Independent candidates for U.S. Senate, Warren Mosler, left, and John Mertens, second from left, talk with Republican candidates Rob Simmons, second from right, and Peter Schiff, right, following a debate at Trinity College in Hartford, Conn., Tuesday, July 27, 2010. (Jessica Hill, Associated Press / July 27, 2010)

33 Responses

  1. I hope you guys didn’t try to shake hands – if you touched, you would mutually annihilate and take out most of Central Connecticut!

  2. Schiff: “Listen, we don’t like intelligent people in politics, it messes with our mojo. So, take your genius and your common sense somewhere else, buddy.”

    Hahaha! Can you tell they’re getting nervous? Go Warren!

    1. LOL!! I think he was trying to convince warren to buy into his gold fund 😉

      “The U. S. is headed toward a period of business depression… beginning within the next two years, which may exceed that which preceded the War. … The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation.”
      — Irving Fisher, Time Magazine, Jan. 20, 1930

  3. I have been wishing for a nationally televised debate between Warren and Peter Schiff with the central question being “Why, 113 years after William Jennings Bryan’s famous speech, is mankind still crucified on a Cross of Gold standard thinking?”

  4. Warren – – I have recently discovered you and your fellow MMT bloggers and find your discussions very educational and informative. I am still trying to wrap my mind around MMT theory, and one thing I found confusing was your post (from October 2009) on the Q and A part of this site where you say “if the balance in the tsy reserve account at the fed is 0, and the tsy writes a check to someone anyway, the fed is supposed to bounce it. the tsy reserve account at the fed is just like the reserve accounts for the banks and foreign govts. except the banks can run overdrafts and the tsy can’t.” How does this jibe with your many statements that the Federal government spends by crediting bank accounts and it’s not possible for a US government check to bounce? Thanks.

  5. There are increasing subtle shifts from the deficit doves:

    Dean Baker,
    “Blacking Out on the Economy” ( ) — he almost gets it:

    “This is where D.C.’s power failure comes in. What would be the problem if Congress dispensed $400-500 billion to the states to be spent on upgrading infrastructure such as electric power lines, mass transit systems, and water and sewage treatment facilities? The stimulus passed by Congress last year started on this path, but did not go nearly far enough.

    This spending could be financed by requiring the Federal Reserve Board to buy and hold the bonds used to pay for the projects. If the Fed held the bonds, then the interest would be paid to the Fed, which in turn would then be rebated to the Treasury.”

    Then he meanders a bit before getting back on track:

    “That means that there is no additional interest burden on our children for the deficit hawks to whine about. Instead our children will get a modern infrastructure that doesn’t jeopardize the country’s economic and physical health.”

    1. he misses the point that if the fed buys and holds the bonds, it pays for them with reserve balances.

      then it pays interest on those reserve balances unless it wants the marginal cost of funds for the banks to be 0.

      1. Warren, could you provide a direct link? Where are these CT-N archives, I don’t understand. What does CT-N stand for? On Youtube I did find these 2 links with you and Schiff.

      2. Warren, I have done more free work for you. You need to tell your IT people that doing a search on youtube and google for Mosler turns up lots of stuff about your cars, but practically nothing about your economics and politcal races. You can have your IT people do things that will increase your hit rate for what you are trying to achieve. Mish used to expend much time making sure that when people did a youtube or google search of him, his economic site was always at the top of the list.

        Also It seems Peter Schiff has hired a cameraguy to follow him around and take videos of his appearances. People want to get to know you Warren, see you in action in public, maybe you should also hire a camera to follow you around at various events and functions and take videos and post them to youtube. Is there anyone here who wouldn’t like to see some daily or weekly videos of warren out promoting MMT ideas? Remember you have to get your point across in those youtube videos in 10 minutes or so, lots of android and iphones out there you can reach.

  6. Warren, I like the MT900, hope to own one very soon, but I think your intro needs a little polish. When Susan read off your intro at the beginning of the debate, I was thinking of some constructive criticism for you.

    Why don’t you have the car stuff removed and instead talk about your successful 15 years as one of the top hedge fund guys ever with no losses? And have your intro talk about your involvement in the largest futures delivery in asia EVER. That would really grab my attention MUCH MORE than that you started a car company in riviera beach, and why don’t you have your intro talk about your ownership in a palm beach bank and work you have done with folks like Galbraith and such and mention you have appeared in cnbc with liesman and other stuff like that. Really if I was a middle class tax guy or accountant guy or lawyer guy like most of those people seemed to be, I could care less about your supercar company, it detracts.

