Everyone knows austerity and the debt fears that drove the doctrine are total junk economics.
It's just a matter of time before the whole thing is abandoned and we enter a new economic age of enlightenment led by policies that have been espoused by this blog and MMT for years.
Some zombies refuse to die, however. You can find them at Cluelesshedge.
The best part is that all these ZeroHedge morons are probably lower to middle income men in their 20s and 30s looking to get rich buying gold.
ReplyDeleteFor all deflation lovers:
ReplyDeleteHe who oppresses the poor to make more for himself or who gives to the rich, will only come to poverty. Proverbs 22:16
The best part is that all these ZeroHedge morons are probably lower to middle income men in their 20s and 30s looking to get rich buying gold.
ReplyDeleteFrom the comments over there I would 16 or seventeen year olds.
OTOH, deficit spending by the monetary sovereign, which is good, DOES NOT require borrowing by the monetary sovereign, which is bad.
ReplyDeleteSo why conflate the two?
if money is a debt, then deficit spending is sort of "borrowing". Some would claim that money isn't debt however, which is an interesting argument.
ReplyDeleteMoney need not be debt; it can instead be a "share" as common stock is.
ReplyDelete"if money is a debt, then deficit spending is sort of "borrowing".
ReplyDeleteMoney is normally "debt" only in a technical sense…a definition that would confuse most people because they are not familiar with accounting.
The fact that we choose to pay interest on previous money creation serves to remove that confusion somewhat, then creating confusion of another sort.
Context matters.
If a person loans himself money at interest does he have an obligation?
Where will the interest come from in that case?
The best part is that all these ZeroHedge morons are probably lower to middle income men in their 20s and 30s looking to get rich buying gold.
ReplyDeleteFrom the comments over there I would 16 or seventeen year olds
But the fact is, they could be any age, even 60-70. Digby at Hullabaloo had a post where she commented on a simulation at the "Bush Library" where the visitor was invited to put himself "in the president's shoes" for the important decisions of his administration. The questions, however, were framed with the same simple-minded 15 year old logic in which they were originally given out. Although it was crude propaganda then, I think Bush is genuinely a man of 60-70 who never achieved a mental age much beyond 15-16. How does this happen? I see it more and more. People are not getting wiser with age, just older. Do you agree with that, Tom? I'd be interested if you could comment on it.
David: "Although it was crude propaganda then, I think Bush is genuinely a man of 60-70 who never achieved a mental age much beyond 15-16."
ReplyDeleteA mental age of 15-16 is equivalent to an I.Q. of around 120. Sounds about right to me. ;)
People are not getting wiser with age, just older. Do you agree with that, Tom? I'd be interested if you could comment on it.
ReplyDeleteI don't think we have a good comparison. We just remember the wise of days gone by. Surely there were plenty of boneheads then too.
Moreover, America has never been noted for its wisdom.
Bush actually has a high IQ, but intelligence and aptitude do not wisdom make. It's a matter of experience, insight, and character.
ReplyDelete'Bush actually has a high IQ,"
ReplyDeleteFirst, I dont believe that. He probably cheated on whatever test he took
Second, as you say IQ is NOT what really matters .
First, I dont believe that. He probably cheated on whatever test he took
ReplyDeleteThis came up at the time an email and internet hoax in 2001 putting W's IQ at 91. Here's a report of the hoax and the real numbers. Bush is at the lower end of estimated presidential IQs but it's respectably high.
U.S. Presidential IQ hoax