Sunday, March 18, 2012

Mosler MMT a refutation

Here's one  I missed (January 12, 2012).
Money is a creation of the free market.
Read it at ducati998
Mosler MMT a refutation
Posted by ducati998

Warren commented there: "you’re just carrying a grudge because my MT900 beat your 999"


Dan Kervick said...

Entertaining. It contains all of the standard Austrian rants in one piece.

Tom Hickey said...

My favorite line: Warren's comment. :)

David said...

Has anyone ever found a stash of old "free market" moneys? I haven't heard of any. And, no, bullion is not money. The A's seem so sure of their assertions in the total absence of any supporting evidence.

Matt Franko said...

Watching this is probably a better use of your time if only for entertainment value:

Mosler Mt900 Vs Ducati 999R

DeusDJ said...

The "money is a creation of the free market" line was good, but this one is by far the juiciest: "The theory of value is correctly enumerated via marginal utility. No need to waste time here."


Tom Hickey said...

"The theory of value is correctly enumerated via marginal utility. No need to waste time here."

Interestingly, research suggests that the marginal utility of household income grows until it begins to plateau at about 60K, IIRC, in the US at present, where happiness from money levels off. Above a certain amount the marginal utility of money tends toward zero as more and more income is saved. So the same nominal unit has different value based on marginal marginal utility?

Septeus7 said...

This is a joke right? Is he serious about the 10-to-1 lending ratio?

Tom Hickey said...

@ Sepeus7

Slow day. I needed some filler that I thought would get some laughs.

Anonymous said...






This definition of [term] is wrong because [term] must be [my definition].


It's not saying anything! Huh? ...No, what on earth is bloody 'irony'?

Bob Roddis said...

Obviously, your “state theory of money” is baseless. Otherwise, there would be no need to impose income taxes upon trades of alternative monies in order to make them less desirable, would there? If your theory had any basis at all, the government’s position would be that those alternatives could not possibly compete with funny fiat money that lacks the government imprimatur. Why sic the Feds upon the guy who made and sold “Liberty Dollars”? He must be harmless, right?

Just because taxes must be paid in US Dollars does not mean that commerce could not be conducted in alternative and better forms of money and then converted to US Dollars at the last possible moment.

Try to compete with the US Dollar and all the hell and fury of the Goldman States of America will fall on your head. It seems to me that whenever another country starts to even think about using something other than US dollars, that country gets destroyed. Libya? Iraq?

BTW, Mosler made the comment he did because he had nothing else to say.

Anonymous said...


Found your blog via a few of your chappies leaving comments on my blog.

I also notice that you are located somewhere in NZ, as am I.

I'll keep an eye on your posts, always interesting to have someone to disagree and argue with

jog on

Greg said...

"BTW, Mosler made the comment he did because he had nothing else to say."


The guy has a blog that he puts 3-4 posts a day on.... which this guy was essentially responding to.... and Mosler has nothing else to say.


Tom Hickey said...

Bob, a lot of people have a problem with the government's monopoly powers, and many are even in denial about it. Get used to it unless you can mount a successful revolution.

I am not defending it. This the way it is, and people have to learn to live within the existing system as best they can, even those who are working to change it.

As I have said many time, I would prefer that things were different than they are, but I recognize that things are what they can be given the level of collective consciousness. Humanity is still in its adolescence, so expecting most people to act like adults is naive.

Marx actually recognized this as a proto-sociologist but tried to go against it as an activist. The result was Stalin instead of the worker paradise Marx envisioned as an activist.

However, history does have a liberal bias as collective consciousness is gradually raised. But an ideal society in which freedom, truth and love predominate is still out of reach.

The answer in my view is to get with your own kind and create the kind of environment you want in so far as possible given the collective consciousness of the group, while also working to raise collective consciousness of society to the degree that one can.