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Why these Alabama voters are sticking by Roy Moore (HBO)

newtboy says...

What conservative policies?
When I grew up, those were fiscally responsible (not adding a trillion to the debt in one bill), pro environment (starting the epa, not trying to kill it), pro science (not claiming all science is only political conspiracy) based policies. No longer.
What does the word "conservative" even mean today? Whatever Trump says it means today, even when that contradicts what he said yesterday?

It's clear that conservative values are long ago out the window.

bobknight33 said:

From the last speaker ..This sums it up

Policy is everything, and if we don't stand for conservative policies, then we've lost.

Will be 1 interesting vote.

Republican Tax Scam Is Handwritten Nonsense

newtboy says...

The Republicans don't do tax reform (or math), they just raise taxes on the poor and middle class and give handouts to rich and corporations.

FTFY.

Keep in mind he told us he would run the country like one of his business, which means run it into the ground and embezzle funds until bankrupt and he gets barred from running things. His first likely legislation adds over 1 trillion to the debt so his kids can keep an extra billion of his money. That pretty much destroys any fiscal argument you could have had against democrats permanently.

bobknight33 said:

Your right Dems don't do tax reform-- They just raise taxes

Republican Tax Scam Is Handwritten Nonsense

moonsammy says...

You're actually calling the Democrats in congress obstructionists? I'm reasonably certain we have as many federal vacancies as we do largely due to the Republican congress of the past several years doing their damnedest to block every single thing Obama tried to get done. That accusation is phenomenally hypocritical. I certainly acknowledge the current congressional Democrats have been voting no or voting to not proceed quite a bit lately, but they've also been cut off from the process of lawmaking to the highest degree possible. You can't expect cooperation from people that you don't even let sit at the table while laws are being drafted and discussed.

That last word was a joke of course - there's been damn near no discussion of this bill. The last time the United States had a major tax overhaul was also under republican oversight, in 1986. During the course of creating that legislation they took over 6 months and had more than a dozen hearings on it, ensuring reasonable transparency. This latest bill was slapped together over a few weeks and had a completely opaque process.

You claim the Democrats "fucked Americans" because they added 8 trillion to the debt. My understanding is this bill, over the next 10 years, will add a minimum of another trillion. The fact that it's so negative overall will also, due to existing law, require a balancing by way of cutting other programs - Medicaid at the least is expected to see major cuts, just as a side effect of this bill. Of course, it isn't really a side effect per se, they just couldn't get enough R votes if they either made the necessary changes to keep the bill deficit-neutral or included the provision that would've waived the mandatory cuts. So it's laughable to claim the current Republicans in congress really have an interest in being fiscally conservative or even moderate.

I'm likely wasting my time here though, as I don't think you're actually interested in engaging in an honest conversation, nor do you seem to be open to changing your viewpoint at all. I wonder though whether you know enough about politics from the last several decades to have a guess as what Republicans from the Reagan era would think about how things are being done today. My guess is they'd be appalled, but perhaps I'm overestimating them.

bobknight33 said:

No Dem would vote for it-- They are obstructionists.

At least Democrats had an hour to bitch ..

The AHA ( Obama Care) had to be passed to see what was in it.



To be fair. Democrats controlled most of the last 8 years and did nothing about tax reform. Shame on them. Sucks sitting at the back of the bus. --That"s what happens when you fuck Americans and heap 8 Trillion onto the debt. YOU LOOSE.

Republican will save the day , again.

eric3579 (Member Profile)

radx says...

Politico has a long piece on Boehner. It includes this little gem:

On Sunday, July 17, it appeared they had a deal. Boehner and Virginia Representative Eric Cantor—whom the speaker had reluctantly brought into the negotiations, knowing the majority leader’s distrust of Obama could poison the talks—worked out some final details that morning at the White House. When the president returned from church, Boehner says, he invited them both into the Oval Office and shook their hands. Some fine-tuning remained, but in Boehner’s mind the so-called grand bargain was done. The framework included reforms to Medicare, Medicaid and Social Security; $1.2 trillion in cuts to discretionary spending; and $800 billion in new revenue. “I was one happy son of a bitch,” Boehner tells me.

