"To save the planet and fix historical inequities...we must change the way we approach the federal budget. We must give up our obsession with trying to "pay for" everything with new revenue or spending cuts..."We need a mass mobilization of people and resources, something not unlike the US involvement in World War II or the Apollo moon missions – but even bigger. We must transform our energy system, transportation, housing, agriculture and more."
All this can be ours without raising taxes to kingdom come. Salvation comes by way of the printing press.
"Once we understand that money is a legal and social tool, no longer beholden to the false scarcity of the gold standard, we can focus on what matters most: the best use of natural and human resources to meet current social needs and to sustainably increase our productive capacity to improve living standards to future generations."
"If the Federal Reserve is ever allowed to buy stocks and corporate bonds, it will create an extremely dangerous situation in which investors, speculators and business leaders will feel that they can take virtually unlimited risk and will still be backed by the Fed. This phenomenon is known as a moral hazard..."The Fed has already created an unprecedented moral hazard by stepping in to prop up the stock market every time it has tumbled in the past decade...If the Fed can buy stocks and corporate bonds, it will compound moral hazard on top of more moral hazard...The result will likely be a stock market bubble that is more extreme and dangerous than any other stock market bubble in history."