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The only true way to burden future generations is to consume real assets to the point where they cannot be replaced and shortages are the norm. Or, destruction of the environment. Government deficits do not present a burden to future generations. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman
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The only true way to burden future generations is to consume real assets to the point where they cannot be replaced and shortages are the norm. Or, destruction of the environment. Government deficits do not present a burden to future generations. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman
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| The only true way to burden future generations is to consume real assets to the point where they cannot be replaced and shortages are the norm. Or, destruction of the environment. Government deficits do not present a burden to future generations. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes/ Download my podcasts! New one every week. https://www.buzzsprout.com/1105286 Mike Norman Twitter https://twitter.com/mikenorman |
You'd think this basic stuff would be taught in elementary school. Nope! lol
One would think
Thank you Mike! I mean Rhinestone Cowboy! ?
so much suffering could be alleviated with this knowledge. It really is a crying shame that more people don't take an interest in this. A crying shame
I have been trying to spread the info. Your right though, so much suffering could be alleviated by the right spending.
@JosephA W thanks for what you're doing. I know it is difficult to get people to listen.
that saving goes mostly to the top 5 or 10 percent, and the debt is for the 90 percent
Hopefully the 90% derived some benefit from the spending which caused the deficit.
I've taken to this response: When someone says "We're running up a debt for our kids and grandkids. They'll be paying that off for years to come" I reply "SHOW ME THE CHECK STUBS." I follow with asking if they've ever written out a check for debts incurred by previous generations, Do they know anyone who's written such a check. So far no one's ever given me a real answer 😉
I generally ask the question who owns this debt. And who is it owed to I never get an answer.
Mike is yelling "they printin' , they printing more Bitcoins" in a Jim Rogers' voice
Grandpa: "We are leaving an impossible to fulfil debt to our children and grandchildren!"
Me: "Well, most of that debt is set to go towards paying for medicare and social security for old people who will only stop receiving it after they die, so… *cocks Barretta*… how about we go to the shed out back and see if we can't eliminate some upcoming fiscal obligations?"
Seems the burden exists in elevated prices to people who have not inherited purchasing power from older relatives.
Why do you automatically assume there is going to be inflation? The "debt" has increased exponentially–from $800 bln in 1980 to $27T today–and inflation has gone from 14% to under 2%. Inflation is not caused by money printing. It's caused when sellers can raise prices. And the only way that can happen is under certain conditions, like monopoly, lack of competition, shortage, etc. Expanding tax credits to people in a competitive economy is not inflationary.
An easy response is- How much of ‘the debt your parents and grandparents left you’ are you paying off?
Future generations will live on less as the internet reduces the need for many products and services to exist
I hope so. We consume so much unnecessary garbage anyway.
https://youtu.be/1G0tfb8ZefA
Can you talk more about Cryptocurrencies and Defi potentially replacing the traditional financial system? One example is AAVE a decentralized permission less lending and borrowing platform on the Ethereum blockchain.
Sharing w my Facebook Crowd!
It's just frustrating watching the money printer go Brr directly into the domestic fracking sector and foreign oil extraction.
No doubt the "money printer" can be better utilized. Like, we need health care, education, infrastructure, basic science and research, environmental protection, and more things that would add to our standard of living and real wealth, in a more equal distribution.
@Michael Norman I agree wholeheartedly. This sort of crap has me quoting Michael Hudson at everyone.
Hello it’s not money it’s fiat currency … first understan money fiat currency fiat taxes
Well, by inflating anything and everything we are robbing our kids cuz they will have to work harder in order to afford less things than we could afford. Yes, we didn't consume the rental home, but we made it unattainable for them for the price we could afford it.
Why do you automatically assume there is going to be inflation? The "debt" has increased exponentially–from $800 bln in 1980 to $27T today–and inflation has gone from 14% to under 2%. Inflation is not caused by money printing. It's caused when sellers can raise prices. And the only way that can happen is under certain conditions, like monopoly, lack of competition, shortage, etc. Expanding tax credits to the non-gov't is not inflationary.
@Michael Norman Well, rentals alone at $1500 from, say $1100 do not exactly scream 2% inflation to me. And yes, the shortage of things that we haven't been producing while sitting at home. There you go.
@Ilham H Rents have gone up because of , 1) inadequate housing supply relative to population growth and, 2) more stringent home purchase mortgage requirements. These are not "money" issues. These are regulatory and market inefficiency issues. Why is it that you automatically assume money without any reflection whatsoever? You really have to stop this knee-jerk reflex. It's simply wrong.
Isn’t that inflationary?
Depends
I've heard your excellent examples of why Zimbabwe and Weimar Republic suffered from hyperinflation, and that contrary to popular belief, it was not money printing.
Could you do the same for US Confederacy 1861-64? The received wisdom is…"During the Civil War, the Confederacy printed more paper money. In May 1861, they printed $20 million notes. By the end of 1864, the amount of notes printed had increased to $1 billion. It caused an inflation rate of 700% by April 1864. By the end of the Civil War, the inflation rate was hitting over 5,000% as people lost confidence in the currency.". (google for, "Why Printing Money Causes Inflation").
Was it that all the men were fighting, so production couldn't keep up with demand?
Mike, when you described wrecking the planet, I immediately thought of the movie "Idiocracy"!
Mr. Norman your latest podcast was great, thanks for continuing to do the podcast! Great commentary!