Lezo Urreiztieta, santurtziarra

Ikus Martin Ugalde-ren Lezo Urreiztieta, Elkar, 1990.

Segida:

(i) Urreiztieta connection

(https://www.berria.eus/paperekoa/1939/019/002/2018-09-09/urreiztieta_connection.html)

(ii) Josu Martinez: «No se puede ser héroe y buena persona»

(https://www.diariovasco.com/culturas/zinemaldia/puede-heroe-buena-20180907002831-ntvo.html)

(iii) El increíble vasco que proyectó Euskadi en una isla mexicana

(https://elpais.com/cultura/2018/09/15/actualidad/1536998072_269356.html)

(iv) Jainkoak ez dit barkatzen | Josu Martinezen dokumentala

(v) Dios no me perdona | Un documental de Josu Martinez

(vi) Bideoa: https://www.eitb.eus/eu/telebista/programak/ahoz-aho/bideoak/osoa/5850558/bideoa-josu-martinez-jainkoak-ez-dit-barkatzen-filma-aurkezten/

Errepublikaz

Euskal Errepublikaz?

Olariaga

Presentan la pregunta para la consulta de Gure Esku Dago en Donostia en 18 de noviembre

«¿Quieres que la ciudadanía vasca decida su futuro político por sí misma y libremente? (sic)»

Échale sekulebedarra!: Autodeterminazio-eskubidea (eta Tolin Eguzkitza)

Astoak aharrantzaka, berriz!

Euskal Errepublika? 2.222garren urterako!

Bienbitartean, “como no hay nada más (sic)”… segituko dute mandangaz aritzen!

España, aparta de mi este cáliz (César Vallejo)

(Caveat: ez naiz James Petras-en zalea, ezta izango ere! Baina España una, grande y libre-n gertatu zenaz, eta bizi genuenaz jabetzeko, hona hemen hari interesgarri bat…)

Manuel Buñuel‏ @Mbunleo

(https://twitter.com/Mbunleo/status/1041717938519252992)

Buenas tardes, hoy quiero hablaros de James Petras, y principalmente del informe que realizó para el CSIC. En esta ocasión os presento el Informe Petras: Dos Generaciones de Trabajadores Españoles. Un buen retrato de la estrategia de modernización del PSOE de Felipe González

Manuel Buñuel‏ @Mbunleo ira. 17

Lo interesante de este trabajo es que es de 1995 y consigue dar en el clavo de muchos problemas que esta habiendo en la actualidad o que se han agravado con la liberalización económica. Es por ello que considero imprescindible su lectura para cualquier estudioso de izquierdas

Manuel Buñuel‏ @Mbunleo ira. 17

Antes de entrar en materia quiero presentar al Señor Petras. De origen griego, este sociólogo estadounidense ha dedicado su vida casi en su totalidad el estudio de temas como la lucha de clases o imperialismo. Ha colaborado con Noam Chomsky y solía escribir en la New Left Review

Manuel Buñuel‏ @Mbunleo ira. 17

Tiene numerosos libros escritos (muchos de ellos están en español) y ha dado conferencias por todo el mundo. Para mi gusto es un intelectual poco conocido en España, a pesar del gran trabajo que hizo cuando estuvo estudiando la sociedad de clases española

Manuel Buñuel‏ @Mbunleo ira. 17

Este trabajo pasó de ser un trabajo teórico a uno mucho mas humano, Petras comenzó accediendo a datos y estadísticas publicas, pero pronto empezó a ver que la realidad material tenía unos matices que en los documentos no encontraba, escogió seguir esa senda

Manuel Buñuel‏ @Mbunleo ira. 17

Entonces, junto a esa batería de datos obtuvo unos testimonios de personas de distintas edades que nos permite ver la sociedad de clases de la época de la modernización de Felipe González y el PSOE de 1980. Centró su trabajo de campo en las diferentes generaciones de trabajadores

Manuel Buñuel‏ @Mbunleo ira. 17

Tras la introducción, voy a tratar de sintetizar la información que da Petras en su informe de manera esquematizada

Manuel Buñuel‏ @Mbunleo ira. 17

La estrategia de modernización se centró en tres ámbitos: liberalización de la economía, la entrada de España en la división internacional del trabajo y la configuración de un nuevo régimen regulador.

Manuel Buñuel‏ @Mbunleo ira. 17

Para llevar a cabo estas tres metas, se realizaron decisiones y políticas encaminadas a ello, no fue un fenómeno que vino solo, entre estas decisiones están: privatización de empresas publicas y banca, libreconvertibilidad y la flexibilización del mercado laboral

Manuel Buñuel‏ @Mbunleo ira. 17

Con la entrada de España en la Comunidad Europea se ahondó en la división internacional del trabajo. Es por ello que España tuvo que especializarse en diversos ámbitos de la economía, dejando de poder competir en otros

Manuel Buñuel‏ @Mbunleo ira. 17

Principalmente en España esto supuso la expansión del sector servicios, principalmente el turismo, y dejó de ser competitiva industrialmente, supuestamente porque no podía competir con la de otros países.

Manuel Buñuel‏ @Mbunleo ira. 17

Petras también percibió que el capital extranjero se dedicó a comprar empresas españolas, pero al revés esto no ocurrió, convirtiéndose España en un espacio donde las multinacionales extranjeras podían tener trabajadores con salarios bajos

Manuel Buñuel‏ @Mbunleo ira. 17

Lo anteriormente descrito junto con el nuevo régimen regulador fomentó la desnacionalización de la economía. Según Petras, en España la liberalización económica no significa desregulación, sino un cambio normativo beneficioso a que empresas extranjeras se asienten en España

Manuel Buñuel‏ @Mbunleo ira. 17

Estas reformas se realizaron mediante decretos ley, lo cual desconectó a la ciudadanía con el Estado, que no consultaba nada con los principales perjudicados de sus acciones, ademas de una sensación de corrupción que comenzó a extenderse

Manuel Buñuel‏ @Mbunleo ira. 17

Esto se materializó en un gran aumento del trabajo eventual frente al indefinido, menor organización social y sindical y un aumento entre la diferencia de renta entre el capital y el trabajo

Manuel Buñuel‏ @Mbunleo ira. 17

Este nuevo régimen regulador beneficia a empresas extranjeras frente a nacionales y al sector servicios sobre el capital productivo. Por ello aumenta el paro (desindustrialización), las desigualdades entre trabajadores fijos y temporales y entre regiones (estacionalidad)

Manuel Buñuel‏ @Mbunleo ira. 17

Según Petras, durante la época franquista el trabajo tendía a ser el mismo de por vida si uno quería o no tenía problemas con la dictadura. Esto daba seguridad y certidumbre en la vida. La preocupación nº1 de los jóvenes era esa, el trabajo.

Manuel Buñuel‏ @Mbunleo ira. 17

Con esto Petras no defendía a la dictadura franquista, pero si ponía en relieve que la estabilidad laboral permitía a los trabajadores luchar por un mejor salario (años 70/tardofranquismo) y asentar una vida formando una familia

Manuel Buñuel‏ @Mbunleo ira. 17

Frente a esto teníamos a una generación de jóvenes indefensos, que no iban a formar ningún vinculo social en su circulo de trabajo porque normalmente no les daba tiempo para ello. Además de que no permite luchar por una mejora salarial que sus padres si consiguieron

Manuel Buñuel‏ @Mbunleo ira. 17

Ahora llegamos a la parte que mas interesante me parece del Informe Petras. Si tan mal estaban las cosas. ¿Qué hacía la izquierda? Su respuesta recuerda mucho a lo que ocurre actualmente. Lean con detenimiento esos fragmentos, porque la similitud con la actualidad asusta

Manuel Buñuel‏ @Mbunleo ira. 17

Si a eso le sumamos que ahora los activistas son trabajadores de “lo suyo”, lo que Petras mencionaba por aquel entonces me recuerda mucho al lío que se ha formado en torno al libro publicado por @diasasaigonados.

Manuel Buñuel‏ @Mbunleo ira. 17

El informe acaba con una serie de entrevistas biográficas semi-estructuradas en los que los trabajadores de distintas generaciones ponen en relieve sus miedos, sus aspiraciones, su relación con los sindicato.

Manuel Buñuel‏ @Mbunleo ira. 17

Espero que los testimonios de Petras no sean tomados como un halago a la política franquista, sino un halago a las organizaciones obreras que ya en los 70s podían presionar para mejorar sus vidas. Yo lo considero más bien una crítica feroz al gobierno de Felipe González

Manuel Buñuel‏ @Mbunleo ira. 17

Os dejo con las conclusiones a las que llegaba el autor, él lo explicará mucho mejor que yo, yo solo expongo lo que este gran sociólogo estudió

Manuel Buñuel‏ @Mbunleo ira. 17

Este documento está en internet, en @revistajoblanco para comprar. Búsquenlo para leerlo porque lo que se explica es mucho más extenso y detallado de lo que yo he esbozado aquí.

Manuel Buñuel‏ @Mbunleo ira. 17

Quiero que se comprenda que lo ocurrido con la deriva económica del país no fue una catástrofe, sino que se decidió que fuese así desde las élites políticas socialistas

Manuel Buñuel‏ @Mbunleo ira. 17

Aquí tienen al principal culpable de ello. Carlos Solchaga, el ministro que afirmó: “la mejor política industrial es la que no existe“. De aquellos polvos, estos lodos…

Manuel Buñuel‏ @Mbunleo ira. 17

Y si la izquierda no es la principal crítica con esta situación lo será el populismo de derechas, y es ahí donde nos quieren, luchando en batallas culturales mientras deshacen el pais a su antojo

Manuel Buñuel‏ @Mbunleo ira. 17

Os quiero dejar con este fragmento de vídeo, fue viéndolo que por primera vez escuché el nombre del informe y decidí buscarlo

Bideoa: Julio Anguita (https://www.youtube.com/watch?v=lb6tIuqTlcU)

Manuel Buñuel‏ @Mbunleo ira. 17

¿Lo más “gracioso”? Que el informe fue pagado y se silenció sus recomendaciones y críticas, tanto por el PSOE como por los gobiernos que lo sucedieron, que lo ignoraron en su totalidad, pareciese que no querían reconocer la realidad. Un saludo y buenas tardes!

AnaKarrie‏ @Anakarrie ira. 17

Honi erantzuten: @Mbunleo

yo aún lo conservo, la publicacion en papel me refiero. Gracias por el hilo!

Manuel Buñuel‏ @Mbunleo ira. 17

Muchas gracias a ti por leerlo. Y conserva ese documento, tiene bastante valor académico. Un saludo!!

Miguel Angel Munuera‏ @Munuerama ira. 17

En los 90 estudiábamos ese documento en La @UJCE

Manuel Buñuel‏ @Mbunleo ira. 17

Pues actualmente no sé si lo leerán, pero deberían. Sobre todo la parte que va dedicada a los progresistas

Ansotegi

?☭‏ @Ansotegi1 ira. 18

Honi erantzuten: @Mbunleo

Completa la lectura con éste ?

Manuel Buñuel‏ @Mbunleo ira. 18

Lo buscaré en internet a ver si lo encuentro. Tiene muy buena pinta, muchas gracias!!

Sergio‏ @tri33s

Honi erantzuten: @Mbunleo

Este informe aún lo conservo, para mi fue una referencia en los 90, estudiaba sociología y a la vez me incorporé al mundo laboral accediendo a trabajos temporales.

Sergio‏ @tri33s

No te puedes imaginar la frustración que sentía, sintiéndome comunista, no tenía el modo de defenderme de mi precariedad laboral,conviviendo con trabajadores sindicados que se aferraban a sus derechos fordistas y no hacian nada por aglutinar luchas a favor de los que llegabamos.

