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Once again, ignorance about Social Security finances is being pushed hard. Social Security cannot go bankrupt. Watch Alan Greenspan school former Congressman Paul Ryan. https://youtu.be/DNCZHAQnfGU
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Once again, ignorance about Social Security finances is being pushed hard. Social Security cannot go bankrupt. Watch Alan Greenspan school former Congressman Paul Ryan. https://youtu.be/DNCZHAQnfGU
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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| Once again, ignorance about Social Security finances is being pushed hard. Social Security cannot go bankrupt. Watch Alan Greenspan school former Congressman Paul Ryan. https://youtu.be/DNCZHAQnfGU |
Good to hear you discuss the need for real assets. Don’t real assets get manufactured by people back in the workforce. I thought you favor UBI which really does nothing to create real assets…. Am I missing something? Thank you.
When I first saw the SSA headline I thought "can't wait to get Mike's take!"
i kept hearing SSDI was gonna run out 3 yrs ago… WHAAA HAPPENED??
So it doesn’t get shredded like most Federal taxes?
Sure – a sovereign with control of its fiat money supply cannot run out of money, but it can sure as hell run out of value.
It only runs out of value if the currency-issuer loses its authority to tax in that currency and/or there's an extreme supply/productive capacity shortage.
@MOONSIP2 do you believe a supply/production shortage is coming given the growing trade deficit & the increase of the non-participation rate of the workforce?
@Mike Mac Be afraid! Be very afraid! ?
@Mike Mac temporary…
@FGF 1979 ss is a scam, no way you'll get out what you put in. Avg age of people is what 75ish…lol so 10 years of benefits after 40ish years of working… Ss is evil, let me manage my own money and have an opt out…if people want to give free loans to the govt for their reckless spending go ahead.
"A currency issuing nation can not run out of it's currency". However, said currency could run out of it's buying power in relation to other currencies or currency issuing nations. Don't believe me? Ask Venezuela, Cuba, Russia, China or any of the MMT countries. Or should I say failed socialist states? MMT has so many holes it might as well be called Swiss Cheese.
@Million Dollar Rabies The reason other countries like Africa lag is they don’t have access and are not enabled access to basic needs like electricity. Oh and clean water! clean water is scarce in Africa. What holds Africa back from being an emerging economy is climate change. Yes all in the name of climate change The green movement impoverishes a whole continent of beautiful people that want to just live comfortably you know like we do here in the US. But no we have to save our planet! Africa doesn’t have a chance and it’s really sad because we are not in control of what happens to this planet. God is. I’m not saying we don’t need to be good stewards of our environment. God even calls us to do that. But these people I.e. climate alarmists don’t believe in God and they don’t want anyone else to because it gets in the way of their agenda. As far as other communist countries like Cuba and Russia and China Who also have a Fiat currency…. The difference between them and us is we are free republic and they are not. But hey don’t look now because we are picking up speed headed in that same direction under the current administration.
@Million Dollar Rabies Yeah you need to move yo another country so you can see for yourself. "They don't have as highly educated people". Let me tell you probably more educated people outside of America. No its not because of the people. It is because socialism always fails period end of story. You should go out and study and observe from up close. This way you can actually learn. Stop assuming.
@Lord Alexander It isn't about every single individual. It's about groups of individuals, and what they built over time and left us. The West compounded its earlier education and development onto itself to produce more well developed civilization more quickly. There are places outside of The West that did this too, I am not denying that, I am just saying that America and "The West" in general are "ahead of the curve" in many ways, which means they have produced areas and goods and services that are higher demand than others, so the means to more freely move through those areas and claim goods and services in those areas are given higher market value than others. Currency is that universal means. I don't know what this whole "socialism" thing is about. All sorts of different things that you can call "socialism" have happened in and outside of The West. Some of them have increased the demand for that society, some have decreased it. But the point is that, at the end of the day, societies which have been more able to produce the capabilities of lifestyle that people most enjoy have been the most attractive places, and their currency is sold at a premium because their society forms a premium series of goods and services, compared to other societies. Nordic countries are very socialistic in their programs, and they are highly sought after living arrangements. China is also very socialistic, but in ways that aren't very attractive to as many people, so their currency trades at much less of a premium.
The west decided to embrace individualism and by default capitalism. The east decided there is strength in numbers and so they embrace the group vs the individual aka socialism. We are individuals and we think for ourself interest first and foremost. Its just human nature. Thats is precisely why the west has what it has.
I'm in commodities trading. America is way behind right now. But american companies are hanging in due to the fact that they have adapted and moved to other countries to produce cheaper goods. But now the technology has also been spread around and being used against us. We can't change the course of history for too long. We can bend it a bit with all the understanding and resources available to us. But as it is becoming evident with more and more money being needed to keep the system afloat the more time passes. The chickens will eventually come home to roost. At which point MMT will be exposed for the Swiss Cheese theory that it really is.
@Lord Alexander When, exactly, was the money supply ever based on "individualism"? I have no idea what you are even trying to say here.
"Prediction: Social Security Disability Trust Fund May Run Out By 2018" this was posted in 2011 referencing the NYT… this shit reminds me of the climate change alarmists.
