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gumball's picture
gumball 5 weeks 23 hours ago
#1
Quote MaxM:

http://nmpolitics.net/index/2017/11/our-government-is-lying-to-us-about-...

Many nations have tried this, all have led to hyperinflation.

chuckle8's picture
chuckle8 4 weeks 6 days ago
#2

As Thom points out the budget ceiling was created by the repugs to bludgeon the democrats and their social programs. One thing I wish the article would have said is that there are good and bad deficits. The measure of which deficit is happening is the debt to GDP ratio. This metric seems to be the only one that actual economists use.

chuckle8's picture
chuckle8 4 weeks 4 days ago
#3

It seems that gumball should look at more data. It seems the USA has been operating without any currency except our good faith for some time. Since 2008, our inflation has been so low that Janet Y could not raise interest rates (it seems the exact opposite of hyperinflation).

gumball's picture
gumball 3 weeks 1 day ago
#4
Quote chuckle8:

It seems that gumball should look at more data. It seems the USA has been operating without any currency except our good faith for some time. Since 2008, our inflation has been so low that Janet Y could not raise interest rates (it seems the exact opposite of hyperinflation).

Did you read the article in his link?

This is the end result of what he is advocating for;

https://ca.news.yahoo.com/venezuelans-scramble-survive-merchants-demand-...

chuckle8's picture
chuckle8 1 week 2 days ago
#5

Yes, I read the article in his link. I have not looked at the link you provided. I just saw the link today, Jan 8, 2018. I like that MMT points out that the reason for having a currency is to pay for the commons, AKA taxes. Also, Steve Keen (student of Minsky who is trying to crown source funding for writing software to demonstrate Minsky models) likes to point out that MMT is neither modern or theory.

chuckle8's picture
chuckle8 1 week 2 days ago
#6

Thanks a lot gumball. I went to your provided link and started reading it. My anti-virus software it detected a threat.

chuckle8's picture
chuckle8 1 week 2 days ago
#7

Now to Econ 101. Currency is not the wealth of a nation. Currency is a convenient way to measure the wealth, but it is full of pitfalls. Thom reminds of us how Adam Smith (father of capitalism?) in "Wealth of Nations" describes wealth. He uses the example of a stick of wood as having no wealth. When that stick of wood is made into an ax handle it has wealth.

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Organized Money Is Dangerous To Democracy

The question that is constantly being asked, particularly on the talking heads on television, is "what do the Democrats have to do to regain political power?" What does it take?