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.
sorry tom and matt, but i can't agree with postings of gerald celente as a credible source of information - so here are some clips of him for viewers to make up their own minds on this loony.
While I agree with much of what Celente says, I think it was only a half message focused on one side. If Celente, or for that matter, most MMTers want to win over the people who are right-of-center or even tea-partiers, they should be stressing the unearned subsidies to the banking industry and large corporations.
Subsidies are frequently attacked as "socialism" by those right of center. It's fine to bring up social justice, but you need to bring up subsidies too.
Fractional reserve banking (or more properly, lending money into existence) creates money from nothing. It is a financial gain and advantage to those who create it. As there is no cost and the public honors this new money, it is a subsidy to the banking industry and large corporations from the public. Free market economics is all about competition and stands in opposition to subsidies.
The banking industry and fractional reserve banking largely predate the current left-right spectrum. Fractional reserve banking should be considered as neither conservative or liberal. It's a monstrosity onto itself. If you call it conservative or liberal you lose half of your potential support.
He's often over the top and out of paradigm (I've had personal conversations with him at Fox), but this time I think he's right on the money when it comes to OWS and especially, police violence.
Pretty good analysis imo Tom...
ReplyDeletesorry tom and matt, but i can't agree with postings of gerald celente as a credible source of information - so here are some clips of him for viewers to make up their own minds on this loony.
ReplyDeletehttp://www.youtube.com/watch?v=ySXrSF1Q06Y
http://www.youtube.com/watch?v=lTxFh-uoAS0
http://www.youtube.com/watch?v=jhRHtbRwsdg
SR,
ReplyDeleteI see your point he is often over the top on the youtube, but perhaps he toned it down for his appearance on Yahoo with Task..
I was commenting just on his statements that he limited himself to here in this piece...
While I agree with much of what Celente says, I think it was only a half message focused on one side. If Celente, or for that matter, most MMTers want to win over the people who are right-of-center or even tea-partiers, they should be stressing the unearned subsidies to the banking industry and large corporations.
ReplyDeleteSubsidies are frequently attacked as "socialism" by those right of center. It's fine to bring up social justice, but you need to bring up subsidies too.
Fractional reserve banking (or more properly, lending money into existence) creates money from nothing. It is a financial gain and advantage to those who create it. As there is no cost and the public honors this new money, it is a subsidy to the banking industry and large corporations from the public. Free market economics is all about competition and stands in opposition to subsidies.
The banking industry and fractional reserve banking largely predate the current left-right spectrum. Fractional reserve banking should be considered as neither conservative or liberal. It's a monstrosity onto itself. If you call it conservative or liberal you lose half of your potential support.
Cleis,
ReplyDeleteRight they miss that banks are part of the government in that they are public/private partnerships in effect.
Oh no! Big Government!
Most on the right (Tea Party, etc..) probably miss this nuance...
Resp,
He's often over the top and out of paradigm (I've had personal conversations with him at Fox), but this time I think he's right on the money when it comes to OWS and especially, police violence.
ReplyDelete