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.
Did Ted Turner ? His 10 billion that was supposed to go to the UN was shriveled down to 1 billion after the 2001 crash.
He put all his money into dirt in Argentina where no one lives.
Did he see the 2008 crisis coming ?
MMT is plain wrong.
MMT cannot stop the banks nor the government being usurped by the banks.
The crisis is an example to Austrians in which the uses of MMT toolbox are dangerous to everyone:
1. Fiat currency is supposed to protect your nation from having it's currency replaced by the USD or EURO. You will be able to deflate your way back to recovery.
2. Your currency is sovereign and nobody can take it away from you.
The big problem is that even the USA with it's own U$D as sovereign as it is supposed to be, was hi-jacked by the banks and the quant models of derivatives.
MMT is wrong and incapable of admitting the following of which the Austrians are not bright enough to point out :
1. The banks usurped the sovereignty of the U$D out of the hands of both the US government, the Treasury and the Federal Reserve. The banks were able to print their own modified form of dollars, their own sovereign currency and use it's hybrid form of the U$D against the USA.
2. The derivative credit default swaps combined with rigging the libor rates together allowed the banks to print their own currency and blow up the real estate foreclosure - this problem should have been no more than $500 billion which could have been mopped up with old fashion elastic currency operations by the Treasury and Federal Reserve as done in the savings and loan crisis in the late 80's which bought the empty buildings and sold them later at a profit.
2. So the banks printed this mess with quantified modelings which amplified the foreclosure debts which were no longer held by the banks instead sold off into the shadow land debt circuits of the world.
MMT cannot admit this or show in simple terms nor can the Austrians come to even realize it.
Even the sovereign currency issuing propaganda panacea of MMT does not help when the banks are basically taking a country's money and using it against the same country.
This is what happened to the USA and if MMT has not saved us since 5 years, then what will ?
3 comments:
Shit yes.
Missing that is equivalent to missing an asteroid hitting the planet.
Unforgivable (should be) and the ones that didn't see it coming should never be heard from again.
Unfortunately, in our society, celebrity means way more than being right.
What's team are you a fan of?
?
Ask the right question & we're 1/2 way to a solution.
Could & should common sense have anticipated orthodox economics?
Damn straight!
Doh!
If MMT is so smart why didn't anyone see it ?
Did Ted Turner ? His 10 billion that was supposed to go to the UN was shriveled down to 1 billion after the 2001 crash.
He put all his money into dirt in Argentina where no one lives.
Did he see the 2008 crisis coming ?
MMT is plain wrong.
MMT cannot stop the banks nor the government being usurped by the banks.
The crisis is an example to Austrians in which the uses of MMT toolbox are dangerous to everyone:
1. Fiat currency is supposed to protect your nation from having it's currency replaced by the USD or EURO. You will be able to deflate your way back to recovery.
2. Your currency is sovereign and nobody can take it away from you.
The big problem is that even the USA with it's own U$D as sovereign as it is supposed to be, was hi-jacked by the banks and the quant models of derivatives.
MMT is wrong and incapable of admitting the following of which the Austrians are not bright enough to point out :
1. The banks usurped the sovereignty of the U$D out of the hands of both the US government, the Treasury and the Federal Reserve. The banks were able to print their own modified form of dollars, their own sovereign currency and use it's hybrid form of the U$D against the USA.
2. The derivative credit default swaps combined with rigging the libor rates together allowed the banks to print their own currency and blow up the real estate foreclosure - this problem should have been no more than $500 billion which could have been mopped up with old fashion elastic currency operations by the Treasury and Federal Reserve as done in the savings and loan crisis in the late 80's which bought the empty buildings and sold them later at a profit.
2. So the banks printed this mess with quantified modelings which amplified the foreclosure debts which were no longer held by the banks instead sold off into the shadow land debt circuits of the world.
MMT cannot admit this or show in simple terms nor can the Austrians come to even realize it.
Even the sovereign currency issuing propaganda panacea of MMT does not help when the banks are basically taking a country's money and using it against the same country.
This is what happened to the USA and if MMT has not saved us since 5 years, then what will ?
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