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bobgorman8791.bsky.social
Bob Gorman
@bobgorman8791.bsky.social
56 followers 2 following 400 posts
People and planet are real, finance is delusion.
#mmt #metacrisis #meaningcrisis

https://sapientstate.wordpress.com/
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bobgorman8791.bsky.social
Have you ever asked the question: How did Putin rise to power in the first place after the Soviet Union collapsed? The Washington Consensus, Shock Therapy, Wall Street, etc., helped Russian oligarchs/Putin come to power. Recently talked with Jeffrey Sachs?

Via @npr.org

www.npr.org/sections/mon...
American advisors and global creditors, especially the International Monetary Fund, played a notable role advocating for shock therapy. But some influential shock therapists, like the economist Jeffrey Sachs, then at Harvard, believed such a radical program needed support. He proposed the United States and multilateral development agencies help Russian reformers succeed with a $30 billion aid package, akin to what America had provided Europe after WWII with the Marshall Plan. Sachs also called for the cancellation of Russia's debts. But these ideas were rejected by American leaders.
November 21, 2025 at 8:14 PM
bobgorman8791.bsky.social
Why aren’t heterodox economics departments embracing complexity economics research? Charles Koch’s foundation seems to be funding a lot of grants into an interdisciplinary social sciences approach at George Mason? Cc: @wbmosler.bsky.social
charleskochfoundation.org/stories/dare...
Fast Grants was possible, in part, because of the culture at George Mason University. Rothschild explains what he’s observed – that George Mason University, and especially its economics department, focuses on putting theory into practice. There is, he said, a presumption towards action and intellectual heterodoxy that realizes “one need not be an expert on biomedicine, one need only find the experts.” Over decades, GMU economics has built its considerable reputation by betting on the unconventional. Mason economics is distinguished by its focus on three main areas of economic study: Austrian economics, experimental economics, and public choice.
November 21, 2025 at 3:41 PM
bobgorman8791.bsky.social
At the heart of society’s problems in the US and globally, these 4 market sectors do not want any accountability by government. For decades, they have lobbied to own it.

FIRE+Tech, the 21st century’s version of the 4 horses of the apocalypse:

1 Finance
2 Insurance
3 Real Estate
4 Technology.
1st horse of the apocalypse: Finance 2nd horse of the apocalypse: Insurance 3rd horse of the apocalypse: Real Estate 4th horse of the apocalypse: Technology
November 21, 2025 at 2:56 PM
bobgorman8791.bsky.social
Crypto giants moved billions linked to money launderers, drug traffickers and North Korean hackers

"Authorities alleged that they authorized transactions bound for “'terrorists, cybercriminals and child abusers.'"
Via @icij.org

www.icij.org/investigatio...
When President Donald Trump pardoned Changpeng “CZ” Zhao in October, the White House press secretary painted the founder of the world’s largest cryptocurrency exchange as the victim of a political witch hunt. “The Biden administration’s war on crypto is over,” declared Karoline Leavitt. Zhao and his company, Binance, had both pleaded guilty in November 2023 to operating without basic safeguards to prevent money laundering. Authorities alleged that they authorized transactions bound for “terrorists, cybercriminals and child abusers.”
November 19, 2025 at 9:30 PM
bobgorman8791.bsky.social
US Senate Floor Proceedings

Live Discussion - Epstein Legislation

Floor Schedule
Tuesday, Nov 18, 2025
Convene at 3:00 p.m.

www.senate.gov/legislative/...
Floor Schedule Tuesday, Nov 18, 2025 Convene at 3:00 p.m.
November 18, 2025 at 8:36 PM
bobgorman8791.bsky.social
US Senate Floor Proceedings

Live Discussion, Tuesday, November, 18, 2025 - Epstein Legislation

www.senate.gov/legislative/...
Floor Schedule Tuesday, Nov 18, 2025 Convene at 3:00 p.m. Previous Meeting
November 18, 2025 at 8:31 PM
bobgorman8791.bsky.social
Weasel of the House Mike Johnson

“Speaker Johnson Addresses Epstein Files Vote”

Via @ms.now
November 18, 2025 at 3:37 PM
bobgorman8791.bsky.social
The future of politics in the US, hopefully, yes: @rokhanna.bsky.social, Thomas Massie, Marjorie Taylor Green, et al.
Thank you
🙏
November 18, 2025 at 3:10 PM
bobgorman8791.bsky.social
Largest Wealth Management Firms by AUM in 2025

investingintheweb.com/blog/largest...
Goldman Sachs Private Wealth Management, $3.3T, June 30th, 2025.
November 12, 2025 at 4:36 PM
bobgorman8791.bsky.social
4 horsemen of the apocalypse updated for the 21st century

