Syrian Tariffs Must Fall!

by Serban V.C. Enache

In November of last year, the Naseeb border crossing between Syria and Jordan was reopened, providing Lebanese exporters a land route for their output. Despite this, political quarrels between Damascus and Beirut and high tariffs rendered the border crossing unusable or unprofitable to say the least.

Syria is key for Lebanon’s access to foreign markets. The tiny country is confined between its neighbours: the conflict-weary Syria and the sealed border with a hostile Israel. Thus, border crossings into Syria and then out into other countries are required for land-bound exports. Lebanon’s exports collapsed from a peak of 78 percent of GDP in 2008 to as low as 36 percent in 2017, as the [outside-manufactured] Syrian civil war raged on. Exports by land would be cheaper and faster, a five day trip as opposed to a trip lasting 25 days. According to customs officials, before the Naseeb border crossing was closed, over 250 trucks a day headed out from Lebanon to markets in Syria, Jordan, Iraq, and the Gulf. When it closed, that volume dropped to about 300 trucks a month, and that was on a good month, bound only for Syria.

Sadly, the Naseeb crossing’s reopening last year brought with it high transit tariffs, imposed by Syria and Jordan on trucks heading to the Gulf – thus making Lebanese sea-bound exports more appealing via the Suez Canal, despite the longer route, for the Lebanese Government also provides subsidies to merchant ships.

Lebanon’s political leaders are divided between supporters and opponents of President Bashar al-Assad. This month, however, fruitful talks were held. The Syrian Government agreed to lower tariffs on Lebanese products entering Syria, and to reactivate [accords signed in 2010] and establish new agriculture agreements between the two countries. While the announcement comes as good news, the Syrian government has yet to disclose its new tariff rate.

The Future Movement, along with the Lebanese Forces, and the Progressive Socialist Party, strongly reject direct ties with Assad’s regime until a political solution to the conflict is reached. While Hezbollah, the Amal Movement, and the Free Patriotic Movement support direct talks with him in order to establish the return of Syrian refugees and improve the Lebanese economy.

The country’s president, Michel Aoun, visited Moscow last month to have talks with Putin on geopolitical subjects and to discuss bilateral business agreements. Since the end of the Syrian occupation of Lebanon [Assad withdrew remaining troops from Lebanon in 2005], Michel Aoun has been seeking to improve his country’s relationship with Syria. He has treated all Lebanese parties as potential partners, including Hezbollah.

It makes no sense for Assad to reopen the crossing and then to impose punitive tariffs on transit. Either you want to reopen trade or not. Keeping such a high tariff is not good policy, it’s not even in the category of protectionism. I wish to invoke the wisdom of Vattel’s The Law of Nations concerning the matter of trade. Every word Vattel writes conveys precious meaning, which should be put in practice.

“Every nation ought, therefore, not only to countenance trade, as far as it reasonably can, but even to protect and favour it. The care of the public roads,—the safety of travellers,—the establishment of ports, of places of sale, of well-regulated fairs,—all contribute to this end. And where these are attended with expense, the nation, as we have already observed, may, by tolls and other duties equitably proportioned, indemnify itself for its disbursements. […]

Freedom being very favourable to commerce, it is implied in the duties of nations, that they should support it as far as possible, instead of cramping it by unnecessary burdens or restrictions. Wherefore those private privileges and tolls, which obtain in many places, and press so heavily on commerce, are deservedly to be reprobated, unless founded on very important reasons arising from the public good.
Every nation, in virtue of her natural liberty, has a right to trade with those who are willing to correspond with such intentions; and to molest her in the exercise of her right is doing her an injury.

The home trade of a nation is of great use; it furnishes all the citizens with the means of procuring whatever they want, as either necessary, useful, or agreeable: it causes a circulation of money, excites industry, animates labour, and, by affording subsistence to a great number of people, contributes to increase the population and power of the state.

The same reasons shew the use of foreign trade, which is moreover attended with these two advantages:—1. By trading with foreigners, a nation procures such things as neither nature nor art can furnish in the country it occupies. And secondly, if its foreign trade be properly directed, it increases the riches of the nation, and may become the source of wealth and plenty. […]

Nations are obliged to cultivate the home trade,—first, because it is clearly demonstrated from the law of nature, that mankind ought mutually to assist each other, and, as far as in their power, contribute to the perfection and happiness of their fellow-creatures: whence arises, after the introduction of private property, the obligation to resign to others, at a fair price, those things which they have occasion for, and which we do not destine for our own use. Secondly, society being established with the view that each may procure whatever things are necessary to his own perfection and happiness,—and a home trade being the means of obtaining them,—the obligations to carry on and improve this trade are derived from the very compact on which the society was formed. Finally, being advantageous to the nation, it is a duty the people owe to themselves, to make this commerce flourish.