Manuel Buñuel‏ @Mbunleo

El problema es que actualmente estamos aún peor en el tema de la flexibilidad laboral. Y la izquierda aún parece que no consigue adaptarse a ello

Sergio‏ @tri33s

Así es, cada vez peor. Hay luchas sectoriales como en Amazon por ejemplo, pero se quedan aisladas y pierden fuerza pues no hay un posicionamiento claro desde la izquierda institucional etc

TeresadelaFe‏ @TeresadelaFe ira. 18

Honi erantzuten: @Mbunleo

Gracias por el hilo. Es impecable.

LaLokomotora.com‏ @La_Lokomotora ira. 17

Honi erantzuten: @Mbunleo

Todo un clásico de los 90

Alberto‏ @alberto_collado ira. 18

Honi erantzuten: @Mbunleo

Gracias por el hilo y por recordarnos uno de los informes más lúcidos del contexto que generó la mierda a la que ahora estamos sometidos

Horrela uler daiteke Ibar Ezkerreko gaur egungo egoera larria, Santurtzitik hasi eta Bilboraino gertatutakoa, non PSOE eta UGT nagusi izan diren urteetan.

Enpresetan, udaletan eta nonahi izan duten kontrola eta lanpostuen banaketaren bidez, den dena basamortu bilakatu dute!

Horrela ulertzen da PSOE-koen ‘miraria’ gure lurraldean, UGT eta CC.OO.-koen laguntzarekin!!

Horiek izan dira, Franco eta gero, gure esparruan egon diren benetako eskuindarrak, hala ekonomian nola politikan (erabat anti abertzaleak izanik: lehen, orain eta etorkizunean).

¿Cómo quieres que yo sea vasco y español a un tiempo…? —> Ibar Ezkerreko kanta

Katalunia: strong opinions, iritzi sendoak (8)

Hasierarako, ikus Katalunia: strong opinions, iritzi sendoak, Katalunia: strong opinions, iritzi sendoak (2), Katalunia: strong opinions, iritzi sendoak (3), Katalunia: strong opinions, iritzi sendoak (4), Katalunia: strong opinions, iritzi sendoak (5), Katalunia: strong opinions, iritzi sendoak (6) eta Katalunia: strong opinions, iritzi sendoak (7)

Segida:

(i) Màsters

(https://www.elnacional.cat/ca/opinio/bernat-dedeu-masters_305112_102.html)

Bernat Dedéu

(…) tot això de la vanitat acadèmica sempre m’ha produït molta folgança. De fet, aquesta setmana m’ho he passat de conya veient com alguns professors de la privada catalana sense doctorat, d’aquells que duen anys escalfant cadira a les nostres benignes institucions pel sol mèrit de tenir carnet polític, es dedicaven a escarnir Pablo Casado per no haver fet no sé quin coi de treballs. També m’ha fet molta il·lusió pensar en els més de deu diputats del nostre il·lustre Parlament a qui un bon amic va escriure la tesi pel mòdic preu de vint mil pepinos. Ai, la moral!

Però tot això és soroll i espectacle, perquè la cosa important d’aquestes picabaralles d’acadèmia ha estat veure com l’afer dels màsters ha ajudat a disfressar quelcom molt més interessant, com ara la baralla infantil entre el PDeCAT i Esquerra, posterior a la famosa moció sobre el diàleg-dins-la-llei a Madrid. Això sí que té gràcia, perquè –mentre un milió de catalans es manifestaven– els nostres representants polítics, tots ells abellits amb la samarreta republicana i cridant ni un pas enrere!, tenien la bona pensada de presentar al Congreso l’enèsima prova de com se’n carden del referèndum de l’1-O. Per si no n’hi havia prou, el conseller d’orfeons i casals a l’estranger ens recordava que això de la vida unilateral, doncs que per demà passat potser sí però que ara-no-toca (qui t’ho havia de dir, Ernest, que acabaries parlant com un convergent).

Mentre tothom xerrava de màsters i doctorats, ja ho veieu, era més fàcil anar colant el llenguatge de la rendició al dissortat poble que, amb una capacitat de paciència envejable, omplia els carrers com li demanava la seva classe política. Per salpebrar-ho tot i fer-ho una mica més sòrdid, només calia que s’hi afegís la nostra híper-alcaldessa, recordant-nos que ella havia estat temptada amb el suborn acadèmic per obra i maldat d’una directiva de multinacional, ai Jesús!, però que havia preferit continuar sense carrera a tenir-la fraudulentament. Quanta conya, quanta comèdia, tot plegat! Però aneu-vos-hi acostumant, que per tal de dissimular la negligència diària, els polítics catalans s’exercitaran en el seu doctorat particular d’inventiva i de cinisme durant els propers anys. Ja ho veureu: acabarem enyorant aquell temps benigne en què els polítics eren com Montilla, sense cap títol.

Dit sigui de pas, companys de l’ANC. Si voleu que l’alcaldessa de Barcelona tingui més temps per dedicar-se a acabar la carrera, podríeu començar a pressionar per les primàries municipals que els vostres propis socis van votar per impulsar. Si no és molèstia i l’ANC ha de servir per a quelcom més que fer manis, evidentment…”

(ii) Condemnat al passat

(https://www.elnacional.cat/ca/opinio/bernat-dedeu-condemnat-passat_305979_102.html)

Bernat Dedéu

Saps del cert que un règim polític arriba a la seva decadència total quan només és capaç de reivindicar el passat i vomita nostàlgia. Així s’esdevé en aquest temps nostre tan espantós, el de la Segona Transició a l’autonomisme, un present en què tots aquells que ens vàrem criar convivint amb el pujolisme admirem petrificats com el país que crèiem haver deixat enrere torna a emergir en àmbits com ara la cultura o la comunicació. Hi pensava dijous passat mentre mirava l’estrena d’Els meus pares, flamantíssim retorn als mitjans de la tribu de Gemma Nierga i exemple d’una televisió vetusta, de folklore i barretina, de ratafia estètica i tres pics i repicó, però nociva sobretot perquè tufeja a aquella filosofia tan pujolista de relegar la vida dels catalans a la supervivència familiar i a la contemplació del paisatge mentre els mines qualsevol capacitat d’iniciativa política i els encastes a l’inconscient que la independència del país és un somni.

Pels que hagin fet l’ESO i no sàpiguen de què collons parlo, recordaré simplement que el pujolisme consistí en un art particular de fer xantatge emocional als catalans mitjançant el qual l’excels Molt Honorable va dedicar-se a pactar amb els espanyols un nivell raonable de competències polítiques, d’autarquia econòmica (i corrupció) al preu de folkloritzar l’independentisme per fer creure a la ciutadania que, en cas d’intentar autodeterminar-se, els espanyols els massacrarien a hòsties. Aquest mateix i exacte xantatge va retornar els dies posteriors a l’1-O, copypastejat en el fet que no s’apliqués la independència sota l’excusa d’evitar escenes de violència al carrer i amb la possibilitat d’una mediació internacional del conflicte a escala europea. A hores d’ara, sabem que aquella intervenció de la UE no existia, i que el conflicte als carrers ha augmentat precisament quan la política ha abandonat el Parlament i s’ha abocat a una autogestió nefasta de manis i contra-manis.

Fa dies que circula per la xarxa un vídeo de la passada Diada on Quim Torra, xerrant amb uns visitants del Palau de la Generalitat als qui fa de guia, afirma: “Europa ens ajudarà quan fem allò que no vam fer el 27 d’octubre: defensar la República”. La idea té certa gràcia: primer, perquè el 131 està admetent amb força claredat que la classe política independentista va declarar la República sense cap mena d’intenció de fortificar-se en les institucions catalanes ni de defensar allò que els ciutadans havien votat. Però sobretot, en segon terme, perquè el president hipoteca la iniciativa dels catalans al caràcter mediador de la Unió Europea, una intervenció que no va existir després de l’1-O, amb tot el nivell d’empoderament que l’independentisme havia guanyat en aquell instant, i que ara, com sap perfectament, no arriba ni a la centèsima possibilitat de realització.

Parlar de retenir el control de les institucions mentre la teva consellera de Presidència viatja regularment a Madrid per tal de tender puentes forma part de tota aquesta retòrica abrandada que, com en temps de l’excels, sempre acaba amb un gest d’abaixar el cap; això sí, dissimulat amb un grandíssim memorial de greuges i una mirada a l’infinit. Però la culpa no és dels polítics, sinó de qui algun dia ens empassàrem el seu altíssim grau de fantasia i d’incompliments. Espero que el moviment de primàries per a les següents municipals oxigeni una mica la nostra vida política (tot i que cada vegada soc més pessimista, car ni l’ANC les defensa, encara que els seus socis votessin impulsar-les), perquè en cas contrari tot això acabarà fent-se irrespirable. Jo, per si de cas, no encenc gaire la televisió, temorós que m’hi torni a sortir el Bassas amb cabell i acompanyat de la Vicenteta.”

Bienbitartean Euskal Herrian mandanga nagusi eta nonahi, ….

Edo eta are okerragoa: «El juicio debería ser una palanca para la confrontación democrática»

Zeintzuk dira okerragoak egindako galderak ala emandako erantzunak?

Mon dieu!!!! A ze parea!!!

Egingo ote diote inoiz EHko super kazetari mandangazaleek elkarrizketaren bat Bernat Dedéuri, Kataluniako egoeraz jabetzeko?

Ez dakit zergatik susmatzen dudan ezetz, ez diotela egingo!

Lehman Brothers delakoaz: ez dugu ezer ulertu, ezta ikasi ere ez!

Bill Mitchell-en Precarious private balance sheets driven by fiscal austerity is the problem

(http://bilbo.economicoutlook.net/blog/?p=40352#more-40352)

(i) Kazetariak1

(ii) Matt Taibbi2

(iii) Oso gutxi ikasi dugu3

(iv) Elise J. Beans4

(a) ‘PSI’5

(b) “Deconstructing the Financial Crisis”6

(c) Big banks7

(v) Eskandaloak8

(vi) Afera legalak9

(vii) Ekonomilariak erabat galduta, Martin Feldstein10

(viii) Bill Mitchell 2010ean eta 2016an: moneta jaulkitzaileko gobernuak eta defizitak11

(ix) Espazioa fiskalaz12

(x) Diru Teoria Modernoa (DTM) eta krisia13

(xi) Laburbilduz14

Gehigarria: Australiako kasuaz

Household debt at elevated levels in Australia

In recent weeks, there has been more discussion about the elevated levels of household debt in Australia.

(…)

Ondorioak (bereziki Australiari dagozkionak)

(1)… this discussion that is lost in the mainstream media.

(2) A government surplus is exactly equal to the non-government deficit.

(3) Taking more out of the expenditure and income generating stream (via taxation) than is being put in (by government spending) forces the non-government sector into a state of liquidity squeeze.

(4) It can maintain expenditure growth for a time by running down saving (as it is) and increasing borrowing (as it is).

(5) But that cannot last, especially as the growth in asset values that have driven the debt start to taper off.

(6) But as long as the financial press doesn’t make the link between what is going in the fiscal space with what is going on with respect to non-government debt and asset prices we will see this dichotomised discussion.

(7) The right-wingers will rave on about public debt and the evils of deficits.

(8) The others will rave on about the dangers of household debt.

(9) Neither will realise or articulate the idea that to provide some security to the non-government sector, it is likely that the government sector will have to run continuous fiscal deficits.

Gehigarriak:

Nahita sortu zuten krisia

Krisia? Zer krisi mota?

Krisiaz, berriz

Krisia nahita izan da induzitua

Krisia: ikusiz nola etorri zen…

Finantza krisia: historia sekretua

Krisia: nondik zetorren, zerk bultzatua, nortzuek aurreikusi zuten edo nor den nor

Krisia: nahita induzitua

Krisia: galdera zuzena

2007ko krisia (GFK): zein zen kausa?


Ingelesez: “The media has been giving a lot of attention in the last week to the 10-year anniversary of the Lehman Brothers crash which occurred on September 15, 2008 and marked the realisation, after months of denial, that there was a financial crisis underway. Lots of articles have been published recently about what we have learned from this historical episode.”

