By J.D. Alt
(This is the working draft of a short, targeted eBOOK directed specifically at the millennials—the huge generation of energetic, creative, and cooperatively inclined young people who might, just maybe, rise up and demand a new understanding of the American economy. The eBOOK has three goals: (1) explain the basics of MMT to those who’ve never heard of it (2) unveil, at least partially, the misinformation network of the status-quo, and (3) suggest the scale of very real collective benefits a new understanding actually makes possible. Any suggestions about fine-tuning—or fundamentally altering, if necessary—the basic message of the essay are welcomed. (I’ve divided the draft into two parts to better fit the blogosphere.)
How is it the 1% exerts such complete and dominant control over our national agenda? And by what means can the 99% claim the collective power that, by democratic rights, should be firmly in their hands? The answers obviously have something to do with money—after all, the 1% are defined by various monetary measurements: the top 1% own 42% of the total financial wealth in the U.S. economy; the top 1% own 35% of all privately held stock, 64% of all financial securities, and 62% of all business equity. If all those percentages have a numbing affect, here’s another way to frame it: The top 400 families in America own more financial wealth than the bottom 150 MILLION families combined!