Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #95463 is a reply to message #95439] Fri, 01 April 2022 21:42 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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I used to work in healthcare. I'm retired and grateful to be out of it now, especially with what the last two years would have exposed me to. What I experienced in my lower echelon capacity of the way management required of people in the workforce is no surprise in reading this article about private equity management in health care. It's a lucrative market for a few people that have the means to obtain facilities for high profit.

They put the squeeze on staff and physicians to extract as much and as long as they can profits with a good return on their investment. When it is realized that profits plateau or decline. They sell it to another group willing to extract the same. This is the way our healthcare system has evolved to, as well as many other business ventures.

This is the neoliberal way with our world and especially in the US of A. It stinks.

https://www.nbcnews.com/health/health-care/doctor-fired-er-warns-effect-profit-firms-us-health-care-rcna19975
Re: Modern Monetary Theory [message #95546 is a reply to message #95463] Thu, 21 April 2022 14:17 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Why would something like this even be allowed? Is the whole financial speculation juggernaut so despicably without empathy to even consider their actions have implications towards the very lives of people throughout the world? I don't think they do. I think whatever avenue they can manipulate to bring in a positive financial return is simply the way the markets are and nothing else comes into question. There seems to be a vast disconnect to this way of life that I can't reconcile as having any hope for humanities progress.
Makes me think of Holden Caulfield from the book, The Catcher In The Rye. His English teacher evaluates troubled Holden and says, "I think you're riding for-it's a special kind of fall, a horrible kind."

Helping ease food insecurity and starvation requires governments to ban bankers speculating on food prices

http://bilbo.economicoutlook.net/blog/?p=49631
Re: Modern Monetary Theory [message #95630 is a reply to message #95546] Mon, 16 May 2022 10:33 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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I'm going to pickup a copy of this. https://michael-hudson.com/2022/05/the-destiny-of-civilization/
This looks to synthesize his prior books into one.
This whole 21st century seems to have become a complete f-up of our western economy. This guy see's what is causing it.
Re: Modern Monetary Theory [message #95660 is a reply to message #95630] Sun, 05 June 2022 11:43 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Location: Kansas City Missouri
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I enjoy very much seeing Ukrainians blowing up Russian tanks. I admire their spirit and tenacity defending their homeland. The Russian leader without hindsight miscalculated this response from Ukraine and the western NATO alliance. But history can show more than one side of any story. David Harvey, an Anthropologist with great insight of economics and history gives a good idea of what the collapse of the USSR in the early 90's, the west's opportunistic financial economic intervention there and the subsequent build up of NATO has had with what's happening now in Ukraine. And as usual, short sightedness can be revealed with history lessons. Which to no end is in the misjudgment of our own economic history.

https://www.youtube.com/watch?v=48cr4G3opKg
Re: Modern Monetary Theory [message #95661 is a reply to message #95660] Sun, 05 June 2022 18:38 Go to previous messageGo to next message
Wayne Parham is currently offline  Wayne Parham
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I'm glad the Ukrainians are kicking Russia's ass too. But I must admit I wish they could launch a magic missile that hit Путин and all his новые русские (novie russkie), the folks that the media call "oligarchs." That's where the problem is.

Irony is the Bolsheviks that killed the Romanov family and took over the government wanted to get free of "economic oppression." They then began to see the west as "decadent capitalists." But what they have now is way worse, at least insofar as money is concerned. There are no better examples of "decadent capitalists" than Putin and his novie ruskie.
Re: Modern Monetary Theory [message #95662 is a reply to message #95661] Mon, 06 June 2022 10:35 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Registered: May 2018
Location: Kansas City Missouri
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I'm sure that old Lenin turns in his grave with the way Russia turned 180 from the old Soviet system when it collapsed in the early 90's. He found that representative democracy was just an illusion for the bourgeoise capitalists control. Which is food for thought. As it was our economic system that rushed in to fill the vacuum then. Russian politics being more extrovert to ours, the oligarch's maintain political patronage openly. Our oligarchy is more subtle at face value.

Hopefully this boiling over of resentment in Ukraine doesn't spill over to a bigger mess. There's quite enough on the plate already to deal with worldwide. Cooperation always seems to be like the little kid in the back seat listening to their parents bicker.
Re: Modern Monetary Theory [message #95674 is a reply to message #95662] Sun, 12 June 2022 09:32 Go to previous messageGo to next message
Rusty is currently offline  Rusty
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Registered: May 2018
Location: Kansas City Missouri
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There are alternatives. It only takes will power and political guts to do them. Which isn't part of the political scheme of things apparently. With so much inbox mess piling up on the oval office desk. Just let things operate as it has for so long albeit as ineffectual as it is. That being the Federal Reserve and it's stale bread policy of fighting inflation with higher interest rates. Keeping in mind the head of this institution is by training a lawyer. Though the Secretary of the Treasury has a trained economist at it's helm offers no better insight.
It all shows how ossified both the economic profession is and what political inflexibility has become.

It wasn't always this way as Richard Wolff points out. He gives 3 examples here of historical applications of flexibility to the problem of inflation has been dealt with by both parties. Apparently, letting a pimple develop into an abscess is the way to deal with this situation these days.

https://www.rdwolff.com/there_are_better_ways_for_societies_to_address_inflation_than_by_hiking_interest_rates
Re: Modern Monetary Theory [message #95699 is a reply to message #95674] Wed, 22 June 2022 10:55 Go to previous message
Rusty is currently offline  Rusty
Messages: 764
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
Steve Keen's advice to potential economic students is to go elsewhere. Study other more potentially useful careers. Like system dynamics or engineering. Because the economic profession is in it's form now, dead. Let it rot on the vine he says. In fact his analysis of it goes so far as to consider it toxic. To our eco-system and our well being. Our current paralysis seems to bear this out with the profession. Looking at Janet Yellen speak recently seems to show a public figure whom knows the system is foul, but can't comprehend why. The framework from her indoctrination to try and explain why things are so f'd up these days are inadequate from the look on her face.

Steve Keen knows though. And it shows. A wonderful video:

https://www.youtube.com/watch?v=KcAEy6o20Pg
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