Discard the Fiction in the Coffin, Find the Real MLK

Thoughts on the sanctification of Martin Luther King   

Why Your New Year's Resolution Should Be To Learn MMT

In 2018, for the sake of your family, your friends’ families and for every American family facing financial hardships, make your new New Year’s resolution to learn about the reality of our nation’s economic system, to learn MMT, and when you’ve done that, teach someone else what you’ve learned. Together we can spread this knowledge and save lives by answering that age-old progressive agenda-killing question: ‘how are we going to pay for it?’

The Plunder of the Golden Years

Senile Dementia, Alzheimer's, Parkinson's, and other age related diseases are increasingly likely to touch all of us, from one side or another. ...And maybe from multiple sides.

The Truth About 'Printing Money'

Let's also clear up something that is really grating to the nerves.

MMT Works Today

So let's save the planet now instead of tearing down the system first!

How Progressives Can Win Big

Casting out the Spirit of Defeatism, One Keystroke at a Time

An Appeal to the Green Party about MMT

The Green Party want to extricate our society from the clutches of neoliberalism, yet their economic platform is riddled with infectious neoliberal catchphrases that tighten our chains.

Tax Reform? We're Having the Wrong Discussion

...We should be worrying about the public purpose, instead.

No Time to Waste

I am tired of dancing the sweet dance of privilege... It takes a truly privileged mindset to slow play saving the suffering from destitution. 

MMT is Reality

MMT, aka Modern Monetary Theory, however poorly the name works for you, is not a system that has to be implemented someday. It is a perfectly accurate description of how our currency works. It is a myth-busting destroyer of propaganda and myths. The establishment and the activist alike speak in lies from the tablecloth... MMT destroys those arguments by shining a light on the functional realities.

A Message to the Green Party National Committee and Howard Switzer Regarding Monetary Reality

Recently, the Green Party of Tennessee posted this and also the first reply (timestamped 12:38 PM) to a comment by Sylvia Saadati on that post. My message below is a critical reply to the main text of this comment, excluding the final portion about AMI. It breaks that paragraph up into its component statements for purposes of a more systematic critique. My conclusion is: whether private or public, neither a Fed bank, nor the Fed’s Board of Governors,  can deny the sovereign will of Congress as it is being implemented by the Treasury. It must create the necessary reserves in the Treasury spending account, whenever Congress mandates spending requiring those reserves, and Treasury pushes the right buttons to force the Fed to create them in its spending account.

Incarceration, INC.

Nobody should have a vested interest in anybody else's incarceration.

Identity and Politics: Building Bridges

One of the big buzzwords tossed around these days is identity politics. Something I’ve noticed is that these words essentially have two meanings and thus it can be an issue if someone discusses the topic while using one meaning but someone else is approaching it from the other side.

Where Safety Considerations Don't Matter; The Keystone XL Story

An explanation pre-decision on what will happen with the Keystone XL Pipeline, the danger present, and where people can go if they are interested in changing the circumstances. The Keystone XL Pipeline would be a ticking timebomb if built, so why are we considering it? MOPSA is the name.

When Votes Disappear

Until they outlaw public monitoring of vote totals completely, this is one of the few methods we have to isolate problems ourselves.

Federal Taxpayers Do Not Fund the Federal Government; The Federal Government Funds Federal Taxpayers

Well that title is blunt, isn’t it? I like blunt. That’s why I chose it. As I always say, blunt cuts through bullshit. It’s my bet that it is sure to cause irritation for those persons who play immature games of semantics with the word ’fund’. Good.   Look, we all know what people mean when they say, ‘Federal taxes don’t fund federal spending’; they mean, ‘The federal government does not require an income, and so, it does not spend the proceeds from federal tax collections’. Some people simply wish to confuse others by playing a game of semantics over the word ‘fund’.

Fear Will Not Kill Prejudice

...It will only drive our foe underground, where we can't face it.