The next 48 hours changed everything. On Tuesday morning, the so-called Gang of Six—three senators from each party who had been discussing their own sweeping fiscal agreement—announced a briefing for their colleagues at the Capitol. They unveiled a separate framework, totally unaware of what Obama and Boehner had agreed to. This deal included significantly more revenue. Chambliss, by then a senator, was one of the GOP Gang members and had no idea—because Boehner had been negotiating with the president in private—that their announcement would kill the speaker’s deal with the White House. Obama saw that Republican senators were endorsing a deal that included far more revenue, and knew there was no way he could sell the grand bargain to his liberal base. When he came back with a counteroffer, seeking a higher revenue number, it validated Cantor’s warnings about not trusting the president. And by that point Boehner’s members had heard enough about the grand bargain to know they didn’t like it—with the $800 billion revenue figure, much less something higher.

So the deal fell apart, and the two sides peddled their competing versions of events: Boehner’s team said the White House moved the goal posts, while Obama’s allies said the speaker couldn’t sell his own members on the deal.

So the Grand Bargain was pretty much a done deal between Obama and Boehner.

Think about it: Bubba's plan to cut Social Security was foiled by Lewinsky, and Barry's plan to cut Social Security was foiled by the "Gang of Six". True Champions of the Plebs, both of them.

mark blythe:is austerity a dangerous idea?

radx says...

15:05-15:30: you tell Mr and Mrs Front-Porch that your loonie of 1871 cannot be compared to your loonie of 2013 (year of this interview). You went off the gold standard in '33, you abandoned the peg in '70, and your currency has been free-floating ever since. Yes, the ratio of debt to GDP has some importance, but so does the nature of your currency. Just look at Greece and Japan, where the former uses a foreign currency and the latter uses its own, sovereign, free-floating currency.

Pay back the national debt -- have you thought that through?

First, the Bank of Canada is the monopolist currency issuer for the loonie, so explain to me in detail just how the issuer of the currency is supposed to borrow the currency from someone else? If you're the issuer of the currency, you spend it into existence, and use taxation as a means to create demand for your currency, and to free resources for the government to acquire, because you can only ever buy what is for sale.

Second, every government bond is someone else's asset. An interest-bearing asset. A very safe asset, in the case of Canada, the US, the UK, Japan, etc. "Paying back the debt" means putting a bullet into just about every pension fund in the world that doesn't rely exlusively on private equity or other sorts of volatile toilet paper.

There's a distributional issue with these bonds (they are concentrated in the hands of the non-working class, aka the rich), no doubt about it. But most of the other issues are strictly political, not economical.

What if the interest rate rises 1%? The central bank can lower the interest rate to whatever it damn well pleases, because nobody can ever outbid the currency issuer in its own currency. Remember, the central banks were the banks of the treasuries. The whole notion of an independent central bank was introduced to stop these pesky leftists from spending resources on plebs. That's why central banks were often removed from democratic control and handed over to conservative bankers. If the Treasury wants an interest rate of 2% on its bonds, it tells its central bank to buy any excess that haven't been auctioned off at this rate. End of story.

What if the market stops buying government bonds? Then the central bank buys the whole lot. However, government bonds are safe assets, and regulations demand a certain percentage of safe assets in certain portfolios, so there is always demand for the bonds. Just look at the German Bundesanleihen. You get negative real rates on 10 year bonds, and they are still in very high demand. It's a safe asset in a world of shitty private equity vaporware.

But, but.... inflation! Right, the hyperinflation of 2006 is still right around the corner. Just like Japan hasn't been stuck near deflation for two decades, and all the QE by the BoE and the ECB has thrown both the UK and the Eurozone into double-digit inflation territory. Not! None of these economies are running near maximum capacity/full employment, and very little actual spending (the scary, scary "fiscal policy") has been done.

