I just saw a commercial for "Tupac The Musical" - Will Barack and Michelle Obama go to see it? Maybe in the custody of their good friends, the Carters (Jay-Z and Beyoncé)? http://www.ebaumsworld.com/blogs...
Christie calls for more aggressive foreign policy http://news.yahoo.com/christi... - Like it or not, we should all become Republican primary voters to defeat that aggression, kill it with a stick in the Republican party.
Are we in Orwell world or Huxley world? http://blogfiles.wfmu.org/KF...
http://legalinsurrection.com/2014... Despite best efforts of democrats most Americans have never heard of the Koch brothers.
I think we were talking about this a while back. The mainstream media tries to help the Democrats with this, of course. - Berthe
Fwd: High tech wage fixing cartel http://pando.com/2014... These are the folks pushing amnesty and doubling the number of legal immigrants every year to depress American wages. Their motives aren't altruistic. (via http://friendfeed.com/mwff3...)
Feminist studies professor accused of assaulting anti abortion teenage demonstrator http://www.thecollegefix.com/post...
According to her faculty web page, her areas of expertise are black cultural studies, pornography and sex work. This appears to be a state school??? Millenials will maybe figure out that those "studies" won't put a roof over anyone's head but that professor's. - Berthe
Sex work and pornography can put a roof over your head, but you don't have to go to college to become a prostitute or a porn star. Wouldn't that be a great double major? Think of the internships! - Todd
Thank Goodness McCain isn't president http://www.theamericanconserva...
That's probably the one good thing I can say about Obama: He defeated warmongers McCain and Hillary. - Berthe
Taking Greenwald apart http://pando.com/2014... Greenwald is part of the establishment.
Like Andreas von Bulow said about 9/11 - Intelligence agencies spend 90% of their time creating false leads. Everything about Greenwald that brought him to prominence is a false lead. - Berthe
Its not credible that an honest Greenwald wouldn't have researched what his big investor was involved with. - Berthe
Does an increase in leprosy cases add to multi-culti diversity http://refugeeresettlementwatc...
I didn't know that syphilis was brought to Europe from the New World. - Berthe
Fwd: Liberals are more likely to believe in astrology and less likely to know that earth revolves around the sun. http://www.nationalreview.com/corner... (via http://ff.im/1gm3P1)
Liberals are more likely to believe in astrology and less likely to know that earth revolves around the sun. http://www.nationalreview.com/corner...
Not a surprise, really. - Berthe
Fwd: "The ethnonationalism roiling Europe is not unique to Europe." http://www.vdare.com/article... (via http://ff.im/1gm1vx)
"How would Americans vote, if given a chance to repudiate our entire political elite?" - Berthe
I think a down vote would be very likely. - Todd
Fwd: http://www.the-american-interest.com/blog... Over the last 25 years, the number of administrative positions at US colleges and universities has doubled. (via http://ff.im/1glYvu)
Fwd: The minds of our culturally poisonous elites at work, "Marriage Promotion" Is A Destructive Cargo Cult http://isteve.blogspot.com/2014... (via http://friendfeed.com/mwff3...)
Fwd: The minds of our culturally poisonous elites at work, "Marriage Promotion" Is A Destructive Cargo Cult http://isteve.blogspot.com/2014... (via http://ff.im/1glmMr)
Fwd: More about the Times editorial page http://observer.com/2014... Times' reporters don't think much of it. (via http://ff.im/1gkXaT)
Fwd: A 9/11 Truther Crashed Super Bowl MVP Malcolm Smith's Press Conference (via http://ff.im/1gkKlt)
The winning coach is a 9/11 truther, too http://www.breitbart.com/Breitba... - Berthe
Fwd: Did Obama have lower SAT scores than Bush. Interesting investigative piece. http://www.breitbart.com/Big-Gov... (via http://friendfeed.com/mwff3...)
Fwd: This article makes so much sense. The "War on Poverty" failed because it coincided with a massive increase in low skill/unskilled immigration http://vdare.com/article... (via http://friendfeed.com/mwff2...)
