by Linda Beale Kooky Tax Protestors! Anybody who has read much of my blog probably has realized that I don’t think much of “tax protestor” movements like the one Wesley Snipe got involved with. There are websites and books and information available in all kinds of places about these “tax protestor” arguments. They claim that […]
by Dale Coberly SOCIAL SECURITY More How They Lie To Us David Brooks says in a column headlined Where Are the Liberals? Americans don’t hate government, but “believe the government has been captured by rent-seekers.” This is the disease that corrodes government at all times and in all places. As George F. Will wrote in […]
Part I showed the money going to corporate profits, not to the salaries of working people. Part II showed that the finance sector has captured an increasing slice of the profit pie. Here is a different look at where the money hasn’t gone. The first graph shows Real GDP/capita and Real Disposable Income/Cap since 1950 […]
Freddster (noun): Fraudster who profits from conflict of interest at Freddie Mac (the knife). Jesse Eisinger, pf ProPublica and Chris Arnold, of the public sector NPR News have the most interesting article about ruthless greedy uh socialism I guess at public sector Freddie Mac. The idea is that Freddie Went long the interest payments on […]
Nick Rowe replies to Richard Williamson re: full-reserve banking (emphasis mine): The key reading here (even though it appears to be about a different subject) is Milton Friedman’s “The optimum quantity of money”.Foregone nominal interest payments is a tax on holding currency…. 100% required reserves mean you impose the same tax on chequing accounts … […]
Richard Williamson asks a sensible and straightforward question: If, as Modern Monetary Theorists propose, banks’ reserve levels put no significant constraints on their lending, why don’t we have 100%-reserve banking — and presumably no runs on banks as a result?First an explanation — I hope simple, clear, and generally accurate (if simplified): Say you start […]
• Since Social Security started it has always brought in more money than was spent. It contributes a surplus to the total federal budget. That’s true today and will continue for quite some time.• The extra revenue needed to make SS solid far beyond the foreseeable future (75 years) is tiny: 0.6% of GDP.• A […]
by Rebecca Wilder The ECB is Plugging Holes Today the ECB released its monthly data on monetary developments in the Euro area (EA), as measured by M3 and its components. The market usually focuses on the marketable assets portion of M3, M3-M2, as a representation of funding access – here’s an FT Alphaville post highlighting […]
In case you are not aware, Bill Moyers is back and he doing his best work to date concentrating on our the changing of the rules regarding the economy. This episode where he interviews John Reed, former Citi Bank CEO and current MIT chair is most telling as it relates to the issue of why […]