J Anthony Loc: Connecticut

The current economic system is institutionalized psychopathology, a parasitic v***s, and it's perpetuation will likely lead to the termination of the human experiment in an accelerating series of catastrophes, as the exploitation of resources and technological domination of nature intensify. While vast amounts of intangible finance-capital continue to amass, the real assets of the Earth are in rapid decline, and the growing gap between the abstract and the real is bringing an inevitable crash, in which the delusions of finance capital can no longer be maintained. The global system has revealed itself as a massive Ponzi scheme, a debt-pyramid, and we are reaching the precipice where maintaining the fiction is no longer possible. It's not business itself that is dying, but a financial parasite: a speculative marketplace that no longer funds business but instead seeks to extract value from healthy commerce; more a funds-vampire than an infuser of needed capital, the investment industry has been exposed as a d**g on business. Businesses are only obligated to support their employees, owners, and customers, not an entire finance "industry", which is merely systemic usury. The movement toward monetary-abstraction has gone so far now that concrete realities are neglected. There are not enough goods & services on Earth to equal, at current prices, more than a small % of the face-value of stocks, bonds, derivatives, and other fiscal exotica now in circulation. The vast majority of economic activity in today's world consists purely of exchanges of representations of representations of representations of wealth, which is why the real (productive) economy of goods & services go into free-fall (recessions & depressions) without having more than a modest impact (so far) on an increasingly hallucinatory economy of fiscal abstractions.....(2 B continued)

DamnYANKEE

:lol: :lol: :lol: :lol: :lol: :lol: :roll: :roll: :roll: :roll: :roll: :roll: I***T :lol: :lol: :lol: :lol: :lol: :roll: :roll: :roll: :roll: :roll: I***T

CowboyMilt

I can sum up all this verbiage in 3 words: WE ARE F*CKED!

MarvinSussman

We need reform a la Adair Turner: "Between Debt and the Devil"

We also need infrastructure:

If you doubt the t***h of the following statements, our website will change your mind.

