tag:blogger.com,1999:blog-2761684730989137546.post5596658619084570981..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Daniel Little — Strategies for resisting right-wing populismmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-2761684730989137546.post-13653815556175679962017-05-02T21:20:32.524-04:002017-05-02T21:20:32.524-04:00This comment has been removed by the author.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-22865939801046682172017-05-02T15:58:11.101-04:002017-05-02T15:58:11.101-04:00Advocates of MMT claim that its most important fea...<i>Advocates of MMT claim that its most important feature is to provide to the government the ability to spend money into existence without the necessity of taxation or any worry about a “balanced budget”, right?</i><br /><br />This is essentially correct in a floating rate system where the issuer is sovereign in its currency and doesn't create obligations in a currency it doesn't issue, with the proviso that taxation is needed to drive the currency by creating demand to obtain it. <br /><br />Taxes are not needed to obtain revenue for government spending to "balance the budget." The fiscal balance is determined endogenously by cyclical variables independently of the budget anyway.<br /><br />In functional finance, taxes serve the purpose of curtailing demand in excess of the capacity of the economy to supply, which would lead to inflation as a continuous rise in the general price level. <br /><br /> <i>The government is no longer “revenue constrained”, right?</i><br /><br />This is essentially correct. There is no operational need for a currency sovereign to obtain the currency it issues. This is self-evident. <br /><br />Users of the currency need to obtain the currency, and users must obtain currency ultimately from the issuer as the sole source. <br /><br />This implies that affordability is never an issue for a currency sovereign. <br /><br />The only constraint on government spending is the availability of real resources, and financially the resultant inflation or deflation depending on demand in markets being above or below the capacity of supply to meet it.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-86382000027826162712017-05-02T15:31:16.553-04:002017-05-02T15:31:16.553-04:00"Advocates of MMT claim that its most importa..."Advocates of MMT claim that its most important feature is to provide to the government the ability to spend money into existence without the necessity of taxation or any worry about a “balanced budget”, right? The government is no longer “revenue constrained”, right?"<br /><br />Complete Schiffbot nonsense, Bob. I've never heard anyone here go around advocating for absolutely 0 taxation. It's been said over and over again taxation is one of the drivers of the currency and is one of the factors that gives it its value in the first place. Penguin pophttps://www.blogger.com/profile/01438480665686684027noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-7555117475636388072017-05-02T10:36:22.780-04:002017-05-02T10:36:22.780-04:00By his own emission. Autocorrect. Should read ADM...<b><i>By his own emission. </i></b> Autocorrect. Should read ADMISSION.MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-17665757104588146722017-05-02T10:33:33.022-04:002017-05-02T10:33:33.022-04:00Advocates of MMT claim that its most important fea...<i><b>Advocates of MMT claim that its most important feature is to provide to the government the ability to spend money into existence without the necessity of taxation</b></i><br /><br /><i><b>Wha—??</b></i> It’s the opposite. Taxation establishes the legitimacy of the currency.<br /><br /><i><b>Simultaneously, the present regime is called “neoliberal” by MMTers (as if Hayek had something to do with it)</b></i><br /><br />Hunh? Hayek had left economics by 1936. By his own emission. <br /><br /><i><b>As an MMT regime, the government is truly not revenue constrained. NATURALLY, the government is going to do nasty things with those extra resources it would not otherwise control and will use them [to] pay off and buy off its supporters and those with power while looting society at the expense of the powerless (the 99%).</b></i><br /><br />What the fuck are you talking about? Just for shits and grins, what “extra resources?”<br /><br /><i><b>MMTers are so naïve that they think THEY will be in control of this Brave New MMT government that is not revenue constrained and will thus be able to use those additional resources to rescue puppies. Or something.</b></i><br /><br />You’re soaring around on one skate. What the hell are you talking about? [BTW, re: “revenue constrained” can you read a Daily Treasury Statement?…obviously not.]MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-26721402571003825472017-05-02T10:30:39.897-04:002017-05-02T10:30:39.897-04:00The position of most MMT economists to the degree ...The position of most MMT economists to the degree I understand it is is that a floating rate system provides more policy space than a fixed rate one. This provides room for more choice of policy.<br /><br />History shows that fixed rate systems have regularly been abandoned in war time to increase policy space for military spending.<br /><br />MMT economists ask whether domestic welfare is less important than military spending when it is possible to expand fiscal space to permanently optimize efficient and effective use of a country's available real resources for public purpose by using policy intelligently to optimize growth, maintain full employment (less transitional) and keep the price level relatively stable.