Finance
Insurance
Real Estate
Technology

Corrupted 80% of Congress, 2/3 of the Supreme Court, and the office of President

To indenture 340+ million humans and control all the resources of the United States.
Finance Insurance Real Estate Technology
November 12, 2025 at 2:21 PM
bobgorman8791.bsky.social
Complexity theory to shift new economic paradigm is critical. Systemic determinants might include what Dr. Ashley Hodgson terms the manipulative “persuasive sector.” podcasts.apple.com/us/podcast/t...
“And the recognition that a system has to involve balancing forces, and that the style of the bounds on a forest actually do determine the style of growth. So we are in this habit of thinking of growth and bounds as being opposites. But they're only opposites if you force them into the same dimension. If you force the forest into, we're only thinking about square footage, then yes, bounds on the square footage of the forest stops growth in square footage. But the problem is, if we're thinking about our economic system and the creation of value between human beings, that is not inherently opposed to bounds on planetary usage or bounds on other things, bounds on exploitation, bounds on the way that persuasive sector, the advertising and propaganda is used, bounds can coexist with growth.” From The Jim Rutt Show: EP 296 Ashley Hodgson on Economic Mythology and System Change, Apr 15, 2025 https://podcasts.apple.com/us/podcast/the-jim-rutt-show/id1470622572?i=1000703669841&r=1867 This material may be protected by copyright.
November 10, 2025 at 6:06 PM
bobgorman8791.bsky.social
Also, Democratic Socialists are closely adjacent to the Republican Party’s 1956 platform:

Via @politifact.bsky.social

www.politifact.com/factchecks/2...
The meme says the 1956 Republican Party platform supported equal pay, the minimum wage, asylum for refugees, protections for unions and more. 1. Provide federal assistance to low-income communities; 2. Protect Social Security; 3. Provide asylum for refugees; 4. Extend minimum wage; 5. Improve unemployment benefit system so it covers more people; 6. Strengthen labor laws so workers can more easily join a union; 7. Assure equal pay for equal work regardless of sex.
November 10, 2025 at 2:38 AM
bobgorman8791.bsky.social
To help calm your fears a bit, Democratic Socialists effectively are 1944 FDR democrats:

Via @sandersinstitute.bsky.social

sandersinstitute.org/blog-fdrs-se...
In our day these economic truths have become accepted as self-evident. We have accepted, so to speak, a second Bill of Rights under which a new basis of security and prosperity can be established for all — regardless of station, race, or creed. Among these are: The right to a useful and remunerative job in the industries or shops or farms or mines of the nation; The right to earn enough to provide adequate food and clothing and recreation; The right of every farmer to raise and sell his products at a return which will give him and his family a decent living; The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad; The right of every family to a decent home; The right to adequate medical care and the opportunity to achieve and enjoy good health; The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment; The right to a good education.
November 10, 2025 at 2:38 AM
bobgorman8791.bsky.social
So @abigailspanberger.com, you seem fearful of @zohrankmamdani.bsky.social’s commitment to Democratic Socialism per your interview on @facethenation.bsky.social:

www.cbsnews.com/news/face-th...
MARGARET BRENNAN: I want to ask you about your party. In 2020, when Democrats lost House seats, you said "we need to not ever use the word socialist or socialism ever again." There are some who look to Tuesday's win in New York City of a Democratic socialist and say that your party's actually being rewarded for echoing progressive policies. Does that victory create a branding problem for Democrats? GOVERNOR-ELECT ABIGAIL SPANBERGER: Well, certainly, you know, I'm excited about what we did here in Virginia on Tuesday in – I campaigned addressing – wanting to address the issues of costs and stopping the chaos. I'm a capitalist. I'm a Democrat. And I won by 15 points in Virginia. You look to New Jersey, and a similar story in Mikie Sherrill's win, now the governor- elect there.
November 10, 2025 at 2:38 AM
bobgorman8791.bsky.social
Why are so many on food assistance?

Why does the ACA use insurance to fund healthcare?

Why do student loans fund education?

Why is expanding roads by one lane in each direction better than rail?

When democrats offer a plan based on superior answers to above questions and others, they will win.
Top picture shows two highway lanes of stand still traffic. In a caption bubble above one car a driver states: “Can’t wait for the road to be widened.” Bottom picture shows three highway lanes of stand still traffic. In a caption bubble above one car a driver states: “Finally!”
November 4, 2025 at 12:55 AM
bobgorman8791.bsky.social
The ignoble descent of Faustian man: The decline of the West, described in great detail by Oswald Spengler a hundred years ago, is now entering its final phase.

