Warren Mosler: Presidentetzarako hautagaia (2012)

@tobararbulu # mmt@tobararbulu

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(1/2) 2012 Presidential Candidate Warren Mosler Speaking at Quincy Tea Party 2009 (1/2)

(https://www.youtube.com/watch?v=r5FWJqcndBA)

Warren Mosler speaking about fiscal responsibility in Washington Park in Quincy Illinois for Lincoln’s Legacy Tea Party.

Transkripzioa:

0:01

next up to the stage

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today from St croy US Virgin

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Islands running for president in 2012

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ladies and gentlemen help me welcome

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Warren

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[Applause]

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Mosler thank you we cut to five minutes

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so we’ll get right into it

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first things first I solemnly swear to

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tell the truth the whole truth and

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nothing but the truth so help me

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[Applause]

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[Music]

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God my first proposal is that any

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candidate for public office and in fact

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any public speaker be sworn in like that

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now why then if they don’t tell the

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truth they’re subject to the perjury

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laws they can be uh prosecuted and go to

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jail

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[Applause]

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[Music]

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[Applause]

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the question now is why am I running for

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president 100% as a matter of conscience

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it’s like if you see somebody drowning

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and you know how to swim you offer to

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help uh if the doctor sees somebody

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bleeding on the side of the road he

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offers to help i know something about

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the monetary system banking uh I’ve been

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I grew up on the money desk at Bankers

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Trust in the early ’70s

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my first job was in banking i ran a

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hedge fund for many years had the number

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one track record of any hedge fund

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manager i believe uh not a single loss

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in 15 years and you fill in the blank

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one of the largest risk adjustment

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returns recorded before I turn it over

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to my partners in 97 okay just make sure

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Bruce is and I’ve had I regularly visit

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with that i I know how the accounts

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clear at the U Federal Reserve and spent

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time there in the

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Treasury okay the re the reason I’m

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running is because I know how to restore

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output and employment to prior levels

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okay

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and want to get one thing out of the way

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as qualifications for my uh run for

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president this is my birth certificate

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manchester Connecticut September 18

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1949 so let me tell you a little bit

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about and I’m here to talk to you about

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the economy i understand the liberty

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issues and I’m all in favor of that and

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it troubles me as much as anybody here

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but I’m here to tell you about the

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economy and I’m going to do it quickly i

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can only give you one example and that’s

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the crisis that started a year ago as a

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banking crisis now what went wrong with

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the banks the problem was bad loans now

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what makes a loan go bad why are these

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Why do the banks have toxic assets

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there’s only one thing that makes a loan

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go bad and that is somebody can’t make

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their payments if you can make your

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payments it’s AAA if you can’t make your

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payments that loan is junk so what does

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the administration do about it

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first of all they profess their belief

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which is wrong that we must restore the

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financial system before otherwise

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anything we do for the economy isn’t

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going to work and we need to which is

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completely backwards the way it works

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and I’ve known from experience is that

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first you have to restore the economy

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and then the banks figure it out and the

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insurance companies and everybody else

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but without a good economy they can’t do

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any better than anybody else but

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whatever they’ve got it backwards that’s

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that’s their plan so to restore the

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banks they start funding the banks with

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literally trillions of dollars of of you

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know in a variety of ways which does

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allow the banks to live through the

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banks have been getting by but it

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doesn’t help anybody to make their

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payments the delinquencies and losses on

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loans individuals continues to go up

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unemployment continues to go up to

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absolutely obscene levels it’s just

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criminal that we should have over it’s

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they report 9.7 9.8% is much higher of

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our population who wants to work who’s

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willing and able to work and can’t find

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productive work that’s lost output

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that’s a complete waste on any level you

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look at okay so the government is taking

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this top down approach that would make

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even Reagan blush his trickle down

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wasn’t anywhere near like what they’re

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trying to do they’re funding the banks

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hoping that somehow that’s going to

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filter through well it doesn’t so what’s

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the real answer

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the answer is rather than giving the

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banks trillions of dollars all they have

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to do is stop taking trillions of

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dollars in payroll taxes away from

