This is not a radical idea though many will try to characterize it as such. 100% reserves for banks is actually quite a “conservative” idea.
With 100% bank reserves the credit addicts will scream and holler. The bankers will scream and holler. (Often they are one and the same.) Our economy however would be healthier.
Pretty much every president has grasped for more and more power. But this one seems particularly enamored with it.
If you don’t know already the fiscal cliff deal done earlier this week is full of tax credits to big businesses of all sorts. That’s bad enough, but it appears that the money going to these businesses is actually more than what the new taxes will raise.
Why did the GOP do so badly in the most recent election? It has everything to do with fear. Fear of the Tea Party.
Mungowitz, is Michael Munger, professor at Duke, economist, political scientist, Libertarian gubernatorial candidate, and all around great guy.
The Wall Street Journal got this right in an editorial today:
The federal government has just decided that poverty for family of 4 in New York City means an income of up to $37,500, not $22,500. Quite a leap. As before, the figure excludes earned income tax credit cash checks from the government and also medical and other non-cash assistance.
It is a sad fact that when the world economy goes into a nasty tailspin, especially for extended lengths of time, war often accompanies the economic chaos.
“Unfortunately, the occupy movement wanted to throw the baby out with the bathwater.”