that it has to be this way. The US government (and its fiscal agents, chartered banks) are the only source of dollars. How can the US tax dollars away from earners unless it has first spent those dollars into the economy?

The point of taxation isn't to fund programs, it's to reduce the private sector's spending power so that there are things for sale to the public sector. If we only spent money into the economy but didn't take any out of the economy, the private sector would have so many dollars to spend that any time the government tried to buy something, there'd be a bidding war that would result in massive price spikes.

When a government runs a "balanced budget," that means that it has taxed as much out of the economy as it put into the economy at the start of the year. When a government runs a "surplus," that means it's left less money in the economy at the end of the year than there was at the beginning of the year. This is fine if the economy has contracted overall, but if the economy stayed constant or grew, that means there are fewer dollars chasing more goods and services, which leads to deflation and all kinds of toxic outcomes, like borrowing more bank-created money, which makes the finance sector richer and the real economy poorer.

Of course, most governments run "deficits" – which is another way of saying that they leave more dollars in the economy at the end of the year than there was at the start of the year, or, put another way, a deficit probably means that your economy got bigger, so it needed more dollars.

None of this means that governments can spend without limit. But it does mean that governments can buy anything that's for sale in their own currency. There are a lot of goods for sale in US dollars, both goods that are produced domestically and goods from abroad (this is why it's such a big deal that most of the world's oil is priced in dollars).

Governments do have to worry about getting into bidding wars with the private sector. To do that, governments come up with ways of reducing the private sector's spending power. One way to do that is taxes – just taking money away from us at the end of the year and annihilating it. Another way is to ration goods – think of WWII, or the direct economic interventions during the covid lockdowns. A third way is to sell bonds, which is just a roundabout way of getting us to promise not to spend some of our dollars for a while, in return for a smaller number of dollars in interest payments:

https://pluralistic.net/2021/04/08/howard-dino/#payfors

FDR knew all of this, but he still told the American people that their taxes were funding Social Security, thinking that this would protect the program. This backfired terribly. Today, Democrats have embraced the myth that taxes fund spending and join with their Republican counterparts in insisting that all spending must be accompanied by either taxes or cuts (AKA "payfors").

These Democrats voluntarily put their own policymaking powers in chains, refusing to take any action on behalf of the American people unless they can sell a tax increase or a budget cut. They insist that we can't have nice things until we make billionaires poor – which is the same as saying that we can't have nice things, period.

There are damned good reasons to make billionaires poor. The legitimacy of the American system is incompatible with the perception that wealth and power are fixed by birth, and that the rich and powerful don't have to play by the rules.

The capture of America's institutions – legislatures, courts, regulators – by the rich and powerful is a ghastly situation, and to reverse it, we'll need all the help we can get. Every hour that Americans spend worrying about their how they'll pay their rent, their medical bills, or their student loans is an hour lost to the fight against oligarchy and corruption.

In other words, it's not true that we can't have nice things until we get rid of billionaires – rather, we can't get rid of billionaires until we have nice things.

This is the premise of my next novel, The Lost Cause, which comes out on November 14; it's set in a world where care and solidarity have unleashed millions of people on the project of maintaining the habitability of our planet amidst the polycrisis:

https://us.macmillan.com/books/9781250865939/the-lost-cause

It's a fundamentally hopeful book, and it's already won praise from Naomi Klein, Rebecca Solnit, Bill McKibben and Kim Stanley Robinson. I wrote it while thinking through and researching these issues. Conservatives want us to think that we can't do better than this, that – to quote Margaret Thatcher – "there is no alternative." Replacing that narrative is critical to the kinds of mass mobilizations that our very survival depends on.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/11/intergenerational-warfare/#five-pound-blocks-of-cheese

This Saturday (Nov 4), I'm keynoting the Hackaday Supercon in Pasadena, CA.

#pluralistic #class war #inheritance tax #death tax #mmt #modern monetary theory #intergenerational war #intergenerational wealth transfers #social security #ss

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azspot · 11 months

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The very instant the Social Security Act was passed in 1935, American conservatives (in both parties) began lobbying to destroy it. After all, a reserve army of forelock-tugging plebs and family retainers won't voluntarily assemble themselves – they need to be goaded into it by the threat of slowly starving to death in their dotage. They're at it again (again). The oligarch-thinktank industrial complex has unleashed a torrent of scare stories about Social Security's imminent insolvency, rehearsing the same shopworn doom predictions that they've been repeating since the Nixonite billionaire cabinet member Peter G Peterson created a "foundation" to peddle his disinformation in 2008…

Social Security is class war, not intergenerational conflict

#socialsecurity

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bllsbailey · 1 month

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Who Owns America? Oligarchs Have Bought Up The American Dream

“The politicians are put there to give you the idea that you have freedom of choice. You don’t. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They’ve long since bought and paid for the Senate, the Congress, the state houses, the city halls. They got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear… They spend billions of dollars every year lobbying. Lobbying to get what they want. Well, we know what they want. They want more for themselves and less for everybody else… It’s called the American Dream, ’cause you have to be asleep to believe it.” —George Carlin

Who owns America?

