Skip to main content

View Diary: Modern Monetary Theory vs the Fiscal Cliff (65 comments)

Comment Preferences

  •  Does this mean the webofdebt is right about Oz? (2+ / 0-)
    Recommended by:
    clonal antibody, psyched

    According the webofdebt web site

    The Wizard of Oz has been called "the first truly American fairytale."

    It was all about people power, manifesting your dreams, finding what you wanted in your own backyard. According to Littlefield, the march of Dorothy and her friends to the Emerald City to petition the Wizard of Oz for help was patterned after the 1894 march from Ohio to Washington of an "Industrial Army" led by Jacob Coxey, urging Congress to return to the Greenback system initiated by Abraham Lincoln. The march of Coxey's Army on Washington began a long tradition of people taking to the streets in peaceful protest when there seemed no other way to voice their appeals.

    How does the world of the 1890's money talk as told in a hidden way by the story impact our banking system today? Thanks to Judy Garlands wonderful singing of "Over The Rainbow" are we missing the real point of the story and thinking of it as a childrens story when it is really a public message hidden from Republican readers who might stop buying ads if they knew the truth of the hidden story?

    Frank Baum, the journalist who turned the politics of his day into The Wonderful Wizard of Oz, marched with the Populist Party in support of Bryan in 1896. He is said to have had a deep distrust of big-city financiers. But when his dry goods business failed, he bought a Republican newspaper, which had to have a Republican message to retain its readership.

    That may have been why the Populist message was so deeply buried in symbolism in his famous fairytale. Like Lewis Carroll, who began his career writing uninspiring tracts about mathematics and politics and wound up satirizing Victorian society in Alice's Adventures in Wonderland, Baum was able to suggest in a children's story what he could not say in his editorials. His book contained many subtle allusions to the political and financial issues of the day. The story's inspirational message was evidently a product of the times as well. Commentators trace it to the theosophical movement, of which Baum was an active member. Newly-imported from India, it held that reality is a construct of the mind. What you want is already yours; you need only to believe it, to "realize" it or "make it real."

    What does it say to us about the current crisis? Me are totally flumoxed.

    Our money system is not what we have been led to believe. The creation of money has been "privatized," or taken over by private money lenders. Thomas Jefferson called them “bold and bankrupt adventurers just pretending to have money.” webofdebt

    by arealniceguy on Mon Nov 26, 2012 at 01:18:42 AM PST

    •  Ellen Brown (1+ / 0-)
      Recommended by:

      is fairly close to MMT thinking.

      In fact, I first came across the coining a large denomination coin in her book. She makes it perfectly clear that at least some people in the US Congress were quite aware that this was a potential solution to the "National Debt"

      Bryan, Baum et. al. were advocating a move away from gold to silver  (Dorothy's silver slippers) The US in fact went off the gold standard in 1933 (executive order 6102) and was de facto on a silver standard (think silver coinage) till 1964. At that time, it was proving difficult to expand the money supply enough to take care of the economic growth that was occurring in the 1950's and 1960's, and a decision was made to change the metals used in "silver" coins. The Bretton Woods gold standard was still applicable till 1971.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site