America is not a song, but if it were…

America Isn't a Song copy

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Capitalism–or “Bank-ism?”

FREE MONEY MEME LRM

The problem with capitalism is the same thing that is touted as its virtue. Namely, one of capitalism’s animating doctrines is that a worker can work hard and make more money as time goes on, and this is how the worker will “get ahead.”

But the flip side of that doctrine is that everyone—including the worker himself—is trying to take as much of everyone else’s money as possible. That’s the “profit motive” in action. We are taught to think that the profit motive is good, because from each individual’s perspective, it is a positive thing to think that an individual can do some kind of work and profit from said work. But what is almost never alluded to by champions of the profit motive is that everyone is expected to seek profit from everyone else, which has a cancelling-out effect on any one individual’s attempt to generate profits.

For example, an enterprising young person is told that he can make $10 for cutting a lawn. Then he can use that money to eventually buy a car or whatever. Meanwhile, though, that enterprising young person is in turn being profited FROM by the gas station, the mower salesperson, the taxman, etc. And that multiplies out exponentially across the entire economy—people constantly trying to, and being expected to, profit on their endeavors while others are simultaneously doing the same TO them while each side of the equation sees itself as a standalone integer and not subject to the equation.

This inevitably leads people to having to resort to borrowing, whether they are individuals or large corporations. EVERYONE in capitalism HAS to borrow eventually BECAUSE of this profit-cancelling effect of everyone having to profit from everyone else. And this is how the banks took over—because banks are allowed to create money from nothing. The banks ARE the standalone integers not subject to the equation. So capitalism could and should be more aptly called “bank-ism.”

Indeed, it’s a perfect situation for the banks–everyone fighting for the most imaginary pieces of paper that the banks can create independent of any other variable.

Posted in Bank-ism, Crap-italism, Debt, Everything Is Rigged, Financialization, Rent-seeking, Rentier, Wealth transfer | Tagged , , , , | Leave a comment

Goldman Sachs admits: Capitalism is not the cure, it is the disease

 

Capitalist Hippocratic oath copy

Whenever you get grief for criticizing capitalism, point those giving you said grief to this story, because it perfectly describes capitalism’s grave shortcomings with just the question asked in the headline:

“Is curing patients a sustainable business model?”

The story is about a Goldman Sachs analysis of what smug media types would refer to as “the biotech space” (apparently “space” is the new hip synonym for a type of business or area of study and is meant to sound both less redneck than “field” and less corporate than “industry” yet somehow manages to just sound…um, spacey).  Here’s a quote from the Goldman report:

“The potential to deliver ‘one shot cures’ is one of the most attractive aspects of gene therapy, genetically-engineered cell therapy and gene editing. However, such treatments offer a very different outlook with regard to recurring revenue versus chronic therapies,” analyst Salveen Richter wrote in the note to clients Tuesday. “While this proposition carries tremendous value for patients and society, it could represent a challenge for genome medicine developers looking for sustained cash flow.”

And there it is in black and white: “recurring revenue” and “sustained cash flow” are going to be a “challenge” with “a very different outlook” if biotech companies go around healing everybody.  That is to say that, while most of us plebs think that the point of discovering new technologies is to cure disease, The Financial System™ thinks that the point of new technologies is to empty our pockets, which is going to be impossible unless people have diseases.  After all, if people aren’t sick, how can biotech companies sell their medicine?  There may be some hope yet for extracting more profit, the Goldman report avers:

“Solution 1: Address large markets: Hemophilia is a $9-10bn WW market (hemophilia A, B), growing at ~6-7% annually.”

“Solution 2: Address disorders with high incidence: Spinal muscular atrophy (SMA) affects the cells (neurons) in the spinal cord, impacting the ability to walk, eat, or breathe.”

“Solution 3: Constant innovation and portfolio expansion: There are hundreds of inherited retinal diseases (genetics forms of blindness) … Pace of innovation will also play a role as future programs can offset the declining revenue trajectory of prior assets.”

