Thursday, January 23, 2020

Mnuchin says US must cut spending and reduce the deficit: Recipe for guaranteed recession.

Mnuchin says the U.S. government must cut spending and reduce the deficit. This will absolutely guarantee a recession.

It's amazing that these views still prevail. Complete and total ignorance.

Steve Mnuchin is a clown

33 comments:

S400 said...

Love the pic with the text. Can’t be more obvious.

Bob said...

Can Trump fire him?

Matt Franko said...

https://www.thenation.com/article/bernie-sanderss-progressive-plan-balance-budgets-defeat-deficits-and-avert-austerity/

MMT = 0

Ralph Musgrave said...

Can we have a link to where he said that?

Andrew Anderson said...

Until we abolish the Gold Standard banking model, we will continue to be plagued by Gold Standard thinking wrt fiscal policy and rightly so since government-privileged private banks can create vast amounts of deposits to compete with deficit spending for the general welfare.

An error of the big names of MMT is to imagine otherwise or not to care.

Matt Franko said...

"Until we abolish the Gold Standard"

Never going to happen...

Andrew Anderson said...
This comment has been removed by the author.
Andrew Anderson said...

At least quote me accurately, Franko - I said "Gold Standard banking model..."

Matt Franko said...

That won't happen either... the whole thing is still a libertarian uptopia...

Andrew Anderson said...

So justice is a libertarian uptopia? Or is it something God requires of us (Micah 6:8)?

AXEC / E.K-H said...

Another MMT shitshow

Tom Hickey posts: “Zero Hedge: Trump Says Middle-Class Tax Cut To Be Announced Within Three Months”

Mike Norman posts: “Mnuchin says the U.S. government must cut spending and reduce the deficit.”

The latter message triggers a mass Pavlovian reflex in the MMT troll yard (S400, Bob, Matt Franko, Ralph Musgrave, Andrew Anderson) and unanimous condemnation of Mnuchin.

Folks, calm yourself, Trump/Mnuchin are playing a little communicative joke with you. It is known as good cop/bad cop. Don’t be afraid, there will be MORE deficit-spending. After all, Public Deficit = Private Profit and Trump/Mnuchin are BOTH the tried and tested useful idiots of the Oligarchy.#1

Egmont Kakarot-Handtke

#1 Keynes, Lerner, MMT, Trump and exploding profit
https://axecorg.blogspot.com/2017/12/keynes-lerner-mmt-trump-and-exploding.html

S400 said...

“ The latter message triggers a mass Pavlovian reflex in the MMT troll ”

Egmont should have started by looking at his own actions before throwing stones in his glass house. Now there aren’t any glass left but still the egghead desperately throws his stones as he hopes to hear the crashing sound he so much likes.
The glass house is no more. Live with that an leave it.

Matt Franko said...

“ playing a little communicative joke with you. It is known as good cop/bad cop.”

I agree it may look like that .... but that is not what is happening...

Good cop bad cop requires pre planning I guarantee trump and mnuchin are not preplanning anything...

It’s called paradoxical beliefs it’s a cognitive error...

https://en.wikipedia.org/wiki/Paradox

Gets back to reification of the Accounting abstractions that they can’t handle cognitively:

“ Common themes in paradoxes include self-reference, infinite regress, circular definitions, and confusion or equivocation between different levels of abstraction.”

They can’t fully abstract the fiscal accounting... both never rigorously trained in Accounting Science....





Matt Franko said...

See here too

https://en.wikipedia.org/wiki/Mathematical_maturity

S400 said...

Matt has no qualifications to talk about s a cognitive errors. None whatsoever: Matt has no degree in that field.

Matt Franko said...

S this is a true story:

so i was explaining something the other day to one of these cognitive deficient people and long story short I told this person that (actual numbers dont mattter) I said to this person that the result would be dimensions "x inches by y inches"...

Then, this person says back to me (and I'm not making this up why would I make this up) this person says back to me "x inches by y inches.... HOW BIG IS THAT?"

I am not making this up I kid you not...

You are obviously not as bad as this person but consider where this is going and where you fall in as a point of reference..

... but these people are out there everyday... walking all around loose... and they can vote, etc...

SCARY!!!!!!!!!

S400 said...

I know what people are out there no less than you.
You delivering an anecdotical evidence on cognitive deficiency does not in any way make you any less cognitive deficient in many areas. STEM training is not a vaccine against cognitive deficiency.
One of the most important factors in understanding cognitive errors is self reflection.

Matt Franko said...

"STEM training is not a vaccine"

try to make the same point without using a figure of speech...

Your use of 'vaccine' here is using a figure of speech...

give it a go...

Andrew Anderson said...
This comment has been removed by the author.
Matt Franko said...