Ingelesez: “I thought that the Rolling Stone article by Matt Taibbi (September 13, 2018) – Ten Years After the Crash, We’ve Learned Nothing – pretty much summed it up.”

Ingelesez: “We have learned very little. Commentators still construct the crisis as a sovereign debt problem and demand that governments reduce fiscal deficits to give them ‘space’ to defend the economy in the next crisis. They are also noting that the balance sheets of the non-government sector components – households and firms – are looking rather precarious. They also tie that in with flat wages growth and a run down in household saving. But the link between the fiscal data and the non-government borrowing data is never made. So we are moving headlong into the next crisis with very little understanding of the relationship between government and non-government. And we are increasingly relying on private sector debt buildup to fund growth as governments retreat. Everything about that is wrong.”

Ingelesez: “The recently published book – Financial Exposure: Carl Levin’s Senate Investigations into Finance and Tax Abuse (Palgrave Macmillan) by Elise J. Bean is worth reading. Elise Bean was an investigative lawyer for the US Senate Permanent Subcommittee on Investigations (PSI).

The book recounts the workings of the PSI.”

5 Ingelesez: ” We read that the PSI has:

faced down corrupt bankers, arrogant executives, and sleazy lawyers. We’d confronted tax dodgers of all stripes, from billionaires to multinationals. We’d interviewed crooks in prison, North Korean representatives, and tax have operatives. We’d protected whistleblowers, championed victims, and defended honest government employees battling abuses. We’d stood up to dirty tricks, assaults on PSI’s bipartisanship, and attacks on our bosses.

Never was this environment more loaded than when they started looking into the financial services sector.”

Ingelesez: “The chapter on “Deconstructing the Financial Crisis” is particularly interesting, given the current attention the decade-anniversary is receiving.

Elise Bean writes that the investigation was “the longest, toughest inquiry” the PSI under Carl Levin had ever undertaken.

The “facts were tangled, the players powerful, and the stakes huge”.

She credits the legislative action that led to the “Dodd-Frank Act, the most extensive set of U.S. financial reforms in a generation” as the results of their investigation.

The book leaves no doubt as to what caused the GFC – and the train wreck of Lehmans and others had been gathering pace for a few decades as a result of the neoliberal-inspired deregulation and reduced oversight (mostly due to regulative capture).”

Ingelesez: “The crisis saw governments offer trillions [amerikar trilioia = europar bilioia] to the otherwise failed big banks and related institutions to keep them alive. Those bailouts have had long-term consequences that Matt Taibbi documents.

1. “a radical transformation of the economy”.

2. “Previously, small banks traditionally enjoyed a lending advantage because of their on-the-ground relationships with local businesses. But the effective merger of the state with giant, too-big-to-fail banks has tilted the advantage far in the other direction.”

3. “Big banks post-2008 could now borrow much more cheaply than smaller ones, because lenders no longer worried about them going out of business.”

4. “How much of the record $171.3 billion [amerikar bilioia = europar mila milioi] in profits earned by banks in 2017 was owed to the implicit guarantee?”

5. “The bank-state merger brokered 10 years ago this week socialized the risks of the financial sector, and essentially converted Wall Street into a vehicle for annually privatizing a big chunk of America’s GDP into the hands of a few executives.

And so on.”

Ingelesez: “But if we thought there might be a change in behaviour afterwards (for example, because of Dodd-Frank) we would be wrong.

The scandals have keep coming.

1. The 2010 “flash crash” of the New York Stock Exchange as a result of some rogue traders on Chicago’s derivatives exchange – see The 2010 ‘flash crash’: how it unfolded.

2. The LIBOR scandal – see Libor scandal: the bankers who fixed the world’s most important number rigging HSBC’s $850 million drug money-laundering fiasco

3. HSBC getting caught laundering drug money from Mexico, among other criminal acts – see – HSBC to pay $1.9 billion U.S. fine in money-laundering case

4. Australian readers who have been following the Royal Commission into the financial services sector will be able to catalogue a sequence of criminal acts by bankers, insurance companies etc. Charging fees for no service, cheating customers, etc.

I saw a Tweet last week listing the top 10 financial market players who had gone to prison for their criminal conduct.

The list looked like this (first three only):

1.

2.

3.

etc

In other words, no-one went to prison for their criminal behaviour.

In the recent German TV series, Bad Banks, the major character tells her boss who is about to go down for criminal behaviour that no-one at his level goes to prison.”

Ingelesez: “Matt Taibbi lists other legacy issues arising from the lax way governments dealt with the crisis.

1. “we made Too Big To Fail worse by making the companies even bigger and more dangerous”.

2. “The people responsible for the crisis weren’t just saved, but made beneficiaries of another decade of massive unearned profits”.

I was reading Elise Bean’s book around the same time I was alerted to an Irish Times article (September 13, 2018) – Trader blows €100m hole in Nasdaq’s Nordic power market – which reported that one of the highest earning Norwegian financial market trader had just severely compromised the “stability fund that ensures the safety of derivatives trading in European electricity markets.”

What?

This character was betting on “European power markets” and:

saw his positions collapse on Monday after extreme market moves in German and Nordic energy markets … [he] … had defaulted on Tuesday after they were unable to meet margin calls at its clearing house on loss-making trades … [he] … blew through several layers of safeguards designed to protect it from such losses …

The size of the loss also ate up about two-thirds of a separate €166 million mutual default fund members must contribute to …

And “some of the biggest banks and energy traders such as Morgan Stanley, UBS and Equinor, Norway’s state oil company” will have to make up the losses to the clearing house.

Power is an essential service to communities. Yet, we still allow the financial market casino to bet on it and compromise the stability of the financial system as a consequence.

Enron went bankrupt in 2001.

Australia had power cuts in 2017 because the financial arms of the privatised (previously state-owned) energy companies arranged for generating capacity to be turned off so they could profit on the spikes in the energy prices.

And so it goes.”

10 Ingelesez: “And one of the most powerful narrative that still remains is somehow that governments have to pursue fiscal surpluses to safeguard our financial system – to give them the ammunition to defend the economy from meltdown.

Just this week, economists are coming out claiming there is no government capacity ‘left’ to prevent another crisis.

Remember Martin Feldstein’s appearance in the investigative movie – Inside Job – which the Director Charles Ferguson said was about “the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption.”

As a reminder, I considered his qualification to comment on macroeconomics in this blog post – Martin Feldstein should be ignored (May 3, 2011).

Feldstein, a Harvard economics professor, was a board member of AIG, which was paying massive fees in that role. He was also a board member of the subsidiary company that made all the credit default swaps that bankrupted AIG.

His appearance on the Inside Job was a classic example of the disgraceful hubris that the mainstream of my profession exuded then, and now.

He recently wrote a Wall Street Journal article (June 10, 2018) – The Fed Can’t Save Jobs From AI and Robots – which ran the line that Artificial Intelligence and Robots will create mass unemployment in the US (millions will become unemployed as a consequence) but the central bank should not deviate from maintaining low inflation.

His solution is that government should further deregulate the labour market (cut wages) rather than try to engage in demand stimulus to generate higher labour demand.

In an article published today (September 17, 2018) in the UK Daily Telegraph (but syndicated to Fairfax) – ‘We don’t have any strategy to deal with it’: experts warn next recession could rival the Great DepressionFeldstein is quoted as saying:

We have no ability to turn the economy around … When the next recession comes, it is going to be deeper and last longer than in the past. We don’t have any strategy to deal with it … Fiscal deficits are heading for $US1 trillion dollars and the debt ratio is already twice as high as a decade ago, so there is little room for fiscal expansion.

Of course, none of this Feldstein nonsense is remotely correct.”

11 Ingelesez: “As I explained in these blog posts – There is no financial crisis so deep that cannot be dealt with by public spending – still! (October 11, 2010) and The government has all the tools it needs, anytime, to resist recession (August 20, 2016) – a currency-issuing government can always attenuate the impacts of a financial crisis that has its origins in a non-government spending collapse.

This capacity is independent of what policy positions the same government has run prior to the crisis. Any notion that a running a deficit now (of any scale) in some way reduces the capacity to run a similar scale deficit in the future is plain wrong.

There is not even a nuance that we can bring to that proposition – a conditionality. Plain wrong is plain wrong.

12 Ingelesez: “When Feldstein is saying that “there is little room for fiscal expansion” he is just rehearsing the fake knowledge of the mainstream economists who define fiscal space in circular terms.

Sort of like this:

1. Fiscal expansion can only occur if deficits and debt ratios are low.

2. Currently deficits and debt ratios are higher than they were at some point in the past.

3. Therefore we have run out of fiscal space.

A circular, self-referencing proposition. Which begins wrongly and thus concludes wrongly.

13 Ingelesez: “If there is a new crisis, then there will be massive fiscal space which will be defined by the idle resources in the non-government sector that have become unemployed because non-government spending collapses.

That is the only way in which we can talk about ‘fiscal space’. If there are productive resources that are idle and available to be brought back into productive use, then there is fiscal space.

The fact is that there is no crisis large enough that the government through appropriate fiscal policy implementation cannot respond to.

There is no non-government spending collapse big enough that the government cannot maintain full employment through appropriate fiscal policy implementation.

A currency-issuing government can always use that capacity to buy whatever idle resources there are for sale in the currency it issues, and that includes all idle labour.

A currency-issuing government always chooses what the unemployment rate will be in their nation.

If there is mass unemployment (higher than frictional – what you would expect as people move between jobs in any week), then the government’s net spending (its deficit is too low or surplus too high).

I explain the so-called helicopter money option in this blog (also cited above) – Keep the helicopters on their pads and just spend (December 20, 2012).”

14 Ingelesez: “By way of summary (although I urge you to read that blog post if you are uncertain):

1. Introducing new spending capacity into the economy will always stimulate demand and real output and, as long as there is excess productive capacity, will not constitute an inflation threat.

2. When there is weak non-government spending, relative to total productive capacity (and unemployment) then that spending capacity has to come from government.

3. The government can always put the brakes on when the economy approaches the inflation threshold.

4. A currency-issuing governments does not have to issue debt to match any spending in excess of its tax receipts (that is, to match its deficit) with debt-issuance. That is a hangover from the fixed-exchange rate, convertible currency era that collapsed in August 1971.

5. Quantitative easing where the central bank exchanges bank reserves for a government bond – is just a financial asset swap – between the government and non-government sector. The only way it can impact positively on aggregate demand is if the lower interest rates it brings in the maturity range of the bond being bought stimulates private borrowing and spending.

6. But non-government borrowing is a function of aggregate demand itself (and expectations of where demand is heading). When elevated levels of unemployment persist and there are widespread firm failures, borrowers will be scarce, irrespective of lower interest rates.

7. Moreover, bank lending is not constrained by available reserves. QE was based on the false belief that banks would lend if they had more reserves.

Please read the following blogs – Building bank reserves will not expand credit (December 13, 2009) and Building bank reserves is not inflationary (December 13, 2009) – for further discussion.

8. Governments always spend in the same way – by issuing cheques or crediting relevant bank accounts. There is no such thing as spending by ‘printing money’ as opposed to spending ‘by raising tax receipts or issuing debt’. Irrespective of these other operations, spending occurs in the same way every day.

9. A sovereign government is never revenue constrained because it is the monopoly issuer of the currency.

10. If the government didn’t issue debt to match their deficit, then like all government spending, the Treasury would credit the reserve accounts held by the commercial bank at the central bank. The commercial bank in question would be where the target of the spending had an account. So the commercial bank’s assets rise and its liabilities also increase because a deposit would be made.

11. Taxation does the opposite – commercial bank assets fall and liabilities also fall because deposits are reduced. Further, the payee of the tax has decreased financial assets (bank deposit) and declining net worth (a liability/equity entry on their balance sheet).

12. A central bank can always credit bank accounts on behalf of the treasury department and facilitate government spending. This is the so-called ‘central bank financing’ option in textbooks (that is, ‘helicopter money’). It is a misnomer.