But I'm going off track here, so.... yeah, you can pay back your public debt. Just be very aware of what exactly that entails.

As for the poster-child Latvia: >10% of the population left the country.

Here's a different poster-child instead, with the hindsight of another 4 years of austerity in Europe after this interview: Portugal. The Portuguese government told Master of Coin Schäube to take a hike, and they are now in better shape than the countries who just keep on slashing.

On a different note: Marx was wrong about the proletariat. Treating them like shit doesn't make them rebellious, it makes them lethargic. Otherwise goons like Mario Rajoy would have had their comeuppance by now.

PS: Blyth's book on Austerity is an absolute must-read for anyone interested in its history or its current effects in particularly the Eurozone.

eric3579 (Member Profile)

radx says...

ECB Research Bulletin:

In an economy with its own fiat currency, the monetary authority and the fiscal authority can ensure that public debt denominated in the national fiat currency is non-defaultable, i.e. maturing government bonds are convertible into currency at par. With this arrangement in place, fiscal policy can focus on business cycle stabilisation when monetary policy hits the lower bound constraint. However, the fiscal authorities of the euro area countries have given up the ability to issue non-defaultable debt. As a consequence, effective macroeconomic stabilisation has been difficult to achieve.

Translation:
- all members of the eurozone effectively use a foreign currency
- they can default, because they do not and cannot issue debt in their currency
- fiscal policy has thus been completely neutered

Ergo, national parliaments have a significantly smaller policy space compared to countries with their own currency. Our parliaments intentionally surrender power to unelected technocrats, even control of the national budget, which is the primary power available to any parliament anywhere.

"Sorry, lad. We cannot pay for healthcare/pension/infrastructure/education/wages/X, we have to maintain a balanced budget to appease the market." Yet it is still illegal to call for the guillotine...

Meanwhile, Japan doesn't give a fuck. The BoJ has been vacuuming up outstanding debt like there's no tomorrow. It currently holds in excess of 40% of all government debt, effectively canceling it. It's just book-keeping. The Treasury issues the debt, the CB buys the debt. Both are part of the consolidated government sector, ergo no debt. "Hyperinflation!", they scream. Can you hear them? Except Japan has been fighting deflation for two decades, with no end in sight.

Yet the inflation-hawks are still treated as persons of authority. Flat-earthers, the lot of 'em.

And my country wants the rest of Europe to sign on to the most moronic law in German history: the "Schuldenbremse", which makes running a deficit illegal at the constitutional level (except for undefined "emergencies"). They are either a) brainwashed, b) idiots, or c) straight up evil. And I'm not sure which one I prefer.

17 Programs Trump will cut that cost you $22 yr - Nerdwriter

MilkmanDan says...

The most interesting graph happens at roughly 4:38. 3.7 trillion dollars, made up of roughly 1/7th discretionary spending, 1/7th defense, and 5/7ths SS/Medi*/Interest.

The one philosophical holdout that I still appreciate about the GOP platform is generally smaller government. But for all they harp on that, they usually do jack shit to actually cut down on that total from the graph.

That huge 5/7ths portion is close to untouchable; or at least it would be political suicide to mess with any of that stuff. The only exception is the interest payments, which *do* have to be paid, but we could work to reduce the debt which would in turn reduce interest. How to do that? Raise taxes. And suddenly all the Republicans think it's a terrible idea.

That leaves the 1/5th from Defense and 1/5th from other Discretionary spending. To me, Defense is the obvious target. If you really want to tighten the belt and be fiscally conservative, do we actually NEED to spend all that on defense? Couldn't it be cut in half or even more drastically and we'd still easily be able to actually, you know, defend the country? But again, pretty much zero Republican interest in cutting Defense budget, unless you're a kooky fringe element like Ron Paul with zero intra-party backing.

