Shots fired:
Japan has always been a favorite talking point for the #MMT crowd, who claim Japan's huge debt load is totally fine. It isn't. Japan is in a currency crisis because its debt forces the BoJ to keep interest rates pinned. A huge warning sign for debt aficionados in the Euro zone... pic.twitter.com/mnO6RUQgnq
— Robin Brooks (@robin_j_brooks) April 28, 2024
Suicide involves more than one shot?
ReplyDeleteJapan...declining (disappearing) trade surplus. Net energy importer.
ReplyDeleteJapan’s municipalities disappearing as population shrinks
ReplyDeletehttps://billmitchell.org/blog/?p=61706
That allegedly doesn’t matter it’s only about the policy rate differential…
ReplyDeleteCurrency speculators expecting 'free liquidity' from a currency intervention.
ReplyDeleteThe BoJ should state that it will not be intervening in the currency market no matter what, and neither will it be changing its interest rate.
And if things continue it will be imposing a 100% margin requirement on JPY sales enforced by changing the acceptable collateral at the Bank of Japan and correspondent accounts for foreign entities
ReplyDeleteThis is the problem with thinking this can be won in a class room or via debate.
ReplyDeleteWhat has the last few years taught EVERYBODY ?
The only way to keep the US rules based order out of your country is by becoming authoritarian. You just need to look at how countries are run that do manage to keep the US empire out of their affairs.
You've seen first hand how they destabilised every country on the planet. To achieve their geopolitical goals. Increase their empire. Debate and class rooms don't come into it, power over others is all that matters.
Why of course the current economic paradigm was set up the way it was. Why their money story changed with the fall of the Berlin wall.
Nope, I'm afraid to protect your own country you have to set up a system that is authoritarian as possible like Russia or China or Iran, North Korea. Be willing to take on the US rules based order and completely destroy any political interference within in your own borders. Chase them out of your country for good.
Class rooms and debate are wishy washy nonsense. How they managed to infiltrate and take over your country in the first place.
If I was the leader of Scotland if it ever became independent I would be called the Xi Jinping of the Scots.
ReplyDeleteRun it like China with MMT at its core. There would be no political parties to vote for just a rubber-stamp parliament.
Completely destroy any dissent from within. Claim we are all MMT'rs now.
In this world we live in, run by gangsters, it would be the only way to run your own affairs - period.
No if's no buts, it is the only way to protect yourself.
It would never have been so prosperous and such a beautiful place to live in by the time I was finished.
I would point nukes at the US and the English.
ReplyDeleteForm strong bonds with Russia and China.
As the gangsters in London and Washington have left me no other choice.
The EU understand all this and Why they are becoming even more authoritarian by the day. Canada and the West all becoming more authoritarian as they serve the gangsters in Washington.
It is where we are all heading and how other countries are starting to think. Thank God I'm approaching 60 and not 20 in this world run by American gangsters.
“ This is the problem with thinking this can be won in a class room or via debate.”
ReplyDeleteIt can be won in a classroom but the classroom cannot be a debate..,,
Math class is not a debate.
ReplyDeleteMMT in the classroom would spark another Scopes Monkey trial.
Yup, you have to choose a path and stick to it. Capturing children at the age of 5 and squeezing them into education camps is how they have ALL done it over the centuries.
ReplyDeleteIt is what I would do. I'd hollow out education from top to bottom and implement MMT up and down the land. Shoot or jail anybody who tried to stop me. Banish them from my island. It is the only way to do it. Hitler and the Nazis understood exactly what needed to be done to reclaim Germany and mould it into their own specific ideology. So did the communists they all understood fully what it takes. The neoliberals stole their playbook and Just getting up to speed with genocide.
Implementing MMT and moving leftward will be an equivalent task if you actually want to implement the changes the MMT'rs suggest. There is simply no other choice available. You do it with an iron set of balls and clear the decks or you don't bother. You wipe out any political opponents who stand in your way. You round up the voters against you pinochet style and play them at their own game.