Therein lies one of the greatest paradoxes of capitalism–it is claimed to be a system that meets people’s needs in the most efficient manner possible, but in order to do that, capitalism requires needy people.  The sacrosanct profit motive can only be motivating if there are people to profit from, so capitalism’s incentives are misdirected into making money rather than actually helping people.  In other words, capitalism is not the cure, it is the disease.  It is easy to imagine capitalists curing all known diseases, then creating more diseases for the sole purpose of being able to sell more treatments/cures.  This is exactly why “capitalism” is inferior to “socialism”: capitalism serves capital and serving society is secondary where as socialism serves social beings while serving capital is secondary.

 

Posted in biotech, Crap-italism, Goldman Sachs, paradox, Rent-seeking, socialism, Uncategorized, Wealth transfer | Tagged , , , , , , , , | 1 Comment

‘Booked: Minimum Wage, Chomsky, The Evils of Stock Buybacks

A collection of today’s Facebook posts from the Liberty Road Media page (give it a like/share!)…

Seattle Minimum Wage Issue: UofW Study flawed

Turns out the study critical of the Seattle minimum wage increase suffers from two major flaws:

1) It excluded 48% of Seattle’s minimum wage workforce and 2) the head researcher is anti-minimum wage to begin with.

Not only that, the study is at odds with almost all other research into increased minimum wage, which tend to find that minimum wage increases are overall positive and have their intended effect of helping the workers. https://www.bloomberg.com/…/the-overhyped-seattle-minimum-w… (This article is by the great Barry Ritholtz and has tons of great links)

Chomsky on Libertarian Socialism, i.e., Anarchism

Great 2011 interview Chomsky gave in Norway. Don’t let the intro–in what I presume is Norwegian–throw you for a loop, it’s not long and the interviewer who talks to Chomsky speaks very good English.

Nick Hanauer on how Stock Buybacks Cause Inequality

The problem with capitalism is that the capitalists want to starve the workers of, well…capital. As Hanauer points out,

“…one of the reasons there’s no place to invest the cash is that wages as a percentage of GDP have fallen by so much that workers can’t afford to buy anything any more. If instead of doing stock buybacks with that 700 billion dollars, that corporations use that 700 billion dollars to raise wages for workers, those workers would then buy a ton more, which would require capital to go out and expand to meet that demand.”

Posted in Anarchy, class war, Debt Slavery, minimum wage, Redistribution, Reverse socialism, socialism, Uncategorized, Wage slavery, Wages, Wealth transfer | Tagged , , , , , , , , | Leave a comment

Fannie and Freddie Open Records Act Passes House!

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Mnuchin on Fannie 43017

So I was watching the above video with Steve Mnuchin and Maria Bartiromo because of its title: “Mnuchin on Fannie And Freddie Funds Used to Pay for ObamaCare: It’s True”.  Bartiromo mentions in passing that a bill was being considered to make Fannie and Freddie comply with the Freedom of Information Act, which I had not heard about.  Sure enough, she was right, and it turns out that the bill—H.R. 1694, Fannie and Freddie Open Records Act of 2017 (click to read the text of the bill)—has passed the House and been sent to the Senate!

This is great news for those of us who, like me, were fighting against foreclosure and other mortgage shenanigans and tried to get FOIA info out of Fannie and/or Freddie but were told that Fannie and Freddie were private companies, even though they had been taken into conservatorship by the Federal Housing Finance Agency and been given billions in bailout money ($187 billion—largest bailout in history), making them effectively part of the government.  Indeed, in the Fox News video above, Bartiromo even mentions that Mnuchin thinks that Fannie and Freddie “need to be privatized” (approx. 4:00 in the video).  To hear Fannie and Freddie tell it, they have always been private.  That’s what they told me back in 2010:

Fannie Mae is a private company whose documents are not subject to the FOIA…The purpose of the FOIA is to open the actions of government agencies to public scrutiny, not to reveal the inner workings of private entities. The FHFA’s temporary role as conservator of Fannie Mae does not transform the business records of this private company into ‘agency records’ subject to the FOIA.”

