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Artificial intelligence, automation, robots, and computers have taken over many menial but used-to-be-better-than-minimum-wage jobs like check-out clerks, bank tellers and customer service operators.
The rest of us, college graduates included, have been reduced to being expendable appendages of the large corporate machines to be sucked in and spit out at their pleasure. Another reason for income and wealth inequality is that the US Federal Reserve’s quantitative easing policy screws savers who get zero interest on their life savings while injecting money into the largest Wall Street banks. Fractional reserve banking is a simple concept that has become more complicated and convoluted as it has evolved over the years. Thus money is created by the bank with a few keystrokes on a computer and is fed into the economy as debt. The banks are at the top of the food chain since they create the money and loan it out on interest.
The Federal Reserve has also been involved in money creation recently with a process called quantitative easing (QE).
The money creation (or printing if you like) would entail the government issuing a bond that a National Investment Bank would buy. In addition LA like a lot of cities that have gone bankrupt (Birmingham, Alabama for instance) has been snookered into interest rate swaps that end up costing much more money than if they had kept the original loan at the original rate.
LA is not the first and probably won’t be the last to be tricked into engaging in a fancy derivative deal that was way over the heads of the city employees that were talked into it by Wall Street hit men. The Los Angeles City Council voted 14-0 Wednesday to renegotiate or terminate without penalty a toxic swap deal the City entered into with two Wall Street banks, Bank of New York Mellon and Dexia. The motion further calls on the banks to return unfair profits and fees paid since 2008, estimated at more than $65 million to date.
Los Angeles is now spending $290 million a year in financial fees or more than the entire city budget for maintaining its vast array of streets and highways. If the government creates money and puts it in an infrastructure bank, that money would be spent into the economy by creating jobs to build and repair infrastructure.
Or the government, instead of the private Wall Street banks, could create money itself directly and inject it into the economy in a variety of ways as Abraham Lincoln did when he had the American government create and spend greenbacks into the economy. It cuts out the private sector bond traders from their dose of corporate welfare which unlike other forms of welfare like sickness and unemployment benefits etc.
It takes away the ‘debt monkey’ that is used to clobber governments that seek to run larger fiscal deficits.
So the government could just create money and inject it into the economy in one of two ways: directly to the people in the form of a basic guaranteed income or through an infrastructure bank that creates jobs. A third way of reducing income inequality would be to redistribute money from the 1% to the 99% through the tax code. In the Netherlands a number of cities are experimenting with a basic income after the city of Utrecht announced that it would give no-strings-attached money to some of its residents.
In Switzerland, the necessary 100,000 signatures have been obtained for holding a referendum on whether Swiss citizens should receive an unconditional basic income of €2,500 per month, independently of whether they are employed or not.
If Tilburg’s basic income project gets the green light from Netherland’s state secretary of social affairs, the town will provide an extra paycheck to a pilot group of 250 people starting in January 2016, Tillburg officials said.
Although the classic basic income theory proposes universal payments across the population, the two Dutch experiments will only focus on residents who are already recipients of social assistance. Authorities aim to test how citizens react without that sword of Damocles over their heads. What’s really scary is the general acceptance of a status quo in which most people are getting poorer and poorer, even while recent studies demonstrate that so-called “trickle-down” economics actually means an upwards flow of income until it stagnates as hoarded wealth. One of the main advantages of a universal basic income is that it would free people from the tyranny of the job market in which they are mere commodities by guaranteeing the most basic human right of all, that of material existence. In addition recipients of a basic income should have to give something back in terms of creating a better life for poor people around the world.
Installing solar around the world will not only provide energy for people who don’t have anything but the most primitive kind while cleaning up the environment at the same time. Income inequality will only increase as long as Wall Street banks control the money creation process, and the rest of US citizens keep going into debt whether it be with mortgages, student loans, car loans or credit cards. Was it the banks or was it the State of California that has raised gasoline prices to pay for the bullet train?
Was it the banks or was it the City Water Department that raised rates 17% after the poor and middle class cut back on water use? Seems to me, income inequality has increased by the direction of and the size of government and their demands for more money. In its simplest terms, if a bank takes in a deposit of $100 from 10 people or $1000 total, it loans out $900 of that keeping $100 back as a reserve in case someone wants their deposit back before the principal and interest on the loans start flowing in.

