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.
Except the economy does not run on fiat but on the private, including privately created ("Bank loans create bank deposits"), deposits of a government-privileged usury cartel. Not to mention that even fiat is created for private interests such as for the banks and asset owners.
And Tom Hickey thinks we're on the last mile.
Last mile to what? Certainly not to justice.
To think what the MMT School might accomplish instead of going down in history as just another form of oppression...
Science? What about basic math such as bogus* liabilities = bogus accounting?
Or in Biblical terms:
“Woe to you, scribes and Pharisees, hypocrites! For you tithe mint and dill and cummin, and have neglected the weightier provisions of the law: justice and mercy and faithfulness; but these are the things you should have done without neglecting the others." Matthew 23:23 New American Standard Bible (NASB)
*via, for example, government-provided private deposit/liability guarantees. *via, for example, a government-provided lender/asset buyer of last resort.
https://www.universetoday.com/112366/incomplete-space-seed-how-to-spread-earths-life-across-the-universe/ Is it possible to design a spaceship that transfers life to other planets and figures out when near a suitable planet? Spreading life seems like a really good (morally) thing to do. Life will not be optimal for the planet so if there is life not 'invasive species.'
"What about basic math such as bogus* liabilities = bogus accounting?"
You are using figurative language here again... some sort of analogy mixed with malapropism... idk...
Also here you cite the Lord using figurative language with an analogy to using herbs in food preparation or something... it didnt work for Him then and it wont work for you now...
I mean the liabilities (for fiat) of the usury cartel toward the non-bank private sector are largely a sham since, for example, the non-bank private sector MAY NOT even use fiat except for grubby Central Bank Notes and coins.
Let me reframe what AA is saying in a way that tries to avoid those figures of speech you abhor.
AA- if this is not at all your point I apologize but I think I agree with the focus of your criticism, which is on the intersection of the Fed reserve and banks and how that is managed vs how the intersection of the banks and households are managed.
What I would say is that the forces that are allowed to work when I ( or any household/private business) have a credit extension, like a mortgage, are different than the forces allowed to work when a private bank has a credit extension from the central bank. Those are two completely different relationships in the way they are treating supposedly identical entities, reserve balances.
The vagaries of market forces which might lead to my mortgage being way more expensive than my home value are not addressed with an eye towards households primarily, they are addressed with an eye towards how the banks can maintain their proper set ratios with the CB. In addressing those ratios the full force of govt/CB action is used. There is no invisible hand, it is quite visible. Compare this to the household /bank side where no such action occurs in the households favor.
So it’s clear that the asset values of banks are much more highly regarded as much more effort is given to maintaining them then asset values of households. Household liabilities (mortgage payments) become much more expensive and while Matt could likely point out that banks liabilities are more expensive at same time they are getting much more cooperation from the CB than households are getting from their banking intermediary.
Like everything else, we could decide on system with fewer private banks or with a system that limits the amount banks take out of money stream. The fact that we haven’t even outlawed payday lenders that are basically common thieves is proof we are far from serious systemic bank reform, especially since ma y banks have their grubby fingers in the payday loan business
16 comments:
"the myth of the deficit"
Why bring 'myth' into it?
Nobody else does this...
They have been on "the last mile" for over 10 years...
going 1 mile in 10 years is called not moving...
Overblown threat of the deficit?
Going nowhere - going to 1 mile : synthesis
“going 1 mile in 10 years is called not moving...”
Figurative language - art degree wannabe : synthesis
Except the economy does not run on fiat but on the private, including privately created ("Bank loans create bank deposits"), deposits of a government-privileged usury cartel. Not to mention that even fiat is created for private interests such as for the banks and asset owners.
And Tom Hickey thinks we're on the last mile.
Last mile to what? Certainly not to justice.
To think what the MMT School might accomplish instead of going down in history as just another form of oppression...
Last mile to nowhere unless people organize for economic justice.
"Overblown" still figurative language here...
I dont see how bringing in "myth" or any more/other figurative language at all is going to help...
Need more Science at this point... after 10 or more years if it aint workin' you gotta make some sort of adjustment...
Science? What about basic math such as bogus* liabilities = bogus accounting?
Or in Biblical terms:
“Woe to you, scribes and Pharisees, hypocrites! For you tithe mint and dill and cummin, and have neglected the weightier provisions of the law: justice and mercy and faithfulness; but these are the things you should have done without neglecting the others." Matthew 23:23 New American Standard Bible (NASB)
*via, for example, government-provided private deposit/liability guarantees.
*via, for example, a government-provided lender/asset buyer of last resort.
Please promote/link to this post:
https://www.universetoday.com/112366/incomplete-space-seed-how-to-spread-earths-life-across-the-universe/
Is it possible to design a spaceship that transfers life to other planets and figures out when near a suitable planet? Spreading life seems like a really good (morally) thing to do. Life will not be optimal for the planet so if there is life not 'invasive species.'
"What about basic math such as bogus* liabilities = bogus accounting?"
You are using figurative language here again... some sort of analogy mixed with malapropism... idk...
Also here you cite the Lord using figurative language with an analogy to using herbs in food preparation or something... it didnt work for Him then and it wont work for you now...
What do you mean in literal terms?
I mean the liabilities (for fiat) of the usury cartel toward the non-bank private sector are largely a sham since, for example, the non-bank private sector MAY NOT even use fiat except for grubby Central Bank Notes and coins.
Sham liabilities = sham accounting = bogus accounting.
“Sham” is a figure of speech... “bogus” is a figure of speech....
Try not using figurative language...
Here
https://www.etymonline.com/search?q=bogus
“American English slang, apparently from a word applied (according to OED first in Ohio in 1827) to a counterfeiter's apparatus.”
Let me reframe what AA is saying in a way that tries to avoid those figures of speech you abhor.
AA- if this is not at all your point I apologize but I think I agree with the focus of your criticism, which is on the intersection of the Fed reserve and banks and how that is managed vs how the intersection of the banks and households are managed.
What I would say is that the forces that are allowed to work when I ( or any household/private business) have a credit extension, like a mortgage, are different than the forces allowed to work when a private bank has a credit extension from the central bank. Those are two completely different relationships in the way they are treating supposedly identical entities, reserve balances.
The vagaries of market forces which might lead to my mortgage being way more expensive than my home value are not addressed with an eye towards households primarily, they are addressed with an eye towards how the banks can maintain their proper set ratios with the CB.
In addressing those ratios the full force of govt/CB action is used. There is no invisible hand, it is quite visible. Compare this to the household /bank side where no such action occurs in the households favor.
So it’s clear that the asset values of banks are much more highly regarded as much more effort is given to maintaining them then asset values of households. Household liabilities (mortgage payments) become much more expensive and while Matt could likely point out that banks liabilities are more expensive at same time they are getting much more cooperation from the CB than households are getting from their banking intermediary.
Like everything else, we could decide on system with fewer private banks or with a system that limits the amount banks take out of money stream. The fact that we haven’t even outlawed payday lenders that are basically common thieves is proof we are far from serious systemic bank reform, especially since ma y banks have their grubby fingers in the payday loan business
Imaginary deficit fears?
(Since they're imaginary, no need to specify them.)
5280 feet in 3650 days = 1.45’/day = .75”/hr.......... inching along.....
Neoliberal Tortoise crushes the competition...
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