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.
Ball tip pens as an indicator? Who knew?! Just goes to show!
Will treat the 50 ball point pens scattered around my house with more reverence from now on.
Ralph,Are you aware of the new book "Sovereign Money" by Joseph Huber? If so, does it in your opinion do a good job of elucidating the subject? I don't know if it answers the MMT objections, but any input from you would be helpful if you've read it. Given your own stance on the subject, perhaps you were involved or got an advance copy.
What were they using last year bird feathers?
Chinese condom brand declared world's thinnest, triumphs over Japanese pretenderWho cares, you say? ;)http://shanghaiist.com/2016/02/23/chinese_condom_brand_worlds_thinnest.php
Here's a 2014 article by Huber that sums up his view at the time. He advocates for a single monetary circuit in which all "money" is created by the monetary authority rather than a dual circuit in which banks also participate in money creation, as exists now.https://positivemoney.org/wp-content/uploads/2014/08/Sovereign-Money-in-Critical-Context-Huber.pdf
What were they using last year bird feathersImporting from Japan.
Ditto high quality machine tools, semiconductors, and aerospace. Manufacturing requires knowledge. The more you manufacture something, the more knowledge you gain. You do not lose knowledge when you export manufactured goods.China is gaining knowledge, the U.S. is losing knowledge.The "imports are real benefits and exports are real costs" argument only applies to scarce natural resources. It does not apply to knowledge products.
China will spend billions to develop semiconductor capabilityChina wants to become a superpower in semiconductors, and plans to spend colossal sums to achieve this.China has a planned economy that Henry Wallace and Rex Tugwell might have approved of. While some of their plans fail -- like the ghost cities -- on the whole it seems to work.
Wade Shepard, China's Largest Ghost City Is Now Almost Completely Full - But There's A Twist, at Forbes. Shepard is author of Ghost Cities of China.Those cities will be full as China urbanizes. China has figured out that extreme inequality will persist as long as there is a rural peasantry. The plan is to industrialize agriculture as in the developed world and transfer the peasantry to cities where they will have the resources to prosper. Bold plan.
Urbanizing America has its supporters:The truth about these dysfunctional, downscale communities is that they deserve to die. Economically, they are negative assets. Morally, they are indefensible. Forget all your cheap theatrical Bruce Springsteen crap. Forget your sanctimony about struggling Rust Belt factory towns and your conspiracy theories about the wily Orientals stealing our jobs … The white American underclass is in thrall to a vicious, selfish culture whose main products are misery and used heroin needles. Donald Trump’s speeches make them feel good. So does OxyContin.- Kevin Williamson
reminds me of the old joke about the Americans having issues with getting the ballpoint pens to work in space. So they spend tons developing a pen that pumps the ink to the tip... The Russians just used a pencil and got on with things. Or maybe it was the reverse, eh, whatever. (and related through the space/gravity angle, that's why the Omega Speedmaster Man On The Moon was the traditional winding watch and not the automatic movement)
Tom, thanks for the link.
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