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Department of Bust Out Profit Models and Vampiric Capitalism

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part Two, the Record Since 1930

In Part One, of a critique of the most important of "Fix the Debt's" reasons for "Why the National Debt Should Matter To You," I asserted that high debt levels haven't caused high unemployment in the United States, and that, if anything causation was in the other direction. I didn't want to disturb the flow of the argument there with a relatively lengthy survey of some of the numbers in the historical record since the 1930s. But let's test the idea that High debt causes fewer jobs and lower wages in the United States by looking at that record now. Read below the fold...

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part One, High Debt Levels and Jobs

I came across a post from the “Fix the Debt” campaign last month called “The Top Five Reasons Why the National Debt Should Matter to You.” It's a post full of debt/deficit lies that cry out for correction. That's what I'll provide in this series. Read below the fold...

letsgetitdone's picture

“Makers and Takers:” They're Projecting Again!

I found a segment on MCNBC's Up With Steve Kornacke show revealing for what it did not say. The segment started off with a clip from a Recent Town Hall of John McCain's. Senator McCain took a question from a woman who said, with more than a little emotion. Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part III, Doing Some Economic and Social Justice

The first two Parts in this series began answering the question “what would u have him do?” It arose in the context of a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith. A commenter, objecting to the criticism of the President's Knox College speech, issued the challenge in connection with the President's promised effort to restore prosperity to the middle class and the poor.

In Part I, “Necessary First Moves,” I offered and described two of these: ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves. In Part II, I offered a number of proposals aimed at getting to full employment.

These included: a full payroll tax holiday; a guarantee of annual entitlement spending without regard to “trust fund” balances; State revenue sharing grants of roughly $1600 per person; and a Federal Job Guarantee program establishing jobs in local communities at a living wage with full fringe benefits. This third and last part will offer proposals for doing some economic and social justice to begin to right the wrongs the neoliberal globalizing political/economic/ideological system has inflicted on the American middle class and those living in poverty. Here are the proposals. Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part II, Getting to Full Employment

Responding to a Post at Naked Capitalism by Michael Hudson with some additions by Yves Smith, a commenter, objecting to the criticism of the President's Knox College speech, issued the challenge ”What would u have him do?” in connection with his promised effort to restore prosperity to the middle class and the poor. In this series I'm giving my answer to that question. In Part I, “Necessary First Moves,” I offered and described two of these. Ending the filibuster, and using High Value Platinum Coin Seigniorage (HVPCS) to fill the Treasury General Account (TGA) with $60 Trillion in reserves.

The purpose of the first was to prepare the way for substantive policies by removing the Republican minority's power to tie up legislation. The purpose of the second, was to neutralize austerian fiscal responsibility justifications for subjecting every policy proposal to a deficit neutrality test, and for opposing deficit spending on grounds that it adds to the national debt and imposes heavy risks that the bond markets will demand very high interest rates on US debt. Of course, HVPCS gets rid of both the debt and bond market concerns for good.

Neither of these two policies, however, addresses substantive needs such as creating and maintaining full employment. This post is about the policies for getting to full employment I want the President to propose and try to implement. All of these policies have been previously proposed by MMT economists including Warren Mosler, Randy Wray, Bill Mitchell, Stephanie Kelton, and others. Read below the fold...

letsgetitdone's picture

What Would You Have the President Do? Part I, Necessary First Moves

There were varying reactions to the President's recent speech at Knox College this week. My reaction was that the speech was deeply dishonest in light of the President's previous policies, actions, and results, and I intended to do a critique, but Michael Hudson and Yves Smith beat me to it. Read below the fold...

letsgetitdone's picture

The Smart Bunny's Guide to Debt, Deficit and Austerity: A Review

One of the most important parts of the collective effort to spread the good news about the Modern Money Theory approach to macroeconomics is popularization of MMT views. Read below the fold...

DCblogger's picture

Fighting foreclosure

National Day of Action against Chase Bank

Occupy Our Homes is asking supporters to call a bankster CEO at home to stop an eviction. Not so long ago I would not have considered doing so. Today I just did. Partly because I know that this group has stopped evictions in the past, so I am inclined to help them.

They specifically say to be nice and call at reasonable east cost hours. Read below the fold...

letsgetitdone's picture

Sorry Folks, Austerity’s Not Dead Yet!

It makes a good headline; but it’s dangerous to say “austerity is dead,” just because new budget projections indicate that the deficit has already been cut by $200 Billion more than in previous projections, and because the Reinhart-Rogoff study has been debunked successfully, and, hopefully, irretrievably. Austerity will only be dead when legislators, Presidents, Prime Ministers, Central Bankers, and international lending organizations stop trying to implement it, whether or not they stop because deficits have already been cut.

Of course, those claiming austerity is dead, mean by their claim that deficit cutting efforts have already been successful enough in the United States that future projections in all the mainstream budget plans now show only “moderate” deficits (See the Table which now includes CBO revised budget projections.) These don’t signal a debt crisis, and instead suggest that we can now turn to the really serious economic, health, and environmental challenges we face. Read below the fold...

Nader Calls Out US Global Corporations as Unpatriotic!

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Ralph Nader believes it is time to put U.S. global corporations on the DEFENSIVE! He declares that would be “the first step for the resurgence of the people so that corporations become our servants and do not remain our masters.”

In “Patriotic Yardsticks for Unpatriotic Giant Corporations” he calls out US Global Corporations for BETRAYING America -- betraying the American citizen taxpayers that have enabled them to become so incredibly successful. Nader spells it out: Read below the fold...

Because immigration reform and healthcare reform have a lot in common

"They say that as the bill is written, it’s possible that people with RPI status, even as they’re excluded from health insurance exchange tax credits, may be pegged with the individual mandate penalties that Americans who refuse to buy healthcare are forced to pay. That is, immigrants won’t get any help paying for unaffordable care, but could be fined for not buying into the system anyway. (I can imagine this would be seen as a win/win by the rentiers) Read below the fold...

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