The Bureau of Economic Analysis, Q2 GDP Estimate, July 30, 2020: Should be regarded a landmark advance for Liberal Market economics. There being no such thing as successful "Laizzez Faire" capitalism--there is successful post-Keynes Liberal Market Economics. It is rule-bound, but in separate sectors of rules, now. There is a kind of "Anarchy" of accounts and accounting--independent of borders and governments.
From Bureau of Economic Analysis
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Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. The increase in personal income was more than accounted for by an increase in personal current transfer receipts (notably, government social benefits)
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So in a previous economy, there had been wage-rate inadequacies--a common pattern going back decades. Theory says bailout with Public Works in Recession, going into debt. Theory says it gets repaid out of the recovery. So anyone notices that doesn't happen.
1. Anarchy One has basis in equal amount payments--deposits into usual individual personal accounts, per person: Economy-wide, No Oppression, all equal amounts per individual.
2. Anarchy Two is about the government social benefits--the weekly unemployment relief--in equal amounts--in additional to regular benefits.
The recent "Excesses" of benefits created a 600% increase of regular personal income--in banks.
1. No runs on the banks, in panic.
2. No bank liquidity and solvency problems
3. No return to pre-crisis inadequate labor incomes, of the failed economy.
4. This time out, unlike in previous government programs: No new jobs at excessive wage rates, leaving inadequate wage rate jobs intact, and as before. That would be a former pattern of bailouts and federal programs. Indirectly, and unrelated: Eisenhower would call it, "The Military Industrial Complex."
5. Welfare inadequacies were left intact.
6. The patterns would be said to have basis in "Oppression."
Normal market economies have accounting rules. Unlike Imperial Rome And The Lands of the Pharaohs, a Central Credit mechanism exists. Banks no longer print their own currencies, of no value when the bank collapses. There were Federal Reserve notes after 1913. By the 1930's, there were mounting and excessive deficits--wartime based in the 1940's. See above, "Eisenhower" in the 1950's. Federal deficits had a different accounting basis: A debt ceiling. Treasury could bail itself out with more, "Fiat" money. The market economies had credit and repayment rules a usual, able to collapse.
By the time Bill Clinton was in office, then anyone noticed that: "These people have the bomb!" So a "Fiat" money perception came about. Then in Bush-Cheney: Something else was noticed. Not only were new high tech pay rates excessive, but they would be raised fixed percentages--all that going back, all those decades. Formerly middle incomes could no longer pay the mortgages. A lot of them disappeared in bundles overseas.
So Federal Reserve could buy up the paper, no longer tenable. No bank runs, no panic: Obama-Biden won, and then directed "Stimulus Relief:" More inclusive of the lower incomes, formerly left behind in any stimulus. "Cash for Clunkers" even happened.
Less Oppression, More innovation. Even Worldwide Plague could be addressed.
"Crow, James Crow: Shaken, Not Stirred"
(For A Good Time: Dial Matt 20: 1-16, equal amount payments inclusive of all labor rates and hours!)
From Bureau of Economic Analysis
__________________________________
Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. The increase in personal income was more than accounted for by an increase in personal current transfer receipts (notably, government social benefits)
________________________________________
So in a previous economy, there had been wage-rate inadequacies--a common pattern going back decades. Theory says bailout with Public Works in Recession, going into debt. Theory says it gets repaid out of the recovery. So anyone notices that doesn't happen.
1. Anarchy One has basis in equal amount payments--deposits into usual individual personal accounts, per person: Economy-wide, No Oppression, all equal amounts per individual.
2. Anarchy Two is about the government social benefits--the weekly unemployment relief--in equal amounts--in additional to regular benefits.
The recent "Excesses" of benefits created a 600% increase of regular personal income--in banks.
1. No runs on the banks, in panic.
2. No bank liquidity and solvency problems
3. No return to pre-crisis inadequate labor incomes, of the failed economy.
4. This time out, unlike in previous government programs: No new jobs at excessive wage rates, leaving inadequate wage rate jobs intact, and as before. That would be a former pattern of bailouts and federal programs. Indirectly, and unrelated: Eisenhower would call it, "The Military Industrial Complex."
5. Welfare inadequacies were left intact.
6. The patterns would be said to have basis in "Oppression."
Normal market economies have accounting rules. Unlike Imperial Rome And The Lands of the Pharaohs, a Central Credit mechanism exists. Banks no longer print their own currencies, of no value when the bank collapses. There were Federal Reserve notes after 1913. By the 1930's, there were mounting and excessive deficits--wartime based in the 1940's. See above, "Eisenhower" in the 1950's. Federal deficits had a different accounting basis: A debt ceiling. Treasury could bail itself out with more, "Fiat" money. The market economies had credit and repayment rules a usual, able to collapse.
By the time Bill Clinton was in office, then anyone noticed that: "These people have the bomb!" So a "Fiat" money perception came about. Then in Bush-Cheney: Something else was noticed. Not only were new high tech pay rates excessive, but they would be raised fixed percentages--all that going back, all those decades. Formerly middle incomes could no longer pay the mortgages. A lot of them disappeared in bundles overseas.
So Federal Reserve could buy up the paper, no longer tenable. No bank runs, no panic: Obama-Biden won, and then directed "Stimulus Relief:" More inclusive of the lower incomes, formerly left behind in any stimulus. "Cash for Clunkers" even happened.
Less Oppression, More innovation. Even Worldwide Plague could be addressed.
"Crow, James Crow: Shaken, Not Stirred"
(For A Good Time: Dial Matt 20: 1-16, equal amount payments inclusive of all labor rates and hours!)
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