The War on Poverty failed because it failed to provide jobs and it concentrated on welfare instead of workfare. http://www.economonitor.com/lrwray... The economist Hyman Minsky did some of the best work on that. He railed against Johnson's program at the time. - MRW_8
People need to understand the concept of a buffer stock. Australia has a buffer stock of wool for when the economy goes south. The state of Wisconsin has a buffer stock of cheese, naturally enough. You always protect your buffer stock. in other words, you don't let the wool rot. You don't let the cheese go moldy. - MRW_8
Since the 80s and Milton Freidman, we in the US have had a buffer stock of unemployed people, which is cruelty personified. Friedman convinced Reagan and the rest of Congress that in order to fight inflation, we have to accept 5% unemployment, which is utter bullshit. Clinton enshrined it under Greenspan at the Fed. I have the link somewhere, but no time to find it right now. It's from... more... - MRW_8
It is the responsibility of a government with a sovereign currency, which we have had since August 15, 1971 courtesy of Nixon (and one of the best things to have ever happened to our country), to provide jobs for its people. This fact is even in the preamble to the Constitution, to provide for the "general welfare" of the people. It is the government's job to provide full employment. It does that by fiscal policy, which Congress hasn't bothered to do for three decades. - MRW_8
The "massive increase in low skill/unskilled immigration" is minuscule by comparison with the loss of blue-collar and white-collar jobs to outsourcing that the government permitted transnationals starting in the 90s. Wailing and railing against consequences of the lack of fiscal policy are meaningless, which is what bitches and moans about immigration are. The government has within its power to provide full employment for the middle class and it ain't doin' it. - MRW_8
We lose $9.8 billion PER DAY in lost output from the failure to provide jobs for the people out of work or looking to find full-time work since September 2008. Get off this kick of blaming immigrants. They don't have the power to create jobs. The government does. And neither Obama nor Jack Lew understand this. - MRW_8
'They actually state that they have to keep unemployment going to fight inflation. They are all fucking stupid.' - MRW_8 ... Nothing stupid about it. Just dishonest. The powers that be just want dirt cheap labor. Even the minimum wage pisses them off. - pepsi
The federal Government is the only entity on planet earth that can act countercyclically within the US economy when the economy has gone south. That means it can spend to create jobs, and that money is 100% INTEREST-FREE, and does not create debt for 'our children and grandchildren'. We have a fiat currency--thank god-- and can do it. Benjamin Franklin understood this when he introduced... more... - MRW_8
pepsi, if JQ Public understood how federal accounting actually works, there would be a revolution overnight. And that's what it's going to take. here's your takeaway: never, never, never again elect a state governor as President. Never. State Governors have to, or should, balance their budget. State and local governments, like businesses and households, MUST EARN INCOME before they can spend. there is no such constraint or restriction on the federal government. Why? Because it creates the damn currency! - MRW_8
So State Governors, like Reagan, Clinton, and Bush Jr., come into power and act like State Govs as Prez and destroy the economy. - MRW_8
You wanna' know what the $17 trillion National Debt is? It's the record of all currency created by the Federal Government since 1791 minus all the currency destroyed (taxes). That's it. Another name for it is Debt Held by the Public. Look it up in the US Treasury website. That's what the National Debt is. It's the money in the people's bank accounts. It's what we own. It is not what we... more... - MRW_8
Because of accounting terminology, and the fact that the govt does double-entry accounting (created in the 16th or 17th C to prevent theft), when the government spends by creating money, it is defined as an accounting artifact as "debt." But it ain't debt like you, me, businesses, banks, state govts or local govts define it. That kind of debt requires collateral, interest , and a repayment system. Federal "debt" does not. - MRW_8
I've been studying this shit night and day for four years. Calling the Fed to verify. Contacting the Congressional Research Service. Reading complicated papers and docs trying to get to the bottom of what people who lived in the colonies understood without any difficulty. I want to know how things work on a practical, operational level, not arcane economic theories. Along the way, I've... more... - MRW_8
It's taken me four years because I am dense. - MRW_8
Nafta was designed to create millions of unemployed americans and millions of unemployed mexicans. Gangster rap was promoted to enrich private prisons and the cia's drug racket. Our whole popular culture is designed to make us gullible fully exploitable morons. MRW, you wrote of your mentor the screenwriter being asked to trivialize or criticize the value of college education for the... more... - pepsi
There was actually one guy on the dailypaul.com (Ron Paul adoration site) who got it right about how banking and the Fed work. If you're interested, here it is: http://www.dailypaul.com/279537... - MRW_8
Yeah, yeah, yeah, pepsi. Those are CONSEQUENCES of people not understanding how our basic institutions work operationally. I am a pretty basic person. First you learn how the money works. I haven't met one person in the last four years among my friends or family who have a clue. And I get agita from my family for telling them. - MRW_8
