Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #96029 is a reply to message #96002] Wed, 28 September 2022 11:48 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 836
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
On the Federal Reserve with Ralph Nader & Michael Hudson guest. Here's a good history lesson on the origins of the Federal Reserve and what effect it's had on our economy. Straight up till now. This is an institution that is given free reign to indulge the rapacious banking system. Even when systemic control fraud was being conducted in the housing derivatives that led to the 2008 recession. When you look at the national debt spike that has grown to todays level check the date it began to rise. The bulk of this spike is from the federal reserve central bank propping up the banking system from it's gambling disease. This is modern monetary theory for all the wrong reasons.

Who takes the brunt of this behavior? The public does. Who's affected the most by our current inflation? The public. How is it China's inflation rate average is 2.3% when ours is 8.3%? Their banking system is public. Speculation is not allowed.

This is an interesting insight into what has warped our economy in which BOTH of our political parties instill full faith over reasoning in. Faith is appropriate for religion but has no place in running an economy. Especially with a track record, particularly in this century, which has been one crisis after another.

https://michael-hudson.com/2022/09/on-the-federal-reserve-with-ralph-nader/
Re: Modern Monetary Theory [message #96066 is a reply to message #96029] Tue, 11 October 2022 12:58 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 836
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
America's Unipolar World:

As I've watched and read about the Ukrainian conflict. I've found it very easy to slip into a sort of David vs Goliath view of this war. But that may be the narrative that official media and political sources want the public to feel. Like our economic landscape is crafted.
The conflict there goes far deeper historically and more nuanced than what we're fed. A few studied people have called this conflict a "proxy" war simply with the US and Russia. Maintaining that over the years since the Soviet Union collapsed and western neoliberalism took hold there. The build up of NATO had increased rather than what might have seemed counter to the need with the Soviet threat crumbling with the Berlin wall.
But economics and it's bedfellow politics always seem to create a soap opera, or some may say, a chess match. Both probably considering the characters involved.

And we have now this conflict that like ones I've seem to hear and read about for decades now. Drag on, up's and down's, gains and losses. But this one involves the wild card of nuclear confrontation. And that ain't no joke.

Jeffrey Sachs, an economist with a long history with international geopolitical economics is worried about this one. And it's good to get another view, countervailing to the predominant ones that is all we hear about.

The world is not a unipolar world anymore.

https://www.youtube.com/watch?v=wmOePNsNFw0

What do you think?
For reference though, maybe read JFK's post Cuban Missile Crisis speech of 60 years ago.
https://www.jfklibrary.org/archives/other-resources/john-f-kennedy-speeches/american-university-19630610

Re: Modern Monetary Theory [message #96076 is a reply to message #96066] Fri, 14 October 2022 12:05 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 836
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
It's been pointed out that when it comes to finance and the intricate products it creates to make a profit. To the point of bending the law. Peoples eyes glaze over. And it's newsworthy lack of print is probably justified because of this tendency. What I've put out in this thread usually gets no response, unless it's about the national debt and how that makes for the worry of some impending catastrophe.
The way this is usually handled politically is to demand reckless spending be curtailed and sensible fiscal expenditures be adopted. Corporate profits though are at an all time high. But what is that fiscal thing? It's austerity. For who? The public at large and the lower to middle classes specifically.

Now with the mid-term elections almost upon us, the deluge of ads point this out. Inflation is due to reckless spending and workers demanding more pay. We must rein this in with higher interest rates, unemployment, (to temper workers demand for higher wages), and of course austerity for those ever eroding entitlements, (a name that is an affront to working people).

It would be an interesting dialog to capture the publics attention for all this hardship foisted upon them to be aware of the role that the big banks of wall st. have had in perpetuating this mess. And how they perpetually escape the attention of even the institutions and laws enacted to regulate them. But our ingrained economic doctrine is a hands off attitude with "the markets" by government. That's big government subverting the marketplace.

Finance capitalism is the ruination of this countries, Europe's and elsewhere economies where neoliberalism has pushed banking to the head of the marketplace. It leads to de-industrialization, monopolization and parasitism by the FIRE, (finance, insurance and real estate) sectors.