And the point is that all this talk of sovereign debt crises and the central bank running out of firepower is actually raising the probability of a renewed financial crisis emanating from the non-government sector, which is clearly, despite all the myths that have been told, was the source of the GFC.”

MOSLER 2018

https://www.warren4governor.com/

Picture

Warren Mosler, independent candidate for Governor of the USVI, is running with Ray Fonseca as his Lt. Governor.

Mosler, who resides in St. Croix, and Fonseca, who resides in St. Thomas, will be setting up the team’s campaign headquarters on both islands and plan to host formal openings and press conferences in August after the primary.

https://www.warren4governor.com/qualifications.html

Picture

Qualifications

PROFESSIONAL EXPERIENCE

Financial Sector:

2003 – Present- relocated Valance Co, Inc. to St. Croix in the US Virgin Islands from Florida, where he currently resides and conducts his principle business activities.

1993- Present- Founder, ‘Modern Monetary Theory’ economic school of thought.

1983-1997– AVM, L.P. Founder and manager – AVM is a broker/dealer that provides advanced financial services to large institutional accounts.

1982 –1997 Founder and manager, Illinois Income Investors (III) – Developed numerous successful strategies that utilized US Government securities, mortgage backed securities, LIBOR swaps and LIBOR caps, and financial futures markets in a market neutral, 0 duration strategy.   Originated the ‘mortgage swap’ in 1986.  Mosler’s fund was a counter party in the largest futures delivery to date (over $20 billion notional) in Japan in 1996, and he also created the current $US swap futures contract.   III was rated #1 in risk adjusted returns globally by Managed Account Reports with assets over $3 billion when Mosler turned management control over to his partners at the end of 1997.  

1996-2013- Enterprise National Bank: Former Director and major shareholder.

1978-1984 – William Blair and Company, Chicago – Founded fixed income arbitrage department. Developed numerous successful trading strategies in fixed income and derivative product markets.

1976-1978 – Banker’s Trust NYC, Vice President, Sales and Trading – Instituted active forward markets in GNMA securities trading. Designed arbitrage strategies utilizing newly emerging financial forward and futures markets.

1975-1976 – Bache and Co. – Fixed Income Institutional Sales

1973-1975 – The Savings Bank of Manchester – Pioneered the use of synthetic short term investments with long term securities and forward markets.

Transportation:

Designed, prototyped, constructed and currently operating the QE4 Ferry between St. Croix and St. Thomas.

Former President and founder of Mosler Automotive (www.moslerauto.com) which manufactured the MT900 sports car in Riviera Beach, Florida. Sold 2013.

Picture

Academic (partial list):

Co-Founder and Distinguished Research Associate of The Center for Full Employment And Price Stability at the University of Missouri in Kansas City. CFEPS has supported economic research projects and graduate students at UMKC, the London School of Economics, the New School in NYC, Harvard University, and the University of Newcastle, Australia.

Associate Fellow, University of Newcastle, Australia

March 2014- Visiting Professor, University of Bergamo, Italy

April 2015- Visiting Professor, University of Bergamo, Italy

May 2015- Visiting Professor, University of Trento, Italy

EDUCATION

1971- B.A. in Economics, University of Connecticut

2014- PhD, Franklin University, Honorary

PRESENTATIONS (partial list)

Testimony to Parliament finance committee, Rome, Italy- 2013

Numerous speaking engagements, Italy, 2012-2014

Alternative Proposals for a U.S. Nonconvertible Currency Regime
Presentation at the 18th Annual Hyman P. Minsky Conference, June 2009

Testimony on the FASAB Exposure Drafts relating to “Comprehensive Long-term Projections for the U.S. Government (ED 1)” and to “Accounting for Social Insurance. (ED 2)”  Feb. 25, 2009

“Current Events in Financial Markets: Economic and Specific Trading

Opportunities,’ Cambridge University Conference on ‘New’ Monetary
Policy: Implications and Relevance, March 2004.

“Workfare and Labor Market Policy,” University of Newcastle,
Australia, June 2001.

“A Review of Central Bank Options: Technical Discussion,” Singer Island, Florida, March 2001.

“A Development Plan for Palestine,” Sixth International Post Keynesian Conference, University of Tennessee: June 23-28, 2000.

“Declining Savings Rate and Growing Household Indebtedness in North America,” testimony before the Standing Committee on Finance, House of Commons, Ottawa, Canada, May 2000

“Exchange Rate Policy and Full Employment,” University of Newcastle, Australia, December, 1997.

“Full Employment and Price Stability,” Eastern Economics Association, March 1997.

“Soft Currency Economics,” Bretton Woods, New Hampshire, July 1996.

PUBLICATIONS – (Partial List)

‘Maximizing Price Stability in a Market Economy’, Journal of Policy Modeling, January 2017, co authored by Professor Damiano Bruno Silipo, Università della Calabria

‘The 7 Deadly Innocent Frauds of Economic Policy’, self published, March 2010.

“Critique of John B. Taylor’s ‘Expectations, Open Market Operations, and Changes in the Federal Funds Rate’,” Journal of Post Keynesian Economics, forthcoming.

“Public Sector Employment, Foreign Exchange and Trade,” Achieving Full Employment, edited by Ellen Carlson and William F. Mitchell, pp. 62-71, vol. 12, ELRR: Sydney, 2001.

“Building a Palestinian Economy,” Middle East Insight Magazine, pp. 57-59, Washington DC, June-July 2001.

“Comment on ‘In the Interests of Safety,’ by Martin Mayer,” in The Management of Global Financial Markets, edited by Jan Joost Teunissen, pp. 94-101, FONDAD: The Hague, 2000.

“Exchange Rate Policy and Full Employment,” The Path to Full Employment, Ellen Carlson and William F. Mitchell (eds.), pp. 12-22, vol. 11, ELRR: Sydney, 2000.

“A General Framework for the Analysis of Currencies and Commodities”, in Full Employment and Price Stability in a Global Economy, edited by Paul Davidson and Jan Kregel, pp. 166-177, Northampton: Edward Elgar Publishing, Inc, 1999.

“Full Employment and Price Stability,” Journal of Post Keynesian Economics, Vol. 20, No. 2, Winter 1997-98.

https://www.warren4governor.com/platform.html

Bullet Points:

Picture
Draft in progress updated 8/30/18

Vision:

Government is established to provide public infrastructure for public purpose, both directly and indirectly.
Initiatives:

Civics-      
     Reduce the size of the USVI Senate from 15 to 7 Senators
          Subdivide St. Thomas and St. Croix into 3 geographical districts,
          east, west, and center, with approximately equal populations in each district.
          St. John becomes a separate district that elects its own Senator.
              3 Senators for St. Thomas each representing 1 of the 3 districts
              3 Senators for St. Croix each representing 1 of the 3 districts
              1 Senator for the district of St. John
          Each district will elect its one Senator, with each voter getting one vote
                for a candidate running for Senate in his district
     
Secure the Right to Vote for President of the United States
          The procedure would be similar to that of US military stationed overseas
          USVI voters would be assigned a US state where they could register for
                Presidential elections and vote by absentee ballot  
          Congressional authorization is required

Economy-
     Work with cruise ship companies to make St. Thomas their feature destination.
           Coordinate Port Authority requirements with overall public purpose.
           Coordinate WICO with Port Authority to serve overall public purpose.
     Expedite the restoration of St. Thomas and St. John hotels.
     Provide financial incentives to our hotels and villas for business tourism such as seminars
          and conferences where the attendees are working and generating VI source income with
          their Federal taxes credited to the USVI.  Those same incentives can also be used to
          establish sports training centers for professional teams,      
     Secure direct air service between NYC and St. Croix, which we haven’t had since 1989
     Support air service to the other Caribbean islands  
     Work with the Economic Development Authority to establish an industrial park with surplus
              power from our new generators and solar facilities (currently being purchased)
              discounted to a small premium over marginal cost to attract businesses that use large
              amounts of electric power
  
Public Education- All Schools K-12 Free for all Students-
    All private schools would receive a $10,000 per student scholarship grant
         Enrollment would then be by ability, not affordability
         Churches and other organizations eligible to open new schools,
               including schools for special needs students, math and science
               oriented schools, trade schools, and schools of the arts
         Increased quality of education
         With USVI public schools costing over $20,000 per student, the USVI
                will ultimately over $50 million per year
         Parental involvement increases
         Children and therefore parents become important and sought after by the schools
     Upgrade and consolidate public schools
 
Public Safety-
    Cameras, communications, lab access, and other technological support
    Inter island staffing, rotation, and continuing education
    Sufficient funding for staffing requirements and lab work
    Supporting the legal system with appropriate legislation
    Work with Federal Govt. to open the National Guard to anyone age 16-24
         who is not in school or working full time

Accountability-
     Corruption will not be tolerated
     Adequately staff and fund the Inspector General’s office   
     Provide full and immediate transparency to USVI financial matters

Public/Private Interface-
     Task the Lt. Governor with insuring all USVI Government employees
          understand that government exists only to serve public purpose
     Provide ongoing hospitality training to USVI Government employees  
     Monitor USVI Government employee interactions with the general public
     
Legal System-
     Procedural adjustments to facilitate processing
     Electronic filing
     Disputes between government agencies to be settled by the Legislature
           rather than the courts
     Enact legislation to ease public and private legal burdens

Public Health-
     Restructure hospital facilities
     Restructure physician requirements and contractual arrangements
     Modernize regulations regarding PA’s (physician assistants)
           Supervising Physician physical presence requirement
           Establish PA collaborative agreements with a physicians
     Promote decentralized medical services
     Upgrade emergency services
     Implement financial efficiencies-
          Enhance Medicare and other insurance collections operations
          Consolidate government employee, retiree, corporate and personal health care
          Insurance
      Recognize that the USVI government retains income taxes paid by those in the medical
               sector, and recognize therefore that the medical sector is profitable for the USVI
               government and should be accordingly supported and promoted
     Support private sector mental health facilities  
          
          ****Note that what can be called the ‘medical sector’, which includes the hospitals,
          doctors offices, medical labs and treatment centers when taken together are a
          net payer of taxes to the USVI Government.  So while the hospitals may require
          funding, the rest of the medical sector generates substantially more than that in taxes for
          the USVI Government.

Roads and Transportation Infrastructure-
   Ensure compliance and accountability needed to secure federal funding
   Formalize the ‘$2 taxi’ system, including covered pickup and drop off stations
   Establish roundabouts at appropriate intersections
   Designate truck routes
   Improve road surfaces and durability
   Address drainage issues  
   Support the Port Authority’s vision to bring small cruise ships to Christiansted  

Waste Management-
    Waste to energy power plants on St. Thomas and St. Croix
    Free disposal sites for trash
    Utilize purified waste water for agriculture

Water and Power Authority-
     Decentralization to minimize service outages and expenses
     Initiate the process of replacing or relocating our (far too dangerous) propane systems
     Investigate the solar electric steam powered systems being used in the states  
     Finance and service home and business solar systems
     Restructure existing debt at lower rates
Emergency Services-
    Plan for emergency services supplies and distribution
    Training and drills  
    Centralized information including websites and offices
    Public assistance to those in need

Licensing and Consumer Affairs-
    Make the term of a business license 5 years instead of 1 or 2 years
    Online instructions for business licenses and registrations    
    Ensure competitive prices
    Regulate non competitive businesses

Finance-
    Refinance public debt at lower interest rates with bonds collateralized with tax credits
         Saves over $50 million/year in interest expense
         Allows the USVI to recover over $100 million of reserves currently held in escrow
    Work with US Congress to secure our per capita share of Federal deficit spending   
    Utilize our ‘mirror tax code’ to our advantage
    Recover federal taxes paid to Washington on USVI source income
    Work to attract corporate headquarters
    Work to attract medical clinics that retain long term patients
    Work with stateside nonprofits to relocate their large donors to the USVI

Government Employees Retirement Fund solvency restoration-
    Contribute $600 million of rum cover over bonds to the GERS
    Offer optional lump sum payments to employees
    Recognize that we keep our own income taxes and therefore the unfunded liability has been
        materially overstated and that income taxes paid from GERS benefits will be credited back
        to the GERS.

