One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.

Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

***
The benign side-effect of their proposals would be a switch from national debt to national surplus, as if by magic. "Because under the Chicago Plan banks have to borrow reserves from the treasury to fully back liabilities, the government acquires a very large asset vis-à-vis banks. Our analysis finds that the government is left with a much lower, in fact negative, net debt burden."

FULL TEXT

One of the remarks that Pérez Molina made in response to the verdict against Ríos Montt—he was echoing the comments of the American Chamber of Commerce, which represents the U.S. corporations in Guatemala—was to say that this verdict will discourage foreign investment in Guatemala. It’s a very revealing comment, because foreign companies, when they come into a country and are looking to invest, they want some laws to be enforced, like the laws on contracts, and they want other laws not to be enforced, like the labor laws and the laws which stop them from murdering their employees if they try to organize unions. In the ’80s, the leaders of the American Chamber of Commerce described to me how they would sometimes turn over names of troublesome workers to the security forces, and they would then disappear or be assassinated. Fred Sherwood was one of the Chamber of Commerce leaders who described that. And now, with this verdict, it seems that Pérez Molina and the corporate leaders and the elites in Guatemala, in general, are worried that they may have a harder time killing off workers and organizers when they need to.

And it’s especially relevant right now because there’s a huge conflict in Guatemala about mining. American and Canadian mining companies are being brought in by the Pérez Molina government to exploit silver and other minerals. The local communities are resisting. Community organizers have been killed. There was a clash in which a police officer was killed. So Pérez Molina has imposed a state of siege in various parts of the country. And just the other day, the local press printed a wiretap transcript of the head of security at one of these mines, in this case the San Rafael mining operation, where the security chief says to his men, regarding demonstrators who were outside the mine, he says, "Goddamn dogs, they do not—they do not understand that the mine generates jobs. We must eliminate these animal pieces of [bleep]. We cannot allow people to establish resistance. Kill those sons of [bleep]." And the security people later opened fire. This is the way foreign companies operate, not just in Guatemala, but around the world. I mean, it’s this kind of non-enforcement of law that made possible the Bangladesh factory collapse that killed over a hundred workers. And now they’re worried in Guatemala—

http://www.democracynow.org/2013/5/13/ros_montt_guilty_of_genocide_are

[font size=3]support Elizabeth Warren's bill to give student loans same interest rate banks get from Federal Reserve: 0.75% [/font]

With some student loan rates set to double on July 1 -- from 3.4 percent to 6.8 percent -- Warren's bill would reduce student loan interest rates to 0.75 percent, opening the Fed's discount window to students.

This should be done to all existing student loans as well as new ones going forward.

This would free up money that would flow back into the economy in consumer buying, including things like first time home-buying.

Wall Street banks are getting those low rates to help them recover from the consequences of their own irresponsible and fraudulent behavior that crashed America's and the world's economy.

The only crime of most college students and graduates is wanting an education and a middle class standard of living.

We deserve at least as good a deal as big banks are getting.

Sign at http://wh.gov/JNiU

I did not go to the annual meeting of the American Educational Research Association in San Francisco, so was not aware of what is described in this post. Jennifer Jennings says that Arne Duncan was booed when he spoke, and she apologized to Secretary Duncan for the behavior of her fellow researchers.

Why was Secretary Duncan booed, and should AERA (or anyone else) apologize for the booing?
[font color=darkred]
Booing is the behavior of the powerless. Educators are angry--and Jennings knows this--because of the top-down, authoritarian way in which Duncan has imposed policies that are bad for children, ruinous for teachers, and harmful to the quality of education. Jennings also knows that Duncan holds all the power. Educators may write blogs, opinion pieces, books, and research studies, and they will be completely ignored by Duncan. To say the least, he is uninterested in dialogue and unwilling to change his hardened belief that his policies are successful, no matter what anyone says.[/font]

In New York City, our mayor proudly announced that the public should hold him accountable for improving the public schools. After he spent $100 million or so to win a new term, someone in the press asked Mayor Bloomberg how the public could hold him accountable. He answered: "They can boo me at parades."

http://wp.me/p2odLa-4Je

The education "reform" agenda of billionaires and Wall Street is driving teachers out of the job and discouraging college students from becoming teachers at an alarming rate.

For profit charter schools that get taxpayer money do worse twice as often as better than normal public schools.

Repetitive standardized testing takes time away from learning and only profits testing companies and is used to punish schools and teachers rather than help.

Do for public school kids what the best private schools do for your own daughters: reduce class size, and give teachers the freedom to figure out how best to meet children's education needs instead of listening Wall Street sharks who want our kids' education to be the next bubble they pump and dump. Put our kids ahead of your big campaign donors.