Discussion in 'Markets & Economies' started by mmm....shiney!, Sep 14, 2019.
Lots of words but no plan haha. It's only a year late for most. Sounds promising.
I highly recommend this talk about MMT. It's the best and most balanced description I've come across. The entire talk is good, but the second half is the most important part 45 minutes in.
or direct mp3 link here.
The problem at hand is 100% parasite action
We’ll end this when we generally agree to expel parasites taking the fruits of our labour
And by parasites you mean....?
The Trump administration appears to be deliberately sabotaging stimulus efforts in order to make it more difficult for the Biden administration to respond effectively to the economic crisis in the US when it eventually assumes office.
I would have thought that the Trump administration would be in a caretaker mode rather than setting policy decisions this late into his term of office.
The democrats blocked stimulus when Trump "wanted" to give it to the people, now the republicans will block stimulus when Biden "wants" to give it to the people. But Wall Street always gets their stimulus.
MMT can be summarised as oligarchy controls the definition of money
Whatever pretence of democracy is done now
This Western civilisations tenet is now officially subjugated
Well there's a summary of MMT I've never come across before.
I don’t see any summary more fitting
MMT is akin to 56 genders
It is printing up a fiction of money to meet ‘demand’ comparable to the fictional demands of identity politics
Well I guess that depends upon whether you think housing, or weed eradication, or health care or good roads are "fictional demands" or not.
You can print money to meet demand for all the things
The spotlight is on who prints and the nature of the printed money instrument
That matter is not theorem, more fact
This election has demonstrated amply that democracy is dead
Banana democracy and banana money will come forth
It's not the end of democracy but the end of pacifism. Think about it, if Trump steps down, where else will the anger be directed at?
Only governments can print money. It's what governments do with that money that is critical.
There's always crypto if you want to opt out of the monopoly fiat system.
Considering money is no object when it comes to lending and that we have the QE to Infinity if necessary, why is it that the US offers a 30 year fixed interest loan on mortgages and yet no Aussie lender will do a 30 year fixed interest loan here? The longest is 15 years.
Perhaps Banks here think at some future point in time we will have significant inflation.
I am betting that it will happen sooner rather than later.
I can't answer your question regarding mortgages, but banks are constrained by the capacity and willingness of borrowers. No demand for bank loans = no money creation. Demand for loans without the capacity to meet the repayments = no money creation. CB's can do everything in their power to provide the conditions that encourage lending but at the end of the day if the consumer doesn't want to borrow money or the banks don't want to lend then very little new money will enter the system - unless the government injects money into the private sector when it spends.
From a Reddit place:
As far as inflation goes, I don't think any banker can predict that at a point in time in the future a period of sustained inflation will kick in. And fixed rates are now lower than variable rates and I'm trying to get my head around why.
None of that is at all helpful @Markco2 I know and probably has nothing to do with what you asked.
Sometimes I just like to hear my own voice.
Or the 'tap', 'tap', 'tap' of keystrokes.
My book “Super Imperialism” was about how the United States has gained a free lunch by establishing the dollar as international reserve currency by replacing gold. I also showed that the U.S. balance of payments deficit is almost entirely military related to support its 800 bases around the world. Ending the gold-exchange standard in 1971 created a situation in which the excess U.S. dollars thrown of by the U.S. payments deficit end up in foreign central banks. https://michael-hudson.com/2020/01/...MNIejYSsyL_QJXwS6Z3GW6lFYRc_Vrgrg44s56CrXiDYY
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