“Quantitative easing” was supposed to be an emergency measure. The Federal Reserve “eased” shrinkage in the money supply due to the 2008-09 credit crisis by pumping out trillions of dollars in new bank reserves. After the crisis, the presumption was that the Fed would “normalize” conditions by sopping up the excess reserves through “quantitative tightening” (QT) – raising interest rates and selling the securities it had bought with new reserves back into the market.
Updated: Feb. 10, 2019 and Feb. 12, 2019
The Green New Deal endorsed by Alexandria Ocasio-Cortez and more than 40 other US Representatives has been criticized as imposing a too-heavy burden on the rich and upper-middle-class taxpayers who will have to pay for it, but taxing the rich is not what the Green New Deal resolution proposes. It says funding will come primarily from certain public agencies, including the Federal Reserve and “a new public bank or system of regional and specialized public banks.”
Calls for a Universal Basic Income have been increasing, most recently as part of the Green New Deal introduced by Rep. Alexandria Ocasio-Cortez (D-NY) and supported in the last month by at least 40 members of Congress. A Universal Basic Income (UBI) is a monthly payment to all adults with no strings attached, similar to Social Security. Critics say the Green New Deal asks too much of the rich and upper-middle-class taxpayers who will have to pay for it, but taxing the rich is not what the resolution proposes. It says funding would primarily come from the federal government, “using a combination of the Federal Reserve, a new public bank or system of regional and specialized public banks,” and other vehicles.
with Chris Hedges
The Collapse of the American Empire – Lecture Featuring Chris Hedges
Centre for International Governance Innovation on Aug 30, 2018
Chris Hedges, a globally-renowned Pulitzer Prize-winning author, gives us an entirely new view of a nation in crisis in his recently released book, America: The Farewell Tour, which holds both liberals and conservatives to account — as is rousingly pertinent for Canada as for the disoriented US. Beautifully written, it clarifies vividly and unforgettably the forces at play in our times.
The policy of guaranteeing every citizen a universal basic income is gaining support around the world, as automation increasingly makes jobs obsolete. But can it be funded without raising taxes or triggering hyperinflation? In a panel I was on at the NexusEarth cryptocurrency conference in Aspen September 21-23rd, most participants said no. This is my rebuttal.
A basic income — the concept of everybody getting a regular check from the government regardless of circumstance — is one of those ideas that sound wonderful on the surface but proves to be much less so once we examine the details.
Socialist Project on Apr 15, 2017
The idea of a Universal Basic Income (UBI) has been championed by both progressives and conservatives. Not everyone on the left, however, is behind the idea. Is the UBI a means of redistributing wealth, attacking poverty and protecting workers from technological displacement? Or will basic income serve to advance an agenda of austerity and privatization?
The Next System Project’s Adam Simpson sat down with renowned economist and economic historian Michael Hudson to discuss economic deceptions old and new. Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and a prolific writer about the global economy and predatory financial practices. Among his latest books are Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy and its follow-up J is for Junk Economics: A Guide to Reality in an Age of Deception.
Poverty blights the lives of billions of people throughout the world: in developing countries, where it is acute, and industrialised nations, where it’s hidden but growing. It rises out of social injustice, makes exploitation and abuse inevitable, brings death and disease, robs people of opportunity and dignity, feeds anger and resentment.
Bernie Sanders supporters are flocking to Jill Stein, the presumptive Green Party presidential candidate, with donations to her campaign exploding nearly 1000% after he endorsed Hillary Clinton. Stein salutes Sanders for the progressive populist movement he began and says it is up to her to carry the baton. Can she do it? Critics say her radical policies will not hold up to scrutiny. But supporters say they are just the medicine the economy needs.
Over and above the greed and corruption of wealthy and powerful individuals, the leaked ‘Panama Papers’ revealed the need for a worldwide, standardised tax code, as part of a radical new global economic model. Not globalisation – which is ideologically based, designed by the ruling elite and set up to serve the interests of national and multi-national corporations and banks, but a new and just system designed to meet the needs of everyone, with sharing and social justice at its heart.