    Mertes had a good 2 min intro, I liked it. Simmons, first he says he doesn’t like unemployment, but then doesn’t like deficit spending, to an ignorant public he sounds like a smart passionate guy, but he contradicted himself it seems to me. But he was a good speaker.

    Warren, you have to speak with more passion, more enthusiasm, you have to be a motivated salesman selling your product to me with so much stamina because you really passionately believe your message. You should really push you are the only candidate who is not politics as usual, someone who is really different from the rest, mertes and simmons seems to me they are business as usual establishment types, you and schiff seemed to offer something different.

    Schiff is a passionate speaker, when he started freaking out about inflation I rolled my eyes, but I know many J6P who will be won over by him.

    Recall the first nixon/kennedy debates, those that only heard the debates on radio thought nixon did better, but those that saw the debate on tv with kennedy (and his new plastic surgery) thought kennedy won. In our society, it seems, image is everything.

    I will comment more after watching more of the video.

    1. On the first question, simmons didn’t say anything specific – he was too broad, I liked your answer on the tax holiday warren, invoking reagan, the american way and trickle down – Classic! This will resonate with many j6p’s. I also liked what schiff said about manufacturing though, but he keeps rambling on about inflation, contradicting himself. Mertes talking about not all was bad with the massive stimulus, I agree, but I think so many j6p’s hate it that he lost them at that point. SO round 1 I give points to you and schiff, and zero for mertes and simmons. You seemed to speak with much better confidence and authority during this question than your intro too Warren.

      Round 2, Warren you gave a great specific example about short term bonds, but I think most people will have thier eyes glaze over. Schiff clearly demonstrates he does not understand monetary operations but I think J6P will gravitate to his message. Mertes wants to cut the 800 bases, well I like being a citizen in a superpower with bases all over the world so when I travel I got a little piece of home near me and think our military is what keeps our oil prices cheaper than most places so I don’t like his message. Simmons lost every old person when he started talking about SS cuts 🙁 So round 2 I give points to schiff, simmons and mertes no points, I give you a point for round 2 as well Warren, but I think most j6p’s wouldn’t.

      Round 3, schiffs federal sales/consumption tax scares the bejeezus outta me, those guys already got too much power, mertez talking about getting the rich to pay more taxes, my inner socialist is jumping at the bit to bring these guys down into the pit with me ;), simmons doesn’t say much that resonated. You talking about the fed government as currency issuer and not restrained like househoulds – Kudos Warren – that was a meme that probably a lot of people have not considered and you are giving them an education – maybe it will prompt them to think in new ways about federal taxation, but I think so many are conditioned to not think in that way, they wouldn’t give you points for that round as thier eyes glossed over that the fed government doesn’t have to work like a household, but you drilled home to J6P a payroll tax cut that puts more money in his pocket and a jobs program that gives him something to do, lotta j6p’s gonna like this message from you. Ok off to watch more of the video.

      1. Warren, you definitely won the next round, you sound much more in touch with the people than any of the other candidates during that round and your confidence and authority is good, many vets I know want jobs waiting on them when they get home – the military is a stepping stone to a better civilian life for them, they don’t want to be career soldiers and they don’t want to wind up like the vet in that movie Rambo. On illegal immigration, simmons scared me with his militaristic answer as I read about drone airplanes flying over detroit hunting down people stealing power, I liked how you framed it in an economic way Warren, but I liked Schiff’s answer the best, he brought up his grandparents and the welfare system and I too am worried about a fence that instead of keeping others out, will keep me in, this actually happened in france and they beheaded some people for it. Slamming the congressmen on that 2700 page bill – Kudos! But I liked how simmons singled out congressman that took bribes and held thier feet to the fire. Great job on taxes and marriage, the 200 smart lawyers in congress remark – LOL! I have talked to many welfare moms in florida that are moving to other states because at least here locally they cap the money they give you at 3 kids, so they are moving where they can get money for 5 kids or more. I saw some show on TLC I think where the family lived in arkansas and had 19 kids, are they getting 19 welfare checks?