Yo S yo hey I"M not the one going all around all the time everywhere saying "we're out of money!" "we're out of money!".... THEY are...

This is about THOSE morons pal...

Andrew Anderson said...

Egmont,

If fiat is NOT to be created by deficit spending for the general welfare then HOW shall fiat be created FAIRLY in your scheme?

If you say an equal Citizen's Dividend distributed by the Central Bank then I'll agree.

But that's not what you're arguing for is, it? Instead, in your scheme, some are worthy of the public's credit (i.e. loans from the Central Bank) but for private gain, no?

How is that fair?

AXEC / E.K-H said...

Andrew Anderson

You say: ”If fiat is NOT to be created by deficit spending for the general welfare then HOW shall fiat be created FAIRLY in your scheme? If you say an equal Citizen’s Dividend distributed by the Central Bank then I’ll agree.”

First of all, we are NOT in the like/dislike or agree/disagree opinion poll business but in the true/false business which is defined by material/formal consistency.

To bring money into the economy at the demand side is false because it has humongous distributional consequences for the present and the future. The proof has been given elsewhere. For example

The right and the wrong way to bring money into the economy
https://axecorg.blogspot.com/2019/07/the-right-and-wrong-way-to-bring-money.html

Criminals and the monetary order
https://axecorg.blogspot.com/2019/10/criminals-and-monetary-order.html

Alternatively one can search for transaction money here
https://axecorg.blogspot.com/.

Egmont Kakarot-Handtke

Andrew Anderson said...

There are two ways to bring money into the economy (i) by financing the wage bill, and (ii), by deficit-spending.

And when un-ethically financed automation has eliminated the need for almost all human labor, then what?

Like the MMT folks and others, you ignore the use of the public's credit but for private gain, the root of so many problems to begin with.

S400 said...


“"STEM training is not a vaccine"

try to make the same point without using a figure of speech...”

LOL! So your hacking in the field of linguistics.

I just did make that point in the sentence before where you got the snip:
“You delivering an anecdotical evidence on cognitive deficiency does not in any way make you any less cognitive deficient in many areas.”

You see context is important and doing what you do where you constantly ignore context is cognitively deficient.

S400 said...

“Yo S yo hey I"M not the one going all around all the time everywhere saying "we're out of money!" "we're out of money!".... THEY are...

This is about THOSE morons pal...“

Neither am I . You should turn to those then instead of use the language like “you guys” here.

AXEC / E.K-H said...

Andrew Anderson

You say: “And when un-ethically financed automation has eliminated the need for almost all human labor, then what?”

You bring up an entirely different question in order to avoid the crucial conclusion. The takeaway point is: the MMT policy of deficit-spending/money-creation is the wrong way to bring money into the economy because macroeconomics tells us that public deficit-spending is a free lunch for the Oligarchy.

MMT policy is unethical, to begin with.

Egmont Kakarot-Handtke

S400 said...

“MMT policy is unethical, to begin with.”

So what does the ethical policy look like? Are going to answer that or do as you always do - avoid the question?

AXEC / E.K-H said...

S400

You say: “So what does the ethical policy look like? Are going to answer that or do as you always do ― avoid the question?”

I have answered the question long ago and have given the references above.

Obviously, you are unable to follow a link. Go back to troll school and take the advanced course.

Egmont Kakarot-Handtke

S400 said...

Yep you did as you always do, avoid the question.
Just out of curiosity, what troll school did you attend? I mean you seem to know the drill. Was the university of Stuttgart?

Matt Franko said...

" a free lunch for the Oligarchy"

Conspiracy Theory...

Just like you think Trump and Mnuchin got together to plan a 'good cop bad cop' operation in Davos... never happened...

All you guys really have is conspiracy theory...

Matt Franko said...

https://en.wikipedia.org/wiki/Vaccine_efficacy

"The influenza vaccine is not 100% efficacious in preventing disease, but it is as close to 100% safe, and much safer than the disease.[4]"


Vaccines are not 100%... Nothing is 100%

Even your figure of speech is wrong...

Try again....

Matt Franko said...

S,

Serious question: Do you think Greta is smarter than you are?

AXEC / E.K-H said...

Matt Franko

Above, you refer the audience to Wikipedia/Mathematical Maturity. This implies that you think of yourself to possess this qualification.

If so, it should not be a problem for you to tell the audience which of the two sectoral balances equations is true (i) (X−M)+(G−T)+(I−S)−(Q−Yd)=0 or (ii) (X−M)+(G−T)+(I−S)=0.

Of course, you are allowed to ask S400 for help or perhaps the brainies of the kindergarten next to you.

Egmont Kakarot-Handtke