a possible economic solution

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‘Quantitative easing’ (QE) is a term used to describe a new approach to creating money. It was invented in 2009 by Ben Bernanke, Chairman of the U.S. Federal Reserve System (our central bank), as a response to the financial crisis brought on by the bursting of a huge speculative bubble in residential mortgages in 2008. The finance industry was in danger of complete collapse, which would have caused the whole economy to stop functioning.

The purpose of QE was to create as much money as needed to prevent that from happening. …


societal transformation without changing our institutional structure

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Change is inevitable. In cases where small, incremental adjustments are not made, change comes in the form of sudden, transformative upheaval. That applies to nature, as in seismology, and to human societies.

It certainly appears to be the case that transformative change is coming to the U.S. The current tensions, it seems, cannot be resolved. It looks like they will grow until something breaks. That ‘something’ would be one or more parts of our existing institutional structure.

That “institutional structure” includes accepted practice as well as large-scale organizations. The most important elements of…


to save liberty, democracy, and the rule of law from arbitrariness

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John Locke identified arbitrariness with injustice. He famously defined injustice as anyone “being subject to the arbitrary will” of anyone else [in the second of his Two Treatises of Government (1689)].

“Arbitrary” is a word with more than one connotation. It can be a synonym for ‘random’, as in the outcome of a roll of the dice. Intellectually, it can mean a claim, etc. that lacks sufficient evidence or reason’ In interactions involving human beings, which is the concern of justice, it means not (sufficiently) taking into account other…


rationing goods and services

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According to every economics textbook, money has three functions: it is a medium of exchange; it is a unit of account; and it is a store of value. In today’s existing economy, it is also the way goods and services get rationed.

That was not always the case. Before industrialization, relatively few people worked for wages or a salary. Historically, most people worked in agriculture, to include slaves and serfs. Farmers who were neither sought to be as self-sufficient as possible. Most of the few artisans were singularly self-employed, without any employees. …


changing the existing economy from relativistic to mechanistic

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In economics as in the physical sciences, theories involve predictions: if this occurs, then that will occur. In science, theorizing has sought to explain how that which is observed in this world came to be. In economics, theory seeks to predict what will result, given some change to what is. Economists’ attempts at accurate predictions are as infamous as they are unceasing.

Once exception to that general rule in the physical sciences is meteorology. More similar to economics, it seeks to predict what will be in the future as a result of…


its most tragic intellectual errors

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[Note: Fascism is not included because without the errors of Locke and Marx it would not have arisen; it represents a grotesque cry for help. Though I cite no references, I acknowledge that none of what follows has come to me ex nihilo.]

John Locke’s ideas about justice were the source of Liberalism, which allowed for capitalism. Karl Marx was the originator of, well, Marxism: the antithesis, if you will, of capitalism. Both were tragically wrong.

Liberalism (capitalized) is the meta-ideology that has spawned the narrower political ideologies of libertarianism, conservatism, political liberalism, and democratic…


for survivors of the post-Collapse world to rebuild society better

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Civilization as we know it is doomed. It will not survive the stresses that are coming. Doubt it? Think about how fragile our society already is. At age 68, but in good health (knock on my noggin), I might live to experience The Collapse (though I’d probably be old enough to be among its first victims).

The Collapse could still be prevented, but that is not going to happen. Most people are too lazy and/or cowardly and/or delusional. Most of the rest are too greedy: they would rather focus on…


I do have to point out that MMT does not claim "that a government can... ." It says that inflation is the only indicator of 'too much money', at which point government would be required to run a budget surplus (less spending/increased taxes). [Good luck with that, eh?]

One key to less domestic inflation in the U.S., however it might be measured, has been the importation of the same items made less expensively in China, etc. Those lower prices are now the baseline for the economy. Whether those prices can remain low is, I think, the big question; the answer will depend on the (political) decisions of China's regime.


resulting in civilization

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It’s all right there in Chapter 4 of Genesis. Adam and Eve have been booted from Eden. They had violated the only prohibition God had given them: do not eat of the fruit if the Tree of Knowledge of good and evil.

For some reason, that last part always gets left out. Their/our Original Sin was to presume to know right and wrong, good and evil.

Such knowledge necessarily precedes judging. Judging is for God, not us.

But, you say, we can’t have civilization without having some system of justice, and that means defining right and wrong…


the existing economy

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A ‘crime against humanity’ is an intentional injustice perpetrated by people in power in a society against a group of people, such as an ethnic group, or a religious group, or an entire nation — or all people on the planet. A crime against humanity is usually associated with acts of physical violence, but it can be any kind of serious ongoing injustice.

An unjust political process or an unjust economy is a crime against humanity. Any authoritarian political regime is a crime against humanity.

The existing economy is a crime against humanity. There are, at the…

Stephen Yearwood

unaffiliated, non-ideological, unpaid, academically trained philosopher and political economist

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