Is it the government? The politicians? The corporations? The foreign investors? The American people?

While the Deep State keeps the nation divided and distracted by a presidential election whose outcome is foregone (the police state’s stranglehold on power will ensure the continuation of endless wars and out-of-control spending, while disregarding the citizenry’s fundamental rights and the rule of law).

America is literally being bought and sold right out from under us.

Consider the facts.

We’re losing more and more of our land every year to corporations and foreign interests. Foreign ownership of U.S. agricultural land has increased by 66% since 2010. In 2021, it was reported that foreign investors owned approximately 40 million acres of U.S. agricultural land, which is more than the entire state of Iowa. By 2022 that number had grown to 43.4 million acres. The rate at which U.S. farmland is being bought up by foreign interests grew by 2.2 million acres per year from 2015 to 2021. The number of U.S. farm acres owned by foreign entities grew more than 8% (3.4 million acres) in 2022.

We’re losing more and more of our businesses every year to foreign corporations and interests. Although China owns a small fraction of foreign-owned U.S. land at 380,000 acres, less than the state of Rhode Island, Chinese companies and investors are also buying up major food companies, commercial and residential real estate, and other businesses. As RetailWire explains: “Currently, many brands started by early American pioneers now wave international flags. This revolution is a direct result of globalization.” The growing list of once-notable American brands that have been sold to foreign corporations includes: U.S. Steel (now Japanese-owned); General Electric (Chinese-owned); Budweiser (Belgium); Burger King (Canada); 7-Eleven (Japan); Jeep, Chrysler, and Dodge (Netherlands); and IBM (China).

We’re digging ourselves deeper and deeper into debt, both as a nation and as a populace. Basically, the U.S. government is funding its existence with a credit card, spending money it doesn’t have on programs it can’t afford. The bulk of that debt has been amassed over the past two decades, thanks in large part to the fiscal shenanigans of four presidents, 10 sessions of Congress and two wars. The national debt (the amount the federal government has borrowed over the years and must pay back) is more than $34 trillion and will grow another $19 trillion by 2033. Foreign ownership makes up 29% of the U.S. debt held by the public. Of that amount, reports the Peter G. Peterson Foundation, “52 percent was held by private foreign investors while foreign governments held the remaining 48 percent.”

The Fourth Estate has been taken over by media conglomerates that prioritize profit over principle. Independent news agencies, which were supposed to act as bulwarks against government propaganda, have been subsumed by a global corporate takeover of newspapers, television and radio. Consequently, a handful of corporations now control most of the media industry and, thus, the information dished out to the public. Likewise, with Facebook and Google having appointed themselves the arbiters of “disinformation,” we now find ourselves grappling with new levels of corporate censorship by entities with a history of colluding with the government to keep the citizenry mindless, muzzled and in the dark.

Most critically of all, the U.S. government, long ago sold to the highest bidders, has become little more than a shell company, a front for corporate interests. Nowhere is this state of affairs more evident than in the manufactured spectacle that is the presidential election. As for members of Congress, long before they’re elected, they are trained to dance to the tune of their wealthy benefactors, so much so that they spend two-thirds of their time in office raising money. As Reuters reports: “It also means that lawmakers often spend more time listening to the concerns of the wealthy than anyone else.”

In the oligarchy that is the American police state, it clearly doesn’t matter who wins the White House, because they all work for the same boss: a Corporate State that has gone global.

So much for living the American dream.

“We the people” have become the new, permanent underclass in America.

We’re being forced to shell out money for endless wars that are bleeding us dry, money for surveillance systems to track our movements, money to further militarize our already militarized police, money to allow the government to raid our homes and bank accounts, money to fund schools where our kids learn nothing about freedom and everything about how to comply, and on and on.

This is no way of life.

It’s tempting to say that there’s little we can do about it, except that’s not quite accurate.

There are a few things we can do: demand transparency, reject cronyism and graft, insist on fair pricing and honest accounting methods, call a halt to incentive-driven government programs that prioritize profits over people, but it will require that “we the people” stop playing politics and stand united against the politicians and corporate interests who have turned our government and economy into a pay-to-play exercise in fascism.

Unfortunately, we’ve become so invested in identity politics that label us based on our political leanings that we’ve lost sight of the one label that unites us: we’re all Americans.

