John Carney wrote a piece where, with 20-20 hindsight, he points out all the people who got the QE-inflation/rising rate forecast wrong.
What he doesn't point out is who got it right. Us.
John Carney wrote a piece where, with 20-20 hindsight, he points out all the people who got the QE-inflation/rising rate forecast wrong.
What he doesn't point out is who got it right. Us.
8 comments:
That's right.
And MMT is leading on most of all fronts
Plus David Beckworth and Paul Krugman are all over the place when it comes to deficits funded by fiat (i.e. helicopter drops). In contrast, MMTers (Mosler’s law in particular) have been right all along.
More details on this are in post I just put on my own blog:
http://ralphanomics.blogspot.co.uk/2013/12/krugman-is-wrong-and-mmt-is-right.html
Remember that gold buggers will usually exclaim that " the government doesn't make or manufacturer anything ."
But they never follow up with the more subtle things -
1. if they don't make anything, that means they should not be framed for a deficit which is not a loan from a bank or a business ledger at all. In fact it is not a deficit because they are not in business.
2. They print money for circulation ... that's their job ... to track the zeroes and credit them.
It is just a ploy of politics if someone who claims they practice conservative business says the government does not practice conservative business when in the preceding paragraph they say the government is not in business to make anything.
Why do they apply rooster calls to a duck when they first tell us it is a duck and then ask us all to call it a rooster ?
it is not a deficit it is a representation of amount of circulation.
when you go to the golf range, do they freak out when all the balls are already loaned out saying it is a deficit and they need to be back in storage ?
do they freak when the balls go missing or more are needed ?
no
same thing, make it simple.
the tax is the sequester
sequester = taxation
are the sequesterians like Paul Ryan sayhing that there is too much money in circulation and therefore too much taxes to collect ?
that is like saying there is too much economic activity and the activity needs to be stopped because some day in the future that will bring about revenues for businesses and revenues will some day bring about taxes.
therefore we need to snuff out economic activity and all that by removing the liquidity and sequester everything.
NO - we know what they are doing they are starving the government because they do not like Obama as president because he is not white, they do not like people getting any help.
Call the Office of Civil Rights for special education and you will find that they have around 8 people in DC each with 800 case loads each and you will not get any customer service.
That means we need to file an OCR complaint against those who deny our access to the OCR itself!!!
Troika lenders to Greece: what if you don't pay not a single pension in 2014? (!!!)
http://failedevolution.blogspot.gr/2013/12/troika-lenders-to-greece-what-if-you.html
Really wish Carney would mention MMT, or Warren Mosler at least. He is very familiar with the whole thing, and MMT is likely where he got the insight to write that article anyway, yet no credit! Why is it so damn hard for MMT to get some credit by the MSM- you'd think they would appreciate the valuable insight enough to give it a mention, but no.
Hey guys,
I've written about MMT a lot. Sometimes, however, readers get put off by too much talk about who got what write. Presumably the main point is to get the ideas across, which I think my piece did pretty well.
John, I agree. This is too important to the future of civilization to bicker over who said what when. The record is established in publications, and that will come out when the history is written. It would be nice to give credit where credit is due, but that is not always the best choice strategically and tactically.
Right now we are contesting with morons and sociopaths over the future course of the US and global society and economy. As long as we agree on basic policy, different strategies and tactics can be complementary. They have to be because different audiences are involved. It's necessary to talk to left and right in terms of their respective frames of reference, and to predominantly Libertarians that are Austrian econ folks differently than Progressives who are Keynesians economically.
The conventional macro approach to policy is now pretty well discredited, although not dislodged from power. Since the dominant frame now is affordability, the alternative solutions are approaches to this issue, which pits the Libertarian-Austrians on the right against the MMT-Keynesians on the left. This is becoming more and more obvious in blog comments.
The challenge is to find common ground where possible in order to avoid the divide and conquer strategy of TPTB, pitting opposition forces against each other. That commonality lies in the accounting, which is why thoughtful Austrians are open to MMT as a description of the current monetary regime. Then the question becomes, given the monetary regime we have now, what's the optimal way to increase prosperity and avoid dysfunction.
Progress is iterative, and the first step is stopping the advance of austerity based on bogus arguments about affordability. That means knocking people like David Stockman, David Walker and Peterson's flaks off stage center.
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