Alternative Visions – US Labor Department Report on ‘Precarious’ Work + Swiss Vollgeld Vote – 06.08.18

Dr. Rasmus critiques in detail the US Labor Dept., Bureau of Labor Statistics, just released report on Contingent-Alternative Jobs, or what’s called the ‘precariate’ workforce. How the BLS under-estimates and lowballs the number and growth rate of precarious work in the US today. How narrow definitions, exclusions of groups of workers, and BLS survey methodology makes it appear the rise of precarious jobs are not a problem—contrary to many independent private studies. (For a print version, see Dr. Rasmus’s blog, jackrasmus.com, on the topic).  In the second half of the show, the upcoming June 10 referendum vote in Switzerland on what is called ‘Vollgeld’ is addressed.  The proposal for what is called ‘sovereign money’ creation, represented by the referendum, is explained in the broader context of the increasing failure of central banks in the advanced economies to stabilize the capitalist economy.  How the central bank solution to the 2008-09 crash—via QE and zero rates for 8 years—will be insufficient in the next crisis. Hence, the new experiments like Vollgeld on how to bail out the economy are being explored.  Vollgeld-sovereign money as a new way to permanently bail out the private banks by having central banks assume all their debt perpetually.