Series of audio interviews with Warren.

10 Responses

  1. Another thing that bothers me in your answers, Warren, is that you fail to differentiate between displaying score at a game and being able to score actual goals. Displaying a score that does not reflect reality is fraud. Are bankers immune from this reality? Seems they think that they are.

  2. when the ecb credit’s greece’s bank account it reduces greece’s debt ration as it reduces greece’s need to borrow by that amount.

    i was just making the narrow point that dollars come from the scorekeeper (the fed) the same way points come from a scorekeeper at a ball game

  3. Why per capita rather than by GDP. Shouldn’t Germany get more because they are more they are more productive per capita?

  4. Points come from the dynamics of the game played. If points come from the scorekeeper, what’s the point in even having a game? Points must reflect reality. Money must reflect reality. And the way money reflects reality is as a peg to energy inflow/outflow in and out of the economy.

    As regards crediting Greece’s account, I don’t think this will work in Europe. The credit will be spent and you’ll be back to where you started, plus inflation. Again, money must reflect reality.

    You can do this with the $USD, because for every new barrel of oil produced by Saudia, $70 or so new $USD are automatically created, and then again more $USD can be created as the oil creates more value. This creation of new money only works as new energy flow is available for access. Europe does not have this free access to energy, it must trade and pay in real things to get access to oil, gas, etc.

    1. Govt allocates points every time it spends.

      Govt allocates points away every time it taxes.

      Taxation and spending are completely independent from each other.

      Since Govt already taxes and spends to further a whole host of social goals, what warren is suggesting is exactly the same. Just one more social goal.

  5. Playing fantasy accounting is a recipe for revolt and political revolution. You’re turning out to be quite a revolutionary, Warren. I like that. 😀

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