Sunday, June 17, 2012

Bill Moyers interviews James K. Galbraith — Zero Hedge

JKG: An extraordinary concentration of wealth is an extraordinary concentration of power. Favorite Adam Smith quote (the only short sentence): "Wealth is power, as Mr. Hobbes says."
Read an excderpt and watch the videos at Zero Hedge
Bill Moyers and James K. Galbraith Talk About the Financial Crisis and John Kenneth Galbraith
Submitted by ilene

Not what you'd expect to see at Zero Hedge. Good for them.

The videos were posted at Jesse's.


Trixie said...

Not what you'd expect to see at Zero Hedge. Good for them.

Bah, I don't even need to read the article. See a trend? ZeroHedge doesn't discriminate against which sector it will place in its crosshairs. Whichever way the wind blows. Read: gets the most "hits".

Trixie said...

Allow me to rant:

All of this is nothing more than a breakdown of institutions. Congress, the Presidency, "marriage", the Catholic Church, Penn State, labor, producers, the Eurozone, "free", liberty, and the pursuit of happiness. Need I go on?

I'm tired of the corruption, the spin, and the distractions. I'm tired of throwing firefighters, cops, and teachers under the bus. Including immigrants, "teh gay", the elderly, all Muslims, and students as the demise of society because of asshole bankers. And the 6 dickheads that rule this world.

And that includes all "RED" books.

Yeah, I'm pissed.

David said...

First time I've been to that site. The Zero Hedge guy seems to have quite a following which is remarkable considering his every other headline contains the word Hyper-inflation!

Tom Hickey said...

"Tyler Durden" is a pseudonym based on a character in the novel "Fight Club," played by Brad Pitt in the movie.

The blog is written by a group of people who write under the pseudonym "Tyler Durden".
Wikipedia-Zero Hedge

Bob said...

Galbraith skirts around the heart of the problem with no jobs and the lower standard of living of the sheeple since 1913.
The Cartel between US Govt and the Central Bank and its members.
This ponzi scheme will end badly, as we are on the acceleration part of the exponential curve to collapse. Only one way to stop it now, I never thought I would say this but we need Ron Paul to eliminate the IRS, which according to the 16th ammendment has no law on the books to force people to pay income tax on thier WAGES. The facist authoritarian actions of the police state of the IRS bully people and scare them into paying, but there is no law requiring a US citizen to pay tax on his or her labor.
Remove the teeth of the cartel the IRS and limit the ability of the Fed to continue to manipulate the money supply to increase the position of the govt members and the bankers at the expense of the american working families.
Low interest rates are low to force money back into the money trust and all other media hype to the contrary is just that, IMO.
You go Ron Paul!!

beowulf said...

"which according to the 16th ammendment has no law on the books to force people to pay income tax on thier WAGES."

What part of "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived" do you think means that wage income can't be taxed?

In fact, Galbraith has long been a critic of the Federal Reserve, when Ron Paul called a hear last month about Fed reform, Galbraith was one of the witnesses he had testify.

Bob said...

Check out Joe Bannister on You Tube, check out IRS commissioner Mark Everson on You Tube, check out IRS 03/12 Exposed on You Tube,
check out IRS Exposed 04/12 on You Tube, check out the Late Aaron Russo "America Freedom to Facism, don't confuse me with the facts please when it comes to a WRITTEN LAW IN THE FEDERAL CODE OF CFRS that american have to pay tax on their labor, they don't, but are bullied into it.

paul said...

"The Congress shall have power to lay and collect taxes on incomes"

@beo - True that's what it reads but in my view WAGES are technically not income.

We EXCHANGE work for wages, an asset swap.

Profits or gains should be taxed, or property, etc.

I agree with Bob that our labor shouldn't be taxed.

Makes no sense at all.

Matt Franko said...

Might have more to do with the rate of taxes...


beowulf said...

I've never heard of any definition of income that didn't include wages, in fact that was legal to tax even prior to the 16th Amendment (which was enacted to allow for the taxation of capital income.

"Returns with respect to income taxes under subtitle A shall be made by the following... Every individual having for the taxable year gross income which equals or exceeds the exemption amount..."
26 USC 6012
"When a return of a tax is required...the person required to make such return shall... pay such tax."
26 U.S.C. 6151(a)

USC or United States Code means it was enacted by Congress (as opposed to CFR or Code of Federal Regulations, which are issued by agencies in order to carry out Acts of Congress).

Matt Franko said...


do you have anything on the debate surrounding the 16th amendment, it would be interesting to see what the pros and cons were at the time... ie if the pros were advocating for it because the "govt needed the money"ie the transition to illogic had already taken place by that time...

I'm trying to discover when it was that TPTB in the US lost the correct view of state currency as logically endogenous...


paul said...


I'm not arguing that the law says otherwise, I agree thatis what it says.

I'm arguing that taxing wages of the true producers makes no sense. We should be taxing parasitism.