This is the first half of our annual news roundup. We’re trying something different this year, however. Instead of trying to choose all the important news stories, we’re just picking what we thing may be the most important one from each week as it relates to the Just Third Way. The overall objective, of course, is to get the powers-that-be (or powers-that-are-to-be) to adopt the Economic Democracy Act, but in the meantime:
January
• (01/05/24) A New Economic Order? The experts claim they are expecting a “new economic order.” What do they mean by that? Certainly not a genuine new economic order, which would be the case if a country adopted the Economic Democracy Act. Instead, what do they mean by “new”? Let’s take a look: “Investors are betting that the Fed could cut rates by as much as 1.5% by the end of 2024, but that would still leave policy rates at close to 4%, higher than where it has been for most of the past two decades. At that level, monetary policy will still be a drag on growth, as it would be above the so-called neutral rate at which the economy neither expands nor contracts.” So, “new” means still attempting to control the economy by manipulating the so-called “price of money.” This is new? It’s the same thing that has screwed up economic thinking since at least 1844 when the British adopted the Act that completely changed central banking, shackling it to the bizarre Currency Principle that insists the quantity of money determines the level of economic activity, instead of the Banking Principle, which is that the level of economic activity determines the quantity of money.
• (01/12/24) More Jobs Created! The American economy is saved! Forget about producing things like food, clothing, and shelter. The U.S. economy “cranked out” jobs in December at a “brisk pace” and wages went up! What are the workers producing? Why, income to purchase the goods and services produced by machines! Why don’t the workers produce their own goods and services themselves, or — better yet — own the machines producing the goods and services so they can get on with the task of becoming virtuous, that is, more fully human? Why not? Because Lord Keynes said you must have a job to get income to purchase goods and services instead of doing it yourself, that’s why. Don’t be an idiot. Of course, the Economic Democracy Act would enable people to own the machines doing the productive work so they could be freed to do the work of civilization, but nobody seems to think of that.
• (01/19/24) The Great Wealth and Debt Transfer. Heirs of the Boomer generation are licking their lips anticipating the greatest wealth transfer in history as their parents and grandparents start to die off. Along with that, however, also comes the greatest debt transfer in history. A lot of people don’t realize that what matters is not the amount of stuff somebody has, but whether they actually own it free and clear . . . which many people don’t. Even if the parents and grandparents do own their wealth unencumbered, their prospective heirs have been racking up debt at an incredible rate and can look forward to realizing little, if any, net gain from any inheritance they might get . . . if they don’t fritter that away, too, and end up worse than before. The solution? Stop people from trying to walk around on dead men’s legs and pass the Economic Democracy Act so people can generate their own income instead of relying on what other people earned and might not have, anyway.
• (01/26/24) The New Cave Persons. While the headline declares some homeless in California are living in “furnished caves,” don’t think Flintstones here. Evidently, most of the furnishings consist of trash and drugs, at least according to the article. One would think in the alleged California paradise there would be a better solution to homelessness, but that is not the way the current powers-that-be think. Something like the Homeowners Equity Corporation (HEC) could help alleviate the immediate problem, but a long term solution would have to be something along the lines of the Economic Democracy Act so people can generate their own income and afford adequate housing instead of relying on public assistance.
February
• (02/02/24) Peter Pans and Boomerangs. Increasing numbers of young “adults” are choosing to live in their parents’ homes and be taken care of as long as possible. A lot of this is blamed on the economy — you know, the one that is booming yet failing to provide an adequate living for increasing numbers of people — and that is true, but it also can be blamed on a system that encourages lack of responsibility and development of poor character. Some of this, the economic part at least, can be addressed by the Economic Democracy Act, but people are going to have to solve the rest of it themselves.
• (02/09/24) Trump Trumps Bidenomics. At least according to some pundits, people’s disappointment with Biden’s economic policies (which he claims are beginning to work) are leading them to give Trump a lead in the upcoming presidential contest. Of course, a great deal of this could be due to the fact that “the economy” means different things to different people. If you’re in the money or tied to government programs, the economy could be doing pretty well, and you’ll be more open to Biden. If you’re dependent on a job or a business for your income, you might not be doing so well and more open to the kind of promises Trump likes to make. What’s the solution? How about a return to the real world and adoption of the Economic Democracy Act?
