Remarks July 21, 2013 at an Occupy Harrisonburg (Va.) Event.
Make your voice heard here.
Thanks to Michael Feikema and Doug Hendren for inviting me. Like most of you I do not spend my life studying trade agreements, but the Trans-Pacific Partnership (TPP) is disturbing enough to make me devote a little time to it, and I hope you will do the same and get your neighbors to do the same and get them to get their friends to do the same — as soon as possible.
Egypt’s political turmoil took on surreal dimensions this week with the swearing in of the military-backed interim civilian government. The procedure was shown “live” on national television, as if to lend an image of “transparency” and “accountability”.
The central figure in the cabinet photo-op, dressed in khaki military uniform, was the head of the Egyptian armed forces, General Abdel Fattah Al-Sisi. He was the man who led the military arrest of former president Mohamed Morsi on 3 July, and in turn, ushered in his replacement, Adli Mansour, the country’s top judge, who had served under the ancien regime of Hosni Mubarak.
Rather than expanding the money supply, quantitative easing (QE) has actually caused it to shrink by sucking up the collateral needed by the shadow banking system to create credit. The “failure” of QE has prompted the Bank for International Settlements to urge the Fed to shirk its mandate to pursue full employment, but the sort of QE that could fulfill that mandate has not yet been tried.