The “powers-that-be” want us to adopt an “us-versus-them” mindset that keeps us powerless and divided. Yet, as I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, the only us versus them that matters is “we the people” against the Deep State.

(Views expressed by guest commentators may not reflect the views of OAN or its affiliates.)

═════════════════════════════════════════════════════════════════

ABOUT JOHN W. WHITEHEAD Constitutional attorney and author John W. Whitehead is founder and president of The Rutherford Institute. His latest books Battlefield America: The War on the American People and The Erik Blair Diaries are available at www.amazon.com. Whitehead can be contacted at [email protected]. Nisha Whitehead is the Executive Director of The Rutherford Institute. Information about The Rutherford Institute is available at www.rutherford.org. Publication Guidelines / Reprint Permission: John W. Whitehead’s weekly commentaries are available for publication to newspapers and web publications at no charge. Please contact [email protected] to obtain reprint permission.

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mahashankh · 10 months

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Blackstone's Dynamic Impact: 21 Positive Strategies Shaping the Financial Landscape

Introduction to Blackstone The financial landscape is dotted with institutions that have shaped economies and industries, and among them stands a towering figure - The Blackstone Group. With a history deeply rooted in the evolution of modern finance, Blackstone has not just adapted to change but has been at the forefront of driving it. In this exploration, we embark on a journey through the corridors of this financial giant, unraveling the intricate tapestry of its history, the principles that guide its actions, and the visionary leaders who have steered it to prominence. Overview of Blackstone Group HISTORY OF BLACKSTONE Leadership and Vision Impact on Global Finance: Blackstone's Enduring InfluenceNavigating Economic Challenges: Blackstone's Resilient Journey The Blackstone Culture: Fostering Excellence Through Empowerment Recent Developments and Future Outlook: Blackstone's Strategic Trajectory PRODUCT OF BLACKSTONE MARKET OF BLACKSTONE MISSION OF BLACKSTONE FUTURE OF BLACKSTONE Here are 21 frequently asked questions (FAQ) related to Blackstone:

Overview of Blackstone Group

Founding Genesis: At the heart of Blackstone lies a compelling origin story. Delve into the early days when founders Stephen A. Schwarzman and Peter G. Peterson first conceived the idea of a firm that would redefine private equity. Founding Principles: Unearth the foundational principles that have been the bedrock of Blackstone's success. From risk-taking to innovation, understanding these principles provides insight into the company's enduring legacy. Key Milestones: Blackstone's journey has been marked by significant milestones. Explore the pivotal moments that have defined the company's trajectory, from its initial public offering to landmark investments that have shaped industries.

HISTORY OF BLACKSTONE

BlackRock, founded in 1988, is one of the world's largest investment management firms, renowned for its influence in the global financial markets. Here's a brief history of BlackRock: Founding and Early Years (1988-1994): 1. Founding Principles: BlackRock was founded in 1988 by Larry Fink, Robert S. Kapito, Susan Wagner, Barbara Novick, Ben Golub, Hugh Frater, and Keith Anderson. The firm was established with the goal of creating a more efficient and transparent asset management business. 2. Initial Focus on Fixed Income: In its early years, BlackRock primarily focused on fixed-income asset management, offering expertise in mortgage-backed securities. Expansion and Growth (1995-2009): 1. Strategic Partnerships: In 1995, BlackRock entered into a strategic partnership with The PNC Financial Services Group, a move that significantly contributed to its growth. This partnership allowed BlackRock to manage PNC's assets and expand its client base. 2. iShares Acquisition: One of the pivotal moments in BlackRock's history was the acquisition of Barclays Global Investors (BGI) in 2009. This move catapulted BlackRock into a leadership position in the exchange-traded fund (ETF) market, thanks to the inclusion of BGI's iShares business. Post-Financial Crisis and Global Expansion (2009-2015): 1. Navigating the Financial Crisis: During the 2008 financial crisis, BlackRock played a crucial role in assisting the U.S. government in managing troubled assets. The firm was selected to manage the Federal Reserve's Maiden Lane portfolios. 2. Global Expansion: BlackRock continued to expand globally, both organically and through strategic acquisitions. It opened offices in key financial centers around the world, reinforcing its position as a truly global asset management firm. Technology and Innovation (2016-Present): 1. Aladdin Platform: BlackRock's Aladdin platform, originally developed as an in-house risk management tool, became a key product offering. Aladdin is a comprehensive investment platform used by institutions globally for risk management, portfolio analytics, and investment operations. 2. Sustainable Investing: Recognizing the importance of environmental, social, and governance (ESG) factors, BlackRock has actively embraced sustainable investing. In 2020, Larry Fink's annual letter to CEOs emphasized the significance of sustainability and the need for companies to align their business models with long-term, sustainable value creation. 3. Continued Growth in ETFs: BlackRock maintained its dominance in the ETF market, with iShares remaining one of the most widely used ETF families globally. The firm continued to innovate within the ETF space, offering a diverse range of products to meet evolving investor needs. 4. Larry Fink's Influence: Larry Fink, BlackRock's co-founder and CEO, has been a prominent figure in shaping the firm's direction and advocating for responsible corporate behavior. His annual letters to CEOs and shareholders are closely watched in the financial industry and beyond. As of my knowledge cutoff in January 2022, BlackRock continues to be a major player in the asset management industry, managing trillions of dollars in assets for institutional and individual investors worldwide. Please note that developments or changes after this date may not be included in this overview.

