Neoliberal Economics is DEAD

NoDrama · Mar 25, 2015

The US Treasury does not control the money supply. That is the job of the Federal Reserve and by proxy all banks under the Fed system. Pull a US Currency bill out of your wallet, it says it is a Federal Reserve note, if it had anything to do with a government agency then it would say it was a United States note. The US got out of the money business in 1913.

The US mint can make money though, but not currency.

TheHermit · Mar 26, 2015

NoDrama said:
The US Treasury does not control the money supply. That is the job of the Federal Reserve and by proxy all banks under the Fed system. Pull a US Currency bill out of your wallet, it says it is a Federal Reserve note, if it had anything to do with a government agency then it would say it was a United States note. The US got out of the money business in 1913.

The US mint can make money though, but not currency.

Agreed. I would say that private banks have even more influence than the Fed. After all they are the ones that are issuing debt which is responsible for the creation of new money. The Fed has kept interest rates at zero for years now, so the increase in the money supply basically comes down to how much money banks can keep in reserve and how many borrowers they can find to take on debt.

ttystikk · Mar 26, 2015

TheHermit said:
Agreed. I would say that private banks have even more influence than the Fed. After all they are the ones that are issuing debt which is responsible for the creation of new money. The Fed has kept interest rates at zero for years now, so the increase in the money supply basically comes down to how much money banks can keep in reserve and how many borrowers they can find to take on debt.

Aka Goldman Sachs rules the world. Right into the ground...

TheHermit · Mar 26, 2015

ttystikk said:
Aka Goldman Sachs rules the world. Right into the ground...

Pretty much, along with Bank of America and Chase.

UncleBuck · Mar 26, 2015

maybe try signing up to local community credit unions instead.

it's not all that hard, and their services are better and more free.

ttystikk · Mar 26, 2015

UncleBuck said:
maybe try signing up to local community credit unions instead.

it's not all that hard, and their services are better and more free.

This is one good option, except that beyond a certain point credit unions just don't have the financial wherewithal to underwrite larger loans required for growing business bigger than the mom n pop stage.

This was done so that they wouldn't be a threat to major banks, and it's too bad because that's where the money is.

ttystikk · Mar 27, 2015

How our plutocracy really works; follow the money, profit from someone else's misery and murder;

http://www.aljazeera.com/indepth/opinion/2015/03/follow-money-zionist-backlash-islamophobia-150322115201245.html

heckler73 · Mar 27, 2015

And now for something completely different,

ttystikk · Mar 30, 2015

Destroying the Greek economy in order to save it?

http://america.aljazeera.com/opinions/2015/3/destroying-the-greek-economy-in-order-to-save-it.html

ttystikk · Mar 30, 2015

The various keys to Singapore's success are often touted by those with their own agendas, but I think the essential components included true meritocracy and a real commitment to stamping out corruption at every level, including the upper reaches of government. America hasn't seen either of these for a very long time and I believe it's no coincidence that our country is suffering as a result.

One can only feed the bloat at the top for so long before it comes crashing down under its own weight- and that's a catastrophe I'd just as soon avoid.

TheHermit · Mar 30, 2015

ttystikk said:
Destroying the Greek economy in order to save it?

http://america.aljazeera.com/opinions/2015/3/destroying-the-greek-economy-in-order-to-save-it.html

If the Greeks are looking for someone to blame, they should look in the mirror. It was their corrupt government which got them into this mess.

ginwilly · Mar 30, 2015

TheHermit said:
If the Greeks are looking for someone to blame, they should look in the mirror. It was their corrupt government which got them into this mess.

True, but it's still sad the ones who bare the brunt are the younger generations. Imagine a debt so unsustainable here that the 20somethings would be told that they will still have to pay for past generations social services but won't be allowed to collect them themselves while all good paying jobs disappeared. I would imagine rioting here as well.

The difference between us now is they fell under the Euro which devalued their own ability to create wealth from thin air. If the dollar goes the same way, we are screwed. China is leading the call to replace the dollar with a mixed bag currency. Depending on what percentage the dollar holds in the new currency, is how bad it's going to hurt.

heckler73 · Mar 30, 2015

ginwilly said:
The difference between us now is they fell under the Euro which devalued their own ability to create wealth from thin air. If the dollar goes the same way, we are screwed. China is leading the call to replace the dollar with a mixed bag currency. Depending on what percentage the dollar holds in the new currency, is how bad it's going to hurt.

