Tag Archives: political economy

ILA Featherbedding

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Railroad unions are pikers here.

[T]here were 50,000 or so ILA strikers but only 25,000 or so port jobs. That’s right, only about half of the union’s members are obliged to show up to work each day. The rest sit at home collecting “container royalties” negotiated in previous ILA contracts intended to protect against job losses that result from innovation.

This ILA monopoly abuse is aided and abetted by Progressive-Democrat President Joe Biden. Biden, far from invoking Taft-Hartley, which he doesn’t believe in, openly made his own extortionate threats against management:

President Biden had threatened the United States Maritime Alliance (USMX) with legal action this week if it didn’t give in further to union demands. “My Administration will be monitoring for any price gouging activity that benefits foreign ocean carriers, including those on the USMX board,” he said in a statement. This was a direct threat to Maersk and other ocean carriers if they added a surcharge because of the disruptions from the ILA strike.

Keep in mind, too, that this was just for the precondition the ILA demanded in order for the union to agree to negotiate at all. The union will be back with its still-open strike threat on 15 January. And to hell with the rest of us Americans:

Mr Daggett [the ILA MFWIC] was happy to put countless truck drivers, warehouse employees, retail clerks, and auto workers out of work so he and his “connected” members can buy another yacht.

This is what a Progressive-Democratic Party-dominated Federal government will do to all of our economy and to us American citizens’ right to work and to choose for ourselves whether to join a union or not—and to keep all of our paycheck if we choose to not join a union.

The Utility of Automation

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The International Longshoremen’s Association is demonstrating that, in spades, with its strike and its intent on inflicting maximum damage to our nation and our economy. Here’s the ILA MFWIC, Harold Daggett:

We’re going to show these greedy bastards you can’t survive without us!

Pretty nice business you got there. Pay up, suckers.

People are going to sit up and realize how important longshoremen jobs are. They won’t be able to sell cars. They won’t be able to stock malls. They won’t be able to do anything in this country without my f—ing people.

Automation will make such threats to business’ ability to function at all destructions of the past.

In today’s world, I’ll cripple you[.]

That’s Daggett’s response to speculation that the Biden/Harris administration might invoke Taft-Hartly to force the union workers back to their jobs. In the process of crippling our nation, he’s said he’d include slow-walking every step of every task.

Oh, and robots won’t hold out for a 77% pay raise as a precondition to entering into any negotiations at all.

The sooner this union is replaced with automatic facilities at the docks, the better off we’ll all be—including those dockworkers.

Biden-Harris Helene Failure

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Regarding the damage done by Hurricane Helene and recovery efforts by those concerned: don’t count the Biden-Harris administration among those concerned. Cynical Publius noted on X:

This is unbelievable.
XVIII Airborne Corps is located on Fort Bragg (I refuse to call it by that other woke name), a mere 268 miles from Asheville and the worst flooding areas of this Biblical-level tragedy.
The Corps’ capabilities include:

-Extensive medium and heavy lift rotary wing aircraft.
-A theater sustainment command with incredible capabilities for delivery of food, potable water, fuel and construction materials.
-A medical brigade with Level III surgical capabilities.
-An engineer brigade with robust heavy construction assets.
-A military police brigade that can provide traffic control and assist local LE.
-An Airborne Infantry division that has routinely supported disaster relief in years past.
-A world-class command, control and communications HQ capability to make it all work.

NONE OF THAT has been ordered to assist civil authorities? NONE OF IT??????
Fort Bragg has routinely supported domestic disaster relief for DECADES—Katrina, Homestead, you name it.  Hell, I myself have a Humanitarian Service Medal for support to Hurricane Fran relief out of Bragg.
Now we can’t do anything for an epic disaster in the SAME FREAKING STATE?
WTF, over?
This goes beyond mere negligence.  It must be malicious.  Perhaps Kamala and Joe don’t want NC’s rural GOP counties to be able to vote on November 5th?
This is an abomination, and one of the worst derelictions of Presidential duties in US history.

He posted in response to this, in which we have Progressive-Democrat President Joe Biden’s cynical (there’s no reason to believe it’s merely ignorant) claim, quoted from a C-SPAN clip of a reporter’s question and Biden’s response (see the clip itself at the end of the post):

Biden on Hurricane Helene:
Reporter: “Do you have any words to the victims of the hurricane?”
Biden: “We’ve given everything that we have.”
Reporter “Are there any more resources the federal government could be giving them?”
Biden: “No.”

The expression on Biden’s face shows how proud he is of this (lack of) effort.

Hugh Wang added

And a little further east is Camp Lejune and cherry point. II MEF [Marine Expeditionary Force] with an entire Marine Air Wing, trucks, engineers, etc.

This is beyond disgusting.

Government “Influence” over US Industry

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The headline says it all:

Harris Puts Government Intervention at Heart of Economic Policy

And this:

Her plans are largely an extension of Biden’s yearslong effort to use government tools and finances to boost key sectors of the economy. The approach, known in economic parlance as “industrial policy,” is also increasingly supported by some Republicans, who have relaxed their free-market convictions….

Harris’ policy proposals are reminiscent of 1930s Italy and modern-day People’s Republic of China. Too many Republicans are going along with this sort of degradation of our economy.

Borrow More and Spend More

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The People’s Republic of China economy is continuing its malaise and apparent downward spiral from falling prices and its festering real estate crisis. International trade tensions aren’t helping.

A solution:

The central government in Beijing needs to borrow and spend more to drive up growth and inflation, he said, and should give its local counterparts more freedom to use their borrowing quotas to support consumption.

“He” is Julian Evans-Pritchard, Singapore-based Capital Economics‘ Head of China Economics. He doesn’t, however, suggest from whom the PRC should borrow.

The population of potential lenders includes the good citizens of the PRC, who are reluctant to lend any further, having been burned by their own borrowing into that real estate market, and whose pullback is feeding that problem. Lenders include those who might lend to those local counterparts who already are not consuming the yuan already borrowed. More room in those local borrowing tills seems scant, and those potential lenders already are debt-strapped on their own. Lenders also include international buyers—individuals, businesses, and governments—of the various PRC government debt instruments. Those instruments already issued have lost and are continuing to lose market value to the detriment of those current lender/holders; this drives up the interest rate the government must offer on new issues, which increases the cost of that borrowing. After a point those increasingly elevated interest rates become prima facie evidence of the current and increasingly risky nature of those instruments.

Evans-Pritchard also doesn’t seem to recognize the inherent weakness of borrowing based on declining value asset collateral—which is what borrowing for consumption is.

It all adds up to the foolishness of Modern Monetary Theory, the theory that money is leaves on an infinite tree. What the People’s Bank of China has done—offering 500 billion yuan in loans to funds, brokers, and insurers to buy Chinese stocks; putting up another 300 billion yuan to finance company share buybacks—is just the first step of pulling leaves off that tree. To be sure, cutting its benchmark interest rate and lowering bank cash reserve requirements, which the PBOC also has done, ordinarily is a standard central bank move to stimulate economic activity, but when they’re done on concert with those other moves, they lose their stimulative effect and just become the sharp sugar high before the crash. The end result of this will be yet more borrowing, but this time from the futures of the PRC’s current children and of their children’s children—whose generational sizes are shrinking.

There are lessons here for us, were our politicians interested in learning them.