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What just ain't so:

  • "Social Security is in crisis; it is headed for bankruptcy."
  • "For young people, SS just won’t be there for them when they retire."
  • "The Social Security Trust Fund surplus is just a pile of worthless IOUs for money that the government has collected and already spent; it will renege on them rather than paying them back when due."
  • "Because everything the gov’t administers is inefficient, the gov’t paying for health care would be far less efficient than paying via private health insurance companies. "
  • "Clinton reversed the trend and moved the US budget from big deficits to big surpluses."
  • "It is well established that tax cuts increase government revenue."
  • "Free markets and free trade make everyone better off because they increase GNP and “a rising tide lifts all boats.”

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January 26, 2010


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This is a great article. Wow, so many of these things I never thought of before. I often read posts, even on this site, and I think they are great, but I don’t take the time to leave a comment. I’m going to start leaving more comments for sure.

Ellen Brown

Hi Tom, nice site! Tadit, for your information, I have zero connection with LaRouche. I emerged from the foreign service to come live with my mother, where I did research on the Internet. I've never been to a LaRouche meeting and don't know any LaRouche people. He is not mentioned in my fourth edition, on the advice of AMI people I credit. The articles I pulled up on the Net were by good writers and had good research, providing information I found nowhere else.

Tadit Anderson

Hello Tom, Glad to intersect with you. I've been producing a few book reviews recently for AMI on books mostly at the "pop" level that claim to be advocating for monetary reform and relative to community currencies and exchanges(aka Ccs and Cxs). One of the things I am pressing is for the Ccs and Cxs to simulate a reformed monetary environment. This requires a sort of LETS 2.0 model. I've not really be able to engage any of the current advocates of Cc and Cx advocates toward upgrading their economics. The most popular writers are really sowing major disaster and discrediting this process at the local level. Pretty slow going. I am working through Randall Wray's "Understanding Modern Money" both for a review and to integrate toward monetary reform. Wray actually is stronger at advocating the Chartalist approach to monetary theory, and the use of the monetary institutions to perform in the interests of the nation, as in the interests of it natural citizens. The major different difference is in his advocacy of using the governmental control of the monetary institutions to use labor as the basis as the commodity of value on which the currency, aka US dollars are based rather than the floating or specie basis. Jamie Walton a researcher with AMI has been doing an intense review of Brown's material, and apparently there are deep connections between her and the LaRouche mob. It will be published probably fairly soon at the AMI site. Mine should be there as well. take care, Tadit

Tom Hagan

Thanks for the elucidation on Ford. Fascinating how these stories, often apocryphal, find their way into the conventional wisdom.

I'm very familiar with AMI - I was in the audience at the AMI conference in Chicago last September when Kucinich announced by telephone call to the group his intention to file a bill adapted from the AMI proposal. Though not cited in this post, you will find refences elsewhere in the blog to AMI, Zarlenga, Ellen Brown, et al.

The critique of the stability of fractional reserve banking I presented in the post is esssentially Zarlenga's. I have been on the lookout for a serious rebuttal, have found none, which led to the observations made about academic economists in the last paragraph..

Again, thanks for troubling to amplify and correct the Ford story.

Tom H.

Tadit Anderson

While I agree with your general analysis, the Henry Ford myth needs to balanced by some facts. Actually it was Ford's publicists who concocted that story. Check the book "Railroading Economics." What happened is that Ford had a huge problem with absentee-ism and staff turn-over to the point that his profit margin was been reduced, There was little incentive to stay employed by Ford. He increased the pay scale and suddenly though not mysteriously the absentee-ism and staff turn-over went rapidly down, and his profits went up. At the time Ford was attacked by his peers as an enemy to his class, and then his sales went up also. See this trifold that I've put together That was a relatively minor piece of your argument, that could be made stronger. You might want to also visit the American Monetary Institute and read their soon to be presented as new legislation American Monetary Reforms proposal by Dennis Kucinich in the US House of Rep.s

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