tag:blogger.com,1999:blog-2761684730989137546.post3470202339191338677..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: Fran Boait - The UK's misguided obsession with GDP is driving us all into debt mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-35347152158616819752018-02-03T16:20:08.197-05:002018-02-03T16:20:08.197-05:00Yes, she's running for Gloucester. I wish her ...Yes, she's running for Gloucester. I wish her well.<br /><br />https://www.scribd.com/document/366195081/Fran-Boait-for-GloucesterKaiveyhttps://www.blogger.com/profile/04195639305785321786noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-62565844181480706112018-02-03T06:47:16.799-05:002018-02-03T06:47:16.799-05:00Bob Roddis,
Thanks for the invitation to take par...Bob Roddis,<br /><br />Thanks for the invitation to take part in your essay contest. I’ll decline the offer.<br /><br />If you don’t like artificially created money, presumably you want just gold to be used as money. Problem there is that the total stock of gold in the World is nowhere near enough to meet the World’s demand for money.<br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-5259031293770323102018-02-03T06:43:25.418-05:002018-02-03T06:43:25.418-05:00Fran Boait during her brief term as head of Pos Mo...Fran Boait during her brief term as head of Pos Money has not added anything of use to the ideas PM set out during Ben Dyson's term as head of PM. (He actually set up PM about ten years ago). Fran is departing soon or has already departed to take up the job of Labor Member of Parliament I think. Ben now works for the Bank of England.<br /><br />As for the idea that the fact of debt being a form of money increases the amount of debt, there is an obvious flaw in that idea: the total amount of debt VASTLY exceeds the amount of money needed to lubricate the economy. E.g. SME trade debts alone are nearly equal to three times GDP in the UK. Never mind mortgages and other debts.<br /> <br />It’s a bit like saying that using wooden tally sticks as money increase the demand for wood. Tally sticks actually formed a significant portion of the money supply in Britain between roughly 1150 and 1800. The amount of wood used for that purpose will have been about one thousandth the amount used for fuel, house and boat construction.<br /><br />Re her advocacy of “Sovereign money” or “QE for the people” that amounts to the same as one of the methods Keynes advocated in the early 1930s for dealing with recessions: have the state print and spend money and/or cut taxes.<br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-39719142685657325142018-02-02T21:14:52.650-05:002018-02-02T21:14:52.650-05:001. Yawn. For 100 years, Mises and his followers h...1. Yawn. For 100 years, Mises and his followers have explained <i>ad nauseam</i> that artificial creation of money and credit by banks is the cause of the boom bust cycle. The market does not and never did fail. Artificial creation of money and credit by banks was the cause the Great Depression and the boom bust cycle. That has been the case since the 1819 depression, before and after. <br /><br />2. I am announcing a new contest for MMTers. The grand prize is a brand new $10 bill. THe prize will be awarded for the best essay on the following topic:<br /><br />"How I know that Austrian School analysis is wrong and must be suppressed and ignored even though I haven't the faintest understanding of or familiarity with any of its basic concepts and/or analysis".<br /><br />I don't see any reason for your essay to go over 250 words.<br /><br />3. It is interesting that this writer has proposed that Keynesian "stimulus" is the cause of ecological degradation, something I have been saying for 35 years. It's fun being always right.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.com