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Monday, January 22, 2018

The current system of having money created by private banks as interest-bearing debt is unnecessary and dangerous. The industrialists and economists of the classical period of capitalism, the producers of things for profit thought that the proper role of banking and credit was to be a service for the productive sector of the economy. Every society should understand the danger when that relationship is reversed, as it is today. Understanding how money works, in Modern Monetary Terms (MMT), makes visible why it's entirely unnecessary to figure out how to "collect" money for social programs, and why it's absolutely necessary to surtax the wealthy. It also implies that any minimum income program requires what should be a maximum income policy as well. Taxes do not fund government spending. MMT is not well understood at all, and most people, including capitalist economists, fall back to the taxes-for-spending paradigm that is completely wrong. read more

SCOTUS has done this before. Millions of Ohio voters have tried to vote on Election Day over the past four presidential elections, only to find they were no longer registered to vote. GOP secretaries of state have become experts at the game of selective purging. In 2004, then-Secretary of State J. Kenneth Blackwell, stripped some 309,000 voters from the rolls and nearly all came from heavily Democratic cities, Cleveland, Cincinnati and Toledo. In Cleveland 25% of all voters were removed from the voting rolls. Nine "Justices" have just heard oral arguments in the Ohio voter registration case. If their decision goes with Secretary of State Jon Husted, it will mean Republicans throughout the country can scrub from the voter rolls millions of citizens merely because they might vote Democrat. This is a country where Attorney-General Sessions fought for state's rights to prevent racial integration but is now overriding the decision by some thirty states to legalize marijuana. read more

Sunday, January 21, 2018

The Sixth Extinction began at the end of WWII. The planet is warming, glaciers are melting, the ocean is rising, species are dwindling, the threat of nuclear annihilation is real because we know that there have been hundreds of instances of false alarms of an imminent attack in the USA and probably more never reported in Russia. While the military failings are catastrophic events, background radiation from this nuclear industry and exposure to thousands of unnatural products from the chemical industry may do humanity in. Noam Chomsky talks about our hopes and fears, congratulates "Democracy Now" for their remarkable success and reminds people of the social progress which has been achieved during the last century, particularly for women and reminds them alone there is little you can do to make the world a better place, but together the common good can prevail. read more

Friday, January 19, 2018

The idea of annulling debts nowadays is so unthinkable that economists and theologians doubt whether the Jubilee Year could have been a common practice. Instead of causing economic crises, these debt jubilees preserved stability in Near Eastern societies. Economic polarization, bondage and collapse occurred when they stopped being proclaimed. Royal debt jubilees freed society from debt bondage, without liberating slaves. Debt jubilees also returned the land or crop rights that debtors owed to creditors. This enabled families to resume their self-support on the land and pay taxes, serve in the military, and provide free labor on public works. Commercial "silver" debts among traders and other entrepreneurs were not subject to these debt jubilees. Rulers recognized that productive business loans provide resources for the borrower to pay back with interest, unlike consumer debt. This was the contrast that medieval teachers later would draw between interest and usury. read more

Thursday, January 18, 2018

Don't forget to wear a wetsuit, its cold out there.



We live in a neoclassical era. An important criteria which distinguishes neoclassical economics from classical economics is that the classical economists sought to tax "passive (unearned) income" at a higher rate than "earned income" in order to prevent grotesque inequality. Passive income includes rent, interest charges, capital gains. I rank production above finance because the first is earned and the later is unearned, by which I mean it is earned while sleeping. If tax policy fails to distinguish these two methods sooner or later landlords and owners have everything, as easily observed in Monopoly. This is the mathematics of compound interest, which is driving this country and the world into unsustainable debt. Student debt $1.5 trillion, credit card debt $1 trillion, housing debt $13 trillion, automobile debt $1.2 trillion will never be paid. The only question is when is the next crash.

You speak in generalities, without any concrete examples. Your ideology shines through.

Why don't you present a retort? For example, the State run Bank of North Dakota is a better example of how to operate banks than the Federal Reserve and Wall Street can ever be, because, unlike Wall Street and the Federal Reserve they have a track record of honesty, profitability and solvency, without any bailouts. They are a socialist institution, invented to protect the public against the invasion of the railroad tycoons. Or argue against Lincoln's assertion instead of changing the subject and declaring a fake victory?

hatter is correct.

madbomber drinks the majority kool-aide which is bunk when he says: "they desperately need the rich in order to achieve their ideological goals"

According to our Constitution, our Treasury Department can and should issue all currency and back all loans. This is exactly how the State Bank of North Dakota operates, in cooperation with private Banks. That Bank returns about 17% profits to the State Treasury every year. There is no need for private operators to control the money supply, a situation that was constructed in secret by JP Morgan and a few friends which gave us the Federal Reserve System we now have. This is a Royal Scam. A few players are pocketing the equivalent of that 17% profit (from the money supply) in exchange for doing nothing except keeping a ledger of their profits.

There is no reason whatsoever, for any private person to control a nations money supply. The Federal Reserve is portrayed as a quasi Government Agency, but it is constructed in such a manner that only looks out for its private stockholders. The problem is it would now take an act of Congress to correct this outlandish situation. The EU is in the same pickle, engineered by the same private interests, but not Iceland, China or Russia.

The real purpose of taxation is to prevent grotesque inequality. There is no need for the CBO to estimate tax revenue and base spending decision on that number. Most on the left and right do not understand this, including Sanders and especially Ryan. Every sovereign Government with a Central Bank has the means and the right to generate as much money as they need to do whatever they want. We demonstrate that during the wars and the 2008 bailout. The limit to this fundamental principle is really just that the money supply needs to be kept in line with real productivity. When you commit to a policy like this you create a positive feedback loop of enough capital, wages and confidence to achieve perpetual prosperity. So why doesn't it happen? The rich fight it because they do not want to pay taxes. All we need is the political will.

The Generals are Running the White House

Trump is surrendering his presidency to the GOP and the Military-Industrial-Congressional-Complex" (MIC ). McCain and Graham have long opposed Trump's attempts to shift US foreign policy to be more Russo-friendly. Meanwhile, American and Russian astronauts shake hands routinely on the International Space Station. Like Hillary, McCain and Graham also reacted with horror to Trump's campaign criticisms of NATO's eastward thrust, the power transformation in the western Pacific, Syria, Iraq, the Middle East altogether.

In spite of all the "Russia-gate" and collusion talk, Trump has been shifting US foreign policy in a more hawkish and militarized position. Trump officials confirmed export of Model M107A1 Sniper Systems, ammunition, and associated parts and accessories to Ukraine have been approved. These weapons were rejected by Obama who saw the sale as a needless elevation of risk in the Russo-Ukrainian conflict.

Boss Tweet is now on the verge of approving and entrenching the engineering of new SLBMs and ICBMs, the new Bomber, a new missile launching nuclear submarine, a new nuclear cruise missile, a whole panoply of new nuke-hardened space-based C3ISR systems, a new family of nuclear warheads, the addition of precision guidance to the B-61 "dial-a-yield" bomb, a massive modernization of the nuclear lab infrastructure, and much more. Once the political engineers are done spreading the nuke contract dollars to most, if not all, congressional districts, the whole program will be locked in for up to 50 years.

Both Moscow and Beijing are bound to respond, launching a second cold war, trilateral no less.
Trump can eat all of the Big Macs he wants, release his inner Klansman to his heart's content, amuse himself by watching "Fox & Friends", and enrich his family, so long as he plays ball with "his generals", the Koch Brothers, Wall Street, Big Pharma and the rest of the One Percenters.

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