Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #94412 is a reply to message #94373] Sun, 12 September 2021 09:50 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Another fine economist. Jeffrey Sachs. Our last dialogue with China went nowhere. We forced our social behavior ideals to the forefront in our relationship with them. Whenever we dictate our perceived morality on sovereign countries, they point out our own obvious social inequities. Mr. Sachs has pointed out that in this time in our worlds history, cooperation is a commodity in great demand with what our world faces for everyone of us. We're stubbornly being obstinate adolescents in this regard.

America vs. Everyone
https://www.youtube.com/watch?v=A-tDj4ZGcZY&t=1294s
Re: Modern Monetary Theory [message #94416 is a reply to message #88755] Sun, 12 September 2021 20:39 Go to previous messageGo to next message
gofar99 is currently offline  gofar99
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Hi, Whenever we dictate our perceived morality on sovereign countries, they point out our own obvious social inequities Sure enough. Our track record in getting other nations to see things our way has not been a success.

Good Listening
Bruce
Re: Modern Monetary Theory [message #94419 is a reply to message #94416] Mon, 13 September 2021 09:27 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Quote:
Sure enough. Our track record in getting other nations to see things our way has not been a success.
Yup. That seems to follow our American exceptionalism self deception nicely.
Re: Modern Monetary Theory [message #94436 is a reply to message #94419] Wed, 15 September 2021 10:41 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Big investors are having a hissy fit with China not allowing them to do their looting scheme. So they're spouting off with editorials in big publications venting what they perceive is an existential threat to the free world. Free being the free lunch they're accustomed to. The United States has been living under this scheme for 40 plus years, and it shows. Sky high real estate, schooling, health care. Decaying infrastructure, regressive taxation and ineffective, stalemate governance. It's the Neoliberal way, historically parallel to the Romans. We keep going ahead in denial and who knows what other financial meltdown will wash over us like waves coming in this young century. By count, three so far, including the COVID crisis.
Why do we cripple ourselves so? Read on.

https://michael-hudson.com/2021/09/the-vocabulary-of-neoliberal-diplomacy-in-todays-new-cold-war/
Re: Modern Monetary Theory [message #94508 is a reply to message #94436] Sat, 25 September 2021 13:08 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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A lack of will from a state of confusion. Confusion willfully placed to obfuscate the reality of running an economy working to benefit the majority of it's participants. Those that work. Our economies based on the Neoliberal construct. Trickle Down, Supply Side, Service Economy have had the public domain replaced by the private. The industrial aspect replaced by the service aspect. The will of the electorate replaced by the will of finance capitalists. Economic dialogue is reasoned through the textbooks that reflect the state of economics as a settled coherent discipline. But unfortunately not describing the real world and the majority of people that work in it. But there are people that fortunately know what reality is. It's the making it known that is really difficult. The lack of will is in our current political system. Only by recognizing what the confusion is, may be the way to not accept the lack of political will.
Great dialogue as usual from real economists. Not hacks.

French economist Thomas Piketty and Michael Hudson
https://www.youtube.com/watch?v=GWT0uvBLDbo

Australian economist Steve Keen
https://www.youtube.com/watch?v=dBxaGsLxACo
Re: Modern Monetary Theory [message #94569 is a reply to message #94508] Wed, 06 October 2021 11:08 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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From the readings and listening's I take in on this subject matter. I get the sense that our neoliberal economic promotors are like junkies. Engorged with the prosperity that they've attained from their parasitic methods. They can't begin to see it's downside. The metaphor of "the one percent" is simply the big movements in our financial economy and the players in it. Who owns most of the stock in Wall Street? The metaphoric one percent. But more so, who plans our economy? Wall Street. Socialism is a dirty word and a pox on their prosperity. Their theme song should be Turn Me Loose, by Loverboy. "They gotta do it their way, or no way at all". With politics in their pocket, economic schools putting out neoliberal technicians and a huge populous to feed upon with debt service. It's been easy peasy.

