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The I.O.U. in the U.S. Dollar Posted on March 13, 2013 by J.D. Alt from NewEconomic Perspectives, UMKC

One of the strangest things to understand about Modern Money Theory is why, if government doesn’t need your tax dollars in order to spend, does government tax at all? Here is an attempt at a new and “better” explanation. It is based on the insight that the government DOES, in fact, need to collect taxes, but the “taxes” it collects are not your “tax dollars.” This may sound like gibberish, but stick with me a moment and see if the following doesn’t make sense—and cast a new light on OTHER things as well (like, for example, the “national debt”).

Top Banking Analyst: Subsidies to Giant Banks Exceed $780 Billion Dollars Per YEAR

See my comment to this article. To a strong degree this supposed analyst doesn't understand rentier economics at all. My contention is that the situation is much worse relative to the net effects of the privatization of the economics, not just of the economy, not better, the strategic advantage alone to determine who gets debt based capital and who doesn't is extreme.

Which Aspect of the FDIC’s Litigation Failures is the Most Embarrassing and Damaging? By William K. Black NEP/UMKC,, 03/12/2013

On March 11, 2013 the Los Angeles Times published a revealing article by E. Scott Reckard entitled: “In major policy shift, scores of FDIC settlements go unannounced.”

The article’s summary statement captures the theme nicely. “Since the mortgage meltdown, the FDIC has opted to settle cases while helping banks avoid bad press, rather than trumpeting punitive actions as a deterrent to others.”

LA Candidate Defeats the Billionaire Boys Club In School Board Election By Peter Dreier March 8, 2013

Zimmer urged his supporters to resist the "takeover of the board and this assault on our democracy" by big money interests.

The Communal System and the Principle of Self-Critique István Mészáros , Monthly Review

A mention of Istavan Meszaros in an honorific, deserves a bit more.

Itsván Mészáros is author of Socialism or Barbarism: From the ‘American Century’ to the Crossroads (Monthly Review Press, 2001), Beyond Capital: Toward a Theory of Transition (Monthly Review Press, 1995), and The Challenge and Burden of Historical Time: Socialism in the Twenty-First Century (forthcoming, Monthly Review Press, 2008).

In Recognition of Hugo Chavez's Admiration and Appreciation of Istavan Meszaros

István Mészáros, Pathfinder of Socialism
Posted on February 22 2010 by admin

“Today the structural crisis of capital provides the historical setting for a new revolutionary movement for social emancipation in which developments normally taking centuries would flit by like phantoms in decades or even a few years. But the force for such necessary, vital change remains with the people themselves, and rests on humanity’s willingness to constitute itself as both subject and object of history, through the collective struggle to create a just and sustainable world.”

By John Bellamy Foster

"THE CRISIS AND THE LEFT - Change will come as the third world’s economies are hit harder" Prabhat Patnaik

In his new book, Power Systems, Noam Chomsky raises the question: why has the present economic crisis not evoked the sort of massive protest from the working class in the United States of America that the Great Depression of the 1930s did? True, the scale of unemployment today is not as large as it had been during the 1930s. Nonetheless it is substantial; and the crisis has already lasted five years with no end in sight. And yet, America remains a ‘desert’ in terms of any militant working-class mobilization against it.

Looming Sequestration Cuts Will Hit D.C. the Hardest By Roy Oppenheim March 1, 2013

With so many federal workers living in and around our nation's capitol, those federal spending cuts will eventually translate to job cuts and unpaid mortgages.

The dreaded sequestration deadline has arrived, and with it $85 billion in automatic spending cuts that could plunge the nation's strengthening economy back into the depths of recession.

(For some light reading on the topic, check out the 394-page Office of Management and Budget report.)

[ALSO: Hail Marys to Prevent Sequester Fail ]

"IN PRAISE OF POLITICAL DYSFUNCTION" By Marshall Auerback from New Economic Perspectives, UMKC

The lamentable state of American political parties has become common sport amongst the chattering classes in DC and beyond, although one wonders whether this dysfunction has really been such a bad thing when considering how united bipartisan “responsible” action always seems to result in yet more budget cuts.

The Government Has It Bass-Ackwards: Failing To Prosecute Criminal Fraud by the Big Banks Is Killing, NOT Saving, the Economy

By Yves Smith of Naked Capitalism

U.S. Attorney General Eric Holder said today:

*I am concerned that the size of some of these institutions [banks]becomes so large that it does become difficult for us to prosecute them* when we are hit with indications that if you do prosecute, if you do bring a criminal charge, *it will have a negative impact on the national economy, perhaps even the world economy*

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