@Lana Dell hatestheclock might want to learn about the club of rome think tank that invented the concept for the 1% grifters. and yes its a fair comparison, was it by 2016 "kids would only know what snow is through snow globes"? climate change has ALWAYS happened….
@Punch_Bowl_Turd Ya. But humans weren't always in the picture for the wild swings. Might want to learn yourself. The planet will survive & even thrive. Humans will cease to exist.
@Lana Dell hatestheclock don;t worry i know a lot. you have to pay attn to the top alarmists to get the truth. let me start with the UN it was either 13' or 14' christiana figures stated "climate change agenda has nothing to do with saving the planet." in a interview/ stage/ audience speech. heard the same statement out of davos/ world economic forum jan 21'. its about mining the oceans & creating more eco disaters with blocking out the sun that bill gates funded for jun 21' thats put off till next yr and watch michael moores PLANET OF THE HUMAN that blows the scam on bio fuels. basically it promotes forest destruction & burning toxins for fuel… we don't know how long humans have been around, new discoveries keep happening, we've survived a few.
@Punch_Bowl_Turd you got nuthin'. Bye bye!
@Lana Dell hatestheclock live & learn pay attn not to those who drive this thing…. well i'll see ya around. 🙂
good point !!!!
U.S. can loss Petrodollar system, U.S. can loss of reserve currency status, and China can march into Taiwan.
What?
Thank You … Social Security is essential, more now than ever before, since pensions are rare … 401Ks and IRAs are inadequate … Monthly SSA amounts to about 1300 average & many women are lucky if they get half that much [me] … Nowhere in my city is there even one rental that i can afford now … Cutting SSA is unnecessary & insane … It is actually long overdue for a real raise based on ever-rising costs of living
Mike followed you for a long time I see you shifting to the proper narrative perhaps things are going to get really bad that are no forex or stock market for a while.
Bill Gross just jinxed your Dollar short by banging on about how bonds and the Dollar are trash.
I still remember when Bill Gross was head of Pimco and whenever he spoke it would be headline news.
I agree, it's not about the money, it's about the things!
Here ya go Mike. 9 minutes – Kelton/Greenspan/Trump
https://youtu.be/QuUx3IL0a-0
consolidated revenue. Not common for revenue to go anywhere else. Most revenue $ do not have a tag that determines where it must be spent
Wall street wants to privatize fucking everything… except corporate losses.
I think I understand your MMT assertion that money spent by the government is created and spent into the wider economy, which of course is expansionary. However I'm not sure how sustainable that is in the long term. Prosperity in an MMT world requires governments to increase spending every year, however the down side is government spending is generally less efficient than private spending and gets less efficient the more they spend.. Look at Japan since 1990.
That's a bunch of BS. You think the government spending and dictating what that money was for during WW2 was because of the private sector? No the government told the car makes no more cars, you now make military vehicles. Then people were able to do what they wanted after the war.
There is no money printing currently because of the federal reserve act. As long as they can issue treasuries to fund deficit spending on the open market…he's right it'll be there. Provided congress doesn't do something like default…it'll be tough to fund anything then without drastic changes.
@Golden Scholar that’s reactionary speech. That’s taking things to an irrational extreme based on myth. The guberment doesn’t need to sell anything like treasury’s to fund anything.
It’s all by law, decree, fiat. They say, “We spend this for this particular public purpose.” And then it does. I drive Medicare patients to and from their doctor. As the meter goes up, so does federal spending in “real time.” That didn’t have to be purchased before it could be spent on – the”money” just got spent by law in the very second of the moment. I take that in profit like I did today for forgive me over around $450, today.
I didn’t see that coming in for that or your sisters.
It came anyway, tho.
Happy tax day!
I don't understand how people don't get this it's so simple. Thanks Mike for what you doing
Greenspan played the central role in screwing up Social Security back when Reagan empaneled the Greenspan Commission to reform the program.
I realize there's no REAL funding restraint that could cause Social Security payments to be slashed or cut off, but there's a VERY REAL Congressionally created restraint that could and WILL do exactly that if given the power to by an ignorant electorate.
That's why the Republicans want you to focus on Critical Race Theory, the southern border and transgender athletes.
A currency can lose its value, look at veezuela and zimbabwe
If you are comparing the U.S. to Venezuela and Zimbabwe you are exhibiting a total lack of understanding of sovereign money and money systems. I'm surprised you didn't throw Weimar Germany in there with your comparison, too.
@Mike Norman MMT Economics they had sovereign money until they blew the value in it then they adopt the dollar.The FED should also keep printing till there is no value in dollar too. All fiat currency should go to zero
@Ouss Right. They had debts denominated in foreign currency. That's the distinction, and that's where problems arise. Not to mention, Venezuela and Zimbabwe are corrupt with the means of production largely captured by corrupt interests. Apples and oranges to the U.S. The Fed is a bank. It lends against assets. Monetary policy is merely asset swap. It's not money printing. The fiscal authority can print, not the Fed. And money creation does not automatically lead to devaluation. You have a lot wrong. Don't continue. Learn first.
@Mike Norman MMT Economics Fiscal autority does not print money, the IRS doesn't print money.
Money creation does lead to devaluation(quantiy theory of money)
You have all wrong.
DO HOWEVER CONTINUE TO EDUCATE YOURSELF.