Right now the US fulfills the three essential conditions for monetary sovereignty: 1) it issues its own non-convertible currency, 2) which it allows to float on international currency markets; and 3) it owes no debts in any currency other than dollars. Because it is monetarily sovereign, and can always meet its obligations the US can never be forced into insolvency.
It can become insolvent due to Congressional decisions such as failing to raise or repeal the debt ceiling, or Executive decisions such as failing to use its platinum coin minting authority to fill the public purse and then pay its bills once it has reached the debt ceiling. But again, it cannot be forced into solvency by external financial or economic factors that are beyond the control of the Federal Government (including the Congress). Read more about How Can Our Senators and Representatives Vote for Giving Away Our Monetary Sovereignty?
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, . . .
This, of course, is from the Declaration of Independence, one of the sacred texts of American politics and political theory. When the consent of the governed is superceded, or is not given due to force or manipulation, then that is tyranny and illegitimate, because no powers of such a government are or can be just.
So, let's ask, based on what we know about the proposed Trans Pacific Partnership Agreement from leaks of current drafts, and also based on the proposed procedures for enacting it, and those for exiting the agreement, is it true that the TPP, if passed, would have the consent of the governed and hence be legitimate? Or would it be an instance of imposition of tyranny on the American people and also on the people of other signatory nations? Read more about Consent of the Governed: Stop the Emerging TPP Tyranny!
U.S. Sen. Bernie Sanders, a Vermont Independent, will speak at the S.C. Democratic Party’s convention Saturday.
(This diary can be viewed as a follow-up to a previous diary of mine, From Space, Nobody Can Hear Your Anti-TPP Public Screams (all 22 of them))
I listened to economist Jack Rasmus' most recent podcast, this afternoon, on anti-TPP efforts, which can be found here.
He urged people to get involved. Read more about From space, nobody can hear your upcoming AFL-CIO anti-TPP Screams (all 4 of them)
From Kentucky of all places:
'RTW' clown car seems to be shedding its wheels
By BERRY CRAIG
It looks like the wheels have come off the scab-built “right to work” clown car.
The union-busters predicted 30 counties would pass RTW ordinances by the end of January, according to Bill Londrigan, Kentucky State AFL-CIO president.
The victims of the shooting spree included a 9 year old, a 20 year old aspiring medical student and his mother, a 46 year old dermatologist, a 52 year old car dealer, a 47 year old truck driver, a 12 year old, a 52 year old businessman, a 77 year old gardener, a passenger on a bus, and a 54 blacksmith commuting to work on his motorcycle. Read more about A Litmus Test on Empathy
Cannonfire has an excellent post on eating on food stamps. I agree with him, it was nice that Gwennyth Paltrow at least tried to imagine what it would be like to live on food stamps. It is nice to see rich people with an agenda that goes beyond more tax breaks for me, so kudos to Paltrow for at least trying. However, I disagree with his solution. Read more about Rice and beans
I'm watching Yanis Varoufakis' interview with Joseph Stiglitz here: https://www.youtube.com/watch?v=OY3Qxm6BoUI#t=541
I know Yanis is probably a Marxist. I've read Marx, but I've never understood why he was so sure capitalism would devour itself. But watching this, I'm pretty sure the problem is that if one profits, another is indebted. And that's the deal with the Eurozone now. Read more about I think I get Marx's basic idea about capitalism
You are what you vote for. If you vote for horrible people like Chris Chistie, Andrew Cuomo, or Rahm Emanuel you get horrible government. Seriously, all of these characters wracked up horrible records, that should have gotten them bounced out by a landslide, instead they have been reelected. Even if the competing candidates may not have been FDR, that is no excuse. All of these crooks should have sunk like lead.
We just have to elect better people, that is all there is to it. Read more about Why we can't have nice things
Of course the proximate issue is whether the prospective deal with Iran is 'another Munich'.
Now I'll leave aside some minor contemporary details like the fact that as a signatory of the Nuclear Non-Proliferation Treaty Iran is perfectly within its rights to develop nuclear power for peaceful purposes in any way they see fit, and that Ayatollah Khameini "has also issued a fatwa saying the production, stockpiling and use of nuclear weapons is forbidden under Islam.", and that Pakistan (Sunni) is a non-participant that openly has nuclear weapons and Israel (another non-participant) almost certainly has them but will not admit it, or that Saudi Arabia (participant) has stated that they will purchase them if they deem it desirable.
Let us think instead about Munich. Read more about The Ghost of Chamberlain
According to Colin Todhunter in “The Perils of Concentrated Agriculture, US Agribusiness, GMOs and the Plundering of the Planet” rich and powerful land speculators and agribusiness corporations are destroying global farms and farmers. Read more about The Rape of Ukraine’s Farmland by US Agribusiness
There are two words that describe the Republicans' Senate Budget Committee's proposed budget: “dishonesty” and “austerity” for most Americans. Let's deal with the dishonesty part first. In due course, the austerity will be apparent. Read more about When Will the Senate Budget Committee Majority Ever Learn About Sector Financial Balances?