The entire Darwinian survival of the fittest has been flipped in this country, by design no doubt. The least fit are encouraged and incentivized to reproduced, while smarter people refrain from having kids they can't afford, and the super rich have small families. There will always be physically and emotionally disabled people in need of welfare, but in general workfare and a liveable... more... - pepsi
Watch this 20-year-old interview between Sir James Goldsmith and Charlie Rose. Goldsmith is so fucking prescient, he could have given the interview yesterday. He died two years after this interview from a run-away cancer; I think he was offed. BTW, it is an entertaining hour. The Clinton econ person with her 5 million jobs neglects to say that they are overseas jobs tabulated as jobs... more... - MRW_8
pepsi, federal welfare doesn't cost us a penny, so that argument puts attention on the wrong thing. Taxes DO NOT PAY FOR ANYTHING. Taxes are a thermostat. They are used to cool down a hot economy, and removing taxes allows a cool economy to rise. If you paid your taxes in $100, the Fed would just shred them. they have 121 German machines that do it every day. Would you shred $500 if I... more... - MRW_8
People want to work. People are looking for work. the social cost of having one young person out of work today is $37,000+ per year. Loss of work causes so many social problems: alcoholism, domestic violence, depression, community breakdown, loss of self-esteem, loss of skills, the works. We're facing the loss of an entire generation because of it. - MRW_8
"TAXES FOR REVENUE ARE OBSOLETE by Beardsley Ruml, Chairman of the Federal Reserve Bank of New York."...1946...http://home.hiwaay.net/~becraf... - MRW_8
What people can't wrap their heads around is what a FIAT CURRENCY does. So they bitch about the Fed and say it's controlled by Jews in London, which is idiocy. We've been off the gold standard domestically since 1934, off internationally since 1971, at which point we became a 100% sovereign currency, like GB, Canada, Australia, and Japan. The only five countries in the world that... more... - MRW_8
The laws on the books, like the debt ceiling, are artifacts of the gold standard that were never removed. Probably because WWII intervened. The debt ceiling, for example, was put in place in 1917 to erect set of suspenders and a belt around the gold supply. It has no meaning whatsoever in 2014. - MRW_8
Gotta run. check back later. - MRW_8
The War on Poverty could never overcome the 1960's Victory of Multinational offshoreing tax benefits and Free Trade agreements. The great sucking sound of jobs disappearing began in the 60's and it been downhill ever since. No Jobs =More Welfare. More people looking for the few jobs = more welfare. Ex. there were 50 Fieldcrest textile mills, all US auto maker's plants were located in... more... - American
Now let me rock your boat some more, American. Exports are a cost, imports are a benefit. Think about that for a moment. When we export, we send our resources to some other country. BUT HERE IS THE KICKER. Imports are good for us PROVIDED we have full employment. We have to have full employment first. So yes, you are right about protectionism, which was our practice federally in the... more... - MRW_8
Nevertheless, it is our national ignorance about how the currency works that is preventing us from slamming our congressmen to the ground and making them appropriate the proper spending to get us back on track. - MRW_8
I am going to ask one question of each congressional candidate in my district: Tell me how federal accounting works in 20 sentences or less. And I am going to do it in a town hall. If the guy can't answer, I am going to shame him publicly as unfit to run for office. - MRW_8
I guess I didn't run. Just changed the appointment. ;-) - MRW_8
American, the very first US Free trade agreement was with Israel. 1985. Grant Smith here: http://www.irmep.org/US-Isra... and he had a great video on his site about what it actually costs us. That Free Trade agreement allowed Israel to piggyback on us with a lot of other countries (NAFTA, GTO). Another idiotic thing Reagan did, and I used to idolize that guy in my rabid Republican days. - MRW_8
''Exports are a cost, imports are a benefit''...Exporting jobs = No profit. Importing jobs = profit. to the economy so depend on what is exported and imported. We, as in the populaiton, dont get any profit from exporting jobs. You will be told that ..'oh but its so good for our *consumer economy * cause the imports are cheaper and more people can buy more,yay!". ....Except your working... more... - American
Could go on , but got to run , back later....but I've been watching since 1962 when I attended the GATT hearings in Geneva----Washington was warned by representives of 90% of US domestic manufactuing that they would not be able to compete with imports because of labor cost and the US plants, companies and the jobs they supported would eventually be wiped and that the big corps would expand overseas not at home. Thats exactly what happened. - American
"The only five countries in the world that completely control their own destiny because they can denominate their own debt in their own currency. Put another way, these governments can buy anything for sale in their own currency. - MRW_8 " the downside of your theory is -----> " it is our national ignorance about how the currency works that is preventing us from slamming our congressmen... more... - ChasMark
Congress has no hard collateral behind the money it 'borrows' from the Fed -- except for inflation, which is a tax on the people. The same system that MRW praises as the ultimate to make the government financially fail-proof also makes the government accountable to no one. The people have NO leverage over government. People, meaning anyone NOT Congress or Fed, must put up tangible... more... - ChasMark