Response To The Powell Memo: A Progressive Blueprint — Part 6

What follows is Part 6, the final installment of a direct rebuttal to the original Powell Memo, frequently using Powell’s own words, which instead offers a progressive plan to take back the country from the ravages the corporate oligarchy has committed on the American people and restore the freedoms and protections to which we are entitled. Read Part 1, Part 2, Part 3, Part 4, and Part 5.

Remapping the Beginning: Freeing the Nation's Foundation Story from its White Supremacist Chains

We can't merely take to the streets periodically. We must take to the streets and stay there until we turn the corner on what kind of country we want to be. But other actions are needed too. Among them is the coincident development/acceptance of a cohesive vision, one that doesn't merely view white supremacy as a morally flawed value, but that recognizes it as integral to U.S. history as we know it. This means that moving forward on this issue requires a massive rewrite of U.S. history in order to show the ways in which white supremacy has defined the nation from the beginning. It also means confronting all the nation's institutions in order to root out white supremacy's hidden presence within them.

Democrats: Nominating Kamala Harris in 2020? Or Chasing The White Working Class?

On a near daily basis since 2016, we've heard networks like CNN or MSNBC talk about the failure and necessity for Democrats to court voters in the white working class. It would appear Chuck Schumer missed the mark when he predicted that each blue collar Democrat who turned their back on the party would be replaced by a white collar conservative, itching to ditch Trump. Oops.

