The Just Third Way

A Blog of the Global Justice Movement

Monday, August 3, 2015

Let’s Talk About . . . Retirement, IV: Capital Homesteading


Stop me if you’ve heard this.  On second thought, don’t stop me.  Just read it, and Do Something to get the ball rolling.  We’ve found that far too many people are extraordinarily shy about letting others in on a good thing — even if it really is a case of “the more, the merrier.”  Capital Homesteading is one of those things.  It works better the more owners of capital you have, just as in a labor-centric economy, things work better if more people can and do work.
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Friday, July 31, 2015

News from the Network, Vol. 8, No. 31


This past week the stock market has soared like an eagle and dived like a turkey.  As a result, even more “experts” are sticking out their necks and predicting a crash in the near future.  What remains puzzling is the fact that so few of the experts realize that there is an alternative to the wild swings that characterize the modern business cycle: Capital Homesteading and the Just Third Way.  Maybe some real people are starting to catch on, however, which would explain the popularity of some of our recent articles, a few of which are getting worldwide attention:
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Thursday, July 30, 2015

Let’s Talk About . . . Retirement, III: The Jobs Market


Go to college, get good grades, graduate, get a good job.  That’s been the “Middle Class Mantra” for more than half a century.  The rising cost of education, grade inflation, low graduation rates, and lack of employment opportunities are, consequently, blamed for the decline of the “Middle Class.”  As a result, there are increasing demands that “the government do something.”
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Wednesday, July 29, 2015

Let’s Talk About . . . Retirement, II: Social Security


“It’s my money!  I paid it in!  I own it!”  That is the response almost any time you bring up the subject of Social Security and the projected deficit — now amounting to around $41 trillion and change (down from a few years ago when they changed accounting assumptions — don’t you wish you could reduce debt the same way?), according to the “real time” National Debt Clock at http://usdebtclock.org/.  When you add in the total projections for unfunded federal government liabilities, you’re starting to push up against $100 trillion.
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Tuesday, July 28, 2015

Let’s Talk About . . . Retirement, I: The Problem of Saving


What with low interest rates, the volatility of the stock market, the shrinking “jobs market,” the projected Social Security deficit, and a few other things, significant numbers of people are concerned about their retirement portfolios . . . if they even have one.  Typically, wage earners are told to save X% of each paycheck in order to fund retirement.
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Monday, July 27, 2015

Who Will Own?


A while back, say, a century or so, Judge Peter S. Grosscup of the U.S. Seventh Circuit Court of Appeals published an article with the title, “Who Shall Own America?” (American Illustrated Magazine, December 1905).  A few weeks ago the “Mensa Weekly Brainwave” sent around a link to an article in the MIT Technology Review, “Who Will Own the Robots?”. 
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Friday, July 24, 2015

News from the Network, Vol. 8, No. 30


As of this writing the Dow is down another 125 points or so.  Don’t worry, though.  Primarily, of course, despite what “the experts” would have you believe, the stock market is not the sector where primary activity takes place.  That’s why it’s called “the secondary market.”  In a rational world, the primary market affects the stock market, not the other way around.
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Thursday, July 23, 2015

Some (More) Thoughts on Money


We got some comments a week or so ago when we started the just-finished series on the Greek debt crisis.  While no doubt well-intentioned, however, the comments were based on misconceptions about money, credit, banking, and finance, as well as the facts of history, that made it impossible to respond.  Still, we tried.
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Wednesday, July 22, 2015

Solving the Greek Debt Crisis, XII: The Key to Economic Recovery


Yesterday we noted that there is one key factor that cannot be omitted from the proposed program to put Greece on an even keel economically.  Regular readers of this blog already know what this is: an aggressive program of expanded capital ownership.  Why?
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Tuesday, July 21, 2015

Solving the Greek Debt Crisis, XI: Working With Debt


Yesterday we saw how the United States implemented a plan to replace its various debt-backed currencies (United States Notes, National Bank Notes, and the Treasury Notes of 1890) with debt-backed Federal Reserve Bank Notes, and replace the debt-backed Federal Reserve Bank Notes with asset-backed Federal Reserve Notes.
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Monday, July 20, 2015

Solving the Greek Debt Crisis, X: From Debt to Asset Backing


Last Thursday, as a build up to explaining how to straighten out the Greek debt crisis, we looked at the problem the United States had in the 19th century with its basket of debt-, semi-debt-, and asset-backed currencies.  This confused financial system was in part responsible for the Panics of 1873 and 1893, and the resulting Great Depressions of 1873-1878 and 1893-1898, respectively, and wholly responsible for the Panic of 1907, “The Bankers’ Panic.”
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Friday, July 17, 2015

News from the Network, Vol. 8, No. 29


Germany is being painted as the villain in the (alleged) solution to the Greek debt crisis. Germany (and Germans) are, as we might expect, being portrayed as Nazi stormtroopers and concentration camp guards (how original) for wanting Greece to pay its debts (gasp!), or at least promise to do so (how rude!) — and, yes, the swastika has put in an appearance.  Most people, however, seem to be missing a few salient facts.  That is, besides the fact that people or countries shouldn't make promises (i.e., go into debt) that they have no intention of keeping.
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Thursday, July 16, 2015

Solving the Greek Debt Crisis, IX: Return to “Sound Money”


Yesterday we looked at how Hjalmar Schacht, the “Old Wizard” with the unlikely middle name of “Horace Greeley” (no, really — he was born in New York City while his parents briefly lived there), stabilized the German currency in the 1920s, putting an end to the hyperinflation that followed World War I.  Of course, on the downside, this laid the foundation of the German resurgence that in less than a decade took the country from absolute zero to nearly conquering the world, but that’s a different issue.  The point to keep in mind is that it is possible to turn even a complete economic basket case completely around in less than a decade.
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Wednesday, July 15, 2015

Solving the Greek Debt Crisis, VIII: Specific Monetary Reforms


If we believe the reaction on the U.S. stock market, the financial powers-that-be are jubilant about the alleged solution to the Greek debt crisis.  Of course, once people realize that there hasn’t actually been a solution implemented, only talk about one (and it might not even work . . . make that, we know it won’t work), we can expect yet another wild plunge in the market.
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