An MMT site bringing you dogma-free economics without the pleadings of self interest
Bloomberg is hopelessly out of paradigm.
I can't get the debate video to download. =( I think too many people are watching at once. I'll have to try again later
Definitely not downloading. The hated internet hourglass just hangs there. Hopefully it just because too many people are downloading at once!
mine has downloaded 88% 18 minutes left to download
Shades of the old phone modems.
The video should be up on CNBC.com today. Sometimes they don't put everything though.
I think you scared the crap out of him, Mike. He looked very uncomfortable -- even behind the joking and the rhetoric.
LInk leads to 'Page not Found'.Not on CNBC (that I can find).
404 error.Looks like I'm not the only one having an issue (much to my surprise). Is it possible for anyone who successfully downloaded the file to upload it on this site?I'd really like to watch this.
try this link instead:http://www.filefactory.com/file/4m3o5fvzavpb/n/Santelli_Norman_mpg
Or also this link:http://www.filedropper.com/santellinorman
does make them hyper links?
i can't get them to hyperlink (maybe by default) but copy/paste either link and it should workand Mike should probably use one of these in the post lead
Thanks Steve.The first link you provide (File Factory) wants payment. As far as I can tell.The second link requires downloading a new player?
While listening to Mike I think he just pointed out why the government would want to issue FRN's: to create inflation. Exactly that's what they maybe would want to do, to increase interest incomes through notes. In all this non-sense talking about NGDP targeting world that could be used as one transmission channel.Yes, they prefer to print than to print and spend on demand. It's better even printing and paying for holes than just printing, but in this neoliberal dominated world with absurd monetarists ideas they think giving MORE free of risk money to people who holds money already will make them invest/spend more! Insanity, demand does not longer matter, what matters is supply only, and 'trickling down' through "investment", does not matter how many times this has been proven wrong because it has been repeated 10000 times and hence is the 'truth'.But listen, there is something even more evil about this, who benefits the most from FRN's? Creditors and savers who would be protected from an inflationary spiral (an spiral which FRN's would only contribute too). So they may try to create inflation somewhat, but giving hedges through FRN's so some people can protect theirself somewhat (not completely, as the demand for FRN's will make market prices higher than the real return) against that inflation while most people will have less spare purchasing power.Why issue debt in the first place then, the government should offer deposits with floating rates indexed to inflation, this is inflationary but at least we would not have to worry about having to print the principal at somepoint in the future (even if presumably, most of it would be rolled over). At least the money would increase in line with the endogenous creation of credit by banks.
NO payment or special player is needed for either link - they just don't make it super easy to use their free servicesOn the first link, scroll down to the bottom left where it says "slow download" and below that there is a red button that just says "download" click that, solve the captchathen it will take you to another page and ask you to wait 30 secs to download the file (and will count down) - after it reaches 0 secs, the link will say "click here to download now"the second is easier in just clicking "download this file", solve the simple captcha and the file should start downloading the second link is faster as well, so that should probably be the one that mike uses in the post lead
Ok Steve, will give it another try later this evening. TYVM!
Santelli looked genuinely confused when Mike confronted him. I think he was a bit out of his league discussing treasury, fed and banking operations. Maybe next time he will think twice before doing one of his non-sensical rants about debt.
Maybe John Carney will explain it to Rick privately.
I still can't see the video. File-share site is against me. For god-sakes will someone post it on youtube or something. PLEASE. I just want to see this.CNBC does not appear interested in posting the showdown. Once again, put the video on youtube or something I can access, for the love of god, please. Thanks.
Mike you shouldn't let anyone say the FED is funding/buying 60% of the US debt without pointing out they don't know what they are talking about.The FED funds 100% (more or less) of all government spending. The Treasury can't sell bonds to the market without the FED first insuring there are sufficient EXCESS reserves available to buy those bonds or it loses control of its target interest rate. If those excess reserves aren't there they MUST.This is what needs to be bounded home. People think that when the FED buys bonds its funding the debt, they don't realize that they really already did that and that's why QE isn't money printing - you can't print the same money twice!Other than that it's always a pleasure to see you speak.
As soon as Mike started hitting him with facts it's like he plugged his ears and screamed "I'm right lalalala" until the segment ended.
Just watched the vid. Well done, Mike. With these types of personalities, get after it!PS. For those that can't view, the second link SteveG provides works great, per his instructions above.
Never mind, I see Matt just posted a link from YouTube. Can be found here:http://mikenormaneconomics.blogspot.com/2012/05/mike-on-cnbc-on-treasury-policy.html
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