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View Diary: I am so tired of this sh*t! (109 comments)

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  •  They don't make money on Wall Street. (2+ / 0-)
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    mightymouse, peregrine kate

    Money is a tool, a measuring tool, an aide memoire. Money is an official IOU. It's like the difference between getting married by saying,"I do," and having the town clerk issue a certificate. The certificate is a tangible symbol of a commitment to provide support. Just like the dollar. What they're doing on Wall Street is playing with certificates. They're record keepers gone haywire with the records. When they lose some, the treasury sends them more. Which is now really easy because we no longer need to send gold or even pallets of bills like we sent to Iraq. They just send numbers via electronic blips.
    The mistake arises when we let Congress pretend there is not enough money to provide for the general welfare.
    We let them do that because we can't imagine why they would lie. But the answer is actually simple once we ask the question. It's that the Congress is made up of people who don't want to serve. Rather, they'd rule and impose deprivations so the electorate will be grateful for any amelioration come election day.
    It's a coercive strategy. Incumbents can argue, "I'll make it better next time around," and challengers can promise to do a better job than the other guy, deciding how much food gets on the table by controlling how many dollars flow in the direction of the household.
    Money is a tool, an intermediary instrument, not unlike a hammer, whose number of blows could be used to estimate how much of a roof has been shingled, but which could also be misused by hitting someone over the head with it.
    Wall Street, when it engages in financial engineering, is misusing our money. We could compare it to self-abuse and not be far off. Self-abuse provides private pleasure, but does nothing for anyone else. Playing with money also provides private pleasure, but because it actually belongs to all of us citizens and the abuse interrupts the flow of real trade and exchange, the abuse is socially detrimental.

    You are right to feel irate.

    Why does the President go along with the charade? He can't help it. The President is at the mercy of Congress. He can only spend the dollars Congress appropriates.
    Note that the Congress has passed no budget two years running. That tells us a budget is unnecessary. What is necessary is the appropriation, which has been done by continuing resolution. That is, congress has been appropriating the same amount this year as last. The only discretion the President has is not to spend some dollars and to move some dollars around within major categories.

    The states are in an even worse state because, since they don't issue their own currency, they depend on what Washington sends, just as the countries using the Euro now have to rely on the European Central Bank to send them as much as they need. The Euro is a grand experiment since never before have nations voluntarily given up their management of their own currency. Our own Confederate dollars are still around but there are no new ones being made and there's no system set up to exchange them for daily use.

    Whyndomthe petty potentates in Congress object to the automated payment system known as Social Security and Medicare? Because those represent obligations that have to be met and Congress critters are all about evading obligations for themselves and setting rules for how the people who elect them are to behave. In a sense, they are like humans who only have children to get someone to order around and work for them. And mostly that's what they do because they really aren't capable of doing anything else. Most of them are only good at flapping their lips and that's about it. It's a bi-partisan characteristic.

    The existence of the legislator, like that of the banker, would be very dull if they just did their jobs, moving symbols around. It's what we do here on the blog, day after day, and it is a slog. But, we like to think we have more effect when it comes to persuasion than the blow hards in Congress.
    The country, btw, has their number. And despise them equally. After all, every chance they get they pronounce themselves friends of the guys on the other side of the aisle.

    The politics of personal destruction are nasty, but when persons are out to destroy the electorate to get what they want, power, then those persons have to be stopped. Every once in a while there are real equivalencies. Being for the fetus is being against the woman. A fetus is a malignant bundle of cells until it is expelled--half foreign and half native.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Mon Oct 22, 2012 at 01:08:37 AM PDT

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