In the first part of this series, we explained why MMT should be seen as a political problem rather than just an educational one. In this concluding part, we will discuss where MMT promotion is most likely to fail or have good chances of success. First, consider some poor prospects.
All readers of NEP know how Social Security works and it seems like a natural for MMT. But is it? Wall Street sees the program as a leak from what should be their profitable money flow. For years, the former investment banker and secretary of commerce under Ronald Reagan, Pete Peterson, kept forecasting its failure. George W. Bush tried to fix the leak by privatizing it. Arguing the virtues of MMT for Social Security is a sure way to stir up Wall Street bees that are quiet at the moment.
The way a problem is seen can determine how or even if it gets solved. When the French engineer, Ferdinand de Lesseps, was picked to build the Panama Canal, he saw it as another excavation problem as his Suez Canal had been. But Egypt was flat and Panama had a mountain.
When the United States took over the job, John Stevens, who was put in charge, saw it as a railroad problem. The biggest task was to move ninety-six million cubic yards of rock and earth, as fast as the fifteen giant steam shovels cut them out of the mountain, from the Pacific side of Panama to the Atlantic side for building a dam and raising a lake that would be part of the canal.
The way a problem is seen may determine how or even if it gets solved. Global warming (GW) and climate change (CC) are going to scramble many ideas about how developed economies work. At root, GW and CC must be seen as money problems, and modern money (MM) is the key to solving them.
Energy companies spend money to find, extract, and market fossil fuels. Other companies use money to create products and services that consume fossil fuel energy. Money enables every step from ground to atmosphere and is the common ingredient of all aspects of the global warming problem.
Posted onDecember 9, 2019|Comments Off on How White Collar Criminals Get Away with Murder
White-collar crime prosecutions are at a 33-year low. Corporate leaders can cause environmental disasters, economic crashes, and the deaths of thousands and still walk free. But there’s a way out. NEP’s Bill Black talks with The Real News Network about this. You can view with a transcript here.
Posted onNovember 18, 2019|Comments Off on Trump: The Most Corrupt President in US History
So says NEP’s former federal investigator Bill Black, who defines with fine detail what will likely be emerging from the impeachment hearings in this appearance on The Real News Network. You can view with transcript here.
L. Randall Wray will be providing testimony for Congress on November 20 at 10 am. The topic is the government debt and deficits. His full statement will be available at 10:30AM at the Levy Institute. His goal is to explain a) why we needn’t fear sovereign government deficits and debt; b) why in some important sense, deficits and rising debt are “normal”; c) the deficit is in any case largely outside the control of Congress; d) deficits and rising debt ratios will not lead to government insolvency or bankruptcy; e) all government payments can be made on time, unless f) Congress forces a default (due to the debt ceiling it imposes). The statement will provide a lot of new data related to these topics.
Posted onOctober 21, 2019|Comments Off on Exposed! A Serial Whistleblower’s Story with Bill Black
Regulatory agencies taking on Savings & Loan fraud may not be everyone’s idea of a swashbuckling tale, but for the nerdy types at Macro N Cheese it’s pure gold. NEP’s Bill Black appears on their latest podcast. You can listen here.
Posted onSeptember 17, 2019|Comments Off on 48 States to Investigate Google: Anti-Trust or Politicking?
While there are real reasons to be concerned about Google’s immense power, this investigation is quite politically motivated, NEP’s Bill Black on The Real News Network. You can view here with a transcript.
While a new poll shows most US citizens believe the political and economic system is rigged against them, Senators Bernie Sanders and Elizabeth Warren also echo this sentiment. Some conservatives are now pushing back. But what says the evidence? NEP’s Bill Black appears on The Real News Network and analyzes the situation. You can view here with a transcript.
Posted onAugust 11, 2019|Comments Off on Trump’s China Trade War Increases Risk of Recession
Trump accuses China of currency manipulation because their currency devalued in the wake of his tariffs. However, as NEP’s Bill Black explains, this accusation has no basis in fact. Instead, Trump’s trade war only increases the likelihood of a recession. You can view here with transcript.