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Wednesday, July 22, 2009

A Dark Hole: How the Fed Prints Money Out of Thin Air

William Greider, The Nation

Quote:
If Congress chooses to take charge of its constitutional duty, it could similarly use greenback currency created by the Federal Reserve as a legitimate channel for financing important public projects -- like sorely needed improvements to the nation's infrastructure. Obviously, this has to be done carefully and responsibly, limited to normal expansion of the money supply and used only for projects that truly benefit the entire nation (lest it lead to inflation). But here is an example of how it would work.

President Obama has announced the goal of building a high-speed rail system. Ours is the only advanced industrial society that doesn't have one (ride the modern trains in France or Japan to see what our society is missing). Trouble is, Obama has only budgeted a pittance ($8 billion) for this project. Spain, by comparison, has committed more than $100 billion to its fifteen-year railroad-building project. Given the vast shortcomings in US infrastructure, the country will never catch up with the backlog through the regular financing of taxing and borrowing.

Instead, Congress should create a stand-alone development fund for long-term capital investment projects (this would require the long-sought reform of the federal budget, which makes no distinction between current operating spending and long-term investment). The Fed would continue to create money only as needed by the economy; but instead of injecting this money into the banking system, a portion of it would go directly to the capital investment fund, earmarked by Congress for specific projects of great urgency.


This is what Ellen Brown, author of Web Of Debt, has been advocating strenuously - get rid of the Fed and have the government print its own money without any indebtedness to private bankers. The national debt is beyond repaying anyway. Who still believes it could possibly by paid down? The current system is bound to snap.

I'd be in favor of another Estate in government, in addition to the Executive, Legislative and Judicial branches, called the Monetary branch. Members (say, 12 of them) would be appointed by the president, confirmed by Congress and would serve open-ended terms similar to Supreme Court Justices.

The infamous Mayer Amschel Rothschild Quote, "Give me control of a nation's money and I care not who makes the laws", is a pretty good indication that the People, not private interests, ought to control their own money supply.

Wednesday, July 01, 2009

Why is nuclear power so successful and popular in France?

Post subject: Re: Why is nuclear power so successful and popular in France?
PostPosted: Wed Jul 01, 2009 11:47 am
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Aaron wrote:
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The French State still owns 79% of Areva – the company supplying the Finnish reactor,which also operates the French reprocessing plant at La Hague. Having unnecessarily givenlarge contracts to Areva over past years to reprocess its spent fuel, EdF has accumulated over80 tons of plutonium, and vast quantities of nuclear waste at the reprocessing plant at LaHague. So it is now confronted with huge liabilities, but insufficient funds to cover them.The Court of Accounts estimated France’s nuclear liabilities at Eur 71-billion, with Eur 48-billion of that belonging to EdF. There are also huge uncertainties attached to these liabilities.For example, the cost of a potential deep disposal facility for nuclear waste could be between40% and 230% higher than allowed for by EdF, according to radioactive waste managementagency Andra. (35). It appears, therefore, that EdF currently plans to fund only around half ofFrance’s nuclear liabilities.

Nuclear power is a failed technology which has failed to deliver. It has squanderedunparalleled, unstinting support from taxpayers around the globe leaving them with burdensthat may last for millennia. The idea that such an industry should be resuscitated with orwithout even more public subsidy is absurd.


http://www.no2nuclearpower.org.uk/reports/Nuclear_Subsidies.pdf


:lol: That's just funny given that Edf turns a large profit every year selling electricity and that money is turned in to the French General Fund to be spent on other government expenditures.

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Post subject: Re: Why is nuclear power so successful and popular in France?
PostPosted: Wed Jul 01, 2009 11:52 am
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Why is nuclear power so successful and popular in France?

Can we now safely assume the correct nswer is SOCIALISM?

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Post subject: Re: Why is nuclear power so successful and popular in France?
PostPosted: Wed Jul 01, 2009 11:55 am
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pstarr wrote:
Why is nuclear power so successful and popular in France?

Can we now safely assume the correct nswer is SOCIALISM?


I think in this case it is, the electricity industry is government owned and operated. Isn't that the definition of Socialism?

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Post subject: Re: Why is nuclear power so successful and popular in France?
PostPosted: Wed Jul 01, 2009 12:13 pm
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Tanada wrote:
Aaron wrote:
Quote:
The French State still owns 79% of Areva – the company supplying the Finnish reactor,which also operates the French reprocessing plant at La Hague. Having unnecessarily givenlarge contracts to Areva over past years to reprocess its spent fuel, EdF has accumulated over80 tons of plutonium, and vast quantities of nuclear waste at the reprocessing plant at LaHague. So it is now confronted with huge liabilities, but insufficient funds to cover them.The Court of Accounts estimated France’s nuclear liabilities at Eur 71-billion, with Eur 48-billion of that belonging to EdF. There are also huge uncertainties attached to these liabilities.For example, the cost of a potential deep disposal facility for nuclear waste could be between40% and 230% higher than allowed for by EdF, according to radioactive waste managementagency Andra. (35). It appears, therefore, that EdF currently plans to fund only around half ofFrance’s nuclear liabilities.

Nuclear power is a failed technology which has failed to deliver. It has squanderedunparalleled, unstinting support from taxpayers around the globe leaving them with burdensthat may last for millennia. The idea that such an industry should be resuscitated with orwithout even more public subsidy is absurd.


http://www.no2nuclearpower.org.uk/reports/Nuclear_Subsidies.pdf


:lol: That's just funny given that Edf turns a large profit every year selling electricity and that money is turned in to the French General Fund to be spent on other government expenditures.


Sure it does...

With taxpayer funding you always "turn a profit".

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Post subject: Re: Why is nuclear power so successful and popular in France?
New postPosted: Wed Jul 01, 2009 2:40 pm
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pstarr wrote:
Why is nuclear power so successful and popular in France?

Can we now safely assume the correct nswer is SOCIALISM?


I'm not sure you can really call that Socialism ...

First of all a lot of these big "national enterprises" , EDF for electricity , SNCF for rail date back from right after WWII or just before for SNCF, France Telecom (ex PTT) even before, and are all related somehow to "infrastructures".

And since the war, there as not been any "socialist labeled" government before 1981 and Mitterrand's election, it was either "Gaullist" in power or "center right"

Now it is true that there is a strong "services publics" tradition associated to the "corps de l'Etat" and major engineering (and administration) schools as stated above.

But this tradition is somehow down for quite some time already, the Anglo Saxon "liberalism" (European meaning) having taken its toll on this glorious devoted nationalist spirit ... :)

And in concrete terms, all these markets are being liberalized these days (EDF has been splited between the network and producers part, same for SNCF (network and trains operators), telecoms deregulated like for AT&T at about same time, etc)

To tell the truth I'm not sure the big "no government everything private" dogma means much when you talk about infrstructures ...
And for instance, whereas in France and other European countries many freeways are privately operated (with tolls), the US highways infrastructure is what ? A socialist shithole ? :)

What was exactly AT&T before the deregulation ? Is AT&T eating most of what was deregulated right now or not ?

As to EDF, the CEA, or Areva making or not a profit, yes they do (maybe not for the CEA)