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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Sunday, January 15, 2023
Ultra MAGA budget fix
Liberal Art Bannon (Georgetown/Harvard) and Liberal Art Brat (Princeton/American U) with MAGA’s antithesis to MMT:
“The economy is dependent on people spending their income, and what follows from that is, for anyone who spends less than their income, somebody has to spend more than their income to make up for it, or sales don’t hold up, output doesn’t get sold, and you have unemployment and serious economic problems.”
Once again, Matt resorts to using foul language. I don't take it personally because he does that with everyone.
He wants to make himself obnoxious, so you don't argue with him, and then he'll think he won the argument because of that.
The problem is that if you don't respond in kind, it encourages him even more, and if you do respond in kind, then he's pulled you down to his level, which is a fate worse than death.
As an aside, that's an interesting quote by Mosler. I've saved a copy of it, and I'll respond at another time to it if the subject comes up by someone else.
"Personally I hope US defaults then when nothing really bad happens."
Defaults on what? Not paying interest? Not sending out Social Security checks? Try the latter and see what happens. Even try the former, as it has now become a big source of fiscal support, and see what happens. Personally, I'd LOVE to see the defense budget shut down...completely. Don't pay contractors. Don't pay operations. Don't pay soldiers' salaries. That kind of default I'd be 100% for, but they would never do that because they know what would happen. Instead, they will punish regular folks.
Or, tax the ultra rich through the fucking eyeballs. Claw back all their phony gains that accrued from massive fiscal largess (tax cuts) and financialization.
Do it. Just do it.
ReplyDeleteWhen MMT nerds cannot compete with idiots like Bannon, it's time to throw in the towel.
ReplyDeleteFFS someone get Steve Grumbine on the Warroom to layeth the smackdown.
ReplyDeletePersonally I hope US defaults then when nothing really bad happens as a result we can learn from it and thrn make proper adjustments to policy…
ReplyDeleteIn STEM it’s normal to have failures you are trained to just accept them as part of the development process… make adjustments as a result…
Art degree morons too vain to accept any observed failure so they just keep doing the same thing expecting a different result…
It’s a second rate methodology… these two babbling exemplify it pretty well ..
Matt Franko,
ReplyDeleteAre you in favor of balanced budgets?
If people don’t want to save USD then yes.,,
ReplyDeleteIf people want to save USD then no…
Whatever the people want this is is a constitutional republic…
“ get Steve Grumbine on the Warroom to layeth the smackdown.”
ReplyDeleteIs Grumbine educated?
MMT thesis: “if someone saves then we can’t buy all of our output”
ReplyDeleteSo if someone saves then What about the producers whose output will not be bought? What are they Chopped liver?
people’s desire for a balanced budget is not a bad goal… it would mean that everyone’s output would be purchased/ consumed…
I don’t think this is a bad desire per se…
The problem is you have these foreign USD zombie scum who want to save in USDs…
ReplyDeleteOne option would be to bomb all the USD zombie nations into oblivion.., that would be one option…
ReplyDeleteMMT thesis: “if someone saves then we can’t buy all of our output”
ReplyDeleteNot MMT. MMT is "net saves". You can have saving and all output sold.
Steve Grumbine
ReplyDeletehttps://realprogressives.org/our-founder-steven-d-grumbine/
He and Mike are about the only ones with, you know, charisma.
And Steve Grumbine is doing activist type work wrt MMT.
ReplyDeleteYeah really working…
ReplyDeleteAhmed savings is a “net”..
ReplyDeleteAhmed dumb shit here:
ReplyDelete“The economy is dependent on people spending their income, and what follows from that is, for anyone who spends less than their income, somebody has to spend more than their income to make up for it, or sales don’t hold up, output doesn’t get sold, and you have unemployment and serious economic problems.”
https://truthout.org/articles/economist-warren-mosler-if-the-eu-doesn-t-loosen-its-deficit-limits-greece-should-leave-the-euro/S
Buy a dog, name it Clue, then you’ll have one…
Once again, Matt resorts to using foul language. I don't take it personally because he does that with everyone.
ReplyDeleteHe wants to make himself obnoxious, so you don't argue with him, and then he'll think he won the argument because of that.
The problem is that if you don't respond in kind, it encourages him even more, and if you do respond in kind, then he's pulled you down to his level, which is a fate worse than death.
As an aside, that's an interesting quote by Mosler. I've saved a copy of it, and I'll respond at another time to it if the subject comes up by someone else.
Only one allowed to tone police here is the owner of the blog.
ReplyDelete"Personally I hope US defaults then when nothing really bad happens."
ReplyDeleteDefaults on what? Not paying interest? Not sending out Social Security checks? Try the latter and see what happens. Even try the former, as it has now become a big source of fiscal support, and see what happens. Personally, I'd LOVE to see the defense budget shut down...completely. Don't pay contractors. Don't pay operations. Don't pay soldiers' salaries. That kind of default I'd be 100% for, but they would never do that because they know what would happen. Instead, they will punish regular folks.
Or, tax the ultra rich through the fucking eyeballs. Claw back all their phony gains that accrued from massive fiscal largess (tax cuts) and financialization.
ReplyDeleteThe last 2 comments by Mike are what brought me to MNE. Tom is the gravy.
ReplyDelete