President Dick Bauer opened the 17th Rotary meeting of the 2021-2022 year in the Zoom format. He said that AlanGallaway was going to be the speaker, but, because it has to be in Zoom - his presentation doesn't work with his accordion. Of course I would add that in the 10 or more years that I have been in the Carmichael Club, I HAVE NEVER seen Alan play the accordion. I have just seen him sit with it a while and extemporize. I wonder if he really knows how to play the darn thing!
However, clever Dick Bauer, had an interesting backup in mind, a presentation by Dr. Stephanie Bell Kelton Economist, of whom he heard while at a Renaissance Society lecture at Sac State. (See story further down in this newsletter)
"Thought designee" Heine Roikjer led the "Pledge of Allegiance", then read the "4 Way Test" and gave the following short but important "Thought for the Day":
"If you are not willing to learn, none can help you
If you are (willing to learn) no one can stop you."
Carmichael Rotarians, ALL MEETINGS WILL BE ON ZOOM UNTIL FURTHER NOTICE
We have been notified that the Main Event at Ancil Hoffman, can no longer provide a meeting location for our club. Starting Tuesday, Nov. 9th, until we are able to secure another venue. all meetings will be on Zoom only.
Carmichael Park Project
10 Carmichael Rotarians and friends, plus Carmichael Park District Foundation President Sharon Ruffner, planted several colorful plants and spread bark in front of the Carmichael Park Veteran's Hall on Saturday, November 13th, 2021. This is the first part of our Rotary matching grant project, to refurbish and provide needed display cases for Veteran groups that use the building for their meetings. $5000 is the value of the project with our Club providing 1/2 and a matching grant for the rest. See pics below:
GETTING TO KNOW HIM - Walter Malhoski
Walter Malhoski was born on the 11th of August 1942 at the Carbondale General Hospital in Pennsylvania.
He was a premature baby, delivered by a Georgetown doctor. The outside world was a hot summer in the Northeast, hot action at the Battle of Guadalcanal in the Pacific and little Walter, small enough to fit in a shoe box, was moved to Milford, Connecticut post-delivery to the care of a Yale trained pediatrician.
His parents were Mary and Ed, and his grandfathers were both miners who were born in Poland and died from coal mine complications. They left both wives as widows with a 12 children combination. Most men of his family worked in the mines at some point and the women ran the home.
During the War, Walter’s father worked with Mr. Sikorsky, experimenting and hand building helicopters. He also worked on Corsair and experimental jets. Walt’s sister JoAnn was born in 1945 at St. Vincents, Bridgeport; she is now a retired nurse practitioner from Lexington. After the War, the family moved back to Mayfield, Pennsylvania and his father declined to move to hot Texas with the aircraft industry.
Walter went to grade school at Sacred Heart with nuns. He played little league, had piano lessons, was in Boy Scouts, Alter boy (at Sacred Heart grade school, taught by Nuns), went fishing and camping.
His high school was Scranton Prep, a Jesuit school. He played baseball, was a basketball cheerleader. His jobs consisted of working in his family’s dress factory, soda jerk, newspaper delivery boy on Sundays, and working at a gas station.
He went to college at the University of Scranton with a major of pre-med biology, was in the glee club (was lighting director for plays performed by University Players) –bought a VW bug.
Then he went to medical school in Georgetown, DC, and into to a straight surgery internship at St. Vincents, NYC., then to the U.S. Navy, U.S. Marine Core and spent 2 years as Battalion Surgeon, 3rd Marine Division, RVN, Okinawa – After his military service, he went into a four-year residency in Urology at the University of Rochester. He went into private practice for 18 months in Urology in Scranton.
Walter was recruited by friend (from his residency), Dr. Mike Russo, to come to Sacramento for a position with Sacramento Kaiser, and transferred to South Sacramento Kaiser (when it was established). He stayed with them from 1977-2006.
He married the former Patti Westin 1983 has a son Ryan (born in 1983) and daughter Sonja (born in 1989) and two dogs Lucca and Charlie, and now a grandchild Levi Deller who is 7 months old.
Walter tried and failed retirement by working part time with Mather AFB Veterans Hospital for several years and then found a calling in the Rotary Club where old retired physicians tend to gravitate to – he joined the Carmichael Club 10 years and 8 months ago.