• (02/16/24) Credit Card Debt Soaring. U.S. credit card is now over a trillion dollars, and according to the experts the reason is simple: “You have these noticeable pockets of consumers — mostly middle- and lower-income renters who have not benefited from the wealth effect of higher housing prices and stock prices — who are feeling financial stress and that's driving up these delinquency levels. They've been hit very hard by inflation.” Translation: people who didn’t have enough income to buy an expensive house as an “investment” and gamble on the stock market are getting caught between the upper and nether millstones of the economy. Of course, the experts are clueless about how to get more income to people without capital assets, even though it’s starting them right in the face: adopt the Economic Democracy Act.
• (02/23/24) Fund Public Pensions by Abolishing Private Pensions. In another genius move, some lawmakers are suggesting abolishing tax benefits for 401(k)s, IRAs, and so on, to be able to channel more money into Social Security . . . which was instituted due to the inadequacy of private sector efforts. This is not merely robbing Peter to pay Paul, as the article suggests, but sabotaging individual lives to provide more money for feckless politicians to spend on their pet projects. It assumes that the State is the first recourse in running people’s lives instead of a last resort; all people are to be made “mere creatures of the state.” To counter this, it is essential to adopt the Economic Democracy Act.
 |
| Norman G. Kurland |
March
• (03/01/24) Norman Kurland Named Ambassador of Peace. On Thursday, February 29, 2024, at the fourth anniversary luncheon for the Universal Peace Federation, at the Washington Times, Dr. Norman G. Kurland, president of the interfaith Center for Economic and Social Justice in Arlington, Virginia, was named “Ambassador of Peace” for his many accomplishments and years of service promoting the cause of economic and social justice, particularly with the Economic Democracy Act. The luncheon was followed by a tour of the Times offices, which showed how presentation of the news has changed over the years in response to rapidly advancing technology.
• (03/08/24) American Dream is Dying. As has been the case for more than a century — since the Panic of 1893, in fact — periodic announcements have been made regarding the demise of the American “middle class,” meaning those who are neither rich nor poor, but are the presumed majority of producers and consumers . . . who are becoming less and less productive as technology advances and takes their “jobs.” The answer is to make people productive once again, and that means making them owners of the capital that is taking their jobs away — and that means adopting the Economic Democracy Act.
• (03/15/24) Is Retirement Stupid? A “conservative pundit” has declared that “retirement is stupid” and we should all work until we drop in our tracks. Well, we agree the concept of retirement needs to be reconsidered, but “stupid”? And, sad to say, the “pundit” assumes as a given the only way for most people to gain an adequate and secure income (don’t laugh) is through the wage and welfare system . . . at a time when the value of labor relative to advancing technology is diminishing rapidly. The real answer, of course, is not to have people work until they die in jobs that were created only to get them income and fuel inflation, but to adopt the Economic Democracy Act so that people can gain income from capital ownership and spend their time doing real work: becoming more fully human and helping themselves and others do so.
• (03/22/24) Labor Productivity Rebounding! Yes, according to a recent analysis from the Bank of America, labor productivity, that has been in a slump for fifteen years, is finally coming back! And what does that mean? It means that the workers who were not producing any more with their labor than they have for the last several thousand years have finally been replaced at an accelerating rate by advancing technology, so that “output per labor hour” (the definition of “labor productivity”) is increasing again. It doesn’t mean that workers are producing more, but that the machines that are replacing them are producing more. What’s the answer? For former workers to buy the machines that are doing the producing, which is one of the goals of the Economic Democracy Act.
 |
| Dorothy Jean Fry Previc |
• (03/29/24) Dorothy Jean Fry Previc, R.I.P. CESJ was saddened to learn of the death of Dorothy Jean Fry Previc of Camp Hill, PA, a long-time supporter of CESJ, on March 17, 2024. She was a graduate of T.C. Williams High School, Alexandria, VA, attended Mary Washington University, Fredericksburg, VA and earned her Bachelor of Arts degree in Political Science from Elizabethtown College, Elizabethtown, PA. A devoted mother and wife, she dedicated herself to raising her family and caring for others. Faced with lifelong health challenges, she became an expert on natural healing and nutrition. She also transmuted her pain into compassion and focused a library of spiritual reading into a meditative perseverance. Her political acumen and moral compass were her husband’s north star in his career, and they were full partners in all he did in the Pennsylvania legislative and electoral arenas. She took on the role of primary caregiver for more than ten years for her own mother, Jean Fry, who volunteered for many years with CESJ and interested Dorothy in the work of economic and social justice, and then her mother-in-law, Caroline Previc. In lieu of flowers, the family has requested memorial contributions in Dorothy’s memory to CESJ: www.cesj.org/donate.
