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Both Republicans and Democrats have been explaining that "There Is No Alternative," we need public policies promoting austerity because government is "out of money." The question seems to be not "do we need austerity?" but "will we be austere sooner or austere later?" Meanwhile, the bipartisan consensus is that the government is definitely out of money. But these assertions are at odds with the common knowledge that the U.S. government literally creates its own money. Unlike the euro, the dollar is a sovereign, fiat currency, unconstrained by exchange rates or treaties. And since Nixon closed the gold window, government can issue dollars without waiting for gold or silver mines to provide any backing for them. So we can't possibly be "out of money," any more than the Bureau of Weights and Measures can be "out of inches."

Wednesday, September 16, 2009 Goldstone Report Finds Israeli Military Guilty of War Crimes in Gaza The Independent reports that a United Nations fact-finding inquiry has found that Israel committed war crimes during its attack on Gaza last winter, as did the Palestinian Hamas. The lion's share of blame in the report, however, falls on Israeli forces, which stand accused of planning out a disproportionate use of force, the punishing of a civilian population, and reckless disregard for civilian lives-- all of which are war crimes in international law. The report suggests that some Israeli actions may have gone beyond being mere war crimes to being crimes against humanity. The report will go to the UN Human Rights Commission, which will likely accept it. The findings could in theory drag Israeli officials before the World Court in the Hague, though in practice this outcome is highly unlikely. Both the Israeli government and Hamas rejected the report as biased, which is a pretty good indication that it is even-handed.