Mixed bag? You mean like the SDR?
I remember hearing something about this last night on Bloomberg (I think). But wasn't it a response by the Chinese to create a new version of the IMF?

ttystikk · Mar 30, 2015

TheHermit said:
If the Greeks are looking for someone to blame, they should look in the mirror. It was their corrupt government which got them into this mess.

Does the rest of Europe need to be kicking the legs out from under Greece with quite so much enthusiasm? Of course not; this is about power, not money. The money is chump change...

Since when does austerity do anything except impoverish a country while making the debt holders richer?

How about the fact that Greece was indebted by scams pulled by Goldman Sachs and others in the first place? Why are we punishing the victims instead of the perpetrators?

Because the perps bought the gov't. But that is a far different thing than trying to say the Greeks did it to themselves.

Time for you to do some more homework on this subject.

ginwilly · Mar 30, 2015

heckler73 said:
Mixed bag? You mean like the SDR?
I remember hearing something about this last night on Bloomberg (I think). But wasn't it a response by the Chinese to create a new version of the IMF?

China has been calling to abandon the dollar as the world currency for a few years now, Trump was all over it during his "campaign" or whatever you call what that crazy ass was doing.

It's been over a year since the last projection I saw but back then it (from memory est. so don't quote it as gospel) was like 1/5 EUR, 2/5 USD, 1/5 Yen, 1/5 CHN or something, maybe it was in 1/8ths even with more currencies involved, but it seemed like a central bank wet dream and very legitimate. I just remember the USD having the biggest share. Might have been 3/8ths.

ttystikk · Mar 30, 2015

ginwilly said:
China has been calling to abandon the dollar as the world currency for a few years now, Trump was all over it during his "campaign" or whatever you call what that crazy ass was doing.

It's been over a year since the last projection I saw but back then it (from memory est. so don't quote it as gospel) was like 1/5 EUR, 2/5 USD, 1/5 Yen, 1/5 CHN or something, maybe it was in 1/8ths even with more currencies involved, but it seemed like a central bank wet dream and very legitimate. I just remember the USD having the biggest share. Might have been 3/8ths.

It's called the AIIB, Asian International Investment Bank, and America hasn't even signed onto it yet. They're still trying to talk everyone else out of it.

ginwilly · Mar 30, 2015

ttystikk said:
It's called the AIIB, Asian International Investment Bank, and America hasn't even signed onto it yet. They're still trying to talk everyone else out of it.

Of course we haven't. I doubt we ever sign off on it, but that doesn't mean it can't still happen. The best thing our economy has going for it is the ability to digitize the world's currency. The Fed was pumping 80B a month for years into our propped up economy, imagine doing that without being the standard.

UncleBuck · Mar 30, 2015

ginwilly said:
True, but it's still sad the ones who bare the brunt are the younger generations. Imagine a debt so unsustainable here that the 20somethings would be told that they will still have to pay for past generations social services but won't be allowed to collect them themselves while all good paying jobs disappeared. I would imagine rioting here as well.

The difference between us now is they fell under the Euro which devalued their own ability to create wealth from thin air. If the dollar goes the same way, we are screwed. China is leading the call to replace the dollar with a mixed bag currency. Depending on what percentage the dollar holds in the new currency, is how bad it's going to hurt.

so are we greece yet, like you stooges have been saying for years now?

UncleBuck · Mar 30, 2015

ginwilly said:
Of course we haven't. I doubt we ever sign off on it, but that doesn't mean it can't still happen. The best thing our economy has going for it is the ability to digitize the world's currency. The Fed was pumping 80B a month for years into our propped up economy, imagine doing that without being the standard.

how about now? are we greece now?

see4 · Mar 31, 2015

ginwilly said:
Of course we haven't. I doubt we ever sign off on it, but that doesn't mean it can't still happen. The best thing our economy has going for it is the ability to digitize the world's currency. The Fed was pumping 80B a month for years into our propped up economy, imagine doing that without being the standard.

Neoliberal Economics is DEAD

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