24 October 2016 – We don’t have and interview today due to a last minute cancellation but Will and I had a LOT to say so everything worked out as it was meant to be. At the top of the show Will uses the example of the Vauxhall automotive plant, in Liverpool, to illustrate why Brexit is creating such a tenuous employment environment all across the UK. It is incredible that people thought they could place a protest vote for something every expert was telling them would damage their economy and yet they are still stunned that companies are talking about moving their operations out of the UK.
My first topic today is bees. The decline of pollinators is continuing and the first bees have recently been added to the Threatened and Endangered Species list . They will soon to be joined there by more of their sister species. Still, through on-going research we are steadily learning how, precisely, it is that we are killing the bees and finding that many of those factors are reversible if we start now…. Two good places to begin are the Xerces Society and the Great Sunflower Project. Every little flower helps. As promised, I have included a photo of the newly threatened buff-tailed bumble bee above for your enjoyment.
Will then comes back to talk about Donald Trump’s ongoing praise of dictators. From Vladimir Putin to Saddam Hussein to Mummer Gaddafi to Bashar al-Assad to Kim Jong-un to Rodrigo Duterte – Trump respects and admires each and every one. In fact, Trump wants to BE them. Fortunately, unless he plays that sort of character on Trump TV, we aren’t actually going to give him the chance.
My big block of the day, on Audit the Fed, begins on the broadcast version of the show but is only available in full on the podcast version. If you thought Audit the Fed was about auditing the Federal Reserve then you probably got suckered in by Right to Life and Right to Work too. Audit the Fed is about Congress taking control of monetary policy…because they handled Zika so well.
Will then closes out Extra Mad talking about why Mars is where all the science is. How we move our species forward, how we survive, will in no small part be determined by how serious we get about space.
And in closing, the loss of pollinators is already having a negative effect of carrot crops. CARROTS, people! This is serious. Carrots! – Arliss
8 August 2016 – This week we had a lot of territory to cover and very little time due to scheduling issues. We have no interview or Extra Mad today but do start with breaking news on a new and unexpected humanitarian crisis. From there I plunge into Trump’s views on and utter lack of knowledge about nuclear weapons. (Be afraid. Be VERY afraid.) Will then moves on to the newest nation in the world, South Sudan, which represents an incredible opportunity missed and a sad story we will be hearing for a very long time.
Will wanted to spend some time this week really talking about several of the conspiracy theories surrounding Hillary and some of the misunderstandings/conspiracy theories which are frustrating regarding the Democratic National Convention and Committee. Will talks about the truly hideous conspiracy theory about Hillary having Vince Foster Seth Rich murdered recently. Will also, apparently for my entertainment, brings up an old theory where President Obama has ordered a nuclear attack against Charleston…South Carolina. He then chats about the false claims that the DNC rigged the primary election and I end up ranting while reminding everyone that the DNC is not a public organization and not part of the government. It’s a private organization, a club…a treehouse, and because this is the case the DNC gets to write its own rules. I also mention why I feel like Bernie delegates, to the national convention, had expectations which could not be met because they were not fully briefed by the Sanders campaign. I do feel bad that it happened this way.
I close out the show with a review on the recent report from the Independent Evaluation Office (IEO) of the International Monetary Fund, “The IMF and the Crises in Greece, Ireland and Portugal.” This is a WOW report. The IEO has provided a very constructive but extremely brutal review of the many, many failures of the IMF in dealing with the European banking crisis. The thing I am most pleased by is that so many of the things the MMT community has been shouting for years now are bourn out in this report but this is small comfort beside the gravity of the impact of the errors made by the IMF and the troika.
Will is traveling this next week but we will be back on 22 August with an all new show. – Carrots! Arliss
1 August 2016 – It is always glorious when we can have the well-known banking expert, economics wonk and blogger, Frances Coppola on the show. We were thrilled to welcome her back this week to talk about threats to the independence of central banks. We also discussed her recent panel at the Financial Times Festival of Finance where she consistently pointed out that the rise in populism expressed both through the Brexit vote and in the Trump candidacy, is all about the local.
Will and I had a lot of fun at the top of the show where he reveled in the number of GOP pundits who had to admit they loved the Democratic National Convention and I revealed what is, perhaps, the single most important polling result of this election cycle.
Will then goes on to tear into what we know (and what we don’t) about the relationships between Donald Trump, members of his campaign staff, Julian Assange, Vladimir Putin and various Russian surrogates and agencies. The word “traitor” does indeed come to mind. Seriously.
