tag:blogger.com,1999:blog-2761684730989137546.post879426950974058324..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: If the media can't call these guys out on these baseless claims by now they're useless!mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2761684730989137546.post-91718034057779367592012-12-06T17:08:02.235-05:002012-12-06T17:08:02.235-05:00By the way, you can catch Joe Firestone live right...By the way, you can catch Joe Firestone <a href="http://www.blogtalkradio.com/centeredandbalanced/2012/12/06/joe-firestone-phd-on-mmt-and-the-fiscal-cliff" rel="nofollow">live right now</a> talking MMT and the fiscal cliff. h/t <a href="https://twitter.com/deficitowl/status/276805894338146305" rel="nofollow">@deficitowl</a>geerussellhttps://www.blogger.com/profile/10631984593634015839noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-45559445993685761422012-12-06T16:57:05.083-05:002012-12-06T16:57:05.083-05:00why don't we just do away with all taxes and f...<i>why don't we just do away with all taxes and fund the government on 100% new borrowing? </i> is this it?<br /><br />Who needs borrowing? The monetary sovereign should simply spend its money into existence and tax only SOME of it out of existence again.<br /><br />What you are apparently missing is that the banks create 95-97% of our money supply as debt. Even the interest for that debt must be borrowed from the banks unless the monetary sovereign deficit spends it into existence. And when the banks slow down on lending as they inevitably do, then the money supply goes back to nothing, just as it was created from nothing.<br /><br />Things aren't as simple as you suppose.<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-76731566626968250072012-12-06T15:59:44.321-05:002012-12-06T15:59:44.321-05:00"If you take your argument to it's logica...<i>"If you take your argument to it's logical extreme it is obvious that inflation will eventually be the result of more and more debt and money printing."</i><br /><br />Your statement above this is not the logical extreme, in fact there is no logical extreme.<br /><br />No one has said deficits don't matter…deficits tell us how much new spending the government must add to the budget or the economy will contract. It's a signal.<br /><br />The deficit is a measure of how much new net wealth was created in the previous cycle, businesses and households borrowed funds to fuel that growth and now it must be monetized, or it will vaporize.<br /><br />A separate issue is whether parasites are removing huge sums of money from the system while producing relatively little…that has to be dealt with, the system is not designed for huge levels of savings or hoarding within a small cohort…funding that behavior is pointless and destructive.<br /><br />…and I don't mean poor people or deadbeats…a dollar stays in their pocket for about 10 minutes, their spending helps others even if they don't produce anything.paul melihttps://www.blogger.com/profile/04604543110795683837noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-1652537360248838402012-12-06T15:49:13.660-05:002012-12-06T15:49:13.660-05:00"It's a LIE. A BALD LIE from a LYING SCUM...<i>"It's a LIE. A BALD LIE from a LYING SCUMBAG who has somehow gotten himself elected tot the US Senate."</i><br /><br />C'mon Dan you're holding back a little here.paul melihttps://www.blogger.com/profile/04604543110795683837noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-43441802212771361192012-12-06T14:53:14.452-05:002012-12-06T14:53:14.452-05:00Mike,
Alan Simpson may be cherry picking facts in...Mike,<br /><br />Alan Simpson may be cherry picking facts in order to make his case, but your argument is illogical.<br /><br />By your logic that the debt and deficits don't matter, why don't we just do away with all taxes and fund the government on 100% new borrowing? Why not go even further and pay every citizen $10,000 in addition to no taxes and borrow that money too?<br /><br />If you take your argument to it's logical extreme it is obvious that inflation will eventually be the result of more and more debt and money printing.<br /><br />SteveIs This lt?https://www.blogger.com/profile/16035673260194897867noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-5110432093215674902012-12-06T14:39:24.664-05:002012-12-06T14:39:24.664-05:00I suspect Lindsey Graham is a moron rather than a ...I suspect Lindsey Graham is a moron rather than a co-conspirator. It's the people in the business that cannot be morons unless they are totally incompetent, and it's hard to believe that they could have risen to the top while being morons. But I guess anything is possible.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-55144188241928840482012-12-06T14:16:58.584-05:002012-12-06T14:16:58.584-05:00Matt, I think it's "liar". These gu...Matt, I think it's "liar". These guys get very detailed and high level reports from all of the government bean-counters. They know better. He's just lying.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-39685020916798348622012-12-06T13:46:39.411-05:002012-12-06T13:46:39.411-05:00Dan,
Here's Graham's quote:
http://dail...Dan,<br /><br />Here's Graham's quote:<br /><br />http://dailycaller.com/2012/12/02/lindsey-graham-i-think-were-going-over-the-cliff-video/<br /><br />"“I think we’re going over the cliff,” Graham said. “It’s pretty clear to me they made a political calculation. This offer doesn’t remotely deal with <b>entitlement reform in a way to save Medicare and Medicaid and Social Security from imminent bankruptcy</b>. It raises $1.6 trillion on job creators that will destroy the economy, and there are no spending controls.”<br /><br />"“We’re becoming Greece because of out-of-control entitlement spending. <b>There’s no age adjustment for Medicare and Social Security. There is no means testing in the president’s plan. We should do what Ronald Reagan and Tip O’Neill did — adjust the age for retirements, a means test benefit, do it together,</b> and Republicans should put revenues on the table. The president’s plan does nothing but damn us to becoming Greece.”<br /><br />Looks like he thinks that with the 'imminent' retirements of the boomers, SS/MC revenues will soon get overtaken by outlays... and wants to means test and push the age back as a preventive measure so we dont become Greece...<br /><br />I guess a judgement call as to whether he is "lying" or is a "moron"....<br /><br />I give him, a GOPer, along with Dems who exhibit the same cognitive deficiencies, the benefit of the doubt and come down on the side of the latter...<br /><br />rsp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-57398851713819448812012-12-06T13:20:16.860-05:002012-12-06T13:20:16.860-05:00They all do suck, Dan.They all do suck, Dan.mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-25419535314636092512012-12-06T13:11:36.587-05:002012-12-06T13:11:36.587-05:00The other day, Lindsey Graham said that entitlemen...The other day, Lindsey Graham said that entitlements need to be cut because Social Security faces "imminent bankruptcy". That is just a damn lie. And Graham is a big fat shameless liar. It's not an alternative "interpretation of the facts". It's a LIE. A BALD LIE from a LYING SCUMBAG who has somehow gotten himself elected tot the US Senate.<br /><br />And if the media doesn't point this out, they are also corrupt, compromised collaborators participating in a scheme to deceive an fleece the American people. They all suck.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-3220238726232693252012-12-06T13:08:06.245-05:002012-12-06T13:08:06.245-05:00"Next he says we're in a deficit to the t..."Next he says we're in a deficit to the tune of $1.1 trillion. And he says, "if that's not a stimulus then the drinks are on me." <br /><br />Ok, I'm confused here. Is he agreeing that the deficit is a stimulus?" <br /><br />right Mike... 'inability to discern contradiction' which is a textbook moron...<br /><br />Then in the youtube video he warns our youngsters that "they will clean out the Treasury on you"....like the govt has to SAVE in it's own currency!?!?!<br /><br />What in idiot!<br /><br />Great stuff... rsp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com