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THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2).L. RANDALL WRAY
L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. PAVLINA R. TCHERNEVA By Pavlina R. Tcherneva. The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”.. It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is MODERN MONEY THEORY: THE BASICS There is an approach that begins its analysis of money from this perspective, now called Modern Money Theory (MMT). It is based on the work of Keynes, but also on others such as A. Mitchell Innes, Georg F. Knapp, Abba Lerner, Hyman Minsky, Wynne Godley, and many others—stretching back to Adam Smith and before. SPECULATION IN THE COMMODITIES MARKET: PART 1 In 1996, speculators made up 20- 30% of the market and hedgers made up the rest. By 2010, speculators accounted for almost half of the market. (Source: bettermarkets.com data) The oil market shows an even more pronounced change in the types of activity. From 1995 to 1999 speculators made up only about 10% of the market. THE SILVER ANNIVERSARY OF THE “KEATING FIVE” MEETING By William K. Black April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating’s,successful use
THE 2016 NOBEL PRIZES IN ECONOMICS GO TO THOSE WHO PUSHED As there is a marketplace for ideas, it seems obvious to me that heterodox economists need to get together and set up a rival foundation and committee – to that established and operated by the Swedish central bank – with rival prizes announced on the same annual date as the awards that are dished out to neoclassicaleconomists.
GARY BECKER’S IMPERIALISTIC BLUNDERS ABOUT CRIME Gary Becker’s Imperialistic Blunders about Crime. This is the fourth installment of my series of articles about the absurdity of the Swedish Central Bank’s selection of Gary Becker for its Prize in 1992 on the basis of his embarrassing imperialistic forays into other disciplines. One of the forays the Swedish Central Bank cited wasBecker
A MEMO FROM MMT’S LEGAL DEPARTMENT It’s a movement from legal insight to economic insight back to legal insight, or L – E – L. . The legal foundations of MMT make it both scientifically, and normatively, a better theory of our economic system than the dominant paradigms of monetary policy.”. Similarly, University at Buffalo Law Professor Martha McCluskey noted in 2016: NEW ECONOMIC PERSPECTIVES By J.D. ALT. The theme and illustrations of this essay are from the new book “Paying Ourselves to Save the Planet.”. It might seem, as we observe the U.S. government “instantly” generating $2 trillion new dollars for direct payments and grants to people and businesses, that the coronavirus pandemic has shed a new light on the authenticity (and necessity) of modern money theory (MMT).THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2).L. RANDALL WRAY
L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. PAVLINA R. TCHERNEVA By Pavlina R. Tcherneva. The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”.. It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is MODERN MONEY THEORY: THE BASICS There is an approach that begins its analysis of money from this perspective, now called Modern Money Theory (MMT). It is based on the work of Keynes, but also on others such as A. Mitchell Innes, Georg F. Knapp, Abba Lerner, Hyman Minsky, Wynne Godley, and many others—stretching back to Adam Smith and before. SPECULATION IN THE COMMODITIES MARKET: PART 1 In 1996, speculators made up 20- 30% of the market and hedgers made up the rest. By 2010, speculators accounted for almost half of the market. (Source: bettermarkets.com data) The oil market shows an even more pronounced change in the types of activity. From 1995 to 1999 speculators made up only about 10% of the market. THE SILVER ANNIVERSARY OF THE “KEATING FIVE” MEETING By William K. Black April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating’s,successful use
THE 2016 NOBEL PRIZES IN ECONOMICS GO TO THOSE WHO PUSHED As there is a marketplace for ideas, it seems obvious to me that heterodox economists need to get together and set up a rival foundation and committee – to that established and operated by the Swedish central bank – with rival prizes announced on the same annual date as the awards that are dished out to neoclassicaleconomists.
