HomeUncategorized9/20 News Roundup & OT

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polarbear4
polarbear4

wi63

I want the records of all people who work for this place so i can do a background check on all who work for them. Hey if thier going to get our personal info we need thiers in return.

jcitybone

wi63

Where was this parliamentarian when the R’s rammed home everything they wanted.

Torabs
Torabs

Exactly. The Democrats had to fabricate a new reason for their inaction, now that they can’t blame Republicans. Any media outlet that plays along with this nonsense is not worth reading.

jcitybone

Fascinating isn’t the f word I would use to describe our climate change politics.

https://www.nytimes.com/2021/09/19/climate/manchin-climate-biden.html

Joe Manchin, the powerful West Virginia Democrat who chairs the Senate energy panel and earned half a million dollars last year from coal production, is preparing to remake President Biden’s climate legislation in a way that tosses a lifeline to the fossil fuel industry — despite urgent calls from scientists that countries need to quickly pivot away from coal, gas and oil to avoid a climate catastrophe.

Mr. Manchin has already emerged as the crucial up-or-down vote in a sharply divided Senate when it comes to Mr. Biden’s push to pass a $3.5 trillion budget bill that could reshape the nation’s social welfare network. But Mr. Biden also wants the bill to include an aggressive climate policy that would compel utilities to stop burning fossil fuels and switch to wind, solar or nuclear energy, sources that do not emit the greenhouse gases that are heating the planet.

As chairman of the Senate Committee on Energy and Natural Resources, Mr. Manchin holds the pen and the gavel of the congressional panel, with the authority to shape Mr. Biden’s ambitions.

But Mr. Manchin is also closely associated with the fossil fuel industry. His beloved West Virginia is second in coal and seventh in natural gas production among the 50 states. In the current election cycle, Mr. Manchin has received more campaign donations from the oil, coal and gas industries than any other senator, according to data compiled by OpenSecrets, a research organization that tracks political spending.

He profits personally from polluting industries: He owns stock valued at between $1 million and $5 million in Enersystems Inc., a coal brokerage firm which he founded in 1988. He gave control of the firm to his son, Joseph, after he was elected West Virginia secretary of state in 2000. Last year, Mr. Manchin made $491,949 in dividends from his Enersystems stock, according to his Senate financial disclosure report.

“It says something fascinating about our politics that we’re going to have a representative of fossil fuel interests crafting the policy that reduces our emissions from fossil fuels,” said Joseph Aldy, who helped craft former President Barack Obama’s climate change bill and now teaches at Harvard.

orlbucfan

Barack Obama wasn’t any big environmental hero in his two terms as Prez. He gave the climate poison brigade plenty of latitude to drill, baby, drill! Raygun Yuppie yahoo. 💩

wi63

F-disgusting is what i would call it!!!!

polarbear4
polarbear4

polarbear4
polarbear4

wi63

Just the start by them

orlbucfan

For sure…..pizz on them!

polarbear4
polarbear4

We can afford anything we can actually do. The problem is agreeing on what to do and how to do it. In giving us a glimpse of financial freedom, 2020 also robbed us of pretenses and excuses. If we are not doing a global vaccine plan, it is not for lack of funds. It is because indifference, or selfish calculation — vaccinate America first — or real technical obstacles prevent us from ‘actually’ doing it.

It turns out that budget constraints, in all their artificiality, had spared us from facing the all-too-limited willingness and capacity for collective action. Now if you hear someone arguing that we cannot afford to bring billions of people out of poverty or we cannot afford to transition the energy system away from fossil fuels, we know how to respond: Either you are invoking technological obstacles, in which case we need a suitably scaled, Warp Speed-style program to overcome them, or it is simply a matter of priorities. There are other things you would rather do.”

Tooze explains that whether we’re talking about rescuing Wall Street from its own excesses after the 2007/8 financial crisis or rescuing the American economy during the pandemic:

“[T]he digital money creation was the easy bit.”

If the federal government is prepared to act boldly, there is no hard budget constraint to stop it.

Saying the Quiet Part Out Loud

The podcast unfolds against the backdrop that the federal government isn’t revenue constrained and that the mainstream has either led everyone astray—especially when it comes to debt and deficits—or failed to articulate what many in the profession now claim to have understood all along.

Ezra Klein says this to Tooze:

“I want to bring up something…which is how the boundaries of acceptable thought are policed and defined within the economics profession. I want to go back to the line you began with that ‘Whatever we can do, we can afford.’ This is a line that I have talked about with some leading, center-left economists and they’ll tell you that, of course they know that. They’ve always believed that. Modern Monetary Theorists love quoting this line, but they’ll say the Modern Monetary Theorists have nothing new to say, that’s just an old Keynes line.

But I will say, that having covered economics for a long time in Washington that was not a line that used to get quoted to me…

I think there’s a lot of fear that if it becomes known. If it becomes believed…that whatever we can do we can afford that that will be used irresponsibly…and create a lot of real problems like runaway inflation…

The profession wants to say, ‘No, we knew all this,’ but in fact they haven’t been saying it because they’re a little bit afraid, in my view, of what people will do with these ideas if they get hold of them. If they’re sort of not protected by the responsible economists placing boundaries on what is and isn’t sober-minded policymaking.”

In other words, MMT reveals something that is simultaneously obvious within the economics profession but too dangerous to share with anyone on the outside.

To police the boundaries on policymaking, mainstream economists brandish concepts like intertemporal government budget constraints, debt-to-GDP tipping points, non-accelerating inflationary rates of unemployment (NAIRU), neutral rates (r*), unanchored inflation expectations, etc. To the uninitiated, concepts like these become the “scientific” evidence that necessitates policy restraint.

It’s as if the center-left economists Ezra is referring to—people like Larry Summers—see themselves sort of like Lloyd Blankfein saw Wall Street’s biggest banks—i.e. merely doing God’s work.

Whether he’s policing the Biden agenda or closing ranks to marginalize MMT within the economics profession, Summers has a history of going the extra mile to define the boundaries of the possible. Fortunately, Congress and the White House turned a deaf ear to Summer’s vocal critique and moved forward with the $1.9 trillion American Rescue Act in March 2021.

For those who may not remember, Summers had previously tried (again unsuccessfully) to dissuade lawmakers from passing a major piece of legislation in 2017. Back then, he was certain that passage of the Tax Cuts and Jobs Act (TCJA) would mean:

“Our country will be living on a shoestring for decades because of the increases in the deficit that will result.”

It was a bad call.

The tax cuts passed, adding nearly $2 trillion to deficits. And then, a few years later when COVID ravaged our shores, Congress began spinning out multi-trillion dollar spending packages without the slightest affordability problem, proving that whatever we have the political will to do, we can afford.

As Ezra put it:

“I would say the economics profession has just been devastatingly wrong about what effect different deficit levels would have over the past twenty years. I think you simply have to look at that, given the credentials of some of the people making these arguments, as—in aggregate—a record of a lot of failure…There were just a lot of warnings that just look completely ridiculous.”

https://stephaniekelton.substack.com/p/yes-we-can
more at the link.

the next podcast is going to ask if mmt economists are “too cavalier” in letting the people in on the secret. lol

orlbucfan

Taxation reins in excessive human greed. A country that coins its own money can do whatever it wants. BUT, if the citizens are aware of these facts, Banksters, Private Equity and other white collared criminal vermin can’t rip them off like they’ve been doing here for way too long!

polarbear4
polarbear4

indeed.

Torabs
Torabs

Exactly. Some sort of accountability for people profiting off of immoral damage to people and their environment could actually start discouraging this behavior in the first place.