Galbraith

"There Is No Economic Justification for Deficit Reduction" Galbraith to Deficit Commission

Posted by Michael Collins

Your proceedings are clouded by illegitimacy.

The conclusion to be drawn is that Social Security should in any event be off the agenda of your Commission, as it is a transfer program and not a program of public spending in the economic sense. In particular it does not use capital resources and will not drive up interest rates. This is true whether the "Social Security System" is in internal balance or not.
--James K. Galbraith

The Final Word on Public-Private Partnerships (PPP)

In a recent column by Glenn Greenwald at salon.com, titled, Mike McConnell, the WashPost & the dangers of sleazy corporatism, Glenn explains the seamless movement between the overt American intelligence establishment, and the covert American intelligence establishment which I have come to refer to as the Financial-Intelligence Complex.

Full Spectrum Inequality

The Plunder, Pillage and Destruction of the American Tax Base

We don’t pay taxes; only the little people pay taxes. – Leona Helmsley

PREAMBLE:
This brief blog is an attempt at a synthesis of the excellent and exemplary research of superior individuals who have sought out the ways and manner of tax evasion and tax avoidance.

When such avoidance and evasion becomes institutionalized, the impact on any society can be quite severe. Seldom do people understand the connection between massive and institutionalized tax loss and deficit (debt) spending and the existence of debt-financed billionaires (that is, debt-financed wealth).

These activities are extremely antithetical to all forms of progress, as I endeavor to illustrate here.

In the virtual economy, tax shelter design and securitized financial instrument creation rules the day. From the information presented below, one would not be remiss to believe that those with American citizenship who work to evade taxation are truly only citizens of transnationals and multinationals, not citizens of any country.


1913

The sense of responsibility in the financial community for the community is not small. It is nil. – John Kenneth Galbraith, The Great Crash

The year 1913 was fraught with momentous change. That was the year America saw the establishment of the oil depletion allowance, the Federal Reserve System, the federal income tax and the Rockefeller Foundation.

The federal income tax as we know it today was, not unexpectedly, introduced in Congress by a Republican, to be adopted as the Sixteenth Amendment to the Constitution.

Fed's Follies & Systemic Risk Regulation

Submitted by on

The administration’s proposal sets out to restore the shadow banking system and all the various securities markets that have arisen in the past fifteen years or so, including credit default swaps. The underlying presumption is that these markets serve public purpose, that they can be restored, and that they should, in fact, be restored.

The presumption is not correct. - James K. Galbraith

Against the backdrop of blocking a Federal Reserve audit by the Senate, we have additional questions being raised on the Federal Reserve as Systemic Risk Regulator.

War of the Audit