ANTI-POLITICAL-Against performing actions for the sake of adhering to a fal… Read Full Bio ↴ANTI-POLITICAL-Against performing actions for the sake of adhering to a false image.
NONSENSE BUFFER-A person, inanimate object that has gained the abilities of thought and movement, or an other worldly or dimensional being that exposes the events or beliefs in their various communities and environments that do not make sense.

Sometimes the conspiracy theorist has a point; and, every once in a while, everybody is out to get the schizophrenic guy.

TRUTH, KNOWLEDGE, RESPECT

Website:
http://antipoliticalnonsensebuffer.webs.com/
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SoundCloud:
http://soundcloud.com/apnb

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Think About It Wave goodbye to yourself And wave goodbye to your friends Th…

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Most interesting comment from YouTube:

Werner Smidt

3y↑1

Don't condescend the poor or presume what they need to spend money on. The argument is not to "take care of the poor", it is to provide the basic means to break a cycle of poverty.

I was expecting socialism way later, but here we have it. I suppose you also hold onto the trickle down economics meme too?

Asset prices. Interesting you should mention that, considering QE was used to alleviate the 2008 show - after the debt assets were revealed to be BS. The rules have changed since then, I realize.

As a trader friend puts it (he's 30 up this year) : no one really knows how the current system functions, and those that do are either deluded or lying.

The current system is based on an almost cringy sense of "a need to sacrifice so artificial scarcity can be maintained".

All comments from YouTube:

SomeOne1121

3y↑6

Sweden had a pegged exchange rate in the 90s. The economy couldn't rebalance while the private sector was surfing a credit bonanza as the state also didn't adjust or react following the deregulation of credit markets.

Once we moved to a floating fx rate, our currency was allowed to properly devalue, boosting our export industry and quickly took us out of the crisis. Exactly as described and prescribed by mmt.

KsEF5

No Sweden became more capitalistic.

Robert Bliss

3y↑1

Galbraith: "Keynes said 'Anything we can actually do, we can afford.'" Sounds implausible. Please provide a specific, findable source, preferably a link. If it is in a book, provide a page number.

Robert Bliss

3y↑1

Galbraith provided the source, and indeed Keynes said that, in passing and in a speech during the depression when advocating for stimulus spending. I think this is more rhetoric than a seriously considered (and explained) economic position. if "afford" means "pay for" as is usual, than the statement is false, unless "pay for" means "endlessly borrowing" which is not the usual meaning of "pay for".

JeepCherokeeful

Whenever someone uses the word “truth” I know they’re lying

J.S.A. Libertus

"...playing by different rules...", you say? Indeed, I think that says it all. Rich people don't have to worry about inflation the same way normal people do. If you can print the money, or choose your own salary, or make deals with your rich and powerful friends, or just make more money off the money you already have, and then push your losses/debts onto other people, there's little disincentive against that kind of thinking.

Joseph Walsh

3y↑2

If the government can spend 3 trillion dollars and it's not a problem, because it will help ordinary people, then they should simply buy private/personal debts off. Pretty simple. Probably cost less than 3 trillion. And everyone would be better off.

Danny Windham

Stephanie Kelton and Jamie Galbraith bagged a couple of deficit Hawks nice work

mr Burger

Lol government make work. Sounds real productive lol

teddybruscie

3y↑4

MMT Victory!!!

Kosgei

@teddybruscie I understand that the FIAT currency was invented 40 years ago to mislead people into believing it has value. This concept was a death nail to savers. Its value is diminishing always. So when you say that its worth is not diminshing since their are more of it then it shows you are completely out of touch with the finacial reality. If this was also true why are people complaing of wage stagnation and a so-called living wage of 15$/hr if it never lost its worth?
America can defy the laws of nature(in this case fool most people, most of the time) but at some point nature will take over. The Finacial and Military Industrial Complex helps the hegemony today as you say create its own money and make good on all debts in its currency essentialy set the terms of its own debt but this ability is not offered to the oppressed and colonised peoples of the world. Just look at Zimbabwe.
What happens when the Empire is challenged and colapses, will people of the world accept its currency in exchange of their precious raw materials.
MMT is purely based on America's exeptionalism, no wonder it is pushed by neo-liberals the same people that got America to such deficit levels.

teddybruscie

@Kosgei It's not abusing it's power. You have fundamental misunderstsnding of what money is and how it works. Money is not a commodity. It isn't worth less because there is more of it. If that was the case the dollar would have been abandoned decades ago. The reason has not is because the us can create it's own money and make good on all debts made in it's currncy. It's not worth less because it can do that. It's literally what China and every other major country that creates their own money.

