I just learned about a potentially world changing project that may change how we do social media. Their web page is Panquake Talk Liberation: Powerful, next generation messaging technology. Their about page is is a little too vague for me. After reading it all, and watching the video below, I started to get a better idea of what this is all about.

I still don’t know what the user interface will look like, so I have no way to judge the quality of the product. However, understanding the goals better, and looking at the stated qualifications of the software managers and designers, I have some faith that this could turn out really well.

Here is their Facebook page.



I forgot to include a link to a very important website This site is where the videos are published.

This Is No Way To Do Federal Government Budgeting

CNBC has the article Joe Biden’s business allies discuss ways to pay for infrastructure plan, including a carbon tax.

I wonder if it would be helpful for Bernie Sanders to explain to Joe Biden how USA money is created, and how that affects the way we pay for government programs. If Biden only understood this, he could determine if taxes need to be raised to keep the deficit in check or it would be economically wise to “pay for it” with some increase in the “deficit”.

If Biden is hamstrung with outmoded ideas about Federal Government spending, then we might find it hard to do all the things the government should be funding with new Federal Reserve Bank created money. The economy isn’t going to get much stimulation from new government spending if we tax money out of the private sector for every dollar the government needs to spend into the economy. Of course you can’t spend any amount you want into the economy, but it would be useful to consider what the actual limits are. Ultimately the limit is governed by the possibility of creating inflation, but the limit is way above zero.

If we can stimulate the economy, then, by definition, the economy grows larger. So the new money is chasing newly produced goods, and inflation of too much money chasing too few goods is not a problem.

How Rent Controls Cause Housing Shortages.

Democracy at Work has the video AskProfWolff: How Rent Controls Can Solve Housing Shortages.

Of course this headline makes no sense. Prof. Wolff tells you all the problems that rent control causes, and then tells you how the government can repair the damage. That’s what makes sense.

If the government built the housing that Prof. Wolff describes, there would be no need for rent controls. It is definitely not rent controls that are the solution.

Matt Taibbi: The Media’s Role In Dividing Us In Light Of Capitol Chaos

YouTube has Rising’s interview Matt Taibbi: The Media’s Role In Dividing Us In Light Of Capitol Chaos.

Journalist, Matt Taibbi, reacts to how the media both contributed to and covered the riots at the United States Capitol.

They still don’t seem to remember the beneficial effects of the fairness doctrine, and the anti-monopoly enforcement that prevented domination of a market by a single corporation.

This Substack approach is not good enough for the 21st century. The internet gives access to so many different voices, that nobody should be forced to choose a subset of voices that they want to pay a subscription for. Scroll has, maybe an imperfect, model for the 2st century. Scroll is a clearing house for as many voices as want to sign up with their service. Scroll then takes the viewers subscription money, and distributes it to the people that actually get watched. This is done by looking at the traffic to a person’s media outlet on a minute-by-minute measurement. The subscriber ends up paying for sources that she or he actually views on any given day.

Glenn Greenwald REACTS: Twitter, Facebook SUSPEND Trump Accounts

YouTube has Rising’s interview Glenn Greenwald REACTS: Twitter, Facebook SUSPEND Trump Accounts.

Journalist, Glenn Greenwald, reacts to both Twitter and Facebook suspending President Trump’s accounts and deleting two of his posts.

I agree with Glenn Greenwald. Furthermore, the problem in the USA is deeper than a President lying. Truth has been the previous antidote to lies. We have to look at why it is so hard for the truth to get out in the USA these days. The corporate media is a bigger source of lies than any social media. We used to try to prevent the media from going unchallenged with the fairness doctrine for broadcast media, and anti-monopoly laws for the print media.

Looking Forward to 2021

Naked Capitalism has the post Michael Hudson: Looking Forward to 2021

Michael Hudson focuses a bit more than usual on politics, particularly on the way the left gets the shaft in elections. But he also focuses on the grim results that are virtually baked in for the US this year: rising homelessness, deteriorating government services, more diseases and more crime. In other words, the world of neoliberalism, coming to your town ahead of schedule thanks to Covid.

Actually there are two interviewees in this featured video, Chris Williamson and Michael Hudson. Chris Williamson is from the U. K. and Michael Hudson is from the USA. The parallels in political events in the two countries is rather amazing.

