Tip:
Highlight text to annotate it
X
landscaped more annual sunshine in germany
indicia that obama solar subsidies in vastly improved solar output expanding
the industry's reached around her neck
and that's the way it is today
february eleventh twenty thirteen
optoma hartman
avenues
you're listening to tomo harmon
well the hysteria is increasing greens my friends patriots lovers of democracy
truth and justice
leaders in peace freedom in the american way it is chest
going nuts and capitol hill it's like
god mode the white house says you know if we have to do the sequester we're
gonna have to kill off all these original post polly
and the republicans are going on but you must have austerity at worked solo in
greece and spain after all dot nl
although there are some differences between us brits spent
there is a new school of thought of economic thought it's uh... arguably new
john maynard keynes
kind of made passing reference to what might be it's early ancestor
him his his book and money
it's called modern monetary theory one of its
achi proponents
his doctor michael hudson president history for the study of long-term
economic
trans palate
the author of trade development and foreign debts and his newest book the
bubble and the conduct
and his website michael dash hudson
dot com dr hudson welcome back to program
thank you very much done
uh... they're going to have you with us
um...
modern monetary theory you
let's start at the beginning
uh... why is it the deficits tarpor personal
uh... who could that be a back your statement
uh... i'd no mary
can say that i'm pretty happy anniversary is
uh... i don't think it would matter but not all that there is
uh... there was if you have other banks running things uh...
do ignore uh... ill uh... we do is say is that the austerity is unnecessary
that uh... deficits
uh... are unnecessary to borrow up in the backs
you don't have to have budget cuts
you don't have to go back to a sturdy because all money whether it's a bank
money or whether it's government money all monies i've created on a computer
keyboard electronically now that we don't have a gold standard anymore uh...
in nineteen seventy one
when the united states i was finally forced off gold by its military spending
nobody know what the future monetary system would be
and it turned out that's out there wasn't any constraint on how much money
could be created so most money has been created by banks and they created when
you go into a bank
you take out a loan
and without the bank doesn't want no deposit
but that's just lay it out waste electronico here account
and then you get to spend it
and out of the bank and borrow from the federal reserve that that one quarter of
one percent
so right now of the bank secretary land deal that money
and uh... i high rate of interest
borrowing almost free money from the fed
the fed can create money to finance the banks they can create money to finance a
real estate bubble they can create money for the banks to
uh... make gambles
why can't they make the same way
for the government to finance the best well the banks a nano the you have to
lend us money and let ours finance the government that interest
uh... and other governments
could say you know what we say it but they're not there is a ridge when i got
the job of the central bank
is the financially government debt
simply life that's how the united states uh... well fought the civil war
restrained extradition
isn't isn't there a lot
either the verb raise a whole bunch of things here
first though isn't there a law that says that it who when
when the federal government issues treasuries
if the that that
they have to be
run through private banks
in order for the fed to brighten their day some others private banks in between
the treasury's in effect out france turns out the federal government uh...
after the bailout in two thousand eight
but assembly op-art freddiemac alone
it just said okay we're now leading the list of the government balanchine we'll
talk a little for five point three
trillion dollars
the federal reserve created two trillion dollars worth of
just free credit
to get to the backs of the treasury most treasury bills out
uh... recently reviewed our
electronically held by foreign governments uh... in exchange for the
balance of payments deficit
or they're held by the social security fund there's no out most others no nato
alter central banks
to have to borrow from the private banks up
either here or to anyone
or japan
or uh... in any other country was a central bank so
there's
we're we're sort of getting in the weeds here but
but i i i i one understand this more completely
year suggestions that
the propriety of personal work am i get my crack team i believe my understanding
that
that the that
private banks are are
somehow somewhere in the process between howard treasury department and are in
our support anna and the fat are central bank
yes
that that broke the law requires that
when defend
it basically invents money in loans it to the you know as his government by
buying treasuries
those have to go through
for-profit banks and the spelunker profit on a transaction well
and then the rest of the law like that there is not ok book if you pointed out
before they're talking about about money
and complexity of liquid you're waiting you're right
uh... if they're there's so many complexities that even if you and i can
make it very clear statement if people have been actually worked in the bank
and work in the field it's very hard for them to understand these words triplet
so now you're using right now
uh... we have a website that uh... them
uh... for monetary uh... mary
at the university of missouri at kansas senate
recalled their economic perspectives and everyday
we wafts through readers
with this kind of tangle
of hot apollo uh... go through all of this process it is tired
and monetary theory attracts a lot of claremont uh... you know i i get that
ended but very simply just to get the whole central bank thing out of the way
and and the private bank thing
uh... really the essential issue here
is that since seventy blunder seventy three when the globe window closed
thirty-one right its bid officially start in seven one but it seventy three
was when i thought they were wrapped up was about
i thought that i think they want nadine's place except was a cellular on
as part of a couple years can unwind that i could and they will be dropped
knifings opted uh... in mid-august
yet will consider what
at that point
look at the
the only constraint
uh... legally
on the federal government
to create money or the friend
to create money
which is not the federal government
who was
under a with there was illegal pastry antennas cause i government on the
federal reserve note
uh... it used to sit out every federal reserve no intel
nineteen seventy-one was i had to be back by twenty five percent though right
supports america's gold reserve back the physical currency that the fed does now
most money is not really currency most money is bank deposits but the currency
actually was equitable stock that was one stop
right but the date is so
so wat
uh... and the point i'm making is that the uh... you know the one of the
argument is made is that
we could simply you you know right ourselves a check basically or blurb
meant a trillion dollar coin or whatever means of variety which it is
or or just put some numbers in the computer
and and bring this country to full employment
without creating inflation
via this process of monet's monarch monarch monetary theory
so an eight-state right
yet
and and and the reason why is because
the sole arbiter of what's going on with the nation's currency is the nation
so how did the banks getting stuff
we just a minute left
really only by lobbying only by telling by abetting politicians
who agree
uh... not to use the central bank
develop over the country out of depression but he is the central bank
are basically to give the bunny
to the commercial banks
to wall street that's out that the money that's been created is not going to
employ americans isbn employed on the bank bailout reduced band played on the
bank giveaways
now if the government can create planning
the p_l_o_ also required to spend money on the real economy employing people
that makes perfect sense
on doctor michael hudson president he has to consider a long-term economic
trends the author trade development and foreign debt and the bubble and beyond
what said michael batch
dot com thank you sir
ekkada