Discussion in 'Markets & Economies' started by mmm....shiney!, Sep 14, 2019.
Watch the two videos above.
Meow Meow Tick
I think it’s called MTBI. Check with Vet Affairs.
John Adams dispels this in his latest interview
He tried to. At about 22:45 he makes the claim that you can see excessive money printing without any trashing of the economy or political situation creating hyperinflation - but actually fails to cite any example. So it’s not refuted, just disputed. He also made no mention of the second criteria in countries that have experienced hyperinflation ie they’re not democratic.
Now I’m not normally a stickler for grammar but seriously, he said “Germany didn’t do nothing...”.
I don’t necessarily disagree with his views of the modern monetary system, he just didn’t dispel anything.
China is the biggest advocate of MMT. Are you calling your ruling elite stupid?
The US government injected a crazy amount of money into the economy during and after WW2 and it didn't cause Hyperinflation. Why? Because the money was spent on production.
Chinese government dumped even more money into their economy in a shorter amount of time and again no hyperinflation since it was on production.
When countries like Venezuela injects a crazy amount of money into their economy, it does so on the consumption side only. No surprise why it causes hyperinflation.
UBI and MMT are two different things.
But to answer your question; No not really, since most jobs in the economy already produce nothing. It's worse now as many jobs that produce nothing are getting a high wage and therefore creating high demand on consumption (price inflation). If all those fake jobs went away and was replaced with lower paying UBI it would put less demand on consumption. If people wanted more money they will be forced for once in their life to do a real productive job. That's based on the assumption governments stop creating fake jobs, as there will be no need for it with a UBI.
The truth is (IF implemented properly ) UBI would be much more free market and productive than the messed up system we have today. I'm not a fan of trickle down and deception.
@willrocks, I have a completely different view of the UBI to @leo25.
I’m not a MM theorist and I’m pretty sure he’s not either we just both acknowledge the validity of their insight.
As far as the UBI goes I believe it will be a curse whereas he believes it will be a blessing. We’ve both had this out before some time ago and are unlikely to revisit this debate. Hopefully.
Production of what? Cities that nobody lives in?
It didn't cause hyperinflation because it was absorbed into useless things and real estate. That can only go on for so long.
Well it's good to know that not all MMT supporters agree with a UBI. I read somewhere that a lot of UBI supporters believe it can be financed via MMT.
There was also a huge population growth and rebuilding after the war. Not sure we're in that same position today. Well not yet anyhow ... maybe after WW3.
America was untouched from the war, so any rebuilding/building was a choice. We can choose to build again if we want. No war is needed.
They do also produce almost everything the world buys, so not just ghost cities... All production in China is subsidised by the government in some way.
anyway your point is massive spending causes hyperinflation, as of yet this is not the case. When it does happen feel free to come back and talk about it.
It’s not that either of us support MMT or not. It’s just that MMT is the reality of things.
Being labeled as a believer of MMT is like being labeled as a believer in traffic lights. You don’t have to like them, you just simply have to accept the way they function.
It feels like when people started saying the earth revolves around the sun. They were just describing observation, while everyone else was getting pissed off with them because they didn’t like that idea. An observation is not an opinion.
You conveniently ignored the population growth argument.
The population of america suffered with major supply shortages during ww2 and there was a big crash after because of the policies. The money printing came at a cost to everyone.
Income taxes were also invented then.
Because it’s irrelevant. You keep making the point that the act of massive money printing alone causes hyperinflation. That has been proven wrong time and time again. Don’t get attached to an idea.
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