GARY BECKER’S IMPERIALISTIC BLUNDERS ABOUT CRIME Gary Becker’s Imperialistic Blunders about Crime. This is the fourth installment of my series of articles about the absurdity of the Swedish Central Bank’s selection of Gary Becker for its Prize in 1992 on the basis of his embarrassing imperialistic forays into other disciplines. One of the forays the Swedish Central Bank cited wasBecker
A MEMO FROM MMT’S LEGAL DEPARTMENT It’s a movement from legal insight to economic insight back to legal insight, or L – E – L. . The legal foundations of MMT make it both scientifically, and normatively, a better theory of our economic system than the dominant paradigms of monetary policy.”. Similarly, University at Buffalo Law Professor Martha McCluskey noted in 2016: ABOUT | NEW ECONOMIC PERSPECTIVES Pavlina R. Tcherneva, Ph.D. is Associate Professor and Chair of the Economics Department at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability. Her research expertise is in: fiscal and monetary policy, direct job creation, and the economics ofgender.
THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2). ALTERNATIVE PATHS TO MMT Each of the fifty US states has taxing authority and is sovereign. If, for example, my state of Florida issued its own currency, e.g. Floridas, to operate in parallel with US $ and accepted Floridas as payment of debts owed to the State of Florida, then FL or any other state could supplement the $ it gets from the Federal Govt with state currency designed to meet state needs, e.g. supplementMONEY AND BANKING
Table 1 is the balance sheet of U.S. households (and non-profit organizations) in the United States. In the third quarter of 2015, U.S. households owned $99.6 trillion worth of assets and owed $14.4 trillion worth of liabilities, making net worth equal to $85.2 trillion (99.6 – 14.4). EXPLAINING WHY FEDERAL DEFICITS ARE NEEDED The Federal government is different. The economy needs a continuing influx of new dollars to grow. The government creates new dollars when it runs deficits by spending more than it receives from taxes. When the government collects taxes it takes dollars out of the economy. It also appears to take dollars from the economy when it sells bonds. WHAT ARE TAXES FOR? THE MMT APPROACH Quote:”Further, the second reason to have taxes is to reduce aggregate demand. If we look at the United States today, the federal government spending is somewhat over 20% of GDP, while tax revenue is somewhat less—say 17%. DO WE NEED TAXES? THE MMT PERSPECTIVE Witness the following exchange on twitter: Full disclosure: I don’t twit, but someone sent this to me. I have no idea what transpired after that doozy of an exchange. In that, Doug Henwood repeats a bit of silliness I’ve seen from monumentally uninformed critics: MMT PRO-MARRIAGE PROPAGANDA: AEI AND BROOKINGS’ PLAN TO FIGHT Our group has reached agreement on four cornerstones of a pro-family, pro-opportunity agenda. We need to: 1) Promote marriage as the most reliable route to family stability and resources; 2) Promote homemade blueberry pie made with fresh blueberries and butter crusts. OK, so I THE MOST DISHONEST NUMBER IN THE WORLD: LIBOR The Most Dishonest Number in the World: LIBOR. The FDIC has sued 16 of the largest banks in the world plus the British Bankers Association (BBA) alleging that they engaged in fraud and collusion to manipulate the London Inter-bank Offered Rate (LIBOR). BBA called LIBOR “The most important number in the world.”. SUTHERLAND EXPLAINED IN 1939 WHY GM KILLING CUSTOMERS ISN By William K. Black. The New York Times headline was dominated by a seemingly strong word: “G.M. Is Fined Over Safety and Called a Lawbreaker.” As I will explain, however, the seeming strength of the label “lawbreaker” is undercut by the rest of the title, the text of the article, and the reality of the Justice Department’s refusal to apply the rule of law to powerful domestic NEW ECONOMIC PERSPECTIVES By J.D. ALT. The theme and illustrations of this essay are from the new book “Paying Ourselves to Save the Planet.”. It might seem, as we observe the U.S. government “instantly” generating $2 trillion new dollars for direct payments and grants to people and businesses, that the coronavirus pandemic has shed a new light on the authenticity (and necessity) of modern money theory (MMT).THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2).L. RANDALL WRAY
L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. PAVLINA R. TCHERNEVA By Pavlina R. Tcherneva. The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”.. It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is MODERN MONEY THEORY: THE BASICS There is an approach that begins its analysis of money from this perspective, now called Modern Money Theory (MMT). It is based on the work of Keynes, but also on others such as A. Mitchell Innes, Georg F. Knapp, Abba Lerner, Hyman Minsky, Wynne Godley, and many others—stretching back to Adam Smith and before. SPECULATION IN THE COMMODITIES MARKET: PART 1 In 1996, speculators made up 20- 30% of the market and hedgers made up the rest. By 2010, speculators accounted for almost half of the market. (Source: bettermarkets.com data) The oil market shows an even more pronounced change in the types of activity. From 1995 to 1999 speculators made up only about 10% of the market. THE SILVER ANNIVERSARY OF THE “KEATING FIVE” MEETING By William K. Black April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating’s,successful use
THE 2016 NOBEL PRIZES IN ECONOMICS GO TO THOSE WHO PUSHED As there is a marketplace for ideas, it seems obvious to me that heterodox economists need to get together and set up a rival foundation and committee – to that established and operated by the Swedish central bank – with rival prizes announced on the same annual date as the awards that are dished out to neoclassicaleconomists.