Debt Ceiling is an Arbitrary Political Tool to Perpetuate Austerity

The United States has never hit its debt ceiling without Congress intervening to raise it, but the prospects of this occurring are becoming increasingly likely under the Trump Administration and the current Congress.    On July 28th, Secretary of Treasury Steve Mnuchin wrote a letter to Congress to inform them that action would be required on the debt ceiling, as its expected to be reached by the end of September 2017. "I have determined that a 'debt issuance suspension period,' previously determined to last until July 28, 2017, will continue through September 29, 2017. As a result, the Treasury Department will continue to suspend additional investments of amounts credited to, and redeem an additional portion of the investments held by, the CSRDF, as authorized by law," Mnuchin wrote to House Speaker Paul Ryan (R-WI). He urged Congress to take action before their August recess, but they have not.    If Congress fails to act, the government would shut down as a result. The consequences of what could happen if congress fails to act are unknown, but they don't bode well for the U.S. economy to even face the possibility of it occurring.   "Honestly, no one knows. It would be uncharted territory. It’s hard to believe Congress would ever choose to run the experiment, but these are strange times.  Anything seems possible," said Dr. Stephanie Kelton, a Professor of Economics at Stony Brook University and a Fellow of the Sanders Institute, in an interview with me. "U.S. Treasuries are the equity that undergirds the global financial system, so a default on payments would, presumably, lead to serious disruption in financial markets."   The debt ceiling was a common point of contention during the Obama Administration, and has served as an opportunity for political opposition to leverage for political gain. Obama told Congress in 2015, "If it gets messed with, it would have profound impact for the global economy and put our financial system in tailspin." In 2011 and 2013, the debt ceiling debate engulfed Congress, as Republicans who held a majority used it to negotiate to achieve their own agenda. In 2011, the United States' debt rating was downgraded by the S&P for the first time, increasing borrowing costs due to how close the U.S. came to defaulting on their debt in 2011 amid the debt ceiling debate. Financial markets tanked in response to the crisis, experiencing the most dramatic volatility since the 2008 economic recession. The debt ceiling sets a limitation on government spending and the government's ability to regulate the economy and financial markets, as well as its ability to fund operations of the government. Though traditionally the ceiling has been raised without debate, during the Obama Administration, the Republicans in power used it for political purposes to the detriment of the economy; it's possible the Democratic Party will return the favor, or Republicans will try to attach policy in exchange for raising the debt ceiling, sparking a heated debate.    Economist Rohan Grey told me in an interview, "What happens regarding the debt limit depends on how policy actors choose to respond. There are discussions about prioritizing certain kinds of payments over others in the event the Treasury General Account has insufficient funds to over payments, but they are all ultimately speculative. My personal view is that as long as the Treasury Secretary has the ability to issue certain instruments to finance the deficit, such as platinum proof coins of whatever denomination he wishes under USC S 5112(k), he is obligated to issue such instruments to ensure payments are made." He added that credit agencies decide on their own to downgrade credit ratings at their own volition, based on predictions determined by the political climate, but since the U.S. produces its own currency, there is no tangible threat of actual defaulting or inability to pay debts.   "As the U.S. government is a sovereign currency-issuing government, it does not require bond issuance to deficit spend. Treasury bonds are issued by the government to establish and maintain a particular interest rate. Therefore, the debt ceiling serves no real financing purpose and it should be scrapped," said economist Ellis Winningham in an interview with me. "The debt ceiling functions solely as a political tool that is used to strong-arm the opposition, usually into accepting cuts to vital programs, under threat of deliberately preventing the federal government from ‘paying its bills’; an act which would then generate public outcry and, thus, political damage to the opposition." Winningham added, "The people are not separate from the federal government. Separate from politicians, yes, but not separate from the institution of the U.S. government. We are the government and the government is us. The economy is also us and it is ours. We the people create our own currency and it is time that we spend enough of our dollars into existence to reach the real ability of our economy to produce goods and services. I am talking about reaching maximum output and sustaining it indefinitely. I am talking about spending to achieve a condition of full employment, where all who are willing and able to work can have a job at a decent wage, and sustaining that condition in perpetuity."   On August 8, CNBC reported, "the decision could have significant implications on the markets because the Republican Party seems to be 'backing off the idea' of a 'clean' debt ceiling. A 'clean' debt ceiling refers to a lifting or suspension of the agreed-upon cap on federal borrowing capacity without any additional provisions." As the deadline nears, the economy and markets will likely respond accordingly, and the same partisan tug of war is likely to entrench Congress at the risk of shutting down the government and tanking the economy.    Joe Firestone, the author of the kindle e-book Fiscal Myths of the 2016 Campaign said, "The law setting the debt limit can be turned into a dead letter by the President within single Executive Order issues by the President requiring the Secretary of the Treasury to mint a single 1-oz platinum coin with a face value of $100 trillion and then deposit that coin in the U.S. Mint's Public Enterprise Fund (PEF) Account. The very quick result of that order, after another easy step, would be to add $100 trillion in reserves to the Treasury Spending Account, removing the need for the Treasury to 'borrow' any more money for at least 15 years, and also pay down nearly all outstanding Treasury debt falling due for at least that period."     Firestone added, "Don't fall for the idea that Congress can't raise the debt ceiling without cutting spending programs or raising taxes because we already have $20 trillion in Treasury debt, and can't afford to borrow any more money without increasing the already heavy burden on our children and granchildren. The truth is that 'we the people' don't owe that money. Our Federal Government owes that money and it is not like your household. Your household cannot create US sovereign money: bank reserves, currency, and coins. Your Government can, and it can do that in unlimited amounts since it is a fiat sovereign, unlike our state and local governments and governments like Greece and other Euro nations. Since it is a fiat sovereign it can repay all its debts subject to the limit, including the whole $20 trillion now outstanding, without taxing any of us an additional penny beyond the level of taxation we pay now. So, tell the Congress that the public debt is their debt and that instead of giving us a BS debt ceiling crisis, what they need to do is to repeal their debt ceiling law and just let the Treasury do what they have already delegated it to do, namely, spend what they have already funded in legislation they have already passed."

Incidence of White Privilege: Part 1

Something that Real Progressives stands for is the eradication of racism and any other kind of inequity in our society. Part of the process of doing that will be getting white people like me (and anyone else for that matter) to recognize the privileges we get from just being born to the right color parents, and talking about them openly to try and reach as many other people as we possibly can. My hope is that this will be just the first of many pieces written by various people both within the RP organization and anyone else who wants to talk about it. Perhaps we can create an anthology of real discussions of white privilege by both those who benefit from it and those who have been harmed by it.

Solve Racism With MMT

Recognize that racism is only a method of division that works to enslave the majority of the populace. It's time we recognize the real problem (economics) and work together to solve it by implementing strategies using the knowledge of economic reality (MMT).