An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
absolutely agree with what you say about the fiat money system but it still fails the american people, but is a god send for the corporate states of america and the cartel of fed gubbament and the member banks of the fiat central bank.. NO COP ON THE BLOCK no punishment for rule breakers, in fact rule breaker members of the corporate/gubbament money cartel get rewarded time and time again, and the middle class has 47 million people on food stamps. Just read the latest transcript of the fed 2007. They are crimminals.
I can never decide if Mike Norman is dumb or dishonest. I guess both. For the 755th time, Austrian theory concerns the distortion of relative prices by fiat funny money dilution which impairs economic calculation. As Rothbard showed in 1963, there can be a substantial increase in the money supply without a noticeable rise in the CPI because the prices of investments and the factors of capital goods can get fatally distorted leading to a bust. Even John Carney knows that this is what Austrians claim.
I chalk up as a win every purposeful distortion of Austrian theory such as this. Since no Keynesian ever bothers to understand even basic Austrian concepts or analysis, those wins happen a lot.
6 comments:
absolutely agree with what you say about the fiat money system but it still fails the american people, but is a god send for the corporate states of america and the cartel of fed gubbament and the member banks of the fiat central bank.. NO COP ON THE BLOCK no punishment for rule breakers, in fact rule breaker members of the corporate/gubbament money cartel get rewarded time and time again, and the middle class has 47 million people on food stamps. Just read the latest transcript of the fed 2007. They are crimminals.
"They are crimminals."
Perhaps criminally negligent imo ... rsp,
the marketable version with context :)
http://www.youtube.com/watch?v=8s2eevvRRXM
I can never decide if Mike Norman is dumb or dishonest. I guess both. For the 755th time, Austrian theory concerns the distortion of relative prices by fiat funny money dilution which impairs economic calculation. As Rothbard showed in 1963, there can be a substantial increase in the money supply without a noticeable rise in the CPI because the prices of investments and the factors of capital goods can get fatally distorted leading to a bust. Even John Carney knows that this is what Austrians claim.
http://www.cnbc.com/id/48806186/The_Gold_Standard_and_the_Myth_of_Price_Stability
I chalk up as a win every purposeful distortion of Austrian theory such as this. Since no Keynesian ever bothers to understand even basic Austrian concepts or analysis, those wins happen a lot.
yes bob, just like peter schiff claims he is right 100% of the time when nothing could be farther from the truth.
the only thing you have won is the title of 'grand troll on mikenormaneconomics.com'.
Prof. Mark Thornton answered all of the false statements made in this video two days before the video was published.
http://mises.org/daily/6340/Where-Is-the-Inflation
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