And here’s the copy of the letter they sent me:

FANNIE-FOIA-APPEAL-01-REDACTED-HIGHLIGHTED.jpg

The plot thickens, does it not?  The Republicans want to attack Obama and Obamacare and now suddenly want to use the diversion of Fannie and Freddie funds as a cudgel to beat Obamacare to death.  And this Fannie and Freddie Open Records Act will help them wield that cudgel.  What they may not realize is that they’ll be opening a Pandora’s Box of Fannie fraud when those of us who know that FANNIE MAE, BY ITS OWN ADMISSION, OWNS NOTHING (same goes for Freddie) will use this law (fingers crossed) to get the info we sought back in the thick of the foreclosure crisis!  And then nail Fannie and Freddie to the wall–because as the logo parody at the top of the page suggests, Fannie “Mae” not own your mortgage and never did!

Posted in Everything Is Rigged, Fannie Mae, Federal Reserve, Foreclosure, Foreclosure fraud, Secondary debt market, Securitization Fail | Tagged , , , , , , , , , | 2 Comments

The Real Fraudsters: Banks or Homeowners like Barbara Bratton?

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I was informed last night that Barbara Bratton—who sued U.S. Bank in 2012 over the foreclosure of her home in Ontario, California–was recently convicted on 6 counts of real estate fraud and now faces up to 6 years in prison.  From Highland Community News:

SAN BERNARDINO, Calif. – On April 14, a San Bernardino County jury returned a verdict of guilty on 6 counts of real estate fraud against 58-year-old Barbara Rae Bratton of Upland. Bratton was taken into custody immediately following the guilty finding.

In May 2013, the Ontario Police Department investigated Bratton on suspicion of filing two false grant deeds with the San Bernardino County Recorder’s Office on a house in the 900 block of Locust Street in Ontario. The false deeds were filed a month earlier by Bratton in a fraudulent attempt to take possession of a house she once owned and had lost to foreclosure.

According to District Attorney Sr. Investigation John Vega, who was assigned to the case, the house had been sold to new buyers who then purchased it legally.

“Ms. Bratton owned the house at one time, but had not made a mortgage payment on it for approximately four years resulting in the foreclosure, and two evictions, to finally remove her from the property,” Sr. Investigator Vega said.

Bratton argued in court that the house still belonged to her in spite of years of not making payments on the property. She continuously cited flawed legal theories that some people use to not pay home loans.

What this story refers to as “flawed legal theories” is what reasonable people with correctly calibrated bullshit detectors call “bank fraud.”  That is to say, banks routinely and as a matter of course do what Barbara Bratton is purported to have done, i.e., file false documents in county land records.  But not one banker has ever gone to jail for doing so.  Not one.

Some would say it’s just a loony conspiracy theory that banks do that.  Those same people would say that Bratton was a tin-foil-hatter, a “sovereign citizen” who thought everyone was out to get her and she was trying to get something for nothing, apparently the worst crime that can ever be committed.

Except it’s not a conspiracy theory that banks falsify documents—it’s a conspiracy fact.  For example, here’s a story from 2014 that undeniably proves just that:

This kind of manufacturing of evidence happens all the time, it’s just that usually, hard evidence of this criminal behavior is hard to come by.  However, Wiley got undeniable proof of it this time.  He got his hands on a Nationstar (who used to call themselves “Aurora”) internal memo which said this:

Wiley Paper Terrorism case

So the Feeneys were right–there was no assignment that gave Aurora/Nationstar the right to do anything. SO THEY (AURORA/NATIONSTAR) MADE ONE UP, BACKDATED IT, AND GOT A NOTARY TO SIGN OFF ON IT! And then filed it in the land records of Greene County, Missouri!

And of course, let’s not forget about Lorraine Brown of DocX, who was found guilty of falsifying over a million documents and then filing them in the land records of counties all across the country.  She of course was not an employee of a bank, but the documents she falsified were produced on behalf of banks!  She and DocX were the patsies for the criminality of the banks.