GARY BECKER’S IMPERIALISTIC BLUNDERS ABOUT CRIME Gary Becker’s Imperialistic Blunders about Crime. This is the fourth installment of my series of articles about the absurdity of the Swedish Central Bank’s selection of Gary Becker for its Prize in 1992 on the basis of his embarrassing imperialistic forays into other disciplines. One of the forays the Swedish Central Bank cited wasBecker
A MEMO FROM MMT’S LEGAL DEPARTMENT It’s a movement from legal insight to economic insight back to legal insight, or L – E – L. . The legal foundations of MMT make it both scientifically, and normatively, a better theory of our economic system than the dominant paradigms of monetary policy.”. Similarly, University at Buffalo Law Professor Martha McCluskey noted in 2016: NEW ECONOMIC PERSPECTIVES By J.D. ALT. The theme and illustrations of this essay are from the new book “Paying Ourselves to Save the Planet.”. It might seem, as we observe the U.S. government “instantly” generating $2 trillion new dollars for direct payments and grants to people and businesses, that the coronavirus pandemic has shed a new light on the authenticity (and necessity) of modern money theory (MMT).THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2).L. RANDALL WRAY
L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. PAVLINA R. TCHERNEVA By Pavlina R. Tcherneva. The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”.. It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is MODERN MONEY THEORY: THE BASICS There is an approach that begins its analysis of money from this perspective, now called Modern Money Theory (MMT). It is based on the work of Keynes, but also on others such as A. Mitchell Innes, Georg F. Knapp, Abba Lerner, Hyman Minsky, Wynne Godley, and many others—stretching back to Adam Smith and before. SPECULATION IN THE COMMODITIES MARKET: PART 1 In 1996, speculators made up 20- 30% of the market and hedgers made up the rest. By 2010, speculators accounted for almost half of the market. (Source: bettermarkets.com data) The oil market shows an even more pronounced change in the types of activity. From 1995 to 1999 speculators made up only about 10% of the market. THE SILVER ANNIVERSARY OF THE “KEATING FIVE” MEETING By William K. Black April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating’s,successful use
THE 2016 NOBEL PRIZES IN ECONOMICS GO TO THOSE WHO PUSHED As there is a marketplace for ideas, it seems obvious to me that heterodox economists need to get together and set up a rival foundation and committee – to that established and operated by the Swedish central bank – with rival prizes announced on the same annual date as the awards that are dished out to neoclassicaleconomists.
GARY BECKER’S IMPERIALISTIC BLUNDERS ABOUT CRIME Gary Becker’s Imperialistic Blunders about Crime. This is the fourth installment of my series of articles about the absurdity of the Swedish Central Bank’s selection of Gary Becker for its Prize in 1992 on the basis of his embarrassing imperialistic forays into other disciplines. One of the forays the Swedish Central Bank cited wasBecker
A MEMO FROM MMT’S LEGAL DEPARTMENT It’s a movement from legal insight to economic insight back to legal insight, or L – E – L. . The legal foundations of MMT make it both scientifically, and normatively, a better theory of our economic system than the dominant paradigms of monetary policy.”. Similarly, University at Buffalo Law Professor Martha McCluskey noted in 2016: ABOUT | NEW ECONOMIC PERSPECTIVES Pavlina R. Tcherneva, Ph.D. is Associate Professor and Chair of the Economics Department at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability. Her research expertise is in: fiscal and monetary policy, direct job creation, and the economics ofgender.
