A network of liars

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The “Economic Freedom Network” is a group of 80 right-wing propaganda mills in numerous countries that are all dedicated to “economic freedom” – i.e. to widening the Gap between the rich and the rest.

Half of these outfits include the word “liberty” in their names, meaning the freedom of rich people to enslave everyone below them. All these creeps advise each other on the latest means to lie, cheat, steal, defraud, and enslave.

I’ll list just 30 of the 80…

The Albanian Center for Economic Research (Albania)
The Fundación Libertad (Argentina)
Centre of Political, Legal and Economic Researches and Forecasting (Armenia)
Institute of Public Affairs (Australia)
TIGRA (Austria)
Center for Economic and Political Research (Azerbaijan)
The Nassau Institute (Bahamas)
Making Our Economy Right (Bangladesh)
Scientific Research Mises Center (Minsk, Belarus)
The Ludwig von Mises Institute-Europe (Belgium)
Política Publicas para la Libertad (Bolivia)
Center for Advancement of “Free Enterprise” (Bosnia and Herzegovina)
Instituto Liberal do Rio de Janeiro (Brazil)
Institute for Market Economics (Bulgaria)
Le Centre des Affaires Humaines (Burkina Faso)
The Cambodia Institute of Development Study (Cambodia)
Instituto Libertad y Desarrollo (Chile)
Center for China & Globalization (China)
Instituto de Ciencia Politica (Colombia)
Instituto para la Libertad y el Análisis de Políticas (Costa Rica)
The Institute of Economics (Croatia)
Audace Institut Afrique Ivory Coast)
Liberální Institut (Czech Republic)
Center for Politiske Studier (Denmark)
Centro Regional de Estrategias Economicas Sostenibles (Dominican Republic)
Teachings of Entrepreneurship on the Anti-Poverty Movement (Ethiopia)
Libera Foundation (Finland)
Institut Economique Molinari (France)
Liberales Institut (Germany)
The Institute of Economic Affairs (Ghana)

Descriptions of all eighty are here.

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I said that all these bastards are dedicated to widening the Gap between the rich and the rest. Isn’t that a bit simplistic? No, because that’s what it all comes down to, whether we speak of austerity, deregulation, neoliberalism, “free trade agreements,” “reform,” “structural adjustment,” “pro-cyclical policies,” “fiscal prudence,” “fiscal consolidation,” and so on.

But are they really so evil? Well, let’s see a paper by Charles Lammam, director of fiscal studies at the Fraser Institute: a right-wing propaganda mill that has offices in Vancouver, Calgary, Toronto, and Montreal, Canada. The Fraser Institute is partly funded by the Koch brothers, and is part of the global “Economic Freedom Network.” It works with tobacco companies, for example, to discredit the fact that tobacco kills. It issues papers that “scientifically” disprove global warming. It pushes for deficit reduction, and for the elimination of social programs — all the usual right-wing filth.

Federal budget looming, and Canadian economy faces troubled waters

Media reports suggest the Trudeau government’s first budget will post a $30 billion deficit, which is triple the amount promised in the Liberals election platform. This deficit must be put into the context of the existing debt burden being passed onto the next generation. Since 2007/08, the federal debt alone has grown by $176 billion to $692 billion in 2015/16. That’s $19,302 per Canadian. Debt ultimately must be paid back in the future through taxes and it risks endangering both our current and future prosperity.

Lies, lies, and more lies. We’ve discussed this a thousand times. Canada is just like the USA. Its government creates its spending money out of thin air, and its “national debt” is simply money that people have deposited in their savings accounts at the Bank of Canada. And no, those deposits do not have to be “paid back with taxes.”

This is the kind of filth that those eighty propaganda mills worldwide spew out. And that’s only one network of lie-factories.

This year the federal government will spend $25.9 billion on interest payments – more than the spending on either Employment Insurance benefits or the entire ministry of national defense.

So what? That money will be created out of thin air. If you don’t like it, then tell the Bank of Canada to stop selling T-securities. But you won’t do that, you lying sack, because T-securities are necessary to help all of Canada’s banks balance their reserve requirements, and because T-securities maintain the strength of the Canadian dollar. Canadians like to use Canadian dollars to buy imports if they can. Foreigners will accept Canadian dollars if foreigners can deposit those dollars with the Bank of Canada (by purchasing T-securities) and earn a good rate of interest.