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people working for

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us they don’t even have to give us

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anything they just have to stop taking

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it away and it’s a lot of money it’s it

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they they’re taking it away from both

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employers and employees that’s 8% from

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both of them approximately and so if

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you’re making $50,000 a year they’re

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taking away $400 a month that they

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should stop taking away okay now what

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happens after they stop taking this

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money

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away suddenly people can make their

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mortgage payments that’s practically the

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whole payment for a lot of people okay

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they can make car payments and the

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economy fixes itself and the banks are

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fixed giving the banks trillions from

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the top down does literally nothing for

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them except keeps them limping along

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like Japan’s done for 20 years while

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fixing it from the bottom up actually

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restores the economy output and growth

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and if done according to uh and if we

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get a full payroll tax holiday where

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we’d have the Treasury make all the

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payments for us keep all the trust funds

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in order so nobody can gets their

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accounting messed up not not that it

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matters but then this economy would turn

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itself around in no time i would say

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within 60 days and if they had done this

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back in July we never would have had

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this problem to begin with it’s

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inexcusable to let a financial crisis

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spread into the real economy where

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people are working it’s and

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it’s okay

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now let me just address one more thing

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which is why does government tax and I’m

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going to give you a true story i’m sworn

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in here prosecute me if I’m wrong if you

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were to pay your taxes with actual cash

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you’re an employer you took your $100

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bills to pay your taxes to the federal

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government they would take that money

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give you a receipt say “Thank you very

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much you just helped pay for social

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security and the war in

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Afghanistan.” And then as soon as you

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leave the room they take that money and

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they throw it in a shredder okay that’s

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fact they throw it in the sh What are

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they going to do with it they don’t have

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any use for it okay so how does taking

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our money and throwing it in the

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shredder pay for anything well it

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doesn’t

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@tobararbulu # mmt@tobararbulu

ooo

(2/2) 2012 Presidential Candidate Warren Mosler Speaking at Quincy Tea Party 2009 (2/2)

(https://www.youtube.com/watch?v=K9ai-tjs52w)

Warren Mosler speaking about fiscal responsibility in Washington Park in Quincy Illinois for Lincoln’s Legacy Tea Party.

Transkripzioa:

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when the check clears they change the

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number down in your bank account it’s

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their bank it’s their books they change

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the number

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lower and how does government

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spend when you get your Social Security

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check and you’re washing on your

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computer screen and you had $11,000 and

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there’s 2,000 coming the government

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changes the one into a three and now you

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have

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$3,000 all they did was make your number

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higher they didn’t take some gold coin

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and pound it into their

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computer that’s all it is now where else

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we see this happen you kick a field goal

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in football and you get three points

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where did the stadium get those three

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points get them from anywhere okay

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should we be careful that we don’t have

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a high scoring game and they might run

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out of points are that if we allow game

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scores to go too high our children won’t

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be able to play football and get their

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points of course not this complete

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nonsense government spending is not

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constrained by anything except their

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willingness to change numbers in your

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account now that can be a very dangerous

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thing they can overspend and pay and

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cause a lot of inflation many countries

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have done that but they are not going to

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bounce any checks all Social Security

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payments can be met promptly and on time

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there is no solvency issue the

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government can’t go bankrupt they can

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pay all the Medicare checks that’s not a

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problem the problem is will that money

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be worth anything will they cause

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inflation well nobody applies any

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analysis to that question they can’t get

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by the idea the government’s going broke

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George Bush said it four times in one

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day and Obama said at least twice the

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government’s run out of money the

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government doesn’t have or not have any

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money there’re a scorekeeper they just

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change the numbers in our account they

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don’t okay so using up my time very

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quickly uh do I have time to tell you

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how we’re going to pay off China

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no okay all right so I everybody asked

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me well how are we going to pay off

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China why are they ask asking that

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question cuz the media is flooding us

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with that question we’re worried about

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China how worried are we we’re sending

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we’re cow Towing to them we’re sending

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Hillary Clinton and Tim gner over to

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China to you know you know to cow toow

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and ask for concessions and um we’re

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afraid to discuss nuclear weapons in