April
• (04/05/24) Liberal Lala Land? Related to the loss of jobs in California due to raising the minimum wage to $20 per hour has caused fast food restaurants to shut down or seriously consider it, minimum wage rates and decreased hours are going up everywhere locally, resulting in some business closings and in key businesses replacing more human workers with automation. Louis Kelso had the answer over half a century ago. As he was quoted in an editorial in Life magazine, “If the machine wants our jobs, let’s buy it.” If a human being does the work, he or she should be paid the market value of the work, not what some policymaker or economist decided. Of course, if a machine does the work, then the human owner of the machine should be paid for what his or her machine does. Kelso simply pointed out the obvious fact that anybody can own a machine, while not everybody can get a job. If someone needs more income, don’t get another job, get another machine! It is only necessary to adopt the Economic Democracy Act., and the problem solves itself.
• (04/12/24) Man versus Machine? Not really — it’s more like government stupidity versus man. California raises the minimum wage for fast-food workers . . . and wonders why franchise operators are replacing human workers with kiosks, automated chefs, and servers. Why? Because to make a [gasp] profit, you can’t pay out more money than you take in. What’s the real answer? More than half a century ago, Louis Kelso gave the answer: if the machine takes our jobs, we should be able to buy the machine, and invented the ESOP to do so. This, frankly, can be done throughout the economy, and not just for people who lose their jobs to automation, by adopting the Economic Democracy Act, so that every person can be an owner and gain income from capital ownership as well as or instead of from labor.
• (04/19/24) The Robots are Coming, and We Aren’t Ready. Americans are being done out of jobs by the rise of artificial intelligence that is cheaper and more efficient than human labor . . . and doesn’t have to be paid, doesn’t make complaints, or vote the wrong politicians into office. Of course, the whole situation would be moot if ordinary people who were being done out of their jobs by AI owned the machines that were replacing them . . . but nobody seems to be thinking about that. That, however, is one of the key ideas behind the Economic Democracy Act, but that might shake up the current power structure, so what can we do? How about we organize in social justice and start working for effective change without allowing government to control our every act and thought?
• (04/26/24) Getting It Backwards. Why do the poor stay poor, and the middle class can’t get out of the rut it’s in? There are six reasons according to Brian Davis: 1) People don’t learn about money in school. (They don’t learn about it anywhere else, either, because virtually no one understands the Banking Principle, but think Keynes actually knew what he was talking about), 2) We learn the wrong things from our communities (in other words, we let public opinion influence us, baa, baa, baa), 3) Higher education means higher earnings. (Bull. If that were true, why all the fuss about student loan debt? The fact is, wealthy people tend to be better educated not because education brings wealth, but because wealth brings education), 4) Ongoing education is lacking (education in what? More of the same that keeps things the way they are?), 5) Home ownership is out of reach (houses are consumption items, not investments; like education, wealth brings a big house, a big house doesn’t bring wealth) and 6) Investing and leveraging aren’t practiced (not real investing and leveraging, anyway, people don’t buy assets that pay for themselves with their own profits; they buy things they hope will rise in value and sell the asset, not take dividends). Adopting the Economic Democracy Act would require that people straighten out this kind of backward thinking, but it can be done.
