Daily Archives: October 30, 2012

A Counter Narrative to Peterson’s

Posted on October 30, 2012 by Devin Smith | 67 comments

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.

Pete Peterson has won and the American people have lost. There is no effective counter narrative, not even from the left. Nearly all “progressives” have accepted the fundamental premise that the federal government is like a great big household. That it faces the same kinds of constraints that you and I face. That it should spend only what it takes in and that deficits are morally and/or fiscally irresponsible. President Obama told the nation, “We’re out of money.” . . .

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Posted in Joe Firestone

Tagged debt-subject-to-the-limit, debt-to-GDP ratio, deficit, Fiscal Responsibility, Fiscal Sustainability, inflation, MMT, Modern Monetary Theory, national debt, Peterson Foundation, Stephanie Kelton, warren mosler

How “Brazen” does a Bankster’s Fraud have to be before he’s Prosecuted?

Posted on October 30, 2012 by Devin Smith | 5 comments

By William K. Black

I’ll get the obvious out of the way first and then turn in future columns to the aspects of the Department of Justice’s (DOJ) civil suit against Bank of America (B of A)/Countrywide that are vital to understand but are more subtle. The obvious issue arises from the facts that the DOJ alleges that its investigation has found. The complaint and the DOJ press release state that elite financial criminals committed tens of thousands of “brazen” frauds targeting U.S. government funds. Continue reading →