The Just Third Way

A Blog of the Global Justice Movement

Thursday, April 17, 2014

A Plague on Both Your Houses, II: Democrats


Yesterday we told you what is wrong with the Republican emphasis on cost-cutting to balance the budget and restore fiscal sanity.  Today we are going to tell you what is wrong with the Democratic emphasis on increasing spending, both to meet people’s needs directly, and to stimulate the economy to create jobs that will, presumably, allow people to meet their own needs through their own efforts.
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Wednesday, April 16, 2014

A Plague on Both Your Houses, I: Republicans


A few weeks ago both the Wall Street Journal and the Washington Post went into great depth on Representative Paul Ryan’s 98-page budget proposal that Ryan believes would balance the budget in a decade.  The Wall Street Journal seemed to like it.  The Washington Post wasn’t quite as enthusiastic.
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Tuesday, April 15, 2014

Focus on the Fed, VI: Capital Homesteading, A Realistic Solution


As we saw in yesterday’s posting, many factors have combined to put propertyless workers (and everyone else without capital) into a very bad position.  The wealth and income gap continues to grow, while attempts to deal with it from within conventional frameworks only make the situation worse.
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Monday, April 14, 2014

Focus on the Fed, V: Concentration of Wealth and the Income Gap


Last week the 10th annual Rally at the Fed drew attention to some serious problems in the monetary and fiscal policy being followed by the world’s central banks, especially the Federal Reserve.  Used today almost exclusively to finance government, they were intended to be the lender of last resort for the private sector, not the money machine of first resort for government.
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Friday, April 11, 2014

News from the Network, Vol. 7, No. 15


Again, the Big News is today’s Rally at the Fed.  Other than that, most of the efforts this week have been directed at preparing for the rally and the CESJ celebration tomorrow.  Still, a few things have been happening:
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Thursday, April 10, 2014

Focus on the Fed, IV: Elastic Reserve Currency


In yesterday’s posting we stressed the importance of having a reserve currency — or any other weight or measure — that has a standard and stable value, and is asset-backed.  In today’s posting, we take a look at why, while a stable standard is absolutely critical, “elasticity,” that is, a money supply that expands and contracts with the needs of the economy, is also important, especially in a rapidly growing economy, or one in which most of the participants are not personally known to one another.
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Wednesday, April 9, 2014

Focus on the Fed, III: Banking and Reserve Currency


As we saw yesterday, a stable and standard currency is of the utmost importance to maintain a stable economic and political situation.  The problem we look at today is how to maintain a stable and standard currency, especially when there are many different types of money in an economy.
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Tuesday, April 8, 2014

Focus on the Fed, II: Say’s Law, or, No Consumption Without Production


As we saw in yesterday’s posting, the monetary reforms of the Just Third Way assume as a given that the purpose of production is consumption.  This is the basis of “Say’s Law of Markets,” which both Karl Marx and John Maynard Keynes reject.
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Monday, April 7, 2014

Focus on the Fed, I: How the Federal Reserve Creates Money


This piece is intended to orient the reader and frame the discussion presented in “A New Look at Prices and Money” by Norman G. Kurland.  “Prices and Money” was first published in The Journal of Socio-Economics (Vol. 30, pp 495-515), and is available online from the CESJ website.
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Friday, April 4, 2014

News from the Network, Vol. 7, No. 14


Most of what happened this week has been in preparation of the 10th annual Rally at the Fed, and CESJ’s 30th anniversary celebration.  We expect to have a great deal more to report next Friday, although the news notes will be posted even later than this week to be able to report on the rally.
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Thursday, April 3, 2014

“Dangerously Low Inflation”


It was a rather startling thing to read in the lead article of the Wall Street Journal — but it was there.  On Wednesday, March 26, 2014, in the article on page A1 titled, “ECB Set To Mull Heavier Stimulus,” the venerable Wall Street Journal had the sentence, “European Central Bank officials . . . are willing to consider dramatic steps to guard against dangerously low inflation.”
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Wednesday, April 2, 2014

A Proper Response


The other day someone sent around an e-mail suggesting that violence could solve many of today’s massive social and economic problems.  From a certain perspective, that is correct.  The idea that “violence never solved anything” is, frankly, just plain wrong.  Violence solves a lot of problems.  It just usually leaves you with much bigger problems than you started with.
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Tuesday, April 1, 2014

Is Justice Reasonable? Absolutely!


It hardly comes as a surprise to any Aristotelian-Thomist, but a recent scientific study suggests that a concern for justice is linked not to emotion, but to reason.  This supports the contention that justice, a moral virtue, and, by extension, all moral virtues, is an act of the Intellect, not of the Will; an absolute, not subject to change to reflect the needs of the moment or fitted to expedients, however useful or desired.
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Monday, March 31, 2014

Before Rerum Novarum, V: Corrigan Quotes Leo XIII


We finish off our short series on Archbishop Michael A. Corrigan’s 1886 pastoral letter by quoting Corrigan quoting Leo XIII.  We realize that this could get a little complicated if somebody quotes us, and then somebody quotes somebody quoting us . . .
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