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Dr. Rasmus explains exactly what Artificial Intelligence is, how it so far has penetrated business and industries, and what are the various forecasts of its potential impact on jobs the rest of this decade and beyond. The ideology, misrepresentations, and falsifications surrounding the concept: will it produce as many jobs as it destroys? Like previous industrial technology revolutions. Or is it different this time? What occupations will be especially hit hard by AI? How will the AI and nextgen technology revolution now underway affect the future of work and employment in the USA? Dr. Rasmus also briefly reviews last month’ job figures reported this morning by the Labor Dept. Is it really a ‘tight labor market’ being messaged by the mainstream media? Also noted is the Federal Reserve chair, Jerome Powell’s, statement this past week that the Fed will start tapering and raising rates earlier than reported previously. What does that mean for the economic recovery?

Dr. Rasmus dissects the Infrastructure and Reconciliation bills’ latest content. What’s in and what’s out. Are they really ‘paid for’? Or are they funded by ‘smoke and mirrors’? What’s the actual Deficits impact? Why Biden’s Infrastructure Act signed last Monday is not a stimulus and won’t have much effect on the US economic recovery; why the Reconciliation (Build Back Better bill) just voted on in the US House likely won’t pass and if it does will be gutted to around $500B. The show next discusses the emerging Covid 5th Wave and its economic impact and why inflation in the US economy has become structural and not transitory. The show concludes with updates on the US-Mexico-Canada meeting, China’s property financial crisis, and recent developments in the US labor movement with the Deere strike settlement, Teamsters voting, and organizing campaigns at Amazon and Starbucks.

Dr. Rasmus addresses the big topic of the week: accelerating inflation now rising 6.2% according to the latest CPI report and fastest in 30 yrs. Rasmus explains why the 6.2% is actually a low estimate. The multiple causes driving it today are explained: global supply chains breakdown, US domestic supply problems, price gouging by US companies with excessive market power, consumer demand, and the role of global financial commodities speculators. Why the latter is driving global crude oil prices to 2008 levels once again and spilling over to US economy as major factor in US domestic inflation.  Rasmus explains why the mostly supply side and commodities speculator driven forces will continue for some time well into 2022. How inflation will slow the US economic recovery as it surges. And why a new causal element driving inflation is now appearing: inflationary expectations. Inflation + slowing economy + no government further stimulus = political wipe-out of Democrats in 2022 midterm elections.

Dr. Rasmus explains how the Federal Reserve has provided $5T in free money to banks and private investors during the Covid recession, when they didn’t need it. That’s $120B every month. The Fed this past week reduced that to…$105B a month. How the monetary system works to subsidize financial markets, bankers, and investors. Why mainstream media avoids explaining this. Meanwhile, progressive democrats reaching their ‘endgame’ in passing the Infrastructure and Reconciliation bills in the US House. How Pelosi is maneuvering them to a final passage of the Infrastructure bill only is explained. Last month’s Employment and Jobs report out today is also dissected to show it reflects a weakening economic rebound—and not the hype presented by the media

 Dr. Rasmus dissects & debunks the new billionaires taxes coming out of Democrat Congressional Finance committees. How billionaires like Elon Musk and others will easily avoid paying the tax the way it is being formulated. Why the individual billionaires tax will likely be tied up in courts for years. Rasmus gives a short history of the passage of the Income tax in 1913 and explains why a constitutional amendment will probably be necessary to approve a billionaires tax which is based on wealth accumulation, not income. How billionaires would easily avoid the tax even if approved by the US Supreme Court. The companion proposal in Congress to tax corporations that make $1 billion in profits with an Alternative 15% corporate tax is also debunked. Why the Democrats are raising both new proposals, as they slash the Build Back Better bill and drop real tax hikes previously proposed in order to placate Senators Manchin & Sinema. Rasmus predicts the progressive caucus in the House will soon capitulate to the much reduced $1.5T Build Back Better bill that remains. Concluding the show, US 3rd Quarter GDP data just released in analysed, which shows a significant slowing of the US economy growth for various reasons. (Note: Read Dr. Rasmus’ latest blogpost, “The ‘Smoke & Mirrors’ Billionaires Tax” at his blog, http://jackrasmus.com. )

