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23 February 2017

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MRW

scratch

My worry is that Donald Trump who acknowledged the existence of Deplorables to become President will in the end be neutered because the only way to provide the jobs they demand is by fiscal government spending.

You're absolutely correct about how that is what produces jobs. No businessman worth his salt creates jobs when they are no sales to justify it. And there are no sales unless people have income. And people don’t have income unless they have jobs. Businesses are not “job creators.” The federal government is. Unless the federal government spends—it’s actually “buying—there will be no jobs.

As long as it’s federal government fiscal spending, why should you be worried?

I tired of pointing out here that the US creates the dollar (something Trump acknowledged in an interview last May). How do you think they got out of the Great Depression after they ditched the gold standard domestically, or how Eisenhower built the interstate highway system, or Kennedy paid for the space program? You think it was federal taxes—people didn’t have the income to pay taxes during the Great Depression—or did the govt borrow counterfeit US dollars from some other country, like idiot business pundits claim we are doing borrowing from China?

The federal government creates (“Prints”) brand new USD every day. Yesterday, Feb 22nd*, they created (issued) $394,705 million. Or $394.7 billion. Yesterday.

And they spent (redeemed) $394,140 million, or $394.1 billion.

Those USD are called treasury securities--because they are created by the US Treasury AFTER authorization by Congress now and over the past decades--and have a different yield depending on whether they are bills (1 yr maturity), notes (2-10 yr maturity), or bonds (10-30 yr maturity).**

A physical dollar, that piece of paper in your wallet, is just a treasury security without a maturity. In other words, your holding them produces zero interest.

What you should be worried about is why people continue to vote in congressmen who DO NOT UNDERSTAND HOW FEDERAL ACCOUNTING WORKS. Ignorance is the cause. Why Obama’s recovery didn’t work. He thought the country was broke, said we were broke, and that the federal government had to “tighten its belt” (Paul Ryan was just as bad, still is.) But they created $29 trillion to help out the banks, didn’t they. . . .

------------------------
* see for yourself. Yesterday’s treasury checkbook statement came out at 4 PM today, as it does everyday at 4 PM. look at pg 2 of 2: Table III. I’m not making this shit up. Look for yourself.
https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=17022200.pdf

** reason why everyone around the world wants them. The US federal government pays interest to whomever is holding them. Safer and better than gold, no matter what that ridiculous William Devane gold commercial claims. Safer than putting your money in a commercial bank, which can go under, and will only pay $250,000 insurance per account if it does…as many retirees found out in 2008 to their great detriment.

MRW

I meant children bullying other children.

Jack

Thank you Valissa.

Yes, the body language was very locker room. Lot of physical contact. It's like these guys have been in the trenches and come out the other side alive.

Bannon is clearly the guy bringing the "intellectual" element and Priebus is making the trains run on time. I think its got to be clear from this interview that it really is the Trump show. He is the "Decider " to quote Dubya.

Whatever it is these guys look like they are gonna shake up the apple cart a bit.

Swamp Yankee

Colonel,

I was a working-class scholarship kid at Mika's alma mater, though more than a decade after her time. It's absolutely remarkable how familiar the content and dynamics of these conversations where she periodically, and accidentally, lifts up the ruling class curtain, are from my time there. Not just the content, but the way these conversations take place -- the lack of rigor or clarity or honest language, the basic interest more in gossip and posturing than facts or other kinds of real evidence, the outer-directed politics that is based on falling into a narrow band of acceptable behavior -- where a politician like Sanders who actually believes in something is treated like some kind of bizarre living fossil (they have the same view of, as Vietnam Vet says, of 80-90% of their countrymen). They don't understand convictions.

It's like being back there again. I would always make myself unwelcome in these conversations by asking too many questions.

I mostly left those people alone to their idiocy, read good books, met nice people, got out into the mountains and rivers every chance I got. But the pressures and incentives were much in the other direction. What I see now is that it was the mind-set of the ruling class in a phase of active formation.

For what it's worth, I also agree with Vietnam Vet and HeMeantWell -- I think she is liberal, but not left. And definitely feather-brained elite rich kid. She really gave the game away here.

Thanks to all the members of the Committee.

LeaNder

raen:
Maybe since she doesn't show aware of an old news standard: objectivity? Instead of falling back on her confrontational/opinion standard? ... I agree Pat once again was a bit provocative.

In the early post 9/11 universe I read a very, very good article on the topic, Objectivity, I wish I could still find it. Difficult issue. At least from my perspective.

facts are sacred, comment is free ???