Just look at what has happened to Israel and what they have become and are more than happy to commit genocide. In full view of everybody with US backing. US foreign policy allowed it to fester for years. The Far right now in charge in Israel show everybody first hand what they think of it. They simply don't give a shit how many they murder. You simply don't get anymore authoritarian than that.
The US rules based order has turned EVERYBODY inward. Forcing everybody to be more authoritarian against their own populations and others. As the gangsters of each country are terrified to lose control. Terrified of what the US and their allies might do to them. Others terrified of losing their sovereignty.
It is all because of this below
https://m.youtube.com/watch?v=xFb5NxuLHdI
The gangsters foreign policy since WW2 and it never had to be this way. It could have been so so different and looked like a star trek future of global corporation.
Thus, Humanity is sick in the head and voters are dumb as a bag of spanners. It is our DNA. Sick and dumb.
More and more are going to turn inward and become ever more authoritarian to try and protect themselves from this madness.As others Act out the gangsters instructions.
BRICS is talking left while walking right, yet the terrified still view it as somewhere safe. Exactly Like Trump voters who think Trump is going to save them. The very Same delusion.
In my view , It is what Ukraine and the Middle East is All about a right wing fuck fest. The winner will decide what Conservatism looks like moving forward. The battle of conservative ideology playing out in full view as the right take lumps out of each other 24/7. In the media and on the battlefields.
The winner of this right wing fuck fest will be the ones who Capture children at the age of 5 and squeeze them into education camps and instruct them how to think moving forward in the West.These future generations will be the ones who take on China.
ReplyDeleteAs the left sat there twiddling their thumbs and missed the best opportunity they had for at least 100 years to take advantage of this conservative infighting that is currently taking place. Because It is simply non existent and no longer applies in any serious shape, way or form. Just as the world needed it, to bring some balance and fight for peace.
The right has won and will never be defeated. They own and control everything by becoming ever more authoritarian. Everybody is now holding their breathe to see what being right wing means in the future. After the winner of this right wing fuck fest has declared victory.
Either way it doesn't look pretty. Everybody will be moving even further right and even more authoritarian. China will eventually be the only ones standing in their way a couple of hundred years from now.
If humanity ever gets that far. As this right wing fuck fest are absolutely determined, as they fight within, to put boots on the ground in Ukraine. They have no other option, if they have already decided Russia must not win in Ukraine at any cost. It is just a matter of time before the "big war" gets started.
After WW2 humanity could have chosen a different path. We didn't, we are war mongers and psychopaths it is our DNA. So you have to act like the gangsters do if you are to stand any chance of survival and kill them all to give humanity any chance of any sort of redemption.
Even then our nature will ensure we destroy ourselves. It's just who we are and always will be. Hopefully, I'm not around to see it.
Enjoy your "peace" dividend.
ReplyDeleteBlogger NeilW said...
ReplyDeleteCurrency speculators expecting 'free liquidity' from a currency intervention.
The BoJ should state that it will not be intervening in the currency market no matter what, and neither will it be changing its interest rate.
https://www.reuters.com/markets/currencies/japan-forex-authorities-ready-24-hours-top-currency-diplomat-kanda-says-2024-04-29/
I don't think they're listening...
US has been increasing risk free policy rate to now 5% on USD financial assets and Japan Depositories have >$1T USD assets…
ReplyDeleteDepositories seek to maintain constant Leverage Ratios (A-L)/A, reported for Japan Depositories in JPY…
So they are now having to apply a 5% risk free rate to previously issued USD financial assets due to new US 5% rate policy up from zero recently …
So break out assets into 2 categories Ay (JPY denominated assets) and Au (USD denominated assets).
So it’s (Ay + Au -L)/A
So as US interest policy rate increase, the NPV of Au is decreasing…
So to counteract this reduction in NPV of Au assets, the Japan Depositories have to apply a HIGHER conversion factor to the Au assets in JPY reporting terms…
more JPY per USD means the USD goes UP … ie it’s USD bullish…
If trump wins and he returns the US to a zero rate policy like Obama had for 8 years this should reverse