I could swear I saw this on MSNBC.
I ripped this from one of the comments :-
Like all good propaganda, this short only tells part of the story. It leaves out anything that would conflict with its message. It is, therefore, consistent with itself. What’s left out is the notion of what is the form of the money that is pumped into the economy. If it is in the form of debt, it comes with an interest burden payable to the banks. If it’s money issued by the Treasury, it bears interest to no one and is free to circulate without cost ad infinitum. Since this money passes through the Federal Reserve, we know that this stimulus expires when the loans are repaid and must again be renewed at interest to keep the stimulus going. In fact, what the film describes isn’t really inflation but bringing the quantity of money in line with the society’s capacity to produce and consume. The unmentioned fact is that the Federal Reserve Banks will profit by doing no more than issuing the debt money to stimulate the economy. This is something the Treasury could do just as easily and without an unnecessary transfer of wealth to the bankers. It’s like a firefighter, who happens to be an arsonist setting a fire and then showing up to save the day by putting it out.
Since the Federal Reserve Act, the Federal Reserve banks have always had it in their power to regulate the quantity of money in circulation. The Federal Reserve’s monetary policies were a direct cause of the Great Depression. The trick was to get the federal government to be the guarantor of all the debt money they wanted to pump into the economy. World War II fixed that. Wars are always a massive source of debt. Modern industrial warfare also had the effect of stimulating the productive capacity of industry. Since WWII, the US has been on a program of intensive borrowing to grow. However, as the growth potential of the US markets has topped out, capital has fled to cheap labor economies to attempt to sustain the levels of growth to which the capitalists have become accustomed.
The paradox is that the workers who produce the commodities are not necessarily the market for those commodities. To compound the problem, the workers who formerly produced those commodities are no longer the market for them, either. We are left with one of capitalism’s contradictions of overproduction and collapsing markets. In response, capital looked for valorization through other means such as sub-prime mortgages, hedge funds, tradable debt instruments, ponzi schemes, and you name it. Now with collapse of credit, the federal government is again being asked to step in as the guarantor of yet more debt money to be pumped into the system. Sound familiar?
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