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Corporatism

TimingLogic's picture

More Attacks On American Corporate State Hegemony - BRIC Nations Plan New Bank To Bypass The Looters At The IMF And World Bank

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We’ll see how this BRIC plan develops but this has the potential to be a huge sea change. Although I certainly don’t believe any political or state-driven development in this environment as necessarily having lasting value. ie, As an example, just because our king, Obama, makes decrees from on high without having any idea what he is doing, that doesn’t mean his edicts will ever come to pass. Ditto with China, Russia or anyone else. Read below the fold...

letsgetitdone's picture

A Plague on All Your Budgets

The Sector Financial Balances Model:

Domestic Private Balance + Domestic Government Balance + Foreign Balance = 0

is an accounting identity that provides a focus for macroeconomic analysis, explanation, and prediction by economists applying the Modern Money Theory (MMT) approach. It leads to a very critical line of thinking about the budget deficit projections produced for our consumption by the Congressional Progressive Caucus (CPC), Congressional Budget Office (CBO), the House, and the Senate. The US has recently had a sharp decline in its balance of trade deficit. It now stands at about 3% of GDP; which means that the rest of the world has a surplus, a balance of +3% of US GDP in its annual trade with the United States.

Assuming that surplus is unlikely to shrink anymore, we can see from the equation that unless the Government balance is less than -3% of GDP, the Domestic Private Balance in the United States economy will not be positive (a surplus, and addition to nominal financial wealth) and is very likely to be negative (a deficit, a subtraction from nominal financial wealth). So, the private sector taken as a whole will be losing rather than gaining Net Financial Assets (NFAs), every year for as long as the situation lasts. Read below the fold...

letsgetitdone's picture

Is It Really About “Dysfunctional” Partisanship?

The popular narrative in Washington, DC these days among the MSM pundits is that the Congress is “dysfunctional” in the sense that it is very difficult for it to pass a budget and rise above periodic “fiscal” “debt” and “deficit” crises. This difficulty is attributed to the failure of our representatives to rise above their party interests and to accept compromises proposed by “adults” such as the President, which would, it's claimed, resolve our long term “fiscal sustainability”/”fiscal responsibility” problem through a “balanced” long-term $4 Trillion deficit reduction plan. Read below the fold...

Jay's picture

"I Guarantee You. Flat Guarantee You."

"President Obama will under no circumstances agree to put your retirement at risk by privatizing Social Security, and he will reject any plan that slashes Social Security benefits."—Obama Campaign “Truth Team,” October 6, 2012 Read below the fold...

TimingLogic's picture

Genetically-Modified Corn Mows Down 2 Million Acres Of Grassland In Five Years

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We are in the midst of one hell of a farmland bubble in this nation. The evidence is that it’s far larger than the farmland bubble experienced during the late 70s and early 80s. A friend of my family sold their farm in the fourth quarter of last year and fetched $10,000 an acre. That might not seem like a lot but I can remember when prices were $2,000 an acre. Actually, I can remember less than that but I don’t want to date myself. Read below the fold...

amghru's picture

A New Strategy for the 2016 Presidential Election

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Now that the quadrennial dog and pony show is behind us, I have been reflecting on the failure of every attempt to revive the voice of the citizens in post Citizens United America. The dismal turnout numbers that “More Money = More Free Speech” helps facilitate is purely understandable. I can no longer argue with people who refuse to participate in a rigged system. Yet the potential of this group of non-voters is undeniable. Non-voters have been the Holy Grail of progressives throughout our Republic’s history. The 13th, 14th, 15th, 19th & 26th Amendments were all purposed toward adding more voters and thus strengthening the Power of the People. Read below the fold...

Oh what a relief it is

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That ,at least in Europe, there is someone to actually stop the merry go round that is government and lobbying. Too bad we don't have a similar functionary OR a media
that doesn't accept the bovine excrement that Congress critters need lobbyists to 'educate' them on complex subjects OR that such is some sort of 'free speech'(if it was 'free' why are these lobbyists so well paid?)
EU Commission probed by ombudsman over lobbyists Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: A Working Document

Jack Foster proposed a framing document for High Value Platinum Coin Seigniorage, in a recent comment he made on one of my posts. In response, I posted a six-part blog series to accommodate readers who prefer the blog format. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part Six, More Political/Economic Objections

This series provides a framing document for Platinum Coin Seigniorage (PCS). In the five previous parts of the series, I pointed out that there are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all Platinum Coin Seigniorage (PCS) of whatever type. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part Five, Institutional Objections

This series provides a framing document for Platinum Coin Seigniorage (PCS). In the four previous parts of the series, I pointed out that there are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all Platinum Coin Seigniorage (PCS) of whatever type. The second, opposes HVPCS, but favors using the Trillion Dollar Coin (TDC) for the limited purpose of avoiding the debt ceiling. The third, opposes HVPCS, and doesn't really favor using the TDC either, except, perhaps, as a last resort to avoid the debt ceiling. It favors an incremental approach to PCS beginning perhaps in the millions or billions in face value, and over a long period of time, after giving people years to adjust to Treasury using platinum coins with unusual, and unprecedented, face values, eventually building up to a TDC.

