Author Archives: kowalski099

It’s True: The Fed Really Can Print All the Money It Wants To

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Over the past few years, the Fed has been hugely profitable, sending more than $50 billion annually to the Treasury. The Wall Street Journal reports today that this gravy train may come to an end a few years from now, but don’t shed too many tears for the folks in the Eccles building:

If the Fed were to record a loss, it could print its own money to cover its expenses—at no cost to the Treasury. The Fed would record a loss as a deferred asset, which would represent how much money the Fed would need to make up before it started sending profits to the Treasury again.

How great is that to be an agency that can just twiddle a few bits in its computer system whenever it needs to cover its budget? Sure, you knew already that the Fed could print money, but this makes it all a little bit more concrete, doesn’t it?

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It’s True: The Fed Really Can Print All the Money It Wants To

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Sow the Seeds of Love: Valentine’s Gifts for Gardeners

Ayesha M.

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Is It Your Fault If You Cant Heal Yourself?

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Sow the Seeds of Love: Valentine’s Gifts for Gardeners

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We’re Still at War: Photo of the Day for January 25, 2013

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Marine advisors attached with the Afghan National Army run to a compound to take cover while receiving enemy fire during Operation New Hope, Kajaki, Afghanistan, Jan. 16, 2013. U.S.Marine Corps photo by Cpl. Mark Garcia.

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We’re Still at War: Photo of the Day for January 25, 2013

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Sierra Club Turns to Civil Disobedience to Stop Keystone Pipeline

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Earlier this week, the Sierra Club announced that it is lifting its long-standing institutional prohibition on civil disobedience so that it can protest the development of the tar sands. The club’s board of directors approved the change, which executive director Michael Brune made public on Tuesday. While staff and board members have previously participated in acts of civil disobedience in a personal capacity, this is the first time that the organization will take part.

The group has been mum on exactly what sort of civil disobedience it is planning. It is cosponsoring an anti-Keystone XL rally on the National Mall on February 17 with 350.org and the Hip-Hop Caucus, but says that the civil disobedience will be a separate event.

I caught up with Brune on Thursday to talk about what this means for the 120-year-old environmental organization.

Mother Jones: So is this only allowing civil disobedience related to the tar sands, or does it open it up the possibility to use it for other issues as well?

Michael Brune: Right now the board has authorized us to do this singular action on tar sands and climate. It will have a broad frame of wanting the president to be as muscular in his approach to fighting climate change as he can, with a particular focus on the tar sands pipeline.

MJ: What was it about this issue in particular that forced the change?

MB: Look at what’s happened in just the last year. Record-breaking wildfires, unusual heat waves in Chicago last February, a full degree warmer in the lower 48 than we’ve ever seen, droughts, Hurricane Sandy, the derecho, bizarre storms happening all across the country. It’s clear that our climate is already destabilizing, and it’s also clear that there’s a lot that the president can do to solve the problem. So we need to provide as much urgency and focus to ensure that the president’s commitment is an enduring one and that his ambition meets the scale of the challenge.

MJ: Has the Club ever officially done civil disobedience?

MB: The Club has never officially done civil disobedience in our 120-year-history. There was a standing rule, an explicit prohibition on civil disobedience that the board has lifted. I don’t know exactly when it was put in place, but it’s been in place for decades. When it’s used rarely, in extraordinary conditions, American history shows that it has done a great deal in helping to address injustices. We think that given the time we’re in right now, with the threats we face from climate change, and the opportunities we face from a clean energy transition, that we need the strongest possible leadership from the president. And civil disobedience can help to provide that.

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Sierra Club Turns to Civil Disobedience to Stop Keystone Pipeline

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The Pro-Nukes Environmental Movement

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This story first appeared on the Slate and is reproduced here as part of the Climate Desk collaboration.

James Hansen, NASA’s top climate scientist, is one of the most impassioned and trusted voices on global warming. People listen closely to what he says about how drastically the climate is changing.

But when Hansen suggests what to do about it, many of those same people tune him out. Some even roll their eyes. What message is he peddling that few seemingly want to hear? It’s twofold: No. 1, solar and wind power cannot meet the world’s voracious demand for energy, especially given the projected needs of emerging economies like India and China, and No. 2, nuclear power is our best hope to get off of fossil fuels, which are primarily responsible for the heat-trapping gases cooking the planet.

Many in the environmental community say that renewable energy is a viable solution to the climate problem. So do numerous energy wonks, including two researchers who penned a 2009 cover story in Scientific American asserting that “wind, water, and solar technologies can provide 100 percent of the world’s energy” by 2030. Hansen calls claims like this the equivalent of “believing in the Easter Bunny and Tooth Fairy.”

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The Pro-Nukes Environmental Movement

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The Voting Wars Continue

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Voter ID laws were a bit of a bust last year, but that was mostly because they came too late and ran into problems in the courts. Needless to say, that doesn’t mean the Republican Party has given up on them. Nor have they given up on the idea of gaming the Electoral College to give themselves an artificial advantage in the 2016 election. Steve Benen rounds up the latest news here. This particular war didn’t end in 2012. It was just getting started.

