By J. D. Alt
My brother, Jeff, is a very smart guy who went to West Point, got a masters degree at Purdue, had a successful career as a business man and now, in his retirement, can sometimes beat his wife at golf. I sent him the NEP link to Playing Monopolis Monopoly and the other two essays I wrote as well, Men on a Wall and New Sense Common Sense. Since then we’ve been corresponding about MMT—with me trying to get him to “see” it, and he, to his credit, actually doing his best to “see” it while also collecting a lot of other opinions on the topic. Recently he sent me one of these other opinions, which included a textbook circular flow diagram that seemed to prove that MMT was impossible. Continue reading
By William K. Black
FDR transformed the nation when he was confronted with the Great Depression and World War II. He famously welcomed the hate of the banksters. President Obama wanted the love (and the contributions) of the banksters. He chose Timothy Geithner to be his pipeline to the banksters because Geithner shared Obama’s lack of passion for holding the banksters accountable for their frauds that drove the ongoing crisis. We have known the core of these sad facts for years, for they were revealed (irony of ironies) in a May 22, 2010 article whose theme was that we had all done Geithner and Obama a terrible injustice by criticizing them for their servile approach to the banks. The key facts that the article disclosed can be summarized in a sentence: Obama developed a “man crush” on Geithner and decided to follow Geithner’s policies to bail out the banksters rather than hold them accountable for the frauds that made them wealthy and caused the Great Recession. Obama’s “man crush” is particularly odd given the fact that Geithner is a Republican who, as a fig leaf, became an independent.