Sunday, October 3, 2021

Manchin 'Has No Understanding' of How Monetary System Works: Democrat House Budget Chair — Jason Lemon

"I read Joe Manchin's statement, I've listened to him. He has no understanding of how the federal government monetary system works when he compared it yesterday to his household income. That has no relevance to what we can do," Yarmuth, who represents Kentucky, told CNN Thursday evening....
Newsweek
Manchin 'Has No Understanding' of How Monetary System Works: Democrat House Budget Chair
Jason Lemon

See also

Same syndrome in the UK.

Condemned to mediocrity by stupidity.

The Gower Initiative for Modern Money Studies
Another week of handbag economics

13 comments:

Matt Franko said...

Why dont these dumb lawyers fix the law?

Too stupid?

Peter Pan said...

Lets see you wonks get elected in West Virginia...

Matt Franko said...

How are lawyers educated?

We have a 1917 law that sez congress has to specifically approve an increase in Federal govtvliabilitiesxthrn another law that sez treasury can increase federal liabilities via platinum coins without Congress approval…

This is like in STEM we have F=ma and F=mv both at the same time… so 1/2 the bridges get built under F=ma and 1/2 under F=mv so you see 1/2 of the bridges instantaneously collapse when the first car drives over it…

Tom Hickey said...

Lets see you wonks get elected in West Virginia.

Salon
Bill Maher defends Joe Manchin, Kyrsten Sinema, says they "have their thumb" on average voter
Brett Bachman

Tom Hickey said...

@ Matt

That's what we have lawyers and courts for. If the coin were brought into play, the move would almost certainly be challenged in court on grounds like this. There are probably others.

A key argument would likely be that avoiding the normal process was not the intention of Congress in passing the law regarding "the coin."

Matt Franko said...

Should take a 15-30 minute meeting…

Matt Franko said...

Manchin wants something for coal and gas from the climate nutters…

Bannon sez Sinema has future Presidential aspirations… so she has to play to both sides a bit…

Andrew Anderson said...

A key argument would likely be that avoiding the normal process was not the intention of Congress in passing the law regarding "the coin." Tom Hickey

Except:

Article I, Section 8, Clause 5:

[The Congress shall have Power . . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .
from https://constitution.congress.gov/browse/essay/artI-S8-C5-1/ALDE_00001066/

The current so-called "normal process" is a round-about process whereby private interests profit when government creates fiat and should be abolished in favor of an ethical system of fiat creation and use with no privileges for banks* and asset** owners.

*eg. deposit guarantees of private deposits instead of all citizens (at least) having inherently risk-free debit/checking accounts at the Central Bank or Treasury itself.

** eg. asset purchases from the private sector by the Central Bank.

mike norman said...

Bill Maher is an elitist corporatist right wing establishment defender. He has totally changed stripes from his early days. Manchin and Sinema both have 40-ish approval ratings, not much higher than Biden, and it's mostly Republicans that give them high marks, but they both ran as Democrats.

Peter Pan said...

West Virginia - where 'Democrat' is the new Republican.
USA - where RINOs and DINOs roam free.

lastgreek said...

"...from the climate nutter..."

"Nutters"?

Ironic when Matt takes delight in mocking people who don't have a science education and here he is making an anti-science statemtent :(

But then, again, is it really a surprise when he proudly boasts that he voted for a nutter?

Matt Franko said...

Wake me up when the water comes up…

Peter Pan said...

Your bath is ready, sir.