Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #94905 is a reply to message #94897] Sun, 12 December 2021 10:03 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 696
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st 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.

http://bilbo.economicoutlook.net/blog/?p=48837
Re: Modern Monetary Theory [message #95030 is a reply to message #94905] Tue, 04 January 2022 12:33 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 696
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st 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.

Bill Mitchell: The Japanese Denial Story 1 & 2.

http://bilbo.economicoutlook.net/blog/?p=48952
http://bilbo.economicoutlook.net/blog/?p=48956

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.
Re: Modern Monetary Theory [message #95081 is a reply to message #95030] Thu, 13 January 2022 11:41 Go to previous message
Rusty is currently offline  Rusty
Messages: 696
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st 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.

https://michael-hudson.com/2022/01/inflation-and-illegal-repo-loans/

Wall Street On Parade: A newsletter watchdog following the shenanigan's of Wall St.
https://wallstreetonparade.com/2022/01/wall-street-banks-have-an-alibi-for-their-11-23-trillion-in-emergency-repo-loans-from-the-fed-its-a-doozy/

YouTube of Hudson's interview:
https://benjaminnorton.substack.com/p/economist-michael-hudson-explains
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