Banking-
    US government regulators have redlined the USVI, which means FDIC member banks
    including JP Morgan and Wells Fargo have been directed by their regulators to not make any
    loans in the USVI.  I will work with our Delegate to Congress to make Congress aware of this
    rogue action and work to immediately eliminate this policy.    

https://www.warren4governor.com/volunteer.html

Picture

Picture

Having support at the polling stations on election day, November 6, is critical!

So please let us know if you’re available to volunteer at any of the polling stations listed below.

We will be supplying lots of good food to keep you all going strong!

All you have to do now is provide your name, email, and phone number.

Thanks very much!!!!

Warren and Ray

https://www.warren4governor.com/media.html

Press Releases

press_release_-_jan._15_2018.pdf

Download File

Radio

Radio Ad 1non-stop NY flight explanation (3/27 interview on WVVI 93.5 FM)

Radio Ad 2 bringing more cruise ships explanation

Radio Ad 3collecting federal taxes from visitors explanation

Radio Ad 4proposals for the GERS explanation

Radio Ad 5GERS accountability explanation

Radio Ad 6private school scholarship explanation

Radio Ad 7funding the GERS explanation

Radio Ad 8improving public services explanation

Radio Ad 9  — A matter of conscience

Radio Ad 10 — Senator vote

Radio Ad 11 — swimming in a sea of sharks

Radio Ad 13 — I don’t lie to anyone

Chicken Shack Ad
Chicken Shack Ad 2

Feb 7 interview

Mar 27 Interview (WVVI 93.5 FM)

Apr 2 Interview

Apr 20 Interview

August 23 interview video (WVVI 93.5 FM)

August 29 interview video

August 30 interview (1620 AM)

9/04 VI Consortium interview video

9/06 WVVI interview video

TV

Political Spot on WCVI TV23 Channel 23

https://www.warren4governor.com/donate.html

To all of our supporters,

As you probably already know, I am running for Governor of the U.S. Virgin Islands this year with Ray Fonseca as my running mate.  I am running as a matter of conscience to promote my proposals for our Virgin Islands.  These proposals are outlined in detail on my website, www.mosler4governor.com and they include:

  1. Education:  My universal $10,000 scholarship proposal makes all private and public schools free of charge for all students in grades K-12.  I see the current system of private school admissions being based on money as grossly unfair and counter to our core values.   With this proposal, admission to the private schools will be based on merit and no longer based on money.This proposal also opens the door for our churches and other existing and new non-profits to open or expand their own schools, while at the same elevating the quality of education as parents select which schools they prefer for their children.  And since the $10,000 per student that private schools currently require to operate is a lot less than what our public schools cost to operate, our government can soon be saving tens of millions of dollars each year
  2. GERS (Government Employee Retirement System):  To begin to restore the solvency of the GERS, I’m proposing to contribute the $600 million secured rum cover-over bonds that previously were authorized but were never issued directly to the GERS, which will then directly get the principle and interest payments.  This immediately increases the assets of the GERS from $700 million to $1.3 billion, greatly enhancing the ability to of retirees to get their full retirement pay as promised without increasing contributions.  I will also offer optional lump sum payments to retirees that reduce the unfunded liabilities, and I will immediately cease and desist the current practice of diverting contributions to other uses.  In addition, income taxes paid on moneys received from the GERS by retirees will be credited back to the GERS, so that, again, the government will not be using GERS funds for other purposes.
  3. Restructuring U.S. Virgin Islands debt:  There are several avenues open for refinancing our public debt at lower interest rates which can save us well over $50 million per year in interest expense, and allow the U.S. Virgin Islands to recover the nearly $200 million of reserves we had to borrow that are now held in escrow to secure the bond holders.  Refinancing options include using our federal rum revenues to secure a low cost federal loan that can pay off the existing bond holders, using USVI tax credits as collateral, and, as in the case of WAPA, using payment in kind financing to bring down interest rates.
  4. U.S. Virgin Islands source income:  Federal taxes paid on U.S. Virgin Islands source income belong to the U.S. Virgin Islands as a matter of U.S. law.  That means if we have visitors who work while they are visiting the U.S. Virgin Islands, and pay federal taxes on that income earned while they were working here, those tax dollars belong to the U.S. Virgin Islands and are in fact paid to the U.S. Virgin Islands if the taxpayer fills out the prescribed IRS forms.  Currently, however, this is rarely, if ever, done, and as a consequence, hundreds of millions of our dollars sit in Washington D.C. unclaimed.  As Governor, I will work to put a system in place to track these funds so they can be promptly claimed, and also work with the U.S. government to estimate the amount of unclaimed U.S. Virgin Islands dollars they have and can remit.


This is just a partial list of the detailed proposals on my website that (unfortunately) are unique to my candidacy.  My qualifications and experience are also on my website to help you assess my ability to implement what I’ve proposed.

And let me also add that the only way I have ever done things is honestly, transparently, and with integrity, accountability and much respect.  As Governor, you will be regularly informed as to all that is going on, as it is my sincere belief that representative government works best with a fully informed electorate.

We are now in the process of organizing our volunteers and supporting their efforts throughout the U.S. Virgin Islands with printed handouts, road signs, t shirts, and bumper stickers as well as comprehensive radio advertising.  This is all a major team effort as we reach out to involve as many people as possible in our campaign.

And while I’m personally providing the funding to support our very serious effort, there is always room for more advertising on both radio and TV, and so we welcome campaign contributions in any amount, which we assure you will be used wisely and efficiently to further promote our endeavors.

Your early contribution, made payable to “Mosler for Governor” will give our race that much of an extra boost and can rightly be considered as an investment in what we all see as a better U.S. Virgin Islands both for ourselves and for the generations that follow.  Your gift of just $25 (or more if you wish, up to a maximum of $1,000) will not only finance our campaign, but also, and of critical importance, signal to the community how serious we all are about the importance of our agenda.

Therefore our goal is to have as many people as possible make a contribution, no matter how small, as a show of support for the betterment our community.  An envelope and reply card are enclosed, or you can donate online at www.mosler4governor.com.  Again, I’m asking you to make any size contribution you feel appropriate to help us all to bring a better government to the people of the U.S. Virgin Islands.

Thank you in advance for your encouragement and support.

Sincerely,

Warren Mosler

https://www.warren4governor.com/open-forum

Comments Welcome!

5/9/2018

10 Comments

Click on Comments with your message

10 Comments

https://www.warren4governor.com/testimonials.html

Picture

In 2014, Warren Mosler was the recipient of the Franklin University Switzerland Honorary Degree in recognition of his contributions to the field of economics and for his ability to combine entrepreneurial spirit with his being an outstanding intellectual dedicated to serving the public purpose: “a straightforward person of the highest integrity and one of the sharpest minds.” It’s now time for Warren to serve his homeland. 

Andrea Terzi
Professor of Economics
Franklin University
Lugano, Switzerland

I have known Warren Mosler for around 25 years and have built a close relationship with him and his family. Warren is one of those single-minded treasures that thinks of things ‘out of the box’ and encourages and stimulates creative thinking in others. He has been a successful player in the financial markets and has a deep technical understanding of that world. He also has one of the most incisive minds when it comes to understanding how monetary systems actually operate and what capacities various levels of government have within those systems.

While those intellectual capacities are necessary, in my view, to equip a person for a role in government, they are not sufficient. What Warren brings in addition to his technical competence is a deep compassion and generosity for the underdog in society and he has proposed novel solutions to improve their material outcomes in many countries. He is well-known around the world in policy circles for these creative policy positions. The combination of technical competence and compassion is often lacking in those that go into official government position.

Warren has also always expressed to me that he is attached to the local affairs and issues in St Croix and sees his residential status there as being important in that regard. He would make a great Governor for all citizens in the USVI.

William Mitchell
Professor of Economics
Director, Centre of Full Employment and Equity
University of Newcastle
Australia

Warren Mosler is a world-renowned expert on public finance. His widely-influential contributions, based on long practical experience in financial markets and deep understanding of the monetary system, have shaken the field of economics to its core. Warren’s work has paved the way to improving the lives of many in ways that were previously thought to be out-of-reach by the economics profession.

Warren’s ideas have influenced the work of U.S. Congress, the European Commission, and other global institutions. In the case of Argentina, they resulted in one of the largest and most successful jobs programs in the modern era. Warren has dedicated the last several decades to developing concrete proposals for using the public purse for the public good–from innovative banking reform to pro-growth tax policies to proposals for good jobs for the unemployed.
Warren possesses an uncanny clarity of thought, original problem-solving skills and, most importantly, a strong moral compass. A very successful entrepreneur, Warren has chosen not to retire comfortably, but instead to commit himself to working for the common good.

I cannot think of a more technically capable and dedicated person to hold public office and to be entrusted with the public’s finances.

Pavlina R. Tcherneva
Associate Professor and Director
Economics and Economics & Finance Programs
Bard College, NY

I’ve worked with Warren Mosler for a quarter of a century to help create an economics that actually helps us to solve real world problems. I’ve known a lot of famous economists—including a number of those who won the Nobel Prize—but I learned more about the way the real world economy works from Warren than I did from most of them. I’ve visited Warren many times and I know that his passion for the Virgin Islands is real. With his commitment to the islands and with his superior understanding of the economic challenges faced–and of the policy solutions to problems–Warren is the obvious choice to help put the economic house in order.

L. Randall Wray, Professor of Economics, Bard College, and Senior Scholar, Levy Economics Institute

Warren Mosler is one example of how personal abilities and new ideas can combine to create jobs and wealth for himself and other people. His intellectual life-concern on the role of the government in promoting public interest and welfare makes reasonable to predict that he can do even better as Governor of the territory.

Damiano Bruno SILIPO
Professor  of Economics at the University of Calabria (ITALY)

Josep Borrell (segida)

BBC HARDtalk‏ @BBCHARDtalk

(https://twitter.com/BBCHARDtalk/status/1039534160224903168)

#Catalonia is a “nation”, says #Spain’s Foreign Minister @JosepborrellF

2018 ira. 11

Josep M. Ganyet‏ @ganyet

(https://twitter.com/ganyet/status/1041014130356957185La @bbc ha deixat tota la setmana el tuit fixat amb “Catalonia is a nation, says Spain’s Foreign Minister”. Impecable carta de l’Albert Om a @JosepBorrellF.pic.twitter.com/2gr67WdQG5

https://pbs.twimg.com/media/DnJs0fFXsAAWbE4.jpg
2018 ira. 15

Austeritatearen jainkoa hiltzea

Uccidere il dio dell’Austerità – Daniele Basciu

(https://www.retemmt.it/i-libri/uccidere-il-dio-dellausterita-daniele-basciu/)

Uccidere il dio dell'Austerità - Daniele Basciu (pagina)

Sfatare le superstizioni della divinità Austerità

Scritto da Daniele Basciu e pubblicato nel settembre del 2013 da Edizioni Si, Uccidere il dio dell’austerità è il primo libro che spiega la Modern Money Theory utilizzando esempi della storia economica italiana.

Il libro offre gli strumenti per riflettere su cosa sia stata in passato, cosa sia oggi e cosa potrebbe essere la moneta per gli Stati e per le collettività che li esprimono, e su come potrebbe essere utilizzata in vista dell’interesse collettivo di queste società. E sul perché le cose siano andate e stiano andando in modo del tutto opposto.

Nella storia sono già esistite delle civiltà che per costruire e venerare degli dèi hanno distrutto se stesse e il proprio futuro, come accadde agli indigeni dell’isola di Pasqua che devastarono foreste e distrussero il loro futuro per erigere mute statue di pietra da adorare. È quello che sta succedendo in Europa, oggi: uomini che a loro volta distruggono il proprio futuro in nome di dèi privi di volto.

