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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Wednesday, November 20, 2019
CONGRESSIONAL TESTIMONY: Reexamining the Economic Costs of Debt—Statement by L. Randall Wray
Randy Wray's testimony to the US House of Representatives Budget Committee today. CONGRESSIONAL TESTIMONY: Reexamining the Economic Costs of Debt Statement by L. Randall Wray Hearing before the House Budget Committee, November 20, 2019 210 Cannon House Office Building
I was shocked when I watched Wray's testimony. He sat there silently as Representative Ralph Norman of South Carolina repeated a laundry list of completely inapplicable and grossly ignorant characterizations of U.S. debt and government finance. Norman threw the "debt is like a household analogy," Chile, Peru, on and on. And Wray said nothing. He just sat there with a dumb smirk on his face. These are our MMT leaders? Pathetic. They suck. All of them. That's why MMT will never get anywhere.
You say: “He [Randall Wray] sat there silently as Representative Ralph Norman of South Carolina repeated a laundry list of completely inapplicable and grossly ignorant characterizations of U.S. debt and government finance.”
To be fair, Randall Wray was invited to give his MMT expert testimony and not to fight other participants. Therefore, his testimony has to be judged on its own merits.
True, what the others presented was garbage. But nobody ever expected anything else given the scientific incompetence and the substandard IQ in economics.
Wray was challenged by one of the House Budget Committee members who spouted all this nonsense about debt and deficits. Wray sat there with a dopey smile.
That's why MMT will never get anywhere. Mike Norman
Nor should it if the best they can offer is: 1) Increased welfare for the banks, e.g. unlimited deposit insurance, e.g. unlimited Central Bank loans at ZERO percent. 2) Wage slavery to government to supplement wage slavery to the private sector. 3) Spend and tax to replace tax and spend.
Granted, MMT advocates would eliminate positive interest and yields on the inherently risk-free debt of monetary sovereigns but the number line doesn't stop at ZERO but extends to negative infinity.
So yeah, they are lame despite repeated attempts to lead them to the straight and narrow wrt fiat creation, storage, and use.
You're correct that MMT will never get anywhere with these people. Mr. Wray obviously didn't bother casting his pearls of wisdom to this group of reprobates.
From Jesus Christ: " Give not that which is holy unto the dogs, neither cast ye your pearls before swine, lest they trample them under their feet, and turn again and rend you." Matthew 7:6 - KJV
ICYMI
ReplyDeleteHow Randall Wray takes the piss out of the House Budget Committee
https://axecorg.blogspot.com/2019/11/how-randall-wray-takes-piss-out-of.html
Egmont Kakarot-Handtke
Takes the piss out? Our you kidding me????
ReplyDeleteI was shocked when I watched Wray's testimony. He sat there silently as Representative Ralph Norman of South Carolina repeated a laundry list of completely inapplicable and grossly ignorant characterizations of U.S. debt and government finance. Norman threw the "debt is like a household analogy," Chile, Peru, on and on. And Wray said nothing. He just sat there with a dumb smirk on his face. These are our MMT leaders? Pathetic. They suck. All of them. That's why MMT will never get anywhere.
Mike Norman
ReplyDeleteYou say: “He [Randall Wray] sat there silently as Representative Ralph Norman of South Carolina repeated a laundry list of completely inapplicable and grossly ignorant characterizations of U.S. debt and government finance.”
To be fair, Randall Wray was invited to give his MMT expert testimony and not to fight other participants. Therefore, his testimony has to be judged on its own merits.
True, what the others presented was garbage. But nobody ever expected anything else given the scientific incompetence and the substandard IQ in economics.
Egmont Kakarot-Handtke
Wray was challenged by one of the House Budget Committee members who spouted all this nonsense about debt and deficits. Wray sat there with a dopey smile.
ReplyDeleteThat's why MMT will never get anywhere. Mike Norman
ReplyDeleteNor should it if the best they can offer is:
1) Increased welfare for the banks, e.g. unlimited deposit insurance, e.g. unlimited Central Bank loans at ZERO percent.
2) Wage slavery to government to supplement wage slavery to the private sector.
3) Spend and tax to replace tax and spend.
Granted, MMT advocates would eliminate positive interest and yields on the inherently risk-free debt of monetary sovereigns but the number line doesn't stop at ZERO but extends to negative infinity.
So yeah, they are lame despite repeated attempts to lead them to the straight and narrow wrt fiat creation, storage, and use.
Mike,
ReplyDeleteYou're correct that MMT will never get anywhere with these people. Mr. Wray obviously didn't bother casting his pearls of wisdom to this group of reprobates.
From Jesus Christ: " Give not that which is holy unto the dogs, neither cast ye your pearls before swine, lest they trample them under their feet, and turn again and rend you." Matthew 7:6 - KJV