Kosgei

@teddybruscie 23 trillion in debt and a trillion dollars in interest payments! Imagine a trillion dollars in interest payments, real cash, instead of putting it into welfare programs. I just don't see the room you are talking about, that room was squashed years ago! America is leaving beyond its means and if they keep printing trillions out of thin air without a real economy to justify it, then the gig is up and the U.S. dollar cannot be trusted as the reserve currency of the world this century.
America should not abuse the trust the people of the world have placed in the dollar. It risks losing the power to sanction unruly nations which is the only power it has left to maintain world order and international law.
Also, deficit spending by previous examples was their symptom of decline and then failure which shows that it should not be celebrated as a good thing. However the people '''smarter'' than you think that is not an issue and it should be encouraged.

teddybruscie

@Kosgei No. People far smarter than me figured that out. And the examples you could possibly give are not examples of deficit issues they are examples of either bad policies or social and economic collapse and their deficit spending was a correlation not a causation. They deficit spent to get things back in track.

MMT is not saying we should spend wrecklessly. As Stephanie Kelton says, "America is like a 6ft tall person hunching themselves over in a 10 ft tall room because they are afraid to hit the ceiling.

MMT is not saying we should bust through the ceiling, it's saying we have a lot more room until we hit that ceiling and should hunching ourselves over like idiots."

Kosgei

@teddybruscie Wow, so you are the genius who knows!
It turns out deficits don't matter but apparently this concept has been proven wrong in the past 2000 years and no succesful examples however we must keep the faith that someday it will work and just like communism, the true version has yet to be implimented, Right?!

4 More Replies...

CoalClear

These are all terrible speakers. See Luke Gromen vs Hugh Hendry.

Lucretius

3y↑2

US is only lucky cause many countries peg to USD, also many countries own US debts and thus help US to stabilise USD.
Many countries are considering or have already changed currency to peg to and it becomes a chain reaction USD will not be in the position to keep printing money like nobody's business.

However "bailing out" the citizens during a pandemic or disasters is fine as saving people is saving your workforce, bailing out private companies is wrong cause it is due to mismanagement.

The self centered ideology will likely cause another bubble to burst eventually, US is only the "greatest" economy cause of everyone else.

TXLionHeart

Sure, let's keep increasing the debt until 100% of the federal budget is interest payments. I'm sure that will help a lot of people...

John Doe

This title is confusing. Maybe if it refers to the US deficit, ok. But not every nation can print its own currency. Take the Greek problem, reducing interest rates on a loan , yes. But the Euro rather than the Drachma was a problem.

Israel Contreras

3y↑5

I think Buccholz still thinks we are on the gold standard.

Ethan Handel

@Israel Contreras Printing new money increases the supply of money in the market and an increase in supply means a decrease in value for each individual piece of currency. When your money is worth less, you have to give more of it as a trade, that's what inflation is.

Israel Contreras

Ethan Handel i dont think money needs to be commodity backed...in some sense we have it since the economy and resources of the usa do limit spending. But what we have isnt as bad as the hard money people think...heck we have a 100% + percentage debt to gdp ratio and we barely have any inflation...

Israel Contreras

Ethan Handel they dont need to do that given there is so much more slack left in how much money they can print...i dont even think it is printing money itself that causes inflation. Inflation is a supply issue...not a money creation issue.

Ethan Handel

3y↑1

@Israel Contreras I advocate for a return to a commodity based monetary system.

Let's agree that gold alone is too limiting for a growing economy. If the government wants to print additional money, they must also set aside additional commodities to be held as security to back that newly printed currency. If there is no tangible commodity backing the money, eventually it will collapse.