American and ChasMark, that's why I wanted you to watch Goldsmith. He discusses what the GTO (or GATT) is doing, which he called a horror then. And for you Chas (edit: fucking autocorrect), he discusses what the purpose of an economy is. We now have financial not industrial capitalism and it is destroying our country. - MRW_8
Here's the process: Congress spends, appropriates. On whatever: roads, satellites, office supplies, weapons, courts, broadband (we wish!), airports. Whatever. The money goes into the economy. Technically, it does it by marking up the reserve accounts of the seller's bank at the Fed. [The Fed only has two kinds of accounts: checking and savings. Those are the BANKS' bank accounts.] The bank credits the seller's account within the bank. - MRW_8
Technically, a checking account at the Fed is called a reserve account. The savings account is called a securities account. But they are just checking and savings. The US govt banks at the Fed, so do foreign banks and foreign govts. That's all. No one else is allowed to bank there. - MRW_8
To continue the process: Congress spends on something. By law, Congress cannot have a negative General Account. That's another gold standard artifact, BTW. Whatever. It's the way things operate today. - MRW_8
let's say Congress spends $100 billion. It THEN issues $100 billion in treasury securities. It doesn't have to. But it does. Because the Fed Govt has put $100 billion into the money supply, it issues $100 billion in Treasury securities to restore the money supply to balance. Ostensibly. - MRW_8
Treasury securities (or bonds) are highly desired by anyone or anything with a bank account over $250,000 (the FDIC insured limit) for safety reasons. Everyone wants them and they disappear as soon as they are auctioned. Universities, rich individuals, companies, states, local governments, trust funds, pension funds, foreign govts, foreign banks, you-name-it, want them. The interest... more... - MRW_8
These treasuries then become the 'liabilities' of the US Treasury, because they have to pay them back later with interest. BUT EVEN THE INTEREST ON the treasuries is then covered by selling (auctioning) more treasury securities! Manufactured straight out of the air. No drag on the economy. Zero. No cost to taxpayers. Zip. - MRW_8
The only cost to the people, the taxpayers, is when the Federal Reserve buys up treasuries on the open market on a massive scale the way it's done with QE, and takes that interest income that would have gone to a person or business out of the economy. That's the real tax. Because at the end of the year, the Federal Reserve pays that earned income (last year around $96 billion) back to... more... - MRW_8
When you hear that the fed govt 'borrows', it's not borrowing at all. It's just issuing TS for the benefit of the people to save their money in a safe form. - MRW_8
Because Congress bought the idea that the banks should come first, because Timmy Geithner sold Obama on the idea that the banks must be saved at all cost, the Federal Reserve marked up the accounts of the banks after the GFC to the tune of $29 trillion. Not one penny, really, to help Main Street or the people. There is zero reason why our healthcare has to cost us one red cent. There is... more... - MRW_8
I'll watch the Goldsmith interview. I'm just wingin' it, I don't have booklearning on the Fed -- just a course for my job when I worked at a company in Charlottesville that rated banks & mortgage loans. But I do think there IS a drag on the economy and it involved Purchasing Price Parity (PPP). A house I bought in 2003 has a market value, today, that is 23% higher than what I paid for... more... - ChasMark
"The cost of Labor has been flat and declining since ~1990." Correction 1980. - MRW_8
QE has increased the value of the dollar by making it scarcer. The fed has taken trillions out of the economy in enacting QE. - MRW_8
correction noted. re "the real value of houses." There ain't no such thing. Houses were inflated; to think that somehow the situation will "normalize" and we will return to that period of wild inflation is equivalent to saying that the price of tulip bulbs will come back to normal and they will cost $20,000 apiece. It was a bubble. A bubble is not a normal situation. - ChasMark
How does pumping $85 billion/month into the economy make dollars more scarce? I thought it was just the opposite. - ChasMark
"So creating Fiat currency is NOT cost-free." The USA has operated on fiat currency since 1934. We could not have paid for WWII without it. We would not have had the middle class growth in the 50s and 60s without it. We would be a fucking broke country without it. The problem is that no one in the press bothered to explain what Nixon's 1971 removal of the gold standard internationally... more... - MRW_8
"How does pumping $85 billion/month into the economy make dollars more scarce?" They are not pumping in. They are taking out. - MRW_8
The Fed is BUYING Treasury securities on the open market. When it pays for them, that money goes into reserves [Reserves are not capital]. But the Fed holds the TS. THAT earns interest. That interest income is not going to you or me or the company that had the treasury security and sold it....it is not staying in the economy. It is going to the Federal Reserve. But the Federal Reserve cannot keep those profits. it must return them to the Treasury by law. - MRW_8
QE is a tax on the economy and Bernanke did it because he had to hand wave with some semblance of of monetary policy...because Congress has refused to initiate fiscal policy to fix the Great Recession. - MRW_8
This is where my Iran is Germany is Iran hobby horse comes in. US prosperity in the roaring 20s was due to US lending to Germany, at high interest, so that Germany could pay reparations to England and France and Eng. and France would in turn repay to the US the loans it borrowed from US to pay for their participation in WWI. In addition, US emerged from WWI with most of England's gold.... more... - ChasMark
