Modern Monetary Theory

Discussion in 'Markets & Economies' started by mmm....shiney!, Sep 14, 2019.

  1. leo25

    leo25 Well-Known Member Silver Stacker

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    There is nothing wrong with talking about this, but he has to stop attacking MMT people on the bases it's their desired system, rather then people just observing how it works today and how to make the most of it for the average person.

    In the first video i ever watched with Mosler vs Murphy, i was really hoping for Murphy to win the debate. But found Murphy to be a compete idiot. I wish the Austrian side had a smarter & better informed person as their spokes person. (better looking wouldn't hurt either :D)
     
  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    What would be interesting to ask Murphy is whether he thinks a free-market economy would have effectively responded to the COVID-19 crisis as our central planned economy.

    It’s a challenge for me to tip my hat to our federal government.
     
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  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    what about me? :D

    MMT advocates are pro-State by default.
     
  4. leo25

    leo25 Well-Known Member Silver Stacker

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    You will get my full endorsement. :) Debate round 2, Mosler vs Shiney.

    But if we can find someone that looks like this to represent the Austrians, then instant win. :p

    [​IMG]
     
    Last edited: Dec 17, 2020
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  5. leo25

    leo25 Well-Known Member Silver Stacker

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    Watched a video on IBC (which is new to me) but since it's based is on a scam product like whole life insurance, it's not a good starting point. From my limited time with IBC it doesn't look much better then the current system options, if anything it looks worse. Happy for anyone to help me understand how it's better though...
     
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    It just seems ridiculous that an "economist" would prop up such a stupid concept.
     
  7. leo25

    leo25 Well-Known Member Silver Stacker

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    To me it has a pyramid scheme/ loan shark feel to it, with it's advertised no risk no question asked loans. I rather just take out a normal insurance policy and save or invest the difference in premium cost.

    The concept of IBC seems to contradict his apparent views on sound money and prudent savings. But maybe I'm missing something...
     
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  8. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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  9. leo25

    leo25 Well-Known Member Silver Stacker

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    AIG insuring everyone and eliminating risk was a sound idea too, until it wasn't.

    Plus the regulators will never allow it to fly anyway.
     
    Last edited: Dec 18, 2020
  10. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I don’t understand the hostility toward the idea.

    But I also don’t care to debate it.
     
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Crypto offers the real opportunity to become your own banker, or at the very least removes the parasites from the system and take back purchasing power from the State.
     
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  12. leo25

    leo25 Well-Known Member Silver Stacker

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    I’m just giving Murphy the same level of criticism as he has shown the MMT crowd. :)
     
  13. leo25

    leo25 Well-Known Member Silver Stacker

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    For the time being people only use cryptos in order to get more fiat currency. I can’t see this mentality changing anytime soon. At the end of the day even people like Murphy doesn’t want to leave the current system he claims to hate so much. That system is what allows him to do jack all and get paid.
     
    Last edited: Dec 18, 2020
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  14. mattyman174

    mattyman174 Member

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    ITT: The Shiney and Leo Show!
     
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  15. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Although bitcoin looks like a good gamble (if it drops back below $5000), I still standby my belief in crypto gold and silver, especially crypto silver. If Paypal can offer bitcoin crypto, they can offer one for silver, a silver backed ETF and crypto, redeemable for real silver.
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    @sgbuyer, crypto as you’re probably aware has a number of functions. In ascending order of importance I’d say they are:

    1. a means of payment
    2. solving an existing problem efficiently
    3. decentralising the financial system

    A crypto silver product really isn’t a substantial improvement over non-crypto products already on the market because it would require centralisation anyway in order to guarantee that the silver being backed actually exists. :)
     
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  17. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Yes, I'm aware but I think the decentralising point is really over-rated. What's the point of decentralising when we ourselves are already centralised and monitored wherever we go? The phone we use monitors us. The token I carry even monitors the people near me. It's impossible to escape the deep state.

    In any event, I don't recommend putting everything into silver or gold crypto. Maybe 10%, and the rest is physical. But even if hedge funds place 5% into silver crypto, it will mean $500 silver.
     
  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    A quick reminder about the topic of this thread.

    MMT is a great explanation of how our flawed system operates and it provides a good framework for how to minimise some of those flaws.

    But us free-market advocates, libertarians, Austrian economists and anarcho-capitalists still maintain that even a centrally planned economy operating along the lines as laid down by Mosler, Kelton, Mitchell etc is still a highly flawed system. Just less so.
     
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  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    It’s the most important aspect of DLT and is why they were invented in the first place.
     
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  20. 66rounds

    66rounds Well-Known Member Silver Stacker

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    @mmm....shiney!
    I understand crypto is decentralized
    But what do you do with a CBDC where the blockchain/ledger is state organised? If every transaction used crypto, they'd have effective knowledge of every single transaction you participate in. Isn't that counter to libertarianism?
     
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