This is Part III of my lengthy reply to Philip Wallach’s reply to my evaluation of his views on the platinum coin proposal and other options for settling debt ceiling conflicts. In Part I I discussed some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. In Part II I continued with a discussion of political legitimacy and usurpation issues and then covered some legal objections to using the $100 T platinum coin option related to the “intent” of the coin law.
In this installment I’ll continue with more discussion of political objections. Read more about Some Platinum Coin Objections from the Mainstream: Part III
PORTLAND, ME — The campaign against the Living Wage ordinance appearing on Portland ballots this Nov 3rd has begun.
Business owners have raised over $100,000 to defeat a local referendum that would lift workers out of poverty by raising the city’s minimum wage to $15 per hour by 2019.
I began a lengthy critical reply to Philip Wallach’s reply to my earlier analysis of his paper in Part I of this series. There I covered some preliminary mis-characterizations of what I said and, more importantly, why the commonly recognized fiscal policy rule that, at least over a number of years, government revenues ought to match government spending is fiscally unsustainable and fiscally irresponsible in light of deductions from the Sectoral Financial Balances (SFB) model. In this Part II, I’ll cover some conjectures about political legitimacy Wallach offers about the consequences of minting a $100 T, some legal legitimacy issues, and some additional political legitimacy issues. Read more about Some Platinum Coin Objections from the Mainstream: Part II
Now Emily's list is in on the act. Emily’s List Official Accuses Bernie Sanders Team of Sexism
As I was working my way through the series of posts beginning with this one, news was announced that Republican and Democratic Party leaders in Congress, along with the President had come to agreement on the terms of ending the debt ceiling standoff in the context of a new budget deal. Their agreement provides for suspension of the debt ceiling until March of 2017; so the immediate need to turn to unusual solutions to a pending debt ceiling crisis is now gone, and, along with it, crisis-driven discussions about the platinum coin option.
Nevertheless, even though the immediate reason motivating renewed discussions of the platinum coin option is now gone, I still have some unfinished business dealing with the issues surrounding it. Late last week I replied to a paper from Philip Wallach of The Brookings Institution with a post at Naked Capitalism, as well as a number of other sites in the blogosphere. Now, Wallach has replied to my post, which mostly presents new arguments not in his original paper. Read more about Some Platinum Coin Objections from the Mainstream: Part I
Across the country, and especially here in the nation's capitol we have seen and increase in gun related homicide. There is nothing complicated about the cause of this. Millions of guns and high capacity magazines are pouring into America's urban neighborhoods, with entirely predictable results. So what does our precious FBI director do? He blames the victim. Read more about Why does James Comey have a job?
I just learned about this site, tonight, via a Russel Brand interview. I don't have the time to study it a lot, but it seems like a credible contribution to activists' empowerment.
For one thing, it allows for more than just petitions, which are easy to ignore by US politicians. To some extent or other (I'm hardly knowledgeable about British politics), petitions probably don't carry a lot of weight in the UK, either. Read more about 38degrees.org.uk empowering anti-TTIP activists in the UK
Most of the world, and most notably the United States, are in the grip of fiscal myths fostered by the ideology of neoliberalism. There is virtual unanimity across the major political parties in the United States in accepting the viewpoint of neoliberalism, and the fiscal myths associated with it.
This book is about these myths, the arguments showing that they are, indeed, myths, and the truths that can counter them. It is about Campaign 2016, and some of its issues, because the fiscal myths will certainly be used in the Campaign; since, for the first time in a very long time, there is a major party candidate running, who, because he advocates for a very broad agenda and for fighting inequality, will, sooner or later, find that some, and perhaps a large number, of fiscal myths are being directed at him by his opponents and their supporters, who want to persuade voters that his agenda is “fiscally irresponsible.” Read more about Fiscal Myths of Campaign 2016: A New Kindle e-Book
Upon my oath, I didn't intend to bring back the coin proposal until much later in the re-newed process of Republican hostage-taking over the debt ceiling. After all, there's not much chance that the President would ever use the platinum coin option, because his budget policy direction of getting ever closer to a budget surplus, is best served by a “forced” compromise with the Republicans, that results in another few hundred billion in spending cuts for 2016, while allowing him to place the blame on them for that outcome. Using the platinum coin option would not have that result, because it would deliver a clear victory to him.
Of course, he doesn't want a default due to Republican brinksmanship either, so if the Republicans do drag everyone too close to the cliff, then he may decide to take some extraordinary measures and the coin is one that is available, so it's conceivable that he might choose this undoubtedly, from his point of view, distasteful option. It is for this reason, I suppose, that the Brookings Institution is warning him off the coin to weight his choice towards some more conventional approach. Read more about The Platinum Coin Returns
We dreamed that we created a revolution. But we did not heed the great lesson of revolution. Today’s revolutionary is tomorrow’s little tyrant.
a must read. Read more about The problem with social media