A military historian by the name of Jim Lacey wrote a book in 2011 called "Keep From All Thoughtful Men." Read the Amazon blurb. Lacey discovered papers misfiled in the National Archives. It was three economists who won WWII for us and it had nothing to do with grand military plans. They could only have done it with the newly created fiat currency. - MRW_8
Don't confuse our homicidal actions with how the economy works post 1934. They are mutually exclusive. I'm just talking the whys and wherefores. - MRW_8
"The USA has operated on fiat currency since 1934. We could not have paid for WWII without it. - MRW" -- US had no reason to get into WWII; I submit that the process was the reverse: US rode a curve of consumer-driven prosperity for a few years in the late '20s, but that created a demand/price spiral that could not be sustained. H. G. Wells (iirc) wrote a book in 1933 explaining why war... more... - ChasMark
I take your point about keeping process separate from motives/actions -- our effort here is to understand the process of Fiat currency. But it is also true that the processes were put to uses that had homicidal outcomes. But for war, the process would not have worked. Is it a bridge to far to consider that the success of our Fiat economy relies on routinely waging war? - ChasMark
The US govt and the Federal Reserve ran a budget surplus from 1927 to 1930. That caused the Great Depression. When the government is in surplus, the private sector is in deficit. TO THE PENNY. We have had seven balanced budgets or surpluses since 1791. Each one was followed by a depression. The last was Clinton in the latter half of the 90s. The 2008 depression was delayed by the dot com and housing bubbles. - MRW_8
"Is it a bridge to far to consider that the success of our Fiat economy relies on routinely waging war?" Yup. - MRW_8
We haven't even begun to use the power of fiat currency in this country because we believe gold standard bullshit about how money works. - MRW_8
"H. G. Wells (iirc) wrote a book in 1933." Wells was British and the USA hadn't gone off the gold standard yet. - MRW_8
Got that appt now. - MRW_8
got a question for you when you return. Ciao for now. - ChasMark
MRW - You say the government (federal) can create jobs. What kind of jobs and how? I recall the Clinton era Americorps (maybe it still exists) and they had a hard time dreaming up jobs for people to do. Most of the jobs didn't sound worthwhile nor something people could do for a lifetime. I guess you could always do the US Army classic, dig holes and fill them. So, just curious, could you describe the work. Building the Hoover Dam during the Depression was a lot more than creating jobs. - Berthe
Berthe - a federal government (such as ours with a sovereign currency) creates jobs by provisioning itself. By spending. Right now our infrastructure needs massive repairs to the tune of $3.4 trillion, for starters. - MRW_8
Clinton's Americorps was another one of the Clinton era disasters. He and Gore were idiots, IMO. The CONSEQUENCES of what they did are not only unimpressive, but they led to the greatest debt burden on the private sector since the Great Depression. I hear people praising Clinton for the budget surplus. If the federal government is in surplus, the private sector is in deficit...to the penny, or someone in government has to stay late and figure out why. - MRW_8
Science research investment by the federal govt is down. The number of federal employees is the lowest since 1946-48 (when the population was 2/3 of what it is now). The US has third-world broadband access. We have lost our engineering and mathematics edge globally. Our graduating high school students are not in the top 10 anymore. Adult Americans are #33 out of 65 for smarts. - MRW_8
Berthe - the simple answer is that you have unemployment when there are no sales. It is not brain surgery to figure that out. In the latter quarter of 2008 car sales went from 17 million to 9 million. And, surprise, 8 million people also lost their jobs. Businesses do not hire unless there are customers. Why would they? Businesses and corporations are sitting on $2 trillion in cash... more... - MRW_8
Berthe - 70% of all spending in the nation is by households. Businesses are 11-16%. the foreign sector spends about 3% and government is around 11-14%. These are macroeconomic facts. If households are not spending, then businesses are not hiring to meet that need. The only entity that can spend more than its income to change that is the federal government. It is the only entity in this country that can act countercyclically to increase jobs, and consequently income. - MRW_8
MRW -Do you think these companies that are demanding more immigration should be required to train citizens? If they can make billionaires of themselves lickety split, there is money to train people. The government is subsidizing companies like Walmart and McDonalds with the Earned Income Tax Credit and food stamps as well. Seems like they could be expected to be more civic minded. - Berthe
Berthe - I suspect that you are not getting what I'm saying. I am saying that everything the pols and pundits are saying in the first 3 minutes of this video are dead wrong, including the President: http://www.youtube.com/watch... - MRW_8
I'm in a waiting room and don't have headphones so I'll have to watch the video tonight. But as I said to American, the reason I am interested in the immigration issue is that the elites want to shove more immigration down the public's throat and indoctrinate the young against their own interest. That happens a lot. What bothers me is the corruption of the whole scheme, the lack of integrity, and the attack on democracy. - Berthe