Via asiatimes.com

asiatimes.com/2022/03/the-...
That handful of people who invent and manipulate the algorithms have become wealthy beyond human imagination and certainly to a greater extent than any plutocratic/oligarchic group in history. Many of these malefactors of great wealth devote their resources to destroying the very civilizational model that created them.
October 27, 2025 at 7:43 PM
bobgorman8791.bsky.social
I have not seen any American media outlets explain the difference between an fx swap and financial aid @wbmosler.bsky.social. Makes it obvious that this is a unitary political move.

How does the US-Argentina currency swap work?

@baheraldcom.bsky.social

buenosairesherald.com/economics/ho...
How does the US-Argentina currency swap work? Debt, aid, a bailout? What you need to know about the US$20 billion deal between Buenos Aires and Washington, DC After several rounds of announcements, the currency swap between Argentina and the United States has finally been confirmed by the authorities of both countries. That means the US$20 billion support line is now officially available to President Javier Milei and Argentina. U.S. President Donald Trump’s decision to dedicate such a huge support package to Argentina has been widely interpreted as a bailout, criticized by Republicans and Democrats alike for failing to prioritize the needs of the U.S.’s own citizens. But the swap line is not the same as traditional development aid spending. Here’s how a currency swap works — and the key questions to ask about the deal. What is a currency swap? A currency swap is when two countries agree to exchange sums of their currencies. Once the swap is agreed, the country has to “activate” the swap to draw on the funds. When it receives the money, it can use it freely, although it is typically spent on imports from the other country in the deal, or to pay debt.
October 26, 2025 at 4:21 PM
bobgorman8791.bsky.social
This is so much deeper than what most people understand. Destroying the state is MAGA’s goal. It used the multiple decades of applied Christian Theonomy/Reconstructionism that infected the religious. It seems to be following Carl Schmitt’s legal basis to take power: en.wikipedia.org/wiki/Carl_Sc...
The Stanford Encyclopedia of Philosophy writes that "Schmitt was an acute observer and analyst of the weaknesses of liberal constitutionalism and liberal cosmopolitanism. But there can be little doubt that his preferred cure turned out to be infinitely worse than the disease."[7] His ideas remain highly influential, with many scholars arguing he has influenced modern governance in China and Russia, as well as the movements of neoconservatism and Trumpism. Emergency powers Schmitt's "state of exception" doctrine has enjoyed a revival in the 21st century. Formulated 10 years before the 1933 Nazi takeover of Germany, Schmitt claimed that urgency justified the following:[19] Special executive powers Suspension of the Rule of Law Derogation of legal and constitutional rights Schmitt's doctrine helped clear the way for Hitler's rise to power by providing the theoretical legal foundation of the Nazi regime.[19]
October 20, 2025 at 3:50 AM
bobgorman8791.bsky.social
Have you @wbmosler.bsky.social or are you aware of any other #MMT economist who has reviewed the findings of this @nber.org paper? Seems like inflation is slowing since Turkey's central bank started to cut its benchmark interest rate. The paper calls its rate cuts "unorthodox."
Our analysis reveals that Türkiye's policies formed an interconnected destabilizing sequence. Low rates generate ináation and depreciate the currency. Using FX reserves to address currency depreciation exposes the country to sudden stops and severe currency crises. Using KKM to arrest the crisis provides partial relief by effectively raising interest rates for savers while maintaining low rates for borrowers. However, this creates growing contingent fiscal burdens and exposes the country to an even more severe twin sovereign debt and currency crisis. Policymakers fear of a major crisis explains additional policies adopted at the time: debt monetization, financial repression, and ultimately the return to orthodox policy. Each policy makes some sense in isolation but proves costly dynamically, both because it creates new vulnerabilities requiring further adjustments and because it delays the eventual return to orthodoxy. This delay is costly because the longer the economies remain overheated, the more ináation becomes entrenched and the harder it becomes to reverse (see Remark 1) and the central bank credibility su§ers greater damage. Our findings have implications for ongoing debates about central bank independence. We started with a fundamental question: Can Önancial engineering substitute for conventional monetary policy instruments when interest rates are determined by political priorities? Our analysis of Türkiye's experience demonstrates that such attempts face signiÖcant challenges and may ultimately prove unsustainable. As central banks worldwide confront intensifying political pressures to lower policy rates, Türkiye's costly experiment demonstrates the consequences. The move follows signs of slowing underlying inflation in August, though food and services prices continue to pressure inflation.
September 29, 2025 at 10:58 PM
bobgorman8791.bsky.social
Per the indictment, “5. The defendants HOWARD RUBIN and JENNIFER POWERS, together
with others, recruited women-often targeting former Playboy models,”

www.justice.gov/usao-edny/me...
September 26, 2025 at 7:40 PM
bobgorman8791.bsky.social
Maria Ressa’s (@mariaressa.bsky.social) quote at 2:02, “I think he did it in the first 100 days.” via @thedailyshow.com

