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Again we revisit King Solomon’s most fundamental truth… “There Is nothing new under the sun”. Apparently people have forgotten lessons of the past. Well there actually were wise people giving counsel under similar circumstances. But of course no-one wants to even hear of it. Instead they just want free stuff.
And may I humbly add introduce a hard currency backed by tangible wealth. But of course Mr. Mellon didn’t need to say that since back then they already had one
Oh, and I will throw another one in there… Liquidate the airlines.
http://mises.org/search-mises?search=mmt
With all these bailouts coming it’s time to reassess the debt situation in the world
MMT: believing purchasing power can be created out of thin air. Governments can make everyone richer simply by printing money and spending it into circulation. No I am sorry my mind is NOT open to this. Whose could be? Only those that want something for nothing.. Exclude me.
Thanks Plunger!
I made a poor joke:
Never get married to a position, unless your name is MMT. Meet Mr MMT and this wife Bernadette.
I was working on my post before I saw yours. Yes, there will be lots of good that comes from this.
Today is different than 1929
Everything and Everybody is supported by this debt
If you just Liquidate the farmers…You will have no food
Liquidate Real Estate and You will have no Shelter
Liquidate Labor and you will have no jobs !
Liquidate Stocks and you will have no corporations which also means no jobs
Liquidate all the indebted states and provinces and municipalities and you will have no police no garbage collection no teachers and NO Pensions.
This is Mad Max NOW !
Now I will say it……… JFC….this Melon guy was an idiot !
And if they had listened to him he would hove been the first to be tarred and feathered and castrated and then hung.
In a democracy YOU DO WHAT THE PEOPLE WANT YOU TO DO …OR ELSE !
NObody will vote for the guy who piously decides that living on the street for a while will do them some good
Sheesh….we are WAY past the time to liquidate …..I will take my chances with MMT
These guys think they can control the inflation…read the theory again.
It’s worth a shot
and if nothing else it buys us time to build a bunker.
Liquidate today and the banks close and you are shit out of luck today
There is no easy path to long term recovery here. The correct path is often the toughest, and therefore not taken.
A little weekend reading of where MMT brings a society…. no thank you:
https://cdn.mises.org/Fiat%20Money%20Inflation%20in%20France_2.pdf
It doesn’t matter what you call it. Ben set forth his blueprint back in 2002, and it is playing out now, like it or not:
Ben S Bernanke: Deflation – making sure “it” doesn’t happen here
https://www.bis.org/review/r021126d.pdf
bottom line: ‘sufficient injections of money will ultimately always reverse a deflation.’
… That better work, because unfortunately that’s all we’ve got.
QE is totally a different animal than pure MMT.
MMT’s main tenets are that a government that issues its own fiat money:
— Can pay for goods, services, and financial assets without a need to collect money in the form of taxes or debt issuance in advance of such purchases.
— Cannot be forced to default on debt denominated in its own currency.
— Is only limited in its money creation and purchases by inflation, which accelerates once the real resources (labour, capital and natural resources) of the economy are utilized at full employment.
— Can control demand-pull inflation by taxation and bond issuance, which remove excess money from circulation (although the political will to do so may not always exist).
— Does not need to compete with the private sector for scarce savings by issuing bonds.
https://en.wikipedia.org/wiki/Modern_Monetary_Theory
I see QE only about 20% different than MMT. And QE could easily morph into MMT, if they needed it to. And it probably will. So what? That’s all we’ve got.