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The Voting Wars Continue

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As the House votes on Sandy aid, dudgeon and hypocrisy are in full effect

As the House votes on Sandy aid, dudgeon and hypocrisy are in full effect

Do you remember superstorm Sandy? Big storm that happened last year. Wiped out a bunch of houses; knocked out the transportation system in the nation’s largest city for a week. If you do remember it, you’ll be glad to hear that word of the disaster has finally reached Washington, D.C., our nation’s capital.

SandyRelief

Today (already!) the House of Representatives will leap into action on providing aid to affected communities. We outlined how the vote was expected to go last week. Fox News provides an update:

The base $17 billion bill by the House Appropriations Committee is aimed at immediate Sandy recovery needs, including $5.4 billion for New York and New Jersey transit systems and $5.4 billion for the Federal Emergency Management Agency’s disaster relief aid fund.

Northeast lawmakers will have a chance to add to that bill with an amendment by Rep. Rodney Frelinghuysen, R-N.J., for an additional $33.7 billion, including $10.9 billion for public transportation projects. …

“We have more than enough votes, I’m confident of that,” said Rep. Peter King, R-N.Y., claiming strong support from Democrats and Republicans from the Northeast and other states for both the base $17 billion bill and the amendment for the additional $33.7 billion.

Well, we’ll see about that. I haven’t whipped the Congress, but I’ve seen enough of this House GOP to know that they won’t spend a dime on New York liberals without throwing some sort of tantrum.

Credit where it’s due, however. When the House passed the first part of a relief package, some $9.7 billion to support an almost-broke FEMA, a number of Republican lawmakers opposed the measure. One has changed his mind. From Talking Points Memo:

A little more than a week ago, Rep. Steven Palazzo (R-MS) was one of only 67 Republicans to vote against a bill to provide $9.7 billion in relief to victims of Hurricane Sandy that easily passed the House of Representatives. In a letter sent Monday to those very GOP members, Palazzo called on them to reverse their votes and help pass a larger Sandy aid measure that will be considered by the House this week.

Palazzo was the focus of online outrage, given his advocacy for aid to his home district after Hurricane Sandy. What changed his mind? The same thing that convinced people in New York to accept climate change.

[A] tour last week through Sandy-affected areas in the Northeast prompted a change of heart in Palazzo, who also delivered a floor speech Monday in support of a reform bill that would expedite the process by which the Federal Emergency Management Agency (FEMA) can distribute disaster aid.

Here, Palazzo speaks from the floor about his change of heart.

If you see this as a good sign, that opposition has fallen to 66 votes, be warned. The House will almost certainly approve the $17 billion proposed today. But the fight over that $33.7 billion could be ferocious. That $33 billion includes funding that would also provide initial support for the region to prepare for another significant storm — one key reason that the House bailed on providing aid in the first place.

Rep. Mick Mulvaney (R-S.C.) outlines the argument. Again from Talking Points Memo:

Rep. Mick Mulvaney (R-SC) on Tuesday explained why he intends to vote against a larger Hurricane Sandy relief package that will be taken up by the House of Representatives, arguing that the debt was “much, much smaller” when disaster aid was provided by the federal government in the past.

Appearing on CNN’s “Starting Point,” Mulvaney said he believes that providing disaster relief is “a proper and appropriate function of the government,” but his qualms with the Sandy relief bill stem from its lack of spending offsets. Mulvaney was one of 67 members, all Republicans, who voted against the initial $9.7 billion Sandy aid legislation that passed the House on Jan. 4.

To translate: Mulvaney wants to help! Seriously, he does! But when the government has helped before, the debt wasn’t so big. So instead of providing a tiny fraction of the federal budget to help people in need, we can only afford a very tiny fraction of it. Unless there are “offsets,” which is South Carolinian for “cuts to social services.”

Mulvaney’s best line, though, was this: “We simply cannot continue to do what we’ve done in the past. That’s how we arrived where we are.”

He did not mean this ironically. Mulvaney argues that we haven’t taken preventative action aimed at curtailing our problems, so he will not support efforts to take preventative action to curtail our problems.

Every decision made on Capitol Hill is political, of course, and there’s no reason to assume that this one wouldn’t be. But the slow, grudging process of bringing this bill to the floor, the moralizing and false outrage it has prompted, have been a black mark on the House of Representatives. Happily for the members, the body is already so smudged that one more mark is barely even visible.

Update: In a statement during the debate, Rep. Mulvaney says we didn’t need to worry about how to pay for the aid Congress appropriated after Hurricane Hugo (which hit his state) because debt was only $3 trillion. It’s not clear how much debt triggers his arbitrary distinction.

Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.

