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 )
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.
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.
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...
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...
IBC looks to be a sound idea. But that’s irrelevant now as we have compulsory superannuation and permanent life insurance policies are no longer available in Australia. Murphy’s own journey into being your own banker: http://s3.amazonaws.com/IBC-General-Resources/2013.05+Murphy+My+History+With+IBC+May+2013+LMR.pdf
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.
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.
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.
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.
@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.
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.
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.
@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?
