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Guns and Butter - March 28, 2012 at 1:00pm

Guns and Butter, for March 28, 2012 - 1:00pm

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Guns and Butter

"Modern Money Theory and Private Banks" with Stephanie Kelton and Michael Hudson at the economic Summit On Modern Money Theory in Rimini, Italy. Functional finance; business cycle; real costs of unemployment; sovereign currency versus fixed exchange rates and the gold standard; macroeconomic policy; fiscal policy; vulture banks; Latvia as the standard for Europe under neoliberalism.

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I see fascism raising her

I see fascism raising her head.We fought for a 8 hour day now its a 12 hour .men use to be the sole provider now all the women work.We work all night now with all the light we never use to have our productivity all went up our wages went down who all got the gain the banks in interest thats everyone is in debt and we have no money to buy our goods we see our towns dieing because lack of money and that will continue and eventually WAR and our children will die.

For a transcript of this

For a transcript of this broadcast, and more, including transcripts of past Guns and Butter and other radio broadcasts, please visit

Kelton explained excellently,

Kelton explained excellently, money's and employment's place and role. The problem was not mentioning that employment anything like what we've ever known, will not happen again. One cause of course, is the sapping of materials to produce anything like what has been being made in societies, products; an innovative way to do a surgery, or a lab experiment. The entities that used to benefit from its continuously syncretistic law-making, the Owning class to sustain profit making, is using more and more unsustainable procedures to break us and to maintain their stature.
We look forward to the reduction of their numbers.
But this MMT, seeing full employment as anything like THE solution ignores 1. that as Paul and Percival Goodman wrote in 'Communitas', 'if the available labor force were allowed to work, a 4 hour work wEEK would overproduce'.
2. people dis-included from this idea of a work force are young –the 2month/2year-old, old, handicapped, - the many various forms that in this system exclude partially and-or entirely people from working, exclude people from being seen as or thinking of themselves as a worker.
In summary, I see all people being able to contribute to socialpoliticaleconomic (the wholly trinity – inseparable each name from the other) needs - necessities, in particular – to pleasure. All people is 2 year olds and 90 year olds and whatever mental and physical conditions only being possibly limited to what 'work' they'd be doing. Seeing as how work would be marxist, us fulfilling our desires, our art, our joy, no one would be limited by external forces/regulations. We'd be limited - and hugely permitted! - based only on our own moves to live among us all.
Education would occur not in a compulsorily prescribed classroom, but through us living together. We are, after all, all teachers and students all our lives, denied this, alienated from it by commodification of the job, teaching; by the enforced 'criminalization' of the 'student' - until paroled and later released to stumble through their own way, out of the compulsory schooling.
We are all artists. We are all geniuses. We are all intellectuals – and laborers – all these denied to us because of the profit system which rules us and always has, ...and a confused left, which tries to fit us into the present model – but nicely.
In the socialist communist system we work for we will spend our lives at work – which includes sitting around whether relaxing or thinking or just there. That 4 hour work week could mean no work in any form we now know it for a week or for months – or ever – for a particularly alienated person who’s waiting for the next generation, which will ‘get it’.

"There is a war..." Leonard

"There is a war..." Leonard Cohen

At a time when the

At a time when the Democrat/Republican Duopoly was promising full employment, they Alan Greenspan was reappointed over and over again. Greenspan said 5% unemployment was necessary to control inflation and grow (paraphrasing) growth and profits for the 1%.

Dr. Michael Hudson: “So, in

Dr. Michael Hudson: “So, in the United States, for instance, one problem is that in 1982 Alan Greenspan, a free marketer, headed a social security commission and said, ‘social security should not be a public service. It should be a user fee. We have to make the private sector—the users, the labourers—pay for it. And they, not only, have to pay for it, they have to pay five times as much as they get for the banks because my clients—the bankers—we have overhead.'"

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