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Elon Musk is reading the wrong books. He just needs to look at the numbers. 
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Mike Norman considers the following as important:
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Elon Musk is reading the wrong books. He just needs to look at the numbers. 
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Mike Norman considers the following as important:
This could be interesting, too:
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| Elon Musk is reading the wrong books. He just needs to look at the numbers.  |
mike – when a bureacrat or government contractor for goods or services is paid 5 – 300x the market rate THAT IS INFLATIONARY. Wake up bro – look around you – it's NOT about the nominal dollar amount of spending and most people don't understand MMT framing. I get it. But bro govt spending is causing MASSIVE amounts of corruption, fraud, and waste not to mention the fact that the services rendered by said bureacrat or government contractor are FAR FAR INFERIOR AND SUB PAR compared to private sector work ethic and output. The government spending is basically ALL INFLATIONARY for these reasons. This is the reality. What you're saying is the ideal or theoretical truth. But it doesn't work like that in REALITY. The highest real estate prices in the country are in DC for a reason. Literally inflation bro.
Spot on!! Great video. Elon’s a fraud… “read books on how to build rockets!” My ass lol …. He just wants to doge all the money alotted to blue collar workers (money we deserve after getting ripped off by capitalist charlatans like him and trump) and take for himself for his shitty cars and rocket bullshit.
Well you know what the mic I hope that elon musk does straighten out some of this crappy spending that's going on in our government and I think Pelosi has been in there for 6 years she could have done something about it When we hear the checks have gone out of our government And there's no numbers on the check saying what bill it was from where is it going to is it being accounted for And I wish they take for 6 years screwing up Paperwork and money and just laying it out the freaking door like she's just got the checkbook from the government yay 🙌I know you're angry about it but then explain it better to us cause it start to get frustrating with you I'd be glad to give it to you but you know what I don't Explain it $60 out of my checking account I'm just getting irritated I'll go to another channel and try and figure it out You have no idea pissed off we are about that LGBTQ crap that they spread all over the globe that was from us Because none of those other places believe in that crap Flags acting like asses And spending money we don't need to freaking spend
Gotta love a garden! Great stuff.
Great stuff Mike!
❤👁
Sounds like you've never read Milton Friedman in your life. He never used absolutes. You're comparing a basket of currencies to the dollar and relying on good statistics from the BLS which we know are cooked. How has the Yen done to the dollar? What does Japan's debt situation look like? If you're going to trust the BLS and the CPI to a bunch of bureaucrats, perhaps you're the problem.
@@gecko2000405 even Milton Friedman didn’t believe his own bullshit monetarist economics garbage at the end of his life. People like you can’t take it that you’re wrong.
@@gecko2000405 Hey, dummy, when I started in this business the yen was 500 to the dollar.
@@gecko2000405 Another clown whose argument is, “Do you believe those numbers?” Because they’re correct and disprove you, so you have to say it’s fake. Great argument.
@@gecko2000405 Milton Friedman: perfect example of the kind of defunct economist Keynes referenced in his famous quote.
@ Is that why the BLS and CPI had to modify their calculations and why we have core and 'super' core CPI? Stop using slander. As Socrates stated: "When the argument is lost, slander becomes the tool of the loser."
When you started, Japan didn't have much to offer. You're in your 60's. Doing napkin math it would be hard for Japan in the 1960's to accomplish much more than just rebuilding after getting fire bombed in 1945. By the 80's they already had control of the nand market.
Replacing gold standard dogma with MMT dogma. Comparing apples and oranges in the CPI. Relying on nominal rather than real measures (DXY). Denying that it takes way more labor hours today to buy a house than it did in the 70s. Powell has an ax to grind with Trump, and will f* up Mike's bond portfolio by holding the rates elevated and teach him that any investing is just forced gambling. Not to mention the ever-increasing wealth gap aka inflation indicator.
Mike, I have been following you for a long time. You seemed triggered by Elon. The guy is a genius and you can't even throw him a bone on that. You think he might be a good engineer? Come on. It taints everything you are saying.
I remember hearing on Mike's podcast years ago how he admired Tesla and Elon as a tech company, and that he invested in it.
