The concept of "new" in western legal language coming out of the Christian eschatology schools of thot, specifically millennialism and futurism, being based on the Apocalyptic literature & the term eschatology generally meaning study of end stages & the end of time is disturbing.
Contextualized with the habit of thinking about persons, person's possessions & their land as "reverting to a state of nature at the outbreak of hostility", particularly as eventually defined by Terra Nullius & Nullus within Roman & Christian Imperial law as an assumption for 1/
Apr 13, 2023 • 9 tweets • 2 min read
During the Bretton Woods accord in the 50s, only the US wanted to implement a golden standard based world reserve. Other countries like Britain, including more conservative voices, warned the US would destroy everyone else's economy using a gold standard, having the largest 1/
reserves of gold. They warned the restricting exchange rate & defaltionary bias would turn their countries into colonies. Countries in the Bretton Woods Accord did NOT use USD because they wanted to, they actually didn't want to. Britain actually left & floated the £ before 1971
Apr 13, 2023 • 4 tweets • 1 min read
US finance already starting to move on to foreign markets, not waiting for the rate drop as signal. US companies will be bolstering manufacturing infrastructure in certain developing countries, mapping out new supply chain centers & undermining all the net export BRICS countries
They drug their feet and waited to long. Net exporter led currency union is gonna flop as US takes away the need to import from them as it builds up new manufacturers for exporting in the counties that needed the imports because of what US did to their productive capacity.
Jun 12, 2022 • 6 tweets • 1 min read
The Sound Finance Imperialist "left" has no coherent economic knowledge or movement, so are moving to the right & calling it movement building, but it's rather actually a surrender to the dominance the right has over language, political discourse & institutional thinking.
And instead of the broad left emphasizing that the control over language & language used in political discourses is something shaped by institutional thinking & creates a self fulfilling positive feedback loop that expands those institutional networks into the future. They caved.
The Orthodox & liberal project of trying to "naturalize" disciplinary tools created by the State like money, markets & property rights is actually a project of promoting & normalizing Imperialism. Normalizing neocolonial extraction & domestic hierarchy.
Markets were created by colonial/Imperialist nations to shift a colonized people's productive capacity into cash monocrops & mining resources, eliminating their ability to self sustain their food and energy security. They are forced to export low value goods & import high value.
Mar 3, 2021 • 10 tweets • 5 min read
@cushbomb Finland's UBI program was a complete failure. It's *DID NOT* increase domestic productivity that was lost to labor outsourcing and automation, and infact was used only to subsidize part time work for people receiving "ubi". 1/ theguardian.com/commentisfree/…@cushbomb And the program's literal creators said that they were not implement the the program again *UNLESS*, it was similar to the Ontario model ran in Canada that cuts social programs. The creator of the Fin ubi scheme said he would only run it again if cut social safety nets. 2/
I've been telling you about how Doug Henwood is a Neoclassical Orthodox Propagandist. His latest ridiculous arguments against the Job Guarantee, should help you see what I've been warning about. realprogressives.org/podcast_episod…
The act of seeking(having to sell/trade labor for) an income/wage is based on the credit/debt obligatory relationship of a legal tender(currency).
You have to seek State currency because the Government makes you need it, for taxes if nothing else. It creates unemployment.
I've been telling you about how Doug Henwood is a Neoclassical Orthodox Propagandist. His latest ridiculous arguments against the Job, should help you see what I've been warning about. realprogressives.org/podcast_episod…
The act of seeking(having to sell/trade labor for) an income/wage is based on the credit/debt obligatory relationship of a legal tender(currency).
You have to seek State currency because the Government makes you need it, for taxes if nothing else. It creates unemployment.
Hey Kaleb, would you do an episode on the permanent FJG establishing an Employment floor that replaces the Military as being the employer of last resort, ending the pipeline of poor people funneled into the military-industrial complex. Stops a corvee labor trap
I know there is a few people that think framing FJG as an "employer of last resort" is not great messaging, but not me.
At least laying out that as another aspect of the FJG besides it being a 'human right', I feel is really important. It helps to reach people skeptical of FJG.
The founders of MMT are Marxists... Hyman Minsky was a Marxist. Michael Hudson is a Marxist. Bill Mitchell is Marxist...
Saying MMT has a position to save cApiTaLiSM means you still have not been paying attention. MMT is Apolitical. MMT is against Neoclassical.
Watch these, completely.
The Fed can only create credit, it cannot create new USD, only Congress can. QE is the Fed swapping treasury securities/bonds for treasury reserves/USD notes. The Bonds were already purchased/swapped with real USD Congress deficit spent into circulation. 1/
So, because those securities were originally swapped for reserve notes that had been in circulation & securities are calculated in the budget Deficit, when the operation of swapping the securities back to reserves, means no new assets r created by the Central Bank through QE. 2/
Please make a Michael Hudson episode happen with Chapo & Bad Faith! The left needs a real thought leader, and Hudson is the real deal, not a Neoclassical gatekeeper.
"The long history of debt cancelation"
Neoclassical Economics is the mainstream orthodox from the Chicago School monetarists that Milton Friedman and Larry Summers are prescribed to.
There is no such thing as "Neoliberal academia", only Neoclassical Economics that creates the Academic base for the Neoliberal project.
Jan 3, 2021 • 9 tweets • 4 min read
@BenjaminNorton Venezuela has had it's currency pegged to the US dollar for decades, before Maduro, which has always been a bad idea. I'm not sure why the Venezuelan Gov didn't unpeg it's own currency from foreign debt when it had the chance. The problem of pegging to the USD serves IMF wishes.
@BenjaminNorton
Jan 2, 2021 • 4 tweets • 1 min read
All this fawning over AOC, about the House rules for PAYGO is the last straw for me. Those House rules don't mean anything. No one is restrained by them, there is nothing in the constitution that would enforce the Neoliberal Dems petty rules like demanding spending bills.. 1/
be offset by taxes with a PAYGO structure. Not 1 person in the House of Representatives has to follow that list of BS Dem party rules, nothing stopping any1 from bringing bills up with large fiscal spending without tax offsets. 2/