Parts two, three, and four, and this post (Part Five), and the remaining post in this series considers further objections to HVPCS brought forward by people in one or more of these categories, and my replies to them. As you're seeing, if you're following the series, the opponents of HVPCS are throwing everything but the proverbial kitchen sink at it. In this post, I'll consider some objections to PCS and HVPCS based on their predicted institutional impact. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part Four, Political/Economic Objections

This series provides a framing document for Platinum Coin Seigniorage (PCS). In the three previous parts of the series, I pointed out that there are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all Platinum Coin Seigniorage (PCS) of whatever type. The second, opposes HVPCS, but favors using the Trillion Dollar Coin (TDC) for the limited purpose of avoiding the debt ceiling. The third, opposes HVPCS, and doesn't really favor using the TDC either, except, perhaps, as a last resort to avoid the debt ceiling. It favors an incremental approach to PCS beginning perhaps in the millions or billions in face value, and over a long period of time, after giving people years to adjust to Treasury using platinum coins with unusual, and unprecedented, face values, eventually building up to a TDC.

Parts two, and three, this post (Part Four), and the two remaining posts in this series consider still more objections brought forward by people in one or more of these categories, and my replies to them. As you're seeing, if you're following the series, the opponents of HVPCS are throwing everything but the proverbial kitchen sink at it. In this post, I'll consider some political/economic objections to PCS. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part Three, Political Objections

As I pointed out in Part Two of this series, there are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all Platinum Coin Seigniorage (PCS) of whatever type. The second, opposes HVPCS, but favors using the Trillion Dollar Coin (TDC) for the limited purpose of avoiding the debt ceiling. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part Two, Legal Objections

There are three classes of opponents of High Value Platinum Coin Seigniorage (HVPCS, $30 T and above). The first and largest group opposes all PCS of whatever type. The second, opposes HVPCS, but favors using the Trillion Dollar Coin (TDC) for the limited purpose of avoiding the debt ceiling. The third, opposes HVPCS, and doesn't really favor using the TDC either, except, perhaps, as a last resort.

It favors an incremental approach to PCS beginning perhaps in the millions or billions in face value, and over a long period of time eventually building up to a TDC. The remaining posts in this series consider the many objections brought forward by people in one or more of these categories, and my replies to them. As you will see, the opponents of HVPCS have already thrown everything but the proverbial kitchen sink at it. In this post, I'll consider some legal objections. Read below the fold...

letsgetitdone's picture

Framing Platinum Coin Seigniorage: Part One, Basics

How many times have you heard that the Government can only spend money after it raises revenue by either taxing or borrowing? Nearly every time someone talks or writes about the US's public deficit/debt problem? How come nobody asks why, since Congress has the unlimited authority to create coins and currency, it doesn't just create money when it deficit spends? Read below the fold...

One More Reason Bed Bugs More Popular Than Congress

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If you happen to catch Bill Moyers’ show this week with his guest Rep. Peter Welch of Vermont or read “Foul Play in the Senate” published at common dreams by Moyers and co-writer Michael Winship, you will discover one more example of how Congressional crony capitalism has reached obscene levels.

Apparently if NYT team Eric Lipton and Kevin Sack hadn’t published their exemplary investigative report most of Congress, let alone the citizenry, would not have even known about a colossal half a billion dollar sweetheart arrangement slipped into a covert clause of the recent “fiscal cliff bill.”

The THREE SENATE PERPETRATORS, long-time enmeshed with a pharmaceutical giant called Amgen, are Republican Minority Leader Mitch McConnell, Democratic Senator Max Baucus, chair of the Senate Finance Committee, and "that powerful committee’s ranking Republican", Orrin Hatch.

The loophole “tucked” into the bill was that Amgen, not mentioned by name, would have two more years of relief from Medicare cost controls for certain drugs used by patients who are on kidney dialysis, including a pill called Sensipar. This gift (to the corporation but not the taxpayers who must foot it) amounts to a whopping half a billion dollars. Read below the fold...

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