However you look at it, 2020 was a train wreck. So as we look forward to 2021, we wanted to get political and economic insight from two friends of the show.

Chris Williamson and Michael Hudson share their views on what we can look out for in the new year.

A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar

Naked Capitalism has posted a transcript and a video of A Hard Look at Rent and Rent Seeking with Michael Hudson & Pepe Escobar.

Yves here. Another belated Christmas offering, a second talk by Michael Hudson, this one with the trenchant Pepe Escobar. Get a cup of coffee, because this is a meaty talk, and Michael provides extensive detail on the operation of rents and rentiers, with detail on who did what when. For instance, early in the conversation, Hudson gives a back-of-the-envelope of how little the average worker has left after paying for essentials like rent, medical care, and taxes. Also forgive the occasional typo; it took a lot of effort to transcribe a talk of this length.

An interactive discussion on wealth inequality and the “Great Game” on the control of natural resources.

Polarisation, Then a Crash: Michael Hudson on the Rentier Economy

Naked Capitalism has the post Polarisation, Then a Crash: Michael Hudson on the Rentier Economy.

Allied with landlords and monopolists, the finance sector is extracting economic rents from the economy that’s impoverishing US government, industry and labor says Michael Hudson discussing the chokehold of pro-finance, pro-rentier capitalism reaching into the present COVID-19 crisis.

This is something that neither the right nor the left of politics seems to understand. If the left understood this, they would stop calling for the destruction of (industrial) capitalism.

Hudson is partially wrong in his assessment of China. In reading the book Trade Wars are Class Wars, I come to realize how China is shortchanging the workers too.

Author: How elites sold out American workers and how to fix it

The Hill channel on YouTube has the video Author: How elites sold out American workers and how to fix it.

Author Matthew Klein discusses his new book, Trade Wars are Class Wars, in which Klein explains how today’s trade conflicts are caused by governments promoting the interests of elites at the expense of workers.

For years, I have been trying to get people to understand this. One thing not mentioned in the interview is that countries used to negotiate with each other on tax laws to prevent the wealthy from fleeing one country to go to another country that charged them less in taxes. George W. Bush put a stop to the USA’s participation in these negotiations. Biden could get these talks started again, but I bet he won’t.

The Jain Family Institute channel on YouTube has the video Trade Wars Are Class Wars: Adam Tooze, Michael Pettis, & Matthew Klein in conversation. There are echo problems when Michael Pettis speaks.

Even just half way through this second video, I find the situation explained with much more insight than I have been able to figure out on my own.

Watching this second video to the end, I notice that all the people involved in the video fail to recognize the overhead on the USA economy due to the financialization of the USA economy. If you remove this overhead, then people in the USA don’t need increased wages to have a higher standard of living.

We have to restore the laws against usury, we have to change the tax advantages of financialized enterprise, we have to restore laws against monopolies and trusts. If we were able to do that, and then have the Federal Reserve Bank (Federal Government) payoff the private debt burden and prevent the debts’ rebuilding, then we could compete in trade in the international arena. If restoring anti-usury laws made it unprofitable for the credit card companies to make a profit the way they do now, there would be less of an incentive for them to entice people into credit card debt. If public colleges were free, student debt wouldn’t get built up again. If the tax cuts to the rich were rescinded and replaced by tax cuts to the not rich, the need for the not rich to borrow money to pay taxes would go away. This is all laid out by MMT proponents like Stephanie Kelton and particularly Michael Hudson.

Undoing Joe Biden’s bankruptcy reform laws would also take the incentive out of financializing the economy.

Making it illegal for vulture capitalists to rob private pension plans of the companies they take over, would also slow down that pernicious process. The vulture capitalists make their money by buying companies, stripping the assets, and putting the proceeds into their own pockets. If we could put the brakes on the takers like Mitt Romney, it would go a long way toward solving our economic problems.

Perhaps the boo discount code YETWC will prove useful in purchasing the book.

Reading Trade Wars Are Class Wars is essential. I am half way through the book. I am sure I’ll have to digest a lot and think about what I have read a lot before I will fully appreciate it. I am learning that even some of the recent economic miracles in China and Germany were won on the backs of the lower classes.

Looking at my subsequent post Polarisation, Then a Crash: Michael Hudson on the Rentier Economy you get to see Michael Hudson explain the role of the overhead in stifling our economy.