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Korea and we’re afraid to discuss

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nuclear rights because they might not

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buy our debt and we might not be able to

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run the country we don’t need China for

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anything with the money it has nothing

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to do with anything it’s a complete

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fallacy but they believe it and it’s

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killing us now let me explain first you

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have to understand how China gets US

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dollars they sell us a bunch of t-shirts

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right so we we buy a bunch of t-shirts

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and what the Federal Reserve does when

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the checks clear is they take money out

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of whoever bought the T-shirt they take

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money out of our account at the fed and

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they put it in China’s account at the

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FED it’s a checking account it’s a

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transactions account they call it a

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reserve account they give it a fancy

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name because it’s the Federal Reserve so

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China sells it t-shirts gets a billion

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dollars in their

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account now what does China do with that

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money well they have a couple of things

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they can spend it and then it would go

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back into our account or they can just

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leave it there earn no interest or they

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have a third choice called a treasury

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security what is a treasury Security

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treasury security is a fancy name for a

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savings account at the Federal Reserve

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you give them money and you buy a

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treasury security they give it back to

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you with interest that’s what happens in

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a savings account you give the bank

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money they give it back to you with

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interest that’s all it is so China says

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Okay I want to buy some of your treasury

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Securities okay thank you very much

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they’re paying a quarter of a% interest

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for the 90 days and what we do is we

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take the money out of your checking

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account at the Federal Reserve and put

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the money in your savings account at the

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Federal Reserve that earns 25 a quarter

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of a percent interest China says thank

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you very much and what happens now we

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owe China all that money well what do we

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owe what we owe them is when that

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checking when that savings account comes

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due promise with a full faith and credit

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for the United States to take it out of

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their savings account and put it back in

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your checking account that’s all right

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I’ve been in this for 40 years I started

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a banker’s trust it used to be what if

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the bank of England doesn’t buy our

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Securities and what if the Japanese and

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what if the Saudis and what if the

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Chinese there is no such issue I used

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explain it to my bosses so they were

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blew in the face they think they sort of

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got it they sort it in okay but I I I

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know how this works I’ve talked to

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people at the fed from the top down

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ahead of monetary they understand

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there’s no problem I say well why don’t

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you tell people you’ve got everybody

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walking around in fear they go well

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that’s not what we do here at the

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Federal Reserve we got a massive

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education problem I’m going to uh is

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there any

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gold there’s gold in Fort NX

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okay right but the currency is not

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convertible into gold it has nothing to

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do with the money it’s just something

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the government owns like they own the

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national forest all right

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okay so any other

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questions okay so I’m going to get back

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to my first proposal is a full payroll

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tax holiday where the treasury makes the

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payments for us to immediately end this

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recession get everybody back to work

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restore LS output in

5:17

[Applause]

5:24

employment take that back my first

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proposal is to swear all these people in

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so they don’t lie to us without facing

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criminal

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penalties second proposal and it’s time

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AG

5:38

go shovel ready projects excuse

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me okay what we should be doing is just

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pushing the money back to the States on

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a per capita basis in other words

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according to the number of people you

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have we should start off with a five

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instead of 150 billion for shovel ready

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projects uh we have 300 million people

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if we give each state government the

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equivalent of $500 per person that’s the

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same $150 billion and now instead of

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fooling around with these silly projects

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for the most part and I’ve heard some

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horror stories just right around here

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about breaking roads so they could fix

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them we can keep the highway patrol and

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the Public Health Service employed and

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stop lying those people off okay

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now it’s it’s also Fair we’re not

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rewarding bad behavior because all the

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states are getting exactly the same

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amount on a per capita basis well

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California has been bad so they need it

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just to handle their debt maybe in other

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State’s been good and they can build a

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new stadium or give everybody the money

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back whatever they want but there’s no

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reason for the federal government to be

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trying to micromanage each project

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through this whole country except for

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reasons I don’t want to get into and

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I’ll just give them the benefit of the

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doubt not mention

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it thank you very much go to Mosler

6:51

212.com for more and feel free to speak

6:55

with me afterwards to if you have any

6:57

further questions thank you very much

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w

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