1:48:07 Here maybe I’m missing the point, but as long as taxes are proportional to wages won’t the a free market find a lower balance for wages and eventually clear?

48:51 The point made from here on is not correct. He says that in QE the Fed debits the seller’s securities account at the Fed and credits the reserves account, “two different dollar accounts on the books of the Fed”. The seller’s securities account is not on the books of the Fed from an accounting perspective, it’s not the Fed’s liability. He says “the dollar holdings of the private sector don’t change”. They of course do change as the seller of the security now has cash instead.

Christ almighty, this Austrian cad even wheels out the 'our national economy is like a household budget' fallacy. What a chump.

I have seen Farmers work themselves to death to provide food for others, as they were incapable of saving a dime, then Bankers took their Farm and sold it to others. I have seen Truckers work for the pleasure of being appreciated for delivering a load of produce. That was in the 1960's through the 1970's. The end of recorded history of the USA thriving as a Nation. Economists just do not get out of the University often enough to actually witness real life. Historians seem to miss the reasons that People support their fellow man. Even a Bum on the side of the road, with his thumb raised in request for a ride understands, the best things in life are free. Economists tell you about numbers, the Blues informs Humans about reality. The US Economy along with it's Fiat Currency is a Zombie. The currency still exists because some Banker said it should. Narcissists are around for centuries, we should not allow them to dictate our lives. Capital as a social measure of Value, seems to have expired. Fuck the Banksters.

kzbin.info/www/bejne/mYa3fXZ6d7SBpc0 Isn't that Vivek Ramaswamy asking this question?

Full employment should only be wished for through the service side of the economy otherwise we risk over running planet with environmental catastrophe.

The "surplus" that goes into another part of the economy has to either bring back a gain or at least break-even, right?

Baby Boomers are consuming; they're consuming through the healthcare system of which, overall is so inefficient that it produces hyper inflation. The question is how to walk the tight rope between insurance "capture" and austerity?

The results are just what we are getting - run-away markets and a world flushed with cash in the hands of "the already haves." The question still comes down to the micro level to how do you get the have nots to get off their asses is to pursue assets!

How would an efficient uncorrupted interface with the shadow banking system work?

We can print our own money, but just like a corporation it would be wise to use that money towards good, productivity gained use. Otherwise one ends up with the same proble a Cammand Economy does - sub-par results.

Speakers: Jack Hammond, Hunter College and Graduate Center, CUNY - City University of New York; Andres Bernal, City University New York, Queens College - You're welcome :)

After all, if citizens actually valued money at its current worth, there would be 70% unemployment. LOL Why would 200 million people work for pennies so 30% could keep gaining wealth? If they agreed to go into total survival mode and not work for one month, the oligarchs would come begging and coughing up some equality wages. Without a high percentage of middle class spending, you will only ever have fake economies just like we have had ever since Reaganomics started it. You may screw around the monies any way you wish. Except if you want real steady long lasting economy, you must have equality. Monies has to keep moving and changing hands or it is worthless. It is only a form of keeping records, whether making primitive marks on stones, splitting and matching sticks, using metal objects such as coins or gold bars, paper notes, or electronic digits. Where "economy" and "equality" is very close to the exact same definition. The wealthy actually hate the boom and love the bust where they can steal your assets and put you into semi-slavery renters.

27:02 people keep failing to wrap their head around what's occurring. Constraint comparisons of businesses or households are not the constraints of the sovereign. Also what must happen micro-economically has very little applicability to what must happen on the macro. They're entirely different forces.

Thanks for the red pill

Our monetary system seems convoluted and way to complicated and hard to understand, like it is purposely being obsucated.

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless" -Thomas Jefferson

"The process by which banks create money is so simple that the mind is repelled." - John Kenneth Galbraith

what a joke there is no such sing as western civilization u just can fake it bones or whatsoever out of ur way pretty soon u will be off the cliff

1:22:56 It’s so nonsensical to say that there’s not enough money in the system, to be let out. Angle investors are searching far and wide for worthy investments. To the point where they only succeed less than than half of the time. Banks are more than happy to find someone to give a loan out, but they also want to get their money back. It sounds like this gentleman doesn’t understand that the market determines what’s worthy of money, and to lower that standard will not guarantee better outcomes if anything it will cause bubbles that will eventually be destroyed, thus dragging the economy down because of it.

MMT is what liberals embrace to counter-balance responsible spending. That's why their logic goes nowhere. It doesn't have to. It just needs to give their liberal adherents something to cling to. The message is: spending is cool; and anyone who disagrees is stupid. Keep that in mind, and everything about MMT falls into place.

What do The MMTers say about DOGE?

This debate between Jason Alexander vs. Ray Romano moderated by Paul Giamatti is great.

"Scarcity is real, despite what this guy will tell you" LMAO

It is clear that the FED is a coercive and evil institution. Thanks for pointing that out Mr. Mosler.