Leadership and Vision

Architects of Success: Meet the architects of Blackstone's triumphs. A detailed examination of the leadership team, past and present, provides a comprehensive understanding of the minds behind the strategic decisions that have propelled the company forward. Visionary Prowess: Beyond balance sheets and profit margins, Blackstone is distinguished by a visionary outlook. Uncover the vision that has guided the company through dynamic market conditions and positioned it as a trailblazer in the financial world. Crisis Management: The true mettle of leadership is often tested in times of crisis. Explore how Blackstone's leaders have navigated economic storms, demonstrating resilience and adaptability in the face of adversity. As we navigate the intricacies of Blackstone's history and leadership, a tapestry of strategic brilliance and forward-thinking leadership emerges. Join us on this exploration as we unveil the layers of a company that has not only withstood the test of time but continues to shape the very fabric of global finance. Investment Strategies: Unlocking Blackstone's Success In the intricate realm of finance, strategic investment plays a pivotal role in determining the trajectory of a firm's success. Among the vanguards of this art stands The Blackstone Group, an entity that has masterfully navigated the complexities of the investment landscape. This article delves into two key facets of Blackstone's investment strategies — Private Equity and Real Estate Investments — unraveling the nuances that underpin their prominence in these domains. Private Equity Explained: A Strategic Deep Dive The Genesis of Private Equity at Blackstone Blackstone's foray into private equity is emblematic of its astute approach to risk and reward. Examining the origins of this involvement provides insights into the company's ability to identify untapped potential in private enterprises. The Anatomy of Blackstone's Private Equity Deals Delving into specific private equity transactions, this section dissects the intricacies of Blackstone's deal-making. From leveraged buyouts to venture capital investments, understanding the diverse portfolio reveals the versatility that defines Blackstone's private equity arm. Value Creation Strategies At the core of Blackstone's private equity success lies a commitment to value creation. Unravel the strategies employed, from operational improvements to strategic repositioning, showcasing the company's hands-on approach to enhancing portfolio companies. Risk Management in Private Equity Private equity inherently carries risk, and Blackstone's prowess lies not just in identifying opportunities but in effectively managing and mitigating associated risks. Explore the risk management strategies that safeguard Blackstone's investments in the private sphere. Real Estate Investments: A Global Influence Blackstone's Footprint in Global Real Estate The real estate market, a cornerstone of Blackstone's diversified portfolio, merits scrutiny. An exploration of the global scale of its real estate investments unveils the extent of the company's influence on the built environment. Investment Strategies in Real Estate Analyze Blackstone's real estate investment strategies, from opportunistic buying to long-term holds. This section elucidates how the company leverages market trends and economic cycles to maximize returns in the dynamic real estate landscape. Sustainable Real Estate Practices Beyond profit, Blackstone has demonstrated a commitment to sustainable real estate practices. Discover how the company integrates environmental, social, and governance (ESG) principles into its real estate investments, aligning financial goals with broader societal and environmental objectives. Navigating Real Estate Market Challenges The real estate market is not without challenges, and this section explores how Blackstone adapts its strategies to navigate economic downturns, regulatory changes, and other external factors that influence real estate investments. In conclusion, Blackstone's investment strategies in private equity and real estate reflect a blend of strategic acumen, adaptability, and a commitment to creating enduring value. By peeling back the layers of these investment approaches, one gains a deeper understanding of the financial ingenuity that propels Blackstone to the forefront of the global investment landscape.

