Dr. Michael Hudson - Is this the end financially of the American empire? (2/2)

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[golfprobro4eagles]

Thanks for the dash Thom some of us are trying to catch up. I went to a public school.

[Dondonovan]

Damn good interview.

[411American]

WERE SCREWED

[pretorious700]

Dr. Hudson is right about some things, dead wrong about others. Privatization of "public services" will ultimately be an improvement, because with profit motive comes incentive to be better and more efficient. If the US government owned the airports, no one would ever get anywhere on time, or at all.

[hplaserjet2001]

Part 2: ...and we are trying to execute that to the best of our abilities." -Donald Kohn, Vice Chair, US Federal Reserve Bank

"And you are saying that that entitles you to keep secret the expenditure of 1.3 trillion dollars or $4,000 for every man, woman and child in this country?" US Congressman Alan Grayson

[hplaserjet2001]

Part 1: US Congressman Alan Grayson asking US Federal Reserve Bank Vice Chair Donald Kohn about the Fed lending $1.2 trillion to unknown sources. "What gave you the authority to say that, isn't that something that we (Congress) should be deciding and not you?"

Response: "I think you gave us the responsibility in the Federal Reserve Act to oversee the stability of the financial system through our lending facilities to be the lender of last resort...

[hplaserjet2001]

Part 2: Income tax revenues amount to around 20-25% of the revenue collected by the government. Other funds come from corporate income taxes, imports, cigarettes, gas and a slew of excise and other taxes. Further corruption of your tax dollar occurs when the Federal Reserve "loans" money to the government.

[hplaserjet2001]

Part 1: The Grace Report: When Ronald Reagan took office, he commissioned a blue ribbon panel of businessmen to assess various functions of the government, headed by Peter Grace. That report stated that, "100% of what is collected is absorbed solely by the interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government."

[ThorlikeSmash]

@ourearthhome

Thank you. It is appreciated. Are there any BOOK readings you would suggest to help me learn about our economic, social, political, and environmental situation? Maybe not just America, but the whole world. I know it may be a loaded question, but at this stage of my life, men like Dr. Michael Hudson have piqued my interest in US as a society. I don't have a very firm grasp of law or economics, or any of the topics above really. I just feel there are MANY things I should learn

[ourearthhome]

@ThorlikeSmash The economic value of land, what you have to pay to rent it or to buy it exists only because there is the community of people around the particular piece of land in question all of whom need land. No community, no land value. This means that individual "owners" of land do not create the value of their particular pieces of land.  Individuals build and create the value of improvements on land but there has to be a community of many individuals for land to have a value.