(1) Affording Economic Justice in the United States.
“Can We Afford Economic Justice in the United States” by Daniel Jose Camacho in Sojourners Magazine
Daniel Camacho wrote an article for Sojourners Magazine, which described his attendance at a conference of Modern Monetary Theory in September 2018 in New York. Camacho provided a brief description of MMT.
Camacho then explored several issues that MMT could support:
- Federal job guarantee, an idea of Coretta Scott King
- Religion and money, in which religious leaders become interested in learning about the monetary system and its relationship to societal issues and where people become interested in religion and Theology because of MMT (Nathan Tankus, inspired by the book Debt: The First 5,000 Years by David Graeber).
(2) The inhuman abasement of the vulnerable. Meanwhile, rich people who lavish in doing nothing receive shrugs.
“The Bad Behavior of the Richest: What I Learned from Wealth Managers” by Brooke Harrington in the Guardian.
These disparate perceptions aren’t just evidence of hypocrisy; they are literally a matter of life and death. In the US, the widespread belief that the poor are simply lazy has led many states to impose work requirements on aid recipients –even those who have been medically classified as disabled. Limiting aid programs in this way has been shown to shorten recipients’ lives: rather than the intended consequence of pushing recipients into paid employment, the restrictions have simply left them without access to medical care or a sufficient food supply. Thus, in one of the richest counties in America, a boy living in poverty died of a toothache; there were no protests, and nothing changed.
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 13, 2018, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Mergers||Security Trust & Savings Bank, Storm Lake, Iowa — to purchase the assets and assume the liabilities of First National Bank of Rembrandt (FNB Bank), Rembrandt, and to establish a branch at the location of FNB Bank’s main office.
-Approved, October 10, 2018
|Forms||Forms — initial Board review to extend without revision the Disclosure Requirements of Subpart H of Regulation H (Consumer Protections in Sales of Insurance) (Reg H-7).
-Proposed, October 10, 2018
|Regulations and Policies||Supervisory Practices — interagency statement on supervisory practices for financial institutions affected by Hurricane Michael.
-Announced, October 10, 2018
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for October 18, 2018, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of October 17, 2018): $4,223,185 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)