And the winner is . . .? Actually, in this case, it’s easier to pick the losers: We, the People of the United States. At stake is the next chairmanship of the Federal Reserve. Since none of the candidates appears to have the faintest idea what a central bank is supposed to do, the best we can hope for is the same financial floundering to which we’ve been subjected since the New Deal.
The front runners are Janet L. Yellen, Roger W. Ferguson Jr., Timothy F. Geithner, and Lawrence H. Summers — a financial version of “the usual suspects” if we ever saw it. It’s (almost) enough to get you to start using the term “banksters,” although the users of that term display more ignorance about banking than even Benjamin Bernanke.
It’s a shame that no one at the Federal Reserve has bothered to read the Declaration of Monetary Justice, or even a book or two by Harold G. Moulton, president of the Brookings Institution from 1928 to 1952. Here’s what we’ve been doing to try and remedy that situation:
• We regret to inform the network of the death of Garry Davis (1921-2013), “World Citizen No. 1,” on Wednesday, July 24, 2013. We have no details as of yet, but expect to have something for posting on this blog later. Garry was a formative influence on the philosophy of the Just Third Way.
• The CESJ core group had a retreat in Cleveland, Ohio, at the Jesuit Retreat House. (Free plug: the facilities are excellent, the staff both friendly and professional, and the food was of high quality. Consider using them, regardless of your religious affiliation, if any.) The retreat started on Sunday afternoon, and ended at noon on Tuesday. The retreat participants included people from “HopLon,” a start-up company with a unique construction product that is being structured as an application of the principles of the Just Third Way within the framework of existing law. Application of the principles in accordance with current conditions is the task of Equity Expansion International, Inc., a for-profit company.
• Following the retreat the core group went across town for a meeting with Fr. Thomas Schubeck, S.J., a professor at John Carroll University. This meeting, too, went very well. Father Schubeck is an expert in Liberation Theology, and we were able to suggest to him the potential of the Just Third Way to achieve the ends of Liberation Theology within a more traditional framework. This can be an area that can yield many fruitful discussions.
• The first draft of the foreword for a book by Archbishop Fulton Sheen has been completed and is now being edited. The first review of the main text has also been completed, and some annotation and explanatory notes have been added. If all continues to go well, the book may be submitted to the printer as early as Labor Day. In the meantime we are discussing “pre-selling” copies in bulk to finance the project.
• A university research team at the Pontifical Catholic University of Argentina has requested case studies and other material relating to worker ownership, the Just Third Way, and the application of Kelsonian binary economics, particularly the Kelso-Adler three principles of economic justice. The request came from the head of the economics department through a professor of commercial law.
• As of this morning, we have had visitors from 44 different countries and 47 states and provinces in the United States and Canada to this blog over the past two months. Most visitors are from the United States, Italy, the United Kingdom, Australia, and Canada. The most popular postings this past week were “Response to Professor Shakespeare, III: Shakespeare in His Own Words,” “News from the Network, Vol. 6, No. 27,” “Some More Questions About Future Savings,” “Free Advice to a Couple of Teenagers,” and “Response to Professor Shakespeare, II: Analyzing Shakespeare.”
Those are the happenings for this week, at least that we know about. If you have an accomplishment that you think should be listed, send us a note about it at mgreaney [at] cesj [dot] org, and we’ll see that it gets into the next “issue.” If you have a short (250-400 word) comment on a specific posting, please enter your comments in the blog — do not send them to us to post for you. All comments are moderated anyway, so we’ll see it before it goes up.