> Bei einer einheitlichen Niedriglohnschwelle für ganz Deutschland von 9,19 Euro Brutto pro Stunde, fallen sogar 6,8 Millionen Beschäftigte bzw. 22,4% aller Beschäftigten unter diese Niedriglohnschwelle. Besonders gravierend 40,1% der ostdeutschen Beschäftigten verdienten weniger als 9,19 Euro Brutto die Stunde. < 
> Grundübel im Niedriglohnsektor und speziell im unteren Stundenlohnbereich sind die Minijobs. Sie machten 65,8% der Beschäftigungsverhältnisse mit einem Stundenlohn von unter 5 Euro Brutto aus, hatten aber nur einen Anteil an der Gesamtbeschäftigung von 7,1%! <
Aber auch Vollzeitbeschäftigung ist keine Garantie für gute Löhne. Denn immerhin sind 23,8% der Beschäftigten, die weniger als 5 Euro pro Stunde verdienten, Arbeitnehmer in Vollzeit.
Trotz voller Arbeitszeit verdienten sie nicht mehr als 800 Euro Brutto – ein Skandal und sicheres Indiz dafür, wie dringend auch Deutschland Mindestlöhne bräuchte! Unter den Beschäftigten, die weniger als 7 Euro Brutto Lohn pro Stunde erhielten, beträgt der Anteil der Vollbeschäftigten sogar schon 45%!
> Zum Vergrößern bitte die Grafik anklicken! Dieser bittere Report räumt auch gleich mit einer weiteren Schimäre auf. Auch eine gute Ausbildung schützt eben nicht vor Billiglöhnen! Der Anteil der Beschäftigten mit einer abgeschlossenen Berufsausbildung stieg auf unglaubliche 70,8% im Jahr 2007, nach 58,5% im Jahr 2005! Nimmt man die Beschäftigten mit einem akademischen Abschluss hinzu, hatten 2007 vier von fünf Niedriglohnbeschäftigten in Deutschland eine qualifizierte Ausbildung. <
> Destatis gab für 2006 an, dass 49,2% der atypisch Beschäftigten einen Bruttostundenlohn unter der Niedriglohngrenze erhielten. Der Anteil der Beschäftigten die einen Niedriglohn in Deutschland erhielten, lag bei 20%! Von den Niedriglöhnen waren auch vor allem die geringfügig Beschäftigten (81,2%) und die Leiharbeiter mit einem Anteil von 67,2% betroffen. <
Quick Take:
The grey bar divides Friday and Monday's trading. As I described on Friday, the primary dealers and the bond market love to sell off treasuries a day or week before treasury auctions because they are able to pick up treasuries on the cheap during the auctions.
Once the auctions are completed with a strong bid to cover ratio(BTC), treasuries soar as the market breathes a sigh of relief that the auctions got done.
Like clockwork, the auctions of course went smoothly today:
The primary dealers will now sell off the bags of treasuries that they picked up on the cheap at a much higher price and make a sweet profit on the spread.
The reason I say the markets were gamed here is because there was no reason to see such volatility in yields over the last few days.
The moves in TNX are greatly exaggerated IMO versus what the market has done the past few days. For example: There was no sell off in the markets today so yields shouldn't have collapsed as violently as they did.
On the flip side, Friday's move was strong, but the violent sell off in treasuries was way overdone versus the up day in the market.
This is a classic example of Bond market manipulation. If you want to try and take advantage of Wall st's games via a trade, I would suggest shorting ticker TBT before the treasury auction results are announced if you see yields rise sharply the day before the auctions.
Many think that it's very bearish when the primary dealers get stuck with 50-60% of a treasury auction. Ummmm...Think again. They are making a fortune as long as the game above continues to work like a charm.
As long as the BTC ratios stay in strong, the bond market is a goldmine for the PD's. If they BTC's start to slip(like I eventually believe they will) then the PD's are going to be in deep trouble. Until then, all is good!
Meanwhile as Wall St makes a fortune on this collapse, Rome continues to burn as J6P continues to suffer as they lose their jobs and houses at a record pace.
U6 on unemployment is nearing 20% as the economic crisis continues to deepen. It was reported over the weekend that California has an official unemployment rate of 11.9%.
The Bottom Line
I personally find it disgusting that Wall St is making billions at a time when the taxpayer is stuck paying off the tab for their mistakes.
