Another day another industry the control of The One. This time its the tobacco industry and since they don't need a bailout, their being taken over via regulation.

I think we are going to need a new lexicon of economics in order to be understand what is happening.

I'll get it started, but feel free to add your own in the comments:

GNP: OLD= Gross National Product. NEW= Government Nationalized Production.

GDP: OLD= Gross Domestic Product. NEW= Government Dominated Production

B2B: OLD= Business to Business. NEW= Barack to Barack

B2C: OLD= Business to Consumer. NEW= Barack to control.

Prime Rate: OLD= The interest rate charged by banks to their most creditworthy customers. NEW= The percentage of stimulus returned to Democrats as campaign contributions.

Discount Rate: OLD= The rate at which member banks may borrow short term funds directly from a Federal Reserve Bank. NEW= The dollar value of pork barrel spending required to insure reelection.

Antitrust: OLD= Government policy for dealing with monopoly. NEW= Public reaction to the government running everything.

Bankruptcy: OLD= When a court judges that a debtor is unable to make the payments owed to a creditor. NEW= When The One gives control of a company to its labor unions.

Capital: OLD= Money or Assets put to economic use, the life-blood of capitalism. NEW= Also known as Washington DC where all business decisions are made.

Sovereign Risk: OLD= The risk that a government will default on its debt or on a loan guaranteed by it. NEW= The possibility that The One will cross the street without looking both ways.

Labor Theory of Value: OLD= The notion that the value of any good or service depends on how much labor it uses up. NEW= The notion that the value of any good or service depends on how much common stock labor unions own.

Posted by: Stephen Macklin at 09:14 PM | No Comments | Add Comment