Periodic Posts

Posts made periodically by a particular author. The periodicity may be totally random.

Afghanistan War Exposed: An Imperial Conspiracy

YouTube has the video Afghanistan War Exposed: An Imperial Conspiracy.

Abby Martin covers the whole truth about the Afghanistan War, from the CIA construct of the 80’s through today’s senseless stalemate. Two decades, three administrations, tens of thousands of lives; it’s time to #EndTheForeverWar.

If you have been reading the latest lies about Afghanistan promoted by The Dreaded New York Times and The Dreaded Washington post, and our anonymous “intellignece” agents, maybe this will knock some sense into you.

Do you ever wonder why you should believe the people who have been lying to you for decades?

Stephanie Kelton and Yanis Varoufakis: Another Now #3 | DiEM25 TV

Wow, I stumbled across this great video, Stephanie Kelton and Yanis Varoufakis: Another Now #3 | DiEM25 TV. The only thing “wrong” with it is that Stephanie Kelton gave away the ending of her book. The butler didn’t do it

For those of us interested in the Movement For A People’s Party, there is inspiration here.

Welcome to DiEM25 TV’s ANOTHER NOW. The program that owes its existence to a mindless virus that placed capitalism in suspended animation, something not even WW2 managed to do. The one-hour discussion every Monday where, together with a weird and wonderful guest, we rant and rave with one ambition in our souls: To prevent a return to normality once the pandemic passes.

This week I have the honour and the privilege to be joined by Stephanie Kelton – an academic economist who felt the need to throw her lot in with Bernie Sanders, become his chief economic adviser and use her economic knowledge to fight the good fight not just in academia but wherever economic mystification is utilised against the many.

Shadow Government

Here is another thought that came to me last night. If we are to start a new political party with the Movement for a People’s Party, then beside organizing voters, it might be good to start planning a shadow government. We could organize policy groups that matched the departments of the actual government. These policy groups could formulate plans for how the People’s Party would actually run these departments when we elect a President in 2024. Having this in place would give voters the confidence that our President and our party were actually ready and able to run the government.

Personal Bonds Similar To Corporate Bonds

Here is a thought that came to me last night. If the Fed can try to stimulate the economy by buying corporate bonds, why not come up with a mechanism where the bottom 90% can create a bond-like instrument for the Fed to buy from them. This would inject money into the economy where it might actually do some good. A corporation already has too much capacity to make stuff for the size of the shrinking consumer market. Giving corporations more money when they have nothing useful to use it for is hardly going to help the economy. The bottom 90% have useful things they want to buy, if only they had the money.

When the Fed gives corporations a trillion or so to make things that they will sell wholesale, can’t you just hear them respond “Now, if only the consumers had enough money to buy this stuff at retail.” That sort of makes me think that the amount of money the Fed gives to consumers should actually be larger than the amount it gives to corporations.

USA Treasuries and Bank Reserves

Stephanie Kelton’s book The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy finally clarifies something I always wondered about.

In studying Modern Money Theory over the years, I have always felt that selling Treasury Bonds to “offset” federal budget deficits was somewhat counter-productive. On the one hand, deficit spending injects money into the private sector of the economy. On the other hand, selling Treasury Bonds drains money out of the private sector. Every time I have heard Stephanie Kelton talk, she says that Treasury Bonds are just another form of money. I kept saying to myself, but although Treasury Bonds can be bought and sold (traded) in the bond market, they are not like ordinary money. You cannot go to the grocery store and buy a loaf of bread with a Treasury Bond.

It took until page 98 in her book for Stephanie Kelton to finally say the words I have been longing to hear for years.

When the Fed wanted to raise interest rates, it sold some of its Treasuries. Buyers paid for those bonds using a portion of their bank reserves. By removing enough reserves, the Fed could move the interest rate up. To cut rates, the Fed would do the opposite, buying Treasuries and paying for them with newly created reserves.

When I first started reading this excerpt, my mind played its usual trick of thinking you don’t raise interest rates by selling bonds. Selling a large quantity of something lowers its price. Then my other brain kicked in to remind myself that the bond price changes inversely to the bond interest rate. A cheaper bond has a higher interest rate. When interest rates go down, existing bonds that pay the old, higher rate get more expensive to buy.

Nassim Nicholas Taleb: The Masks Masquerade

Naked Capitalism has posted the article Nassim Nicholas Taleb: The Masks Masquerade.

Incompetence and Errors in Reasoning Around Face Covering

SIX ERRORS: 1) missing the compounding effects of masks, 2) missing the nonlinearity of the probability of infection to viral exposures, 3) missing absence of evidence (of benefits of mask wearing) for evidence of absence (of benefits of mask wearing), 4) missing the point that people do not need governments to produce facial covering: they can make their own, 5) missing the compounding effects of statistical signals, 6) ignoring the Non-Aggression Principle by pseudolibertarians (masks are also to protect others from you; it’s a multiplicative process: every person you infect will infect others).

Nassim Nicholas Taleb has a better understanding of the implications of probability in determining sensible reactions than many mathematicians. He touches on some of the problems I have always had with practical application of probability. Of course, his understanding is way beyond mine.

FED’s $10 Trillion Defends Assets of the Rich – Michael Hudson

Okay, here is the real OMG post for this decade. Of course Michael Hudson has been saying this for years, but Paul Jay gave him an interview where Hudson could explain this all in terms that financially astute people can understand. The future does not look bright if either Trump or Biden gets elected.,

FED’s $10 Trillion Defends Assets of the Rich – Michael Hudson. This is the kind of interview that has been missing from the public discourse since The Real News Network staged a coup to get rid of its founder, Paul Jay.

Sacrificing Workers Lives is Back to Work Plan – Paul Jay

This is a wonderful explanation of so much, and it is only 27 minutes long. Sacrificing Workers Lives is Back to Work Plan – Paul Jay.

Here is a half hour interview that adds a lot of context to what the Movement for a People’s Party should be fighting for. There is a lot to be learned from some of the details – where Paul Jay is living now, community control of police, the place of worker co-ops, etc.

Bill Black: Cities Face Catastrophe; Finance a Cancer on Real Economy has the article Bill Black: Cities Face Catastrophe; Finance a Cancer on Real Economy.

As part of its management of the current economic crisis, the Federal Reserve will spend approximately 750 billion dollars to prop up the corporate bond market. It’s also buying junk bonds, exchange traded funds and even directly buying into the stock market.

Who’s managing all this for the Fed? BlackRock, of course, the massive asset manager to know more about the extent of BlackRock power and the tremendous concentration of ownership that’s taken place, read my article on the site titled, Three Investment Banks Control More Wealth than the GDP of China, and Threaten our Existence.

None of this is in the center of popular discussion. This is going to be the biggest disaster we have seen in hundreds of years. Long after this people will wonder why we couldn’t have seen this coming. The answer is that we don’t want to hear about this or see it. It is too horrible to contemplate. There are things we can do to prevent this disaster, but it is easier to pretend it isn’t going to happen.

By the way, I am glad to see that Paul Jay is back at it after the coup at The Real News Network. Paul Jay took with him the Real out of the Real News Network when they threw him out.

Along with the above article there is a podcast Paul Jay on Law and Disorder. This concerns the deeper issues behind out current problems.

This embedded recording stops at a little over 18 minutes.

This link goes out to about 22 minutes, but neither of them are the whole interview.

The whole 27 minute interview is in the article Sacrificing Workers Lives is Back to Work Plan – Paul Jay