So that leaves the 1/5th of Discretionary spending. And yeah, sometimes Republicans do actually make cuts here. At best, they cut "drop in the bucket" type stuff like mentioned in the video, with negligible effect on the budget and a loss of programs that are valued by some/many. At worst, you end up like KansasBrownbackistan, with zero budget for schools, etc.

That rift between party platform and actual action is the biggest reason that I tend to have *zero* interest in voting Republican for any national office, in spite of still being registered as a Republican. State offices (governor, state legislature, etc.) are slightly more palatable places to consider voting in an R, but not by much. I do think they tend to be good options for Local government offices, especially for more rural areas. On the other hand, D's tend to be much better at promoting things like Bond Issues for improving schools, maintaining infrastructure, etc.

Bill Maher - Bernie Sanders and the Democratic Biopsy

TheFreak says...

Bernie and Trump are similarly attractive to disenfranchised, frustrated people who want change. The difference is in their perspective and tactics.

Bernie attracts people who believe the country has been stolen by the wealthy and want a more egalitarian society.

Trump appeals to people who are given to fear, anger and violence.

The problem is that a segment of the conservative movement found it beneficial to stoke that anger and fear in people to win votes and then that fire got away from them. Trump's mantra, "you're screwed and I'm the only one who can save you", is the same one that got Bush Jr. elected. It's the same message that made Fox news the most watched news channel on cable. People with money and conservative economic beliefs have used that message for decades to consolidate their power and make more money. They've used it to get scared and angry people to vote against their own best interest. Trump is the predictable, but somehow shocking, natural result of that strategy.

Why do democrats struggle to get a majority of people to vote for policies that are consistently more fiscally responsible and in the interest of the majority of voters? Because there will always be a segment of scared, angry people who can swayed by anyone willing to give them an outlet for their hatred.

eric3579 (Member Profile)

Unarmed Man Laying On Ground With Hands in Air Shot

enoch says...

i am just going to add to the opinions and perspectives that @MilkmanDan ,@ChaosEngine ,@dannym3141 and especially @newtboy who i agree with so clearly that i swear we are related.

since many dynamics have already been covered, i.e:police culture,racism,incompetence etc etc.

i shall offer a historical perspective in the ways of the power dynamic.

while this is a power vs powerlessness dynamic dealing with agents of the state,it helps to understand just how we got to this point,and it is NOT the first time we have been here.

see:labor movement of the 30's and the labor strikes,and the response from not only the business community but our own government.

see: the civil rights movement and segregation,and how demagouges used political power to divide by way of racism,and then used police to intimidate,beat and imprison.

there are many MANY examples here in america where the police have been used to suppress and oppress a people or community for less than altruistic reasons,and most certainly not aligning with the ideology we were taught in school the function of police.nevermind the syrupy sweet,idealized picture shoved down our throats since an early age.

so we see on our facebooks,our twitters and/or whatever social media you prefer,that black lives matter...and the counter point,that NO..ALL lives matter.

now this would make sense in a world that never took history into account,or a growing cultural norm of violence and oppression that had been slowly seeping into poor communities (mainly black and latino).

oh wait..
that's right.
social media pundits NEVER fucking consider any of those factors,because just like bill o'reilly,those are pesky nuances and context conflict with their own narrow narrative.

but let us consider them and how they may possibly be a major driving factor in americas current climate.

let us take ferguson as an example,that is a good place to start.
and let us go back to 2008,where we can see the boiling begin to take place in this extremely impoverished community which was already struggling.

the population is a black majority,poor to working poor.home ownership is low,food stamp recipients are high and the future is pretty bleak.

in 2008 ferguson received approximately 18% of it's total fiscal revenue from misdemeanor infractions i.e:traffic,parking,moving violations.small time stuff.basic fines for small infractions.in 2008 that number jumped to 66%.

why?
what happened?
what changed?

