3 Comments to “Chris Lehmann speaks in NYC (w/ MCM), on “Rich People Things”—MUST-SEE VIDEO!”

  • Chris Lehmann:

    He says he cannot stand participatory democracy.

    He says it is smart not to have goals.

    It confuses people, and he thinks that is very healthy..

    Access to Credit, what Populist Movement is all about…Credit Exactly

    Mark asks:
    To What Extent will this Movement
    Be Able to Push for a
    Genuine Radical Solution?

    ……….

    Again, it is about Credit Exactly…to change our money system away from Banker’s CREDIT/Our DEBT Based Money System. When your money is DEBT, you can NEVER get out of DEBT. So changing the Monetary System to benefit Everyone is the correct solution.

    Support all Politicians who support Kucinich’s NEED Act HR 2990.

    http://my.firedoglake.com/gammaglobalist/2011/10/08/representative-vows-to-occupycongress/


    Representative Vows to OccupyCONGRESS


    By: Gamma Globalist

    The Occupy movement coincides fortuitously with bold financial legislation introduced earlier this year. HR 2990, the National Emergency Employment Defense (NEED) Act, proposes nationalizing the US central bank, the Federal Reserve. What this means for the dollar is that it will be un-privatized, changing from a debt-based currency to a debt-free one overnight. The monetary system is then geared to produce public wealth rather than bankster wealth.


    To anyone concerned about the national debt, austerity cuts, unemployment, or the extreme concentration of wealth and power among the elite, the NEED Act is what you have been waiting (and protesting) for.

    Don’t confuse this proposal with the specious calls to replace “fiat” money with gold (commodity) currency. The problem is not fiat but rather debt-based currency, controlled by and for banksters. The NEED Act does “end the Fed” as we know it, but achieves this the right way: with sovereign, debt-free Treasury notes. Gold currency, on the other hand, is an elitist scheme which would devastate the already reeling middle class.


    Under HR 2990, the dollar is to be issued by US Treasury as a public asset and spent into circulation for the public good. This will allow government to invest in large-scale projects without borrowing or adding to the national debt. Millions of unemployed can be put back to work rebuilding and expanding America’s infrastructure.

    snip
    ……..

    http://www.monetary.org/how-the-economists-facilitated-the-crisis-and-how-hr-6550-solves-it/2011/06

    


How the Economists Facilitated the Crisis and How HR 6550* Solves it



    (Now HR 2990 for 2011)


    Economist Jamie Galbraith in testimony to the Senate Crime subcommittee on May 4th, 2010:




    False “monetary” beliefs (some call them theories) have misdirected public policy decisions for decades, with devastating effect! Errors of Concept, methodology and factual errors led to disastrous outcomes for our nation and have the potential to gradually take America down into an unprecedented abyss of lawlessness and deprivation. Consider the present insane calls for austerity. Economists have allowed the idea to prevail that a government has to be run the way a shopkeepers runs his store. These times call for greater care and some heroism among economists; and cowardice is no longer tolerable among those who do understand.




    Which particular monetary errors? Most importantly, economists have not understood or appreciated the difference between money and credit. That using credit for money is dangerous, harmful and unnecessary. Can’t they read Knapp’s “State Theory of Money, available in English since the early 1920s, to understand credit is just one type of money system, and not a good one at that?

    snip

    


Many economists have falsely concluded that “all money is debt,” and while most money in our particular mis structured system is debt, this attitude ignores the possibility and necessity to define a better system based on government money, not private debt. This failure to understand the concept of government money as opposed to private credit, has had immense and deadly repercussions. The Great Henry Simons summed it up in one magnificent sentence in the 1930s:


“

    The mistake … lies in fearing money and trusting debt.”



    Henry Simons, (Economic Policy for a Free Society, 1930s, P.199)


  • Dennis Kucinich’s proposal changes our money so that it is not DEBT…freeing people by providing jobs that fix our infrastructure.

    I would like some additional clarification about how HR 2990 might affect money internationally. Jim Sinclair states that during a crisis America’s International Balance Sheet is always settled in gold. So, gold is rising in price (for over a decade) to try to catch up to America’s international debt.

    It seems to me that Kucinich and Sinclair could both be correct. However, any further info regarding this would be appreciated.

    http://www.jsmineset.com/2011/05/26/the-mathematics-of-gold/

    The Mathematics Of Gold
    May 26, 2011
    by Jim Sinclair

    Dear CIGAs,
    Little by little, I am passing on ALL that I have learned from Jesse through Bert and Bert’s knowledge to those that read here, every day, in thanks for your support of me and mine. 
–JEBS (James Edwin Bertram Sinclair)

    Assumption:

    Because gold is held by many central banks, once as a reserve currency but now as an inventory currency, it functions as a swing asset to balance the International Balance sheet of the US.

    Central banks are sellers of dollars but still hold, by default, large dollar inventories.
    China has hedged its dollar position 50% through commitments to long term dollar commercial agreements, pay in, mineral, and energy deals internationally. That is an act of pure genius.