1. Congressional spending tends to increase our GDP growth rate and as long as our GDP growth rate exceeds the Fed's interest rate, our national debt can grow indefinitely and safely. (Check the math at: http://www.levyinstitute.org/publications/?docid=1379.).
2. During World War II, Americans working double shifts and weekends bought “War Bonds” and, at peace, cashed in their bonds for cars and homes, finally getting the prosperity that ENOUGH government spending, as Keynes advised, could have given them a decade earlier, when Hitler’s pre-war spending brought prosperity to Germany,
3. Although the CBO uses a 1.6 multiplier for infrastructure spending, our GDP really grows about $2 for each $1 of Congress’ spending. Our Debt/GDP ratio dropped from 120% in 1944 to 30% during 35 prosperous years due to moderate inflation, high tax rates, and spending on GI housing and education, the Marshall Plan, nuclear energy, the Korean War, Cold War rearmament, the Interstate Highway, NASA, the Vietnam War, etc.
4. Nobody would refuse a salary boost to avoid a tax hike but, to avoid hiking taxes, deficit hawks in Congress, ignoring opportunity costs, won’t boost our infrastructure! Congress’ spending has given us t***sistors, integrated circuits, robots, computers, the internet, jet planes, rocket ships, solar and wind energy, LCD and touch-screens, the mouse, SIRI, search algorithms, GPS, genomics, and a vibrant pharmaceutics industry!
5. The Fed’s purchase of US debt decreases US debt interest rates, US debt interest expense, and US debt. We cannot have a US debt problem because every US bank must accept US Treasury checks, which could cause an inflation problem for the Fed to fix.
6. Our dollar’s reserve currency status favors US consumers, traders, etc., and forces our Treasury to maintain a LARGE national debt, MUCH of it held by foreign exporters.
7. Foreign exporters will either accept our dollars and bonds or stop selling us goods.
8. Almost 90% of Congress’ spending becomes the money we use to pay our taxes. The rest lands in our savings accounts or those of foreign exporters sending us bargains.
9. Deficit spending provides private savings and replaces dollars exported by trade deficits. A law requiring balanced budgets would cause an economic disaster: deflation!
10. “Budget Deficit = Private Savings +Trade Deficit” is our proper budget goal. Less spending would increase unemployment; more spending would increase inflation. So, Congress’ spending should be limited ONLY by the onset of harmful inflation when it is controlled by the Fed with moderate long-term interest rates and by Congress with adequate progressive taxes on discretionary incomes, financial t***sactions, and estates.
11. Our Treasury borrows the annual federal budget deficit not because Congress needs money but only to absorb just enough bank reserves to enable the Fed to stay on its targeted federal funds interest rate, the basis of other rates. When Congress has a budget surplus, US bonds become scarce and Wall Street cries: “We need more debt!”
12. High federal spending with sufficiently high tax revenue can produce lower budget deficits than low spending with low tax revenue. And produce added infrastructure!
13. Increased output for the same input is anti-inflationary so when Congress gains infrastructure and productivity by hiring the unemployed, inflation is not increased. The stuff that the unemployed get now with stamps would instead be bought with workers’ salaries, ending humiliations of the idle poor and resentments of the working poor.
14. Wars are won with infrastructure so our needs are unlimited but we should now be building enough to stay well ahead of a China racing 24/7. Since a pot-hole could delay a vital delivery, all infrastructure is necessary for defense. Since Congress is responsible for national defense, it should pay for all infrastructure, including all pot-holes, all pre-K to PhD education, and all healthcare, all of which are ABSOLUTELY NECESSARY for our defense. State and local governments, knowing their own needs and resources, would manage most of the infrastructure, spending in coordination with the Administration.
15. While excessive unemployment exists, excessive federal deficits are due only to low tax revenue, not to spending that hires the unemployed to build infrastructure.
16. Excessive unemployment implies a failure of Congress to provide infrastructure for national defense. Members of Congress who refuse to hire the unemployed to build infrastructure are endangering our existence as a free nation as well as betraying the wish of our Founding Fathers that we “…promote the general Welfare and secure the Blessings of Liberty to ourselves and to POSTERITY…”, inheritors of our infrastructure!
V**ers, give your adorable grandchildren the arsenal they will need for survival!
Questions? Get answers from economists at www.umkc/econ/Don’tClickYet.Wait
The statements above are based upon the following sources:
*“Austerity” (Oxford U. Press) by Mark Blyth, Brown Univ. Professor of International Political Economy.
*”Diagrams & Dollars; Modern Money Illustrated” (e-book) by J.D. Alt, Writer, Architect.
*“Freedom from National Debt” (Two Harbors Press) by Frank N. Newman, former Deputy Secretary of the US Treasury, recipient of the Treasury’s annual “Alexander Hamilton” award.
*”Modern Money Theory” (Palgrave Macmillan) by Prof. L. Randall Wray, UMKC Economics Department.
*NewEconomicPerspectives.org by Dr. Stephanie Kelton, Chairperson of UMKC Economics Department.
*“Seven Deadly Innocent Frauds of Economic Policy” (Oxford Univ. Press) by Warren Mosler, economist.
*”The T***h about the National Debt: Five Myths and One Reality” (Harvard Business School Press) by Francis X. Cavanaugh, US Treasury economist for over 30 years. © 2016 Marvin Sussman, All Rights Reserved. Permission granted only to copy entirely.
“”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””

Sicilianthing

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Noted Anthony and Thank You for posting this.

Within a 100 years at the current rate of Consumption and Bastard Baby birth we will consume most the World's Resources !

So now what?

The First and most pressing issue of our time will be Birth Control !

Seriously.

