More on Economic Justice

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.

A Whale of a Tale

This is the 3,000^th 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.

The Principles of Economic Justice

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.

JTW Podcast: Global Finance in Connecticut

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:

News from the Network, Vol. 12, No. 43

Some interesting events have happened this past week, and some of them are very interesting, indeed:

That Consumption Thing

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.

A Few Words on Anarchy

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.

The Savings Myth

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.

Just Third Way Vlogcast

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:

News from the Network, Vol. 12, No. 42

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:

The Currency Principle

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).

Financial Disaster

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.

War and Depression

As we saw in the previous posting on this subject, a serious problem developed in the United States following the Civil War: wealth became concentrated.  Many people had no realistic hope of ever owning land or technology that could generate an income to supplement or even replace wage income from labor.

Opening the Door for Capital Homesteading

Today we feature a conversation between Dr. Norman Kurland, president of the interfaith Center for Economic and Social Justice (CESJ), and the Woodman sisters, Jackie and Monica, of Cleveland, Ohio, who together with their brother Rob (Captain Robert Woodman) have been with the Just Third Way almost from the beginning, having been tutored in the elements of economic and social justice by their father, Bob Woodman:

News from the Network, Vol. 12, No. 41

It is becoming increasingly difficult to select news items for our weekly roundup.  Most of the news these days is about personalities, and we are trying to concentrate on facts as well as suggest solutions that don’t involve liquidating undesirables, such as our first item that would “cancel” some people for the benefit of all . . . presumably:

Money and Say’s Law of Markets

In the previous posting on this subject, we looked at Adam Smith’s “invisible hand” and how it fits into Smith’s first principle of economics, that “Consumption is the sole end and purpose of all production.”  We concluded (tentatively) that production for a purpose other than consumption is a serious mistake.

The End of Democracy

As we saw in the previous posting on this subject, had he not been assassinated, there is evidence suggesting that Abraham Lincoln would have used the 1862 Homestead Act as the first step on a total social reformation, putting the financial system on a sound basis and opening up opportunities for everyone to own capital other than land.

Money and the Invisible Hand

Understanding money and credit — two aspects of the same thing — is impossible without first understanding private property and something called “Say’s Law of Markets.”  Both are not merely important, they are interdependent when speaking economically.  From a monetary perspective, however, it may be easier to understand private property if we first understand Say’s Law, but we won’t understand Say’s Law until we understand Adam Smith’s “invisible hand.”  So we will post today on the invisible hand, then on Say’s Law and private property in future postings on this subject.

Norman Kurland Before the Congressional Black Caucus

We were going to have something on the Battle of Lepanto that took place October 7, 1571 and give us a free plug for the book, Ten Battles Every Catholic Should Know, but we couldn't figure out how to work it in.  We will just have to be satisfied with this short video featuring Norman Kurland's testimony before the Congressional Black Caucus on September 24, 1992, which (as you will see in  the first minute or so of the video) was considered something of substance instead of more of the usual empty rhetoric:

News from the Network, Vol. 12, No. 40

The media are still clogged with politics and religion, which means that important items that have some bearing on the Just Third Way get short shrift.  Since we haven’t been getting too many news items from our faithful readers (that are fit to print, anyway), we have managed only a few short but important items this week:

Repo Men?

In 1984 a film came out that has achieved “cult status” and is still considered one of the best films released that year: Repo Man.  The film stars Harry Dean Stanton and Emilio Estevez, and the executive producer was Michael Nesmeth, as in, “Hey, Hey, We’re the Monkeys” Nesmeth.  It’s about a couple of guys trying to repossess an automobile that seems to be connected with extraterrestrials.

John Henry Newman and Liberalism

What with the “canonization” of John Henry Cardinal Newman (1801-1890) coming up in a couple of weeks, we thought we would add our two cents as well as a few hundred words into the discussions that are raging.  (Canonization does not "make" someone a saint; it is a certification process.)  By and large, the discussion seems to be whether Newman was a liberal or a conservative.  From the interfaith viewpoint, however, it seems more to the point whether Newman was in agreement with the Just Third Way.

Some Thoughts on Fractional Reserve Banking

In the previous posting on this subject, we looked at how commercial banks really create money.  It turns out that (contrary to popular belief) commercial banks don’t usually make loans out of their reserves, but by creating money backed by the value of the financial instruments they accept.