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Thanks for saying that, Mike.Anyone know why Bernanke still has a job ?
He has a job because he's in the club. They're all in the same club. And to get in the club you have to speak the same language, which is "neoliberal."If you don't speak the language you won't get in the club and if you're not in the club you won't get a job in policy. As smart as Warren Mosler or Randy Wray or Stephanie Kelton or any one of our MMT leaders are, none of them speaks the club's language so they're not working in policy or anywhere near it.
Frustrating. On a positive note, I notice from the video that you did not pull your hair out. Your self control is exemplary. Do you think this guy sleeps at night? Or is he just laughing at the chumps who buy his BS?
Chewie,You have more intuition in the tip of your pinky finger than Bernanke has in his whole body... Resp,
So the market is screaming "spend baby spend" but "the club" must keep its foot upon our neck no matter what. Do I have this right?
And it's the same club they use to beat you over the head when they tell you what to believe with their media.Sorry, couldn't resist the carlin reference
david "the market" seems to me to be asking for more austerity as well but only b/c they don't know better and/or are also very scared or concerned about "big government" getting involved somehow. That's what it seems like to me. They all don't seem to understand the concept of how nfa's are created and STAY in the private sector and THAT is the big hurdle to grasp imho.
Mario,I guess I meant the bond market, in particular. It seems that if they can't get enough bonds at damn near zero interest and "negative interest" bonds are being contemplated, that seems to me like a signal to spend. I'm sure you're right, though, about the inability of many to grasp the chain of causality with respect to NFA entering the economy. No doubt these same folks are also worried about "crowding out," "hyperinflation," "moral hazard" (when non-rich people get helped by the government) and the rest of the list of neo-classical superstitions.
I'd love Mike to comment as to WHY investors are interested in buying treasuries at such low...even negative...rates. WHY are they willing to do that? I'd love to hear an explanation for that thinking process.
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