When the government needs money beyond the revenues it takes in by means of taxes, it goes into debt by issuing bonds. It might be called quantitative easing for the people (PQE) as Britain’s Leader of the Labor Party, Jeremy Corbyn has termed it. Then the central bank would take that loan on its balance sheet in return for cash that the bank would then use to pay for infrastructure.
Coalition members called for action to reduce the high fees and put that money back into neighborhood services. If they had formed their own Public Bank of Los Angeles, they could not only have avoided being ripped off, but they could have actually made money and then be in a position to fix all those potholes they’ve been screaming about.
The measure, advanced by Fix LA, a coalition of clergy, unions and community groups aligned to restore city services and expand middle class jobs in the public sector, could save the City as much as $138 million. LA isn’t the only sucker to enter into an interest rate swap in 2007 which was essentially a bet that interest rates would not fall below 2%.
Puerto Rico ran itself into debt and then tried to make up for it with interest rate swaps. Money would stay at the local level and could be used to support local businesses and create jobs repairing and building infrastructure.
This money, therefore, does not create debt as money created by private banks and loaned into the economy does. In the first instance money would be transferred directly to people to bolster consumption.
Tilburg, a city of 200,000 inhabitants close to the border with Belgium, will follow Utrecht’s initiative, and the cities of Groningen, Maastricht, Gouda, Enschede, Nijmegen and Wageningen are also considering it.
Other countries such as Finland and Catalonia are also moving in the direction of a no-strings-attached guaranteed income. The city has not confirmed the amount of the stipend, but in Utrecht checks will range from around €900 ($1,000) for one adult to €1,300 ($1,450). Those in the program will be exempt from the severe job-seeking requirements and penalties in Dutch law. When that money is spent by consumers, it will still wind up in the hands of a few major corporations, and that would be a problem. Income inequality though becomes a major concern as does the influence of big money on the political system. This stymies wealth creation in the economy, as the Institute for Policy Studies concluded after using standard economic multiplier models to show that every extra dollar paid to low-wage workers adds about $1.21 to the US economy. The alternative is to wake up and find ourselves in a neo-feudal society controlled by a few behemoth corporations employing only a few high-level people at good wages. Instead of armies with guns and weapons which have cost trillions and produced mainly negative results, a Peace Army could help poor people around the globe attain at least a minimally acceptable lifestyle in terms of clean water and sanitation, adequate nutrition, energy and education. The commitment of rich nations to help poorer nations convert to renewable energy could be manifested by funding unemployed and underemployed Americans to help build such infrastructure around the world. Local jurisdictions should take back the money creation process from Wall Street by creating their own public banks. Purchase old copies - 20% off Help keep the OB Rag online by donating to buy 30-35 year old issues of the original OB Rag, Ocean Beach's infamous and iconic counterculture, underground newspaper; limited numbers are available for purchase! Bad things happen when people all demand their money back at the same time or collective debt becomes so big and untenable that it can’t be paid back. Sometimes those bonds are bought by Joe and Jane Average Investor or sometimes by other countries like Japan. He proposes to give the Bank of England a new mandate to upgrade the economy to invest in new large scale housing, energy, transport and digital projects.
The end result is that the government would owe the central bank the amount of the loan, but because the central bank is a financial black hole, it would never have to pay.
After the rally, Fix LA Coalition members delivered the report to elected officials in City Hall. And they could have created their own money supply the way Wall Street does it: fractional reserve banking. Then when the Federal Reserve, with its policy of QE, lowered interest rates to zero, LA and many other jurisdictions found themselves on the wrong end of a bet and were forced to shell out much more than they would have if they had kept the interest rate on the original loan. Recent credit downgrades allowed Wall Street to demand hundreds of millions more in short-term lending fees, credit-default-swap termination fees, and higher interest rates. This money would have a multiplier effect as the job holders would spend their paychecks on the necessities and luxuries of life. But he says it should not be called “quantitative easing.” QE is just an asset swap – cash for federal securities or mortgage-backed securities on bank balance sheets.

Taxes on wealth and financial transactions would provide additional monies which could be transferred to the 99% through social programs such as Medicare-For-All, or it could be given directly in terms of a deposit to checking accounts as was done in the Economic Stimulus Act of 2008. More recently, it’s been supported by very non-liberal individuals like Fredrick Hayek, Milton Friedman, and Richard Nixon. A recent study conducted in 18 European countries concluded that generous welfare benefits make people likely to want to work more, not less.
Billionaire money has bought and paid for the political system through lobbying and campaign donations with the result that the US is effectively no longer a democracy but a plutocracy. The rest of the population would be employed in low-level service type jobs and live in relative poverty.
If they have another job so that the basic income is just a supplement, this would be the ideal situation.
If, however, everyone does want their money back at the same time, there could be a run on the bank unless the bank can borrow the money from some other entity like another bank or the Federal Reserve. This is what happened in the 2008 financial crisis when mortgages were given to people who couldn’t pay them back and hence defaulted.
Thus all money created by private banks is fiat money, and, although the government says it is all good, it is the private banks that actually create it, not the supposedly democratically elected government. The investments would be made through a National Investment Bank set up to invest in new infrastructure and in the hi-tech innovative industries of the future.
Between 2012 and 2014, Puerto Rico paid nearly $640 billion to terminate swaps in addition to $12 million annual swap payments.
What Corbyn is proposing is actually Overt Money Financing (OMF) – injecting money directly into the economy.
That’s why breaking up those large behemoths by using the Sherman Anti-Trust Act is important. What money they had would be spent in the troughs of the giant corporations and end up in the pockets of the 1%. According to the Bureau of Labor Statistics most jobs in the next decade won’t even require a college education.
Ninty percent of the money supply is created by private banks who loan money into the economy through their policy of fractional reserve banking.
Eventually this whole financial structure, which was a house built upon sand instead of a rock, to use a Biblical metaphor, collapsed. Then the Federal Reserve turns around and pays cash for those bonds taking them off the hands of the big banks.
As a result Puerto Rico is in the same situation as Greece – borrowing money in order to make debt payments which is the same as borrowing money on one credit card to make the payments on another.
All the anti-poverty programs could be rolled into one with much fewer administrative costs. Money can also be pulled back by the government by taxation if inflation threatens to get out of hand. Even if the 99% were given money to spend, it would still end up there – in the pockets of a few. The result is that the banks end up with more money and the loans disappear on the Federal Reserve’s balance sheet which is sort of like a black hole. Since the big banks are the current recipients of the QE largesse, that money goes into the pockets of billionaires in various ways and drives wealth and income inequality. Just as Medicare-For-All would simplify and reduce medical costs, a basic guaranteed income would amount to Social-Security-For-All. Rich corporations would probably increase the price of staples as people had more money to buy them causing inflation. An infrastructure bank funded by government created fiat money would provide people with decent jobs in which workers could maintain a sense of dignity and improve the quality of the nation’s infrastructure at the same time. The state of Alaska already has such a program called the Alaska Permanent Fund which hands out money to each resident on an annual basis.
With fiat money entering the real economy instead of the billionaire economy, inflation could become a concern.

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