The Just Third Way Hour Podcast

Here is the latest Just Third Way Hour podcast, brought to you by the Center for Economic and Social Justice (CESJ), with your host Dave Hamill.  This is the show that asks the question, “Do you want to own, or be owned?”

Merry Christmas from CESJ!

News from the Network, Vol. 10, No. 51

Again, surprising this close to the holidays, we have quite a number of news items, covering everything from Pope Francis, to nineteenth century science fiction writers living in San Francisco (i.e., Robert Duncan Milne), and even G.K. Chesterton and George Bernard Shaw.  AND there is an unsolicited review of Michael D. Greaney, CESJ’s Director of Research, that describes him as “brilliant.”  Rather than keep you in suspense, then:

The Role of Bank Reserves, II

In case you were thinking all these brilliant ideas in the last half dozen or so postings came from us (which means you probably missed the significance of all those big pictures of Dr. Harold G. Moulton and the quotes in boldface type), no, we’re just quoting from Moulton’s 1935 refutation of the monetary and banking theories underpinning the Keynesian New Deal, The Formation of Capital.

The Role of Bank Reserves, I

Many people misunderstand the role that reserves play in banking.  This is not unusual, for most people do not understand the role of banking.  They tend to confuse the different types of banks, and thus the unique function that each one of them performs.

How Banks REALLY Create Money

Last Thursday we looked at Dr. Harold Moulton’s statement about the two functions of a commercial bank, or — more specifically — how such a bank makes loans . . . which is how commercial banks create money, regardless what the Keynesians tried to tell you in all those textbooks.

The Just Third Way Hour Podcast

The latest Just Third Way Hour podcast, the “maiden voyage” of new host Dave Hamill, features an interview with Onaje Muid of the U.S. Human Rights Network, recorded on the spot at their conference in Atlanta, where Norman Kurland participated in two panel discussions.

News from the Network, Vol. 10, No. 50

Quite a bit of news this week, which is unusual, as things generally slow down as the holidays get closer and people get busy with other things.  Of course, the current global situation certainly warrants a little more attention paid to things than usual.  That being the case, here are this week’s news items:

How Banks “Manufacture” Credit

Yesterday we posted the introduction to the chapter in which Dr. Harold G. Moulton demolished the Keynesian money multiplier, which ironically, despite the fact that it is based on an easily disproved fallacy, forms the basis of the monetary and fiscal policy of virtually every government on Earth.

Why the Money Multiplier Doesn’t Work, I: Introduction

Yesterday we posted a brief discussion of why the “classic” Keynesian money multiplier — on which virtually every government on Earth bases its monetary and fiscal policy — simply doesn’t work.  The Keynesian money multiplier, in fact, is based on an accounting fallacy and a complete misunderstanding of money, credit, finance, and (especially) banking.

That Banking Principle Again

Last week we got another comment on a posting of the kind that we like to get, i.e., that writes another blog posting for us.  This gets more bang for the buck by killing two birds with one stone, as long as we hit the nail on the head.  Which uses up our quota of aphorisms for the day.  So, let’s cut to the chase.  Our commentator said,

The Just Third Way Hour Podcast

We don't have a new Just Third Way Hour podcast for this week, but now is your chance to catch up on the ones you missed before you get too far behind.  You don't want to be taken by surprise or be unprepared when our new host, Dave Hamill, gets revved up and running:

News from the Network, Vol. 10, No. 49

Although things generally slow down during the “holiday season” (although when is there ever a season without a holiday or two?), activity in the Global Justice Movement seems to be picking up.  Blog readership is much greater than it has been, and several projects are coming to fruition, while ongoing ones are, well, ongoing — which is something, considering how ephemeral many things are these day.  So, to close out the week:

More Comments on Keynes

Yesterday we hung our Canadian correspondent out to dry by publishing his comments on Keynes . . . with his permission, of course.  We wouldn’t want to offend those aggressive Canadians who would then swarm across the border to take bloody revenge, crying havoc and letting slip the dogs of war.

Some Comments on Keynes

A short time ago we made a few remarks about Lord Keynes, the Defunct Economist who rules modern political economy.  Within hours of posting the comments, we heard from a faithful reader up in Canada, who started off with, “Interesting read.”  Well, “interesting” can be good or bad; we recall the foreword G.K. Chesterton wrote to a book by the guild socialist Arthur Penty that said the questions Penty raised were “interesting” and “important” . . . and managed to say not one word one way or another about Penty’s answers. . . .

Quit Modifying Capitalism!

A few weeks ago Andy Kessler raised an interesting point in his piece, “Quit Modifying Capitalism” in the Wall Street Journal of November 20, 2017 (page A15 if you’re curious).  As Kessler suggested, capitalism is capitalism, and socialism is socialism.  Why cover up with meaningless qualifications?  Kessler had in mind such modifications as "democratic capitalism," "social capitalism," "ethical capitalism," even "free market capitalism" — you name it.

The Just Third Way Hour Podcast

The latest Just Third Way Hour podcast again features an interview with Michael D. Greaney, CESJ’s Director of Research.  Greaney talks about how the Just Third Way might help start-ups, and how to handle private ownership of land and natural resources in a just manner.

News from the Network, Vol. 10, No. 48

Everyone here at CESJ survived Black Friday . . . mostly by staying in the office and working to advance the Just Third Way.  We figure the greatest gift we could give to the human race is one of hope for the future, and the Just Third Way has that and more:

Money v. Currency

One of the problems with talking about things other people either don’t know anything about, or (more often) who are operating within a different “paradigm” (“a philosophical and theoretical framework of a scientific school or discipline within which theories, laws, and generalizations and the experiments performed in support of them are formulated”) is that matters can often get . . . confused.  People often use the same word with different meanings, while some even change the meaning of words within a single sentence, sometimes without realizing they are doing it.

How to Stimulate Economic Growth

Yesterday we noted that fiddling with the tax system does not really affect the aggregate rate of economic growth.  Assuming that the government is not emitting bills of credit and inflating the currency and that private opportunists also are not printing their own money, the amount of spending in the economy will remain the same, regardless of the tax rate, even if the tax rate is 100%.