    We can assume other central banks still hold 90% of their reported dollar positions, on average unhedged by commercial obligation positions.

    In crisis times, the US dollar price of gold ALWAYS seeks to balance the International Balance Sheet of the USA.

    Therefore:

    Take 90% of international US dollar debt less China and then add 50% of the US debt owned by China. Then divide that number by the ounces supposed to be owned by the US Treasury. The result is where gold wants to go.

    ……..

    There were a few submissions within a fairly tight range, among them:

    http://www.jsmineset.com/2011/06/07/jims-mailbox-714/

    Dear Jim,

    The following is an analysis of your Mathematics of Gold. The analysis was conducted by our summer intern and we thought it may be of interest to your readers.

    Kind Regards
    
Isaac Matzner

    Case: The Mathematics of Gold

    International US dollar debt: $4.4792 trillion (approximately 32% of total US debt of $14.32 trillion)

    Portion of international US dollar debt held by China: $1.1449 trillion

    90% of total US international debt less portion held by China = 0.90 * ($4.4792 trillion – $1.1449 trillion) = $3.00087 trillion (A)

    50% of international US dollar debt held by China = 0.50 * $1.1449 trillion = $0.57245 trillion (B)

    Total foreign currency reserves held by People’s Bank of China (Central Bank): $3.045 trillion

    Therefore, A + B = $3.57332 trillion (C)

    Total US holdings of gold = 8,133.5 tonnes = 8,133.5 * 35,273.9619 = 286.900770 million ounces (D)

    Therefore, C/D = $12,454.8986 per ounce ~ $12,455 per ounce

    Balance of Payments is an account of financial flows between a country and the rest of the world. It consists of the Current account and the Capital account. Current account consists of the trading account (exports minus imports of good and services), income account (factor payments from abroad minus factor payments to abroad) and the transfer payments account (foreign aid received minus foreign aid disbursed). Capital account, which is in surplus on account of increasing foreign investments in US treasury securities and in deficit for increased US investments in foreign securities and reserves. A surplus in the current account should always be balanced by a deficit in the capital account and vice-versa. That is, the balance of payments must always balance.

    more

  • The new not yet distributed $100 dollar bill has many gold symbols and revolutionary language. However, if it will be used as DEBT money (even if gold backed), it will not be change. For a picture see:

    http://moneyaswealth.blogspot.com/2010/04/new-100-federal-reserve-note-same-old.html

    hint: If it says “Note” on it, it is a debt instrument.
    Each one of these in circulation represents
    more debt than there is money to pay it off.
    ….

    http://moneyaswealth.blogspot.com/2010/07/gold.html

    Gold?
    .
    So, You Think You Have A Chance
    In This Market?

    When a “mystery bank” can move 380 tonnes of gold in one transaction, why would you be so foolish as to think that this is a ‘free market” or that you could base a currency on gold?

    Besides, if you allow the banks to lend the gold, as they did here, you’ll be in worse shape than you are now.

    Your country can be wealthy in minerals and resources, but it will not help if your currency is DEBT.

    http://moneyaswealth.blogspot.com/2009/01/hyperinflation-zimbabwe-myth-and.html

    Hyperinflation and Zimbabwe – Myth, Misinformation and the “Expert”

    Austrians say the problem is too much paper. Keynesians say the government should spend more. Neither camp has a solid grasp on the effects of interest and both groups are in denial, when it comes to fully understanding debt.

    In fact, in macroeconomic terms, you can hardly find a model that illustrates this: the money needed to pay interest is never created inside the system and that principal is extinguished from circulation when a payment of principal is made.

    snip

    NEWS FLASH: Hyperinflation is not caused by paper money. It is not caused by too much money. It is caused by unpayable interest rates.

    snip

    This did not happen to Zimbabwe because they did not have enough gold.
    This did not happen to Zimbabwe because they did not have enough natural resources.
    This did not happen to Zimbabwe because the government spent too little.
    This did not happen to Zimbabwe because they had too much paper money.
    This happened because they had too much debt and the unpayable interest is destroying them.

    Say, aren’t the people dependent on bank loans for a medium of exchange and don’t the banks set the interest rates on their loaned money?

    When the banks hike the interest rates to manipulate the money supply to the point that only 15% of the people can work, the medium of exchange is destroyed and the banks end up with the gold, is that financial terrorism?

Post comment

Forbidden Bookshelf

Forbidden Bookshelf




“While We Were Sleeping”

While We Were Sleeping is an urgent call to save Greenwich Village from New York University's uncontrolled expansion.

Click here to donate to NYUFASP and receive a copy of "While We Were Sleeping: NYU and the Destruction of New York" (minimum donation to receive a book is $10 plus $8 shipping).

Orwell Rolls In His Grave, featuring MCM – Buy the DVD



About News From Underground

News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.

If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:

Help News From Underground!





Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."

Please donate via the PayPal button above or via PayPal by email to: markcrispinmiller@gmail.com

Recent Posts

Recent Comments

Popular Posts

Blogroll

Need a bigger font size?




Sponsored Links



  • Your link could be here too, contact us for pricing details.