MODERN MONETARY THEORY
Stephanie Bell Kelton, PhD, Economist
Stephaniereceived her BA/BS Business and Finance degree at CSUS, and got a Rotary Scholarship to study economics at the University of Cambridge and earned her Master’s Degree in 1997. She received a PhD in economics from The New School for Social Research in 2001. Her dissertation was titled “Public Policy on Government Finance: A Comparative Analysis under Different Monetary Systems”.
She is a Professor at Strong Brook University and a Senior Fellow at the Schwartz Center for Economic Political Analysis at the New School for Social Research.
President Dick Bauer showed two movie clips of Stephanie’s lectures. They were very interesting. I have tried to outline her message as best I can understand it from the recording.
All of the U.S. Presidents except Bill Clinton had deficit budgets. Question is: “Does deficits cause inflation?” The U.S. is a monetary monopoly. It is not like a household – it can never run out of money. There are those who think we should not be running a deficit. Too big of a deficit causes inflation, too small of a deficit supports unemployment. If the Government has $100 coming into it, and $90 going out, then there is a $10 deficit to the Government, but a $10 public surplus. It is red ink to the Government, but it is black ink to the public. The trick is how to balance full-employment against inflation. The greater the deficit, the higher will be the growth of tomorrow. How much deficit is too much.
Stephanie uses the example of Japan which has a deficit of 240% of GNP, but, over many years, has no inflation – it is just not a problem.
So, during WW II, the National Debt rose to 125% of GNP, but produced long term prosperity, through the selling of bonds. Overall, we have not had long term inflation.
So there is now a growing realization that we need a Modern Monetary Theory (MMT). Think of deficit as an investment that can be used while avoiding risk of inflation. Congress creates a trillion dollar spending bill and it goes to the Congressional Budget Office and they look at the future spending and evaluate the risk.
What drives inflation? It is true that the advent of COVID hurt everything. Govt. sent money to people, businesses, debt relief – without raising taxes! MMT looks at deficits as investments. Not like in our households. It means that we can have affordable housing, fix the infrastructure, provide dental, vision, and hearing care. It means that we can better the “Climate Crisis”. To ask the question: “How do you pay for it?” is the wrong question. The right question is “are these things worth doing? Do we have the resources, the people and the equipment, the raw materials, the technology, the political will?
Stephanie uses the term “fiat currency” to describe the U.S. Dollar and the British Pound.
Stephanie says that deficits have gotten a bad rap. Don’t let deficits hold us back. We have an opportunity to shape the kind of world we want to live in.
*Bulletin Editor’s comment”: I just happen to be reading a book about “Black Elk”, an American Indian, a plains Indian who was a contemporary of Crazy Horse and Sitting Bull in the later part of the 19th century. The Lakoda (plains Indians) were amazed that the white man went crazy when they saw a “yellow rock”, but the Indians went crazy when they saw a herd of buffalo. To the Indian the “yellow rock” was worthless, but a buffalo could provide, meat, shelter, clothing – a lot of stuff. Maybe it is just more true to value education, skills, technology – resources that provide real value rather than a “yellow rock”. Don't ask me to think any deeper, folks!
HAPPY THOUGHTS
On the November 16th Meeting, experience "Happy Thoughts conductor Vicky Boatwright took over the session. A competition broke out between Jay Boatwright and Alan Gallaway and we had to witness it. Oregon State beat Stanford and somehow therewas abet thatAlan would RING THE BELL and he did justthat and feeling guilty Jay Boatwright also BONGED THE GONG ; Don't they know that Cal beat Oregon State handily, the week before? Dick Bauer BONG THE GONG because his daughter is playing in a Shakespeare play in Monterey, she has accomplished 3 of 6 performances and is doing a fabulous job. Dick and Kari are having a great time there, only one little problem, his catalytic converter was stolen off his car - $ 4,000 but he got all paid by insurance but $250, but he paid some extra to have it welded down. At the dealership, they said that his was the 4th one stolen that day!; Phil Danz meekly talked about having cataract surgery the day before and it went swimmingly. He put one meal allotment, $20, of his hard earned money - he will have the other eye done in 1 month.
