Marx’s disciples want to introduce modern monetary theory (MMT), a neo-Keynesian concept that involves printing even more money without the consequence of inflation. They may be unaware of it, but the MMT crowd is militating on behalf of Gresham’s Law. This is an economic principle that succinctly states that “bad money drives out good money” since people would likely hold onto more valuable assets, particularly gold and silver, than whatever the socialists print."Marx’s disciples." You know, like Jerome Powell.
I don't link to MMT criticism that is off the mark, but I couldn't resist this one.
But in fact, the metals are taking off, and the dollar is dropping. So, is he right? Are we witnessing currency debasement?
Liberty Nation
Karl Marx – The Godfather of Central Banking?
Andrew Moran
5 comments:
“ But in fact, the metals are taking off, and the dollar is dropping. So, is he right? ”
They will say they are...
This is how they are trained:
https://undergrad.wharton.upenn.edu/academics/bs-in-economics/
“ In a liberal arts setting, students often learn by starting with a theory or abstract idea. After fully understanding the theory, they then look for problems to understand how the theory applies.”
So they START with the theory “money printing causes inflation!” so then you have situations like in Japan where they “printed money!” and prices collapsed.... us did QE1 &2 and prices collapsed... etc... MANY instances of “ money printing!” in the face of falling prices...
Now THIS TIME we have a collapse in output due to the Covid policy and record govt spending so maybe prices go up a bit... NOW they say: “ see! I told you!”...
They are trained to only look for evidence that supports the Theory they START WITH...
This is opposite of Science method that start with Hypothesis (under-thesis or less-than-thesis) and THEN tests it and if it fails, the hypothesis is discarded... and an adjustment is made... and a new hypothesis is created...
Rinse and repeat...
That is not how these people are trained ...
We get ANY even small wiff of what they can label with their figure of speech “inflation!” and they will immediately say “see! What did I tell you!”
Lock it...
Paul had a scripture for this here:
“Alleging themselves to be wise, they are made stupid,” Rom 1:22
You START with the Theory (Which is the formal textbook Platonist methodology 101) and you are alleging yourself to be wise (You are saying “this is they way it works!”)... when in reality you just were made into a f.ing moron..
Say X.
Get paid handsomely for saying X.
Rinse and repeat.
They LOSE munnie all the time...
Who is losing money?
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