This is a terrific and unusual piece for a bank to publish. It traces the history and highlights how America’s weak unions and strong lobbyists prevented action being taken on it for at least 50 years after Europe had banned it. As corporations continue to do today with any science that threatens to protect it’s customers from poisoning, they “cast doubt” on the science, blamed the poor, etc. I highly recommend it.
“Ideological hegemony is the process by which the exploited come to view the world through a conceptual framework provided to them by their exploiters.” – Kevin A. Carson
Every cynic was once an idealist who has grown defenses around their heart to avoid the pain of having their hopes dashed yet again. Ignoring the fact that Obama was always a well-marketed corporate candidate with moderate conservative (neoliberal) positions, a lot of people got their hopes up that he might be different. It’s understandable people don’t want to get their hopes up again.
The Bernie Sanders movement is not about him. It is about millions upon millions of us deciding that we’ve had enough. That we’re not going to play our part in their game anymore (where we stay home and they continue to rule).
It *can* happen here. This deserves a careful reading, so I won’t do any cutting and pasting. In view of events now.. a very careful consideration indeed is in order.
Book by Milton Mayer Review by Thom Hartmann, originally published at buzzflash.com on November 7, 2005.
Source: They Thought They Were Free
This is unbelievably bad:
Without tax increases in the coming weeks, the government will cease to offer many of its vital services.
And I suspect this is why:
Louisiana has sixth highest inequality in the nation
Hey you guys, anybody thought of, like… oh.. taxing the people that got all the dough for a change? At the rate the state is deteriorating, they’ll all be heading for California soon anyway.
Bernie Sander’s amazing Town Hall on the Flint water crisis. He *listened*–all the way through.
A handy-dandy quick reference–minor edits and emphases added by me.
“The Fed controls the money supply”: No it does not, it sets an interest rate (what happens after that is up to firms and households and their desire for external funds).
“The Fed injects reserves which lowers the interest rate” or, worse offender, “The Fed injects money which lowers interest rate”. Under normal circumstances (i.e. pre-Great Recession, which is what most people have in mind when saying this), the Fed does not proactively inject reserves, it waits for banks to ask. And, the Fed’s monetary policy never injects money, i.e. never deals directly with the public (M1).
“The Fed printed money during the financial crisis”: No it just credited accounts by keystroking amounts, no Federal Reserve notes were printed. More to the point, none of these funds entered the money supply, i.e. funds held by the public.
“The Fed used taxpayers’ money during the financial crisis”: No it just credited accounts of banks by keystroking dollar amounts.
“Banks use reserves to buy stocks and corporate bonds”: No banks can’t do that with reserves.
“The large inflow of reserves in banks did not lead to inflation because banks did not lend the reserves or based on reserves”: No banks operate that way, bank credit and amount of reserves are unrelated (upcoming posts on this).
“Central banks lend reserves”: No the Fed does not lend reserves because reserves are its liability.
“Fiscal deficits raise interest rates”: No, there was a hint about this in a previous post. More is coming in the next post. (short: fiscal deficits increase productivity instead, up to full employment–zap)
This is wonderfully clear and fascinating: