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.
That video punk is pretty clueless. I note that the inequality really started to kick in when the final link to gold was cut in 1971 and the US went on a pure fiat system. The idea that the fiat system is “capitalism” is nonsense and purposeful dishonesty. It is also purposeful dishonesty to call by the same name a system wherein a) business bailouts and bank bailouts are totally banned in theory and in practice and b) one where they are ubiquitous.
Further, that video punk is oblivious to basic Austrian analysis (as are all of you). Central to Austrian analysis is that the first receivers of new funny money are gaining purchasing power at the expense of those who get money after it has been diluted by the new money. Receivers of new loans can purchase large assets that will artificially increase in price due to continued funny money emissions until those unsustainable prices collapse. Meanwhile, the wealthy (who are the people with access to new bank loans) can gain incredible wealth by purchasing these assets with fiat loans which are then bid up out of the reach of average people.
That process creates a permanent system of wealth transfer from the poor and middle class to the wealthy. THAT IS YOUR BELOVED SYSTEM and we complain about and rail against it daily.
Don’t blame your retched criminal system of theft on libertarians or Austrians.
Only the rich can afford gold mines, why give them absolute control over our money supply, where they will be able to screw for everything its Wirth like they used to do when there was a gold standard. Also, the gold standard never stopped them creating money out of nothing as they still found ingenious ways of using the multiplier.
Now it is true that very rich people borrow money from western banks - where the money is created out of thin air - and then they can buy up land in Africa, throw the peasants off it, and then grow cash crops on it. But that isn't the fault of fiat money, that's a fault of the system, a system that western bankers have created. The answer is to either bring back the fiat money creation under complete government control, or, as economists like Randy Wray prefer, because they believe that private banks would know the requirements of the local communities better, to highly regulate private banks.
I actually believe that young lad is highly knowledgeable. He's no fool, and hasn't fallen for the libertarian BS.
I will putting an article up next about how the gold bug, Peter Schiff, is really con artist who rips off naïve libertarians, as most of them are.
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That video punk is pretty clueless. I note that the inequality really started to kick in when the final link to gold was cut in 1971 and the US went on a pure fiat system. The idea that the fiat system is “capitalism” is nonsense and purposeful dishonesty. It is also purposeful dishonesty to call by the same name a system wherein a) business bailouts and bank bailouts are totally banned in theory and in practice and b) one where they are ubiquitous.
Further, that video punk is oblivious to basic Austrian analysis (as are all of you). Central to Austrian analysis is that the first receivers of new funny money are gaining purchasing power at the expense of those who get money after it has been diluted by the new money. Receivers of new loans can purchase large assets that will artificially increase in price due to continued funny money emissions until those unsustainable prices collapse. Meanwhile, the wealthy (who are the people with access to new bank loans) can gain incredible wealth by purchasing these assets with fiat loans which are then bid up out of the reach of average people.
That process creates a permanent system of wealth transfer from the poor and middle class to the wealthy. THAT IS YOUR BELOVED SYSTEM and we complain about and rail against it daily.
Don’t blame your retched criminal system of theft on libertarians or Austrians.
Only the rich can afford gold mines, why give them absolute control over our money supply, where they will be able to screw for everything its Wirth like they used to do when there was a gold standard. Also, the gold standard never stopped them creating money out of nothing as they still found ingenious ways of using the multiplier.
Now it is true that very rich people borrow money from western banks - where the money is created out of thin air - and then they can buy up land in Africa, throw the peasants off it, and then grow cash crops on it. But that isn't the fault of fiat money, that's a fault of the system, a system that western bankers have created. The answer is to either bring back the fiat money creation under complete government control, or, as economists like Randy Wray prefer, because they believe that private banks would know the requirements of the local communities better, to highly regulate private banks.
I actually believe that young lad is highly knowledgeable. He's no fool, and hasn't fallen for the libertarian BS.
I will putting an article up next about how the gold bug, Peter Schiff, is really con artist who rips off naïve libertarians, as most of them are.
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