The jars is the name of the male goose, which is a little left-handed animal that is brought to the fields after the harvest to feed it with the remains of fallen grains from the harvester.
He stands guard like the geese of the Capitol.
And in the end you twist your neck to make a roti and a delicious foie gras.
But JARS is also an acronym.
Among cynical economists (and Americans) this represents those who are “Just Rich enough to survive”
They are the new poor of the welfare state whose nets are just tight enough to avoid putting them into desperate acts.
This is due to refinement in cruelty. As if we were struggling to keep your head just out of the water at the limit of despair but without ever respite. Without ever resting.
But it is also a dangerous game that is played at all levels of society (except perhaps the last two). It goes from the worker whose job is condemned but who cares, he is asked to take charge for once …
To the family of “rich” to whom there remains 30 € on the bank account at the end of the month once paid the rent of the pavilion, the gasoline of the car, the races, clothes of the children and taxes …
There is the pensioner who is too rich (this is not going to last) …
There is the artisan who is “privileged” to such an extent that one does not care to pay him his just retirement nor to solve the problem of the nuisance of the RSI ( Social Regime of the Independents ).
So of course, we say that the problem must come from us … or from fatality.
But no, it’s entirely deliberate .
Oh, it did not come to them at once. It is a long construction that has its roots since the end of the Second World War.
Closer to home, Societe Generale Albert Edwards’ investment bank economist saw the blow come from afar. From 2010 he published a long article entitled “Au Vol” where he denounced the spoliation of the middle classes … What was then a preduction occurred and it comes back today with evidence and a new prediction. This is what we call an unconventional economist. I translated some of the text below. This is collapse . As hard as it is, I have no better plan than to confront it – and who knows perhaps we shall find salvation there:
I learned that a parking space in Hong Kong had just been sold at a record price of 664,000 US dollars.
Monetary madness rotates asset prices . The proofs are all around us for little that one deigns to look.
What about the 100-year-old Argentinian bonds that attracted 3.5 times more subscribers than expected? What is certain is that everything is bought and everything is sold … Even the debt of one of the most regularly failing countries in history. But what worries me the most in this story is that this issue was made at the request of the investors (reverse worries).
Is it me or is there an echo of the 2008 crisis? But everyone does not care if the party continues with rage and investors, drunk with easy money, remain blind to the inevitable catastrophe that stands before them.
There is much anger rising from the street: recent elections are a clear proof of this. Even in France where investors are comforted by the (absolute?) Coming to power of a “moderate”, it must be remembered that the two great established parties were decimated by a man who had never yet competed Election! It is perhaps even more radical than the victory against Trump, which remained under the umbrella of the Republican party. The world political situation is incredibly fluid and unpredictable.
A furious electorate has poured out its repressed anger on the political parties of the establishment … But the object of their rage is badly chosen. I am not entirely alone in thinking that the central bankers, who are no more elected than accountable, are primarily responsible for the poverty of the workers and they will be held accountable as a last resort to the Next crisis.
Immediately after the crisis of 2008, politicians cleverly referred the anger of their citizens to the perfect scapegoats that were “bankers.” After 8 years of economic slump, this excuse is no longer hold and politicians themselves are caught in turmoil. But revolutionary citizens will soon turn, I think, towards the real responsible in my opinion for their misery.
We explained in January 2010 in a note entitled “Au Tholeur! How the US and British central banks were complicit in the theft of the middle classes . How the US and UK central banks had allowed the huge real estate bubbles preceding the Global Financial Crisis (GFC) to make up for the rapid increase in income inequality in these two countries.
The rapid rise in real estate prices made it possible to maintain the illusion that they were getting rich despite stagnant real incomes and that they could continue to consume thanks to the value created by their home. But we know well the party has finished!
Since the GFC, central bankers – by mutual agreement – have spent the last decade pushing the pace of monetary creation to new extremes trying to drown the world economy in liquidity while justifying their action through Plausible theories such as “secular stagnation”. But the central bankers do not at all envisage that it might as well be their easy money and their zero-rate policies that are actually responsible for this stagnation accompanied by an explosion of wealth inequalities at intolerable levels.
Yellen and others will inevitably be sacrificed on the altar of political deceit when citizens’ rage will explode.
Edwards then goes on to justify why his 2010 prediction took so long to realize and still predicts that we can not avoid a total collapse of the system:
My bitter predictions of 2010 proved to be premature (as usual). It took another 7 years of economic stagnation and enrichment of the wealthiest workers to beat down workers because of the policies of the central banks so that the patience of the ordinary people is exhausted in the most visible way in the American elections and British. This rage is in no way diminished , as Bill Gross had predicted, the system is making.
Alongside the Anglo-Saxon turmoil, the elite of the Eurozone blows after the defeat of the far right parties in the last French and Dutch elections. They hope that the wave of extremes will ebb, at least in continental Europe . This belief is unfounded in my opinion and the rising revolution will devour many victims among the elites and politicians before the end, and in particular the central bankers themselves.
As a last resort, all that matters are inequalities and once again it is the central bankers who are responsible:
Mine of nothing, we all know that wealth gaps have widened due to central bank EQs and easy money . Although we can all see and feel it, it is reassuring to encounter formal proof:
This week, the UK think tank UK Resolution Foundation published a rogue report on increasing inequality in the UK (this think tank is headed by David Willets, a former British MP who is among the most thoughtful and best known during his Parliamentary assembly under the sobriquet of “two-brains”). The report concludes that the increase in inequality is mainly due to the collapse in the number of owners since the 2008 crisis and has never been so low in 30 years .
Like so many economic commentators, the Resolution Foundation stops in the middle of the ford – because the low number of owners is not the problem in itself: it is the QE that push up the prices of dwellings that no longer belong to Those who inhabit them! In addition, zero rates have favored rental investment, thus reducing the ownership market . While the number of homeowners in the UK is at their lowest for 30 years, the United States is following the same path and seeing the number of owners plunge.
At least, before 2008, the Anglo-Saxon workers had the illusion of wealth thanks to their rapid access to property and the rise of real estate. Even this illusion has disappeared for those who are now referred to as the “tenant generation” . In the United States, there is still a man on the ground where rents are rising faster than inflation since 2008.
If things go wrong in the United Kingdom, the generation renters is even more affected in the United States by the surge of rents … It is not surprising that the “JAM” – acronym of Just About Managing – revolt. The French equivalent of JAM would be “JARS, Just Rich enough to Survive”
The article is still much longer but the essential point is that it is a matter of time before the population realizes that it is not politicians but monetary policies. But how long? The answer is simple: as long as the stock markets continue to rise, everything will go well: everyone does not care if the party continues with rage and investors, drunk with easy money, remain blind to the The inevitable catastrophe that stands before them. That is why the Fed will do its utmost to keep markets up. So is his existence. And then, as a last resort, they’ll wear Trump’s hat.
In other words, when all this happens, the native rascals will probably have no choice but to hire the pitchforks they brandish …
From the article by Albert Edwards:
It is the Central Banks that are responsible for the galloping wealth gaps in our societies. They have literally distributed silver trucks to the richest who have monopolized assets at any price: businesses, real estate … Even the price of parking places flies away. To the population there remains only the remains.
Investors see absolutely no crisis that stands in front of them “drunk” with all the easy money that falls on them.
The anger of the people does not fall and this will end in the street fingers in hand.
The next crisis will see the total collapse of the system.