A partire dal 5 aprile 2016, per volontà dell’Autore e gentile concessione dell’Editore, abbiamo iniziato a pubblicare alcune pillole dal libro a puntate settimanali.

Puntata 1: La moneta è una creatura sociale. Ma il dio dell’austerità non vuole che si sappia
Puntata 2: La moneta metallica vincolava la capacità di spesa dei governi
Puntata 3: La moneta fiat: ciò che può uccidere il dio dell’austerità
Puntata 4: I Titoli di Stato: governare l’economia per non essere governati dall’austerità
Puntata 5: Le tasse: bisturi per l’economia o coltello in mano all’austerità
Puntata 6: Debito pubblico: lo chiamano zavorra ma è il motore per la crescita
Puntata 7: Il Quantitative Easing: quando la moneta da sola non basta

oooooo

La moneta è una creatura sociale. Ma il dio dell’austerità non vuole che si sappia

La moneta è una creatura sociale. Ma il dio dell’austerità non vuole che si sappia

di Daniele Basciu

Agli economisti mainstream piace dire che in un imprecisato periodo del passato gli uomini, abituati a scambiarsi tra loro le merci con il sistema del baratto iniziarono ad un certo punto a scambiare beni con pezzi di metallo con l’obiettivo di rendere più agevole lo scambio. La moneta nascerebbe come scelta razionale di individui che operano in un contesto di scambio beni sul mercato.

Questa interpretazione non ha un fondamento storico.

Lo ha invece una chiave di lettura diversa, che spiega la natura sociale della moneta. Nell’antichità le società, fondate su clan, gestivano l’approvvigionamento delle risorse tramite un meccanismo di tipo distributivo, e tra i diversi clan venivano a crearsi dei rapporti di debito-credito derivanti dalle offese e dai torti subiti negli scontri e nelle faide. Il meccanismo di offesa-compensazione diventava un rapporto sociale di debito-credito: chi subiva un danno godeva del diritto di vendetta tramite un credito da richiedere in termini di capi di bestiame, di ore di lavoro da prestare, ecc. Nel corso del tempo, la gestione di questi rapporti di debito-credito di origine “giudiziale” tra le persone arriva ad essere amministrata dalle autorità di governo con l’utilizzo di registrazioni su tavolette di argilla (un “Excel” primitivo). Con lo stesso metodo vengono in seguito registrati i rapporti commerciali di debito-credito. Di questo esistono testimonianze archeologiche concrete, che attestano che:

  1. i concetti di debito e credito hanno una natura SOCIALE e non derivano dall’attività dell’“homo oeconomicus”. Sono dunque utilizzati ben prima dello sviluppo di un reale sistema produttivo e allocativo di mercato;
  2. la registrazione e la compensazione contabile di rapporti di debito-credito avviene senza l’uso di “soldi fisici”;
  3. lo Stato (nella forma mista di potere politico-religioso) acquisisce la prerogativa di imporre un “debito universale” sulla cittadinanza nella forma e unità di misura stabilita dallo Stato stesso.

La moneta è una creazione sociale, quindi, ed è una creazione dello Stato.

Tratto dal capitolo primo, “Da dove vengono i soldi”, di Uccidere il dio dell’Austerità (Edizioni Sì)

oooooo

La moneta metallica vincolava la capacità di spesa dei governi

La moneta metallica vincolava la capacità di spesa dei governi

di Daniele Basciu

e questo piace al dio dell’austerità

Lo Stato sta all’origine di quello che è definibile come “moneta”. La moneta e il sistema di tassazione che ne impone l’uso compongono un sottosistema facente parte di un più ampio complesso di relazioni socio-politiche che costituiscono il sistema di governo di un territorio e della collettività che lo occupa.

La moneta emessa e spesa dallo Stato come monopolista è la moneta verticale, definibile come “i soldi dello Stato”. I rapporti commerciali di credito-debito tra i membri della collettività rientrano nella definizione di moneta orizzontale. In questo livello orizzontale, noto anche come “circuito monetario”, le banche, le imprese e le famiglie partecipano al circuito del credito erogato dalle banche: i “soldi delle banche”. Il circuito creditizio è l’infrastruttura immateriale che permette l’esistenza del moderno capitalismo (Alain Parguez).

I due livelli moneta (verticale) e credito (orizzontale) sono raffigurabili nella “piramide monetaria”.

Nel corso della Storia gli Stati hanno emesso per lo più moneta su supporto metallico, confrontandosi con un vincolo che potenzialmente limitava la capacità di spesa dei governi: la quantità di metallo a disposizione era il “tetto” per la creazione di moneta e la spesa che lo Stato poteva “permettersi”. Gli Stati hanno fronteggiato questo vincolo nelle maniere più diverse: conio di monete con quantità di metallo ridotto a parità di valore nominale di conio, politiche di esportazione mirate all’”accaparramento” di metalli preziosi provenienti dall’estero, incarceramento/esilio di chi aveva prestato soldi allo Stato, invasione degli Stati limitrofi. Anche gli Stati moderni hanno dovuto far fronte, prima della nascita della moneta fiat, al problema del proprio finanziamento, per lo più gestito mediante emissione di obbligazioni di Stato e indebitamento verso i capitali privati, gergalmente identificati come “Big Money” e storicamente impegnati in spostamenti internazionali alla ricerca di rendimenti reali quanto più elevati possibile.

Tratto dal capitolo secondo, “Lo Stato e i ‘soldi’: moneta, crediti, debiti”, di Uccidere il dio dell’Austerità (Edizioni Sì)

oooooo

La moneta fiat: ciò che può uccidere il dio dell’austerità

La moneta fiat: ciò che può uccidere il dio dell’austerità

di Daniele Basciu

Quando nel 1971 il presidente americano Nixon sospese la convertibilità del dollaro in oro, eliminando contestualmente anche il legame di cambio fisso tra le valute che aderivano agli accordi di Bretton Woods, la moneta creata dal nulla dallo Stato, detta per questo motivo fiat (dal latino: creata dal nulla), diventa

credito d’imposta su tassazione futura

Significa che l’unico impegno che assume lo Stato, nell’emetterla, è di accettarla in pagamento delle tasse che imporrà nel futuro.

La valuta spesa dallo Stato, da quel momento, è scambiata con le altre valute emesse dagli altri Stati in base al valore determinato dall’equilibrio tra domanda e offerta.

Gli unici limiti tecnici che si possono avere nell’emissione della moneta fiat sono quelli che uno Stato si può auto-imporre, limitando la propria sovranità monetaria.

Ad esempio, agganciando la propria valuta a quello di un altro Stato, come fece l’Argentina negli anni ’90 prima del default del 2001.

Oppure uno Stato può auto-limitarsi, come fecero i paesi aderenti allo SME quando s’impegnarono a contenere le oscillazioni tra i cambi delle valute all’interno di una banda definita.

Quando uno Stato ha la piena sovranità, non ha limiti di spesa dovuti alla mancanza di moneta. Il solo limite esistente è quello delle risorse reali rese disponibili dai privati e dalle aziende allo Stato in cambio dei soldi dello Stato.

La piena sovranità monetaria, il monopolio sull’emissione della propria valuta fiat, non convertibile e guidata dalle tasse, è lo strumento con cui uno Stato può sottrarsi ai condizionamenti dei mercati, ai condizionamenti del “big money”.

Tratto dal capitolo terzo. “Il 1971 e la nuova era”, di Uccidere il dio dell’Austerità (Edizioni Sì)

oooooo

I Titoli di Stato: governare l’economia per non essere governati dall’austerità

I Titoli di Stato: governare l'economia per non essere governati dall'austerità

di Daniele Basciu

In una situazione di piena sovranità monetaria, lo Stato spende attraverso un sistema costituito da Governo e Banca Centrale.

La Banca Centrale opera come ambiente di compensazione delle transazioni che avvengono tra banche commerciali, che sono obbligate ad avere presso la BC un conto cosiddetto di riserva.

Quando lo Stato spende, lo fa con degli ordini di accredito che incrementano il saldo di riserva della banca presso cui detiene il conto corrente il destinatario dell’accredito (destinatario che a sua volta gode di un incremento del proprio saldo di conto corrente presso la banca); il risultato finale della spesa dello Stato è che aumentano in aggregato le riserve delle banche presso la BC.

Nel caso in cui le banche dispongano di riserve in eccesso rispetto a quanto sono obbligate a detenerne presso la BC, cercheranno di collocarle rendendole disponibili sul mercato interbancario ad un interesse superiore a quello di remunerazione del conto di riserva detenuto presso la Banca Centrale. Se il rendimento delle riserve presso la BC è dello 0,5%, saranno disposte a cederle ad un’altra banca per tassi maggiori dello 0,5%.

Pertanto, poiché la spesa dello Stato determina un aumento delle riserve e quindi una immissione nel mercato delle stesse, questo eccesso imprime una spinta verso il basso dei tassi d’interesse interbancari, perché aumenta l’offerta di riserve nel mercato interbancario.

Uno Stato con la piena sovranità monetaria è sempre in grado di determinare la soglia sotto la quale non può scendere il tasso interbancario. Lo fa predisponendo un’opzione alternativa per le banche che hanno eccesso di riserve, offrendo loro di collocare le riserve in Titoli di Stato di cui lui definisce il rendimento.

Pertanto, se lo Stato offre alle banche la possibilità di collocare l’eccesso di riserve in un conto chiamato “Titoli di Stato“ ad un tasso dello 0,6%, nessuna banca sarà disposta a rendere disponibili e offrire sul mercato interbancario le proprie riserve-extra in cambio di un rendimento inferiore allo 0,6%, proprio perché per valori inferiori conviene l’acquisto di Titoli di Stato.

Lo Stato, emettendo e immettendo sul mercato Titoli di Stato, non finanzia la spesa pubblica ma drena l’eccesso di riserve del mercato interbancario. Non chiede soldi in prestito (non ne ha bisogno) per pagare la spesa pubblica, ma offre una possibile allocazione del risparmio finanziario. Infine, in questo sistema è lo Stato a decidere il tasso di interesse dei Titoli di Stato.

Tratto dal capitolo terzo, “Il 1971 e la nuova era”, di Uccidere il dio dell’Austerità (Edizioni Sì).

oooooo

Le tasse: bisturi per l’economia o coltello in mano all’austerità

Le tasse: bisturi per l'economia o coltello in mano all'austerità

di Daniele Basciu

Le tasse, in uno Stato con piena sovranità monetaria, non hanno la funzione di finanziare la spesa pubblica. Infatti lo Stato prima effettua la spesa pubblica, e solo in un momento successivo raccoglie le tasse. Non ha assolutamente bisogno dei soldi dei cittadini per poter spendere: la spesa è effettuata dallo Stato con istruzioni di ordini d’accredito denominati nella propria valuta in favore dei conti corrente dei destinatari.

La tassazione ha la funzione di imporre l’uso della valuta dello Stato, che altrimenti risulterebbe priva di valore intrinseco, generandone la domanda da parte del settore privato. Inoltre la tassazione è lo strumento con cui lo Stato può incentivare o disincentivare determinate attività, produzioni, oppure comportamenti. La tassazione è anche lo strumento con cui lo Stato può intervenire sull’inflazione, riducendo la capacità aggregata di spesa del settore privato.

Quando il volume della spesa dello Stato è maggiore del volume della tassazione successivamente riscossa, il risultato costituisce il deficit dello Stato ed il risparmio finanziario dei privati.

I deficit di uno Stato, sommati nel tempo, costituiscono il debito pubblico, che nella società ha due corrispettivi: la ricchezza reale rappresentata dai beni e servizi che lo Stato ha acquistato, e la ricchezza finanziaria netta che resta registrata nei conti dei beneficiari della spesa. Questa ricchezza, per lo Stato, è una registrazione contabile nel sistema Stato-BC. Il debito pubblico, pertanto, rappresenta la denominazione nella valuta dello Stato delle spese e degli investimenti che lo Stato ha fatto per sé stesso nel corso del tempo, ovvero la contabilità del valore nominale del proprio slancio verso il futuro espresso nella valuta di cui è monopolista.