The show leads with a critique of Biden’s town hall meeting last night on CNN and concludes with a discussion of what’s happening in China with its property markets bubble and coming defaults. The Biden town hall reveals the failing strategy of the Biden administration with regard to passing much needed fiscal social programs, climate change investments, jobs, and now accelerating inflation. Biden reveals what’s really behind the negotiations with Manchin and Sinema. Dr. Rasmus next discusses the causes behind the current supply driven inflation and predicts prices will continue rising well into 2022. And the US economy will continue slowing in the closing months of 2021. Stagflation (both inflation and weak jobs recovery) is the condition of the moment. Dr. Rasmus warns events in China’s property markets, with defaults at Evergrande and other developers, now inevitable, bear close watch. Is what’s happening in China housing the beginning of the next ‘subprime mortgage’-like global financial crisis?

Dr. Rasmus discusses his article, published last Monday, ‘The Great Strike of 2021’. Why are 5 million US workers not returning to work? Rasmus explains why and how they’re coping ‘withholding their labor’ as the economy reopens. It’s a strike wave of the lowest paid and most abused US workers. Signs their strike example may be spilling over to union workers now striking as well. Rasmus compares the 2021 strike wave with the last strike waves of 1970-71 and 1945-46. (Check out his blog, http://jackrasmus.com for recent articles on the subject).  In the second half of the show the current escalation of inflation is discussed. Why Biden’s recent measures to put LA ports on 24/7 work schedule will not have much affect. Why the capitalist global supply chain is in chaos and why supply-driven inflation will not be temporary but continue well into 2022. Rasmus explains ‘stagflation’ likely coming, as US GDP and economic recovery is faltering 3rd quarter 2021 while inflation continues to escalate.

Dr. Rasmus takes on three important economic announcements in past 2 days to explain what’s behind the hype. Is the Debt Ceiling really an issue? Why not. So why is hyped in the media and in Congress that it is? What is history of US deficits & debt run up from 2000 to 2020. What does debt & debt ceiling have to do with ensuring US economic empire? Next: the just released jobs report for Sept and why recall of pandemic jobs has now ‘hit a wall’. Real reasons why US workers not returning to work. Is this the ‘great strike of 2021’? Next: What’s happening to Biden’s Build Back Better bill and why is it going to be cut from $3.5T to less than $2T? Next: Announcement of global minimum 15% corporate tax agreement. Why US Senate will use it to cut domestic US corporate taxes next year from Biden’s proposed 26%.

 

 

 

 

 

 Dr. Rasmus describes this past week’s latest maneuvers within the Democratic party with regard to the Infrastructure, Reconciliation & Debt Ceiling bills. Pelosi’s reneging on agreements with the party’s progressives this past week and what it means. Rasmus explains the evolution of Progressives’ positions since last March, agreements made this past July, and why Pelosi has decided on separate votes for Infrastructure and Reconciliation bills. Why the debt ceiling, passed yesterday, was never an issue and why the US can never default on its bonds. The party’s corporate wing strategy to pass Infrastructure and slash Reconciliation. Manchin’s ‘secret memo’ of July and positions. Likely scenarios ahead by Pelosi-Schumer to pass the Infrastructure bill and reconstitute the Reconciliation bill. Why progressives will get outmaneuvered again. The lack of additional economic stimulus amid the slowing of the US economy. The show concludes with comments about the continuing problem of Evergrande to the global capitalist financial economy.

Dr. Rasmus reviews the key economic events of the past week. 1) China’s growing ban of Crypto currencies and what’s behind it. Also, the Evergrande Corporate Bond default feared by US professional investors and why they are concerned 2)the Fed’s decision to continue injecting $120b/mo. in free money to bankers and investors and not to begin raising interest rates until middle of 2022. US stock markets surge on the news 3) the status of the negotiations within the democratic party’s corporate wing v. progressives on the two pending fiscal stimulus bills—the infrastructure bill $550B and the $3.5T Reconciliation bill. Rasmus predicts how they might get it passed, at a much reduced level of total spending. Why the democratic party’s corporate wing keeps calling the party’s shots on spending and tax policy to protect its wealthy capitalists.

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