For the same reason, drawn from the welfare of the state, and also to procure for the citizens every thing they want, a nation is obliged to promote and carry on a foreign trade.

[…] from all which it follows, that a nation has a right to procure, at an equitable price, whatever articles it wants, by purchasing them of other nations who have no occasion for them. This is the foundation of the right of commerce between different nations, and, in particular, of the right of buying. We cannot apply the same reasoning to the right of selling such things as we want to part with. Every man and every nation being perfectly at liberty to buy a thing that is to be sold, or not to buy it, and to buy it of one rather than of another,—the law of nature gives to no person whatsoever any kind of right to sell what belongs to him to another who does not wish to buy it; neither has any nation the right of selling her commodities or merchandise to a people who are unwilling to have them.

Let us only observe, that nations, as well as individuals, are obliged to trade together for the common benefit of the human race, because mankind stand in need of each other’s assistance: still however, each nation remains at liberty to consider, in particular cases, whether it be convenient for her to encourage, or permit commerce; and as our duty to ourselves is paramount to our duty to others,—if one nation finds herself in such circumstances, that she thinks foreign commerce dangerous to the state, she may renounce and prohibit it.”

Since Assad reopened the Naseeb crossing, he doesn’t view foreign commerce as a threat. The tariff in my opinion should be slashed to zero for a simple reason: Jordan and Lebanon and Syria are on equal grounds in terms of economic development. It’s a case of comparing apples to apples, rather than oranges to apples [say, the US vs Mexico]. And the cost of maintaining roads and safety can be successfully borne by the Governments involved without such taxes or tolls being levied. Friedrich List, an exponent of the Historical School and a protectionist, did not oppose free trade among nations with comparable levels of development, more so, he supported it.

The punitive Syrian tariffs are hurting Syria and they’re hurting Lebanese farmers and businesses the most. I’ll end this article with this magnificent performance from 2003 by Julia Boutros. Two songs with English subtitles that inflame the soul with hope.

Russo-Turkish Relations

Moving Away From US Hegemony

by Serban V.C. Enache

Yesterday, the heads of state of Russia and Turkey held a joint press conference, which is available here. One of their common points was to get bilateral trade working with just the ruble and the lira. Every sovereign nation ought to conduct trade in her own currency and that of her trade partner, and not conduct trade in a 3rd party currency [like the US dollar or the euro]. The issuer of the 3rd party currency receives an unearned increase in his currency’s value. When the international situation deters [like today, due to the USA’s war mongering], national currency swaps between partner countries is better than relying on a foreign currency with which to do settlement payments – especially if the reserve currency in question belongs to a belligerent actor, who – as we have seen in the case of Venezuela – has the power of freezing those accounts.

Both Russia and Turkey are advancing well in their bilateral trade and tourism, some of the most important deals are the TurkStream gas project, Rusatom aiding Turkey with her nuclear power plants, and the S-400 sealed deal.

Vladimir Putin, asked about the trade situation with Turkey being in Russia’s favor, said that a neutral trade balance is what he wishes. You’ll never hear such a statement from a German head of state or Eurocrat Neoliberal. You will never hear the EU or the Eurozone’s top brass criticize the huge and sustained German financial surpluses against the Periphery countries. They will insist for member state governments to have balanced fiscal statements, but never balanced current accounts. Putin emphasized that the main factor of attractiveness of Russian gas exports is reliability of delivery.

The situation in Syria was raised as well, including the Kurdish question. As the situation stands, the best option – which preserves human life and avoids further conflict – for the Kurds is to accept Syrian unity and relinquish any territorial claims. If we’re to invoke things like patriotism and nationalism, these ideals are incompatible with strife and death. No true patriot or nationalist can accept the blood of civilians, his own or that of the enemy, and pretend he or she is on the side of justice. The only way for sustainable peace, order, and development is through the implementation and observance of Westphalian principles: forgiving and forgetting past transgressions in perpetuity. The realist and moral position for the Kurdish region is to remain part of Syria, with full equality under the law.