Tratto dal capitolo terzo, “Il 1971 e la nuova era”, di Uccidere il dio dell’Austerità (Edizioni Sì)

oooooo

Debito pubblico: lo chiamano zavorra ma è il motore per la crescita

Debito pubblico: la chiamano zavorra ma è il motore per la crescita

di Daniele Basciu

Ci sono due differenze tra i soldi spesi dallo Stato e quelli creati come credito dal sistema bancario: la prima differenza riguarda le finalità, la seconda la natura dei soldi spesi.

Lo Stato spende i soldi avendo come obiettivo il bene pubblico (anche se è vero che non sempre è così), per realizzare quella dotazione di ricchezza reale che la collettività del presente lascia in eredità alla generazione successiva (acquedotti, dighe, ospedali, scuole, ferrovie, territorio non inquinato, ricerca, ecc..). L’interesse pubblico è un concetto slegato dal profitto: un servizio sanitario di alto livello erogato nei piccoli centri non può generare un profitto.

Dall’altro lato, l’erogazione del credito all’attività imprenditoriale privata è funzionale a generare profitto per attività d’impresa, e non è finalizzata al bene della collettività.

L’erogazione del credito coincide al tempo stesso con attività di spesa dei privati e con un indebitamento di soggetti privati nei confronti del sistema bancario (anch’esso collocato nel settore privato); il risultato può essere un aumento della domanda aggregata e ad un aumento dell’occupazione, ma tutto questo, per quanto positivo, non va necessariamente a vantaggio dell’interesse pubblico.

Inoltre, l’aumento dell’indebitamento aggregato da parte di famiglie e imprese (un “risparmio finanziario negativo”) non può durare lungo, e in genere si conclude con una fase di brusca e violenta riduzione del tasso d’indebitamente e del volume del debito, minore domanda aggregata, minor produzione e quindi meno posti di lavoro necessari.

In questo contesto, l’unico soggetto che può spendere in deficit per compensare la domanda aggregata che viene meno e i relativi livelli occupazionali è lo Stato.

La sintesi è che il debito, sia esso pubblico o privato, è necessario al funzionamento del sistema economico in cui viviamo. Ma, mentre l’accumulo del debito da parte dei privati non può durare a lungo ed è caratterizzato da andamento ciclico, l’accumulo del debito per uno Stato (denominato nella moneta fiat di cui è monopolista) non è un problema, perché si tratta di una figura contabile: sono soldi (passività finanziarie) che lo Stato non deve restituire a nessuno, non avendoli presi in prestito da nessuno.

Tratto dal capitolo quarto, “Qualche cosa permessa agli Stati con sovranità monetaria”, di Uccidere il dio dell’Austerità (Edizioni Sì)

oooooo

Il Quantitative Easing: quando la moneta da sola non basta

Il Quantitative Easing: quando la moneta da sola non basta

di Daniele Basciu

Abbiamo svariati esempi di uso della sovranità monetaria non orientati al benessere della collettività: il QE (Quantitative Easing) è il prototipo perfetto. Agli occhi di molti rappresenta la massima espressione di ciò che possono fare gli Stati con sovranità monetaria, nella realtà è uno strumento del tutto inadeguato a ridurre la disoccupazione. I detrattori della MMT affermano che il QE è la prova provata che “stampare moneta come dice la MMT non funziona”, dimostrando così di non conoscere la MMT.

Il QE è uno strumento inadeguato a ridurre la disoccupazione per due motivi, legati alla filosofia del QE ed al meccanismo di creazione del credito da parte delle banche.

L’obiettivo del QE non è il finanziamento diretto di un intervento di spesa dello Stato, ma lo stimolo del credito nel settore privato, credito che dovrebbe alimentare la spesa di imprese e famiglie.

Nella realtà il QE consiste nell’acquisto, da parte della Banca Centrale, di Titoli di Stato già emessi dal Tesoro; in cambio “cambia i numeri” dei conti di riserva che le banche hanno presso la Banca Centrale. Operativamente, abbiamo lo spostamento di numeri da un conto deposito (il titolo di Stato) a un conto riserva (presso la Banca Centrale). Non c’è nessuna “stampa di soldi” o “iniezione di liquidità” connessa ad un intervento nell’economia reale. Anzi, l’operazione rimuove dal sistema economico il reddito da interesse che il detentore dei titoli percepisce, assorbito dalla BC insieme al titolo.

Il secondo punto ruota intorno alle aspettative sul QE come stimolo all’economia reale, fondate sull’errato convincimento che, nell’erogazione del credito, le banche commerciali siano vincolate al meccanismo del “moltiplicatore monetario”. Secondo tale scorretto presupposto, le banche creerebbero e concederebbero credito come multiplo delle riserve bancarie detenute presso la Banca Centrale; pertanto, a seguito di un incremento (conseguente al QE) dell’entità di queste riserve, le banche andrebbero proporzionalmente a creare più credito. Ma questo non corrisponde alla realtà. Nella realtà, non esiste una catena di trasmissione diretta che parte dall’espansione delle riserve bancarie e porta all’incremento dei volumi di credito erogato al settore privato. Le banche non prestano riserve alla clientela, e non erogano più prestiti come conseguenza dell’incremento delle riserve.

Pertanto, come afferma Warren Mosler, il QE

Non ripristina la domanda aggregata, ma semplicemente riposiziona asset di natura finanziaria. Opera sui prezzi (tassi di interesse), non sulle quantità.

Tratto dal capitolo quinto, “La moneta da sola non basta”, di Uccidere il dio dell’Austerità (Edizioni Sì)

Okerbidea ala zuzenbidea?

Okerra, torcido… Torcido, aka, mandanga

Zuzena, derecho… Derecho, aka, autodeterminazio-eskubidea

Eredu soil bat, Diadan:

The right to self-determination is a fundamental human right:

Catalonia’s Diada in full: ‘Independence is your cause and you do not walk alone’ (https://www.commonspace.scot/articles/13264/aamer-anwar-speech-catalonias-diada-full-independence-your-cause-and-you-do-not-walk)

(Katalanez: https://comunicats.cat/discurs-sencer-daamer-anwar-a-la-diada/)

Euskal Herrian bezalaxe, berdin-berdin!

Gogoratu ondoko hau: Autodeterminazio-eskubideaz eta ziaboga ideologikoaz

Joe Brew eta Josep Borrell

Joe Brew‏ @joethebrew

Los 4 minutos más duros de la entrevista de la BBC con Josep Borrell, subtitulado en castellano.

Bideoa twitterrean: https://twitter.com/joethebrew/status/1039573047634743300)

2018 ira. 11

2018 ira. 11

Sr. Lobo‏ @WinstnWolfe

Honi erantzuten: @joethebrew

El desinfectador Borrell pone su constitución española por encima de los tratados internacionales, genial. Y en el segundo video habla de un 47% de apoyo o a la independencia y dos mitades sin que se haya celebrado ningún referéndum vinculante todavía, este senil és vidente

E.G.G.‏ @Elidien 17 hDuela 17 ordu

El millor de tot és que la pròpia CE obliga a interpretar el dret intern (inclosa la mateixa CE, evidentment) a la llum del dret internacional… així que si és una nació, té dret a l’autodeterminació; aleshores per sortir de l’atzucac comença a jugar amb el concepte ‘secessió’.

Pera Dolça (Marta)

? @CridaDemocracia Tram34‏ @PeraDolsa

Una nació té el dret d’autodeterminació. Ergo, si Catalunya és una nació, té dret a l’autodeterminació!

Carles Boix

?‏ @boixserra

Honi erantzuten: @joethebrew

No se aguanta de pie. 1.Para Borrell Catalunya es una nación. Pero no puede decidir ni tiene derecho a autodeterminarse si implica constituirse como estado. 2. Sus opiniones personales no cuentan para nada. 3. El fiscal gral no responde al gobierno.

Carles Boix

?‏ @boixserra 17 hDuela 17 ordu

El derecho de autodeterminación no se aplicó ni en Quebec ni en Escocia, sólo en algunas islas. 5. Como los catalanes tienen opiniones diferentes, no podemos preguntarles qué quieren.

Miquel Gil

?�゚ヌᆰ??�゚ヌᆳ‏ @miquelgilcat

Coi, és que com es ven fora de la bombolla socialista que Catalunya és una nació però no té dret a l’autodeterminació perquè ho diu la constitució espanyola, que l’AD no inclou la secessió (!) i que la fiscalia no depèn del govern. @jorgecagiaoycon

jorge cagiao y conde‏ @jorgecagiaoycon

Si es que no tienen reflexión hecha para ir a países como RU a explicarse.

jorge cagiao y conde‏ @jorgecagiaoycon

Que la gracia es lo que comentas: Borrell le habla a un periodista británico de islas en el Caribe… Como si Escocia no existiese!!

La Baliverna‏ @labaliverna 1

Escocia es innombrable pq es un ejemplo sangrante para el estado Ñ (la tenemos a la vuelta d la esquina en el espacio geográfico y político). En caso d aparecer por sorpresa, los tertulianos echan mano d la socorrida respuesta: es q RU no tiene constitución

jorge cagiao y conde‏ @jorgecagiaoycon

Respuesta que jurídicamente no vale mucho. Y como he escrito varias veces: aun en el caso de que valiera (que no es el caso), Canadá sí tiene Constitución, y ya ven.

La Baliverna‏ @labaliverna

Respuesta jurídicamente inválida porque además resulta que RU SÍ tiene constitución, d hecho, similar en formato a la de CND. Pero a los tertulianos Ñ si no está todo el corpus legislativo en un solo volúmen, ya no es constitución ni es ná. Anarchy in the UK

Joaquim Puntí i Freixer‏ @JFreixer

Honi erantzuten: @joethebrew

Pepe Borrell ho pagarà molt car. A Castella no li perdonaran el que ha dit i se’l carregaran. Aviat ho veurem

Joaquim Puntí i Freixer‏ @JFreixer

Hauei erantzuten: @EmswilerLluci @joethebrew

Ell creu que Catalunya és una nació que té l’obligació d’estar sotmesa a una altra. S’hauria d’haver mossegat la llengua si volia continuar fent de ministre.

Isac‏ @chasensioe

Honi erantzuten: @joethebrew

Entiendo que el Ministro Borrell acepta que España ha firmado un tratado que contradice a su Constitución.

xaviby

?￯ᄌマ‏ @xaviby

Mejor dicho: España aprobó una Constitución que era contraria a los pactos y tratados internacionales que había firmado antes (BOE n°103, 30 de abril de 1977) de la entrada en vigor de la misma (BOE n°311, 29 de diciembre de 1978). Por lo que no respetaba la legalidad vigente.

Isac‏ @chasensioe

Que explicito! Fantastico!! Pues eso lo ha hecho antes la BBC!! Que viendo la entrevista, yo pensaba: “No puede ser que diga eso” Pero en fin, #MarcaEspana

Jonathan dos‏ @jvlpart

Hauei erantzuten: @joethebrew @Rosarovirasegar

Este hombre está sólo para ir a jugar a la petanca!!!!. Están tan acostumbrados a que las entrevistas las hagan @anarosaq @susannagriso @EspejoPublico @abc_es @tve_tve @telecincoes @antena3com que cuando les coge alguien demócrata se los follan sin contemplaciones, humillados!!

Antonio B L‏ @AntonioBL20

Exacto. El nivel periodístico en España ha decaído en picado cubierta la cúpula de estómagos agradecidos sin ningún tipo de músculo ? profesional.