Berthe - if a company, any company, needs to train people, then train them. But I don't believe in the 'training people' schtick to create jobs. I heard one smart economist describe it this way: if you have 100 dogs and 95 bones buried in the backyard, the most number of dogs that will find bones is 95. Maybe some smart dogs will find 2 or 3 bones, so the number is lower. But the... more... - MRW_8
Berthe - the deficit is too small right now. The federal government needs to spend more to put people back to work. And no, it does NOT come out of taxes. And no, it does NOT create a debt for our children and grandchildren. Taxpayers don't pay for it. On top of it, it is interest-free money, unlike the banks. - MRW_8
Berthe - the Earned Income Tax Credit and federally supplied food stamps DO NOT COST YOU OR ME ONE RED CENT. The federal government ISSUES the currency. I am saying in this long thread that we've got everything backwards. The majority of us don't understand how federal accounting works. And I realize this sticks in most people's craw, but after four years of serious serious... more... - MRW_8
Berthe - BTW, if the country wants more immigration or less immigration, that's a political question. That's a debate the country has to have. I am not talking here (and above) about political issues or questions, or social engineering (like tax the rich or not). I am talking about how things work, operationally, at the federal accounting level. Think of it as a teeter-totter. On one... more... - MRW_8
Here's a picture to keep in mind: https://pbs.twimg.com/media... - MRW_8
MRW, except for the banking intricacies, every kid in my state has to pass a course on economics that gives the basics of how the Fed/banks work, basic finance, the role of taxes and the differences between the state and federal economies, etc. I've seen the texts, and the basics of what you are explaining are covered, often with simple examples that don't reflect the complexities of... more... - Todd
TODD - "Is the system of virtually unlimited money too hard to police/govern, and is it too open to corruption of the kind that truly creates unhealthy class division, along with the power to enforce the situation?" No, but only if it is unregulated, which is what happened with the subprime crisis, for example. The NY Fed failed to regulate the mortgage banks (only entity that can) and... more... - MRW_8
TODD - "Also what do believe accounts for the obvious inflation of the last decades?" What inflation? there was none in the 90s, or de minimus. And inflation currently is 1.2%. The Fed target is 2%. We are in deflation, not inflation. If you're talking about the asset price rise, that is the fault of the banks. The banksters have been making private what was formally in the public... more... - MRW_8
TODD - "every kid in my state has to pass a course on economics that gives the basics of how the Fed/banks work, basic finance, the role of taxes and the differences between the state and federal economies, etc." Kids in Georgia are taught that taxes do not pay for anything, that taxes are to regulate aggregate demand (spending in the economy)? - MRW_8
" Kids in Georgia are taught that taxes do not pay for anything, that taxes are to regulate aggregate demand (spending in the economy)?" Kids in Georgia are taught that taxes/fiscal policy are used by the government to kick-start a sluggish economy, or to cool an economy that is overheating, which is pretty much the same thing. Grade inflation allows everyone to pass, even if they did... more... - Todd
"We don't have inflation which is caused when there is full employment and there is too much money chasing too few goods and services...that's the classical definition. Ww can have inflation from the cost side, when energy pieces go through the roof." I don't really like the technical definition of inflation, because it ignores obvious corruption. We talk about privatization like... more... - Todd
"The NY Fed was warned in open testimony before Congress in Sept 2004 that there was massive mortgage fraud, and Timmy Geithner, then Fed head, did nothing about it." What was Geithner going to do? Government was at least partly to blame for the mess. I remember the push by government to make home ownership available to everyone. Who is surprised that people in the position to do so took advantage of the situation? - Todd
"Wailing and railing against consequences of the lack of fiscal policy are meaningless, which is what bitches and moans about immigration are." Most people dislike the immigration situation because it is undemocratic, lawless and lowers the general standard of living. It's also annoying on a cultural level. - Todd
RE mortgage fraud --- there was a case in Massapequa LI during that period where a house was resold a number of times the same day with escalating sale price. I recall maybe 20 years ago or more seeing Jack Kemp talk about how public housing project units should be sold to the occumpants. There is the epitome of someone far removed from THINKING about the real world. But I bet he spent... more... - Berthe
Todd - thank you so much for linking to that curriculum. I really appreciate that you did that. But it is the curriculum for classical neo-liberal economics. Unemployment appears nowhere on it. Unemployment is the sign, immediately, that the federal deficit is too small. Their definition of supply and demand is the classical neo-liberal one as well. Supply should relate to your workforce. That's a nation's wealth. - MRW_8
Todd - " What was Geithner going to do? Government was at least partly to blame for the mess." WAAAAAAAY worse than that. This comment shows you don't understand what happened: "I remember the push by government to make home ownership available to everyone. Who is surprised that people in the position to do so took advantage of the situation?" (1) It wasn't government. (2) Who took... more... - MRW_8
Fwd: http://blog.foreignpolicy.com/posts... Tragic photo of Syrian boy sleeping between parents graves is a fake. (via http://friendfeed.com/mwff3...)