The Kemalists are a concern, however, since their aim is to have stronger relations with NATO and get full EU membership. Erdogan saw how Washington treats its allies when they become independent, they tried a coup against him. Washington maintained radio silence during the coup operation, and only came out in public to condemn the coup attempt after it had failed. If you want further proof, Erdogan demanded Gulen from the Americans, so he could be tried in Turkey for his involvement in the coup. Gulen is NOT an American citizen, yet the Americans declined. It’s very clear that Washington tried to oust Erdogan, and Erdogan, since then, has taken measures to diversify geopolitical and economic relations. Erdogan should aim to strike a balance between the laic and religious sections of the population within Turkey, otherwise he risks a civil war of his own. I wrote about Turkey’s financial plight in August last year, and so far, despite the underwhelming results for Erdogan’s party [the AKP] at the recent local elections, he is pursuing a truly sovereign foreign policy and I give credit where credit is due. Turkey is no longer in the Yankee deck.

The only chance for peace in that part of the world is for Eurasia to rise, not just as an ideal, but as a Westphalian reality [a sisterhood of sovereign nation states]. I call it Southwest Asia, not the Middle East, because the latter, since the Sykes-Picot treaty of 1916, has been used as a British imperial term to describe a hot, resource dense, looting ground, and recurrent geopolitical hand grenade in Great Power conflicts [divide & rule].

Bulgaria of Labor & Reason

by Serban V.C. Enache

BTR [Bulgaria of Labor & Reason] is a newly registered political party in Bulgaria. Their economic platform is based on MMT & Georgism, and they desire to get the country out of the EU and out of NATO. I’ve made two promotional clips for them in solidarity with their political aims.

Bulgarian Version

English Version

Also check out their website, Bulgaria MMT.

The Neo-Malthusian New Deal

by Serban V.C. Enache

Former President of Greenpeace Canada Patrick Moore was very direct last month in an interview with Sputnik. I urge viewers to read it in full and to always be circumspect of any type of activism, no matter how pure it might seem.

“I suppose my main objection is the effective elimination of 80 percent of the world’s energy would likely eliminate 80 percent of the world’s people in the end. I mean, just growing food, for example — how would we grow food for the world’s people without tractors and trucks, and all of the other machinery that is required to deliver food, especially to the inner cities of large centers like Moscow, Shanghai and New York City? How would we get the food to the stores? It’s symptomatic of the fact that people who live in cities just take it for granted that this food appears there for them in supermarkets in great variety, healthy food to keep them alive when they couldn’t possibly grow it for themselves with such dense populations. And if, in fact, fossil fuels were banned, agricultural productivity would fall dramatically and people would starve by the millions. So, that is just a little bit of why I think it’s a ridiculous proposal.”

The so-called Green New Deal calls for a reduction of net CO2 emissions to zero within ten years. Even if renewables were increased up to 100 percent, that wouldn’t even address the majority of the USA’s energy use, which is not electricity. Transport by air, land, and sea is overwhelmingly powered by hydrocarbons. What sacrifices the bottom and middle sections of the population would have to make in order to achieve 100 percent electric surface transportation? Would this even be technologically and commercially viable for water and air transportation?

The Intergovernmental Panel on Climate Change calls for global CO2 emissions to shrink to net zero by 2050. The summary for policymakers gives a cost estimate, “annual average investment needs in the energy system of around 2.4 trillion USD2010 between 2016 and 2035, representing about 2.5 percent of World GDP.”

China’s CO2 emissions tripled from 2000 to 2012. During that period, poverty there decreased from 40.5 percent in 1999 to 6.5 percent in 2012, according to the World Bank, and Chinese investments have helped to alleviate poverty in Africa as well. Even under the Paris Agreement, Chinese CO2 emissions are expected to double by 2030, while those from India are expected to triple. Reliable and affordable energy means electricity in schools and hospitals, fuel for agricultural equipment, transportation of crops to markets, value-added manufacturing, state-of-the-art research facilities, efficient transit of people and goods; all of this translating into higher life expectancy, lower disease rates, better nutrition, and education.

As as side note, going green has a health cost too. For instance, solar PV panels create 300 times more toxic waste per unit of energy than do nuclear power plants; their average lifespan is 25 years. Without preparation and diversification, the world is heading toward a solar panel waste crisis.