The fraud continues to roll on!
I mean think about the enormous bailouts that we have been stuck with as a result of Wall St's greed: AIG, Fannie, Freddie, TARP...Need I go on?
Why is Congress not forcing Wall St to use their massive profits to help payoff the trillions in debt that they stuck the taxpayer with? It's going to take us generations to pay this nightmare off.
I know I know....Keep Dreamin... Like that's ever going to happen. I can hardly wait to read about the billions of $$ in bonuses that Wall St will dole out to themselves at the end of the year as a result of their games.
It just goes to show you that Washington DC is bought and paid for by Wall St.
The pigmen get bailed out at the expense of the taxpayer and they then rape us again by using the TARP money to game the markets once more in order to pay themselves more billions. I never thought I would see such a thing in this country.
America is rapidly becoming a two class system: The Oligarchs and the Serfs.
Republicans want reform that should, first, do no harm, especially to our seniors. That is why Republicans support a Seniors' Health Care Bill of Rights, which we are introducing today, to ensure that our greatest generation will receive access to quality health care. We also believe that any health-care reform should be fully paid for, but not funded on the backs of our nation's senior citizens.Somewhere Peterson's minions Robert Bixby of Concord and former GAO Controller David Walker (now CEO of the PGP Foundation) are sitting pole-axed. Their message was pretty simple, in large part because it is mostly correct, this country cannot afford for Medicare and Medicaid costs to accelerate as they have. Their solution which involves slashing Medicare while not doing much for the rest of health care is not in my view correct, the solution has to be more broad-based. But that portion of Steele's op-ed bolded by me is in effect the anti-Peterson message. He and his have spent decades trying to drain the juice out of the Third Rail of American Politics and now Steele with his Don't Tread on Senior Citizens flag is serving to amp up the current in that Rail.
The Republican Party's contract with seniors includes tenets that Americans, regardless of political party, should support. First, we need to protect Medicare and not cut it in the name of "health-insurance reform." As the president frequently, and correctly, points out, Medicare will go deep into the red in less than a decade. But he and congressional Democrats are planning to raid, not aid, Medicare by cutting $500 billion from the program to fund his health-care experiment. The president also plans to cut hospital payments and Medicare Advantage, all of which will mean fewer treatment options for seniors. These types of "reforms" don't make sense for the future of an already troubled federal program or for the services it provides that millions of Americans count on.
> Die Auftragseingänge in der Eurozone sinken im Juni 2009 um -25,1% im Vergleich zum Vorjahresmonat, nach -30,3% im Mai! Die prozentuale Verbesserung spiegelt aber auch den niedrigeren Basiseffekt wider, denn bereits ab März 2008 schrumpften die Auftragseingänge drastisch. <
> Der saisonbereinigte Index der Auftragseingänge in der Eurozone seit Januar 1995. Im Juni 2009 steht der Index bei 86,0 Punkte. Das Tief seit September 1999 wurde im Vormonat Mai mit 83,5 Punkte markiert! Das Hoch lag im Februar 2008 bei 125,77 Punkten. Der Index der Auftragseingänge in der EU27 dümpelt mit 86,5 Punkten weiter direkt am Tief von 86,4 Punkten aus dem April 2009 herum! <
> Die Industrieaufträge in den einzelnen Mitgliedsstaaten. Zum Vergrößern bitte die Grafik anklicken. Quelle Daten: PDF Eurostat.ec.europa.eu <
Das sieht genaugenommen alles anders als wirklich positiv aus, nur in der Eurozone wurde erstmals die Abwärtsbewegung gestoppt, ob daraus eine Trendwende entstehen könnte - ist nichts anderes als eine positivistische Spekulation.
Die USA hat laut Census Bureau mit einem Einbruch von -26,7% im Juni 2009 der Industrieaufträge (New orders for manufactured durable goods), den 10. Monat in Folge, im Vergleich zum Vorjahresmonat zu kämpfen.
absolut sehenswerter Beitrag von 3SAT - "Kulturzeit":
"Fakt ist: Madoff hat nur die Logik des Systems bis zum Äußersten getrieben!....Wir sind Marionetten eines Systems, gehalten an den unsichtbaren Fäden kapitalistischer Propaganda." Slavoj Žižek, slowenischer Philosoph und Psychoanalytiker
..."Wir dürfen nicht einfach in dem Zug der Geschichte mitfahren. Wir müssen die Notbremse ziehen, bevor wir an die Wand fahren. Das müssen wir uns bewusst machen: Es hängt alles von uns ab."