I spend my time on an overview of the economy of India, the modernization efforts and challenges and a bit about the Reserve Bank of India (RBI) including its recent upheaval. Since the soon-to-be former Governor of the RBI may very well be the incoming head of the IMF, after Lagarde steps down later this year, it’s worth getting to know a bit more about him. Rughuram Rajan is a neoliberal economist but he is also extremely accomplished, qualified and would be a much stronger voice for developing nations.
In spite of Trump, this has been a great week to be a Democrat and Will and I are still in the post-convention glow. In the next 100 days this country may well rise or fall. Let’s get to work. Carrots! – Arliss
25 July 2016 – Jesse LaGreca (@JesseLaGreca), political activist and commentor, manages to be both incisive and hilarious with his jackhammer-pounding, nailgun-fast insight into the underlying structure of the current election cycle. In the first half of the interview Jesse both breaks down the structural problems with the GOP and brings true thoughtful analysis to the pick of Tim Kaine. In Extra Mad he gets into more detail and provides some of the sharpest wit I have heard on these topics to date.
At the top of the show I round-up the latest developments in court rulings on voting rights summarizing the Wisconsin, Texas and Virginia decisions. I also take a moment out to remind everyone that, (to paraphrase James Carville), “It’s the Supreme Court, stupid!” Will , then, takes a few minutes to talk about just how dangerous the GOP has become and concludes by quoting Professor Halford E. Luccock, of the Yale Divinity School, who said during World War II,
When and if fascism comes to America it will not be labeled ‘made in Germany’; it will not be marked with a swastika; it will not even be called ‘fascism;’ it will be called, of course, ‘Americanism.’
If you did not hear Donald Trump’s acceptance speech at the Republican National Convention, the word “Americanism” features prominently. No joke.
In Will’s block he brings us all up to date on the ruling handed down addressing the conflict between the Phillippines and China over the Spratly Islands and, more importantly, the surrounding sea lanes. What is especially interesting about the ruling really comes down to how international law will be enforced in the foreseeable future.
In my block I get into the Italian banking crisis and talk about the difference between a bail-out and a bail-in. Just when you were thinking that Italian banks can’t possibly be a big deal for you personally, I explain why the new bail-in regime Italy is fighting will likely cost you money when you go to buy a car or a house.
We had fun this week and I hope you do too. – Carrots! Arliss
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11 July 2016 – We could not begin without acknowledging that yet again our nation has suffered terrible losses: Alton Sterling, Philander Castile, Michael Krol, Michael Smith, Lorne Ahrens, Brent Thompson and Patrick Zamarripa. Will sums up our feelings by reading parts of Hillary Clinton’s speech in Philadelphia which, we feel, speaks for us.
It’s hard to believe there was anything else important in a week like this past one but there was and I get to two of the big pieces of financial news. The US Federal Reserve released the stress test results of both the quantitative (DFAST) and qualitative (CCAR) testing of the thirty-three largest US banks. Stress testing is one of the big gains which emerged from the Dodd-Frank Act. In order to pass banks must prove that they can withstand specific “severely adverse scenarios.” The scenarios are both different and more difficult each year. This year all the banks tested passed DFAST and all except the US subsidiaries of Deutsche Bank and Santander passed the CCAR. I know you don’t think this really applies to you but that brings me to my second segment for the show….
The UK really is in a crisis, both political and economic. In the midst of all the chaos the one steady, calm voice of national leadership has come from Mark Carney, Governor of the Bank of England(BoE). In a critical speech on 30 June (PDF here), Carney delineated what the BoE has done, is doing and will do as the economic disaster of Brexit trundles forward. Alone among major UK governmental departments or associated institutions the BoE had a Brexit contingency plan and they have put it into action. Carney steadied markets and calmed the City with his cogent, realistic assessment and announcement of actions which the BoE is taking. Carney also reminded everyone that the most recent round of UK bank stress testing did include a Brexit scenario and that UK banks have been found to be capable of withstanding losses more than twice those they sustained during the global financial crisis. In addition, Carney noted that the BoE will be making sure that banks are making loans both to business and to individuals and he let banks know that the BoE will not be taking its eye off the regulatory ball either, ring-fencing will progress. In this period of complete UK political breakdown, Carney looks like the only adult in the room and proves it by managing to walk and chew gum at the same time–times ten. Oh – and central banks can make all the difference in a crisis.
Will got into the one other big piece of news from this past week, the matter of Hillary Clinton’s e-mails. He made a point of fact-checking and adding to the information that is out there and he clarifies the difference between Clinton and those who have willfully and knowingly divulged classified information. There is a reason no prosecutor in the country would bring the case, Hillary’s mistakes do not meet either the letter or intent of the law. We will all, regardless, spend another two years listening to the GOP yammering on about it but it’s good to get the facts straight at the top.
