50:32 Currency is the governments I.O.U. 52:04 When the government gets its tax, it no longer has the debt so it burns the currency which was an I.O.U.

Based on yesterday's discussion at Dan Allosso's Book Club, we don't include defense spending into the consumer price index for calculating inflation or other market indicators. What other things (communal goods) aren't included into these measures, but which potentially should be to take into account the balance of governmental spending versus individual spending. It seems unfair that individual sectors, particularly those like defense contracting which are capitalistic in nature, but which are living on governmental rent extraction, should be free from the vagaries of inflation?

Throwing them into the basket may create broader stability for the broader system and act as a brake via feedback mechanisms which would push those corporations to work for the broader economic good, particularly when they're taking such a large piece of the overall pie.

Similarly how might we adjust corporate tax rates with respect to the level of inflation to prevent corporate price gouging during times of inflation which seems to be seen in the current 2023 economic climate. Workers have seen some small gains in salary since the pandemic, but inflationary pressures have dramatically eaten into these taking the gains and then some back into corporate coffers. The FED can increase interest rates to effect some change, but this doesn't change corporate price gouging in any way, tax or other policies will be necessary to do this.

1. Federal Reserve Bank, “Report on the Economic Well-Being of U.S. Households in 2019” (Washington DC: Board of Governors of the Federal Reserve System, 2020).

To Big To Fail? Above The Law? Shadow Government?

The term "shadow government" comes up often when investigating Revolving Door partnerships between corporations and former government policymakers. One particular public corporation, BlackRock Investments is the poster child of revolving door activity and comparisons to a shadow government.

BlackRock is front and center in the manipulation of todays Real Estate bubble.

BlackRock should be marketed as;*The Largest Asset Manager and Keeper of The Neo-liberal Flame; We Kill Children to Make You Money and We Enjoy Doing It!*

Correa, R., Du, W., & Liao, G. Y. (2020). U.S. Banks and Global Liquidity (Working Paper No. 27491; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27491

Bianchi, F., Faccini, R., & Melosi, L. (2020). Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength (Working Paper No. 27112; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27112

Author affiliations:

• Costas Azariadis, Professor of Economics, Washington University in St.Louis
• James Bullard President and CEO, Federal Reserve Bank of St. Louis Aarti Singh Jacek Suda

Sometimes there isn't an easy fix for the repercussions of an easy fix we made before to a previous issue.. Instead of a band aid, we need to input the necessary monetary/other resources to completely fix the issue, or it will be a constantly recurring issue

This working paper was discussed in the Washington Post's Wonkblog on 28 May 2015 http://wapo.st/1LN3snw

Author affiliations:

• Costas Azariadis, Professor of Economics, Washington University in St.Louis
• James Bullard President and CEO, Federal Reserve Bank of St. Louis Aarti Singh Jacek Suda

active link to this working paper Optimal Monetary Policy at the Optimal Level Bound

Author affiliations:

• Costas Azariadis, Professor of Economics, Washington University in St.Louis
• James Bullard President and CEO, Federal Reserve Bank of St. Louis Aarti Singh Jacek Suda