Economics


PUBLIC BANKING UNIT V: THE BANK OF NORTH DAKOTA PRESENT

https://www.youtube.com/watch?v=5zXoa25WDSMIn 2009, in the midst of the greatest economic recession since the Great Depression of the 1930’s, only one state ran a large budget surplus, cut personal and business taxes, and had the lowest unemployment and foreclosure rates in the nation. North Dakota.Quoting from the “Public Banking Legislative Guide” by the Public Banking Institute in 2011, during some of the worst times of the Great Recession:“While lawmakers across the country struggle with difficult, even heart-breaking budget dilemmas, the North ...

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PUBLIC BANKING – UNIT II: THE COST OF “INTEREST”

currency
https://www.youtube.com/watch?v=xZhsxQ6Kb2ELet us assume a state needs to replace an aging bridge on one of its state highways. If the contractor’s bid for supplying the materials and completing the construction is two million dollars, the tax payers of that state will eventually pay close to four million dollars for the bridge. How can this possibly be? The answer in a word is - - “interest.”The near doubling of the cost of most public projects, from bridges, to schools, to water and sewage systems, is the result of the legal process of fractional reserve ...

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DO YOU MISS FARMING?

“Do you miss farming?”I’ve heard that question often in the past few months. I appreciate being asked. Occasionally it comes from farmers who admit they couldn’t do what I’ve done—leaving the farm, that is.I understand. I realize because we were more of what I call a one-off situation. It was truly easier for us. There wasn’t a long line of previous family owners in our case.There are a number of things that make me realize the difference. The most significant is the pride folks take in how many generations of direct descendants are linked to the ...

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WHERE’S THE COMPASSION FOR DAIRY FARMERS?

You rarely hear complaints from farmers about their job because they love what they do, but you will hear an earful about the weather, milk prices and the occasional tractor breakdown. June is Dairy Month. There is no better time to recognize the work dairy farmers do and the challenges they face.Farmers need to be expert mechanics, scientists, business owners and creative geniuses to make a farm thrive. Factors beyond their control make even the smartest or the hardest working farmers face bankruptcy.Farmers have seen glorious and terrible times throughout our ...

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US- CHINA TRADE TENSIONS? WHAT’s at stake for Central Wisconsin’s Agriculture?

With the U.S. imposing billions of dollars of new tariffs on Chinese imports and Beijing retaliating with tariff increases on June 1 on $60 billion worth of goods, largely agricultural, what will be the fallout in central Wisconsin?A free public forum on June 18 will address the many areas impacted by the tariffs, including ginseng, dairy, corn and soybeans. Facing millions of dollars in lost revenue, what can these producers do to stay in business?WIPPS is partnering with UW-Madison Center for East Asian Studies (CEAS) to launch its inaugural “East Asia Now” ...

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Trade Tensions


MODERN MONETARY THEORY UNIT III: FEDERAL GOVERNMENT SPENDING FUNDS TAXES

Imagine for a moment that this popularly held belief is true – that the US Federal Government has no money of its own and depends on taxes to fund any government spending. Think about this. Ask yourself the obvious question. If the US Federal government has no money of its own and depends on tax dollars for its operation, where did the tax dollars people pay each year come from in the first place?Well, we would all answer, “I work hard for my wages or salary and part of the money I earn is taken away from me to pay my federal and state taxes. That’s where federal ...

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Patriotic Millionaires

Taxes have always been a major political issue in America. We love to hate taxes. From “no taxation without representation” in 1776, to “read my lips…..no new taxes” in 1988, to the current administration's fake tax cuts in 2017, taxes have been the controversy of choice for politicians. They can always fire up the voters with calls to “tax the rich” or to “give back your hard-earned money.”Sensible people understand that taxes are the dues we pay to belong to a civilized society. Taxes are essential to a stable government, and stable government ...

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MODERN MONETARY THEORY UNIT II: THE MONETARY SYSTEM OF THE UNITED STATES

The US Government cannot run out of money any more than Lambeau Field can run out of points during a Packer game. Quoting former Chairman of the US Federal Reserve Bank (the Fed), Ben Bernanke, during a 2009 interview with Scott Pelley on CBS 60 Minutes:(PELLEY): “Is that tax money the Fed is spending?”(BERNANKE): “It’s not tax money. The banks have accounts with the Fed much the same way that you have an account with a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed.”In 1944 ...

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MODERN MONETARY THEORY UNIT I: MONEY AND PHYSICAL RESOURCES

https://www.youtube.com/watch?v=m6MGX1AKFm4Let us take a moment to look at what was actually said in this 2005 discussion between Chairman of the US Federal Reserve Bank, Allen Greenspan, and Congressman Paul Ryan. The subject, of course, is Social Security:Congressman Ryan: “Do you believe that personal retirement accounts can help us achieve solvency for the system and make those future retiree benefits more secure?”Chairman Greenspan: “I wouldn’t say the pay-as-you-go benefits are insecure in the sense that there is nothing to prevent the Federal ...

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