Happy holidays! I’ve been working on a major project and look forward to sharing that news with you sometime soon. In the meantime, there’s a lot I want to say about the macro environment, the looming debt ceiling fight, the ongoing—and shifting—debate over the most effective way(s) to tackle inflation, and so much more. So you can expect a steady stream of content now that the big project is finished.
How do you create all of a roaring economy, accomplish the goals of Andrew Yang/UBI, Stephanie Kelton and every other MMTer, Steve Keen, Michael Hudson, Ellen Brown, enable us to effectively confront climate change, integrate the best aspects of the economic and political agendas of the right (tax cuts) and the left (economic democracy) and completely slay inflation...all in one fell swoop?
Answer: Become a system's philosopher and change the current monetary and financial paradigm which has been in effect for the entire course of human civilization, and has be-deviled humanity on many levels as a result.
Every one of the above movements and areas of activism are reforms, EXCELLENT reforms, reforms that in fact point at and conceptually align with the new paradigm concept...but they haven't recognized the specific new paradigm concept or the most efficacious points in the economic process to apply the new concept and hence temporally implement and change the ENTIRE PATTERNS of economics and the money system.
Reforms are good...and always incomplete and temporary. Only genuine paradigm changes are permanently progressive. Let us begin to analyze on the operant concept/paradigmatic level and integratively solve the key problem, namely the current pattern, not just (ineffectively) hit at it with various reforms. Please.
Folks. MMT is looking not so good. Funny, the UK has fiat currency. Their long guilt traded down in PX 50% in two days a month ago. It cost them a government. Their D/GDP approaching 100%. It can’t happen here. Our D/GDP is a manageable 125%. A record high. The teleprompter thinks he is FDR. Inflation is transitory and our creditors actually want to get paid back.
If private banks create money, how come you get Federal Reserve Notes out of the ATM of all private banks. You do not get private bank money. The Gurus like Warren Mosler, Randy Wray, and Stephanie Kelton give a qualified money name to what private banks create. For some purposes, that other set of words is an adequate explanation, but for some purposes those names are misleading. For explaining why private banks need Federal Reserve money, or why they do not give out private bank money from an ATM, or why privaet banks don't just create money when they need it, you have to use the appropriate words. If you call what private banks create with the name promises of money, it makes it clearer why sometime a promise of money is not good enough. Sometimes people want real government bank money in terms of Federal Reserve Notes , USA Treasury bills, or USA treasury bonds.
If you don't see the problem, then I don't think you are understanding money as deeply as you think you are.. I forget the exact words that Michael Hudson used to explain what private banks create when it comes to those situations where calling it a form of money is not an adequate explanation.
If unemployment remains low and wages continue to grow, I wonder if it matters whether we are technically in a recession by some definition or not, as long as household balance sheets and income statements/cash flows hold up... that said, what economic measures are you watching most closely going forward Stephanie?
How do you create all of a roaring economy, accomplish the goals of Andrew Yang/UBI, Stephanie Kelton and every other MMTer, Steve Keen, Michael Hudson, Ellen Brown, enable us to effectively confront climate change, integrate the best aspects of the economic and political agendas of the right (tax cuts) and the left (economic democracy) and completely slay inflation...all in one fell swoop?
Answer: Become a system's philosopher and change the current monetary and financial paradigm which has been in effect for the entire course of human civilization, and has be-deviled humanity on many levels as a result.
Every one of the above movements and areas of activism are reforms, EXCELLENT reforms, reforms that in fact point at and conceptually align with the new paradigm concept...but they haven't recognized the specific new paradigm concept or the most efficacious points in the economic process to apply the new concept and hence temporally implement and change the ENTIRE PATTERNS of economics and the money system.
Reforms are good...and always incomplete and temporary. Only genuine paradigm changes are permanently progressive. Let us begin to analyze on the operant concept/paradigmatic level and integratively solve the key problem, namely the current pattern, not just (ineffectively) hit at it with various reforms. Please.
So...you couldn't find a single economist who thought we might be in a recession? Really?
I’m very excited and happy to have you back writing new posts, I have missed it and look forward to them
Folks. MMT is looking not so good. Funny, the UK has fiat currency. Their long guilt traded down in PX 50% in two days a month ago. It cost them a government. Their D/GDP approaching 100%. It can’t happen here. Our D/GDP is a manageable 125%. A record high. The teleprompter thinks he is FDR. Inflation is transitory and our creditors actually want to get paid back.
Ho, everyone joining my chat today. If anyone here could introduce yourself that would be great.
If private banks create money, how come you get Federal Reserve Notes out of the ATM of all private banks. You do not get private bank money. The Gurus like Warren Mosler, Randy Wray, and Stephanie Kelton give a qualified money name to what private banks create. For some purposes, that other set of words is an adequate explanation, but for some purposes those names are misleading. For explaining why private banks need Federal Reserve money, or why they do not give out private bank money from an ATM, or why privaet banks don't just create money when they need it, you have to use the appropriate words. If you call what private banks create with the name promises of money, it makes it clearer why sometime a promise of money is not good enough. Sometimes people want real government bank money in terms of Federal Reserve Notes , USA Treasury bills, or USA treasury bonds.
If you don't see the problem, then I don't think you are understanding money as deeply as you think you are.. I forget the exact words that Michael Hudson used to explain what private banks create when it comes to those situations where calling it a form of money is not an adequate explanation.
If unemployment remains low and wages continue to grow, I wonder if it matters whether we are technically in a recession by some definition or not, as long as household balance sheets and income statements/cash flows hold up... that said, what economic measures are you watching most closely going forward Stephanie?
Of course reserves cannot be loaned out. If they were loaned out, they wouldn't be reserves anymore, would they?