Israel Contreras

Ethan Handel the value of the dollar is based on the resources and assets of the is government....and the fact the government has said by law it will only accept taxes in usa $$$...and the fact the usa government has passed trade laws that say in general usa $$$ are good for paying debts and buying goods and services.

The gold standard would be horrible for our economy...it would lead to massive deflation as well as cause investment $$$$ to dry up as a result. You have to have a cutrency capable of dealing with the fact thay the fact the currency needs of the economy grow as the economy grows. If you dont expand the currency accordingly then it will stifle economic growth.

5 More Replies...

Kosgei

Debts and Deficits don't matter to the white liberal economists and like-minded because in his developed nations world bubble those developed nations that can pay their debts in their own currency and game the system by setting lower and lower interest rates need not be concerned.
However, this ability to industrialize and develop a nation through its own currency is not afforded to the oppressed and colonized nations which make up the majority of the world's population. Also, this ability of the developed nations to set the terms of their own debt and hence debt doesn't matter is achievable only because of the financial and military-industrial complex which itself is sustained by imperial projects and empire.
Debt matters in the real world where people don't have an empire that is affording them such God-like powers.

SomeOne1121

3y↑3

Around the 35 minute mark, the gentleman says that increased deficits increase inequality. This is an outrageous and intellectually insane argument: rich people rely on government expenditure far less than any other people in the economy. Deficits are used to spend on investment, social programs and all kinds of other services that are, in most modern countries, COMPLETELY ESSENTIAL for the everyday lives of people who are below that 5-10% line of the richest part of the population. The dependency only increases as we move down in the distribution. THAT is why even they agree that the government HAS to spend more during the pandemic! He's being COMPLETELY intellectually inconsistent! Nobody, not even the most ardent right-wingers, are arguing the increased deficits are necessary to help people who are already well off! He's flipping the whole thing on its head and pretending he's being consistent! I'm amazed that Stephanie managed to remain quiet, though she did shake her head profusely as did I in my chair. Simply outrageous that he was allowed to get away with that.

Alisha Sethi

3y↑5

Throughout history people have said "this time its different"
Its happened with bubbles, with primitive forms of QE, with any and all aspects of human life to be honest.
History teaches us that its not really different. Debt is essentially borrowing money from tomorrow to spend it today. You borrow too much today and you're broke when tomorrow comes.

Fingers crossed that this time it really is different and 2000+ years of recorded history is wrong :D

Werner Smidt

3y↑1

Alisha Sethi

3y↑4

@Werner Smidt what QE does is add lots of money immediately without increasing asset size. So basically price/asset rises (inflation) but those people who don't have assets, they're screwed because suddenly their money is able to buy fewer assets (because price per asset rises).
And this is one reason why inequality is rising and will continue to rise.
The purpose of increased spending is to take care of the poor/vulnerable, right? So why not run a state sponsored food (and other necessities) procurement+distribution process for the duration of the pandemic? The downside is you're suddenly looking at a socialist regime in the short term. But maybe the pandemic demands such short term measures?

Werner Smidt

3y↑3

But the current monetary system does exactly the same, so what are you talking about? The argument is not that there should be unbridled spending, but rather that there should be an increase in spending and provide an impetus for people to have the opportunity to contribute to the economy. I mean, unless you think the libertarians will save the day ;)

We've had inequalities for eons and it seems to be just increasing. But I guess that's OK, because history. /s

mr Burger

So mmt ignores marginal utility completely.

Alexander Higgins

3y↑3

The problem with debt is, I am not just barrowing money. I am barrowing millions of men's and women's hard earmed labor from mining, cutting trees and factory work.
Just on a personal level, if you barrow a $1000 from me, you are not barrowing just a bunch of paper, you are barrowing several hours of hazardous labor from me (concrete, hammering, digging, heavy equipment, etc.). When I get paid back, I just don't want pieces of paper, but I want something equivalent or greater than the products and services I did. If not, I am going to be pissed. Barrowing from a nation-state is millions or billions of times greater than this effect.

Israel Contreras

3y↑2

Tax revenue isnt what is used for spending...it is impossible for taxes to be used for spending since spending is appropriated from different accounts.