well the comptroller of ferguson (and greater st louis),along with HUNDREDS of other smaller municipalities across the country,had bought the rotten fish that wall street was selling in the form of bullshit derivatives.

now wall street and the big banks got their tax payer bailout,but towns like ferguson did not.they lost millions,sometimes billions.this meant pensions were either reduced or outright denied,because there was NO money!

but a town still has to pay police.
fire fighters and school teachers,
clerks and judges,
keep the roads paved and the street lights working.

so what is a local government to do?
can't tax the working class who own homes.you already jacked their property tax to the roof.
can't tax the local business,you already squeeze them as well.
how about those non-property owning people in ferguson?
they need to pay up as well,and let's use the police force to relinquish them of the paltry money they don't have.

to the tune of 66% of all of fergusons revenue.
that is insanity.

so what if you live in ferguson?
chances are you are black,and either poor or working poor.

you make,if you are lucky,20 grand a year and by one man's testimony he paid over 2,000 in traffic tickets in one year.the majority of americans dont see those kind of numbers their entire lifetime.

and what if you began to realize that it was not just you.that almost every person you know or talked to had similar stories.

would you begin to feel a tad bit targeted?

what if the city of ferguson started to become very creative with not only their rules but how they enforced those rules?

what if every year the fines went up?
not remained the same,but actually UP? every year.

what if,as a community people began to actually fear the police? to experience anxiety just by the sight of a patrol car,even though they were not engaging in anything illegal? and who knows...maybe there is some new ordinance on the books that you are unaware of?

would you become paranoid and suspicious of law enforcement?

and then..what if....you started losing friends to cops.people you grew up with being shot in the street,and every time the mayor comes out and calls it a "justifiable killing".

would that make you feel any better?
any less paranoid or anxious?

there was ONE police shooting in ten years and then..as if by magic ..(which is how the media seems to always portray this..shocking news..at 11)..you lose 5 friends in a year.all to cops..all "justifiable".

would you begin to think there was a conspiracy?
targeting you and your neighbors?

i BET you would.
i know i would.

now lets look at the cops.

they are just a tool.
an instrument for the state to uphold the law and write citations for infractions.they dont MAKE the laws,nor the infractions,not even the fines.

they just do what they are told.

and they are told to go into these poor and working poor neighborhoods and write tickets,a LOT of tickets.

do you really think they are unaware of the growing hostility towards them? the looks of disgust,fear and apprehension?

but...this is their job,and they do what they are told.

they see.
they know.
they are aware of the growing hatred towards them,and this makes them anxious..and defensive..and in some horrible,tragic cases...trigger happy.

a natural and normal response to heightened stimuli in the face of great uncertainty.

so they react impulsively and out of fear in a way that ten years ago would have been unheard of.

they think themselves good cops.
they do a good job.
they do what they are told.
and the people hate them for it.
so they respond instinctively and with poor judgement.

we..as citizens,respond with disgust and indignation when a cop abuses his/her authority.we see this as a major moral breach in the citizen/cop relationship,because we feel as agents of the law they should be held to a higher standard than the rest of us...and rightly so,but when you put a human being in a tense and dangerous situation,not of their making,they will fail at some point to react correctly and with sound judgement.

they SHOULD be held accountable,but so should the city council members and the mayor and all the local representatives who created this toxic climate in the first place.

the lesson to be learned here is that nothing is a binary situation when people are concerned.

so when black lives matter protestors address people to make them aware of the situation,this is what they are talking about.the police killing are only a last stage manifestation of a situation that began in 2008 on wall street.

and we need to be aware,because right now it is the predominantly black communities,but soon coming to a neighborhood near YOU.

the poor and working poor have become expendable.no longer relevant to the system.which is why police shootings are being handled the way they are.our value is ever increasingly being judged on how well we can feed the system.

until this disparity is addressed there will continue to be police shootings.people will die and there will be no indictments.

because police do what they are told.

it is up to us to make policy makers accountable for their actions,and in doing so address a toxic climate that both the poor,working poor and cops alike have to swim in.

stop forcing cops to write tickets to fund a city that lost it's savings due to fuckhead bankers.

this blood..all of it..is on those bankers hands.