One thing I’ve noticed about engineers and techs—I grew up in a family of engineers and I work with a bunch of techs, while my education is in law—There is a fatal flaw that all engineers and techs do, and it is exasperating: they think because they can do math or engineering or their tech job, then they therefore know everything. NO, they do not. They don’t know how to take a principle (such as “cost cutting”) and see if it “applies” in a certain situation. They can’t “apply” things correctly. They think they are so smart just taking one principle e.g. cost cutting, and applying it across the board and going “ta-dah!” is SMART. And I’m over here, my god that is STUPID but they’re too hard headed to listen. I’m honestly worried that Elon is going to break America. And then you guys can go out and fix it and pretend you’re smart, but what you should do is not let it happen in the first place. THAT is what SMART is.
To play a little devil's advocate here. If ballooning the money supply does not cause inflation, then why hasn't there been price stability for the last 54 or so years? And why have prices been stable throughout the 1800s. Isn't it more reasonable to increase the money supply steadily and somewhat match it to real wealth creation. For example if we want to extract resources from a new asteroid we found we likely need new money to finance the endeavor and to ultimately represent all the wealth that is going to be created from it. There'll be new jobs and technologies created which will mean more wealth for everyone. Those new resources and wealth will have to be represented by newly created money. But if resources are scarce then wouldn't new money just make things worse? I've been a follower and a fan of MMT since 2013 at least but I can't seem to get an answer to this question, if the quantity of money is 'in theory' not a cause of inflation per se, then why has there been inflation? So we need new money but too much new money will create inflation, thus we probably need less of those new money. MMT economists tend to support larger deficits (money creation) in order to combat unemployment, which if done supposedly puts the aggregate demand in equilibrium. But if unemployment and inflation are so closely and inversely correlated (by the mechanics of aggregate demand) then why are there many cases where economies run with high inflation and high unemployment? And why has there been inflation at all when throughout most of its history the US has not been under full employment?
Just to summarize and not have a long answer, I believe it largely is due to government spending ( including bank loans ) going to more directly the finance sector instead of the real economy which has lead to a real slowdown in the velocity of money. So it is due to our changing system. Also check out the MMT contributions regarding understanding inflation, as opposed to mere relative price levels ( especially Mosler )
@@JJ-co6dr Asset price inflation is not the same as things costing more in the supermarket. If your house goes up in value or your Nvidia stock goes up in value how does that cause milk or eggs or used cars or insurance or tuition costs to go up? Inflation is usually driven by higher demand, higher operating costs, or taking opportunity to price things higher when consumers have higher disposable income. I fail to understand how money tied up in investments or savings which are not spent in the real economy cause inflation. If suddenly everyone took all of their savings from their investments and spent it in the economy buying things then that would cause inflation yea, this is also what they say in the MMT movie – Finding the Money when they explain how in the 40s Americans were encouraged to buy war bonds in order to reduce consumer demand so their spending does not cause inflation. Basically delaying their spending. But yet again, I fail to understand how all that new money created over the last 50 years did not cause inflation? What were the drivers of inflation if productivity keeps getting better yet wages do not track with productivity?
Musk is a Putin Russian Soviet agent. He is a trojan horse!
Straight from the horse's mouth: Money is just a number in a database… https://youtube.com/shorts/QkNDdQnUm-g?si=tGGOBEtH4hPp1Vgl
Are you growing the veggies in a raised bed? I tried years ago in where we live in Florida, and they kept getting attacked by nematodes. Thanks for your podcasts and videos over the years. They are really food for thought, especially in periods like we have now with big changes and big opportunities. BTW as a professional accountant who was taught how to analyze scenarios with "T" accounts by my professor, I agree with you that there is no "national debt". In fact, I tell everyone I know as a way to talk about MMT, and if they want to hear more, I can tell them all they want to hear. If you accept that only the fed gov and their agency banks can create money, and nobody else, then to say that the government is in debt, it would be like saying if I give you my car, then I owe you another car…makes no sense. Or conversely, if you gave me your car am I supposed to expect you to give me another car?
