| Re: Modern Monetary Theory [message #96541 is a reply to message #96537] |
Tue, 21 March 2023 11:31   |
Rusty
Messages: 1190
Registered: May 2018
Location: Kansas City Missouri
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Illuminati (3rd Degree) |
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I'm wondering Wayne after re reading your response, how much of an emphasis you would require of the financial part of our economy to be regulated? If you take into account the FIRE, (finance-banking, insurance, real estate) sector and how it affects the economy by historically driving up assets, wealth speculation and tax diversion. With the amount of social upheaval it's caused and the amount of monetary governmental bail out lavished with no punitive repercussion has caused in our national debt. Do you feel that is an aspect of restructuring?
Does the amount annually now spent on the military industrial complex, our maintaining over 700 military installations worldwide and our forays in foreign entanglements adding trillions to the national debt need reevaluation?
Can we shore up our Social Security system by raising the income level on payroll tax? And can we provide universal health care, Medicare for all as a social subsidy? Or do we continue to rely on the free market and the insurance industry as we have been to further burden the working class being able to make ends meet.
And how far does the national debt have to come down? I ask because your proposals seem mainly aimed at a public personal responsibility issues that government has indulged excessive wasteful social programs to alleviate. Some of the punitive measures I don't know if they could be legislated constitutionally. In lieu of the financial, military and unearned tax diversion aspects have on our federal debt load.
I think there are issues with some of our stop gap social spending. As it doesn't address the chronic core issues with our economic doctrine. Our free market trickle down supply side economy has been a long drawn out study in wealth disparity and an erosion of an ability to thrive in an economic system captured by financial engineering to make as much, grab as much and pay as little back to societies benefit. Our industry has been depleted, our cost of living skyrocket and our inflation adjusted wages stagnated for decades. Now our Federal Reserve system requires the working class to endure more pain along with inflation by putting people out of work. While once again, bailing out the investor class.
I don't perceive any conscious effort in our national discourse to look at the structure of what our economic system has evolved into. And what can be changed structurally to get things rolling more smoothly. It's as if what Margaret Thatcher claimed, "There is no other way". And we have to live within this framework that we have. That as far as I can tell, isn't working. For the majority.
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| Re: Modern Monetary Theory [message #96610 is a reply to message #96550] |
Fri, 07 April 2023 10:55 |
Rusty
Messages: 1190
Registered: May 2018
Location: Kansas City Missouri
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Illuminati (3rd Degree) |
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Banking and finance capitalism goes hand in hand. Banking's profit is someone's debt. Trouble is, banking is more than loans here and there for cars and homes. It's speculative too. It uses profits and deposits to tease out more profit by investing in asset stripping from private equity, ramping up real estate holdings, playing in the bond and stock market with derivatives and hedge betting. You name it they're playing at the table at the casino. And when they get into trouble either from outright fraud, like the housing crisis of 08 and more recently with the bond market. They don't have enough holdings to cover their deposits. Who ya gonna call? Daddy Warbucks Chairman Powell and the Federal Reserve. He'll write a blank check for us every time.
There is one bank, over 100 years old now in North Dakota that is a publicly, state owned bank in this country that don't play those games. Not allowed. They're in it to serve the public's needs. Bread & butter loans for farmers, companies and people that need those services. No hanky panky no fraud. What ever profits made go into the states coffers for the needs of... The state of North Dakota.
Richard Wolff points this out in this blog. And the outright stonewall put up to duplicate this type of bank nationwide. Presumably for the usual reasons. Free enterprise and keeping socialism in check. There's somethings though that free enterprise can not and will not be able to provide. Service without maximizing profit.
Socialism can and should work right along side with capitalism. As a benefit to the population at large. Keeping the cost of living from being speculated upon.
Banking is one of the natural monopolies that should be socialized. But the political process as it is, being bribed by lobbying and campaign financing insures only one successful little bank in North Dakota be the only example of socialized banking. What a shame that issues such as wokeness, critical race theory and transgender identity take precedence over the real issue as the banking system is. Like the Wizard of Oz. Pay no attention to that man behind the curtain.
https://www.rdwolff.com/the_jimmy_dore_show_this_is_why_the_banks_are_failing_now
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