THE NATIONAL DEBT
What is the source of the government’s financial problems? Rising healthcare costs and lack of adequate tax revenue. (“Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in health care costs and the lack of adequate revenue.”, p. 2). ALTERNATIVE PATHS TO MMT Each of the fifty US states has taxing authority and is sovereign. If, for example, my state of Florida issued its own currency, e.g. Floridas, to operate in parallel with US $ and accepted Floridas as payment of debts owed to the State of Florida, then FL or any other state could supplement the $ it gets from the Federal Govt with state currency designed to meet state needs, e.g. supplementMONEY AND BANKING
Table 1 is the balance sheet of U.S. households (and non-profit organizations) in the United States. In the third quarter of 2015, U.S. households owned $99.6 trillion worth of assets and owed $14.4 trillion worth of liabilities, making net worth equal to $85.2 trillion (99.6 – 14.4). EXPLAINING WHY FEDERAL DEFICITS ARE NEEDED The Federal government is different. The economy needs a continuing influx of new dollars to grow. The government creates new dollars when it runs deficits by spending more than it receives from taxes. When the government collects taxes it takes dollars out of the economy. It also appears to take dollars from the economy when it sells bonds. WHAT ARE TAXES FOR? THE MMT APPROACH Quote:”Further, the second reason to have taxes is to reduce aggregate demand. If we look at the United States today, the federal government spending is somewhat over 20% of GDP, while tax revenue is somewhat less—say 17%. DO WE NEED TAXES? THE MMT PERSPECTIVE Witness the following exchange on twitter: Full disclosure: I don’t twit, but someone sent this to me. I have no idea what transpired after that doozy of an exchange. In that, Doug Henwood repeats a bit of silliness I’ve seen from monumentally uninformed critics: MMT PRO-MARRIAGE PROPAGANDA: AEI AND BROOKINGS’ PLAN TO FIGHT Our group has reached agreement on four cornerstones of a pro-family, pro-opportunity agenda. We need to: 1) Promote marriage as the most reliable route to family stability and resources; 2) Promote homemade blueberry pie made with fresh blueberries and butter crusts. OK, so I THE MOST DISHONEST NUMBER IN THE WORLD: LIBOR The Most Dishonest Number in the World: LIBOR. The FDIC has sued 16 of the largest banks in the world plus the British Bankers Association (BBA) alleging that they engaged in fraud and collusion to manipulate the London Inter-bank Offered Rate (LIBOR). BBA called LIBOR “The most important number in the world.”. SUTHERLAND EXPLAINED IN 1939 WHY GM KILLING CUSTOMERS ISN By William K. Black. The New York Times headline was dominated by a seemingly strong word: “G.M. Is Fined Over Safety and Called a Lawbreaker.” As I will explain, however, the seeming strength of the label “lawbreaker” is undercut by the rest of the title, the text of the article, and the reality of the Justice Department’s refusal to apply the rule of law to powerful domestic NEW ECONOMIC PERSPECTIVES Dedicated to modern money theory (MMT) and policies to promote financial stability and the attainment of full employment.Skip to content
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THE KURDS, THE MOST FREQUENTLY BETRAYED GROUP, EXPERIENCE TRUMP’SBETRAYAL
Posted on October 9, 2019by William Black
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William K. Black
October 9, 2019 Kansas City, MO The most betrayed people in the world are likely the Kurds. They have the misfortune to live in a particularly violent region dispersed among five nation states – Iraq, Iran, Turkey, Syria, and Armenia. They are a large ethnic group (the fourth largest in their region). They are overwhelmingly Sunni. Kurds have tried to be a nation, and the West betrayed them. Kurds have tried to develop ‘home rule’ within the nation states they inhabit, and everyone betrayed them. The majority population of each of the nation states they inhabit tends to despise Kurds as non-Arabs or fake Turks. Turkey pretends they do not exist and calls them “mountain Turks.” Continue reading →SHARE THIS:
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Posted in William K. Black ERIC HOLDER IS THE OFFICIAL MISSING FROM DISCUSSIONS OF THE BIDENS’UKRAINIAN EFFORTS
Posted on October 8, 2019by William Black
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By William K. Black
October 7, 2019 Kansas City, MO Michelle Goldberg published an excellent column on September 30, 2019 “Trump’s Claims About Biden Aren’t ‘Unsupported.’ They’re Lies.” It accurately describes Trump’s lies and his unlawful and unethical acts of trying to use the power of our government to induce Ukrainian and Chinese officials to smear his political opponents. The House should cite those Trump lies as part of the basis for impeaching him. RULE NO. 1: NO FREEBIES I am not a politician or political tactician. A campaign for the presidency (nomination or ‘general’) is above my pay grade. Nevertheless, I know Rule No. 1 – Never give your political opponents freebies to use against you. That was my rule during the savings and loan debacle when we blew the whistle on the Speaker of the House, the five Senators who became known as the “Keating Five,” the White House, Vice President Bush’s office, and the head of our own agency for his cowardice in surrendering to the political extortion. Our goal was to end our leaders’ corrupt and cowardly surrender to Charles Keating, the nation’s most corrupt banker. We know that Keating hired private detectives at least twice toinvestigate me.
