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:
This was prescient:
This is just pure gold:
Every possibly objection to Bernie Sanders, now in one convenient location.
So often, the argument is thrown at me: “How are the rich ripping us off?” Well, here’s how:
Moreover, financialization isn’t just confined to the financial sector itself. It’s also ultimately about who controls, guides, and benefits from our economy as a whole. And here’s the last big change: the “shareholder revolution,” started in the 1980s and continuing to this very day, has fundamentally transformed the way our economy functions in favor of wealth owners.To understand this change, compare two eras at General Electric. This is how business professor Gerald Davis describes the perspective of Owen Young, who was CEO of GE almost straight through from 1922 to 1945: “[S]tockholders are confined to a maximum return equivalent to a risk premium. The remaining profit stays in the enterprise, is paid out in higher wages, or is passed on to the customer.” Davis contrasts that ethos with that of Jack Welch, CEO from 1981 to 2001; Welch, Davis says, believed in “the shareholder as king—the residual claimant, entitled to the [whole] pot of earnings.”This change had dramatic consequences. Economist J. W. Mason found that, before the 1980s, firms tended to borrow funds in order to fuel investment. Since 1980, that link has been broken. Now when firms borrow, they tend to use the money to fund dividends or buy back stocks. Indeed, even during the height of the housing boom, Mason notes, “corporations were paying out more than 100 percent of their cash flow to shareholders.”
… Finance has now won the battle against wage earners: corporations today are reluctant to raise wages even as the economy slowly starts to recover. This keeps the economy perpetually sluggish by retarding consumer demand, while also increasing inequality.
Lots more here:
So the question is asked: having already stripped the voter rolls, how long will it now take to flip the outcome?
The IT expert gives the obvious answer: about 60 seconds, maybe less. Not only the presidency but control of the Congress, statehouses, state legislatures and much more can be flipped in tandem.
In the process, the expert says, it’s customary to plant media stories of “glitches” in the voting process that will delay the reporting of the vote count. In Ohio 2004 the flipping process was stretched from 12:20 am to 2 am, during which John Kerry’s 4.2% margin of victory became a 2.5% George W. Bush margin of victory, giving him a second term.
But the process is clear, simple and long-since prearranged. Funded by the Help America Vote Act of 2002, the vast majority of America’s electronic voting machines date back at least a decade. Many can be flipped at the precinct level by operatives driving by with WIFI apparatus. In other cases, “technicians” from the voting machine companies have already recalibrated the tabulators while Election Day was in progress, or immediately after.
So the months of campaigning, endless media bloviation, and millions in campaign expenditures can all be funneled down to about a minute of one hired hacker doing a few quick keystrokes that no one will ever be able to fully unearth or overturn.
All that’s then needed as follow-up is to adjust the pre-election exit polls, which are usually extremely accurate, to match the official vote count, which will have been flipped by 2 or 3 am. (Sooner or later, such polling will be banned altogether).
In the meantime, in this dark post-democracy night, there is a pause. Each IT expert asks each governor and secretary of state in each of these key swing states what they wish done. And how much the Koch Brothers will be paying them to do it.
See if you can guess the answer.