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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Sunday, May 26, 2013
My talk at Columbia Law School symposium, "Modern Money and the Public Purpose"
Judging from her blog, I don't think Mathbabe took the job at SEC. Too bad. But she still has young kids and they are more important. But she still remains a strong advocate for Occupy and trying to change all this nonsense. Mike, The Hollywood influence shows. This was a great talk by all involved.
The "public purpose" should be justice, at a minimum. So where is the call for a universal bailout of the entire population with new fiat, as Steve Keen suggests, among the MMT crowd?
A universal bailout with new fiat is more just since the banking cartel cheats non-debtors too (Ultimately, is there anyone the cartel DOESN'T cheat, including itself?). It also would not require "haircuts."
And if combined with at least a temporary ban on new credit creation and metered appropriately, a universal bailout could be done with little price inflation risk too.
Credit is no longer "driving" the economy (as if it ever did)...and it is unlikely that it will ever again provide the push on demand that it had until recently.
What we need now is sustained public spending...not parlor tricks.
"If you want sustained public spending then advocate a generous BIG in addition to a one-time bailout of the population" -F.Beard
The point I'm trying to make is that we need more public spending on a sustained basis...nothing short of that will fix the "problem".
I'm not opposed to a "bailout" or whatever we want to call it but that is a "goose" not a solution. it will relieve the pain but it won't cure the disease.
Once all the infrastructure is built/repaired what more "sustained public spending" can you do? A JG? Pay people to waste their time or train to be better slaves to the banking cartel?
The "disease" is a fascist money system. We should cure that.
"Once all the infrastructure is built/repaired what more "sustained public spending" can you do? A JG? Pay people to waste their time or train to be better slaves to the banking cartel?"
Spending on public purpose isn't only for infrastructure...
Military? Healthcare? Education? (btw, I don't advocate for more military spending...it's just an example).
Public spending needs are ongoing, not just to fix stuff.
We only need a JG if we don't spend enough on the other things, so under a properly managed system the JG would only be needed for those that fall through the cracks.
Anyway, spend we must, so we better figure out what to spend it on.
There are three/four (depending on nation) things that, with current technology and productivity, governments should be able to secure for the people and currently doesn't: 1) food 2) shelter (homes) 3) energy (electricity) 4) healthcare
If/when the private sector fails to provide any of those, the government should steep in as long as we can afford the REAL cost of it to promote the production and distribution amongst citizens of all of the above.
OFC we don't live in real democracies, otherwise we would already had done that with the current information we have.
Democracy is not seen as "moral" by our modern day Scribes and Pharisees, who imagine they got wealthy without government privilege.
But anyone who is deemed "creditworthy" (curiously, few blacks were so deemed till "redlining" was outlawed) is allowed to steal the purchasing power of those not so deemed - because of vast government privileges for the banks.
I.E. breaking the financial and political capture of people all around the globe.
At the moment we have encapsulation, segregation, fragmentation and binding of human energy (consciousness) to societal and economic molds that serve more as a cage than as an environment supportive of human evolution, dignity, and the fulfilment of a human life.
Human existence has far greater potential and meaning than to be yoked like an animal to some idiot savant’s economic treadmill. Money, as we know, can minister to human need!
Holding back the human spirit, holding down the expansion of human consciousness; denying learning, expression, happiness, the enjoyment of peace and security and a life lived in as much joy as the human heart can sustain (there is no limit) – is THE greatest crime against humanity. The care and stewardship of the only planet we have needs to be actioned; free to evolve its beauty and wonderful life systems.
So, capture by primitives, predators, dullards, destroyers who are incapable of visualising anything other than a degenerative and obviously criminal notion of power unto themselves; the needless suffering they bring to others - why should humanity bear such a yoke? Human consciousness needs to stir from its slumber!
People despair, but the cage door is actually open. Nobody in human history has ever been able to hold it closed. The little lion who grew up amongst the sheep one day must look in the pond. Then the predators will become very polite.
After 200,000 years on the road, what is a human being?
Judging from her blog, I don't think Mathbabe took the job at SEC. Too bad. But she still has young kids and they are more important. But she still remains a strong advocate for Occupy and trying to change all this nonsense.
ReplyDeleteMike,
The Hollywood influence shows. This was a great talk by all involved.
