New Economic Perspectives has the article What if the Public Understood How Money Works? by William K Black.  After he explains why the high priests of economics think it would be dangerous for the public to understand how money works, he mentions one way in which the information leaks out in times of war.

If you opened the box, you need to know that the MMT mentioned above is Modern Money Theory as Bernie Sanders’ chief economist is about to unleash upon the Senate budget committee.  The other MMT that Black talks about is Monetary Myth Theory.  This is what even revered economists such as Paul Samuelson wanted you to think you knew.  He  even has a Samuelson quote stating that Samuelson wanted the real MMT kept secret.  By the way, the word modern in the Modern Money Theory refers to the era that started several thousands of years ago and continues to this day.

Thanks to Mary A for sending me a link to The Daily Kos article #FoxNewsFacts trending after “expert” says major British city entirely Muslim.

She called the comments funny.  I call them hilarious.

Fortune Magazine has a great interview with Elizabeth Warren that they stupidly titled Elizabeth Warren: I’m not running for president. In talking about this article, HuffPo called it Elizabeth Warren Says She’s Not Going To Run For President.  Both headlines have more words in them than were spoken by Warren in the interview about the subject of running for President.

You can always depend on the lame stream media to trivialize a great interview. The headline in Fortune and on HuffPo is about a single word in the interview. They don’t seem to want us to concentrate on all the great ideas that were discussed.

Thanks to Jacob J Ryan’s Facebook comment that brought this article to my attention. I forgive him for falling for the lame stream media’s trap of concentrating on the horse race aspects while ignoring the issues.

Below are just a snippet or two of the great issues that were discussed in the article, and even these snippets don’t do it justice.

Fortune: So if you were dictator and there were three things you could do to help the middle class, what would they be?

Warren: First, invest far more in education.

Second, rebuild our infrastructure, both to put people to work immediately in better paying jobs, but in the long run, to help our economy because strong infrastructure is what encourages businesses to invest and grow. China is investing 9% of its GDP in infrastructure. Here in the US, we are investing about 2.5%. China is building a future for its businesses. We are letting our infrastructure crumble. We have $3.4 trillion in deferred maintenance. If we want to have a vibrant economy going forward, we need safe roads and bridges, power grids, communications networks. That’s the part we all invest in. Even if we didn’t need the jobs, we should do this, but we do need the jobs and infrastructure is an investment in the middle class.

Third, research. I’d invest in research. Medical, scientific, engineering and the reason for that, this is an exceptional country. The investment here would be much smaller than the other two. But it’s the great pipeline of ideas that creative people build off of to turn the research into something extraordinary. And you could go down the list of what government sponsored research has given us: nanotechnology, touch screens, vaccines, gene therapies, GPS – and then, entrepreneurs– people who have worked their tail ends off – they have turned that research into extraordinary businesses that employ a lot of people.

The interview ends with this comment which explains so much about why Elizabeth Warren understands how to do politics far better than Barack Obama does.

Fortune: Obama’s core constituency has lost ground during his Administration. That’s not all on him. This has been a longstanding trend. But things have gotten worse.

Warren: The middle class has been under assault for 35 years — the combination of stagnant wages and rising core expenses have squeezed families beyond endurance.

Fortune: But he hasn’t been able to reverse that trend. What advice do you have for him for his last two years?

Warren: Get out and fight for America’s families and be clear what you are fighting for. Don’t just say it once. Give one speech, and then another, and then another. Talk to the Democrats on the Hill to propose the legislation that you want and invite the Republicans in. And ask if there is a way to do it together. But get out there and fight for our families, they need it.

By the way, the snippet below is all that was said in the interview about her running for President.

Fortune: So are you going to run for President?

Warren: No.