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Subject: Re: Response to Curtis MacDonaldhttp://www.sott.net/
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From: Larry Kazdan
Curtis MacDonald claims that full employment will never be achieved because of "those that can't work, those that won't work" and "the large number who contribute nothing financially, many by choice". His ideas are in line with many mainstream economists who argue that unemployment occurs because people choose not to work. The mass unemployment of the Great Depression took place because people had a preference for leisure!
This theory has problems. First, the 1.3 million Canadians officially labeled as unemployed today are only those actively seeking jobs. The measure does not include those who can't work, those underemployed, or those discouraged and not looking. The ratio of job-seekers to job listings, also tracked by StatsCan, is currently 5 to 1. Second, the theory that people choose not to work predicts that when wages stagnate, more workers will quit i.e. they will lack the incentive of higher wages. Of course in the real world, workers hold on to their jobs in tough times, and only when jobs are easy to come by do they quit and chance better jobs elsewhere.
Still, if workers are worried about losing their jobs and reluctant to demand higher wages, more profits are available to the 1%. And lower-paid workers can be loaded with debt, another source of profit for elites. Secure with their government-paid salaries and guaranteed pensions and with lucrative side-contracts from the private sector, establishment economists are happy to maintain that government spending on job creation won't work, and happy to help orchestrate lynch mobs against the "loafers" who lack the personal responsibility to fill the non-existent jobs.
In 1937, Tommy Douglas and the CCF asked the government to put $500 million into a program to offer jobs to the single unemployed. The government responded, "Where will we get the money?" But by 1944, the unemployment rate dropped from double digits to 1.4%. What happened? The government put 1.1 million additional Canadians on the public payroll as members of the armed forces (one out of every three adult males). The government also fed them, clothed them, and housed them. Other civilians were manufacturing the armaments and munitions - all on government contracts. Where did the government get the money? Certainly the government taxed and borrowed as it could, but a large chunk of the money also came directly from the Bank of Canada. Aside from helping to win the war, what was the result? According to a government website:
1939--1945: World War II Transformed the Canadian Economy
http://web.archive.org/web/20050507140447/http://canadianeconomy.gc.ca/english/economy/1939ww2.html
"By the end of the war, the economy had a more highly skilled labour force, as well as institutions that were more conducive to sustained economic growth."And what about the rapid inflation that Curtis MacDonald claims is always a result of the central bank simply printing money? Turns out it was quite manageable. Here is J.D. ALT''s explanation in the American context:
http://neweconomicperspectives.org/2016/05/false-choice-real-possibilities.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+neweconomicperspectives%2FyMfv+(New+Eco
"Between 1940 and 1944 (a time period of only 48 months!).... The U.S. federal government spent (in 2011 dollars) 4.1 trillion dollars to build the largest and most advanced military machine in world history, employing over nine million previously unemployed citizens in the process..... Where did the dollars come from? Did President Roosevelt arrange to borrow the dollars from China?
***
The federal government must have issued the necessary dollars by fiat, out of thin air. In other words, the money was �printed.�
***
The U.S. inflation rate went from near zero in 1941 to nearly 12% in 1942. But it�s important to acknowledge the difference between the U.S. inflation of WWII and the infamous examples of catastrophic hyperinflation�Weimar Germany after WWI, Zimbabwe in the 1990s and, possibly, Venezuela today. In each of these cases, the underlying cause of the inflation was the collapse of the productive capacity of the national economy. The money still existed, but there were fewer and fewer things being produced for the money to buy.
***
Just as inflation began to get out of control,... the federal government began draining large amounts of dollars (taxes) from the citizen�s aggregate spending power. At the same time, a major campaign was implemented to encourage the citizens to use some of their newly earned fiat dollars to buy War Bonds, effectively taking those dollars out of circulation.... Between 1942 and 1945 these efforts succeeded and U.S. inflation subsided to 2.3% .."
So, can we have full employment today by printing money and increasing the goods and services available for civilian consumption that would forestall inflation? Of course we can!
See "The Job Guarantee: A Government Plan for Full Employment"
http://www.thenation.com/article/161249/job-guarantee-government-plan-full-employment
As John Maynard Keynes put it: �The Conservative belief that there is some law of nature which prevents men from being employed, that it is �rash� to employ men, and that it is financially �sound� to maintain a tenth of the population in idleness for an indefinite period, is crazily improbable � the sort of thing which no man could believe who had not had his head fuddled with nonsense for years and years�".
For those who wish to examine more actual evidence:
1. Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935�75
http://www.levyinstitute.org/pubs/wp_848.pdf
As shown in figure 1, between 20�25% of Canadian public debt was financed and held by the central bank and government from the end of World War II up to the early 1980s but inflation was below 5% right up until the early 1970s����..
2. Rapid Money Supply Growth Does Not Cause Inflation
Neither do rapid growth in government debt, declining interest rates, or rapid Increases in a central bank�s balance sheet
http://evonomics.com/moneysupply/
"In our review of 47 countries, generally from 1960 forward, we found that more often than not high inflation does not follow rapid money supply growth, and in contrast to this, high inflation has occurred frequently when it has not been preceded by rapid money supply growth.
===================================
From: "Tommy Thomas"
Hello Joe:
A big THANK YOU to Curtis MacDonald for his response to Larry Kazdan�s repeated attempts to sell wholesale printing of money to achieve Utopia by a central government.
Tommy Thomas
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