Hell, just yesterday, Living Lies published an article in which bank employees and mortgage servicing employees emailed each other back and forth about how best to falsify necessary documents to foreclose on a woman who is currently in such fragile health from a battle with cancer that some fear that her imminent eviction as a result of this falsification could literally kill her:

October 27, 2008

From: Michael Barnett

To: Diane Meistad

Subject: RE: Default Assignment Request loan (Fauley, Robynne)

Okay Diane, I had my manager look at this file with me and we have determined that we need the following assignments to correct the chain of assignments:

1) Corrective Assignment from WAMU TO Deutsche Bank (to correct the assignment from RFC to WAMU, which was recorded in error) & Note Allonge

2) Assignment from Deutsche Bank to RFC & Note Allonge

3) Assignment from RFC to LNV Corp (Note allonge in file already)

The assignment from RFC to WAMU was recorded in error so it is not needed. We also have 2 endorsements on the original Note WAMU to RFC to Deutsche Bank which should be cancelled, to correct the Endorsement chain on the Note. We will just need the okay from you via email to cancel these endorsements. Will this work for you? Thanks Michael.

[NOTE: MGC has decided what was done right and wrong in prior transactions for which it has no knowledge, and what now needs to be done in its own best interest to steal and harvest the home. The transfers to and from WAMU as described above would be fraud due to WAMU being defunct. Then there is the request to have RFC cancel out the endorsements and replace with allonges. The third request in the sequence states that an allonge is already in the file from RFC to LNV Corp even though there are no assignments, yet, to support that allonge. That allonge created by MGC is fraudulent, and represents yet another broken sequence in the chain of title.]

Four days after this last email on October 27, 2008, the following two attached assignments are recorded simultaneously in Clackamas County, Oregon (Recorded Assignments – October 31 2008 – Fauley). The first assignment (and I call it the “first” because of its fraudulently back-dated) is executed on “March 10, 2008″ and notarized as such by “Diane Meistad” – Notary Public – State of Minnesota.” The assignor is “Residential Funding Company, LLC fka Residential Funding Corporation” with no Assignee named. NO ASSIGNEE! However, the second assignment is executed on October 27, 2008 with the Assignor named as “Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and the Assignee – “Residential Funding Company, LLC.” This assignment is also notarized by “Diane Meistad.” As admitted by Meistad above, RFC was not in title position to transfer the asset as of October 27, 2008. Yet, she acquiesced to MGC’s fraudulent conspiracy to forge, fabricate, and alter documents.

So, Diane Meistad, Michael Barnett, and all the rest of you who where involved in this deceit, this one’s on you. You are the only ones who can put a stop to this injustice. Robynne Fauley, who is elderly and very sick, has suffered immensely from your actions. In six-days she is scheduled to be evicted from her home. Fix this!

We can clearly see then, that the cops and the courts shouldn’t be going after Barbara Bratton or others like her.  They should be going after the banks, as Trump might say, “big league.”  Because Bratton was right—the bank did steal her home, as they have literally millions of others.  As I wrote about Bratton and her case back in 2013:

I want to be clear that I am in no way arguing that because U.S. Bank may be a “paper terrorist,” then that means that Barbara Bratton is a paper terrorist–I believe the exact opposite is true.  Indeed, the truth is the ultimate defense.  So the truth needs to be determined, namely: who is entitled to the house, Bratton or U.S. Bank?  As the consent order with U.S. Bank makes abundantly clear, along with the general fact pattern of the ongoing foreclosure crisis, there is more than enough evidence to come down in favor of Bratton.  So if Bratton is in fact the true owner of her property, then that necessarily means the following: the documents she filed are not forgeries but the documents that U.S. Bank filed are forgeries, and should be treated as such.

Throwing Barbara Bratton in jail does not fix the problem of real estate fraud, because the banks are still running wild and free and commit fraud on a scale that is orders of magnitude larger than anything Bratton or any private citizen like her could ever dream of committing.  Her sentence is itself just more fraud.  God help us.  And God help Kimi Vandyk, who sources say is apparently now in a similar situation in the Santa Barbara area.

