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#721 | |
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That's a tall order! ![]() Here's a 101 on the subject: https://www.investopedia.com/modern-...ry-mmt-4588060
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#722 | |
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i mean, i've actually read kelton, bought her book and all. and all is well and good and makes perfect sense, except in the operating system that we actually have, because taxes that must be legislated are not a timely instrument to regulate the money supply, whereas a group of unelected technocrats can actually adjust the interest rates on a regular basis fairly easily with no political interference. which sure, perhaps it's not ideal. but the ideal alternative does not exist. it's an impracticable concept. so warren scolding powell pisses me off immensely because powell does not have the power to change the u.s. constitution, much less on command. i mean she's great at pocketbook issues but here she's either pandering hypocritically or a complete ignoramus. i like many of her policies a lot but she can sometimes act embarrassingly (but then again, can't we all?). anyway... she's a lot smarter than the bullshit she sometimes spews. i expect more from her. now uncle joe is proposing a tax increase on billionaires. which is a nice start. increased tax rates don't always mean increased tax revenues, but that's at least a starting point to a fiscal (not monetary) solution to the (fake) deficit and subsequent (real) inflation problems (per mmt). not gonna happen with this congress though. no chance in hell. how could mmt work in a system like this one? it would take a revolution or a major structural reform to make it legally possible. which we just isn't happening right now. |
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#723 |
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To be completely honest, I was on board with MMT until I read Paul Krugman's objections to it. I thought, if a left-wing economist who's not only a Nobel prize winner but one of the few people on the PLANET who admits when he's wrong has a problem with this, I better take another look...
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#724 | |
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#725 | |
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On MMT, just in general. On PK's criticism of this theory, I've read it in the New York Times and elsewhere a couple of times, but it's basically on what I posted above: https://www.investopedia.com/modern-...ry-mmt-4588060
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#726 | |
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and i guess yeah because you can guarantee "full federal employment" through new deal type programs. he agrees too with mmt that deficits don't matter but says that you can argue the same thing within keynesianism. then he says (and i agree with him) that mmt lacks monetary tools. it only has fiscal tools! hahahah. which are fucking clumsy. SO you either get deficit (fake, real) or you get devaluation and inflation. keynesianism has monetary tools for those. mmt offers "taxes". i get the mmt paradigm, i totally do. what i don't see is a usable technology from it. the last chapter of kelton's book she says mmt is not a religion but then talks to pastors and promises pies in the sky for all. one basic fact of economics is scarcity. we have unlimited wants and limited resources. i want to see where the limited resources meet the pavement, and how mmt deals with them. in other words, so scarcity is not in "the deficit," that much is clear, i don' give a shit. but if so the WHERE IS THE SCARCITY? show me where it is to be found, or else it is "a religion." a religion of fiscal absolutism. |
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#727 |
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https://www.cnn.com/2023/03/11/polit...ner/index.html
OMFG. Is the GOP finally starting to grow some balls? Last week I cheered Mitch Fucking McConnel for pushing back against Fucker Carlson and his endless Jan 6th bullshit. And now Mike Fucking Pence suddenly becomes.....forceful? I could fucking strangle them for waiting so long. But..... better late than never? Is this the long awaited turning point?? McConnel/Pence!! (Oh, I do hope Mitch is ok after that fall. I was so worried. WORRIED I tell you.)
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#728 |
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holy shit! russian sukhois vs us surveillance drone crash over the black sea. stay tuned, dimitri...
![]() if the shit hits the fan it was nice knowing you all... |
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Apparently, "the Russian aircraft flew 'in the vicinity' of the drone for 30 to 40 minutes before colliding". Sheesh, they really had it in for that drone. John Kirby and other officials are calling the Russian move "unsafe, unprofessional and reckless" - a way of condemning it without saying stupid shit like "FIRE AND FURY THE LIKES OF WHICH WAAHHH!!!". (Well, actually, Drumpf would have probably apologized to the Kremlin and called the Pentagon incompetent.) Gotta put this one on later: ![]()
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#730 | |
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From The New York Times:
Quote:
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#731 |
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Repukes (Pence, McCarthy, DeSantis etc) are now attacking the NYDA over the impending arrest of The Big Liar. House GOP want interviews.
