by Summary:
"The Federal Gov't can create as much money as it wants and pay it to whomever it wants." -Alan Greenspan https://www.youtube.com/watch?v=GdOsybbBVEU
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"The Federal Gov't can create as much money as it wants and pay it to whomever it wants." -Alan Greenspan https://www.youtube.com/watch?v=GdOsybbBVEU
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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| "The Federal Gov't can create as much money as it wants and pay it to whomever it wants." -Alan Greenspan https://www.youtube.com/watch?v=GdOsybbBVEU |
i heard NY taxes those that move out of state.
?????
i watched a video last night tesla cars are banned from the roads in china? scotty kilmer i think it was.
Anyone questioning the success of Social Security don't need to be listened to, period.
@Will Finn You are making no sense, what does what have to do with what? Gibberish, funny too (again, thanks). Just cut/paste my original response, in quotes if you are into grammar thingi… and ask some polite, such as "what did you mean?" or "elaborate?"
@Marek AN Why would a grown man behave the way you are behaving?
@Will Finn Because you amuse me, including lovely invectives – I already said so before! Still can't find a single quote of mine that's not clear?
@Marek AN I had no trouble understanding your trolling. YOU are the one having trouble understanding. Muting you now, bye troll!
@Will Finn Bye troll!
Social Security is my Only income. I have worked hard my whole life until my back failed a couple of years ago. Every time I tried to get it fixed the Doctors bled me dry with out of pocket costs for Tests, then I didn't have any funds left over to pay the Up Front out of pocket costs for the surgery. Our Medical System is nothing but a Grift!
Thanks for your feedback, Kay, and sorry for your difficulties… But I don't get why are you lashing out against this informative video?
@Marek AN Where is the lashing out? Go ahead and quote the sentence in which she is lashing at Mike's video. Or is this like when you claimed my words were just random?
The way you speak of these things is too utopian though. Medicare and Medicaid have aided the crony capitalism that continues to raise prices in healthcare. Even with great insurance a lot of people still suffer from insane costs – and this type of thing is not just contained within healthcare.
In the end it doesn’t matter really if you have more socialistic government or laizze fair… it’s whether or not the people in charge and their constituents are moral enough to maintain an ethical and hopeful society.
That's because we have a "for profit" healthcare system largely controlled by insurance companies. Medicare and Medicaid are, unto themselves, not responsible. If anything, these programs have been trying to contain costs. The medical lobby and the insurance lobby are to blame.
@Michael Norman that's fair.
I think this moral aspect of it all should make it into your rhetoric though. To me this is the elephant in the room no one wants to talk about. It's either socialism vs libertarianism, not ethical vs unethical.
Mike Norman thinks that the Government can print as much money as it wants and does not have to worry about inflation. He must be totally insane. The man should be in a straight jacket
@Will Finn So then the Government should limit its spending and we will have less inflation. Believe me mike does not know what he is talking about. I rather talk to a donkey than you….Good bye………
@Pete D You still haven't understood.
Spending that mobilizes idle resources does not have real economic costs.
Spending that mobilizes scarce resources creates inflationary pressure.
Cutting spending reduces growth which has a real economic cost.
But go ahead and keep embarrassing yourself in front of everybody. Please.
@Will Finn Why don't you kiss the feet of Stephanie Kelton. She is your cult leader. You are one misguided individual…..
@Pete D So you don't have an adult response to what MMT actually says? Of course not.
Funny how you dismiss MMT but you prove you don't even know what it says. You embarrassed yourself very badly here.
@Will Finn Professor Finn: kindly enlighten me with your wisdom.Are you a college teacher who never really did a honest day's work. You know someone like Bernie Sanders. He likes to take money from one group of people and give it to another group. Who made him in charge in of wealth distribution?
Thank you for the education you provide us.
Mike you're not wasting your time trying to educate people. I know it's frustrating but please continue it's important
Learning a lot. Thank you!
What the hell are you talking about? Federal taxes go nowhere. That currency gets deleted from existence.
The money gets spent back out from the Treasury’s account at the Fed and then some.
To my understanding, in accounting terms, taxes are paid into a Treasury account.
Social Security FICA tax payments, to my understanding, are merely allocated or earmarked to a different spreadsheet, or a different column on the same spreadsheet, on a computer at the Fed.
Mike, correct me if I'm wrong but that's my simplistic MMT explanation.
