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Douglas’ Research and Analysis is built upon an MMT and Modern Banking framework. If you are an active investor or trader you’ll find the research and analysis provided invaluable as you navigate the markets. Check out his Patreon: https://www.patreon.com/mmtmacrotrader
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Douglas’ Research and Analysis is built upon an MMT and Modern Banking framework. If you are an active investor or trader you’ll find the research and analysis provided invaluable as you navigate the markets. Check out his Patreon: https://www.patreon.com/mmtmacrotrader
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Steve Keen considers the following as important:
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| Douglas’ Research and Analysis is built upon an MMT and Modern Banking framework. If you are an active investor or trader you’ll find the research and analysis provided invaluable as you navigate the markets. Check out his Patreon: https://www.patreon.com/mmtmacrotrader |
great show guys and leaving a comment hopefully helps out with the YouTube algorithms.
Your the man Josh always grateful.
dude your voice close to the mic is half decent..
My radio voice…
@Ty Keynes well there's playing to the mic but proximity is an element of it.
steve looks like he is girding loins for battle with mainstream economics..
🤣
@Ty Keynes well he does.. I feel like he's got a rolled up news paper ready near by
but it definitely won't be wrestling!
Great show! Thank you
No, thank you for taking you time on a Saturday to watch. So important!
Thanks for having me on to fill in for Steve, I had a great time!
Your part of the crew and will always be welcomed come on and let us know what's up😊
Steve is a bigot!! Rastifarrian Hair dew and cow poop??
Sorry I did not join, I was indeed taking Douglas' advice and sleeping a bit. Great show Ty.
@34:00 not good from Mike. Seems lacking a class analysis? My take: (a) You don't (need to) care about the exchange rate in nominal terms. (b) You don't (need to) care about the interest rate, just set it to the natural rate = 0%. (c) You should not even (need to) care about price stability (it's a purely false psychological political constraint when the currency is a pure gauge for a labour standard). What you care about is full employment with minimum possible hours of labour — if you at all care about general standards of living. You also care about sustainable resources, but that has nothing to do with constraining employment. There's an endless number of good things people can be doing, even with infinitely many robots, unless someone just showed P=NP.
So if you pick two things when there's a Trilemma, it's a no-brainer, you pick: (A) full employment (non-bulls1t) and (B) sustainable resource use within planetary boundaries, and those TWO in macroeconomics are totally compatible. But then… only MMT understands this! 😉
Further to my remark @34:00: In any case, if government knows it is the price setter, not price taker, you can probably also get reasonable price stability within political tolerances. It's because the currency is a simple public monopoly. PK folks never grasped this, still don't. They, like Marxists, are too willing to admit the private sector has untamed power. That's true, psychologically, hence empirically, but it is false psychology, as say Lina Khan could tell you. 😉 So can be made empirically false, in a civilized society.
It is a particularly American sickness, I would say, to cede so much power to corporations and want so little power in your democracy. Although certainly not a unique sickness solely of the USA, just most acute. It's also an American sickness to think government should not be powerful. The point is to have a democracy so the power rests with "the people." The way I think is why would you want power distributed any other way? Or, "Why tf would you want…" 😉 (Peter Theil & E.Musk need not answer, they get a permanent "F" grade in comprehension and exercise of power. Or maybe a B+ in abuse of power praxis? 😉
Mosler added to PK a lot more than Mike and Ty give credit. Keynes did not understand the benefit of floating exchange rates. MMT is not mere accounting. It is recognition the currency is a public monopoly. No need to sell bonds. The PK crowd (Palley, Davidson, Lavoie, Baker, Weber,… you name 'em) still to this day have not correctly admitted this. As Randy Wray noted, PK economists chose to not accept MMT, so branched into incorrect, or incomplete (to put it kindly) economics.
MMT is a superset of PK. I'd be happy to debate any PK folks who think otherwise if they can show me receipts in the journals they've written in. Maybe by today Lavoie gets it right? Still, Lavoie vs Weber I think Weber wins?
Anyway, names be names, not really important as Feynman would say. If today you accept MMT principles you at least aren't wrong in that respect, call your school what you will.
@Bijou Smith I'm not sure why you said I didn't give credit to Mosler? I said he was the best thing for PK in the last 70 years. Also you gross misrepresentation of PK economics is rather shocking for such a well read individual such as yourself.
That is the project of rw libertarians and the rich since the Powell Memo. Free market fundamentalism was always an ideology to legitimize the destruction of a republic for plutocracy. Privatization is an ask for a people to cede their sovereignty to the total control of wealth.
In the 7ps, the rich bought into the ravings of Russel Kirk, that a middle class with time and money to participate in politics was civilizational destruction. Powell’s memo was a rallying cry to organize and capture gov and destroy the middle class
By "degrowing" you meant contract
1:15:00 guys, don't be so dumb about "activism". By siting back watching the world burn you are an activist, of the wrong type, an activist for the status quo. Such normies are pretty powerful too in this highly passive activism. Douglas and Ty (don't know about Mike) are pretty decent activists. Like someone who drinks water not beer and says "I'm not a drinker". Well… yes you are.
I want to say, "get with the program Ty," but I don't want to make enemies of my illicit needs maple syrup supplier. Tax payments are a removal of currency scorepoints from the non-government sector. Ok, but the records of payment don't vanish, is Ty's point. But so what? The purpose of referring to it as "money deletion" is correct and based. It gives people the correct brain signal, it is a demand withdrawal. That helps them see it creates a currency vacuum that public purpose spending can "fill" without causing inflationary pressures.
You can't go telling people I talk to everyday that taxes "withdraw demand from the non-government sector but the accounting records keep the money in account" — they'll look at you like you're someone from outer space (or an Econ department). And go about their day. Activism is vital for moving public consciousness. You didn't get the Civil Rights awards in the USA by sitting around showing LBJ that the math worked out and the anti-racism biology was sound.
"Delete" give the the impression that the current balance at the TGA is not used to offset bond issues. Again said differently, delete gives the impression that tax payments do not effect the governments demand to issue "bonds" This is the current reality of our monetary system. Though we both know it ought not be that way, none the less it is. People don't need "brain signals", Bijou, sometimes you come on sounding like a crazy 3rd world "dictator saying stuff like that. It's terrible messaging that comes from some "MMTers" as it attempts to prove one valid point at the cost of creating an invalid point. You could simply say taxes reduce aggregate demand instead of obscuring the entire issue with catchphrases.