Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Apart from the illusion of the national debt crippling our ability to have a thriving economy with livable wages for the masses and take part in an upward mobility scheme. With reasonably priced housing, schooling and health care not potentially bankrupting a family. It may be useful to understand why our economic doctrine has totally morphed into this hierarchy of financial dominance at the helm. And a doctrine that supports that with a paradigm written into the textbooks as the established method of trust.
Why that is regarded as trustworthy can take decades and more seeing what it's effect is. And a bias towards any challenge to it's worthiness.
To get a take on that and what a non mainstream economist experiences with a systems dominance has with their research to the contrary. Read on Bill Mitchell's experience as a non heterodox economist has had with an aspect of the standard economic model known as the NAIRU. Which sounds like the cheesy 70's era fashion statement in men's clothing. But it's effect on our economic wellness is more a straitjacket than the Nehru jackets the Beatles were know for.
We live with these consequences of what is right to make the best of what our economy has to offer. When it doesn't live up to expectations after a thorough vetting over many decades. It needs to be changed. The patience of Job is needed though. He was right all along. As is his colleagues of MMT.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
The Japan Paradox! As alluded to prior, Japan carries the highest debt to GDP per population in the world. And have had all manner of orthodox New Keynesian, (neoliberal), economists claiming Chicken Little for their dire fate since the 1990's. It still continues, just as it holds firm for this countries debt mania. It seems a fine cover story to keep anyone from thinking about the real root causes of a chronic underperforming and frail economy. Keeping the bulk of the working class under the thumb of the ruling financial class.
If national debt is realized as a normal aspect of a sovereign currency issuer nation. Then investing in the real economy can be regarded as a non threatening and healthy endeavor for a government to engage in. Instead of bailing out monopolistic financial institutions and junk securities during endless quantitative easing our federal reserve does to prop up the financial sector in our glorious finance economy. We need to swallow the Matrix red pill and wake up to what Wall Streets blue pill has provided.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Try to wrap your mind around this idiocy. If this doesn't make for a realization that Wall Street controls both parties and both houses of the government. Nothing will. It's as if the two party system is like indulgent parents of an insolent, entitled, pampered and precocious brat that is forever getting into trouble financially. And being bailed out. Without even a scolding. As the too big to fail banking system is Wall Street and Wall Street is headed by appointee's from the two party system in the guise of the Federal Reserve system. That comes from "Wall Street". It's catch 22 with no oversight. Because the two party system gives them full faith they know what they're doing. They just see the huge deficit and make policy from that.
The fed. surreptitiously bails out the too big to fail banks for their betting disease in 2019. Against the written law of the Dodd Franks Act. And now just learning about it.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Bill Mitchell is always very calm, thoughtful and provoking at the same time in his analysis of the prevailing economic doctrine. Here he lays out what effect the pandemic has done with this doctrine. And the persistence within it that runs counter to making coming out of it, (whenever that is), easier on the public. Especially concerning the current inflation issues that will be dealt with the same old way. As he points out, "How will raising interest rates make a truck driver sick with COVID return to work sooner? And increase the number of container ships get to the right destination? As usual, it's hysteria and the financial markets that push the narrative. https://www.youtube.com/watch?v=TEm_77Y7eNs&t=2s
Being a musician also, (maybe the earrings give that away). Bill gives a nice summary of what he's been listening to. A soundtrack from a tv series. Interesting perspective of what H.G. Wells novel, The War Of The Worlds had in regards to our own human aggression has been with fellow species and animals to what the Martians may regard with ourselves. http://bilbo.economicoutlook.net/blog/?p=49100
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
This is a nice writeup from my local paper of an author from the area that has written a book about the federal reserve system and the effect it has had over several decades on our economy. And it follows what some economists have pointed out for decades now that aren't indoctrinated by the prevailing doctrine of the profession. What I find interesting about this is the author is not from the economic realm but was interested in knowing about the causes of why our economic system works so effectively for such a small percentile of the public. It bolsters a hope that a more mainstream consciousness of what goes on in our monetary system can prevail in speaking up for an overhaul of it.
Considering the concern from within this thread of the national debt and what that effect may have on our future prospects. It might be well to know just how much of that debt has been created by what the federal reserve system employs as a function of it's use. And how could all this debt would have been put to better use if we had a system of economics that considered the welfare of the middle and lower classes more than the upper echelon of society to somehow trickle it's way downward. Supposedly lifting us all up. The elevator seems stuck.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Evangelistic Neoliberal Financialization. Has been painting this country into a corner for decades. I'm always fascinated to read what this economist puts into print or says about the state of affairs of this country, and the world. It's not very pretty, because it's not really pointed out. We're given a steady state of doing the right thing for life, liberty and the American way. But it's not exceptionalism. Not anymore, and the world is picking up on that. Are we going to stay this course? Or find a better way to coexist with the rest.
Something to invade your mind with. https://michael-hudson.com/2022/02/americas-real-adversaries-are-its-european-and-other-allies/
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
An interview with Steve Keen in 2018. Speaking about how the economic mainstream has evolved and what emphasis it places on faith and fantasy in how the complex system of an economy works. In effect a cult. Mr. Keen has long developed a computer software for economic prediction called Minsky. A very interesting economist worth checking out.
How economics became a cult:
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
As the world turns and daily news offers no respite. A good article that offers nothing to change any sense of optimism in it's content. Only the sobering understanding for what needs to be spoken towards. Not forthcoming from anyone whose elected status requires the will of the public, but the allegiance to it's donor class.
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
Is it fiction or propaganda? Or both, emanating from economic journals to op-ed pieces in financial publications and news outlets. An unwillingness to think in another slipstream of consciousness. Maybe a dogma that is like a religious principal. To challenge is the sin of heresy. Or maybe just to protect the easy money lifestyle some are accustomed to. Whatever the case, it's institutionalized enough that lifting the veil of it's contradictions with a platform confronting it's misconception is relegated to blogs and a few academic papers from dissenters of the faith. One of the better consistent ones from the land down under, Bill Mitchell.
Take it away BIll with your bad self:
Rusty Messages: 1192 Registered: May 2018 Location: Kansas City Missouri
Illuminati (3rd Degree)
How high the mountain? Of debt that the Federal Reserve bestow without any oversight by congress or John Q. Public's knowledge is part of our total debt? Take a gander and contemplate. What is this system for and all about? How does it benefit the public and the future of this country?
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