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And there doesn’t seem to be an end in sight, as the Trudeau Liberals seem poised to follow the approach to public finances employed by their Ontario brethren, marked by deficit spending and growing government debt.

As with right-wing assholes everywhere, this one wants the Canadian government to reduce the budget deficit by slashing social programs.

Since coming into power just a few months ago, federal deficit projections have been steadily revised upward and balanced budget targets abandoned.

Wow. I hope that’s true.

Here’s the problem: once governments get into the habit of running deficits, it’s often harder than expected to return to balanced budgets. This is what happened in the 1970s, 1980s and early 1990s when the federal government ran 27 consecutive deficits. These deficits hampered Canada’s ability to enact competitive tax policies and led to a dramatic accumulation of debt, with interest payments on the debt ultimately consuming more than one-third of federal revenues.

More lies. Canadian federal tax revenues are effectively destroyed upon receipt. And balanced budgets are only necessary for entities that cannot create money out of thin air. For national economies, a balanced budget causes a depression.

A large body of evidence-based research casts serious doubt on the ability of government stimulus spending to boost economic activity. Our own research found that the $47 billion stimulus package of previous federal Conservatives had a negligible effect on Canada’s economic turnaround in the second half of 2009.

He claims that when more money is put into people’s hands, it doesn’t boost economic activity. Lying bastard.

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Stimulus spending is meant to increase consumer demand, but inadequate demand is not the primary problem in Alberta, Saskatchewan and Newfoundland & Labrador. Rather, these provinces have been hit by a supply-side shock, in the form of depressed commodity prices, that can’t be addressed through stimulus spending.

More lies. Right-wingers conceal the difference between foreign and domestic currencies, in order to sell their lies.  No government can create foreign money out of thin air, but any government with monetary sovereignty can create limitless domestic money. Right-wingers don’t want you to understand this difference. They want you to think that since a government cannot create foreign currencies, it cannot create domestic currency either.

Regarding domestic currencies, depressed commodity prices have no effect on the Canadian government’s ability to create Canadian dollars out of thin air. Depressed commodity prices only affect Canada’s ability to get foreign currencies with which to by imports.

Solution: create more Canadian dollars, and spend them into the Canadian economy. If there is not enough foreign currency with which to buy imports, then have Canadians create the goods and services. Put them to work. Create jobs.

Governments across the country including the federal Liberals have introduced higher tax rates on entrepreneurs and skilled labour, making our economy much less attractive.

He’s talking about provincial and municipal governments. They must raise taxes because they are starved of cash. If you cut federal spending, you will force them to raise taxes even higher. Solution: create more Canadian dollars, and spend them into the Canadian economy. But this bastard wants the opposite. He wants deficit reduction.

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Discouraging entrepreneurs, business professionals, engineers, and doctors from coming to Canada or fully using their skills once here weakens the Canadian economy.

Agreed. I too hate federal taxes. Solution: create more Canadian dollars, and spend them into the Canadian economy.

Canada’s economy faces troubled waters, due partly to factors outside government’s direct control. Rather than make matters worse through bad policy, the upcoming federal budget is an opportunity to put forth pro-growth economic policies that will help make Canada’s economy more resilient in the face of external shocks.

For right-wing assholes like this one, “pro-growth” means pro-austerity, which is anti-growth.

QUESTION: Why do these creeps never get tired of lying?

ANSWER: Because most people never get tired of listening.

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4 Responses to A network of liars

  1. Narco-Capitalist says:

    Libertarian rhetoric is by far the most headache-inducing shit out there. They call themselves “liberty lovers” to mask their true intentions. Examples include: Reason.com’s “Free Minds Free Markets”, the Libertarian Republic’s “Personal Liberty. Economic Freedom”, the Von Mises (damn Jew) Institute disregarding behavioral economics as “at odds with freedom”, among others.

    Like

  2. Narco-Capitalist says:

    BTW I’m not anti-Semitic. I simply added the damn Jew remark for fun. https://www.youtube.com/watch?v=q0IXsACBRco

    Like

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