Samantha Bee on Orlando - Again? Again.

Mordhaus says...

That would be great, who should I speak to about changing that culture of ours?

As far as letting people fly, I never said I agree with it. I was referring to it because President Obama used it as an example. I said, somewhat sarcastically, that it wasn't a constitutional right. I never said we SHOULD ban people from flying.

I absolutely do not think we should limit a person's ability to travel based on an arbitrary list, especially since this incident pretty much proves that it doesn't necessarily stop terrorists. If a gun ban was in place, the shooter would still have been able to get weapons because he was removed from the list for some unknown (as of yet) reason.

Yes, in hindsight the Patriot Act should never have been passed. That is one of the main points of what I have been saying. We are in a crisis situation and people are knee-jerking the way they did after 9/11. Do we really need to have our government pass the Patriot Act Part Deux?

I understand the anger, the sadness, even the rage we all are feeling right now because of this incident. I've tried to remain relatively calm and not release vitriol on anyone I've replied to. I'm sure that I might have angered quite a few by not caving on my stance, but I refuse to back down because someone is pissed at me. I am not a member of the NRA. I am a fiscal conservative, a constitutionalist, and yet still a liberalist when it comes to personal life styles or choices. I've voted Republican, Democrat, Independent, and Libertarian. I think the fact that Paul Ryan ignored a possible discussion on gun laws is a bunch of horseshit. We should be able to at least talk about things, even if we might not agree with each other.

ChaosEngine said:

@Mordhaus

"We have always been a gun violence culture up until the post WW2 era. Think frontier, wild west, duels, and mafia shootouts. We glorify violence everyday, we even give sickos who shoot up groups of people mass media coverage. "

Don't you think that that idea is outdated in 2016? Fine, that's the culture. Change the fucking culture.

When I grew up in Ireland, nobody gave a second thought to driving drunk. Sunday after church, people went to the pub, had a few pints with the neighbours, the kids played space invaders and then the whole family got back in the car and drove home.

And most of the time, it was absolutely fine. People got home, there was the occasional accident, but ya know, what can ya do?

Until it wasn't fine. And it took decades, but eventually, it became socially unacceptable to drive drunk.

"I'm just extremely leery of package deals like lets ban everyone who ends up on a list from having weapons based on a government decision."
I get that. But be reasonable. You're ok with not letting people fly, but you draw the line at owning weapons?

That is some fucked up list of priorities. I would be far more concerned with restricting someones right to travel (essentially restricting their freedom of movement, or a lighter form of incarceration) than whether they can own a gun.

You say that owning a gun is a constitutional right whereas travel isn't. I say that freedom of movement is a fundamental basic human right... oh, look at that, Article 13 of the Universal Declaration of Human Rights!
"Everyone has the right to freedom of movement and residence within the borders of each state."

I'm completely willing to say that it should be a lot harder to put someone on this kind of list, but there's no way the right to own a weapon is more important than freedom of movement.

Finally, re: slippery slopes
"The Patriot Act, meant to be a well intended set of rules to help us protect ourselves, has been perverted to lessen quite a few of our rights."

The Patriot Act wasn't a slippery slope, it started at the bottom of the slope and went straight over a fucking cliff. It should never have been passed in the first place.

eric3579 (Member Profile)

The Politics of "Parks and Rec"

ChaosEngine says...

Fair point.

Also, I'm not really talking about conservative views in the sense of fiscal conservatives or libertarians. I don't necessarily agree with those positions, but they are genuinely a "difference of opinion" as outlined in the video.

I just don't agree with the general position that social conservatives are entitled to their opinion on gay rights, climate change, etc. any more than the democrats were entitled to their opinion on slavery.

