Barney Frank, Paul Krugman: What is Government's Role?

Congressman Barney Frank and New York Times columnist Paul Krugman discuss the federal government's role in addressing economic and social problems, particularly growing inequality in our society.

Category:

News & Politics

Tags:

• pbs
• wgbh forum network
• free online lectures

[BLACKPUSSYPUNISHER]

@bsimpson505-Thank you 4 the compliment. Even though I have that screen name, my main focus is to try to open peoples eyes about the EVIL CENTRAL BANKS of the world, and how they enslave not just individual people but WHOLE NATIONS with debt. In the U.S. we owe the {private} federal reserve bank-TRILLIONS of dollars. Its complete financial insanity. And the private federal reserve bank PAYS NO TAXES. It takes in billions in profits but it pays no taxes. Again: Complete Insanity!!!

[bsimpson505]

@BLACKPUSSYPUNISHER I love your name.

[ericfeinberg28]

@shotsky94 grow up

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Ah I see what you mean. But the idea behind nationalization is to give the ministry of finance, and by extension the parliament (or in the US, congress) the power over coinage or more generally expansion of the money supply.

It would only be a semi-independent institution at least (at most a full blow department or subdepartment). I tend to prefer semi-independent state owned enterprises, just to keep political influence at arms length when dealing with SOES.

[BLACKPUSSYPUNISHER]

@Scientisticsoviet-Sorry I thought you were an American my friend. But honestly in America our constitution states that only "congress" shall coin money, it says nothing about the process being "outsourced" to a central bank. Hey take a look at this documentary. youtube.com/watch?v=pQsyCLXYsd­8

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Didn't know I paid money to the IRS... I mean I live in Canada after all.

Aside, I was being very specific about what I meant about the advantages of nationalization. Basically that all debt created by loans issued from the central bank to the government would be nearly 100% paid back to it in the form of dividends (not quite 100% due to operational costs).

It's separate from how to control finance more generally.

[BLACKPUSSYPUNISHER]

@Scientisticsoviet -The "central bank" in England has been nationalized for YEARS, and you know what has changed.....Nothing. The central bank concept in the United States never should have been instituted, per the U.S Constitution. The government can just regulate the banks to prevent "money panics" or "runs" or bank induced recessions. The regulation can be overseen by the SEC. Did you know that about 30-40% of the money you pay to the IRS goes to the Federal Reserve to pay back our debt.

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Or it could be nationalized and pay all it"s profits back to the govenrment in dividends.

[BLACKPUSSYPUNISHER]

BARNEY FRANK IS (INSANE) GIVING "MORE" POWER TO THE FEDERAL RESERVE!?!?! HE ACTS LIKE THAT'S A GOOD THING. IF THE FEDERAL RESERVE PAYED TAXES (WHICH THEY DON'T) WE WOULD NOT HAVE A BUDGET DEFICIT WE WOULD HAVE BILLIONS IN SURPLUS!!! VOTE RON PAUL-2012!!!

[mikejpete]

@baigandine the systemic problem is that Capital One "regulates" the government more than the government regulates it.