Joe and Pete discuss the “The Most Important Chart of the Century” at Nathan’s Economic Edge, which shows that each now dollar of debt we take on no longer generates any growth in GDP. This shows how the debt-money system is broken, along the lines of Steven LaChance’s article.
They also touch on the current Congressional hearings on the financial crisis, and the Greek debt crisis.
Hello, while I have long been a supporter of the American Monetary Reform Act doing away with debt based money is only part of the solution. Ending the theo-classical trade policies and establishing a system of tariffs to stimulate domestic production will also be required. This requires that labor be treated as a participant in a sustainable economy rather than only a commodity to shopped for the lowest priced option. Monetary reform as a stand alone proposal also won’t mean much without substantive and substantial re-regulation. This will probably require rolling back the Jan 21st Scotus decision and more relative to corporate campaign contributions. The easiest way would probably be to included a three strikes and “you are out” provision to end corporate criminality, much as has been advocated by the law and order types for natural citizen criminals or removing any route of political campaign contributions much as felons often have their voting privileges revoked. Another piece that needs to be a companion to the monetary reform process is the application of functional finance fiscal policies. Call it a four legged stool agenda if you need a handle. Tadit