Sometimes you're just on the wrong side of history.

gwiz665 said:

In fairness, @ChaosEngine, "the american right" is more than the republican party, just as the left is more than democrats. The republican party as it exist today seems entirely nuts, I agree, but there are lots and lots of entirely reasonable people with more conservative views.

Stephanie Kelton: Understanding Deficits in a Modern Economy

radx says...

@greatgooglymoogly

Thanks for taking the time to watch it.

Like I said in my previous comment, this talk needs to take a lot of shortcuts, otherwise its length would surpass anyone's attention span.

So, point by point.

By "balanced budget", I suppose you refer to the federal budget. A balanced budget is not neccessarily a bad thing, but it is undesirable in most case. The key reason is sectoral balances. The economy can divided into three sectors: public, private, foreign. Since one person's spending is another person's income, the sum of all spending and income of these three sectors is zero by definition.

More precisely: if the public sector runs a surplus and the private sector runs a surplus, the foreign sector needs to run a deficit of a corresponding size.

Two examples:
- the government runs a balanced budget, no surplus, no deficit
- the private sector runs a surplus (savings) of 2% of GDP
- the foreign sector must, by definition, run a deficit of 2% of GDP (your country runs a current account surplus of 2% of GDP)

- the government runs a deficit of 2% of GDP
- the foreign sector runs a surplus of 3% (your current account deficit of 3%)
- your private sector must, by definition, run a deficit of 1% of GDP, aka burn through savings or run up debt

If you intend to allow the private sector to net save, you need to run either a current account surplus or a public sector deficit, or both. Since we don't export goods to Mars just yet, not all countries can run current account surpluses, so you need to run a public sector deficit if you want your private sector to net save. No two ways about it.

Germany runs a balanced public budget, sort of, and its private sector net saves. But that comes at the cost of a current account surplus to the tune of €250B. That's 250 billion Euros worth of debt other countries have to accumulate so that both the private and public sector in Germany can avoid deficits. Parasitic is what I'd call this behaviour, and I'm German.

If you feel ambitious, you could try to have both surplus and deficit within the private sector by allowing households to net save while "forcing" corporations to run the corresponding deficits. But to any politician trying that, I'd advise to avoid air travel.

As for the "devaluation of the currency", see my previous comment.

Also, she didn't use real numbers, because a) the talk is short and numbers kill people's attention rather quickly, and b) it's a policy decision to use debt to finance a deficit. One might just as well monetise it, like I explained in my previous comment.

Helicopter money would be quite helpful these days, actually. Even monetarists like AEP say so. If fiscal policy is off the table (deficit hawkery), what else are you left with...

As for your question related to the Fed, let me quote Eric Tymoigne on why MMT views both central bank and Treasury as part of the consolidated government:

"MMT authors tend to like to work with a consolidated government because they see it as an effective strategy for policy purpose (see next section), but also because the unconsolidated case just hides under layers of institutional complexity the main point: one way or another the Fed finances the Treasury, always. This monetary financing is not an option and is not by itself inflationary."

MMT principle: the central bank needs to be under democratic control, aka be part of government. The Fed in particular can pride itself on its independance all it wants, it still cannot fulfill any of its goals without the Treasury's help. It cannot diverge from government policies too long. Unlike the ECB, which is a nightmare in its construction.

Anyway, what does he mean by "one way or another the Fed finances the Treasury, always"? Well, the simple case is debt monetisation, direct financing. However, the Fed also participates by ensuring that Primary Dealers have enough reserves to make a reasonable bid on treasuries. The Fed makes sure that auctions of treasuries will always succeed. Always. Either by providing reserves to ensure buyers can afford the treasuries, by replacing maturing treasuries or buying them outright. No chance whatsoever for bond vigilantes. Betting against treasuries is pointless, you will always lose.