Anti-Human Environmentalism

The modern environmentalist movement was never about people at grassroots concerned about environmental decay, and had nothing to do with ‘saving the planet’. It was concocted and promoted by the British Empire to sabotage its geopolitical rivals from developing [particularly in-land development, which threatened British maritime trade dominance]. Combined with eugenics, this trans-national orchestrated effort aimed to continue the International Feudal-Stockholder System after 1945; people on the libertarian right and center right [Hayek, Friedman et al] alongside their counter-parts in the Frankfurt School had this joint aim. For more info on the Capitalist Right & Center’s role in this plot, read this Essay by Wolfgang Streeck. As for the Western Liberal Left and Far Left, I will quote a few passages from one of their ideologies’ architects at the end of this article.

After WW2, some of the most powerful oligarchic families in the West channeled important moneys and political clout into the organization known as the Club of Rome, which held that,

“In searching for a new enemy to unite us, we came up with the idea that pollution, the threat of global warming, water shortages, famine, and the like would fit the bill […] But in designating them as the enemy, we fall into the trap of mistaking symptoms for causes […] The real enemy, then, is humanity itself.”

At the same time, the UN sponsored a series of conferences on population control in the mid ’70s to promote the idea that human population growth is cancerous to the planet. I urge regular readers of this website to see this documentary about the legacy of sterilization and abortions in Asia, anti-human policies spearheaded by Western Governments and Western NGOs [in accord with the Chinese Communist leadership and Indira Gandhi’s Government as well]. Despite repeated interview requests, the Ford Foundation, the Rockefeller Foundation, and the IPPF refused to comment.

Neo-Malthusian Outlook

Malthusianism is the idea that population growth is potentially exponential while the growth of the food supply is linear. Thomas Malthus saw population growth as inevitable whenever conditions improved, thus precluding real progress toward a better society: “The power of population is indefinitely greater than the power in the earth to produce subsistence for man.” Henry George contended that Malthusian theory served as a tool for social control, conveying false justifications to support the landed class and oppose Government policy attempts to improve the lives of the poor.

As in most things, we are limited by our own assumptions – and history definitely proved Thomas Malthus’ assumptions and conclusions wrong. Birthrates stabilize as economic conditions improve. Japan, a highly advanced civilization, doesn’t deal with high birthrates, its problem is population aging – aka. birthrates are too small.

The Neo-Malthusian culture operates on the same flawed assumptions and on a hatred mysticism of Humanity, or, the masses of Humanity. They define ‘natural’ as that which excludes human activity. The rebranding of Global Warming into Climate Change served to imply that any change to the climate would be evil, simply by virtue of its transformative factor – as if Nature is stagnant and only [Evil] humans are going around, causing awful changes to the aforementioned static perfection. Does this hold true? For instance, if we use desalinated ocean water to turn a desert [region with a dreadfully low level of biological activity] into a lush home for plants, insects, animals, and humans – like the folks from the LaRouche Political Action Committee propose – would it be so bad? Are we hurting Nature? Are we hurting ourselves or future generations in the pursuit of a such a task?

Conclusion

Put in place the new technologies, the new infrastructure, the storage, new production facilities before you shut down the old ones. I don’t believe people in the US would want to engage in a 15 year failed attempt at going Green, like Germany, and then fire up new coal plants in order to prevent energy shortages. Germany’s plan is to phase out nuclear power by 2022 and coal power by 2038. Talk about epic facepalms. The Powers That Be and their sycophants across the hierarchical chain desire to ‘fight’ Climate Change on the backs of the poor, when in fact, almost 50 percent of global lifestyle consumption emissions are created by the richest 10 percent of the population; while the poorest 50 percent of the global population only produce about 10 percent of global consumption emissions.

“The historical mission of our world revolution is to rearrange a new culture of humanity to replace the previous social system. This conversion and reorganization of global society requires two essential steps, firstly the destruction of the old established order, secondly, the design and imposition of the new order, the first stage requires elimination of all frontier borders, nationhood and culture, public policy, ethical barriers and social definitions. Only then, the destroyed old system elements can be replaced by the imposed system elements of our new order.

The first task of our world revolution is destruction. All social strata and social formations created by traditional society must be annihilated. Individual men and women must be uprooted from their ancestral environment, torn out of their native milieus, no tradition of any type shall be permitted to remain as sacrosanct. Traditional social norms must also be viewed only as a disease to be eradicated. The ruling dictum of the new order is, nothing is good so everything must be criticized and abolished. Everything that was must be gone.