<br /><br />The point is that there are policy choices that affect real outcomes. The public should be made aware of the options so they can choose representatives based on informed deliberation and debate.<br /><br />It's part of the democratic process.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-52108168238117721332017-05-02T09:32:19.107-04:002017-05-02T09:32:19.107-04:00OK einstein, YOU explain how federal government mo...<i>OK einstein, YOU explain how federal government monetary operations work in our modern economy.</i><br /><br />OK, Mustapha Mond. I agree that MMT fairly accurately describes actual and operational “federal government monetary operations in our modern economy”. <br /><br />Advocates of MMT claim that its most important feature is to provide to the government the ability to spend money into existence without the necessity of taxation or any worry about a “balanced budget”, right? The government is no longer “revenue constrained”, right?<br /><br />Simultaneously, the present regime is called “neoliberal” by MMTers (as if Hayek had something to do with it) who constantly complain about income inequality, booms and busts, endless wars, the military industrial complex and total government spying which is ongoing with the present regime.<br /><br />It doesn’t take a genius to realize that:<br /><br />1. The present regime is both an MMT regime and a "Neoliberal" regime (whatever the heck "neoliberal" means). Calling an MMT regime "Neoliberal" does not change its nature as an MMT regime. <br /><br />2. As an MMT regime, the government is truly not revenue constrained. NATURALLY, the government is going to do nasty things with those extra resources it would not otherwise control and will use them pay off and buy off its supporters and those with power while looting society at the expense of the powerless (the 99%). <br /><br />3. MMTers are so naïve that they think THEY will be in control of this Brave New MMT government that is not revenue constrained and will thus be able to use those additional resources to rescue puppies. Or something.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-91953530807054949192017-05-02T02:46:04.260-04:002017-05-02T02:46:04.260-04:00fiat funny money MMT-based kleptocracy???
OK eins...<i><b>fiat funny money MMT-based kleptocracy???</b></i><br /><br />OK einstein, YOU explain how federal government monetary operations work in our modern economy. And don’t leave out why the United States decided to go off the gold standard domestically in 1933, and why, under your understanding, the US has lived with this failed or improper financial system for 84 years if it is so wrong.<br /><br />Kleptocracy? What are you talking about?MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-15780147553482617542017-05-01T16:32:42.978-04:002017-05-01T16:32:42.978-04:00"Neoliberalism" is a garbage term meant ..."Neoliberalism" is a garbage term meant to blame capitalism for a fiat funny money MMT-based kleptocracy. It is quite effective at obfuscating the nature of the problem but it is basically one big fraudulent lie.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-49998448940598444242017-05-01T13:25:00.008-04:002017-05-01T13:25:00.008-04:00Then I'm out to lunch and I read A LOT.Then I'm out to lunch and I read A LOT.MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-38283279963265609662017-05-01T12:18:42.595-04:002017-05-01T12:18:42.595-04:00popular acronympopular acronymTom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-21433610811040045592017-05-01T12:10:23.349-04:002017-05-01T12:10:23.349-04:00Anti-fascist? Hunh? Is this a popular acronym, or ...Anti-fascist? Hunh? Is this a popular acronym, or a MN blog insider thing.MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-78394419379101693712017-05-01T10:51:15.930-04:002017-05-01T10:51:15.930-04:00The left and right will only coexist peacefully in...<i>The left and right will only coexist peacefully in ethnically homogeneous cultures. Period. </i><br /><br />The (leftist) city where I live is a Big Ten university own. It is multicultural and has been for some time. Up until about five years ago, however, the younger people used to associate with their own kind. That began to end five years ago and now it is almost never seen. The groups and couples are now mixed and there are a whole lot of mixed race kids. It's interesting since there are different shades in the same family of offspring.<br /><br />There are also lot of newly arrived immigrants from all over the world. There are also a lot of domestic "immigrants" from Chicago, where people are fleeing to protect their kids from violence. Everyone is welcomed with open arms here. No issues to speak of.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77231860524567439552017-05-01T10:37:42.209-04:002017-05-01T10:37:42.209-04:00What's ANTIFA?What's ANTIFA?MRWhttps://www.blogger.com/profile/13878920695841363553noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-70745458944068350722017-05-01T10:03:49.631-04:002017-05-01T10:03:49.631-04:00It is divide and conquer laid out before our very ...It is divide and conquer laid out before our very own eyes is what I'm trying to say. There is a risk that if the left starts to incorporate the Bill Clinton stance on borders and all this stuff back into their platform, they can become much more conservative and turn against the conception of a social democratic welfare state even more. I don't think any of these groups are going to embrace Post-Keynesian and MMT-inspired policy anytime soon. Penguin pophttps://www.blogger.com/profile/01438480665686684027noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-50289425116657528892017-05-01T10:01:35.284-04:002017-05-01T10:01:35.284-04:00As far as I know, alt-right reactionary knucklehea...As far as I know, alt-right reactionary knuckleheads and ANTIFA losers banging each other's skulls for nothing will be a future occurrence and things will get ugly before they get better. I have no high opinion of either group from what I've seen.