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Posted in William K. Black MMT: REPORT FROM THE FRONT Posted on October 7, 2019by L. Randall Wray
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By L. Randall Wray
PART 1
As many readers know, the third annual MMT conference was recently held at Stonybrook, and you can find the program as well as videos of the conference at the link: (https://www.mmtconference.org/). In addition, REAL-WORLD ECONOMICS REVIEW has just issued a new volume devoted to MMT (http://www.paecon.net/PAEReview/issue89/whole89.pdf). I’ll briefly address both, in two parts. I’ll talk about the conference in this one, and about the RWER papers in the second part. Part 1: The Third International MMT Conference Unfortunately, I missed the first day of the conference as I was the plenary speaker at the annual ABFM (Association for Budget and Financial Management) conference in Washington DC. This invitation resulted from a chance meeting with a member of the group when I was teaching on a Fulbright to Estonia. At first he was shocked at the views I was propagating, but quickly became a convert, converted another member, and that led to the invitation. This group mostly researches state and local government finance—obviously those are currency users and need to balance budgets—but they tend to apply what they know to the federal budget. MMT of course explodes that because the finances of the sovereign currency issuer are nothing like those of the non-sovereign government entities. However, many of the attendees were open to MMT—or, at least, now they want to know more. It was a pleasant experience—and I learned more about a whole sector of the academy that I didn’t know much about. Many of those attending are in Masters of Public Administration schools. My own Professor Minsky’s first graduate degree was an MPA. I actually wrote a paper on the topic of the problems of state and local government finance, up here at Levy (http://www.levyinstitute.org/publications/fiscal-reform-to-benefit-state-and-local-governments-the-modern-money-theory-approach). Continue reading →SHARE THIS:
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Posted in L. Randall WrayTagged MMT , Modern
Monetary Theory
THE TERRIBLE COST OF POLITICALLY INDUCED HATE OF MINORITIES Posted on September 24, 2019by William Black
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By William K. Black
September 23, 2019 Kansas City, MO Muslims and Jews in America and Israel share some common experiences. In Israel and the territories Israel occupies, they are the targets of murderous hate from each other. They have competing, horrid stories of mistreatment by other ethnic and religious communities and each other that go back over a thousand years. In the United States, the relationship between Muslims and Jews is vastly better, but mixed. The American hate killers of Jews and Muslims are overwhelmingly right-wing supremacists who hate Jews, Muslims, people of color, and the ‘left.’ So far, the nightmare scenario of waves of revenge pogroms by American Jews and Muslims has not occurred. We all need to work to prevent that nightmare fromever occurring.