I remember recently going through some papers at my Mom's house and there was a 120 year old ledger showing the monthly expenses of a 100 acre farm my family had in the past. Well, the total each month was in the $17-$20 range. So just do a thought experiment. Was the currency debased since that time? Or has the economy merely grown with the monetary system growing along with it? I think it was the latter. Related question-If prices would have stayed at that level, would we have a prosperous society today? Obviously not. This is what I immediately think of when some gold bug comes on claiming the dollar is only worth one penny now. Doesn't pass the smell test-sorry. It's based on faulty understanding of reality.
Set interest rates at zero and “save” 800 billion in interest payments. Then cut SS tax by equal amount. More $ where it’s needed!!
We kept rates at zero for a decade. That’s what got us in this mess. Set rates at zero, then everyone borrows to obvilion and you get artificially inflated assets. We need high rates not low
You voted for this. You were so happy when Trump got elected.
You know your shit about MMT, I grant that. You were right about Ukraine back in 2022.
You were dead wrong about Trump.
we are getting plenty back out of rooting our USAID fraud…we, as will the rest of world at large , will benefit from stopping WW3, stopping get rich wars, regime changes leaving choas (slavery in libya now since washington brought them "democracy…with USAID help I would think)…we'll also benefit from stopping the DIVISION of society that funding these "trans bs comics and plays, dudes in womens sports etc…" in other countries sow (how they ever gonna get to the new serfdom if people are united…they must sow division neighbour v neighbour, only way they can truly conquer)…theres no need for hysterics, he's made no mention of going after social security, medicare all that stuff, pensions…he's not stupid…he's said years past he knows US can't go bankrupt and the dollar can't "run out", he knows…as you say Mike, if 99% of people beieve the debt myth, then use it…use thet debt myth to stop the wars, the waste, the division….have you not thought the money saved from the warmongering and such can be diverted to American pockets…he's already said this week 59 million went to Illigal immigrant hotels in NY when North Carolina and Hawaiians got $750 for losing their homes…he didn't say he's cutting it from Americans…he said he's stopping the waste. He isn't stupid, he will divert funds to America first, he's a populist pres, and cutting social sucurity and health isn't popular….he's plan (to me) is taking it from wasteful programs (59 mill for gang members to stay in luxury in manhattan) to rebuilding devasted areas etc… not even been a month, its refreshing to see shit being done! Weve haven't been so close to WW3 since Cuba…THATS A BIG BENEFIT WE'RE GETTING , the debt myuth may have saved the world…if theres people thinking we "can't afford a war"…GREAT, good for the myth. Some things are more important then the flows for the quarter. You say you've given up, you don't go on fox etc…anymore, its like talking to a brick wall, then so be it.. theres a myth…most believe it…well, lets use it…lets stop some crap with the myth, war and social division is a good one to start. We all know how to benefit from the flows slowing too. thanks to you Mike…so theres plenty to be positive about. A new admin that doesn't hate its own people and its history is great to have!
Mike ,where all this uncovering of massive corrupt spending DIRECTLY affects you and everyone is that BILLIONS were sent to terrorist organizations and countries, to cartels ,to flood our country with illegals , NGO’s and others countries and orgs directly working against the United States and our interests and peace and prosperity. And also the massive amounts spent to undermine our elections and get these globalist scum sucking pieces of shit in positions of power that make up the democrat party as whole. All of that and more is why it’s so important what DOGE is doing. YES, it would be wonderful if they all understood our monetary system and how it actually functions but your approach ,as it seems ,of throwing out the baby with the bath water , is short sided and selfish and part of the problem ,in my view.
Volcker is the only Fed guy who has gone to the government and said "you have to cut spending"-for all the obvious reasons and he was head economist. Yes, a certain level of spending is good for the economy but a blank check is not. Excess government spending is directly tied to inflation positively. Along with the supply of money which if increases, reduces the value of a dollar or weakens it which causes goods and services to go up in prices not down. I think you're either confused about this or just intentionally misleading people in your title!
To recap government spending is and does cause inflation because it is directly tied to the money supply which if flooded reduces or weakens the dollar causing inflation which makes goods and services go up.
President Musk 😂 we totally are not in an oligarchy