J Anthony Loc: Connecticut

.....a step in the right direction is thus, the power to create money must be returned, as per the Constitution, must be returned to Congress (as the representative-body of the people) and the banks nationalized (publicly-owned), as opposed to the current privatized system that has proven time and time again to be unstable and iluusory. This system has costed the citizenry trillions in wages, benefits, services etc, while propping up the tiny sliver of so-called elites (the "financial industry" & private banking cartels), who create nothing and take no risk. To maintain the current established order, current government will not allow the system to go under. Yet it is becoming more apparent with each year that the country as a whole cannot afford to allow it to continue. It is the duty of decent Americans of all stripes to educate themselves and challenge this system; it is no accident that economics is made complicated and shrouded in jargon meant to confuse. If the majority of citizens truly understood how this system works, there'd possibly be a revolution overnight. Americans should be raising massive protests against taxpayer-funded bailouts & subsidies of private banks, Wall St firms and corporations, as this goes against all professed free-market ideals and meritocracy.

J Anthony Loc: Connecticut

And you're a DamnFool. Take off the blinders and educate yourself. This is not a political thread. This is about the system-of-all-systems in which we all depend on, and how it is inherently corrupt, anti-constitutional and highly immoral. If you can't handle it, that's your own problem. Good luck.

Sicilianthing

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8 KhaZ*****tArian Families own all the Stock in the Federal Reserve (A private Corporation) really ?

hmmmm wonder how that happened?

J Anthony Loc: Connecticut

It has been allowed to happen by our poor-excuse for representative government, who are either unable or unwilling to use their constitutional authority to rein this in. I guess that many in Congress are too scared or too comfortable, or maybe even too ignorant. Wh**ever the case, it is the responsibility of Congress, and well within their power, to do something about it, but clearly they will do nothing without massive public pressure, and maybe not even then. So, with an unresponsive government,, it is as much the responsibility of the citizenry to take back their sovereign right to have a say on how their vital systems are to function. Our lives and the future of our country depend on it.

Sicilianthing

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No amount of Fixed V****g will solve it... Which means the next step by Citizen M*****a !

Occupy Washington still looks very attractive.

MarvinSussman

The Fed is not the problem, which is Congress, which owns the Fed. Actually, Congress has the Fed under control. The Fed has to return 94% of its annual profit to the Treasury. And now the Senate is dipping into Fed Savings for spending money. Some powerhouse!

J Anthony Loc: Connecticut

J Anthony Loc: Connecticut

The Fed is a problem, but Congress is a bigger one, because it will not rein in the Fed's usurious debt-based currency regime, which is anti-constitutional. Sorry Marv, but you can no longer rationalize a debt-based monetary-system, certainly not to this extreme. An economy held up by debt will never be stable. Trying to do so results in pretzel-logic and cognitive dissonance, which you often display...for example, if Congress owns the Fed, then it should be allowed to dip into it's savings all it needs to. But Congress does not own the Fed(though it should), controlling shares are held by 12 private multinational banking firms. Our national debt is their biggest asset; the interest accrued on loaning us the money for our money-supply is their profit. You seem like a smart guy, so how you're able to still buy the "official line" w is puzzling. Do you remember when a senator asked Bernanke in a hearing who the priimary shareholders of the Fed are? He smirked and said he's "not at liberty to discuss that", and they let it slide. It's clear- as- day that our Congress has allowed the Fed to do wh**ever the hell it wants for a long time now, with little oversight, less accountability, and zero control.

Sicilianthing

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Marvin you are way way way off here on this one pal...

The FED should never have been created.

Congress was Bamboozled with Lies, Trcikery & deceit by smarter people.
You have been fooled like all others into believing that the FED is a Constitutionally approved agency.

Get the FUCKOUTTAHERE !

Louie27 Loc: Peoria, AZ

That is nuts!! Nationally chartered banks are required to hold stock in the Federal Reserve of their region. The FED will not even let Congress audit the books of the FED. Where it is the responsibility of Congress to oversee the FED and its books. That money has always been turned over to the Treasury and used by our government to pay bills of this country.