Impact on Global Finance: Blackstone's Enduring Influence

In the dynamic tapestry of global finance, few entities wield as much influence and shape the contours of the landscape as The Blackstone Group. This article undertakes a comprehensive examination of Blackstone's far-reaching impact on the global financial stage, delving into its role in shaping economic policies and providing a meticulous breakdown of the diverse financial services it offers. Global Influence: Architecting Financial Paradigms Strategic Investments and Economic Reshaping Blackstone's strategic investments resonate far beyond financial markets. An exploration of its portfolio reveals a deliberate effort to identify sectors poised for growth, thereby contributing to economic expansion and resilience. Market Catalyst: Shaping Trends and Setting Precedents As a market catalyst, Blackstone has been instrumental in setting trends and precedents that reverberate globally. Whether through pioneering investment structures or influencing regulatory frameworks, the company's actions echo throughout the international financial community. Crisis Resilience: Blackstone's Response to Global Economic Shifts A critical analysis of Blackstone's performance during economic downturns provides insights into its resilience strategies. Examining how the company navigates turbulent financial waters sheds light on its ability to adapt, innovate, and emerge stronger amidst global economic shifts. Financial Services Offered: The Engine Driving Global Transactions Private Equity Prowess: Strategic Investments for Growth A detailed breakdown of Blackstone's private equity ventures unveils the company's role as a strategic partner in fostering growth for businesses worldwide. From venture capital to leveraged buyouts, each financial instrument is meticulously crafted to drive value creation. Real Estate Investments: Shaping the Built Environment Globally Beyond traditional financial instruments, Blackstone's foray into real estate investments carries a significant impact. Explore how the company shapes the built environment, contributing not only to its financial bottom line but also influencing urban development and infrastructure globally. Hedge Funds and Credit Offerings: Precision in Risk Management Blackstone's proficiency in hedge funds and credit offerings plays a pivotal role in risk management. This section dissects the intricacies of these financial services, showcasing their significance in mitigating risks and optimizing returns for Blackstone's diverse clientele. Advisory Services: Navigating Complexity with Expertise Blackstone's advisory services are an often understated yet crucial aspect of its financial arsenal. Analyze how the company's advisory arm navigates complexities, offering clients strategic guidance in an ever-evolving financial landscape. Navigating Economic Challenges: Blackstone's Resilient Journey

In the unforgiving terrain of global finance, economic downturns are not merely inevitable but serve as litmus tests for the mettle of financial institutions. The Blackstone Group, a behemoth in the financial landscape, has not only weathered economic storms but has emerged stronger, showcasing a remarkable ability to adapt and thrive amid challenges. This article delves into two crucial facets of Blackstone's resilience: its adaptability in economic downturns and the intricate web of risk management strategies that fortify its financial foundations. Adaptability in Economic Downturns: A Blueprint for Resilience Strategic Diversification: Shielding Against Volatility Blackstone's approach to economic challenges is marked by strategic diversification. This section explores how the company's diverse portfolio spanning private equity, real estate, and other financial services acts as a shield, mitigating the impact of economic volatility. Opportunistic Investing: Turning Challenges into Opportunities While economic downturns often instill caution, Blackstone's playbook involves seizing opportunities amid adversity. Delve into specific instances where the company has strategically invested during economic contractions, turning challenges into avenues for growth. Operational Efficiency: Streamlining in Turbulent Times A key element of Blackstone's adaptability lies in its commitment to operational efficiency. This section dissects how the company streamlines operations, optimizes resources, and enhances the performance of its portfolio companies, ensuring resilience in the face of economic headwinds. Risk Management Strategies: Safeguarding Against Uncertainties Comprehensive Risk Assessment: Identifying and Quantifying Risks At the heart of Blackstone's resilience is its meticulous approach to risk assessment. This segment delves into the methods employed by the company to identify, quantify, and categorize risks, providing a foundation for effective risk management. Proactive Portfolio Monitoring: Dynamic Risk Mitigation Blackstone's risk management is not static; it's a dynamic process of continuous monitoring. Explore how the company employs cutting-edge technology and analytics to proactively monitor its diverse portfolio, swiftly adapting to changing market conditions. Stress Testing and Scenario Planning: Preparing for the Unpredictable Unpredictability is a constant in financial markets. This section examines how Blackstone conducts stress tests and scenario planning, preparing itself to navigate through a spectrum of potential economic challenges and ensuring resilience in the face of uncertainties. Embracing ESG Principles: Integrating Sustainability into Risk Management In an era where environmental, social, and governance (ESG) considerations are paramount, Blackstone's risk management extends beyond financial metrics. Learn how the company integrates ESG principles into its risk management strategies, aligning financial goals with broader sustainability objectives. Corporate Social Responsibility: Blackstone's Commitment to a Better World In the modern business landscape, success is measured not only in financial terms but also by the positive impact a corporation can make on society. The Blackstone Group, a financial powerhouse, exemplifies the fusion of profitability and social responsibility. This article shines a spotlight on two critical facets of Blackstone's Corporate Social Responsibility (CSR): its philanthropy initiatives and steadfast commitment to Environmental, Social, and Governance (ESG) principles. Philanthropy Initiatives: A Compassionate Force for Change Empowering Communities: A Focus on Education Blackstone's philanthropy initiatives extend a helping hand to communities worldwide. This section delves into the company's commitment to education, showcasing initiatives that empower individuals through scholarships, mentorship programs, and the establishment of educational institutions. Social Welfare and Healthcare: A Holistic Approach Beyond education, Blackstone recognizes the interconnectedness of social welfare and healthcare. Explore the company's philanthropic endeavors that address critical societal issues, from supporting healthcare infrastructure to funding programs that enhance overall well-being. Disaster Relief: Mobilizing Resources in Times of Crisis A hallmark of responsible corporate citizenship is the ability to respond swiftly in times of crisis. Learn how Blackstone's philanthropy extends to disaster relief efforts, providing essential resources and aid to communities affected by natural disasters and unforeseen emergencies. Environmental, Social, and Governance (ESG) Read the full article

