Corrente

If you have "no place to go," come here!

Politics of Choice

All matters pertaining to beginning and end of human life.

letsgetitdone's picture

Scott Fullwiler: QE3, Treasury Style—Go Around, Not Over the Debt Ceiling Limit

By

Scott Fullwiler

(Editor's Note: This post is being re-published with the permission of the author, Scott Fullwiler)

Cullen Roche’s excellent post at Pragmatic Capitalism explains—via comments from frequent MMT commentator Beowulf and several previous posts by fellow MMT blogger Joe Firestone (see the links at the end of Cullen’s post and also here)—that the debt ceiling debate could be ended right now given that the US Constitution bestows upon the US Treasury the authority to mint coins. Further, this simple change would lift the veil on how current monetary operations work and thereby demonstrate clearly that a currency-issuing government under flexible exchange rates cannot be forced into default against its will and is not beholden to “vigilante” bond markets. As Beowulf explains in a later comment, “The anomaly it addresses is that the US Govt has a debt limit yet an agency of the US Govt (the Federal Reserve) does not have a debt limit. Clearly this is a structural defect.”

The following is a description of how the process would work and the implications for monetary operations: Read below the fold...

Michael Kwiatkowski's picture

FDL Update: Entries Restored, Comments Still Disappeared

My last entry at FDL, which is the last because I've been banned, has been restored to visibility. As I pointed out in my previous entry, my account and diaries were flagged as spam and hidden from view. Read below the fold...

Michael Kwiatkowski's picture

It is Immoral Not to Challenge Obama and the Democrats in 2012

I seem to recall that someone, late last month, posted an entry arguing that it is immoral for Democrats not to run a primary challenge against Barry Obama in 2012, in light of the things he's done to institutionalize Bush-Cheney crimes. (Glenn Greenwald chronicled the latest violation of the Constitution by Obama on his own blog, which you can read here). Read below the fold...

'Defend the Dream'- March 15 - Tallahassee

A crowd of about a 100, more than I would have expected on a Tuesday afternoon. Some state workers, some students, quite a few die-hard geriatric liberals ( we never do give up do we?).

The Moveon event co-ordinator opened the rally by admonishing us all to vote for Democrats as a means of self-defense. The lack of enthusiasm was underwhelming. The applause wasn't polite because there wasn't any. Read below the fold...

Michael Kwiatkowski's picture

Help Draft Candidates for 2012!

2010 is nearly over, and the fight for the presidency in 2012 is beginning to take shape. Corporate Democrat Barry Obama has not merely disappointed the public, nor has he merely failed to accomplish progressive goals. He has, in fact, deliberately and stubbornly refused to even try to accomplish progressive goals, opting instead to continue and expand on the fascist, totalitarian policies of his predecessor and ideological brothers, George W. Bush and Dick Cheney. Read below the fold...

letsgetitdone's picture

Constitutional Crisis Over Debt Ceiling? Does the Government Have To Shut Down?

Recently, my friend Marshall Auerback posted an article at New Deal 2.0 about Obama's coming “teachable moment” when the Republicans try to wring concessions out of the Democrats by refusing to raise the ceiling on the national debt. The post stimulated a lot of good discussion about alternatives Obama might have to shutting down the Government in response. Read below the fold...

Michael Kwiatkowski's picture

Dennis Spisak interview rescheduled for October 26, 2010 at 7PM Eastern Time

A downed phone line prevented Dennis Spisak from calling in, so tomorrow evening is going to be the interview that should have taken place on Saturday. Having been there before, all I can say is, “Yikes!”

Anyway, here’s the info for tomorrow night’s show.

http://www.blogtalkradio.com/progressive...

1 (347) 884-9121 Read below the fold...

Michael Kwiatkowski's picture

If You're Going to Dump Obama, Here's Some Advice

After reading the entries by metamars, Jeff Roby, and others calling for a "Dump Obama" movement, and after reading the questions put to me in those threads, I decided to analyze what these guys are trying to do and come up with some advice for how to grow a "Dump Obama" crowd into a cohesive, well-organized, nationwide movement. Read below the fold...

chicago dyke's picture

The Filibuster: Discuss

Despite being a blogger who blogs about politics, I actually know more about Sumerian grammar than I do about American political history, and I readily admit that. So this comment by reader Joe really intrigued me:

By the way, I think the filibuster issue is one of Corrente's major blind spots. I don't think the degree to which filibuster abuse has completely altered our system of governance can be overemphasized.

Read below the fold...
chicago dyke's picture

The Battle Begins

I suspect this is only among the first in a coming wave of lawsuits.

Citigroup Inc. and Ally Financial Inc. units were sued by homeowners in Kentucky for allegedly conspiring with Mortgage Electronic Registration Systems Inc. to falsely foreclose on loans.

The lawsuit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, also names as a defendant Reston, Virginia-based MERS, the company that handles mortgage transfers among member banks. The suit claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties.

Read below the fold...
Michael Kwiatkowski's picture

David Ellison for Cuyahoga County Executive

Departments: 

In FDL entries here and here, as well as on other web sites, we went all out to help Jill Stein raise the $125,000 needed to qualify for entry into the Massachusetts gubernatorial debates and receive matching state funds. This was an amazing and productive action on the part of Green Party volunteers, online activists, and fed-up voters. We sent a message that we would not be denied entry into the electoral process by the establishment. Read below the fold...

letsgetitdone's picture

Talking the False Choice Blues

Departments: 

On Friday, Glenn Greenwald did a piece called "What Collapsing Empire Looks Like," in which he contrasted the cutbacks in essential domestic spending throughout the country with the "no problem" funding of Homeland Security and our two wars. Among other things he said: Read below the fold...

Pages

Subscribe to RSS - Politics of Choice