One thing evident from this week’s news items, is that most if not all the experts have no idea what they are talking about. As usual, however, most of the problems could be ameliorated or eliminated entirely by adopting the Economic Democracy Act:
The Bank of England
• Old Lady of Threadneedle Street is Not Well. According to the House of Lords Economic Affairs Committee (as if they had any power), all is not well at the Bank of England, sometimes known as the Old Lady of Threadneedle Street. Of course, if you know your history, all has not been well at the Bank of England since its founding, when to obtain a royal charter it was forced to surrender £1.2 million in specie (gold and silver) in exchange for government debt as a bribe, and especially since 1844 when the institution was formally shifted to operating on the Currency Principle instead of the Banking Principle. Now the House of Lords is complaining that the Bank may have made some mistakes in trying to control inflation. You think? The first mistake in attempting to control inflation is attempting to control inflation by manipulating money and credit instead of eliminating the cause of inflation in the first place: stop backing the reserve currency with government debt and limit the government’s economic role. A program for this can be found in the Economic Democracy Act, and would virtually eliminate demand pull inflation and completely eliminate deflation.
• And the Peasants Rejoice. According to the latest figures, the U.S. economy grew by 5.2% in the third quarter . . . although translated from Keynesian terms it means the rich became 5.2% richer while the rest of us continued to circle the economic drain. In real terms, it means that the rich took 5.2% from the rest of us via inflation and other forms of involuntary wealth transfers, prices remained high, and people spent more using consumer credit. For a sounder program of economic growth that doesn’t rely on artificial inflation and manipulated statistics, Congress should adopt the Economic Democracy Act.
• Gross Domestic Income is Falling Behind. U.S. economic growth may have tipped the scales at 5.2%, but Gross Domestic Income is tottering along and has fallen 0.16% . . . meaning somebody else is getting richer at everyone else’s expense, as the above item notes. What is the answer? Adopt the Economic Democracy Act, which would restore Say’s Law of Markets so that everyone could be productive and people who produce would also generate income in equal amounts.
 |
| Jamie Dimon |
• Monetary Heroin. According to Jamie Dimon, head of JP Morgan, “the world [is] now facing a ‘dangerous cocktail’ of risks that could prove “explosive” for the global economy. “[T]he trillions of dollars in stimulus cheques handed to Americans during lockdown and $4 trillion printed by the US Federal Reserve to buy bonds . . . is like heroin.” There is, of course, a relatively simple way out of this conundrum, although it might not be easy to persuade the powers that be of its benefits: 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, and not simply create money to spend that is not backed by anything of direct value.
 |
| Doin' fine so far . . . |
• “Hard Landing” Coming. According to Bill Ackman, founder of hedge fund Pershing Square, the U.S. economy is facing a “hard landing” unless the Federal Reserve cuts interest rates. Translation: he wants cheap money to play with. Of course this would be moot if Congress would adopt the Economic Democracy Act, which would return economic life to reality and stop all the Keynesian games being played.
• “Soft Landing” Coming. According to Janet Yellen, past Chairman of the Federal Reserve and current Secretary of the Treasury, the U.S. economy is facing a “soft landing” so long as the Federal Reserve continues its present policies. Of course this would be moot if Congress would adopt the Economic Democracy Act, which would return economic life to reality and stop all the Keynesian games being played.
• Yes, But the Prices are Still High. According to the Federal Reserve, inflation has hit the lowest level since the halcyon days of 2021 . . . when inflation was still eating away what little purchasing power ordinary people had. Furthermore, just because inflation is slowing down doesn’t mean that ordinary people have somehow benefited. Prices are still too high and income is still too low. What can be done? Adopt the Economic Democracy Act, and the rich would lose nothing except their monopoly over future wealth and they can keep what they already have.
• 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.
#30#