Kontakt: info.querschuss@yahoo.de
Today I plan to rant just a bit about consumption because I was reading Yves Smith’s article today, and she referred to “debt-fueled consumption” – the now pejorative phrase that just rolls off the tongue. She says:
“no where does the article [referenced WSJ article in her post on the consumption share] acknowledge that the consumption level was unsustainable and debt fueled.”
And this is where I get just slightly irked, because it seems to me that the phrase “debt-fueled consumption” strikes the following chord: every American household was loading up on home equity debt just to buy big ticket items like Hummers and large sofa sets with cup-holders galore from Jordan’s Furniture (a discount furniture shop in the Boston area – generically, every city has one)."
I am sure that Yves Smith knows this, but the debt-fueled consumption was more likely paying surging health care bills than buying cute kitchenettes.
(charts are fixed...update rdan)
Myth 1: The years of debt-fueled consumption went into goods spending, jumping the consumption share of GDP to an excess of 70%.
Update: large edition of graph here.
Reality: The goods share of total consumption has been falling quite dramatically, while the service component surged. Therefore, it is more likely that the debt fueled consumption was going predominantly into the service component (paying service bills).
In Q2 2009, 25% of service spending went to health care – outpatient services (physician, drugs, dentist) or hospital and nursing home services - and 29% of service spending went to housing and utilities – rent, water, electricity, and trash. As such, over 50% of service consumption is more likely to remain stable, even rise faster, with the Boomers out there.
And as for the speculation that workers are postponing retirement due the drop-off in wealth, and consumption will be meager into the medium term, I simply don’t buy it. If anything, the aging population is going to fuel recovery – no matter when they choose to retire. Service sector consumption growth – much of it based on health care consumption - will simply become a larger share of GDP growth (cutting out autos, perhaps), and pick up some of the slack.
And here’s another thing. Myth 2: durables consumption – i.e., autos and furniture – are important contributors to the initial stages of the recovery. It helps, but service consumption is the biggie.
Update: enlarged chart is here
The chart lists the average contribution each GDP component during the initial year of recovery spanning the 1950-2007 (nine recoveries in total).
Reality: The average growth accumulated during the initial stages of recovery (1-yr following the recession’s end) following the last nine recessions is a remarkable 6.43% (consensus forecast for growth in 2010 is currently 2.3%). Only 0.47% of that came from durable goods. A huge 1.67% of that stemmed from the service component of consumption (again, health care and housing).
And as long as service spending rebounds, so too will the economy – even without a big pickup in autos. Inventories are almost a foregone conclusion, the residential construction sector is bound to pick up – 500-600k units is simply unsustainable for a US population that is growing at roughly 1% a year, and growth rates on such a small base can be large.
And here’s another link to jobs that has not been incorporated to many forecasts – growth in jobs means new health care insurance, means added spending on health care.
I could go on, but I won’t.
Rebecca Wilder
Zachary Karafool
I was wondering how Zachary Karabell could get published in the Wall Street Journal and Newsweek.
After all, what kind of fool would write something like this, as he did in Newsweek:
“This is the new world of global business, one in which the U.S. becomes simply a market among markets, and not even the most interesting one. IBM is one of the multinationals that propelled America to the apex of its power, and it is now emblematic of the process of creative destruction pushing America to a new, less dominant, and less comfortable position.”
Not a patriotic American, that’s for sure.
Then I read Karafool’s Wikipedia page and learned that he is a member of the Council on Foreign Relations.
Now it all makes sense.
Karafool is a mouthpiece for our overlords. And he is delivering their message:
“Listen up America: your jobs are being moved to Asia and they ain’t coming back. You are being demoted. You should cheer IBM’s fabulous profits, but they will not hire you, and you will not be able to afford to buy their stock and collect dividends because you will be working at Wallmart for minimum wage selling goods made in China. This is our grand plan for America. Get used to it.”
And you know what? America is getting used to it. The USA is in the process of abdicating its position of global super power.
ECRI WLI:
BDI:
CRB
Airstrike on Iran:
California default before Dec 2010:
