. . . or is it? Today we bring you a video of the keynote speech given by Dr. Norman G. Kurland, president of the interfaith Center for Economic and Social Justice (CESJ) at the 2010 "Rally at the Fed", where a small band of concerned citizens attempted to tell increasingly deaf ears that the whole Keynesian paradigm is off-based, and only a system that truly respects the dignity of each and every human person, every child, every woman, and every man, has a chance of restructuring the social order in a more just manner without redistribution or other injustice:
Monday, November 18, 2019
Friday, November 15, 2019
With all the hoopla over politics and economics these days, you’d think there would be something with some substance to it, but all we see is the same-old-same-old that does not get to the root of any of the problems or exhibit any respect for human dignity. In any event, here are this week’s news items:
Thursday, November 14, 2019
Every so often we get a question from one of our readers that we can answer and get a new blog posting at the same time. This one comes in response to someone in another country who wanted to know the basic principles of the new monetary system we propose under Capital Homesteading and other Just Third Way reforms.
Wednesday, November 13, 2019
As we saw in the previous posting on this subject, John Maynard Keynes established his reputation with the publication in 1919 of The Economic Consequences of the Peace. In the book he made the remarkable — and demonstrably false — statement that the world could not possibly have advanced to the stage of economic development it enjoyed before the outbreak of World War I had not ownership of capital been concentrated in the hands of a few people.
Tuesday, November 12, 2019
Many people today deplore the consumerism and waste that permeates the developed world, and point out that if (other) people would just share what they have, consumerism would lessen its grip on the economy and waste could be eliminated. That is true, but only up to a point.
Monday, November 11, 2019
Not too long ago a CESJ Fellow from Belgium put together a brief video explaining the Just Third Way using animation. It's a little short, so for an added bonus we've included a repeat of another brief video, "People and Things:
Friday, November 8, 2019
It seems the closer we get to the end of the calendar year and the start of the holiday season, the harder it gets to find Just Third Way news items. Everybody tends to put important things aside until after the holidays and as a result not only does nothing get done, nobody talks about it and there is nothing to report except about the things you are going to do, or at least hope to do. Even so, we have a few news items:
Thursday, November 7, 2019
Today we address a problem that most (if not all) economists do not even think of as a problem — which may itself be the biggest problem of all. How, after all, can you solve a problem that most people will not even agree exists?
Wednesday, November 6, 2019
As we saw in the previous posting on this subject, the two fatal flaws in Keynesian economics (at least the two with which we are most concerned . . . today) are the idea that labor is responsible for all production and that past savings are essential to finance new capital formation. These two assumptions are not exclusive to Keynesian economics, however. They are also integral to the rise of capitalism — and socialism.
Tuesday, November 5, 2019
As we saw in the previous posting on this subject, under the Currency Principle “consumption” is divided into direct consumption by people, and indirect consumption to create capital instruments. Under the Banking Principle, of course, consumption is consumption, it does not matter whether it is direct or indirect.
Monday, November 4, 2019
Back in 1979 Nobel Laurette Milton Friedman was on the Phil Donohue Show and made his (in)famous declaration that greed is good. This has been taken ever since by libertarians and others as proof that capitalism beats socialism all hollow. In the opinion of others, however, it does no such thing.
Friday, November 1, 2019
For some reason there seems to have been a focus on candy this week in addition to the usual horrors. That was in spite of the fact that we did not run a single “Halloween Horror Special” this October, unless one includes the posting on Herman Melville’s novel, Moby Dick. Be that as it may, here are some of the more Just Third Way-ish happenings this past week:
Thursday, October 31, 2019
As we saw in the previous posting on this subject, in any properly designed social system, the three principles of economic justice work together to support the system as a whole as well as fill particular functions. No system designed by human beings can be perfect, but the Kelso-Adler principles provide a framework that, within the constraints of natural law, optimize the possibility for a just and stable economic order.
Wednesday, October 30, 2019
This is the 3,000th posting on this blog, so we decided to do something deluxe. Sort of. As a result of our researches into early nineteenth century America, we have come to the conclusion that most people — including (or especially) most Americans — have no idea what was going on in the United States between the American Revolution and the American Civil War. Yes, there was something about slavery, the War of 1812, the Battle of New Orleans (but only if sung by Johnny Horton), and maybe a war with Mexico, but it’s all kind of vague.
Tuesday, October 29, 2019
As we saw in the previous posting on this subject, the Great Depression of the 1930s revealed serious problems in the U.S. economy, problems that were not really addressed by the program of John Maynard Keynes, which really only made matters much worse than they needed to have been.
Monday, October 28, 2019
Today we hear host Dave Hamill have a friendly conversation (it’s much better to listen to than an interview . . . although if you don’t like two Southerners reminiscing about being Southerners — it seems to be a “Southern Thing” — you might want to skip the first couple of minutes) with the Rev. Russell Williams of Hartford, Connecticut, host of his own show, The Challenge. Dave and Russell get in to a fascinating discussion about how the Just Third Way can be implemented even on a limited, small scale to start turning things around:
Friday, October 25, 2019
Thursday, October 24, 2019
As we saw in the previous postings on this subject, the main theoretical difference between the Currency Principle and the Banking Principle is that under the Currency Principle the amount of money in the economy determines the level of economic activity, while under the Banking Principle the level of economic activity determines the amount of money.
Wednesday, October 23, 2019
A few days ago we got into a discussion over human nature. Specifically, we somehow got snagged by someone who wanted validation for his personal theory of Christian anarchism . . . which, given the Aristotelian basis of much mainstream Christian philosophy — Catholic, Protestant, and Orthodox — as well as Judaism (thanks to Maimonides) and Islam (thanks to Ibn Khaldûn) is something of an oxymoron, that is, a self-contradictory term, like dry water, a wet martini, or government intelligence.
Tuesday, October 22, 2019
In the previous posting on this subject, we looked at the “Currency Principle,” the fundamental assumption (obviously) of the Currency School that is the basis of virtually all modern economic thought. We discovered that the Currency Principle can be stated very simply as the belief that the amount of money in the system determines the level of economic activity.
Monday, October 21, 2019
Is "vlogcast" even a word? We don't know, but we thought we'd try it out, just as we invite you to try out this little video prepared by CESJ stalwart Guy Stevenson and read (mostly) by the Rev. Russell Williams. It is both informational and inspirational:
Friday, October 18, 2019
All the “Big News” in the media is on things other than those affecting he Just Third Way, at least directly. If you know something that you’re not telling us that you think should go into the weekly news roundup, of course, just drop us a line per the instructions at the bottom of this posting. In the meantime:
Thursday, October 17, 2019
It has come to our attention that we may occasionally use words or concepts on this blog that many people have difficulty understanding, especially when we talk about money. For example, a question came up recently about the terms “Currency Principle” (or School) and “Banking Principle” (or School).
Wednesday, October 16, 2019
As we saw in the previous posting on this subject, politicians could not keep their hands of the central bank’s money machine. Other factors also contributed to laying the groundwork for financial disaster.