government finance

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"The G20 Votes for Global Depression" by Marshall Auerback and Robert Parenteau, New Deal 2.0, 06/7/2010

Readers, though this is a late "find," this is bad news about some very stupid self possessed and ignorant people pretending to be acting as the leadership of the world's major economies. In all the position is likley to result in massive insurrection, at least to the level of the response to South American poverty as embodied by the move toward socialist economic agendas in South America. It is also a fact in the studies of develping nations that nothing will provoke revolt faster than having an increase in the standard of living and then to have it taken away by incompetence.

"Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived" By Michael Hudson, Global Research

Now that President Obama is almost celebrating his bipartisan willingness to renew the tax cuts for the super-rich enacted under George Bush ten years ago, it is time for Democrats to ask themselves how strongly they are willing to oppose an administration that looks like Bush-Cheney III. Is this what they expected by Mr. Obama's promise to rise above partisan politics - by ruling on behalf of Wall Street, now that it is the
major campaign backer of both parties?

In the U.S., No True Fiscal Conservatives By SIMON JOHNSON New York Times

Readers, this may upset some people, and generally speaking I despise the NYT, not so much for its blatant stupidity but more for its general cupidity, as in attempts at slyness and as much for what they choose to evade posting as what little they do publish. It tends to flatter liberal and pseudo-liberals into a variety of centricism, which amounts shifting their analysis toward corporatism as if as an ideology it was inherently reasonable.

"A Generation of Termites" By Joe Conason, The New York Observer, Oct 13, 2010

Readers, this brings out another level of deficits and the "termites" are easily the politicians and their patrons that want to evade the responsibility for maintaining the infra-structure of our society.Instead of Free Market economics, it should be descrined as "Free Ride" economics. The political scamming is an ongoing economic subversion. It is the physical and social infrastructure that are actually what makes the economy possible, and if it was addressed within a fiat and sovereignty issued currency it would also be one of the main ways of putting OUR money/currency into circulation.

While Labor Unions Celebrate Anti-Austerity Day in Europe, European Neoliberals Raise The Ante By Michael Hudson

Readers, Consider Hudson's description of the future for the EU and the EMU seriously. We, in the US, have already seen a version of this creeping feudalism, and are likely to get another dose, but much more compressed. What he is describing is the totalitarian control by the oligarchy, to be followed by the re-establishment of the nobility. If this does not worry you, you probably watch Fox News and have joined the Tea Party clubhouse. Tadit Anderson

"Where is Huey Long When You Need Him?" Marshal Auerback, from Naked Capitalism, Sept. 27, 2010

Readers, Ok,the life of Huey Long demonstrates a couple of important details. First he knew his voters, their lives, and their pain, and he talked to their experience and hope. The rich that were pillaging that area of the south described him as a demogogue, but given the source they were just trying to limit his influence. He was probably particularly intimidating to those politicians on the take. His assassination disguised as a limited scuffle gone bad also demonstrates the negative results of a movement or cause identifying itself too closely with one particular orator. J.

World in Revolt: The Global Backlash Against Budget Cuts by: Anthony DiMaggio, Truthout | Op-Ed

Readers. while support the general analysis, the embedded assumptions about social and societal change are popular and wrong. Mass demonstrations are the final stage of an advocacy, but without having culture that understands the change agenda it is not going much of anywhere. The US does not have near the progressice and socialist culture and participation that most of the countries now in revolt against the stupid and greed motivated austerity agenda, have well established cultures of opposition. The US does have a well funded and supported reactionary and anti-socializing culture.

"What Policies for Global Prosperity?" interview of Warren Mosler by A. Foglia and A. Terzi,

Readers, please, understand that I am a big fan of Modern Monetary Theory as it is advocated by the folks associated with the Econ Dept at UMKC, and yet except for a few relatively side mentions they need to have a stronger position on fair and balanced trade with a sovereign industrial policy, and against so called "Free Trade." Without the inclusion of the sovereign industrial policy piece, modern monetary theory will not accomplish much.

"How Hyman Minsky Can Guide The U.S. To Recovery" by L. Randall Wray, UMKC, Benzinga | Sep. 16, 2010

Readers, While Wray is much, much better than Joshua Holland relative to understanding how our current monetary system and how the fiscal policy process work, he doesn't mention two important pieces. One is the importance of national monetary reform and the other is the installing of an industrial and development policy which is based upon balanced and fair trade.

"300 Economists Warn That Deficit Hysteria Is a Big Con" By Joshua Holland, AlterNet, Sept. 16, 2010

Readers, I agree that the "austerity" path of the deficit hawks is total nonsense, in terms of the short and long term harm to our communities. What the statement does not address is that if you understand how our privatized fiat currency actually operates then the difference between debt based deficit spending in the "short" run and sovereignty and asset based issuance of money, also stated as asset based deficit spending, is huge. Further, it is also not in the public's interest to chose debt based deficits over asset based deficits.

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