Posted in Everything Is Rigged, Financial Terrorism, Foreclosure, Foreclosure fraud, Living Lies, US Bank | Tagged , , , , , , , , | 20 Comments

North Korea: Convenient Casus Belli For War With China?

Already Against The Next War

As this great article from The AntiMedia points out, North Korea is not in any way a threat to the United States:

In what universe does it make sense that Kim Jong-un would think attacking an “enemy” in the region would be beneficial? On Monday, Anti-Media reported on the fact that former Pentagon chief William Perry told CNN in November that North Korea would never strike first because, very simply, Kim doesn’t want to die.

“I do not believe the North Korean regime is suicidal,” he said. “Therefore, I don’t believe they’re going to launch an unprovoked nuclear attack on anyone.”

That’s because Kim has certainly applied to the situation what the mainstream narrative would like you to discard — common sense. With just a dash of it, any logical being can look at the events unfolding and see that North Korea poses no threat, to any surrounding nation, period.

 

The article goes on to point out that what the U.S. is really doing is setting its sights on China:

China, incidentally, reportedly just deployed 150,000 troops to its border with North Korea. Much like Japan, the reason given was preparation. Preparation for war was the message between the words.

But it wouldn’t be war with North Korea. That tiny strip of land is merely the buffer between two military juggernauts, the United States and China. That’s World War III, friends, and it has nothing to do with Kim Jong-un.

 

While Kim may not be a threat to the U.S., is he a threat to U.S. allies South Korea or Japan? Much more so than the U.S., certainly, but Kim is not an idiot. He knows that any first strike he launches will be his last AND gives the U.S. its desired casus belli. THAT’S the real threat–that S. Korea or Japan will be hit be some missiles and we will be told that Kim did it, and it will be untrue. Remember the Gulf of Tonkin—the second attack of August 4, 1964 did not happen, even though it was the second attack that was used to pass the Tonkin Gulf Resolution that resulted in the escalation of the disastrous war in Vietnam.  We should be very wary of a similar situation happening now, especially in light of the very real questions over the intelligence regarding the alleged gas attack by Assad that led to the cruise missile attack on a Syrian airfield earlier this month.

Posted in False Flag, NSA, War Is A Racket | Tagged , , , , , , , , , , , | Leave a comment

United Kerfuffle Separates the Statists from the Anarchists

United-Fly The Friendly Skies Dao

A comment from a Facebook friend completely nails the inexplicable controversy over whether David Dao, the doctor with a checkered professional past,  should’ve been dragged off United 3411 or not:

“You can not defend personal freedom and defend what is essentially a “hidden” contract. A reasonable person would not read all the fine print and has a right to expect the service they pay for. Those that keep on with this carriage contract and obey orders nonsense are a perfect example of why totalitarianism works.”

This article explains why the “comply” crowd is completely misreading the situation, as it point out two things:

1) even the United CEO now says that Dao shouldn’t have been removed and wasn’t at fault:

“He can’t be. He was a paying passenger sitting on our seat in our aircraft, and no one should be treated like that. Period.”

2) Dao originally agreed to get off the plane when they asked for volunteers, but when he agreed, he apparently was not told or did not understand that the flight they were offering him was not until the next day and when he realized that, he changed his mind. So Dao clearly was not unreasonable or even unjustified in arguing that he should be able to keep his seat.

Predictably and understandably, Dao has already hired lawyers to sue United.  Seems like a gimme for Dao, but corporate propaganda has a way of getting a hold on some people’s minds, even if—nay, especially if—some of those people happen to be judges.  More than likely, there will be an undisclosed settlement.  But we shall see…

Posted in Anarchy, civil rights, Crap-italism, freedom | Tagged , , , , , | Leave a comment

Fixing A Hole: Anarchism, Volunteering, and Self-Issued Currency

Anarchists have apparently decided that fixing potholes themselves is better than waiting for the city of Portland, Oregon to do it.  This is music to many people’s ears, mine included, and for me that’s because it confirms one of my arguments in favor of what I have come to call “self-issued currency” about which I have of course written many times.  I have not published much about this particular argument here on Liberty Road Media, but I have written about it in my forthcoming book on the subject, and this story of pothole-fixing anarchists provides the perfect opportunity to air this argument/theory publicly.