Middle class civil war in Greece: latest update and conclusions
ReplyDeletehttp://failedevolution.blogspot.gr/2013/05/middle-class-civil-war-in-greece-latest.html
The "public purpose" should be justice, at a minimum. So where is the call for a universal bailout of the entire population with new fiat, as Steve Keen suggests, among the MMT crowd?
ReplyDeleteF. Beard:
ReplyDeletehttp://thinkprogress.org/economy/2011/10/03/334626/economists-massive-debt-relief/?mobile=nc#
y,
ReplyDeleteA universal bailout with new fiat is more just since the banking cartel cheats non-debtors too (Ultimately, is there anyone the cartel DOESN'T cheat, including itself?). It also would not require "haircuts."
And if combined with at least a temporary ban on new credit creation and metered appropriately, a universal bailout could be done with little price inflation risk too.
F.Beard
ReplyDeleteCredit is no longer "driving" the economy (as if it ever did)...and it is unlikely that it will ever again provide the push on demand that it had until recently.
What we need now is sustained public spending...not parlor tricks.
@paul,
ReplyDeletePrivate debt is what's driving the economy - driving it down.
And a universal bailout is not a parlor trick but simple justice.
If you want sustained public spending then advocate a generous BIG in addition to a one-time bailout of the population.
ReplyDelete"If you want sustained public spending then advocate a generous BIG in addition to a one-time bailout of the population" -F.Beard
ReplyDeleteThe point I'm trying to make is that we need more public spending on a sustained basis...nothing short of that will fix the "problem".
I'm not opposed to a "bailout" or whatever we want to call it but that is a "goose" not a solution. it will relieve the pain but it won't cure the disease.
Once all the infrastructure is built/repaired what more "sustained public spending" can you do? A JG? Pay people to waste their time or train to be better slaves to the banking cartel?
ReplyDeleteThe "disease" is a fascist money system. We should cure that.
"Once all the infrastructure is built/repaired what more "sustained public spending" can you do? A JG? Pay people to waste their time or train to be better slaves to the banking cartel?"
ReplyDeleteSpending on public purpose isn't only for infrastructure...
Military? Healthcare? Education? (btw, I don't advocate for more military spending...it's just an example).
Public spending needs are ongoing, not just to fix stuff.
We only need a JG if we don't spend enough on the other things, so under a properly managed system the JG would only be needed for those that fall through the cracks.
Anyway, spend we must, so we better figure out what to spend it on.
There are three/four (depending on nation) things that, with current technology and productivity, governments should be able to secure for the people and currently doesn't:
ReplyDelete1) food
2) shelter (homes)
3) energy (electricity)
4) healthcare
If/when the private sector fails to provide any of those, the government should steep in as long as we can afford the REAL cost of it to promote the production and distribution amongst citizens of all of the above.
OFC we don't live in real democracies, otherwise we would already had done that with the current information we have.
Democracy is not seen as "moral" by our modern day Scribes and Pharisees, who imagine they got wealthy without government privilege.
ReplyDeleteBut anyone who is deemed "creditworthy" (curiously, few blacks were so deemed till "redlining" was outlawed) is allowed to steal the purchasing power of those not so deemed - because of vast government privileges for the banks.
1) food
ReplyDelete2) shelter (homes)
3) energy (electricity)
4) free healthcare
_______________________
5) free education
6) sharing of knowledge
7) creativity
8) peace
Through people leading their Governments.
I.E. breaking the financial and political capture of people all around the globe.
At the moment we have encapsulation, segregation, fragmentation and binding of human energy (consciousness) to societal and economic molds that serve more as a cage than as an environment supportive of human evolution, dignity, and the fulfilment of a human life.
Human existence has far greater potential and meaning than to be yoked like an animal to some idiot savant’s economic treadmill. Money, as we know, can minister to human need!
Holding back the human spirit, holding down the expansion of human consciousness; denying learning, expression, happiness, the enjoyment of peace and security and a life lived in as much joy as the human heart can sustain (there is no limit) – is THE greatest crime against humanity. The care and stewardship of the only planet we have needs to be actioned; free to evolve its beauty and wonderful life systems.
So, capture by primitives, predators, dullards, destroyers who are incapable of visualising anything other than a degenerative and obviously criminal notion of power unto themselves; the needless suffering they bring to others - why should humanity bear such a yoke? Human consciousness needs to stir from its slumber!
People despair, but the cage door is actually open. Nobody in human history has ever been able to hold it closed. The little lion who grew up amongst the sheep one day must look in the pond. Then the predators will become very polite.
After 200,000 years on the road, what is a human being?