Fwd: From Corbett report twitter "And so it begins - connected TVs, fridge help launch cyber attack" http://www.cnn.com/2014... (via http://friendfeed.com/mwff2...)
This sounds a little way out there. However if it is possible to hack smart phones and etc.that are connected to home security controls like turning alarms and appliances off and on then it is possible for a hacker to mess with the controls and settings. - American
Fwd: Power of the internet http://www.cnn.com/2013... CNN article on the backlash against the Mandela-eulogizing. Before the intenet era, dissent could be ignored completely. (via http://friendfeed.com/mwff2...)
It might be more devious. They're stirring up backlash with the excessive eulogizing. I had to turn it off when they had Charlize Theron telling Mandela, "I just love you so much." - Berthe
Let me tell all of you something. Before you get all nuts about the excessive coverage. I was in South Africa (2002) staying with a rich, white, privileged person with 10 maids and status in Johannesburg. I made an untoward snark about Mandela, and she REELED on me. She told me that in 1994 when Mandela came in she and all her family and relatives planned on selling their businesses and... more... - MRW_8
Charlize Theron is South African. - MRW_8
Americans are now getting a taste of what it's like for the rest of the world to watch five days of the recent Boston bombing on CNN by others around the world, and the rest of our coverage excesses. ;-(. Mandela is South Africa's Lincoln, Martin Luther King, and Kennedy rolled into one. And he had more balls than any of our leaders. When the Blacks thought in 1994 they could get... more... - MRW_8
Geez, the Boston bombing was surely a more important story than the death of a 95 year old. - Berthe
They're honoring his life, Berthe. First time since 1994. Remember the Reagan coverage? - MRW_8
No, I don't think the Reagan coverage was anythingl like this and surely a great deal more "perspective," i.e., critics allowed to have their say. South Africa is a very, very dangerous country with big economic problems. They now have a black elite and the top crust of the white elite lives well in gated/fortified communities but there is much more crime and violence. (And Reagan was the US president.) - Berthe
But it wasn't dangerous when Mandela was running the country. "Reagan was the US president." So what. Mandela was the South African President and he will go down in history as a truly great man. Obama doesn't have 1/8th of his balls, wisdom, or insight into geopolitics. - MRW_8
Besides, he died on Thursday the 5th. It's only the 7th. - MRW_8
This got sidetracked. The point I was really trying to make was about the power of the internet. #MandelaInHell was trending on twitter. Whether you agree with that sentiment or not, it is a big change for ordinary people to be able to say something off the approved discourse and get noticed. - Berthe
Can you imagine the uproar if it were #KennedyInHell? Jes' sayin'. Of course, I don't have to endure the coverage because my TV isn't on. But it's all over the BBC and NPR, which means I don't have to listen to shit about Netanyahu. Speaking of which, this is the worse thing to happen to Netanyahu and his reputation. The comparisons at statesmanship are being made in people's minds. Mandela smacked down a colonialist state. - MRW_8
Yeah, there would be people who would be offended about #KennedyInHell but apparently there is no censor on Twitter to stop things like that from trending. I don't know for sure, but maybe thats a good thing??? The Voice of the People is the Voice of God and all. - Berthe
Don't forget that Mandela never renounced violence, although he did personally. That was what de Klerk was worried about. - MRW_8
"but apparently there is no censor on Twitter to stop things like that from trending." I'm such a different animal. I never mind that stuff. I object to obsequiousness and bland consensus. And small-minded people, as if none of us have faults or warts. - MRW_8
Yeah, Mandela definitely was a terrorist . How weird to see Obama lauding Mandela when he (Obama) has people locked up for life in Guantanamo who did nothing. They're being kept there because now they're mad enough to do something. And by all accounts, "bin Laden" was living peacefully in Pakistan when Obama killed him. (quotes are because that is the most ridiculous story of all, that bin Laden was living in that house growing his own vegetables). - Berthe
Fox News reported bin Laden's death in Dec 2001, and copied the funeral notice from an Egyptian paper, which makes sense because whoever his second-in-command was (Zawahiri?) was the Egyptian doctor who attended him and his Marfan disease. - MRW_8
