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Monday, March 14, 2022

The Ins and Outs of Whose Money is it Anyway? — Tom Luongo

An Austrian economics POV on the Pozsar note. This is clearly a view that is not MMT, but it is not as far from MMT as some may suppose. MMT is based on availability of real resources, just as in war the deciding factor is "facts on the ground," which is Pozsar's point about commodities being king rather than cash when push come to shove.

BTW, one of the chief strategic factors in international relations, military science, and foreign policy is securing real resources for oneself and and one's allies and denying them to the enemy. Indeed, this is a casus belli, whereas "spreading freedom and democracy" is not, but rather is an excuse to cover the actual strategic factors involved. According to the US DOD at the time, this was the concrete reason behind the Western incursion in "Indochina." first the French and then the US, both experiencing the same humiliating defeat. Now the contest there, chiefly in Cambodia and Laos, has shifted to the US and China instead of the US and Russia.

Gold, Goats 'N Guns
The Ins and Outs of Whose Money is it Anyway?
Tom Luongo
https://tomluongo.me/2022/03/13/ins-outs-whose-money-is-it-anyway/

See also

Oilprice
Resource Scarcity And Rogue States Are Undermining U.S. Power
Kurt Cobb
https://oilprice.com/Energy/Energy-General/Resource-Scarcity-And-Rogue-States-Are-Undermining-US-Power.html

4 comments:

  1. I've often made the point that with MMT, government needs to think more like a military commander deploying its battalions, than a corporate bean counter balancing the books.

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  2. Military Monetary Theory - better hope Moscow doesn't catch on.

    ReplyDelete
    Replies
    1. He obviously doesn't drink coffee -- or if he does, probably that god-awful instant stuff, or worse, Nespresso. Dumbest product at Costco? The Nespresso Vertusso.

      Delete
  3. Let me state the obvious:

    Whoever controls the coffee plantations controls the world. (Sorry, tea doesn't cut it. Not even close. Perfumed water -- yeah, that's what it is)

    ReplyDelete