Submitted by letsgetitdone on Sun, 04/08/2012 - 10:54pm
It's hard to listen to the doomsday rhetoric of Austerians like Paul Ryan and intermittently the less hysterical, but equally mythical narratives of the President when he talks about deficit/debt reduction, when you know better; when you know that both are talking about a bogeyman that doesn't exist. Here's Ryan, the Republican wunderkind:
“We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead.” Read below the fold...
Submitted by letsgetitdone on Sat, 08/06/2011 - 12:40am
This one is a message intended for all progressive organizations, especially those who have worked so hard to derail the drive for cuts in Social Security, Medicare, and Medicaid, or are working hard to protect other valuable discretionary programs.
There's another hostage-taking coming in the next three months over the 2012 Budget legislation. You know it! I know it! Everyone knows it!
So ask yourselves these questions:
1. Would Congress and the President be trying to cut Federal spending if the Treasury General Account (TGA) at the Fed had more than $50 Trillion in it? Read below the fold...
Submitted by letsgetitdone on Fri, 08/05/2011 - 1:09am
How can the President win a victory for the people in the coming hostage-taking over the budget? Here's a scenario!
1. Mint a platinum coin with face value big enough to cover pay-off of the national debt, and the gap between tax revenues and Government spending for many years to come. For example, $60 Trillion in face value would generate enough electronic credits in the Treasury General Account (TGA) at the Fed to last for about 20 years or through 2030. Result: $60 Trillion in the TGA, none of it spent, so no possibility of inflation. Read below the fold...
Submitted by letsgetitdone on Sun, 07/17/2011 - 11:02pm
[Cross-posted under a different title at Naked Capitalism -- lambert]
(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post) Read below the fold...
Submitted by letsgetitdone on Mon, 07/11/2011 - 7:21am
Submitted by letsgetitdone on Thu, 06/30/2011 - 12:33am