#Blackstone

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ailtrahq · 1 year

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The national US debt mountain is expanding exponentially, with billions of dollars piled onto it each day. Remarkably, the amount of daily debt added is more than the total market capitalization of most crypto assets. Total United States debt has risen by a whopping $275 billion in just one day. This has pushed it to a record $33.44 trillion. Half of Bitcoin Market Cap in Debt On October 4, Bitcoin pioneer Samson Mow compared the epic debt increase to Bitcoin’s market cap. It turned out to be more than half of that figure, around $267 billion. “That’s something like 10 million BTC. And yet there are still people that are unsure if $27k is a good price to buy.” Furthermore, it is more than the entire market cap of Ethereum, which is just under $200 billion at the moment. It also works out at about a quarter of the entire crypto market cap being added to the debt pile in just a day. Total US debt. Source: X/@Excellion Two weeks ago, BeInCrypto reported that total US debt hit $33 trillion for the first time ever. This means that the US has added $32 billion in debt per day for the last two weeks, observed the Kobeissi Letter. “At the current pace, the US will add $1 trillion of debt in a month,” it added. Moreover, it has doubled since BeInCrypto reported that $14 billion was being added every day. According to Goldman Sachs analysts, the cost of servicing Uncle Sam’s pile of debt is on track to hit a new record in 2025. They said the rising cost of borrowing over the last year due to Federal Reserve interest rate hikes has pushed up the expenses on the US’s massive debt load. Debt-to-GDP Ratio Surging It cost the government $476 billion, or around 2% of the national GDP, to pay the interest on its debt in 2022. However, strategists estimated that interest payments will rise to 3% of GDP in 2024 and 4% of GDP by 2030. Moreover, the Peter G. Peterson Foundation estimates that over the next decade, the US will spend a total of $10.6 trillion paying interest on the national debt mountain. Other estimates predict the national debt-to-GDP ratio will grow at an accelerated rate. The federal debt could make up 181% of GDP by 2053, according to one projection from the Congressional Budget Office. Finally, the debt ceiling remains unlimited until January 2025, so these mind-numbing figures will be the new normal.

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thesociologicalcinema · 4 years

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Even with the Affordable Care Act (ACA), people of color have disproportionately less access to Health Insurance.

Nonwhite Individuals at Higher Risk of being Uninsured, 2016.

Source: Henry J. Kaiser Foundation / Peter G. Peterson Foundation

#Henry J. Kaiser Foundation #Peter G. Peterson Foundation #health #health care #health insurance #racism #aca #affordable care act

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wholesomeobsessive · 4 years

