The Venezuela Myth Keeping Us From Transforming Our Economy

. . . Venezuelans are in the fortunate position of having a national government which prioritizes their life quality, wellbeing and development over the health of bankers’ and lobbyists’ pay checks.  If the 2009 financial crisis demonstrated anything, it was that capitalism is quite simply incapable of regulating itself, and that is precisely where progressive governments and progressive government legislation needs to step in.

That is also where the progressive wing of the Democratic Party is stepping in in the US – and why AOC’s proposals evoke howls in the media of the sort seen in Venezuela.

Article I, Section 8, of the Constitution, gives Congress the power to create the nation’s money supply. Congress needs to exercise that power. Key to restoring our economic sovereignty is to reclaim the power to issue money from a commercial banking system that acknowledges no public responsibility beyond maximizing profits for its shareholders. Bank-created money is backed by the full faith and credit of the United States, including federal deposit insurance, access to the Fed’s lending window, and government bailouts when things go wrong. If we the people are backing the currency, it should be issued by the people through their representative government. Today, however, our government does not adequately represent the people. We first need to take our government back, and that is what AOC and her congressional allies are attempting to do.

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Gary Anderson 4 months ago Contributor's comment

I have mixed feelings about Venezuela. People are fleeing the nation. Things are bad. But Abrams is a very dark regime change figure.

As far as MMT, it would likely bring out bond vigilantes who want the bond market to behave. If MMT resulted in high interest rates, margin calls in the bond world would be staggering. Ocasio-Cortez, who has a point taxing the wealthy, has pretty much washed up on the rocks in wanting to ban airplanes and cars. Adding MMT to her anti economics thinking just makes her more irrelevant. aoc #aoc