Next week we are hopping down the bunny trail and our show will consist of interviews we have done while at Netroots Nation in St. Louis. If you are there, please come on by and visit with us. We will be on radio row (on and off) in the vendor hall. We’re bringing treats! – Carrots! Arliss
6 June 2016 – Will and I were unable to record a new episode this week so we are reprising our episode from March which featured Alexis Goldstein of Americans for Financial Reform. Alexis gave us a truly exceptional interview on Dodd-Frank and given that our interview last week was on the foreclosure crisis, with David Dayen, we thought touching back to our conversation with Alexis made sense.
30 May 2016 – I have a house rabbit named David Dayen. That’s how highly I think of our guest this week. Dayen is a highly respected financial news and economics journalist for a reason. He finds a way to make even the most dry and dense topics understandable while also making it absolutely clear why we should all care. David’s first book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud(also on Audible.com here), is meticulously researched and a deep dive into the foreclosure crisis. Typical of David he found a unique way into the story through the lens and lives of three regular people who, instead of going quietly into the dark of foreclosure shame, chose to shine a revelatory light. Whatever you know about the foreclosure crisis sprouted, quite directly, from the questions Lisa, Michael and Lynn asked and the shocking answers they unearthed. Heroes are those who run into the fire, into the storm, to bring others to safety. Chain of Title is a gripping, true-to-life rendering of the lives of heroes and the deeds of villains. And, whether you know it or not, what this handful of people discovered changed your life. You can follow all of David’s writing here and I strongly recommend subscribing to his weekly summary e-mail.
I lead into David’s interview with some information about Gresham’s Law, the idea that bad money drives good money out of the market, meaning that Wall Street criminals make it virtually impossible for competitors to continue to abide by the law. I also talk about something that seems obvious, asymmetric information, meaning that the seller knows more than the buyer. One would think that was as plain as the orange on a carrot but three people won the Nobel in economics for describing how asymmetric information influences macroeconomics and, in the case of Wall Street, further influences the criminographic environment.
Will brings up something which so often gets left out of the political mix, housing. He observes that the desires and right to choice of those who are among the most vulnerable in our society, the homeless, must be sine qua non to any array of solutions. Will uses, as an example, a heart rending description of the state of homeless shelters in Washington, DC.
Will and I open the show with what can only be described as a rant. I read an article this week which eloquently encapsulates my feelings regarding the 2016 Democratic primary, Misogyny Rules the 2016 Election by Victoria A. Brownworth. I truly am done with the sexism which is spreading, from the top down, through the Sanders campaign. Bernie’s silence, in some cases, and defense, in others, regarding the violence being committed against women by his campaign makes it clear that it is a leadership-lead issue. Bernie reveals himself with the lack of women (with the glaring exception of his wife) in the upper tier of his campaign as well as his shocking opinion that he believes Hillary to be “unqualified” to be President. (His too little, too late “apology” not withstanding.) Bernie’s personal rage at the world has permeated all facets of his campaign. He and his cult are frightening women…on purpose. Bernie could have been great. Instead he is the leader of a cult that is tilting ever more toward increasing degrees of violence. History will remember him as an old, white man who, while choking on his privilege, turned away from leadership and toward ignominy. Good riddance. – Arliss
First off, I apologize for the lack of music in today’s show. We simply had too much content and not enough time. I had to cut my discussion of Bernie’s e-mails and a section from my block where Arliss and I discussed the Tiny House movement. Across the nation communities have begun using tiny house neighborhoods as part of a menu of solutions for homeless housing. Tiny houses provide homeless folk with a place of their own, an address, a place to sleep protected from the elements, a place to cook their food, and a place to feel safe.
But I also made a promise at the top of the show which I was forced to cut: that I’d provide access to the threats Roberta Lange recieved. For those who want to see just a small selection of the nearly 1000 phonecalls and hundreds of thousands of harassing text messages received by Lange, here’s a dropbox folder released by the Nevada Democrats.
I’m really frustrated with the situation. I want to talk about what we can do to make the Democratic Party better, more transparent and the process more trustworthy. I want to talk about things like Modern Monetary Theory and work on the housing policy I described in today’s show. But unless the people who step-up to lead chase the dangerous nonsense out of the process we can’t have those conversations. We simply can’t be silent while women are harassed and while people call for their public lynching. If we want to change the conversation we absolutely cannot afford to let it fall into the gutter. We need leadership, not rhetoric. – Will