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Books of 2020

New

The Axeman’s Jazz by Ray Celestin

The Road to Little Dribbling by Bill Bryson

Collapse by Jared Diamond

Antisocial by Andrew Marantz

She Said by Jodi Kantor and Megan Twohey

Longitude by Dava Sobel

Selfie by Will Storr

Origins by Lewis Dartnell

Melmoth by Sarah Perry

How to Argue with a Racist by Adam Rutherford

How the World Thinks by Julian Baggini

Hard Pushed by Leah Hazard

Invisible Women by Caroline Criado Perez

Daisy Jones and the Six by Taylor Jenkins Reid

The Outcast Dead by Elly Griffiths

The House at Sea’s End by Elly Griffiths

Down Under by Bill Bryson

Chernobyl by Serhii Plokhy

A Disastrous History of the World by John Withington

Story by Robert McKee

The Glass Hotel by Emily St John Mandel

SPQR by Mary Beard

The Crossing Places by Elly Griffiths

The End Is Always Near by Dan Carlin

The Bean Trees by Barbara Kingsolver

Notes from a Big Country by Bill Bryson

The Year 1000 by Robert Lacey and Danny Danziger

The Gene by Siddhartha Mukherjee

Transcription by Kate Atkinson

A Brief History of the Anglo Saxons by Geoffrey Hindley

High Rise by J. G. Ballard

The Madness of Crowds by Douglas Murray

Frenchman’s Creek by Daphne Du Maurier

The Pillars of the Earth by Ken Follett

The Daylight Gate by Jeanette Winterson

12 Rules for Life by Jordan Peterson

I’ll Be Gone In The Dark by Michelle McNamara

Irreversible Damage by Abigail Shrier

Zucked by Roger McNamee

The Janus Stone by Elly Griffiths

Sphere by Michael Crichton

The Science of Storytelling by Will Storr

Solaris by Stanislaw Lem

A Room Full of Bones by Elly Griffiths

The Revenge of the Baby-sat by Bill Watterson

Straw Dogs by John Gray

The Dark Net by Jamie Bartlett

Reservoir 13 by Jon McGregor

The Reservoir Tapes by Jon McGregor

Shackleton’s Journey by William Grill

The Coddling of the American Mind by Jonathan Haidt and Greg Lukianoff

Black Rednecks and White Liberals by Thomas Sowell

The People vs Tech by Jamie Bartlett

The Quest for Cosmic Justice by Thomas Sowell

Intellectuals and Race by Thomas Sowell

In the Dream House by Carmen Maria Machado

Our Magnificent Bastard Tongue by John McWhorter

Is Reality Optional? by Thomas Sowell

Cynical Theories by James Lindsay and Helen Pluckrose

Sex and Punishment by Eric Berkowitz

White Fragility by Robin Diangelo

How to be an Antiracist by Ibram X. Kendi

The Strange Death of Europe by Douglas Murray

Skellig by David Almond

Intellectuals and Society by Thomas Sowell

Notes on Nationalism by George Orwell

The Book of Humans by Adam Rutherford

Her body and other stories by Carmen Maria Muchado

The Year 1000 by Valerie Hansen

The Sense of an Ending by Julian Barnes

Dying Fall by Elly Griffiths

The Ghost Fields by Elly Griffiths

The Chalk Pit by Elly Griffiths

The History of England: Foundation by Peter Ackroyd

The Dark Angel by Elly Griffiths

The Stone Circle by Elly Griffiths

The Woman in Blue by Elly Griffiths

The Hollow Crown by Dan Jones

On Earth We’re Briefly Gorgeous by Ocean Vuong

Solutions and Other Problems by Allie Brosh

Old

Centuries of Change by Ian Mortimer

The Secret History by Donna Tartt

Raking the Ashes by Anne Fine (May)

Twilight by Stephenie Meyer

New Moon by Stephenie Meyer

The Secret History by Donna Tartt (December)

The Great Courses

Medieval Myths and Mysteries by Dorsey Armstrong (April)

An Introduction to Infectious Diseases by Barry C. Fox

Turning Points in Medieval History by Dorsey Armstrong

Conspiracies and Conspiracy Theories by Michael Stermer (August)

History’s Greatest Voyages of Exploration by Vejas Gabriel Liulevicius

#wholesome reads stuff #book lists

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theredlatino-blog · 4 years

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Bill Gates and the Corona Virus

Family History

Bill Gates father worked on the board for Planned Parent Hood which was created by Margaret Sanger who was a well known member of the KKK and racial eugenics advocate. His mother worked on the corporate board for IBM. Chairman of IBM Thomas John Watson used IBM to assist the Nazis in their invasion of Poland as well as the rest of WWII. Bill Gates partnered with IBM to create Microsoft. After creating IBM, Bill Gates went on to become the foremost pusher of vaccines and population control.

Corona Virus Connections

In 2009, Bill Gates and several other well-known billionaires including David Rockefeller Jr, Warren Buffett, Peter G. Peterson, George Soros, Julian Robertson, Eli Broad, John P. Morgridge and Michael Bloomberg took part of a secret meeting. This meeting was held at the home of Sir Paul Nurse who is a British Nobel Prize Biochemist and president of the private Rockefeller University on May the 5th in Manhattan. This group of individuals were known as ‘The Good Club’. According to multiple news sources including The Time and The Guardian as well as GlobalResearch, The Good Club met to discuss how they could use their wealth to tackle over population. A year after this meeting Bill Gates pledged to donate 15 billion dollars to his foundation for vaccine research. This might not sound all that bad at first until you realize who the Gates Foundation funds.

The Gates Foundation funds The Pirbright Insitute which on November of 2019 was granted European Patent EP 3 172 319 B1 for a corona virus vaccine which may be used the treat humans stated on page 27 of the patent.

