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Thread: MMT to the rescue!

  1. #71
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    Re: MMT to the rescue!

    Quote Originally Posted by Moderate Right View Post
    I predicted that MMT would lead to a world wide Depression if some event such as the pandemic were to happen. It's in the posts here. I said it several times. That's the trouble with MMT, it only works if everything runs along hunky dory. Once some form of calamity hits and national debts are huge problems, on comes another Great Depression. We are here. It is happening. To deny that is foolish.
    First of all, you don't make predictions, you make guesses. Predictions are based on something besides a complete lack of knowledge. You only have a complete lack of knowledge.

    Second, it's the pandemic and our (necessary) response to mitigate the spread of infection that will cause whatever economic damage that ensues.

    You have never coherently explained why national debts are a problem, either in good times or in bad.

    You never believed that MMT works, even when things are "hunky dory," in the past. Don't change now, just because you think it suits your (ridiculous) argument.

    The government is going to create and spend a bunch of money to try and keep the economy afloat. They won't spend enough, as always, because they still don't get it. And when they don't spend nearly enough, you can't blame MMT or Keynesianism or anything else for their failure.

    If you still have a problem with MMT, put your money where your mouth is and tear up the checks you get. They're worthless anyway, right? Tear them up, or stop your constant yapping.
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    Re: MMT to the rescue!

    Maybe we'll hear renewed calls for the trillion dollar coin solution. Then Turtleboy and Pelosi can thumb wrestle over whether to give it to a rich old white (orange?) guy or to everyone else.

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    Re: MMT to the rescue!

    Quote Originally Posted by bomberfox View Post
    What about lower classes?
    Money to the lower classes is the best-spent money of all, because they need it the most, and because they spend 100% of what they get.
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    Re: MMT to the rescue!

    Quote Originally Posted by Helix View Post
    Maybe we'll hear renewed calls for the trillion dollar coin solution. Then Turtleboy and Pelosi can thumb wrestle over whether to give it to a rich old white (orange?) guy or to everyone else.
    That's actually a part of Rashida Tlaib's bill. It calls for two coins to start off. Written with the help of Rohan Grey, a second-generation MMT economist.
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    Re: MMT to the rescue!

    Quote Originally Posted by JohnfrmClevelan View Post
    That's actually a part of Rashida Tlaib's bill. It calls for two coins to start off. Written with the help of Rohan Grey, a second-generation MMT economist.
    If we mint a kajillion^infinity power coin and give it to the five old rich guys, can you imagine? The trickle down will be like the wave in Deep Impact.

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    Re: MMT to the rescue!

    Quote Originally Posted by Helix View Post
    Maybe we'll hear renewed calls for the trillion dollar coin solution. Then Turtleboy and Pelosi can thumb wrestle over whether to give it to a rich old white (orange?) guy or to everyone else.
    Actually this is always an option. The mint could make a trillion dollar coin and deposit it at the FED in return for dollars. The books would balance perfectly. Its called seignorage.
    Trumps news briefings are like a James Joyce novel written in crayon.

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    Re: MMT to the rescue!

    Quote Originally Posted by JohnfrmClevelan View Post
    First of all, you don't make predictions, you make guesses. Predictions are based on something besides a complete lack of knowledge. You only have a complete lack of knowledge.

    Second, it's the pandemic and our (necessary) response to mitigate the spread of infection that will cause whatever economic damage that ensues.

    You have never coherently explained why national debts are a problem, either in good times or in bad.

    You never believed that MMT works, even when things are "hunky dory," in the past. Don't change now, just because you think it suits your (ridiculous) argument.

    The government is going to create and spend a bunch of money to try and keep the economy afloat. They won't spend enough, as always, because they still don't get it. And when they don't spend nearly enough, you can't blame MMT or Keynesianism or anything else for their failure.

    If you still have a problem with MMT, put your money where your mouth is and tear up the checks you get. They're worthless anyway, right? Tear them up, or stop your constant yapping.
    Huge national debts are a problem because if something like this happens, then the world is thrown into economic free fall. Large deficits aren't really a problem as long as the economy is growing. It's NOT growing. It's contracting. MMT doesn't take into account these types of events. They always have a rosy outlook. Nothing can possibly go wrong in the MMT world.

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    Re: MMT to the rescue!

    Quote Originally Posted by Vadinho View Post
    Actually this is always an option. The mint could make a trillion dollar coin and deposit it at the FED in return for dollars. The books would balance perfectly. Its called seignorage.
    yeah, it sounds like a plan. i'm just left wondering what the design of the deposited currency should be. i've narrowed it down to two images. let me know which you like the best.

    1. Zimbabwe Trillion_3_CROP.jpg

    2. hyperinflationary firewood.jpg

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    Re: MMT to the rescue!

    Quote Originally Posted by JohnfrmClevelan View Post
    Best of all, it would be financed, debt-free, by minting two trillion-dollar platinum coins. This is straight from MMT; a prominent MMTer came up with much of the plan himself.
    This isn't really even a realistic proposal.

    A more likely scenario is a gradual trajectory towards negative interest rates, and the sale of a new type of Treasury Security: the zero coupon perpetuity.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: MMT to the rescue!

    Quote Originally Posted by JohnfrmClevelan View Post
    Money to the lower classes is the best-spent money of all, because they need it the most, and because they spend 100% of what they get.
    True, though i think they also need institutions that will enhance their ability to have a decent life in the long run but thats a different topic.


    See also the reason twump cultists need to play little “hypocrisy” games is they know they are in deep **** so the only way they can pull off any victory is by trying to make their opponents look just as bad as they are. Its the never play defense tactic

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