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As the House votes on Sandy aid, dudgeon and hypocrisy are in full effect

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Friday Cat Blogging – 11 January 2013

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Last week we were collectively musing about how to get a wider variety of cat + quilt photos, and one suggestion was to make a tent out of the quilt and just wait for Domino to burrow under it. As you can see, this worked like a charm. Especially during chilly Southern California winters (low 60s!), Domino is a big fan of burrowing under quilts.

The design of this week’s quilt is “Yellow Brick Road,” by Atkinson Designs. It uses fat quarters of tone-on-tone fabrics, with a contrasting border and backing. It’s machine pieced and machine quilted.

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Friday Cat Blogging – 11 January 2013

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Proposed Legislation Would Block Bank Execs From Regulating Banks

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Four years after the financial crisis, and two years after “financial reform,” top bank executives are still allowed to serve on the boards of regional Federal Reserve banks—institutions that are partially responsible for regulating the financial industry. People like Jamie Dimon, the JP Morgan Chase CEO whose term at the New York Fed just ended, have influence over whether banks get bailed out by taxpayers when they screw up. Dimon was on the New York Fed board during the 2008 financial crisis, and his bank got over $390 billion in low-interest emergency bailout loans from the Fed.

If liberal Senator Bernie Sanders (I-Vt.) has his way, all that may soon change.

Sanders announced Wednesday that he will reintroduce legislation to forbid financial industry executives like Dimon from sitting on any of the 12 regional Fed boards of directors.

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Proposed Legislation Would Block Bank Execs From Regulating Banks

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How Did Lead Get Into Our Gasoline Anyway?

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In my article about lead and crime, I didn’t spend any time talking about the history of lead as a gasoline additive. Why? Because the piece was already 6,000 words long and I figured that adding to its length with a history lesson would detract from the primary point I wanted to make.

Nonetheless, the history of tetraethyl lead (TEL) has lessons to teach us. Its origins as a gasoline additive began in the 1920s, when it was perfected by GM as an anti-knock compound for high-compression engines. But GM—controlled at the time by DuPont— knew perfectly well that there was already an effective anti-knock additive available: ethanol. Motor fuel made up of about 80% gasoline and 20% ethanol worked beautifully. In “The Secret History of Lead,” published in 2000 in The Nation, Jamie Lincoln Kitman explains what happened next:

From the corporation’s perspective, however, the problems with ethyl alcohol were ultimately insurmountable and rather basic. GM couldn’t dictate an infrastructure that could supply ethanol in the volumes that might be required. Equally troubling, any idiot with a still could make it at home, and in those days, many did. And ethanol, unlike TEL, couldn’t be patented; it offered no profits for GM. Moreover, the oil companies hated it, a powerful disincentive for the fledgling GM, which was loath to jeopardize relations with these mighty power brokers. Surely the du Pont family’s growing interest in oil and oil fields, as it branched out from its gunpowder roots into the oil-dependent chemical business, weighed on many GM directors’ minds.

In March 1922, Pierre du Pont wrote to his brother Irénée du Pont, Du Pont company chairman, that TEL is “a colorless liquid of sweetish odor, very poisonous if absorbed through the skin, resulting in lead poisoning almost immediately.” This statement of early factual knowledge of TEL’s supreme deadliness is noteworthy, for it is knowledge that will be denied repeatedly by the principals in coming years as well as in the Ethyl Corporation’s authorized history, released almost sixty years later. Underscoring the deep and implicit coziness between GM and Du Pont at this time, Pierre informed Irénée about TEL before GM had even filed its patent application for it.

Read the whole thing for much, much more. David Roberts goes a step further, lamenting that we repeat the mistakes we made with lead over and over with other compounds:

We start using something before we understand whether it’s safe. We begin to discover it’s not safe. Industry obscures the science and viciously battles off regulation for as long as possible, forecasting economic doom. Lots of people get sick and die while they do so. Finally some regulations are put in place. The costs of complying turn out to be lower than anyone predicted. The benefits turn out to be much greater than anyone predicted. The pollutant turns out to be more harmful than originally thought. Despite all of the above, industry continues battling efforts to further reduce the pollutant, while claiming credit for the benefits of reducing it as much as they were forced to.

Over and over and over, this story plays out. Yet with each new pollution fight, it’s as though we’ve never had all the previous ones. (See: chlorofluorocarbons, mercury, smog, phthalates, etc.)

This is especially true of compounds like lead, that primarily affect children. If you test lead at moderate levels on adults, you can massage the data pretty easily to show only mild effects. If you test on children over the course of a single year, you can also massage the data to show only mild effects. The problem is that it takes years for the effects of lead on brain development to show up. The kind of research it takes to demonstrate these effects is expensive, and industry obviously has no incentive to fund it. So it doesn’t get done.

In the end, of course, the research was eventually done. And it turned out that as more research was done, lead’s horrors multiplied. The most recent research, which links lead with aggression and violent crime, is merely the latest in a long string of ill effects that can be laid at lead’s doorstep.

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How Did Lead Get Into Our Gasoline Anyway?

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