The Real News Network has the video How Fraud Corrodes Weak Market Regulations Governed by Market Fundamentalism.

Prof. Bill Black’s talk at the forum, “Destroying the Myths of Market Fundamentalism,” held in Washington DC, on October 19, 2018

Despite the wide publication of this information and the constant exposure to this on my blog, there are too many people who are religiously unable to admit this truth exists. Why are people so committed to disbelieving what is right in front of their eyes?

ABC Australia has the interview Bernie 2020?

Stephanie Kelton is such a great teacher. Her explanations are so easy to understand, any adult should have no trouble getting what she is explaining.

The only thing standing in the way of more people understanding this is the little recording in their heads that will be repeating, “No, this can’t be true” as she explains for 20 minutes. If you can temporarily shut that recording off, and listen to what she says, then you will have something to think about later when you let that recording play again.

The interviewers are your standins, because they pose all those questions of how could this possibly be true. Kelton has great answers to all of their questions.

I particularly like Stephanie Kelton’s response when the interviewers asked about the problem of interest payments on US bonds growing too large. She said, just stop paying interest. She did not mean that we should default on the interest we have promised to pay. She meant stop issuing bonds that pay interest. We don’t need to borrow our own money back. The money that the government created and put into the hands of the public doesn’t need to be borrowed back so that we can use it for other purposes. Just use it for those other purposes in the first place.

We have created a system where

1. the federal government creates money
2. the federal government gives out the money to the public
3. the federal government borrows the money back with the promise to pay interest
4. the federal government spends the money on things the country needs

We don’t need the second and third steps, It was our choice to create the four step process. We can change how we operate.

Maybe it would help to see the diagram that I explained in my previous post When Will the White House and OMB Ever Learn About Sector Financial Balances?

Naked Capitalism has the article The Global Financial Crime Wave Is No Accident by Nat Dyer.

Top of my list of neglected economic superstars is Professor Susan Strange of the London School of Economics, one of the founders of the field of international political economy. In a series of ground-breaking books – States and Markets, The Retreat of the State and Mad Money – Strange showed how epidemic levels of financial crime were a consequence of specific political decisions.

Dyer goes through four ways that Strange “showed how politics and the financial crime epidemic were intimately connected.” I’ll quote the first item in the list.

There was nothing inevitable about financial globalisation, Strange said. It was born out of a series of political decisions. It means that global money can skip freely across borders beyond the reach of national laws and supervision. For smart operators tax, regulations, and compliance become a choice, not an obligation. Strange argued that international organisations lack the power to control global money, only coordination between the world’s major economies can rein it in.

I have recognized for a long time that no single country can control the problem. It will require coordination among the major players around the world to get a grip on what is happening. There were efforts being made along these lines, but George W. Bush put a stop to the participation of the USA in the talks to rein in the tax havens. Now global “trade” talks are all about making it easier for the corruption to continue.