The forces preserving traditional society are “free market capitalism” in the social economic realm, and “democracy” in the mental political realm. The capitalist free market does not fight against the old economic order, nor does democracy lead a fierce hot battle against the forces of reaction which oppose the new order, therefore our transformative work will be imposed through the unifying principle of the militaristic spirit, the negative task of destroying the old established order will be completely solved and finished only when all the human masses are all forcibly collectivized as uniformed soldiers under imposed mass-conformity of new order culturing.

After destruction of the old order, construction of the new order is a larger and more difficult task…..We will have torn out the old limbs from their ancient roots in deep layers, social norms will be lying disorganized and anarchic so they must be blocked against new cultural forms and social categories naturally re-emerging. The general masses will have been first persuaded to join as equals in the first task of destroying their own traditional society and economic culture, but then the new order must be forcibly established through people again being divided and differentiated only in accordance with the new pyramidal hierarchical system of our imposed global monolithic new world order.” From the book/Manifesto, Der Geist des Militarismus, Stuttgart 1915, by Nahum Goldmann [a leading Zionist and founder of the World Jewish Congress]. From the English translation housed in the collection of the Leo Baeck Institute, p.37 – 38

UBI isn’t bad or good

by Serban V.C. Enache

I’ve written in the past about Universal Basic Income, and readers of this website know that I don’t support UBI if it’s not paired with legislation aimed at capturing economic rent. Since John McDonnell said that Labour is supporting a UBI scheme, many voices were raised in opposition, even among the Left, and the Job Guarantee was invoked as a substitute. I will focus on economic arguments and will try to be brief.

These are some of the criticisms I’ve seen: “UBI is inflationary” – “UBI gives people more money to spend, but doesn’t increase production, unlike the Job Guarantee” – “A Job Guarantee is an opportunity for many, but an obligation for none” – “UBI doesn’t create employment; it leaves the private sector as the sole job creator” – “Workers won’t benefit from UBI, capitalists will, because UBI will allow them to pay workers less.”

Firstly, let’s analyze the assumptions, because if we can’t agree on the premise, we’re just wasting our time talking to each other.

“Workers won’t benefit from UBI, capitalists will, because UBI will allow them to pay workers less.”

Giving everyone a fast and non-bureaucratic safety net allows workers to organize better. Better collective effort = strikes are easier to pull off and maintain for longer. The argument that a UBI will allow capitalists to pay their employees less is the same argument fiscal conservatives make against minimum wage laws and unemployment checks; that this safety net is bad for business and bad for workers’ motivation. Again, in and of itself, UBI would directly increase labor’s bargaining power. To what extent? It depends on a bunch of factors…

“A Job Guarantee is an opportunity for many, but an obligation for none”

The same is true for UBI. Supporters of UBI and Job Guarantee should also have a plan to contain both legal and illegal immigration; because any of these two programs would explode the aforementioned, ditto for Medicare For All. And I know liberals and lefties don’t like this, but the difference between a territory and a country is borders – and the way to enforce those borders is through staff, technology, and barriers – BARRIERS – just like you need barriers on sidewalks to prevent drivers from parking there. And no, you don’t get off the hook because you love immigrants, when you support political parties that sabotage and destroy foreign countries, creating those refugees and economic migrants in the first place.

“UBI gives people more money to spend, but doesn’t increase production, unlike the Job Guarantee”

In what sectors will the Job Guarantee introduce the unemployed? I always ask this because it’s important. Without a proper answer to this, you don’t know how well the Job Guarantee will act as a price anchor. If people in the Job Guarantee are put to produce things like food, fuel, and electricity, then yes, that particular Job Guarantee scheme is a solid price stabilizer program. If you put people in the Job Guarantee to fix swings in the park, shine railings, read stories to blind kids, play the guitar for old folks in asylums, help elders afflicted with mental illness and the like, then that scheme will have next to no impact on price stabilization, even though it provides humane social services. As for the demand boost from UBI, I’m sure it won’t cause firms to say – hmm, higher orders this month, I still have tons of unused capacity, but instead of making these machine tools produce more cans and calling up folks I previously let go due to weak demand so I can service all these orders at a profit, I’m just going to keep production level as is and just increase my markup. Please, spare me this logic. Firms that will take this improbable decision will lose market share to those firms who will adjust output instead of prices. If people in the West are worried about this, then they should draw attention to weak anti-cartel legislation and or weak enforcement of these laws.

