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.
of course Govt spending helps the economy since Income = Spending and GDP is just a measure of real spending. Keynes has nothing to do with it. he is totally irrelevant to the accounting of spending = income.
I don't see anything in the definition of capitalism* that requires government privileges for private credit/debt creation nor other welfare for the rich such a positive yielding sovereign debt. Indeed those seem antithetical to the definition of capitalism or at least to the spirit of honest competition.
*"an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." from https://www.google.com/search?client=opera&q=capitalism&sourceid=opera&ie=UTF-8&oe=UTF-8
I don't see anything in the definition of capitalism* that requires government privileges for private credit/debt creation nor other welfare for the rich such a positive yielding sovereign debt. Indeed those seem antithetical to the definition of capitalism or at least to the spirit of honest competition.
You've bought into the dupe-the-rubes definition.
The actual definition of capitalism is favoring capital (ownership of real and financial assets) over labor (working people) and land (the environment) in order to prioritize capital accumulation as the driver of growth. So capital gets to exploit working people and the environment because "growth," which is supposed to benefit everyone because "trickle down."
Government insurance of private liabilities, including privately created liabilities ("bank loans create bank deposits"), is a Progressive invention (under FDR).
So capital gets to exploit working people and the environment because "growth," which is supposed to benefit everyone because "trickle down." Tom Hickey
Without government subsidies for private credit creation it is likely that much more progress would have been financed with shares in equity, common stock. Common stock as a private money form allows but does not REQUIRE growth, nor fractional reserves, nor deposit insurance, nor a lender of last resort nor any other government privilege. Nor is deflation inherent in common stock as it is with private credit creation.
But why should those with equity share it when government privilege allows them to legally steal purchasing power from the less so-called "credit worthy"?
8 comments:
of course Govt spending helps the economy since Income = Spending and GDP is just a measure of real spending. Keynes has nothing to do with it. he is totally irrelevant to the accounting of spending = income.
Military spending is being used to stimulate the economy of Syria and Iraq. Latvia may have to wait.
Careful Auburn everybody knows economics is more about people's names than mathematical functional relationships....
Capitalism on steroids. Tom Hickey
I don't see anything in the definition of capitalism* that requires government privileges for private credit/debt creation nor other welfare for the rich such a positive yielding sovereign debt. Indeed those seem antithetical to the definition of capitalism or at least to the spirit of honest competition.
*"an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state." from https://www.google.com/search?client=opera&q=capitalism&sourceid=opera&ie=UTF-8&oe=UTF-8
I don't see anything in the definition of capitalism* that requires government privileges for private credit/debt creation nor other welfare for the rich such a positive yielding sovereign debt. Indeed those seem antithetical to the definition of capitalism or at least to the spirit of honest competition.
You've bought into the dupe-the-rubes definition.
The actual definition of capitalism is favoring capital (ownership of real and financial assets) over labor (working people) and land (the environment) in order to prioritize capital accumulation as the driver of growth. So capital gets to exploit working people and the environment because "growth," which is supposed to benefit everyone because "trickle down."
Government insurance of private liabilities, including privately created liabilities ("bank loans create bank deposits"), is a Progressive invention (under FDR).
So it seems Progressives were the ones duped.
So capital gets to exploit working people and the environment because "growth," which is supposed to benefit everyone because "trickle down." Tom Hickey
Without government subsidies for private credit creation it is likely that much more progress would have been financed with shares in equity, common stock. Common stock as a private money form allows but does not REQUIRE growth, nor fractional reserves, nor deposit insurance, nor a lender of last resort nor any other government privilege. Nor is deflation inherent in common stock as it is with private credit creation.
But why should those with equity share it when government privilege allows them to legally steal purchasing power from the less so-called "credit worthy"?
Military tourism. LOL
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