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.
Trump's speech was not incoherent as alleged by the usual losers over the last couple of days and contains much of what Sanders should have been articulating for the past four months. But the left never gets the job done.
Ben that is because these are not Sanders beliefs...
The left thinks that regulating system interfaces is the "xenophobia!"....
That's why Sanders/MMT left also pays little mind to the external sector....
Some person with a degree in metallurgical engineering gets thrown out of their job due to China dumping complains about it and MMT calls that person a "xenophobia!".... MMT says that person should just take an MMT JG job for $8/hr and shut up with the "xenophobia!"....
The neocons are right when they lament that Trump on many important issues (especially worker issues) is significantly to the left of Hillary. Trump's foreign policy has the neocons apoplectic, as their war party will come to an abrupt end, and the needless carnage that came with it.
I'm pretty sure Matt's responses are computer generated reactions to specific stimulus. Criticize Trump ... Cue bizarre "the xenophobia" rant. The algorithms aren't particularly sophisticated.
Some person with a degree in metallurgical engineering gets thrown out of their job due to China dumping complains about it and MMT calls that person a "xenophobia!".... MMT says that person should just take an MMT JG job for $8/hr and shut up with the "xenophobia!"....
What planet are you on? And the word is xenophobe.
Oh MRW I must have missed it where they recommend the metallurgist move to China and take a job for 3 rations of dog brain soup per day.... can you provide that link?
They have a BIG cognitive bias when it comes to analyzing our numismatic system's interfaces across national borders. .. Anyone who recommends analysis of these relationships they call a "xenophobia!" person...
"I must have missed it where they recommend the metallurgist move to China and take a job for 3 rations of dog brain soup per day.... can you provide that link?
I'm sure you'll be able to find that information in capital letters on any top enders MMT site, since they're all a bunch of lefties not supporting Trump…
"The xenophobic idea is that China is taking away American jobs, not that America’s pro-financial policies are responsible for de-industrializing the economy and shrinking domestic markets and employment here."
"You can’t do protectionism in the old version of raising tariffs, but what you can do is lower your exchange rate, and that’s what low interest rates are trying to do, weaken the dollar."
Why can't we examine using tariffs? How is it not that China is taking away American jobs? He thinks we should use fixed exchange rates to control trade????
MMT: "Doesnt matter just increase the deficit! .... with $10 jobs...." ??????
"I think the progressive side of politics has a real problem when it is increasingly gazumped in policy insights by politicians and/or commentators from the populist, xenophobic, racist, homophobic, far right-wing."
I think that what MH means is that while it is possible to legislate protectionism, it would be extremely difficult to pass a protectionist bill politically in a neoliberal dominated political environment where free markets, free trade, free capital flows, deregulation, and privatization are policy dogma.
The same thing goes for fiscal policy in such an environment. Neoliberal politicians are not going to use fiscal policy space and power of government to address lagging demand, so it is left to the central bank. Now that seems to imply helicopter money.
"The xenophobic idea is that China is taking away American jobs, not that America’s pro-financial policies are responsible for de-industrializing the economy and shrinking domestic markets and employment here."
You should read that again and see if you understand what he's saying. Or you should listen very carefully now since I shall say it only once and then repeat it as long as necessary. -Don't blame China for what your stupid elites are doing.
And of course some would argue if Hudson is considered MMT top enders (plural) or even an MMT top ender (singular).
Regarding tariffs, go for it if you believe in it.
Matt you can't have it both ways, you have said here Hudson is not an MMT'er and doesn't get it (which I agree with). One way or an other...
Hudson has produced zero MMT literature AFAIK.
MMT: "Doesnt matter just increase the deficit! .... with $10 jobs...." ??????
I dont think so....
Yeah, is not that simple. B ut is important to remember that with zero unemployment and a JG as an anchor the pressure would be on employers and corporations to provide better job markets.
If you remove underemployment and unemployment, you drive demand up and economy towards full capacity, and corporations have to compete for the workers. Now, with youth overloaded on debt, and most of the population one pay check away or health problem away of poverty, the bargaining power of labour over capital is non existent.
This has been the radical shift since the 70's until now, the bargaining power of labour over capital, and that's in many ways due to employment safety and labour market conditions. Anything that contributes to revert the trend will help with getting better jobs again.
BTW I'm not in opposition on tariffs and similar measures. Free trade is bullshit, I'm all for managed trade and fair trade; no race to the bottom between monetary regions competition.
But in all honestly, is more for resilience reasons than anything else. Interdependence needs to be balanced, specially when is across different administrative and legislative regions. See the EU as an example of what a disaster is to pursue interdependence and connection regardless of the costs to society.
19 comments:
Trump's speech was not incoherent as alleged by the usual losers over the last couple of days and contains much of what Sanders should have been articulating for the past four months. But the left never gets the job done.
Ben that is because these are not Sanders beliefs...
The left thinks that regulating system interfaces is the "xenophobia!"....
That's why Sanders/MMT left also pays little mind to the external sector....