But it's never enough. Ask any junkie. The reoccurring news about China and it's Real Estate business Evergrande makes for impending doom about to happen there as did in this country. Making with it opportunities for investors to capitalize like vultures circling. But the Chinese are not allowing for this opportunity to be realized. Unlike our neoliberal economists, they have studied outside that realm, and regarded history important too. They are working towards a healthy economy where more of the people can prosper, rather than the elite few that live splendidly off the many. Much like we were and now aren't.
America's national treasure and deserved of the medal of honor, which will never be. Michael Hudson shows us our true folly. Unfathomable to the junkies running the show.

https://michael-hudson.com/2021/10/the-affront-of-chinese-sovereignty/
Re: Modern Monetary Theory [message #94630 is a reply to message #94569] Tue, 19 October 2021 09:44 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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It's rather ironic to contemplate a notion of a communist country showing the western world a path of more equitable capitalism can be had. China like our own country has had a problem with it's real estate market messing with it's overall economy. But unlike the western capitalists, the Chinese are thinking long term and towards the overall growth security of their growing middle class. Thus they are taking steps that will not bail out the investor class as our neoliberal mindset has done for our economy. As their motto is, real estate is for living, not speculation.
Their economy has slowed from this speculative meltdown and an energy crunch for their industry. But at that they still have a GDP that would be enviable to our economy. They will absorb this "hit" an plan for the long haul. Something our country has neglected for decades with the financial planners requiring short term goals instead. As Mr. Hudson exclaims, "Who do you want planning your economy, people you elect or Wall St."?

https://www.ft.com/content/aafca7d3-10a9-41c5-9832-f6e199a5c630
Re: Modern Monetary Theory [message #94661 is a reply to message #94630] Sat, 23 October 2021 12:02 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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The dynamics of the past to the possibilities of our future. Addressed in SUPER IMPERIALISM! Or, the world woke up and said to hell with America's balance of trade. I think Mr. Hudson's third edition of this treatise on America's balance of payments with trade and it's global effect on it's economies is an unfolding tale and hopefully wake up call to examine what kind of future we want for ourselves. I hope we wake up. The irony of the classical economist Adam Smith and his free market concept is that it's been warped by the neoliberal concept of debt creation and privatization. Monopoly rent was his abomination towards, and the process which has been entrench in our modern economy. The neoliberal concept has eliminated the nurturing of industry for the supply dependency we live with now. Short term gain for long term stability. Where is the world heading economically? The book gives clues. We made the rules, and the times, they are a-changing.
Which may account for our exasperation and turmoil in the political arena.

https://michael-hudson.com/2021/10/we-make-the-rules/
Re: Modern Monetary Theory [message #94664 is a reply to message #94661] Sat, 23 October 2021 16:43 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Registered: May 2018
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And at this point. A Short History of Neoliberism. What it means in the "liberal" sense and how it got going. Becoming the major worlds economic paradigm. We're stuck with it now and it's hard as hell to get away from it. Communist China is showing the way. Like Dean Martin sang. "Ain't that a kick in the head".

https://www.tni.org/en/article/short-history-neoliberalism
Re: Modern Monetary Theory [message #94719 is a reply to message #94664] Sat, 30 October 2021 13:26 Go to previous messageGo to previous message
Rusty is currently offline  Rusty
Messages: 666
Registered: May 2018
Location: Kansas City Missouri
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Another good resource guide for the Neoliberal economic phenomenon. https://www.faireconomy.org/the_politics_of_privatization
And our one party system of economic choice.
Neoliberalism was chosen to replace Keynesianism. And it proved to be successful. Too successful for too few. Have we finally reached a point to evolve into a more stable, ethically prosperous method for citizens to thrive in? It couldn't come any sooner for me. Our two fused at the hip political parties though are at the crux of breaking out of a oligarchic system opposed to structural change.

Can the lobbying system be regulated? And the legally sanctioned political bribery reined in from the Citizens United Supreme Court ruling?

There are many excellent proposals from non-orthodox economists referred to in this thread that could be adapted to our capitalist system that could make the system function more equitably for all of us. Not just the Financier's. We've lived for about a half century with this economic system. It's not etched in stone like it were the 10 commandments. Would it not be advantageous to insist on our stagnated politics to take up the issues hindering a break from the status quo. The system needs structural change. And the culture war politics are a diversion from that.

Since our two party system shares the same economic philosophy, the likelihood is that the voters of these two parties could have a common interest in improving this system that over the decades has eroded both their personal livelihood and future of their children. Surely constructive comments from anyone on the system we are in and what would make it more fair, more stable could be agreed upon. And made important in choosing a political representative.
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