The purpose of this argument is to counter those detractors of the self-issued currency idea who typically will ask something along the lines of “If every individual can create the national currency in unlimited amounts, what will be the incentive for them to work, particularly at unpleasant or difficult—but necessary—tasks?”

In Portland, as we can see, simply being able to drive on smooth public roads is incentive and compensation enough to motivate these anarchists   This is but one example of how society could work going forward in a system of self-issued currency, in which profit is not measured in dollars and cents, but is measured in actual profit of being able to live in a well-functioning, cooperative society.  Believe it or not, there are people who like patching potholes, plumbing, math, housework, picking up trash, mending fences, digging ditches, and insert-unpleasant-task-here.  In a society of self-issued currency, the incentive to get these things done will be to get these things done, not to be paid a salary of imaginary, arbitrary government chits whose only real value is to pay the taxman and to control the wage slaves.

Posted in Anarchy, self-issued currency, Volunteer | Tagged , , , , , , , | 1 Comment

5 Ways to Fix The Economy For The Better: Richard Wolff Interview

This interview is instantly my favorite thing Lionel has ever done.  He interviews the brilliant economist Richard Wolff, and from the get-go, it’s a tour de force of common sense obliterating tired, hackneyed, jingoistic propaganda that somehow just won’t die no matter how many silver bullets of logic are fired into it.

If you don’t have time to watch/listen to the whole thing, here’s a basic breakdown.

1. Listen to Karl Marx

Lionel asks Wolff to explain what a “Marxist economist” is, since Wolff is often described as such.  Wolff mainly points out that Marx was intentionally marginalized by even America’s elite universities precisely because Marx was such an incisive critic of capitalism, and that as such, Marx should be embraced rather than ignored.  As Wolff puts it in the interview:

“If you mean by ‘Marxist’ that I have been informed by, I have learned from the works of Karl Marx, then by all means I am a Marxist.  I’m not gonna run away from that, I’m not gonna hide under the absurd pretense that I’m not a Marxist out of the proud recognition that I never looked at one word that this man had to say.  It’s just silly.”

 

2. Put workers in control

Lionel then asks Wolff to identify the single most pressing current economic issue and how Wolff would solve it, if he were made economic czar in a hypothetical Lionel presidency.  In a nutshell, Wolff’s answer is that the most pressing issue is the domination of the lives of workers and basically everyone else by a handful of unelected people whose only concern is profit, not the well-being of the people that work for them or anyone else.  Wolff is talking here about corporate boards of directors and the very negative and direct effect the policies of those who work for them, without those workers having any say-so at all about it despite being the ones actually performing the labor.  Wolff again:

  “We allow a tiny group of people, because most work is done in an institution called a ‘corporation’—a tiny group of people—these are the major shareholders of a corporation—and here we’re talking about 10 or 20 individuals or companies of one kind or another, and they own the shares, the bulk of the shares.  And if you know how a corporation works, the leadership of a corporation—the board of directors, it’s called—is typically 15 to 20 individuals who are selected by the shareholders under the system, ‘one share, one vote.’  So if you’re a big bank, and you own a million shares, you—you bank—get a million votes.  And if you’re a worker in that factory, and you don’t have any shares, you get no votes, and so forth.  So what we have is a tiny group of major shareholders—maybe a dozen—who select, because they have all the votes since they own the bulk of the shares, they select the 15 to 20 people who are the board of directors.

And now follow the logic—the board of directors and the major shareholders together make all the basic decisions that corporations make; what to produce, what goods and services to produce, how to produce them, what technology to use, where to produce them, in Cincinnati or Shanghai or wherever they choose.  And finally, they decide what to do with the profits generated by the labor of all the people who work there.  In any sizable corporation, the vast majority of the workers who do the work are not major shareholders nor are they members of the board of directors—that’s a tiny group of people.  Now the outcome of every economy depends, first and foremost, on the decisions made by this tiny group of people, people who are not elected by the public, people who are not elected by the workers in an enterprise, people who are not elected by the members of the community where that enterprise is located.  People who are elected by the shareholders where the major shareholders make the decision about who sits on the board of directors.  If we don’t like the results of an economy, such as most Americans don’t like the results of our economy today, the place you must look is at the decision-makers who brought this about.”