Some person with a degree in metallurgical engineering gets thrown out of their job due to China dumping complains about it and MMT calls that person a "xenophobia!".... MMT says that person should just take an MMT JG job for $8/hr and shut up with the "xenophobia!"....
"The left thinks that regulating system interfaces is the "xenophobia!"...."
No, you think the left thinks that. That's a huge difference.
Some of what Trump's saying is in line with what social democrats used to say 30 years ago. Damn commie…
The neocons are right when they lament that Trump on many important issues (especially worker issues) is significantly to the left of Hillary. Trump's foreign policy has the neocons apoplectic, as their war party will come to an abrupt end, and the needless carnage that came with it.
To the neocons---so what and fuck you.
I'm pretty sure Matt's responses are computer generated reactions to specific stimulus. Criticize Trump ... Cue bizarre "the xenophobia" rant. The algorithms aren't particularly sophisticated.
Hunh?
Some person with a degree in metallurgical engineering gets thrown out of their job due to China dumping complains about it and MMT calls that person a "xenophobia!".... MMT says that person should just take an MMT JG job for $8/hr and shut up with the "xenophobia!"....
What planet are you on? And the word is xenophobe.
So.. how will the Repub establishment rig the convention so that Trump gets stumped?
Oh MRW I must have missed it where they recommend the metallurgist move to China and take a job for 3 rations of dog brain soup per day.... can you provide that link?
Hey I am not the disgraced academic who cant hack it so ive bailed out into the Trump campaign. ... I have nothing to do with the Trump campaign....
They have a BIG cognitive bias when it comes to analyzing our numismatic system's interfaces across national borders. .. Anyone who recommends analysis of these relationships they call a "xenophobia!" person...
"I must have missed it where they recommend the metallurgist move to China and take a job for 3 rations of dog brain soup per day.... can you provide that link?
I'm sure you'll be able to find that information in capital letters on any top enders MMT site, since they're all a bunch of lefties not supporting Trump…
Sims here is Husdon with the "X" word:
"The xenophobic idea is that China is taking away American jobs, not that America’s pro-financial policies are responsible for de-industrializing the economy and shrinking domestic markets and employment here."
"You can’t do protectionism in the old version of raising tariffs, but what you can do is lower your exchange rate, and that’s what low interest rates are trying to do, weaken the dollar."
http://michael-hudson.com/2010/11/speculating-on-quantitive-currency-wars/
Why can't we examine using tariffs? How is it not that China is taking away American jobs? He thinks we should use fixed exchange rates to control trade????
MMT: "Doesnt matter just increase the deficit! .... with $10 jobs...." ??????
I dont think so....
Bill himself can see this problem at some level:
"I think the progressive side of politics has a real problem when it is increasingly gazumped in policy insights by politicians and/or commentators from the populist, xenophobic, racist, homophobic, far right-wing."
http://bilbo.economicoutlook.net/blog/?p=32653
Its a real problem...
I think that what MH means is that while it is possible to legislate protectionism, it would be extremely difficult to pass a protectionist bill politically in a neoliberal dominated political environment where free markets, free trade, free capital flows, deregulation, and privatization are policy dogma.
The same thing goes for fiscal policy in such an environment. Neoliberal politicians are not going to use fiscal policy space and power of government to address lagging demand, so it is left to the central bank. Now that seems to imply helicopter money.
"The xenophobic idea is that China is taking away American jobs, not that America’s pro-financial policies are responsible for de-industrializing the economy and shrinking domestic markets and employment here."
You should read that again and see if you understand what he's saying. Or you should listen very carefully now since I shall say it only once and then repeat it as long as necessary. -Don't blame China for what your stupid elites are doing.
And of course some would argue if Hudson is considered MMT top enders (plural) or even an MMT top ender (singular).
Regarding tariffs, go for it if you believe in it.
Matt you can't have it both ways, you have said here Hudson is not an MMT'er and doesn't get it (which I agree with). One way or an other...
Hudson has produced zero MMT literature AFAIK.
MMT: "Doesnt matter just increase the deficit! .... with $10 jobs...." ??????
I dont think so....
Yeah, is not that simple. B ut is important to remember that with zero unemployment and a JG as an anchor the pressure would be on employers and corporations to provide better job markets.
If you remove underemployment and unemployment, you drive demand up and economy towards full capacity, and corporations have to compete for the workers. Now, with youth overloaded on debt, and most of the population one pay check away or health problem away of poverty, the bargaining power of labour over capital is non existent.
This has been the radical shift since the 70's until now, the bargaining power of labour over capital, and that's in many ways due to employment safety and labour market conditions. Anything that contributes to revert the trend will help with getting better jobs again.
Nothing can be considered in isolation.
BTW I'm not in opposition on tariffs and similar measures. Free trade is bullshit, I'm all for managed trade and fair trade; no race to the bottom between monetary regions competition.
But in all honestly, is more for resilience reasons than anything else. Interdependence needs to be balanced, specially when is across different administrative and legislative regions. See the EU as an example of what a disaster is to pursue interdependence and connection regardless of the costs to society.
Is just for elite's sake.
As both articles state, if Trump does not play ball, he will get the JFK treatment.
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