An MMT site bringing you dogma-free economics without the pleadings of self interest
awesome segment, mike! passing this along to some of my deficit-terrorist friends.
Mike,Great job as usual. It seems you always get a fairer treatment at the RT than over at Fox, at least they let you make your points...The moderators over at the RT are prettier than Charlie Gasparino also! ;)Again great job!
Thanks, Matt! Yeah, Lauren is pretty hot!
Good job as usual! Also I think, you should have explained that since US abandoned gold standard, it is actually a nonsense for US government to issue any debt whatsoever.
I wanted to thank Mike and all the MMT by the Italy. Here it is already difficult to understand the cage Euro.
Mike, this is the first time I've hear you speak and reposted the clip on Facebook. I've made similar points to people but never heard someone on TV question the "We're broke" crowd.
Orlando,That's good. We must fight the "we're broke" crowd.
look at the whole cowif news took an aim to connect these events together with real examples, then they might take the economy more seriouslywhat about reserve levels ?can Tom Matt and or Mike report on the swelling of the reserves at the Fed to see if they are gearing for an elastic response to economic crisis ?if they do not, and the government shuts down, then a crash would not be softened and there could be a run on the banks in various forms again.OR are we looking at April fool's opposite effects - taking this as a turn for economic strength ???there seems no logic here at all.Euro debt keeps the Euro stronger albeit via US Federal Reserve open swap lines to ECB so that GE, Pepsi, McDonald's, Levi, Ford and others can bring home big numbers but hold them offshore tax free too.We are subsidizing a strong euro, and 10 week vacations in France, Germany, and elsewhere.The dollar spiked in 2008 and Bernanke saves foreign institutions and swells reserves with elasticity as method of operation.Now, following Republican austerity austrian logic - if there is a government shut down and there is a nickel saved - then the USD should get stronger right ?Even the posturing should send currency markets to strength the Dollar right ?But no.US has less debt than listed Eurozone, Japan, and others but we still have a weaker currency.This is the 90's repeat ?Iraq War I followed by a government shut down followed by an impeachment.Iraq war II followed by a government shut down followed by an another impeachment ?If there is a run on the banks, and the FDIC is closed due to government shut down - then what happens ?
MikeVery simply put you did.Bank of Japan issues debt in Yen and sets the interest rate at 1.5%which Japan can pay back.I'd love to make my own currency and raise capital and pay back only 1 to 2% on it.Since I can put interest rates where ever I WANT TO, then I shall set them low and create assets with my currency.I would never set interest rates to 20% unless I am an idiot.It's paranoia to think that someone else owns MY currency when I print MY own bucks.
Why would we raise interest rates ?So we can pay back the British, the Japanese, and the Chinese 10 times ( or so ) more than we need to ?If you want to raise interest rates, then you don't understand Nixon's China and Eisenhower's Japan.For that matter you don't under macroeconomics.Where's Red Rock ?
I wish your media army was bigger Mike.
Look how many comments this video has generated on youtube. You explained It very good. The only thing they can't wrap their brain around in that how there is no inflation. The private sector savings desire and larger economy needs more money.
The more USD you print the less you can buy with it. Ultimately the US dollar won't buy you anything and then foreigners will buy your country for pennies on the dollar.Every USD is a claim on US assets.It's just unbelievable that you don't get that.Besides, when you borrow money form someone all you're doing is borrowing his purchasing power. If at the end of the day the lender won't get his purchasing power back because you debase the USD, then next time you'll try to borrow money you'll have to do it in EUR, CHF, SGD, CAD, silver or gold.Nobody will accept dollars that are worth less than the paper they are printed on. I own 0 USD, precisely because it's worthless.I own other currencies including gold and silver so commodity prices don't rise for me as you can't print gold nor silver. But since US is printing USD I'm able to outbid you on every market with the currencies that I'm using. So is the rest of the world.What else can I say than happy money printing Mike :)
Post a Comment