Here's a series of articles to glaze ones eyes with. What we should be screaming out about. Fiscal and personal responsibility is all we get.

https://wallstreetonparade.com/2022/10/new-study-wall-street-banks-are-doubling-down-on-risk-by-selling-credit-default-swaps-on-their-risky-derivatives-counterparties/

https://wallstreetonparade.com/2022/10/shhh-dont-tell-the-fed-or-mainstream-media-that-systemic-contagion-at-wall-street-banks-is-already-here/

https://wallstreetonparade.com/2022/10/nomi-prins-new-book-no-one-wanted-to-call-the-feds-qe-a-ponzi-scheme-but-it-was/

https://wallstreetonparade.com/2022/10/casino-banking-wall-street-mega-banks-traded-more-in-their-federally-insured-bank-than-the-total-for-their-bank-holding-company/

Re: Modern Monetary Theory [message #96135 is a reply to message #96076] Wed, 02 November 2022 11:12 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 836
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
This is like the sediments of history dug up and used again. Like the phrase, history repeats itself. Human beings have exhibited this age old pattern with obtaining and retaining the reigns of power and influence throughout all our history. Here's another example going on today. We only get one side of the story in our culture though. But some people can see the similarities and the implications. Two articles to contemplate concerning America and the western alliances vs China-Russia and the forming, "Southern" alliances. Who is more morally correct? Something played out through the millennia.
Two non-orthodox economists take.

Michael Hudson:
https://michael-hudson.com/2022/11/germanys-position-in-americas-new-world-order/

Jeffrey Sachs:
https://www.jeffsachs.org/newspaper-articles/d2hlnp24c7hyewetypd6rjgfesszm4
Re: Modern Monetary Theory [message #96198 is a reply to message #96135] Wed, 16 November 2022 18:34 Go to previous message
Rusty is currently offline  Rusty
Messages: 836
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
Nomi Prins knows finance banking from the inside out. She worked in the biggest, Bear Sterns, Chase Manhattan, Goldman Sachs. She did analysis for these banks financial engineering departments. From it she learned how the system works to amplify the never ending flow of Federal Reserve money. And because of it she eventually had a change of conscious for the harm it's done to our economy. And written books and essays trying to call attention to it. This kind of critique though is not promoted to a wide audience in our society. The gravy train is too lucrative in our banking and corporate suites to make this knowledge a household staple.

We know things don't seem kosher but there's no meaningful explanation to account for it. Other than the platitudes trotted out for every crisis heaped on us.
It's very simple though. It's a system designed to maximize the power of money that only the very few can take part in. The real people in the real economy are subject to the reality of stinginess to access from thriving that the top 10 to 15 percent of the population take for granted. Wall Street's casino.
While the real economy that makes things and delivers services, the financial economy thrives on the debt we owe them and the casino that amplifies the investments the elite can partake in. Which is why the top 10% reap 87% of Wall St's. wealth.

Forty years of Neoliberism has culminated in this dilemma. A mixed economy with manufacturing, service and finance promoting the real economy is what we once were. The tenants of Neoliberism called for off sourcing industry, small government influence in the markets and de-regulation. Principally banking. And the Federal Reserve system is the enabler for banking's gambling habits. Even when they blow up the whole economy from their avarice and political influence.

Let Nomi Prins explain it so much better. It's worth your while to understand the reality from the fantasy.
From the half way point in Richard Wolff's Economy Update. (16:00).

https://www.youtube.com/watch?v=ii3TEen_LP4&t=1s

An in depth take on her new book Permanent Distortion.

https://www.youtube.com/watch?v=52T309JE7f8

https://is2-ssl.mzstatic.com/image/thumb/Publication122/v4/67/0d/ec/670decb8-8d6b-fcb3-39e1-af6a8c961ab5/9781541789074.jpg/536x0w.webp
Like James Brown sang: "We gotta get ov'ah, before we go und'ah.
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