He's focusing on certain things and simply conceding the point of coersive monopoly because the Australian prescription of a non system doesn't account for privately funded coercion. The era of completely unregulated currency ended up laden with Paternalist, Company towns and scrip currency, which amounts to just plain feudalism and slavery. The idea behind MMT is that, so long as you believe in the moral legitimacy of a Constitutional government that enshrines a representative democracy, then you will concede that such a government is the best possible actor to perform the functions of a currency monopoly. As opposed to the Austrian model which would end up handing power to whomever first develops the local monopoly.

It is embraced.. they just lied about it all this time.

I like the first question.

In LMICs, the challenges surrounding money and debt are particularly pronounced, driven by a combination of external pressures and internal systemic issues. The economic vulnerability of these regions continues to widen, fueled by rogue actors who engage in corrupt practices and exploitative financial behavior. These actors siphon off resources, perpetuating inequality and undermining the capacity for sustainable development. Coupled with this is the problem of poor economic policy alignment with global standards, leading to unsustainable debt levels, inconsistent economic growth, and missed opportunities for development. When internal policies are not adapted to international economic realities or lack the robustness needed to foster resilience, LMICs become increasingly dependent on external financial support, which can come with conditions that further strain their economies. The impact of these issues is compounded by limited financial literacy and economic empowerment among large segments of the population. Without access to education and tools for financial independence, communities remain vulnerable to cycles of poverty and dependency. Empowering populations in LMICs through targeted educational programs, financial training, and inclusive economic opportunities is critical for creating a foundation that can resist economic shocks and reduce reliance on external debt. Building robust, locally driven economies that align with global economic practices is essential for tackling the root causes of economic instability and breaking the cycle of vulnerability. Only by addressing these challenges head-on can LMICs hope to achieve greater economic resilience and sustainable growth.

Warren: Clearly something more is required to actually get inflation! Global Pandemic: You called?

Here for The Hudson!! 💕💕💕

Third try..."Clearly the entire finacial sector is parasitic". Mr. Warren Mosler.

At 1:45 "Clearly the entire finanical sector is entirely parasitic".

Best quote of the debate, by Warren Mosley. "Clearly the intire banking sector is parasitic".

This is a brain disease.

Murphy is an Associated Scholar at the Ludwig von Mises Institute. Don't need to know anything else 😂

Dr. Murphy tried his best, but I found his arguments to be severely lacking in substances. We're not talking about robbing liquor stores, that level of discussion may be illustrative, but it's an insufficient model. I think the real issues of MMT are elsewhere, e.g. determining the level and method of spending etc.

Murphy makes so much sense

How is scarcity real when we have a highway full of empty cars causing traffic on one side and pedestrians walking on the other side

So that is what a fairly intelligent but completely crazy woman looks like. Could not get past the eyes with the borderline thyroid condition and did not follow where she was going as the theories did not line up with reality until the MMT was put up then it was clear why the speakers did not look wealthy. Never take financial advice from a poor person but also do not take it from crooks(ponzi brokers/skimmers).

This guy… Doesnt even realize he just stated that the us dollar is as valueLESS/ useless as subway tokens

Borro wing from the cross

Stereo 2 way operation amarried abridged......or1 3 ) 3 way mono stacked system operator 1 subseries of 2 other dependant on digital switching systems or position movements rotation

Something is really off with that mike nordman guy

i dont like how either school talks about money. Both schools seem to think that since currency is not backed by gold, that its not backed by anything except the governments good faith. The whole reason i'm looking for alternative schools of thought is because the "money multiplier" theory is ad-hock garbage. When i listen to these guys i get the same sense of "rubbish" when they talk about money not being backed by anything. why doesn't anyone question that? Its an obvious "Santa story" the largest source of money creation in the US is homes and by extension, homes represent at least some value backing the dollar. On this side of the ledge you have a mortgage. On the other side is the property itself. one debt for one asset. I believe value of the dollar is reflected in housing value, ..well..to put it more precisely, the supply of money is correlated to the supply of houses. The money supply expands and new homes are bought. If there are not enough homes its becasue there are not enough dollars. If there are too many homes its becasue there are too many dollars. (yes i'm aware that private equity buying houses muddies the water but they are still creating new money and increasing supply) i enjoy both schools and each one has great things to think about but neither one is a home run for me.

The moderator was a complete train wreck

Here in 2024 trying to read the market 🤣🤣🤣

Weird this was recommended to me. Was just thinking about the collapse of the austerity-hungry empire last night before sleep…

Most people in the US regard this as communism. The Chinese have defo turned Capitalist thinking around

Let he help you out here. In Austrian economics, the people fund/own the government. In MMT the government funds/owns the people. MMT money is not representative of your production is permission given to you, like a subway token. It is beyond belief that MMT represents that you must spend money before you can get money. ABSURD.