This week is another episode of “Non Novum Sub Soles.” All the experts are busily trying to figure out ways the Keynesian system is really working when it really isn’t, and carefully avoiding figuring out ways to adopt the Economic Democracy Act:
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| Mark Spitznagel |
• Biggest Credit Bubble in History. According to Mark Spitznagel, chief investment officer of Universa Investments, the United States (and thus the world) is heading for the greatest financial crisis in history, a “mega market crash” because of the Federal Reserve’s monetary policy, and he doesn’t see any solution except for the Federal Reserve (meaning the Federal Reserve at the behest of Congress) to stop doing what it’s doing . . . but only in part. That, of course, only kicks the can down the road. To solve the problem, it is essential to adopt the Economic Democracy Act, and institute sound monetary and tax policy, not just do the wrong thing less intensively.
• That’s the Theory, Anyway. In theory, the Federal Reserve is independent of government, and is owned by the member banks. Bologna. The Federal Reserve is controlled by the U.S. government, specifically the president, who has the power to appoint the Chairman (and Vice Chairman), which is then approved by the Senate. If the Chairman of the Federal Reserve doesn’t deliver the goods, he or she is replaced. Since Keynesian economics ensures that the goods will not be delivered in any way that benefits ordinary people at the expense of the power elite, nothing will ever change . . . because if policies don’t work (and they can’t), the Federal Reserve can blame the government, and the government can blame the Federal Reserve . . . and you know who gets caught in the middle. The only solution is to make the Federal Reserve truly independent of government, and restrict it to a completely reactive, not proactive role. Frankly, the only policy the Federal Reserve should have, monetary or otherwise, is to rediscount qualified industrial, commercial, and agricultural paper, and engage in open market operations to ensure an adequate supply of money and credit. That’s it. This is the gist of the central bank’s role in the Economic Democracy Act.
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| Austan Goolsbee |
• Avoid Recession Without Inflation! The experts are going to save us! . . . again! “Austan Goolsbee, president of the Federal Reserve Bank of Chicago, suggested Monday that the economy appears to be on what he calls the “golden path,” another term for what economists call a “soft landing,” in which the Fed would curb inflation without causing a deep recession.” Not in the Keynesian universe, you can’t. It is an iron rule that economic growth is fueled by inflation . . . which doesn’t explain why from 1878 to 1893 the United States experienced the greatest economic growth in history and prices were falling. The simple fact is that the only way to have economic growth and avoid “recessions” (the word used to avoid “depression” because depression is bad for you if you’re a politician trying to get reelected) is to ditch Keynesian economics and adopt the Economic Democracy Act which — among other things — would link money and credit creation directly to the present value of existing and future wealth.
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| Don't worry, be happy! |
• Americans are Gloomy About the Economy. Much to the surprise of the experts, Americans remain pessimistic despite the manipulated statistics regarding inflation and employment. It’s not that the way the statistics are constantly manipulated is any surprise, frankly. They tell you flat out that they fiddle with the figures until they get the result they want (Paul Krugman excels at this game), but even then, reality sometimes catches up with them and the figures no longer cooperate. Americans, many of which are actual human beings, see that reality does not coincide with what the experts are saying, and are naturally suspicious as to why this is. They become “pessimistic” about the economy (if by “pessimistic” you mean ‘utterly hopeless”), and give up . . . which is why this country and the others have so much trouble trying to find adequate leadership: there’s nothing much to lead, and people are tired of being led. What’s the solution? Adopt the Economic Democracy Act, which would return economic life to reality and stop all the Keynesian games being played.
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| Robert Kiyosaki |
• The Poorest Country in the World. According to Robert Kiyosaki, America faces the possibility of becoming the poorest country in the world. This comes as no surprise, given that the median net worth of Americans is near the bottom of the scale. Americans have a lot of “stuff,” but a lot of it isn’t paid for, and consumer debt is soaring. Total wealth owned by Americans is incredible, but a lot of it is not in the form of capital that generates income, but in consumer items that use up other wealth. Kiyosaki’s solution is for Americans to invest their savings — those that have them, anyway — in better investments . . . which only staves off the problem, it doesn’t solve it. For a solution, we need to adopt the Economic Democracy Act.
• Japan Behind the Eight Ball. In a move that has Keynesian economists baffled, inflation in Japan is picking up, and at the same time industrial output is decreasing. This, of course, is impossible . . . except in the real world. What Japan needs is the Economic Democracy Act, but nobody seems willing to risk it. They’d rather have an economic collapse.
• Greater Reset “Book Trailers”. We have produced two ninety-second “Book Trailers” for distribution (by whoever wants to distribute them), essentially minute and a half commercials for The Greater Reset. There are two versions of the videos, one for “general audiences” and the other for “Catholic audiences”. Take your pick.
• The Greater Reset. CESJ’s new book by members of CESJ’s core group, The Greater Reset: Reclaiming Personal Sovereignty Under Natural Law is, of course, available from the publisher, TAN Books, an imprint of Saint Benedict Press, and has already gotten a top review on that website. It can also be obtained from Barnes and Noble, as well as Amazon, or by special order from your local “bricks and mortar” bookstore. The Greater Reset is the only book of which we’re aware on “the Great Reset” that presents an alternative instead of simply warning of the dangers inherent in a proposal that is contrary to natural law. It describes reality, rather than a Keynesian fantasy world. Please note that The Greater Reset is NOT a CESJ publication as such, and enquiries about quantity discounts and wholesale orders for resale must be sent to the publisher, Saint Benedict Press, NOT to CESJ.
• Economic Personalism Landing Page. A landing page for CESJ’s latest publication, Economic Personalism: Property, Power and Justice for Every Person, has been created and can be accessed by clicking on this link. Everyone is encouraged to visit the page and send the link out to their networks.
• Economic Personalism. When you purchase a copy of Economic Personalism: Property, Power and Justice for Every Person, be sure you post a review after you’ve read it. It is available on both Amazon and Barnes and Noble at the cover price of $10 per copy. You can also download the free copy in .pdf available from the CESJ website. If you’d like to order in bulk (i.e., ten or more copies) at the wholesale price, send an email to publications@cesj.org for details. CESJ members get a $2 rebate per copy on submission of proof of purchase. Wholesale case lots of 52 copies are available at $350, plus shipping (whole case lots ONLY). Prices are in U.S. dollars.
• Sensus Fidelium Videos, Update. CESJ’s series of videos for Sensus Fidelium are doing very well, with over 155,000 total views. The latest Sensus Fidelium video is “The Five Levers of Change.” The video is part of the series on the book, Economic Personalism. The latest completed series on “the Great Reset” can be found on the “Playlist” for the series. The previous series of sixteen videos on socialism is available by clicking on the link: “Socialism, Modernism, and the New Age,” along with some book reviews and other selected topics. For “interfaith” presentations to a Catholic audience they’ve proved to be popular, edging up to 150,000 views to date. They aren’t really “Just Third Way videos,” but they do incorporate a Just Third Way perspective. You can access the playlist for the entire series. The point of the videos is to explain how socialism and socialist assumptions got such a stranglehold on the understanding of the role of the State and thus the interpretation of Catholic social teaching, and even the way non-Catholics and even non-Christians understand the roles of Church, State, and Family, and the human persons place in society.
Those are the happenings for this week, at least those 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 well see that it gets into the next “issue.” Due to imprudent and intemperate language on the part of some commentators, we removed temptation and disabled comments.
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