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Posted in William K. Black TRUMPS ASKS THE RIGHT QUESTION, PROVIDES THE WRONG ANSWER Posted on September 23, 2019by William Black
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By William K. Black
September 23, 2019 Kansas City, MO Since the Trump administration began, I have been making a series of predictions that any white-collar criminologist would find obvious. I discuss three of those points in this article. First, Trump is leading the most corrupt administration in our nation’s history. Second, over time, only the sleaziest, most cowardly, and least competent mid and senior level officials would remain in power. Third, Trump exemplifies the “Dark Triad” – the toxic mix of psychopathy, Machiavellianism, and narcissism. People beset by the Dark Triad personality characteristics are serial liars. Each of the three predictions has proven true, but any competent, honest white-collar criminologist would have made the same predictions, so I take no pride in their proven accuracy. Continue reading →SHARE THIS:
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Posted in William K. BlackTWO-CENT MESSAGE
Posted on September 20, 2019by
J.D. Alt | 15
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By J.D. ALT
Elizabeth Warren has succeeded, I think, in framing an argument as close as anyone is going to get (in the present election cycle) to the progressive position of MMT. Warren acknowledges that she’s proposing goals and undertakings that will “cost” a lot of money. She further acknowledges that everyone asks: “How are you going to pay for it?” And she gives a very specific and simple answer: an “ultra-millionaire tax”—which she details as “two-cents on every dollar of income over $50 million.” She then goes on to list what those “two-cents” will accomplish: The cancellation of college debt; free two-year college education; universal pre-schoolday-care…etc.
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Posted in J. D. Alt
Tagged MMT , Modern
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48 STATES TO INVESTIGATE GOOGLE: ANTI-TRUST OR POLITICKING? Posted on September 17, 2019by Devin Smith
| Comments Off on 48 States to Investigate Google: Anti-Trust orPoliticking?
While there are real reasons to be concerned about Google’s immense power, this investigation is quite politically motivated, NEP’s Bill Black on The Real News Network. You can view herewith a transcript.
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Posted in William K. Black DEMOCRATS SHOULD REFUSE TO CONTINUE TO SUPPORT STUPIDITY AND COWARDICE Posted on September 16, 2019by William Black
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William K. Black
September 15, 2019 Kansas City, MO A craven group of Democrats is furious with Beto O’Rourke for calling for the mandatory sale of assault rifles to the United States. Reuters’ headline says it all: “O’Rourke’s ‘hell yes’ vow to take away rifles worries U.S. lawmakers pushing for gun limits.” Seriously? _Democratic_ lawmakers (who have adopted no meaningful federal law in response to tens of thousands of gun deaths and maiming) are upset because a prominent Democrat proposed a law to get military-style assault rifles out of civilian life. Granted, the Republicans have patented their right to be the party of stupid, but Democrats should not compete by becoming the party of less stupid, butequally cowardly.
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Posted in William K. Black AWAKENING THE INVESTOR-IN-WHOLE-SOCIETY Posted on September 5, 2019by J.D. Alt | 12
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By J.D. ALT
There’s a lot of handwringing now about how central banks have no ammunition to fight a recession. The fact that this is apparently true—and, perhaps, uniquely true in modern history—is all the more reason to explore MMT’s premise that central banks are not just instruments of private commerce, but are, as well, instruments of collective, democratic will. The bankers are in a box of their own making, but that box, in fact, is inside another box which, as MMT makes clear, has lots of ammunition not only to fight a recession, but to pursue the betterment of American society whether an economic downturn unfolds or not. Let’s consider the central bankers’ basic dilemma: If private enterprise begins to slow, they would love to issue more money to get it back up to speed. But inside their box the only way to do that is by encouraging private enterprise to _borrow_ more money. Private enterprise, in turn, decides to borrow more based on production and spending decisions tied to the making of potential profits. The only lever the central bank has to affect these profit calculations is the manipulation of interest rates—lowering rates to make the profitability of enterprise more feasible (hence, encouraging more borrowing and more money creation) or raising rates to do the opposite. So, if interest rates are already close to zero, the central bankers are out of ammunition if private enterprise, on a large scale, decides to slow down operations and lay-off workers. Continue reading →SHARE THIS:
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Posted in J. D. Alt
Tagged MMT , Modern
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IS IT CYNICAL TO BELIEVE THE SYSTEM IS CORRUPT? Posted on September 4, 2019by Devin Smith
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While a new poll shows most US citizens believe the political and economic system is rigged against them, Senators Bernie Sanders and Elizabeth Warren also echo this sentiment. Some conservatives are now pushing back. But what says the evidence? NEP’s Bill Black appears on The Real News Network and analyzes the situation. You can view herewith a transcript.
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