Another program that the Gates Foundation funds is a program known as Thousand Talents Program which is a program established by the central government of China and based in Wuhan. In the 29th January, 2020 Professor Charles M. Lieber, chairman of the Department of Chemistry and Chemical Biology at Harvard University, was arrested for apparently making and selling COVID-19 to China as well as lying to the USA about his involvement with this program. Also arrested were two Chinese “students” working as research assistants, one of who was actually a lieutenant in the Chinese Army, the other captured at Logan Airport as he tried to catch a flight to China attempting to smuggle 21 vials of “Sensitive Biological Samples”. Another scientist from this program whos name is not known was arrested by the DOJ for hiding 23 vials of Covid-19.

#billgates #coronavirus #covid-19 #politics #conspiracy

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rodgermalcolmmitchell · 6 years

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Pete Peterson foundation, your center for economic ignorance, speaks again. The Peter G. Peterson Foundation (PGPF), like the equally wrong, Committee for a Responsible Federal Budget (CRFB)

#Committee for a Responsible Federal Budget #monetary sovereignty #Peter G. Peterson Foundation #Ten Steps to Prosperity

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reading-writing-revolution · 5 years

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Rich people want all the money now and will mortgage everyone's future to sit on their piles of gold. #AmericanCollapse #eattherich

"Michael Peterson, CEO of the Peter G. Peterson Foundation, a fiscal policy think tank, said Tuesday's milestone is only 'the latest sign that our fiscal situation is not only unsustainable, but accelerating.

Our growing national debt matters because it threatens the economic future of every American," Peterson said in a statement. 'As we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future ... In order to build the strong and stable future that we want for America, we must put our fiscal house in order and begin to manage our national debt.'"

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harrythegreekblr · 7 years

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U.S. spends half the world's military budget

President Donald Trump's proposed U.S. military budget is $80 billion. Russia's entire budget is $65 billion.

http://www.pgpf.org/Chart-Archive/0053_defense-comparison

http://www.globalissues.org/article/75/world-military-spending

https://www.nationalpriorities.org/campaigns/military-spending-united-states/

https://www.cnbc.com/2017/05/02/how-us-defense-spending-stacks-up-against-the-rest-of-the-world.html

Source of the video below is David Knight, Alex Jones' InfoWars and NewsWars Television Channels.

#U.S. spends half the world's military budget #David Knight #Alex Jones #InfoWars #NewsWars #Military budget #Military budget of U.S.#Military Budget of Russia #Harry the Greek #Trump #Trump's proposed budget #President Donald Trump proposed budget 2017 #World Military Spending #Global Issues #National Priorities Project #CNBC #Peter J. Peterson #Foundation #Peter G. Peterson Foundation

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dragoni · 6 years

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BUT Steve Mnuchin and Republicans PROMISED the tax cuts would pay for itself AND bring down the federal deficit.

“We already pay an average of $1 billion every day in interest on the debt“

The gross national debt has surpassed $22 trillion for the first time in the U.S. history, according to Treasury Department data released Tuesday.

“This milestone is another sad reminder of the inexcusable tab our nation’s leaders continue to run up and will leave for the next generation,” said Judd Gregg and Edward Rendell, co-chairman of the debt watchdog group Campaign to Fix the Debt.

Deficits have soared under President Trump, spurned on by the GOP tax law, bipartisan spending increases, and the forward momentum of mandatory spending programs such as Medicare and Social Security. Tuesday’s estimate put the total outstanding public debt at $22.013 trillion,

The Congressional Budget Office (CBO) projected that annual deficits would surpass $1 trillion a year starting in 2020 assuming current spending and revenue policies remain in place.

“Our growing national debt matters because it threatens the economic future of every American,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation, a budget watchdog group.

“As we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future. We already pay an average of $1 billion every day in interest on the debt, and will spend a staggering $7 trillion in interest costs over the next decade,” he added.

And there’s the tax refund scam where Americans who usually received a refund — now had to pay taxes #TaxScamStories #GOPTaxScam #GreatTaxRevolt19

#TrumpTaxScam #TrumpSWAMP

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ncpssm · 5 years

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Republicans still swore up and down that their tax plan would be fully paid for...

...Congress’s own neutral internal scorekeeper, the Congressional Budget Office, estimated that even after accounting for macroeconomic effects, the tax overhaul would add $1.9 trillion in red ink.

At the Peter G. Peterson Foundation’s annual Fiscal Summit this week, my colleague Heather Long asked Brady about this departure from trend.

“What percent [of the tax cuts] do you think is paid for?” she asked.

Rather than repeating his one-time promise of deficit neutrality, he said that it was “hard to know” how much of the cost of the tax cut would ever be recouped.

via Washington Post.