Pepito Grasshopper‏ @PepitoGrasshop1

Honi erantzuten: @joethebrew

Típica entrevista q se le hace a un representante de un país no democrático. Quieren aparentar ser una democracia y caen constantemente en respuestas antidemocráticas. En democracia ninguna ley debe prohibir preguntar al pueblo. Y si esa ley existe, el gobierno debe cambiarla.

A. M ||

?||‏ @albeeert26

Buena distorsión

Pepito Grasshopper‏ @PepitoGrasshop1

Corea del Norte también tiene leyes igual que todas las dictaduras. Las leyes tienen que reflejar la voluntad de los ciudadanos y jamas tienen que ser usadas para impedir saber la opinión de la gente.

A. M ||

?||‏ @albeeert26

El camino al infierno construido con buenas voluntades. Cuidado con esto.

Miquel‏ @palesmartfon

Hay leyes que han de respetar y otras que se han de cambiar. Una ley solo es un acuerdo temporal dentro de una sociedad, casos como esclavitud, derecho de voto femenino… se ha forzado su cambio pq no eran justas. Es el camino al infierno xa unos a la libertad xa otros

A. M ||

?||‏ @albeeert26

Ok, como para esas situaciones esta guay vale para todas no?

Xavi Portalés

?????‏ @XaviPortales

Honi erantzuten: @joethebrew

Ops! Cómo me gusta la tranquilidad con la que el flemático periodista inglés deja al señor Borrell en calzoncillos

Xavi‏ @Xavi75897261

En pelotas!

Danae Mir‏ @MirDanae

Desinfectado lo ha dejado

Xavier Sans -⌬‏ @xaviersan10

Honi erantzuten: @joethebrew

Secesión no era unilateral y autodeterminación pactada? Me refiero en términos de derecho. Es que si es así, el matiz de Borrell no se entiende.

II*IICAT a l’ONU

? ?�゚ヌᆰ?�゚ヌᆰ?�゚ヌᆳ?�゚ヌᄃ?�゚ヌᆴ?�゚ヌᄚ‏ @voluntatdeser

El Sr Borrell (paraula que no ve de “burro” petit, perdoneu la broma però el que ha dit és d’ase o de mala fe), contraposa secessió a autodeterminació, dient que CAT seria un cas de secessió, però abans afirma q és NACIÓ, ergo és un cas d’autodeterminació igual a Escòcia o Qc

epc‏ @epc69172834

Honi erantzuten: @joethebrew

Quin periodisme més diferent

Anna de Mollet‏ @anna_314

I no només la caverna, aquí tb en tenim de mooolt fluixos

Unitat Canina SER‏ @UnitatK9

Honi erantzuten: @joethebrew

Secesió seria la boutade aquella de Tabarnia. Els decrets de Nova Planta es van aplicar a Aragó, València, Catalunya i Mallorca, és a dir Regne a Regne (encara que no hagi existit el Regne de Catalunya com a tal, tenia monarques). Sóm espanyols per Dret de Conquesta

Unitat Canina SER‏ @UnitatK9

Com especifiquen aquells Decrets. Teniem les nostres institucions i Lleis i tots els sistemes equiparables a un Estat i ens ho van pendre i a la força. Ja ho crec que en tenim dret a la nostra Autodeterminació i Independència i a més donem dret de vot

Unitat Canina SER‏ @UnitatK9

a tots els ciutadans de Catalunya, inclosos els que van arribar dins d’un context de Dictadura, molts dels quals engreixen els moviments unionistes

DBox

⚠️(Lupux)⚠️‏ @lupulox

Hauei erantzuten: @joethebrew @superwomanroja

Que envidia de periodismo. Que envidia de no manipulación. Que envidia de sentido democrático.

Oriol Bertran‏ @obffelius

Hauei erantzuten: @joethebrew @EsterRubio2

Quin ridícul ha fet aquest home, això és el@millor q teniu @socialistes_cat @miqueliceta ? Per cert, alguns periodistes d’aqui potser hauríen d’aprofitar x aprendre periodisme

terelele‏ @00_rude

Honi erantzuten: @joethebrew

Periodistas así en España, por favor

orwell‏ @sirio_b

En el S.XV no hay periodistas. Hay pregoneros del Señor o el rey y juglares. No conocen lo que es el periodismo.

Pinas

?‏ @Pinas41

Hauei erantzuten: @joethebrew @JordiGraupera

El cinisme en acció, desemmascarat amb elegància!?�゚マᄐ?�゚マᄐ

Sergi Varet

? PROU! ?‏ @SergiVaret 18 hDuela 18 ordu

Hauei erantzuten: @joethebrew @JordiGraupera

Voleu dir q enten les preguntes?

Hans1984‏ @Hans19841

Igual que Dastis, lo mismito

Senyor Benito‏ @eduardbenito1

Hauei erantzuten: @joethebrew @Colonos_Cs

Las entrevistas a ministros de exteriores de España (Garcia Margallo, Dastis y ahora Borrell) las deben poner en ‘mimutos comicos, ¿no? No por el entrevistador q es excelente y exquisito.

?☠ⓙⓐⓒⓓⓔⓛⓐⓝⓞⓤ?‏ @Jacdelanou

Honi erantzuten: @joethebrew

Resum… El dret internacional preval sobre el dret nacional

Héctor Binefa

?‏ @ccascarrabias

Tristement a la Ñ, no. La propia Constitució diu que es tindran en compte les lleis internacionals pero que SEMPRE primarà la carta magna española en els casos que es cregui convenient.

?☠ⓙⓐⓒⓓⓔⓛⓐⓝⓞⓤ?‏ @Jacdelanou

No, em sembla que no anirà així

Sílvia ●Ni oblit ni perdó●‏ @s_valls

Honi erantzuten: @joethebrew

Espectacular. No hay nada como un periodismo de calidad. Gracias!

Magda Serch

?‏ @magdaserch

Hauei erantzuten: @joethebrew @helixx85

Au, ves a desinfectar-te @JosepBorrellF , la gran BBC te’n ha fotut d garrotades!!!… i fortes!!!!!

Victor Riverola‏ @VMatterfilm

Honi erantzuten: @joethebrew

Menudo nivel mas miserable de inglés, por cierto.

La Baliverna‏ @labaliverna

Is no autodetermineishon, is seseshion ???

LaNinyaMala

?#NoesNo‏ @LaNinyaMala

 

Verigut ????

La Baliverna‏ @labaliverna

Verigut fandango ???

LaNinyaMala

?#NoesNo‏ @LaNinyaMala

Y olé

 

Evarist Solé

?‏ @evarist_sole 16 hDuela 16 ordu

Hauei erantzuten: @joethebrew @Snah50Hans

Independencia judicial en Esp??

-la fiscalia depende de interior

-los jueces del TS, TC i AN son colocados por los politicos

-el TC obedece sin condiciones al gobierno

-el gobierno le paga la defensa al juez instructor del caso 1-O por caso particular con 500.000€

MENTIROSOS!!

Sonia@democracia‏ @Soniademocraci1

Hauei erantzuten: @joethebrew @JordiGraupera

En España no hay ninguna cadena de ámbito estatal capaz de hacer esas preguntas. Ni una.

Pere Nubiola Radigal‏ @pnubiola

Hauei erantzuten: @joethebrew @superwomanroja

Borrell reclama el derecho de conquista. Solo desde este punto de vista se puede defender que Cataluña reclama la secesión y no la independencia

#AntiFachas‏ @JosUtrilla

Honi erantzuten: @joethebrew

un bon noi‏ @un_bon_noi

Hauei erantzuten: @joethebrew @Lo_Tio_Collons

Collons Borrell, entre Dastis i tu esteu deixant el pabello Espanyol en ridicul, quan Catalunya marxi, us quedara un pais per el que dingu donara una merda.

Dilluns, conte‏ @paisdendaniel

Honi erantzuten: @joethebrew

Si Catalunya es una nación pero no puede ejercer como tal porque unas leyes lo impiden, entonces es que está ocupada. @desdelamoncloa @BBCHARDtalk #Catalunya #España

Omzule‏ @SuleimanOmri

Honi erantzuten: @joethebrew

I could never imagine a spanish TV station asking such direct or difficult questions. This says much about the state of Spain’s media and news.

Núria‏ @NRM_2909

Hauei erantzuten: @joethebrew @poilemutawi

Que grande, cuando la entrevista la realiza un medio externo sin presiones y con un periodista democrata, no hay respuesta entendible en Europa.

José Carlos Núñez‏ @KATAPROFESOR

Hauei erantzuten: @joethebrew @la_aprendiza

Que ridículo más vergonzoso estamos haciendo ante el resto de países

(…)

Albert SabaterLloret‏ @albsabllo

Honi erantzuten: @joethebrew

Un repaso en toda regla. Brutal el periodista. Hay momentos en que que Borrell no sabe donde ponerse ni que decir.

(…)

Annuska3/4

?‏ @Anna74909744

Honi erantzuten: @joethebrew

Que gran el periodista de la BBC…, l’incomoditat d’en Borell és palpable i el ZASCA final és tan sonor que s’ha sentit a tot el món!! ???????????

(…)

IolandaJM‏ @IolandaJM

Honi erantzuten: @joethebrew

Brutal!!! Como solo se deja entrevistar por sus medios manipulados, cuando le pilla un periodista profesional le deja en pelotas.

(…)

Pa’ habernos matao‏ @er_podemita

Honi erantzuten: @joethebrew

@JosepBorrellF Vaya patinazo amigo mio. Se ha caido del pedestal por intentar defender lo indefendible de un gobierno Okupa. Ha perdido toda su credibilidad y todo su honor en 4 minutos. Si le queda algo, dimita por favor, no se haga mas daño.

(…)

Maria Pilar Sabate

?‏ @mariapilarsa

Hauei erantzuten: @joethebrew @JorgeFSei

Creo q es uno de los personajes más falsos q conozco…. personal y profesionalmente!!! Y no digo mentiroso, digo FALSO‼️

(…)

Xavier Diez

?‏ @herodot10

Honi erantzuten: @joethebrew

Suspendido en derecho constitucional, en teoría del derecho y en derecho internacional…

Akelaliu

?￯ᄌマ‏ @akelaliu

Honi erantzuten: @joethebrew

Quina elegància i quina claredat de periodisme. No hi ha color!

(…)

Alberto Porvén‏ @AlbertoPorven 13 hDuela 13 ordu

Honi erantzuten: @joethebrew

Cuelga toda la entrevista, ¿no?

Joe Brew‏ @joethebrew

Joe Brew(e)k Bertxiotua Joe Brew

Joe Brew(e)k gehitu du,

https://www.youtube.com/channel/UCL5YmQ0UfxNoFQULOTOsGEw

(…)

Jordi78‏ @jordicat1978

Hauei erantzuten: @joethebrew @carmemascarell

En el 77 el jefe del Estado impuesto por Franco firmo la carta de derechos humanos para que se pudiera homologar al Estado Español como un Estado democratico,en el 78 en la constitucion redactada con militares franquistas amenaza dos se pasaron los derechos por el forro.

La gata Warhol‏ @lagatawarhol

Hauei erantzuten: @joethebrew @TxellBonet

Lo entiende todo el planeta menos quien lo tiene que entender.

Anónim

❤️??‏ @itc7899

Hauei erantzuten: @joethebrew @Houseof_CAT

A fora despanya fan el ridicul. Aqui tenen a la poblacio amb un rentat de cervell espectacular

Drusnia

??????????‏ @Drusnia4 14 hDuela 14 ordu

Hauei erantzuten: @joethebrew @Alruiz171171

No sap per on sortir quan li diu lo del 47% i el periodista li diu,doncs deixi fer un referèndum i si surt el que vostè diu no hi haurà secessió….Llàstima que no es veu la reacció del Borrell,però segur que la cara de zasca no li treu ningú ???? Gràcies per la traducció.

(…)

Galdera soila:

Ezagutzen al duzu Euskal Herri osoan horrelako kazeraririk? Antzekoren bat?

Baiezkoan, eman haren izena, mesedez!

Urteak daramatzat horrelako kazetari baten zain…