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Department of Bust Out Profit Models and Vampiric Capitalism

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

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

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

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 more about Fighting foreclosure

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 more about Sorry Folks, Austerity’s Not Dead Yet!

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 more about Nader Calls Out US Global Corporations as Unpatriotic!

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 more about Because immigration reform and healthcare reform have a lot in common

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A Few Words Re Fertilizer Explosion & Implications

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From “Texas plant explosion highlights gutting of health and safety rules” by Andre Damon.

4-17-13, Wednesday, West Fertilizer plant explosion in West, Texas

20 miles north of Waco (close to compound where in 1993 after FBI assault on religious compound 76 men, women and children died in a fire which inspired Timothy McVeigh to perpetrate the Oklahoma City bombing which killed 168 people -- West, TX explosion took place within 2 days of their anniversaries)

14 people dead

letsgetitdone's picture

Revisiting the Budget Plague

Deficit spending by the government is merely the counterpart of private sector saving. What government deficit spending does is to permit the private sector to achieve its level of desired saving. When the latter changes, government spending ought to be adjusting in the opposite direction to offset it (unless the current account balance happens to do the job).

letsgetitdone's picture

Hell No! The Ultimate Pushback against the Grand Bargain

The underlying rationale for “a Grand Bargain” and the President’s deficit reduction budget including cuts to both Social Security (SS) and Medicare and many valuable discretionary programs, apart from the pragmatic justification, that he may be able to complete such a bargain with the Republicans and blue dog Democrats in Congress, is that the fiscal health of the United States requires that we can’t keep running annual deficits of the size we’ve been running. Why? Read more about Hell No! The Ultimate Pushback against the Grand Bargain

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