 |
| Roger Bannister |
• (05/03/24) U.S. Productivity “Slows”. According to the latest news from the “experts,” labor productivity in the first quarter “slowed sharply.” And this means . . . what? Have human beings stopped evolving and are not able to produce as many marketable goods and services as before? Or does it mean that businesses have not been implementing advanced technology that really accounts for increases in production? We strongly suspect the latter, since the human mechanism (i.e., “body”) has not increased its inherent capabilities for thousands, perhaps millions of years (depending on whose evolutionary theory or lack thereof you accept or believe). True, athletes have been expanding and increasing their abilities, but that is measured in small percentage gains. For example, the four-minute-mile was thought to be the limit when Roger Bannister managed to run a mile in less than four minutes on May 6, 1954. In the seventy years since then, the limit has been pushed to 3:43:13 for men (by Hicham El Guerrouj in 1999), and 4:07:64 for women (by Faith Kipyegon in 2023), an increase of approximately 6.25% for the men’s mile record. At the same time, since 1954, “labor productivity” — as measured in output of marketable goods and services per labor hour — in the United States has increased 286.92% since 1954 (the Labor Productivity Index was 28.97 points in 1954, and 112.09 in 2023). This means athletes, many of whom spend their lives developing into the best possible physical shape, have managed to increase their “production” or physical output by only 6.25% — and that only in the most exceptional cases — while ordinary human beings of average intelligence and physical abilities have increased their production or physical output of marketable goods and services by almost 300%! Either even the best athletes have only 2.2% of the capacity of ordinary human beings, or something else accounts for the phenomenal increase in “labor productivity” . . . and it isn’t labor. We maintain, contrary to John Maynard Keynes (who claimed capital only provides the environment within which human labor can be productive), human productivity has stayed the same for thousands of years, while capital productivity has been increasing at a phenomenal rate. That means labor productivity is being replaced with capital productivity as technology advances. What is the solution? As Louis Kelso pointed out a decade after Bannister broke the world’s record, “If the machine wants out job, let’s buy it” (i.e., buy the machine that is producing and receive the income as a right of private property). Something is needed if ordinary people are to become the owners of the technology that is displacing them from their jobs, and that “something” is the Economic Democracy Act.
• (05/10/24) Problems of Rising Debt. The experts have weighed in on the problems associated with having a massive increase in government debt. They quite accurately (if shortsightedly) point out that “too much” debt means 1) higher interest rates to lure more people to buy potentially worthless government debt, 2) fewer jobs as production becomes more expensive, 3) Cuts to key programs as floating more debt becomes more difficult, and 4) rising taxes as the government seeks alternative sources of funding as floating more debt becomes difficult. Rather than go into the weird thinking that leads to these problems, we will simply note that no one is mentioning the single largest problem in having a gigantic debt: WHO IS GOING TO REPAY IT? Doesn’t anyone realize that a “debt” is an obligation to deliver the goods when due, and if you don’t pay your debts, you’re a deadbeat . . . and if you don’t ever intend to pay your debts, you’re a thief? The solution? Return economic and financial power to people by adopting the Economic Democracy Act.
• (05/17/24) Can’t Survive on Social Security? People are complaining that many U.S. “seniors” have to take jobs because they can’t survive on Social Security alone. News flash: Social Security was never intended to be a sole source of retirement income. It was always intended as a supplement to individual saving and investment. That is why we advocate supplementing — not replacing — Social Security with a rational program of expanded capital ownership: the Economic Democracy Act.
• (05/24/24) CESJ Fortieth Anniversary! This past Saturday, CESJ celebrated its fortieth year as an organization. A number of original founders and charter members were present at the combined in-person and Zoom conference, notably Dr. Norman G. Kurland, president of CESJ. Following a brief business meeting, presentations were made about the project in St. Louis to advance the revolutionary legislation adopted in Missouri, and a possible project in Ukraine. A lunch buffet featuring mushroom pork, salmon, pasta fredda alla greca, and several side dishes and a dessert of special chocolate cake and pumpkin bread followed the meeting. The overall emphasis of the gathering, of course, is adoption of the Economic Democracy Act.
• (05/31/24) The World is Saved . . . Again (Not). According to yet another prediction, the U.S. economy is so strong from the government printing and spending trillions of dollars of fake money that the U.S. economy will “eclipse” that of China in seven years. Why? Because China’s population is aging faster than that of the United States. Uh, huh. What’s the real reason? Given that the bulk of production is being done by machines, and people don’t own the machines, it’s really lack of purchasing power by consumers that is the problem, not the age of the population. In fact, because older people consume at a greater rate than younger people everything else being equal, building consumption power into older people through a program of expanded capital ownership would remove the problem. This could be done by adopting the Economic Democracy Act. Unfortunately, one set of experts is ignoring the other set of experts. Contradicting the presumed fact that the U.S. economy is booming and will soon eclipse that of China, the incidence of economic “distress” in the U.S. is becoming widespread despite all the efforts of the government to order the sea not to come in instead of building sea walls and dikes — meaning adopting the Economic Democracy Act.