But what about taxation as a means to finance the Treasury? Well, the video's Monopoly example illustrated quite nicely, you cannot collect taxes until you have spent currency into circulation. Spending comes before taxation, it does not depend on it. Until reserves are injected into the banking system, either by the Fed through asset purchases or the Treasury through spending, taxes cannot be paid. Again, monetary financing is not optional. If the Treasury borrows money from the public, it borrows back money it previously spent.

Yes, I ignored the distribution of wealth, taxation, the fixation on growth and a million other things. That's a different discussion.

The Blackface Democrat

enoch says...

@bobknight33
you know bob,i owe you an apology.
i shouldnt have told you "fuck you" when my problem was with the video,and i wrongly conflated you with this video.

that being said,i still stand by my feelings of "fuck this video".

i struggle with people who have this binary view of politics.
just because i criticized the lies and deception of the republican party does not automatically translate me to promoting or defending democratic practices,because BOTH parties manipulate the body politic while at the very same fuck them over.

the two party duopoly are just different faces of the same coin.both have been purchased to serve the interests of:wall street,big business,bankers and the military.

i have never subscribed to either party.i judge on individual merit and a case by case basis.so when you call me a liberal i dont know what the fuck you are talking about.

do i hold some liberal views? yes.
do i hold some conservative? yep.

but so dont you bob,we ALL do.
of course that is not the dynamic that is shoved down our throat every goddamn day.that somehow our politics can be reduced down to this over-simplified,and overly basic dichotomy.

but nobody has such a simpleton,and almost childish politics.as humans we are pretty complex is our understandings,feelings and desires.it is those complexities that influences our politics and how we feel things should be as a society.

i am a libertarian socialist (anrcho-syndacalist).
which is why you may see me post videos that address the corruption in politics,in our economy,in our foreign policy.the hypocrisy of politicians espousing that "feel your pain" language,while they funnel public funds to their criminal friends on wall street...and point to the food stamp recipient,or immigrant and state..with zero sense of irony..THERE,that is your problem.

my politics is the reason why i may post video criticizing and ridiculing ultra-right wing politicians attempting to legislate "proper" and "moral" behavior,because they pretend they have some relationship with god,and god spoke to them.

but also why i will post videos criticizing and ridiculing the extreme left.who seek to legislate "harmful" or "offensive" speech,because they seek to control language.as if THEY are the true moral arbiters of human interaction.

so i do not necessarily disagree with you when you point to the democrats hypocrisy in regards to poor folk.that they use the language of empathy and compassion,and then enact legislation that is entirely bereft of compassion and empathy,but BOTH parties do this!

bill clinton was incredibly detrimental to the poor and working poor and made the job of digging out of poverty damn near impossible.

you may identify with republican ideology,and that is not a bad thing.republican base ideology may be a tad more pro-business,but it also recognizes that the governments job is to protect the people from fraud and over-reach from those businesses.original republican ideology was for limited government,and fiscal responsibility.which USED to translate to anti-war and dismissing the military when it was no longer needed.

i could go on.

i could also point out that democrats USED to be more hawkish and far more involved in addressing the concerns of the working man.

but look at the political landscape of today.
both of these parties are nothing even close to representing their original ideals.they are solely and totally beholden to big monied interests.

our republic has become a plutocracy,run by the plutocrats and oligarchs.

so when you delineate the argument by republican/democrat i simply do not see this play out in reality.

we might as well be arguing who is the better fottball team,because thats what american politics has become.bread and circuses and cheerleading for our "team".

it is the height of absurdity.american politics has become absurd.

as for you not seeing this for being racist.
i dont know what i can say to remove your blinders.
this video is textbook racist.
we have "black face"
we have over-generalizations.
we have ridicule and assumption based solely on skin color.

calling this video racist is a non-controversial assertion.

and you cant promote it out of discard.
the sift has spoken.you can disagree,but that wont change the fact that this video is in the discard bin.

anyways,sorry for telling you to fuck off.
i just found this video offensive,but i dont find YOU offensive.confusing at times,but not offensive.



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