<br /><br />Both will give more legitimacy to Donny "Jimmy Carter 2.0" Tinyhands and any hope of greater social democratic economic values will be out of the question. We are screwed. Penguin pophttps://www.blogger.com/profile/01438480665686684027noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16560323935684424482017-05-01T09:04:42.857-04:002017-05-01T09:04:42.857-04:00@Malmo: Diversity and culture in the US are more d...@Malmo: Diversity and culture in the US are more defined by economics than race. That is the fault line, and the imbalance is profound. Noah Wayhttps://www.blogger.com/profile/12012500819097539976noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-88895591695108010812017-05-01T08:10:29.325-04:002017-05-01T08:10:29.325-04:00The left has been pinning for ethno-nationalism ad...The left has been pinning for ethno-nationalism ad nauseum in the states for decades--you know, especially of the Hispanic and black variety, but not limited to said two. It is they, the left, and their idiot SJW morons who are the Brownshirt Nazis of contemporary America and beyond. The alt-light (National Review types) are dead in the water. And to all those too thick in the head to understand, the alt-right is a RESPONSE to the balkanizing, AUTHORITARIAN, and violent tactics the left has been fomenting for years. People need to get it in their heads. There is no muticultural utopia in the future. Zero, nada, none. Like it or not ethno borders, which promote common culture, are the future--even in America. The left and right will only coexist peacefully in ethnically homogeneous cultures. Period. That's how history will shake out in the end. Watch.Malmo's Ghosthttps://www.blogger.com/profile/01072599785196733846noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-69277415761909115282017-04-30T23:24:29.421-04:002017-04-30T23:24:29.421-04:00TBTB were more frightened of Occupy than they are ...<i>TBTB were more frightened of Occupy than they are of some right-wing hillbillies.</i><br /><br />They were terrified of Occupy. Look at the big guns they mounted, coordinated nationally by DHS.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-88392955672492869182017-04-30T23:23:08.333-04:002017-04-30T23:23:08.333-04:00Tom so you are saying the yippies were taking the ...<i>Tom so you are saying the yippies were taking the position of the WW1 people?|<br /></i><br /><br />Don't understand this comparison.<br /><br />The yippies, typified by Abbie Hoffman and Jerry Rubin, were the leaders of street theater during the countercultural revolution (sex, drugs, and rock and roll) and the Vietnam protests rolled together.<br /><br />That's over. Sex, drugs and rock and roll won hands down, and the draft is history. That battle doesn't need to be fought again. The kids won. <br /><br />The situation is totally different now. Economics didn't matter back then, but it sure does now. Now younger people don't see a future for themselves as the American Dream fades into memory.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82147475345934853942017-04-30T23:18:50.942-04:002017-04-30T23:18:50.942-04:00Political liberalism is clearly a fantasy.Political liberalism is clearly a fantasy.Noah Wayhttps://www.blogger.com/profile/12012500819097539976noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-5091638040324476812017-04-30T23:16:06.111-04:002017-04-30T23:16:06.111-04:00The harder they resist change the more destructive...<i>The harder they resist change the more destructive that change will be when it comes.</i><br /><br />Dialectical logic. The further the pendulum swings one way the further it swings in the other.<br /><br />This is what compromise in political liberalism is supposed to avoid.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-3891167444284003522017-04-30T23:13:57.339-04:002017-04-30T23:13:57.339-04:00Tom when ever has the new generation taken over th...<i>Tom when ever has the new generation taken over the cause of their grandparents?</i><br /><br />This is their cause. History doesn't repeat but it rhymes.<br /><br />The millennials (1980-2000) are the largest generation now and they are pushing 40 and soon to accede to power. They have never known anything but neoliberalism and haven't been treated well by it. They are also the first digital natives.<br /><br /><i>Gallup finds up to 70 percent of young Americans favor wealth redistribution.</i><br /><br /><a href="http://www.salon.com/2016/07/04/millennials_are_ripe_for_socialism_a_generation_is_rising_up_again_partner/" rel="nofollow">Millennials are ripe for socialism: A generation is rising up against neoliberal oppression</a><br />Anis Shivani, Alternet<br /><br />Those younger than 30 are more radical.<br /><br />This is not going to be their fathers' or grandfathers' resistance.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-134533703284033052017-04-30T23:06:35.933-04:002017-04-30T23:06:35.933-04:00What's amazing is that there still are Trump s...What's amazing is that there still are Trump supporters.Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-33316802207381625732017-04-30T23:05:47.560-04:002017-04-30T23:05:47.560-04:00TBTB were more frightened of Occupy than they are ...TBTB were more frightened of Occupy than they are of some right-wing hillbillies.Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.com