“UBI doesn’t create employment; it leaves the private sector as the sole job creator”

These type of points are just worthless rhetoric. No, it doesn’t leave the private sector as the sole job creator. The private sector is never the sole job creator. In fact, it can’t be.

As for the “UBI is inflationary” concerns… if you do an analysis on UBI with the marginalist point of view on currency value in mind, yes, UBI will be inflationary. But this point of view is fallacious, because at the margin, some people, many people, are already getting an income without a formal job attached to it. According to the marginalist lens, there should already be hyperinflation or at least high inflation caused by traditional unemployment checks and food stamps. If you’re a die-hard Minskyite and like to call food stamps “funny money printing,” like Minsky did back in his day, you’re free to do so, but that doesn’t make your argument correct.

One more observation… If economists, orthodox and heterodox alike, are worried that UBI will cause both demand side and cost-push inflation [people just becoming lazy], half of that fear doesn’t square away with their insistence that UBI will subsidize bad jobs. If under a UBI people are more willing to accept poorly paying jobs and or poorer working conditions, then firms won’t experience cost pressures.

Let’s look at a country that actually implemented UBI nationwide, let’s look at Iran. According to this working paper from 2017 on the effect of unconditional cash transfers on the labor supply, there were no extraordinary results. Iran’s UBI was implemented in 2011 as a necessity to the drastic cuts to gas and bread subsidies made by Ahmadinejad in late 2010; the Government argued that the subsidies benefited the rich disproportionately. The UBI was set at 29 percent of median household income, about 1.50 US dollars extra per head of household, per day. In the US, that threshold would be over 16,000 dollars per year, well above the standard scheme of 1 grant per month proposed by the likes of Andrew Yang.

Despite reports in local press that the poor were leaving their jobs to spend the extra money, the investigators found no such evidence. Of the individuals employed in 2010, 88.5 percent remained employed, 4.5 percent lost or quit their jobs and 7 percent became inactive in 2011. Of the unemployed, 26.3 percent got jobs in 2011, approximately the same number as those who lost their jobs in 2011. For those engaged in housework in 2010, 3.2 percent found employment in 2011, fewer than those who left their jobs for housework. UBI had a good impact on Iran’s service sector, in which many firms have a difficult time obtaining bank credit. Some examples of workers in the service industry are housekeepers, teachers and deliverymen. In fact, their weekly hours increased by roughly 36 minutes. The only bad effect on labor supply was folks between the ages of 20 and 29. However, this age group had a weak connection with the labor market well before the UBI was implemented; because Iranians can opt to enroll in tertiary and graduate education. In spite of all this, Iranian public reaction to the UBI program has been largely negative. So Corbyn and McDonnell might think twice about it… “As more oil exporting countries decide to remove energy subsidies, or for political economy reasons decide to transfer a part of their oil wealth unconditionally to their citizens,” the authors wrote, “the question of how such transfers affect the incentive of their citizens in working and acquiring skills become more important.”

So the problem isn’t UBI itself, the problem is that UBI won’t do what its advocates and detractors claim it will. The effect after the reform is passed is gonna be near zero. The macro-economic effect will leave the Government deficit the same, plus minus 1 percent of GDP or slightly more [aka. errors in projection]. If the reform will have good or bad effects, the effects will be very small. Iran’s been on UBI since 2011 [and the country didn’t fall apart, nor did it become a utopia for workers and consumers – and let’s remember the trade sanctions they are under; extra proof that UBI alone is not a doomsday scenario].

As for me, I support UBI as a theoretical, and I’ve laid down my view in the past on how to make it work. Those politicians and political factions currently advocating UBI are controlled opposition; they want to “pay for it” with VAT [a regressive tax], they want to leave land rents privatized [not to mention patents], and want to leave the asset side of banks undisciplined [free predatory lending with smokes and mirrors]. The benefits of UBI, if it produces any in net terms, will get eroded by landlords and money lenders. The Job Guarantee isn’t immune from this either. And I wish the MMT academics would give more thought to this, instead of advocating a cubic meter property tax [which doesn’t distinguish between buildings and land, giving it thus regressive, perverse effects], and instead of ignoring one of the gravest sins in the economics profession, that of equating Land with Capital. It’s not sufficient to have full employment if the Natural Commons remain at the mercy of the few. Why further tolerate this millennia-old tumor on the back of Mankind?

Derek McDaniel wrote about BIG & inflation this last September. His article is much shorter than mine, and I encourage readers to see what he was to say.