In America, Money Grows On Trees, Right?

Famous rapper, actor and filmmaker Ice Cube caught on to a recent trend in economic policy and proclaimed on Twitter that in the US, money grows on trees.

This idea has been popularized by economist and professor Stephanie Kelton, a major proponent of Modern Monetary Theory or “MMT.”

Advocates of MMT typically take on two slightly different policy paths, both worth describing.

One part of the MMT crowd simply states that deficits have no impact on the economy, and any inflation problem can be solved by raising taxes. In short, we keep the same monetary framework, issuing new debt to cover budget deficits, and we can more or less ignore the interest expense or the scary debt numbers that result. The goal of the politician is to maximize employment, investment, and consumption without causing inflation.

Ice Cube Joins The MMT Crowd:

Source: Twitter

The second faction of the MMT crowd

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Major Banks Moved Vast Sums of Illicit Money: ICIJ | Voice of America

WASHINGTON – Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.
 
“Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ).
 
The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financial law enforcement agency, FinCEN, by banks from around the world.
 
“These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which

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How mass incarceration became ‘a business opportunity’ in America

This is part 1 of Yahoo Finance’s Illegal Tender podcast about the for-profit prison industry. Listen to the series here. 

Mass incarceration in the U.S. grew over decades as more politicians with tough-on-crime stances became elected to office and laws changed surrounding sentencing. 

In that environment, the private prison industry became a place to generate a lot of revenue.

“A lot of these criminal laws were changed with the political support of individuals who supported the private prison corporation because they saw a business opportunity,” Amy Fettig, executive director at The Sentencing Project, told Yahoo Finance’s Illegal Tender podcast. “They saw the incarceration, the denial of freedom of our fellow Americans, people in our community as a business opportunity.”

A boy carries cash to visit his mother at California Institute for Women state prison in Chino, California May 5, 2012. (REUTERS/Lucy Nicholson)

The U.S. has the most private prisons

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The American College of Financial Services Announces Four Steps Forward Initiative to Promote Upward Mobility and Wealth Building for Black America

Viable action plan for financial services industry to make sustainable, generational change to promote racial equality and financial wellbeing. The College to launch new Center for Economic Empowerment and Equality

King of Prussia, PA, Aug. 20, 2020 (GLOBE NEWSWIRE) — The American College of Financial Services announced today Four Steps Forward, a holistic initiative to help combat racial inequality, promote wealth creation in the Black community, and generate upward mobility in communities of color for future generations.

The College created Four Steps Forward around the principle that the financial services industry has a pressing obligation to address the systemic racism that exists today given the industry’s central role in helping people accumulate, retain, and distribute wealth. As such, the industry is best positioned to create real change in Black communities and to dismantle the pervasive racial inequality that it helped build.

“The financial services industry cannot afford to repeat

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Royalty Tax & Financial services helps minorities across America obtain business and home ownership through financial understanding

Ohio-based company is now accepting clients nationwide

July 30, 2020 – Cleveland, OH – Purchasing a home is one of the biggest steps a person will take in their lifetime. Although many minority Americans aim to own their own home, they are ultimately unable to purchase their dream house due to poor credit. Royalty Tax & financial services, a Cleveland-based company focused on repairing credit for clients from minority groups, aims to help individuals understand their credit and become financially literate. By gaining more knowledge on one’s credit, a person can achieve their dream of owning their own business or home.

Royalty Tax & financial services is now accepting clients across the United States. The company helps people take control of their finances thanks to its highly trained staff that help individuals manage their debt, tax issues and finances. All services provided to clients are specific to each situation and

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Finance of America Mortgage

©2019 Finance of America Mortgage LLC is licensed nationwide |  | NMLS ID # 1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee | Illinois Residential Mortgage Licensee | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department | Rhode Island Licensed Lender.

Loans made or arranged pursuant to a California Finance Lenders Law license.

Pre-approvals are based on underwriter review of credit and income documentation only. A pre-approval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and verify a complete loan application after you are preapproved in order to qualify.

This is not a commitment to lend.

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