WAKE UP!
"I think he did it in the first 100 days."
September 19, 2025 at 5:38 PM
bobgorman8791.bsky.social
Bill Black: Myerson's Ode to Crony Capitalism

Via @dollarsandsense.bsky.social

www.dollarsandsense.org/bill-black-m...
Myerson seeks to transmute the dross of plutocracy into the gold of pluralism and democracy. The great danger is the “unrestrained central power” and the resultant “moral hazard at the center of government.” Plutocracy is Myerson’s answer to countering the evils of governmental “power” and preventing “economic inefficiency.” Once more, capitalism is unique because it is the only system guaranteed to produce enough multi-billionaires to prevent the democratically-elected government from causing “economic inefficiency” and securing excessive “power.” Myerson’s lecture supports the later claim by Lloyd Blankfein, Goldman Sach’s CEO: we owe our economy’s success and our democracy’s success to the genius, guts, work ethic, and wealth of the top one-one-thousandth of one percent – the multi-billionaires, made wealthy through the shareholders’ bribes to “imitate” “good” bankers – who truly are doing “God’s work.” For Myerson, democratic government is bad and plutocrats are good. Plutocrats are the only ones that can save democracy from the tyrannical “power” of the democratically-elected officials.
September 13, 2025 at 7:15 PM
bobgorman8791.bsky.social
Federal government current expenditures: Interest payments (on the $37T US National Debt)

Federal government current expenditures: Interest payments (on the $37T US National Debt)

fred.stlouisfed.org/series/A091R...

Via @federalreserve.gov

fred.stlouisfed.org/series/A091R...
Federal government current expenditures: Interest payments (A091RC1Q027SBEA) Observations Q2 2025: 1,131.778 | Billions of Dollars, Seasonally Adjusted Annual Rate | Quarterly Updated: Aug 28, 2025 7:55 AM CDT Next Release Date: Sep 25, 2025
September 12, 2025 at 7:15 PM
bobgorman8791.bsky.social
The government doesn’t earn “tax credits” from citizens/corporations, they earn “tax credits” from the government. From @wbmosler.bsky.social’s Soft Currency Economics, “Fiat money is only a tax credit.” moslereconomics.com/wp-content/u...
Fiat Money Historically, there have been three categories of money: commodity, credit, and fiat. Commodity money consists of some durable material of intrinsic value, typically gold or silver coin, which has some value other than as a medium of exchange. Gold and silver have industrial uses as well as an aesthetic value as jewelry. Credit money refers to the liability of some individual or firm, usually a checkable bank deposit. Fiat money is a tax credit not backed by any tangible asset. In 1971 the Nixon administration abandoned the gold standard and adopted a fiat monetary system, substantially altering what looked like the same currency. Under a fiat monetary system, money is an accepted medium of exchange because the government requires it for tax payments, and the government, through its agents, is the single supplier of that which it demands in payment of taxes. That is the government is the source of the funds used to pay taxes and to buy government securities. Government fiat money necessarily means that federal spending is not constrained by revenue. In fact, spending necessarily precedes revenue as a point of logic. Therefore the federal government has no more money at its disposal when the federal budget is in surplus, than when the budget is in deficit. Total federal expense is whatever the federal government chooses it to be. There is no inherent financial limit, but instead is limited by whatever is offered for sale in exchange for that currency. The amount of federal spending, taxing and borrowing influence inflation, interest rates, capital formation, and other real economic phenomena, but the amount of money available to the federal government is independent of tax revenues and independent of federal debt. Consequently, for example, the concept of a federal trust fund under a fiat monetary system is an anachronism. The government is no more able to spend money when there is a trust fund than when no such fund exists.
September 10, 2025 at 3:32 PM
bobgorman8791.bsky.social
Max , you and Chris, might consider a deep dive conversation with @wbmosler.bsky.social to understand the origin/purpose of USD warrenmosler.com/mmtwhitepaper/
What’s different about MMT: SEQUENCE: MMT alone recognizes that the US Government and its agents are the sole supplier of that which it demands for payment of taxes That is, the currency itself is a simple public monopoly. The US government levies taxes payable in US dollars. The US dollars to pay those taxes or purchase US Treasury securities can only originate from the US government and its agents. The economy has to sell goods, services or assets to the US government (or borrow from the US government, which is functionally a financial asset sale) or it will not be able to pay its taxes or purchase US Treasury securities.
September 10, 2025 at 3:32 PM