Mandela didn't start out as a terrorist. He became one, he said, in response to the violence used against blacks in the 1950s and 60s. He said his anger kept him going in prison for the first 15 years then realized that even though everything had been taken form him, his life, his children, his wife, his life, that they couldn't take his mind or his heart, so he changed. I heard him say that on BBC yesterday in a replay of an interview. - MRW_8
Well, what were the whites in South Africa supposed to do, honestly? That land was as random as the North American continent when they settled there. Nomadic tribes of blacks fighting with each other, no cities. The Zulu are incredibly brutal people. Imagine Mandela in their prison (they were his enemies, too). Blacks migrated to South Africa for work but what was the situation with... more... - Berthe
The great thing about the internet is that we can get honest information but its hard. I believe Mandela admitted to involvement in bombing plots that killed innocent people including women and children. Is it appropriate for the President of the United States and other world leaders to ever brush that aside? Those were acts of evil. Would be nice if someone would be able to ask Obama if HE thinks those were acts of evil. - Berthe
http://www.digitaljournal.com/article... Article says 800,000 whites have left SA by 2009 and that more than 3,000 white farmers have been killed by black gangs. Main reason for leaving is the crime. - Berthe
"The Zulu are incredibly brutal people." Hunh? I was in the Zulu Natal. Never saw that. At all. - MRW_8
"Blacks migrated to South Africa for work?" Whaa--? They were indigenous. For eons. - MRW_8
Let's just agree to disagree, Berthe. You and I have entirely different life experiences on the topic. - MRW_8
Fine but life experiences and anecdotes don't get in the way of facts about the conditions in South Africa and the history. - Berthe
The south african whites were far kinder to the blacks than the jews in palestine have been to the true semites - JustTheFactsPlease
2 grated baking potatoes (squeezed in dish towel), 1 egg, 1-1/2 t salt, 3T flour, 1/4 t pepper. fry in clarified butter. Barefoot contessa potato latke recipe.
looked so easy. I think I saw clarified butter (ghee) in the supermarket. - Berthe
More Knock Out attacks in Philadelphia "An elderly man was also attacked mowing his lawn outside his home."
The message is that if you see young blacks, you should run inside. What do Obama and Holder have to say about that? They won't say anything. Too busy hugging themselves about how their feelings got hurt 40 years ago when someone looked at them cross-eyed. That monster Winfrey will be mum about knock out games, too. - Berthe
How would the world change if the European countries lifted restrictions on writing/speech about WWII?
http://www.thedailybeast.com/article... Walmart's business is "structured" on the "continued flow" of federal assistance programs.
18% of food stamp spending goes to Walmart - Berthe
http://isteve.blogspot.com/2013... "The dominant assumption" and complaints that Apple and Twitter are run by middle aged white guys.
How absurd is the dominant public discourse? - Berthe
Drudge linked to this http://www.infowars.com/seymour... That will get some traffic to the original Guardian interview with Hersh, though he does not say much about why the bin laden death raid is one big lie. Hopefully its in the book.
He does hammer the point that the US media bought the improbably story hook line and sinker but so did the whole world, just as they bought the 911 story without question, despite the lack of anything beyond a collection of "narratives" about "Lets Roll" and "Atta was the ringleader," all of which are not based on any evidence. - Berthe
http://johnderbyshire.com/Opinion... Missouri Rodeo Homocidal Racist Outrage, "I'm sorry guys but to demand sensitivity training for clowns is to utterly miss the point of clownhood."
"grievance porn" - exactly - Berthe
We Americans demand seriousness from our clowns! - Todd
Matthew Shepard story not what we were told http://www.breitbart.com/Big-Gov...
This is important because it was used to attack the First Amendment. Its part of the bigger picture - the elite gets what they want with lies like the guy in the Bush White House who dismissed the "reality based community." - Berthe
You have to wonder how long it will be before the homosexual agenda runs its course. If I were gay, I wouldn't want these people speaking for me. - Todd
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