Every time I think the GOP may actually turn the corner on Trump, they go and dig deeper. There is no bottom.
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#732 | |
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I have seen the future, and it's even worse than you think. From Politico: The Federalist Society Isn't Quite Sure About Democracy Anymore
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#733 |
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So, is today gonna be...
![]() or what? ![]()
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#734 |
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#735 |
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i am superannoyed because my youtube algorithm is currently feeding me a bunch of leftist videos on how jon stewart "skewered" a "lying" larry summers or whatever on the subject of inflation (as if).
the discussion between summers and stewart was indeed interesting, but i fucking hate it when idiots take snippets from someone's speech to misrepresent their positions. does nobody understand economics, or the role of the fed? it's not the fed's job to set tax rates or establish price controls! wanna tax the rich? elect a congress that will do it, you stupid delusional motherfuckers. there is no other way. ![]() seriously, on both fucking sides. the right of course is worse and not just stupid but outright evil, whereas the left is merely dumb, ineffectual and delusional. so the right sucks more. but jesus fucking christ. |
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#736 |
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notice for example the following SERIOUS policy suggestions to reduce economic inequality in the united states:
https://belonging.berkeley.edu/six-p...mic-inequality aside from the mimimum wage, which is a legal matter but not a fiscal one, they are all tax & fiscal policy. and they all require LEGISLATION. NONE of those involve monetary policies/the fed. which does not fucking legislate, but simply adjusts interest rates to regulate the money supply. congress does fiscal policy, the fed does monetary policy. monetary means related to money (and banking). CHILDREN PLEASE NOTE, MONEY IS NOT ECONOMIC OUTPUT. guns, butter, medical care, porno films, drinking water, sewage service, dildos, scientific research, corn, computer games, and all goods and services are economic output. money is just the medium of exchange. |
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#737 | |
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![]() Seriously though, you mention drinking water - are you referring to bottled water or all water you consume, as in "straight fom the tap"? If you're including the latter, what's the sitch over there - do they cut the utility right away if you don't pay the bill on time? I've read that my country is the only one in the world which enshrines the privatization of such a resource in its Constitution, thank you Chicago Boys and the Martian whore that shat you out.
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#738 | |
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in the case of a dildo, say it was a dildo made in china, the service of obtaining and delivering you a dildo domestically is part of the national output, even if the dildo itself was part of china's output. the retail service transportation etc is the local economic output. without that service, the dildo stays in china, out of reach and unable to satisfy. so, services are output too. again, output, the production of goods & services, is what takes primacy over the medium of exchange/the unit of accounting. we need & consume OUTPUT. ultimately it can be bought, borrowed, or stolen, who cares, we need output to live. so, sticking quarters or crumpled up bills into whatever hole is not the same as sticking a dildo. which is why dildos are produced. there is demand for them, so there is a supply of them. what we currently have is a mismatch between circulating money and available economic output. globally. that is what causes inflation. the money is not matching the output. there are more dollars than dildos, and no way to further increase dildo production to match the demand, so the extra dollars are bidding up the price instead of increasing dildo supply. more dollars might command the production of more dildos up to a point, but past a certain point the factories just can't keep up, can' find workers, can't find more silicone, can't find more containers to ship their goods. which drives up the price of dildos for everyone, rich or poor. and the poor suffer more. now there are other ways to take money out of the economy and lower inflation than adjusting the interest rates. taxes can do that too. like, rich people could be taXed so they stop snapping up houses and turning them into airbnbs, and bidding up the price of housing, for example. so houses would not go up in price so much. and there are ways to reduce inequality through fiscal means, so as to shift the burden of inflation, like, say, offering economic incentives for the production of low income housing (increasing output thus satisfying demand). but it's not in the central bank's power to levy taxes or drive fiscal policy that's up to congress. |
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#739 |
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sssso, tldr, remember that with the pandemic we had an increase in money but a reduction of output. people got money for not working.
yes, it was necessary, it was a terrible emergency, and it had to be done at the time. but more money and less output causes loss of monetary purchasing power (inflation) as explained with the dildo conundrum. so here we are now, entertain us. |
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#740 |
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Uhhhh... Yeah, no, I get that - what I asked is: do they cut your basic water supply if you don't pay the bill on time. Is it as ruthless as it is here. That.
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