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.
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Friday, August 13, 2010
My rebuttal of Laurence Kotlikoff's ridiculous claim that the U.S. is bankrupt!
It was like we are watching a video version of "Economic Myths and Facts" from your show days!
Mike this gal from the RT gets my respect here. She reacts to your statements with what to me seems like genuine interest and professional courtesy/respect, lets you make your points.
If this was on one of the US cable business channels, I GUARANTY you the anchor would: Roll eyes, giggle, look off camera, nervous grin, then start saying editorial things like: "Where are we going to get the money, Lets borrow from our children, sure why dont we just print the money, borrow from the Chinese, etc...
I'm thankful she lets you complete your points without cutting you off. I wish the others on the US channels were more professional like her. She makes most of the others (men included) look like intellectually shallow "airheads" if you think about it.
The others seem like they cant think for themselves or have no independent thought process, no intellectual curiosity. Just sychophants mired in the debt doomsday crowd. I cant watch it anymore.
I guess many of these wanting to boost exports aren't familiar with comparative advantage?
Besides, correct me if I'm wrong, but haven't we lost far more jobs to automation than job flight since the 70s?
This makes the economic pie bigger, which is good, but also can mean less equitable wealth distribution which can be addressed through fiscal policy. We need to start redistributing wealth, first and foremost.
That being said about exports, I wouldn't mind some monetary liquidity right now.
Perfect. Mike, you are honing your style. Great content and excellent presentation. The only way to get a leg up on the people that are sowing ridiculous nonsense is by ridiculing them. You did an excellent job of that. Congratulations on a job well done.
What I got from the "interview" was one long ad hominem attack. Kotlikoff may have it wrong but nothing Norman said convinced me of that. Yes, the US prints its own currency. But it doesn't print that currency in a vacuum. Inflation would skyrocket and US debt would be unsustainable. All that the US would have left is military muscle. Hmm, today the world's policeman, tomorrow the world's car-jacker. Nice.
Mike,
ReplyDeleteGreat job as always!
It was like we are watching a video version of "Economic Myths and Facts" from your show days!
Mike this gal from the RT gets my respect here. She reacts to your statements with what to me seems like genuine interest and professional courtesy/respect, lets you make your points.
If this was on one of the US cable business channels, I GUARANTY you the anchor would: Roll eyes, giggle, look off camera, nervous grin, then start saying editorial things like: "Where are we going to get the money, Lets borrow from our children, sure why dont we just print the money, borrow from the Chinese, etc...
I'm thankful she lets you complete your points without cutting you off. I wish the others on the US channels were more professional like her. She makes most of the others (men included) look like intellectually shallow "airheads" if you think about it.
The others seem like they cant think for themselves or have no independent thought process, no intellectual curiosity. Just sychophants mired in the debt doomsday crowd. I cant watch it anymore.
Again great job!
I guess many of these wanting to boost exports aren't familiar with comparative advantage?
ReplyDeleteBesides, correct me if I'm wrong, but haven't we lost far more jobs to automation than job flight since the 70s?
This makes the economic pie bigger, which is good, but also can mean less equitable wealth distribution which can be addressed through fiscal policy. We need to start redistributing wealth, first and foremost.
That being said about exports, I wouldn't mind some monetary liquidity right now.
Perfect. Mike, you are honing your style. Great content and excellent presentation. The only way to get a leg up on the people that are sowing ridiculous nonsense is by ridiculing them. You did an excellent job of that. Congratulations on a job well done.
ReplyDeleteAbsolutely awesome performance, Mr Norman.
ReplyDeleteReally enjoyed your interview, Mike!
ReplyDeleteAgree with Matt Franko about the RT journalist - very professional which helped you build your case even stronger.
I saw Warren Mosler's interview on Fox, and the host there behaved totally unprofessional - well should we expect otherwise from Fox? :-)
What I got from the "interview" was one long ad hominem attack. Kotlikoff may have it wrong but nothing Norman said convinced me of that. Yes, the US prints its own currency. But it doesn't print that currency in a vacuum. Inflation would skyrocket and US debt would be unsustainable. All that the US would have left is military muscle. Hmm, today the world's policeman, tomorrow the world's car-jacker. Nice.
ReplyDelete