Looking at this from one perspective, federal tax payments delete reserves, and deleted reserves don't fund anything.
The Mosler MMT viewpoint is that the government neither has money nor doesn't have money, because it's the currency issuer. In that sense, money is only "real" when it is added to someone's checking account, and is spendable. US dollars that exist merely as numbers on a Treasury spreadsheet, he sees as basically irrelevant to anything of importance.
But Mike looks at the operations of deductions from (and additions to) the Treasury's account, which tells you how much has been net added to (or net subtracted from) overall private sector checking accounts.
I discuss Tally Sticks and Virginia colonial scrip, for example on Facebook. Both were spent into existence, then collected later and destroyed. The King didn't need to collect his own broken wood to spend more. Those were kept for accounting, then burned up in the furnace .. causing a huge fire that damaged Parliament. Virginia scrip was also destroyed by taxing. (Virginia adjusted it spending and taxing decisions when it was found at some Virginians wanted to net save the scrip, so they had to leave more in circulation, but not worry about inflation.)
Philosophically, if Govt spending "can" or "does" get created by lawful orders to spend and by keystrokes, it's dubious to claim that taxes are or can really be a "source" of funds.
It depends if one is talking about current laws and institutional relations, in which taxes goes into accounts, or the bigger picture that the Dollar is a floating currency with no rules locking it to a physical commodity at a fixed price.
One can imagine using up energy on earth to somehow shoot lasers into space and add some amount of energy to the sun, but everyone knows that's ridiculous because the sun is what we would consider an infinite source of energy (at least on all practical human terms).
But then in the same breath Greenspan said the 'Debt is an issue'. I think he said the truth and realised he shouldn't have. His masters must have been very angry that he let the cat out of the bag
I guess if you repeat a lie like 'the debt is an issue' enough times that people believe it. Think about Japan pre-crash ' Structural reform is needed' but the country was growing at a rate that would surpass the US eventually but no way was the US going to allow that. People believed the lie and now look at Japan…it's not doing much. But it's not about the 'Debt' with Japan. It's other policies holding it back and their debt is created money by the government…that's it. Their other economic policies like trickle down capitalism from Thatcher/Reagan killed Japan. And it was the UK (my home) that the US initially had a pop at over the Suez crisis when they threatened to dump their gilts on the market and destroy Sterling if we didn't pull out with the French. Stop weaponizing your monopoly and lead the world in a good way cousins. Stop the wars, look after your people instead and use your power for the common good and stop banging on about the non-existent debt issue. Keep up the fight Mike. You are a lone voice but you have many, many listeners and we are grateful for your teachings.
@Mike – Can you explain a little more about the general account please? Why do taxes need to even go into the general account if the money is just created? I have thought about this in the past and should this not just be one big overdraft equivalent to the 'national debt'? Unlike a commercial overdraft where we need to pay it back the government doesn't as it's the other side of the balance sheet in that the other side is a massive credit to the private sector? I wish you'd give lectures Mike as i'd pay for that to learn this stuff and I work in tech but it's fascinating to me.
You can pay for lectures/classes on his website.
Taxes are collected to control inflation and achieve distributional outcomes desired by the political class. They have to go somewhere or else the accounting doesn't work.
In the video, although Greenspan did say that there's nothing to prevent the Federal Government from printing as much money it wants and paying it to whoever it wants, it was to make his point that what's important is to ensure that real assets are created as a result of that money creation. It's clear he didn't know the solution to that problem.
F that rich guy complaining about high taxes! The tax is there so he doesn’t get you know – too rich! (Seems a little late with that attitude)..
Good stuff Mike. I think Medicare plan A is free when you file for Social Security. However, plan B is not. I would love to hear comments from Mike on this.
The number of add interruptions on these videos is bothersome
But are growth stocks going to lose 90% until they reverse?
I'll go one further, there is no need for anyone to pay any tax, the only reason we pay taxes is to control the sheeple.
You are definitely not wasting your time. You provide us with many valuable info we probably would never find out on our own. I look out for your video every day and just wish your video were categorized so I would be easier to watch all the vids on mental game. That’s my only complaint lol
Super talk. Please kindly keep up the good work. We need to strengthen American infrastructure especially for science and technology inventions with public spending plans. We need to keep America as world leader with its best infrastructure and institutions. This is how America can keep USD as undisputed world reserve currency. Simply keystroke dollar for infrastructure plans to keep America number one forever.