We Already Print Money Like Crazy

– We printed trillions of dollars In 2009 – 2014 and gave it to the banks, so they could lend cheap money to the rich. – Of course it wasn’t “we the people” that printed it, it was “we the banks” at the Federal Reserve who printed this new money. It probably helped buoy employment and didn’t much inflate the prices of regular goods, and it definitely didn’t increase wages. So what was it spent on? – This new money was lent to creditworthy borrowers at a time when no one who did not own large pools of capital was considered uncreditworthy. Lending to the rich at zero percent gave them unlimited money to buy things which turned even a fraction of a profit, many of which were at an all time low price. It was especially lucrative to invest in real estate and qualified labor – often in the form of software development, marketing, and financial engineering – even as the product of this investment devalued other key labor that was deemed superfluous in a time of austerity – teachers and drivers for example. This concentration of new money invested in opportunistic areas did not create widespread prosperity. It drove up the market power of wannabe private monopolies like Uber which compete with public services, and massive private equity firms which dissolve American companies and snatch up housing and real estate, exacerbating shortages. It supercharged investment in carbon infrastructure […]

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The Case for Nationalization

– Citigroup was nearly a public bank. – During the 2007-2008 Great Financial Crisis, the Bush and Obama Treasury Departments, the Federal Reserve, and the leaders of the largest banks and insurance companies in the nation conspired to find a way out of the mountain of worthless debt that was about to fall on the planet. The pages of the Washington Post and Wall Street Journal bore headlines foretelling the end of American capitalism. The people entrusted to manage risk across our entire economy, the people running our large banks, […]

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