10/05/10 Paris, France – Zombies on the march.
What’s going on in Ecuador? Nobody seems to know. The president says the police held him captive for 10 hours.
“Did not,” say the police.
Why would the police kidnap the president? Zombies. The Herald Tribune says they were annoyed by his “austerity plans” – reduced benefits, slower salary increases and so forth.
Who knows?
Meanwhile, Bloomberg has a report, telling us that nearly 3,000 millionaires have collected unemployment compensation:
According to US Internal Revenue Service data, 2,840 households reporting at least $1 million in income on their tax returns that year also collected a total of $18.6 million in jobless aid. They included 806 taxpayers with incomes over $2 million and 17 with incomes in excess of $10 million. In all, multimillionaires reported receiving $5.2 million in jobless benefits.
“It’s a larger number than I would have expected,” said Alan Viard, resident scholar at the American Enterprise Institute, a Washington research organization. “But, people at any income level can lose their jobs.”
“Hey, Bonner…what are you complaining about? They paid into the system, just like everyone else. They’re entitled to benefits, aren’t they?”
Hold on. We’re not talking about people breaking the law. Or people doing anything wrong. We’re just talking about zombification…in which you fully comply with the law…and begin standing in lines, filling out paper work…angling…chiseling…and getting something from the government. A special parking place…drugs…jobs…food… Then, once you get it…you don’t want to give it up. Look at what is happening here in Paris. President Sarkozy has proposed to raise the retirement age from 60 to 62. What happens? The zombies take to the streets!
PARIS (Reuters) – French families, students and private sector workers joined mass demonstrations on Saturday as trade unions ramped up pressure on the government to drop pension reforms.
Opposition to President Nicolas Sarkozy’s plan to raise the retirement age to 62 from 60 showed no signs of abating and hundreds of thousands across the country marched in the fourth round of rallies in as many months
Unions said that about 2.9 million had marched, while police said the crowds numbered 899,000. The union figure was about the same as at the last demonstrations on September 23. The police figure was slightly lower.
A survey published by French daily newspaper L’Humanite showed more than 70 percent of people backed the day of action.
“We won’t back down,” said Bernard Thibault, head of the powerful CGT union. “If the government won’t listen there will be further action.”
So far, dear reader, only we realize what is happening. Silently, slowly, stealthily the zombies are taking over…
Regards,
Bill Bonner
for The Daily Reckoning
Bill Bonner
Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America's most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily Reckoning. Dice Have No Memory: Big Bets & Bad Economics from Paris to the Pampas, the newest book from Bill Bonner, is the definitive compendium of Bill’s daily reckonings from more than a decade: 1999-2010.
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The master Zombies began in Washington DC.They stood in lines,down long hallways,filling out paperwork,angeling and chiseling getting something from the govt. They were called corporate lobbyist and what were they getting? Taxpayers money?So perhaps we have come fool circle!Everyone has their hand in someone elses pocket, look at it as circular bailout!
Hey Bill, Dows up to almost 11000,,, Are you buying in?
I took my UI payments for a total of 49k over 2 years, never imagined I would be on it that long. It felt a little too much like welfare but I kept remembering how they took a massive tax bite out of my buyout when I got laid off. I asked ‘can I split the buyout across two tax years’, answer no, ‘can I put it in my IRA or 401K’, answer no. So they taxed me at double my normal income for the year. Well I got it back and then some. And UI goes a long way without FICA, MEDI and state tax.
No I don’t feel guilty and I am no zombie. Happily retired now and collecting pensions. They might even extend those UI benefits again, who knows?! Waah!
It truly is “Night of the Living Handout”.
Re: Jobless aid to the rich. Disgusting. Do you know how many poor people were pushed out of jobs in ways that they do not qualify for unemployment while their wealthier bosses and managers work the system –er, excuse me, ‘negotiate’– for their own exit packages with unemployment benefits? Disgusting.
When zombies finally make up their mind to live in the 5-sided condo, then only the entire world feel the chill. Has the municipality issued CFZD (certificate of fitness for zombies’ dwelling)?
I am no zombie but I collected over 49k in UI benefits in the last 2 years. It started to feel like welfare but I figure I will take what the govt gives after they raped me in taxes on my buyout when I got laid off. They refused to spread the buyout over 2 tax years and would not allow it paid into retirement plans so I was taxed on double income that year. Well I got it all back and then some.
Bill – I think you are off the mark here. I have been on UI benefits for almost two years as well. Sure, I have collected some $25K per year. If I were employed, I would be earning around $150K. I cut my expenses a little, but I am obviously spending my retirement savings to survive. Do you really think I like sitting at home watching my savings shrivel?
Sure, there are people who would rather sit at home and game the system. They are always there gaming the system – good economy or bad economy.
Seriously paranoid much???
Nutty folk