June
• (06/07/24) A Phony and Meaningless Economic Indicator. In a rather hysterical (though far from funny) series of analyses, the “experts” are concerned that “M2”, the part of the “Money Supply” composed of savings has been rising steadily for decades. Disaster! Catastrophe! Panic in the streets! There is not enough consumption and too much money for capital investment!! Of course, this is all Keynesian, “Currency Principle” analysis, which assumes as a given that money and credit are a commodity, not the medium of exchange as it is in the Banking Principle. The result? Politicians and economic experts try to fiddle with the “Money Supply” to achieve desired results. There’s just one problem: money derives from economic transactions; economic transactions don’t derive from money. It’s a little like assuming cattle derive from manure, rather than manure derives from cattle. The politicians and academic cattle experts decide to increase the number of cattle, so they manipulate the amount of manure, creating a mountain of artificial manure in the belief this will increase the number of cattle. Obviously, the only real result they would get is to have so much manure in the system it finally breaks down and they end up with no cattle at all as they’ve buried their livestock in a tsunami of their own fake bullsh . . . well, you know. The way to have more cattle, of course, is to get rid of the “residue” by collecting it and putting it to its proper use, keeping a clean range and letting the cattle take it from there. Similarly, if you want to increase economic transactions, you make it possible for people to produce, which gives them the power to consume (Say’s Law), and you do that by giving them access to money and credit creation as needed for actual transactions, not by creating money and hoping the transactions magically appear. And how do you do that? By adopting the Economic Democracy Act.
• (06/14/24) America’s Debt and Net Worth. According to the Bureau of Fiscal Service, America’s public — and completely non-productive — debt and liabilities now stands at $42.9 trillion and counting. At the same time, America’s net worth in private sector agricultural, industrial, and commercial wealth is estimated at $123.8 trillion, while the federal government owns $5.2 trillion in assets. Ironically, the entire national debt could be transformed from non-performing to performing within a very short time (one to two years), and repaid within thirty to forty years or even sooner if the United States adopted a program of “Total Financial Mobilization” to get rid of non-productive debt, create full employment of labor and capital, save Social Security, eliminate student debt, establish and maintain the U.S. Dollar as a uniform, stable, elastic, and asset-backed reserve currency, among a host of other benefits — and all by adopting the Economic Democracy Act.
• (06/21/24) Federal Reserve Tells Us Why We’re Gloomy. A study by the Federal Reserve (those studies again!) claims that people are pessimistic about the economy because people feel they’re doing okay, but don’t see things getting better, only worse. The study goes into raptures about how well the economy is doing, but it fails to note that the real benefit is going to the ultra-rich, not ordinary people. Obviously, what is needed is a comprehensive economic reform package that makes it possible for everyone to share in the gains, not just a few. That, of course, is the Economic Democracy Act. According to a poll (worse than studies, above) many Americans are living in “parallel economy where everything is terrible.” This comes as no surprise to us, what with the fascination politicians and academic economists have on aggregate numbers and averages . . . which means they ignore actual people. If they want to integrate the so-called parallel economy into the presumed real economy, then they should adopt the Economic Democracy Act.
• (06/28/24) The Not-So-Great Debt Debate. One of the problems with people not understanding money and credit is they fail to realize the significance of the different kinds of money and credit, and thus the different kinds of debt. That is why the biggest non-issue in the upcoming election is what to do about the immense national debt. There are three fundamental kinds of money, 1) past savings money, 2) future savings money, and 3) no savings money. Past savings money is backed by value owned by the issuer. Future savings money is backed by the present value of something the issuer reasonably expects to have when the money is presented for redemption. No savings money is backed by the issuer’s promise to pay but is not linked to anything specific. Crypto currencies generally fall into the no savings category but lack a specific promise to pay. Today’s massive debt problem is caused by the fact that the people in charge of the system think they can issue no savings money and it will be valuable simply because the issuer says so — “fiat money,” or Latin for “Let it be money”! When the experts labor under this delusion, they think they can spend-spend-spend so long as the public doesn’t catch on that the money has no value and stands for nothing of value; it only works so long as “might makes right.” That’s why John Maynard Keynes, who popularized the system (based on Georg Friedrich Knapp’s “chartalism,” or total state control of money and credit), was all for “authoritarian” government . . . it’s the only way to make his system work . . . sort of. (That, and lying to yourself, as Keynes admitted.) How do we shift from no savings money to savings money? Simple — although far from easy, given the refusal of world leaders to consider the solution or even talk about the problem. Adopt the Economic Democracy Act. The monetary reforms alone even without the expanded capital ownership, would go a long way to solving the problem, but to sustain it, the whole package is essential.
• 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 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 first half of the year as reported in our weekly News from the Network. 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#