In sum, says Wolff:

“Really all that Karl Marx wanted was for us to face up—and boy are we long overdue about it—that if democracy is what we think is the best way to run our political life, then where in the world did we get off thinking that it wasn’t the best way to run our economic life?”

Lionel asks Wolff what can be done about this situation (approx. 18:36), and Wolff points to the current platform of Jeremy Corbyn’s Labour Party with respect of what has been called a “right to own.”  The short version of Wolff’s description of the policy is this: if and when Labour controls the UK government, it will put into place a policy that whenever a corporation wants to sell itself, the workers of that corporation will have the first crack at buying said corporation, with money loaned to the workers by the government.  Or, as Corbyn himself put it to  The Guardian:

“Labour will look to create a ‘right to own’, giving workers facing a change of ownership or closure of a firm the first refusal in putting together a worker-owned alternative.”

3. Public control of the money supply

Lionel asks Wolff what role the Federal Reserve would have under Wolff’s hypothetical regime as economic czar.  Wolff responds thusly:

We should not put something that is a publicly important institution into the hands of people who structurally instructed to make money off of it, to make it be profitable.  What’s profitable for a company isn’t necessarily what’s best for the community as a whole.  And when there’s a difference between those two, it should be the community as a whole that prevails, not the private profit.  And therefore for me, the key thing would be to democratize monetary policy.  The decision of how much money to be circulated, the decision of what the price of a loan (in other words, the interest rate) ought to be, should not be decided by a Federal Reserve which is kind of half the private banks, who are [Wolff’s Skype connection garbles a portion here]…dependent for its money, its lobbying fees, and so on, on those same banks, that it really is  more the banks who are making this decision more than it is the public well-being.  And for me, that’s the problem of a democracy that never went beyond the political to encompass the economic and for that reason the political never worked out real well either and we see the constant buying of political decisions by the undemocratic economic system.  For me, the Federal Reserve is just another example of  that fundamental flaw that has to be fixed.”

 

4. Revolution

Lionel concurs with Wolff’s assessment of the Fed and that money should be controlled for the benefit of the public rather than for the benefit of privateers, and asks Wolff what would replace the Fed.  Wolff responds:

“Well, I’m an old believer in the following simple idea: Only the people can ever make sure that they, the people, are in charge.  So I don’t expect what I’ve been talking about to come from the Republican Party or from the Democratic Party.  Not its old leadership, and at least for the moment, not its new leadership either.  That has to come—there’s no other way to say this—from below.  That has to come when the mass of the American people—and boy do I think we’re getting there, and fast—when the mass of American people say: ‘The existing system is simply intolerable.  We will not continue this way.  It’s too unsettling for us, it’s too dangerous for the lives our children are facing—we’re not gonna take this anymore.’  When that happens, then suddenly the politics, the ideology, the economics, begins to give way to a much more powerful force.  That’s what got us our independence from England, that’s what got us out of being half a society of masters and slaves, etc., etc.”

And as if we needed any more proof, from approximately 43 minutes in until the about 45 minutes, Wolff confirms what we have written about many times here at LRM, and that is that money is created out of thin air and that is the reason why, among other things, it is perfectly acceptable and not at all crazy to write off student loans.  And then Wolff gives his last recommendation…

5. Make Jobs A Guaranteed Right

Wolff prescribes this fix in response to Lionel’s question about immigration.

 

Enjoy!

Posted in Crap-italism, Everything Is Rigged, Federal Reserve, fiat currency, freedom, history, Redistribution, Reverse socialism, socialism, Wage slavery, Wealth transfer | Tagged , , , , , , , , , | 1 Comment