BELL RINGERS
BILL BAXTER; DICK BAUER; MARK BEIL; ED BUNTING; ALAN GALLAWAY; GREG HERRERA; VINCE IOSSO (2);WALTER MALHOSKI; TONY MARQUES; CHUCK McBRIDE; KAREN MUNSTERMAN; FRANK PEASE;
RICH PLATH; STAN ROE
BONG GONGERS
DICK BAUER (3); KARI BAUER; MARK BEIL (2) ; JAY BOATWRIGHT; ED BUNTING (2); KATHA DANZ;
FRANK PEASE; STAN ROE (2); HEINE ROIKJER; RAMOUNA ROIKJER (2)
EXPLANATION: A BELL RINGER IS SOMEONE WHO DONATES $100 TO THE CLUB IN A GIVEN YEAR; A GONG BONGER IS ONE WHO DONATES AN ADDITIONAL $100 TO EITHER THE CLUB OR R.I. FOUNDATION (FOR GENERAL OR SPECIFIC PURPOSE
NO DRAWING BECAUSE WE ARE BACK TO 100% ZOOM
Donations as of 10-20-2021
During the incumbency of President David Thorman, (2013-14) it was decided that instead of giving a particular gift, ie coffee mug, pen etc. to honor our guest speaker each week, we would simply donate a book to the Carmichael Library. So below are many of the books that we have donated in honor of recent speakers.
It is the "gift that keeps of giving" because those who will check out these books from the library will derive many hours of pleasure for years to come, and it enhances learning and literacy. The books are chosen byBertaBoegel, Branch Supervisor, Carmichael Library, subsidiary of the Sacramento Public Library.
rboegel@saclibrary.org
Due to the quantity of books donated as of 1-5-2021 (NEARING 400), I have noted only the last 20 or so. The prior tabulations of books donated have been archived and will be in the memory of the Carmichael Club in Club Runner.
SPEAKER
BOOK TITLE
AUTHOR
JOHN TROIANO
"The Bullet"
Iris Johansen
ALEX MACDONALD
"Tiger in the Sea"
Eric Lindner
ALAN GALLAWAY
"Gateway"
Zoje Stage
SUSAN STATTI
"The Book Seller
of Florence
Ross King
TARA ABRAHAM
"Bring Back our Girls"
Joe Parkinson
KARI BAUER
"The Five Wounds"
Kirsten Valdez Quade
DESIREE WILSON
"The Doctors Blackwell"
Janice Nimura
KENT ANDERSON
"Leave No Man Behind"
Dr. Tony Brooks
KATIE BRZOZOWSKI
"The Young Crusaders"
V.P. Franklin
KARL BLY
"The Eagle's Claw"
Jeff Shaara
MARLENE M. FRIEDERICHS-FITZWATER
"You Belong"
Sebene Selassie
FOREST RESENER
"One Tin Bakes"
Ed Kimber
JASON FAREIRA
"The Low Desert"
Tod Goldberg
CATHERINE SURVILLAS
"The Genome Odyssey"
Euan Angus Ashley, M.D.,Ph.D.
DOUG HEMMIG
"What Unites Us"
Dan Rather
LINDSAY BURCH
"Lightning Game"
Christine Feehan
GARY STRONG
"Snake Island"
Ben Hobson
KAYLEIGH NEFF
"Hidden in Plain Sight"
Jeffrey Archer
THANDIE BABALWA
"Two Truths and Lie"
Elen McGarrahan
JIM NEILSON
Henry Kissinger & American Power
Thomas Schwartz
CHRIS NELSON
"How I Built This"
Guy Raz
GEORGE HOME
"Elsewhere"
Dean Koontz
MICHAEL KORPIEL
"Only Truth"
Julie Cameron
RUTH PROBASCO
"The Connected Parent"
John Palfrey & Urs Gasser
GELIKA HARRISON
"Grand, a Memoir"
Sarah Schaefer
KEN COOLEY
"The Truth is Marching On"
Jon Meacham
TODD HARMS
"Serial Griller"
Matt Moore
DONNA FLESHMAN
"Grasp"
Sanjay Sarma
HOLLY HAIGHT, M.D.
"Get Your Yoga on"
Kino Macgregor
LYNETTE ANDERSON
"Decoding the World"
Po Bronson
Arvind Gupta
BRIAN GLADDEN
"Accountable: The Rise of
Citizen Capitalism"
Michael O'Leary
Warren Valdmannis
GOPAL KAPUR
"The Character Edge: Leading
and winning with Integrity"
Robert L. Caslen
Dr. Mitchell A. Matthews
MARCOS BRETON
"The Religious Causes, the case for
separating Church and State"
Howard Gillman
Edward Chemerinky"
ROD MALLOY
"What Can I Do? My path from
climate despair to action"
Jane Fonda
MARGARET LOEHR
"The Future of Earth: A radical vision for
what's possible in the age of warming"
Eric Holthaus
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