Monday, June 4, 2012

Jim Cramer: "The U.S. should refinance!"



This is laughable. Total comedy.


Why does a nation that issues and spends in its own currency need to refinance? Do we borrow our own fiat? If anything, the U.S. should issue nothing longer than 3-month bills, as security issuance functions only as a reserve drain. Nothing more.

Cramer goes on: "I've been telling Geithner this behind the scenes and to his face."

And Geithner's probably dumb enough to listen!


GLH said...

It is sad that Jim Cramer doesn't understand how the system works. I suspect that he would be a great advocate for MMT if he understood it. But, I did notice that Thomas Lee of JPM did seem to agree with you that the May jobs numbers were skewed and that the numbers should improve as the summer continues.

Mike Norman said...

Yes, Jim would be great. Too bad.

Greg said...

Yeah the US should refinance at an interest rate of... ?

I guess we should ask the "bondholders" how much they will refinance us at..... they'll probably only ask for 5%.
Then we have a choice pay the less then 1.75% interest we have now or the 5% they want............... Hmmmm no thanks we'll keep it like it is!

Anonymous said...

But, but... what happens if the Federal Reserve runs out of money?!? ARRRGGGGHHHHHHHHHH!!!!!!
Who are they going to borrow the dollars from? Seriously?!?!??!?!?

Anonymous said...

Have you guys tried reaching out to someone like Jon Stewart or Bill Maher? They both seem smart enough to understand MMT/MMR/MS and creative enough to be open to it in the first place. They also both seem to genuinely care about the country and I imagine they would help get the message out to the average voter.

JK said...

It seems the most likely megaphones for MMT are going to be liberals. What MMT suggests/allows in government intervention is in complete opposition to the popular conservative talking point: "government is the problem"

I second Jon Stewart and Bill Maher. Likewise, some of the crew at MSNBC seems intellectually reachable: Racheal Maddow, Chris Hayes, Dylan Ratigan etc.