To what extend were politicians ever fact based, to what extend can they still be? Nowadays. They should all be extra careful, he seems to be a natural on Marketing and PR.

LeaNder

campaigning for what?

turcopolier

LeaNder

It is my job to be provocative. I am a gadfly. I take raven to be a person of the left who supports people of Mika's class from reflex rather than reason. pl

LeaNder

http://www.investinginbonds.com/learnmore.asp?catid=9&subcatid=50&id=97

Muzaffar Ali

Col

Mika B. has been reading Adolf Hitler:

"How fortunate for governments that the people they administer don't think."

LeaNder

we are known for our lack of polish.

I put that differently concerning Pat once. But I guess I had that and shortness in mind. A once enlisted man, surely realizes the importance. ;)

LeaNder

Hmm, MM?, I missed his appearance and thus disappearance from this blog. When was that?

But the Facebook site is run by Organizing for Action, somehow connected with Obama--he may have started it.

Be careful with that assumption. Or do you have evidence? Beyond his election statements? There is a lot of expertise as there are a lot of jobs offers available in the field of social engineering. New technical developments create new markets.

TV

I think that Mika - like much of her socioeconomic ilk - is vaguely leftist, because it's what their friends and acqauintances are.
What she (and they) really are is entitled and insulated.
Royalists at heart, but leavened by their lefty social milieu.
Perfect candidates for the first round of firing squads.

jonst

Either you missed the Col's point (or I did), or you are indicating something really bizarre and offensive going on. (irony alert)

jonst

My strong impression was, for all the joking around, and false familiarity, Bannon knew he was in room that contained a lot of his 'enemies', and some of his opponents. And if that was his feeling, I think he was correct.

jonst

(deep sigh)....

turcopolier

ann

I don't have a problem with women who are both intensely sexual and intellectual. My issue with Mika is that I think she is a dummy. pl

Fred

Eric,

The new millennials have their new history from the PC department where there is nothing of redemptive value in America's foundation. To use a metaphor, they are proud to call themselves Toby not knowing they are really Kunta Kinte. They didn't lose any toes however, eunuchs don't get made that way.

turcopolier

LeaNder

I had to look in the archive to remember who MM was. He liked to kvetch about the details of city life here in Alexandria, bus routes, etc. He (or it) expressed opposition to my wife's successful political campaign to keep developers and the subway system from building rental apartment buildings on one of the few remaining pieces of open space in the city. Aarrghh! pl

William R. Cumming

FREEDOM OF THE PRESS to do what?

FREEDOM OF THE PRESS to do what?

Check out Columbia U. Professor Foner on a history of FREEDOM in U.S.!

Morongobill

Maybe Zbiggi was channeling his thoughts through his daughter.

optimax

Leander

There is a link to OFA at the bottom of the Obama website, in fact, it runs his website and morphed from Organizing for America started during his 2008 election campaign. Its purpose today is to push for a continuation of Obama's political agenda.

https://barackobama.com/

https://en.wikipedia.org/wiki/Organizing_for_Action

Next time please google it yourself if you think something I write is an alternative fact.

Valissa

Bannon is transitioning from outsider to insider. That can't be easy for him. Now that he is an insider there are many conservatives that will suck up to him, but he will never really be "one of them."

"Bannon joked that he had graduated from the ranks of the “uninvited” — the title of an alternative conference that he led as the executive chairman of Breitbart News, which featured speakers who had been left off the CPAC agenda" http://www.breitbart.com/big-government/2017/02/23/cpac-bannon-priebus-address-cpac/

That interview format was perfect for showing them in a positive light. Much better than both Priebus and Bannon giving their own speeches.

Fred

Raven,

Yep, like Hilary Tom Cotton won a majority of the votes in the election that sent him to the Senate:
https://en.wikipedia.org/wiki/United_States_Senate_election_in_Arkansas,_2014
Where were all those Arkansans when he won? Oh, voting for him. Mark Pryor was a 2 term incumbant who got his a&& handed to him.
Nominee Tom Cotton Mark Pryor
Party Republican Democratic
Popular vote 478,819 334,174
Percentage 56.5% 39.4%

Fred

MRW,

"No businessman worth his salt creates jobs when they are no sales to justify it."

What was the demand for iphones before they were sold? How about that non-bailed out auto company, Ford? What were Henry's sales before he built the first model A?

Eric Newhill

Agreed, Fred. The half baked social science and economic theory gobbeldy guk is quite anti-American. I think this is at least partly b/c being cynical and spiteful toward America is a way to alleviate any sense of responsibility toward the country. And b/c mediocre people like to thoughtlessly repeat stuff.

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