This is so sensible that I can’t imagine it will pass.
We urge the immediate enactment of the Too Big to Fail, Too Big to Exist Act, which directs the treasury secretary to compile a list of those financial institutions that are too big to fail in the next 90 days, and to break up these banks and insurance companies a year after the legislation is signed into law
You can sign Sen. Bernie Sanders’ petition for it.
Via Barry Ritholz.
Searching (of course) for something else, I found myself looking at Tom Johnson’s account of the recovery from the Johnstown Flood of 1889. Initially, the community organized for its own relief, everyone was assigned a job and there was no quibbling over money. But after a time…
To meet the problem of a community with no money was not easy, but we were presently confronted with the graver problem of a community with too much money. The greatly exaggerated reports of the loss of property and of human lives, the first press dispatches placing the number of the latter at ten thousand, brought a correspondingly great volume of relief. Continue reading Charity and money
That’s the title of the newest work from Mason Gaffney(pdf), who doesn’t like all the credit-creating and deficit-expanding by which our rulers pretend the economy will be healed.
New money without real goods behind it means inflation, more imports with fewer exports, devaluation, and a real risk that our foreign creditors will rebel.
So how to free up credit? Continue reading How to thaw credit
A “not so concise explanation of Land Value Tax and some brief responses to some of its most common objections” at Jock’s Place
A good balance between failing to adequately describe it and going beyond the readers’ attention span. British, but comprehensible.