I'm monitoring Yellen's testimony this morning and she just now is bragging about how much munnie the Fed has made off the portfolio and has thus been able to transfer to the US Treasury over the last several years to "help finance the government..."
9 comments:
They go from bad to worse to worser.
I have a non PC word to describe the Fed moron but I'll leave it to your imaginations.
Good thing those assets are performing well, may not negative equity bankrupt them /sarcasm
It makes complete sense within the bubble of the monetary ignorant, which I am sure includes 99.9% of the population, nationally or globally.
Any politician speaking MMT would soon be a retired politician. Not even Sanders, with Kelton in tow, dares mouth the reality.
Yellen's testimony about the Fed transferring interest income on its QE holdings back to the Treasury should be turned into a learning moment. This is debt that the government owes itself, so why don't the Fed and Treasury mutually declare this $2.4 trillion of Treasury debt held by the Fed to be null and void? Show the world that the Fed is not helping to finance anything no less the government because the flow of interest payments is totally circular.
Because that is not how the Temple operated Ed....
What you are talking about is equivalent to grace (unmerited favor) which these people do not understand like you do...
Their process is "borrow > default > forgive > borrow...."
Tom recommended to me this book by this guy from Mercatus a few years ago titled "Economics as Religion" which I read ....
Should be "Religion as Economics" ...
Somebody always has to be borrowing first, even governments....
Read the New Testament in the original Greek nobody outside of Israel is ever depicted as borrowing .... Hence also nobody outside of Israel is depicted as being poor.....
Today's is an Israelite paradigm.... Might be starting to finally change back over towards grace as evidenced by the knowledge the few of we all have been given... too early to tell...
"Read the New Testament in the original Greek nobody outside of Israel is ever depicted as borrowing ...."
So now you're telling me that I have to learn how to speak Greek?
You can use a literal concordant English translation instead first and work your way into the Greek...
The words in the OT (as the word of God) are very powerful... should "handle with care" ...
You can see how the people who use that OT as a basis for their lives are trying to arrange things in a similar fashion to the way Israel operated... today's Jews and Evangelicals stand out as highly influenced by the OT account of things from my pov... "borrow > default > forgive > borrow...." and on and on...
The book really needed today is "Religion as Economics"... and should contain as much empirical analysis of the OT system vs. the NT system as possible...
"Religion as Economics" .. by Robert Nelson
free text here
http://www.thedivineconspiracy.org/Z5264H.pdf
http://www.independent.org/aboutus/person_detail.asp?id=251
hmmm, guy came to the same conclusion I did
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