When a government taxes, is the money essentially destroyed? So if you continually ran budget surpluses eventually the whole money supply would be eliminated? Wouldn’t this just cause deflation and the value of each dollar remaining would go way up.. or would the decreased volume of goods being bought and sold prevent this from happening?
Hello Warren et al – So….the other day I engaged Karl Denninger and his followers in a “debate” about MMT. They are, of course, intractable…and belligerently so. Their rage (legitimate rage, let me add) perhaps clouds their vision. They see a world in which fraud and corruption and currency debasement and plutocracy are synonymous with central banking and fiat currency. Karl’s ranting fuels their anger. It is a positive feedback rage festival. But, I find it difficult, over and above their moments of rage-induced irrationality, to clearly distinguish for them how MMT could work. MY problem is that I don;t see how free-marketism and MMT (particularly dismantling the current financial industry) are compatible. Can someone clarify for me, in somewhat lay terms, how we can have actual government regulation and oversight that works to end the Ponzi nature of our financialized world, while at the same time money is still being created privately (by banks, not by the federal government), while at the same time Libertarian ideals of non-government intervention might still find voice….are you getting my question here? Is MMT, in some manner, a particularly centralized system? Does government play a huge role in executing the tenets of MMT? (Please don’t point me to something to read…if someone can sum up, I’d be grateful) Thx.
If the US is now a fiat money regimen with no relationship to gold why is there still gold being stored here? Why hasn’t this relic of barbarism been sold for whatever it will bring to the boobs that still believe in it?
Handy. I’m going to bookmark that youtube.
EXCELLENT VIDEO!!! i’m gonna bookmark it, too…
When a government taxes, is the money essentially destroyed? So if you continually ran budget surpluses eventually the whole money supply would be eliminated? Wouldn’t this just cause deflation and the value of each dollar remaining would go way up.. or would the decreased volume of goods being bought and sold prevent this from happening?
Is America trying to become a civilized first world country again?
Will Obama go after the central bankers and lock them up or even conduct public executions of wall street leaders?
The only truth is that the party of old white men, ignorant, bigoted, last century, and cold war era ready to die off.
Hello Warren et al – So….the other day I engaged Karl Denninger and his followers in a “debate” about MMT. They are, of course, intractable…and belligerently so. Their rage (legitimate rage, let me add) perhaps clouds their vision. They see a world in which fraud and corruption and currency debasement and plutocracy are synonymous with central banking and fiat currency. Karl’s ranting fuels their anger. It is a positive feedback rage festival. But, I find it difficult, over and above their moments of rage-induced irrationality, to clearly distinguish for them how MMT could work. MY problem is that I don;t see how free-marketism and MMT (particularly dismantling the current financial industry) are compatible. Can someone clarify for me, in somewhat lay terms, how we can have actual government regulation and oversight that works to end the Ponzi nature of our financialized world, while at the same time money is still being created privately (by banks, not by the federal government), while at the same time Libertarian ideals of non-government intervention might still find voice….are you getting my question here? Is MMT, in some manner, a particularly centralized system? Does government play a huge role in executing the tenets of MMT? (Please don’t point me to something to read…if someone can sum up, I’d be grateful) Thx.
seen my proposals here?
http://moslereconomics.com/?p=8968
If the US is now a fiat money regimen with no relationship to gold why is there still gold being stored here? Why hasn’t this relic of barbarism been sold for whatever it will bring to the boobs that still believe in it?
@chuck martel,
you don’t know it’s all been sold and there is no gold left?
for one thing the govt doesn’t need the money…
😉
Hi Warren, what do you think about this commercial? http://www.youtube.com/watch?v=TYKAbRK_wKA
what’s the point of Us debt owned by china?
i would say, “i don’t see that happening” 😀 but i need some more explanation 🙂
tsy secs are just dollar deposits at the fed. see ‘the 7dif’ on this website