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.

Democrats Should Refuse to Continue to Support Stupidity and Cowardice

William K. Black
September 15, 2019      Kansas City, MO

A craven group of Democrats is furious with Beto O’Rourke for calling for the mandatory sale of assault rifles to the United States.  Reuters’ headline says it all:  “O’Rourke’s ‘hell yes’ vow to take away rifles worries U.S. lawmakers pushing for gun limits.”  Seriously?  Democratic lawmakers (who have adopted no meaningful federal law in response to tens of thousands of gun deaths and maiming) are upset because a prominent Democrat proposed a law to get military-style assault rifles out of civilian life.  Granted, the Republicans have patented their right to be the party of stupid, but Democrats should not compete by becoming the party of less stupid, but equally cowardly.

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Awakening the Investor-in-Whole-Society


There’s a lot of handwringing now about how central banks have no ammunition to fight a recession. The fact that this is apparently true—and, perhaps, uniquely true in modern history—is all the more reason to explore MMT’s premise that central banks are not just instruments of private commerce, but are, as well, instruments of collective, democratic will. The bankers are in a box of their own making, but that box, in fact, is inside another box which, as MMT makes clear, has lots of ammunition not only to fight a recession, but to pursue the betterment of American society whether an economic downturn unfolds or not.

Let’s consider the central bankers’ basic dilemma: If private enterprise begins to slow, they would love to issue more money to get it back up to speed. But inside their box the only way to do that is by encouraging private enterprise to borrow more money. Private enterprise, in turn, decides to borrow more based on production and spending decisions tied to the making of potential profits. The only lever the central bank has to affect these profit calculations is the manipulation of interest rates—lowering rates to make the profitability of enterprise more feasible (hence, encouraging more borrowing and more money creation) or raising rates to do the opposite. So, if interest rates are already close to zero, the central bankers are out of ammunition if private enterprise, on a large scale, decides to slow down operations and lay-off workers.

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Is it Cynical to Believe the System is Corrupt?

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.

Rigged System Apologists and Deniers Fear Senators Warren and Sanders

William K. Black

August 26, 2019     Kansas City, MO

Greg Weiner has written an article aimed at those he hates – progressive Democrats.  He entitled it “The Shallow Cynicism of ‘Everything is Rigged.’” Weiner wrote, in the midst of the most corrupt administration in U.S. history, not to attack President Trump, but instead to attack Senators Warren and Sanders.  Their sin?  They oppose corruption.  Worse, they view corruption as immoral, they ‘walk the walk’ by refusing to take contributions from corporations, and they are proving remarkably skilled at explaining to the public how the corrupt rig specific systems.  Democrats are reacting by giving strong support to Warren and Sanders.  Weiner argues that some corruption is good and that we need far more of it.

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Why Moscow Mitch needs MMT


Mitch McConnell is desperate to find investment funds and businesses that will create jobs for his Kentucky constituents. America, it seems, is mostly incapable of being a source for either. Such is the diminishment of our impoverished private enterprise system that only foreign companies seem interested in bringing U.S. dollars to America to build the factories that will employ us.

America, for example, has not built an aluminum rolling mill in over forty years. It must be easier (read “more profitable”) just to import the stuff. If you want to create jobs, though, in exchange for votes from your constituents, “profitability” takes on new dimensions. And while those additional dimensions don’t seem to appeal much to American enterprise, for some inexplicable reason they are appealing to foreign “investors”—especially ones from Russia. Russia, it seems, has discovered a new form of American “politico-capitalism.”

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A Modern Money Explanation


Since the Democrat’s presidential debates, the attacks on progressive candidates for their “unrealistic” proposals to address the biggest challenges we face as a collective society have intensified dramatically. The primary criticism is the enormous price-tag associated with each of the big-ticket issues they propose to undertake: universal healthcare, mitigating climate-change, eliminating college debt, free pre-school daycare, re-envisioning and rebuilding America’s infrastructure, a job guarantee and a universal basic income for every citizen. The attacks come from both conservative Republicans and centrist Democrats, each of whom are avowed believers in fiscal “responsibility” and balanced federal budgets.

Unfortunately, while there is growing sympathy with the progressive goals themselves, the advocates of those goals still don’t have a convincing explanation or formula for how the federal government will pay for it all. The best they can come up with is that we’ll increase taxes on the super-wealthy and the big corporations—or that it’s simply unacceptable, conceptually, that the world’s richest democracy cannot manage to achieve these goals for a healthy society. So long as these are the progressive narratives—even if they manage to win the upcoming elections—the goals will never be achieved. To create genuine, wide-spread support for undertaking the big-ticket issues we face, it will be necessary to explain to America how its monetary system actually works.

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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.

Why Is Homeownership Among Blacks Lower Than Ever?

Segregation and housing discrimination are affecting Black homeownership today as much as in the days before the 1964 Civil Rights Act. What happened and how can this be reversed? NEP’s Bill Black appears on The Real News Network and discusses this. You can view here with transcript.

Facebook’s Libra Currency Monetizes Identity and Threatens Privacy

NEP’s Bill Black appears on The Real News Network and discusses Feacebook’s new proposed crypto-currency, called “Libra.” Facebook could use this technology to standardize identity and create a world of ultimate surveillance, and then profit from it. You can view here with a transcript.