Department of Now It All Makes Sense
Congress provided the authority, in legislation passed in 1996, for the US Mint to create platinum bullion or proof platinum coins with arbitrary fiat face value having no relationship to the value of the platinum used in these coins. These coins are legal tender. So, when the Mint deposits them in its Public Enterprise Fund account at the Fed, the Fed must credit that account with the face value of these coins. Read more about Beyond the Debt Ceiling: The $30 Trillion Plan for Ending Borrowing and the National Debt
Wall Street’s Euthanasia of Industry, by Michael Hudson: Obama is selling out his constituency to his campaign contributors: that's what politicians do. But even worse, the President is a fully committed acolyte of neo-liberal economics and "has bought into the idea that the only way to get recovery is to cut wages by about 30 percent." Read more about Michael Hudson explains the kabuki budget debate
(Editor's Note: This post is being re-published with the permission of the author, Scott Fullwiler)
Cullen Roche’s excellent post at Pragmatic Capitalism explains—via comments from frequent MMT commentator Beowulf and several previous posts by fellow MMT blogger Joe Firestone (see the links at the end of Cullen’s post and also here)—that the debt ceiling debate could be ended right now given that the US Constitution bestows upon the US Treasury the authority to mint coins. Further, this simple change would lift the veil on how current monetary operations work and thereby demonstrate clearly that a currency-issuing government under flexible exchange rates cannot be forced into default against its will and is not beholden to “vigilante” bond markets. As Beowulf explains in a later comment, “The anomaly it addresses is that the US Govt has a debt limit yet an agency of the US Govt (the Federal Reserve) does not have a debt limit. Clearly this is a structural defect.”
The following is a description of how the process would work and the implications for monetary operations: Read more about Scott Fullwiler: QE3, Treasury Style—Go Around, Not Over the Debt Ceiling Limit
Cross-posted from Real Economics.
At the beginning of the American experiment in self-government, concentrations of wealth and large inequalities in income and wealth were viewed suspiciously as dangerously subversive vestiges of the royalty and oligarchies of Europe. But today, conservatives would have us believe, concentrations of wealth and inequalities in income and wealth should be viewed as the natural result of a social Darwinian struggle between those who work hard, and those who do not. Thus are Americans slowly but steadily being led to acceptance of the rise of a new oligarchy, Read more about Wealth and Income Inequalities are Markers of Oligarchy
(553 Obama-dumping days until 2012 election-Hugh's Obama's Scandals List)
Pepe Escobar of Asia Times suggests the motivation for the alleged take-OUT not take-down of Osama Bin Ladin:
The hero, fully equipped, pumped up, is face to face with the real Osama bin Laden, unarmed, just out of bed, trapped in a drab room. There's no possible escape; the whole compound is "secured". This is it - the moment America has been dreaming about since September 11, 2001.
(554 Obama-dumping days until 2012 election-Hugh's Obama's Scandals List)
Mike Whitney has one of the best takes I have read about Osama Bin Laden’s alleged demise. (For what it is worth, I didn’t think Osama was still alive. I still entertain this as a possibility, given the phenomenal degree of lying the Obama administration and military have committed.)
All over the world the powerful are fighting the birth of the truth because they cannot bear its consequences.
They want you to believe that you are powerless and that nothing can be done, that this is as it should be. Yet we know that is not true, because we can look at Egypt, where we see that people prevailed over a 30 year dictatorship that thought nothing of gunning people down in the street, that hid people in torture chambers while the elite occupied wood paneled offices with marble bathrooms. Read more about Like a Force of Nature
Critical Arab-US Moment Betrayed: Obama & Cong. Won’t Do Right Thing Re Jewish Settlements; Fear 2012 AIPAC Election Punishment
So, let’s get this straight. The United States officially -- at least rhetorically -- disapproves of illegal Jewish settlement expansion. Yet to do ANYTHING SERIOUS to support this position would mean substantial political blowback from AIPAC.
We all know to what degree the President and Congress will sell out the welfare of human beings, their own citizens, and, hell, the rest of the world’s, to protect their own jobs and power no matter what the depth of the sell out. Read more about Critical Arab-US Moment Betrayed: Obama & Cong. Won’t Do Right Thing Re Jewish Settlements; Fear 2012 AIPAC Election Punishment
It would take an entire library to move the mountain of fake history spun around the life and career of Ronald Reagan by now. Sometimes only a cartoon can approach the truth.
Aaron McGruder, in this intro to a Boondocks episode of a couple years ago, comes as close to capturing a piece of the mean and nasty spirit of the Gipper as anybody ever will.
With Cairo in flames, a member of the White House press corp asks a question about the reporting structure involving the next White House press secretary. "Will the new press secretary have your office?" is an actual question.
A tender spot in master-slave relations. Lordy. Sure, it's a book review. And? Read more about The single most revealing headline I've ever read in WaPo
Cross-posted from Real Economics.
Freddie DeBoer’s recent argument that “the blogosphere is a flagrantly anti-leftist space” initiated a useful discussion of the current political climate in the United States. Read more about Veblen, "Pecuniary Culture," financialization, and fraud