        Warren – Mertes keeps pushing his website and his recorded TV programs adressing various issues on youtube, I think this is a very good strategy that you should adopt as well. His response on illegal drugs resonantes with me, I have lost family and friends to drug habits and others being intertwined with drug users who bring them down. I can’t count the vets I know who did drugs while in nam, iraq, and afghanistan and it was an unspoken policy by some military commanders to allow this. On the war on poverty, Warren you did a good job trying to get people to understand government accounting and thermostats and bad incentives, but I have to give it to simmons and schiff. I have always felt so inundated with so many rules and regulation in my various business ventures, but they didn’t say anything specific other than we need less rules, duh! Steve Wynn recently said he was moving to Macau because he was tired of all the rules and regulations too.

      2. On the 2cnd ammendment, yes I am with Mertez, why can’t I own a bunch of bazookas, or for that matter my own nuclear warhead? Why do we limit the weapons I can own to mostly small caliber stuff? What if every kmart and walmat sold bazookas and rocket launchers and nuclear bombs? Imagine downtown detroit right now if everyone owned a bazooka arsenal instead of just a handgun? It’s pretty hard to get lotsa bazookas and nuclear warheads, so the supply issue alone has kept violence from them minimal. Warren I have known far too many druggies that even if you gave them a job, they would stab you in the back and steal you for all you are worth to meet thier fix. I see so many kids popping oxy pills to be in the in crowd and succumbing to peer pressure, eventually leading them to shoot heroin through needles. I don’t see much hope for many people if we make drug access easier and the supply easier, jobs or no jobs. The addiction is too strong. I escaped drugs and alcohol in my childhood because I was inside hacking at my commodore 64 all day and the in crowd and peer groups were not a part of my life. By the time I came out of my momma’s basement to get a real life I was in my 30’s and beyond all that social pressure. Many of my friends didn’t have that and are dead or in jail now though.

      1. I thought Dennis Hopper was just kidding about pabst blue ribbon, holy smokes it is going for 44 Dollars a bottle in China!!

        In China, Pabst Blue Ribbon is Pure Gold
        Posted by Barbara Kiviat Wednesday, July 28, 2010

        Recession got you down? There’s a new way to reach a 1.3 billion-strong market. Rebrand your run-of-the-mill American product, launch a “luxury” ad campaign and sell it in China for 20 times what you sell it for in the U.S.

        Don’t trust me? Pabst Blue Ribbon did it. The PBR beer that has hipsters paying $2 for a can was re-marketed and retails for a $44 bottle called “Blue Ribbon 1844” in China. Pabst Brewing Company insists the beer is a special brew only for China, different in taste from what they sell here. Even if that’s the case, it’s like Walmart trying to sell luxury bags at Louis Vuitton prices.

        But that’s the genius of marketing abroad. You can wipe the slate clean and reposition yourself to be whatever you want to be.

        I spoke to Scott Galloway, founder of Luxury Lab, a think tank for prestige brands. He said scaling up when selling overseas is nothing new – think of Heineken, an ordinary beer in the Netherlands, but a premium one here. What makes China unique is that American brands manufacture their products in China, but then attach a foreign tag to market them at a higher price. Galloway agrees, “there’s a mystery associated with foreign brands.”

        Coach was part of the “aspirational” luxury market that doubled its revenues between 1998-2008. China was a key market for the brand, where they marketed themselves as “high-end” and sold products at a hefty premium. And the best part of it? The majority of items were made in China, so consumers weren’t even paying more for a “Made in America” label. It’s a win-win situation in terms of costs too.

        What’s more, China’s particularly brand-conscious society is spending. A Euromonitor study estimates 31.7 percent of total households in China will have an annual disposable income of US$5,000-$15,000 this year—which is a decent amount for China. “China is where the action is. In five years, they will have more millionaire and billionaires than any other country,” says Galloway.–Pabst-Blue-Ribbon-Dennis-Hopper-RocksBlue-Velvet-Dennis-Hopper-Pabst-Blue-Ribbon-Heineken-

      2. lol, Heineken is not ordinary. It is a sewage waste beer. Nobody nowhere in Europe drinks Heineken. Only tourists and the only place you can find Heineken is in hotels

Leave a Reply to Digger Cancel reply

Your email address will not be published. Required fields are marked *