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No, literally. Not only is all the paper gone, but you cant even make new paper. Youve literally run out.
Under the same conditions could the US dollar become worthless, if we printed 999 sextillion dollars and put them in circulation.
The classic "money is the cause of economic problems" argument.
Don't keep this foolishness alive by answering, Vadinho.
Then you are advocating that the existing monetary policies of the entire world gets thrown down the toilet? Do you realize that MMT merely describes what is, it rarely ventures into what ought.
Please explain why what I said is foolish. You cannot have a boom..and a resulting crash.. without access to the money for the boom.. can you John?
Question. IF the banks could not have "lent at will".. and there was no access to money for mortages…
Would there have been a mortgage crisis? Its a simple question.. yes or no?
Just answer yes or no.
All MMT does.. is well nothing.
All it is, is recognition of fiat money systems. that's it
It has no predictive value. No explanation of economic behavior/human behavior in economics.
Its basically a useless "theory".. meant to sell books to layman that have no understanding of economics.
Are you saying that fractional reserve banking by definition leads to collapse or recession? That is an interesting point which was recognized way back in the 30s by Keynes. What followed was strict control over banking that created decades of continued prosperity without major financial disasters. When Keynsian remedies fell out of favor in the late 70s, it was replaced philosophically by the rantings of a very clever man, Milton Friedman. As soon as his advice replaced Keynes as the dominant economic thought worldwide, we started to see recession after recession and several versions of financial collapses all across the world. I favor fractional reserve banking but under heavy supervision.
Its not a wage, since they arent working. Its more like asking if I had the power to take whatever I wanted from a bank, how much would I take? Well, on principle, only what I owned. I would not take other peoples property.
I know, this is an aside, but this post made me laugh out loud. "DHS, ICE and CBP all have "acting directors" because Trump hasn't nominated anyone. They can all be replaced at will, so of course whatever the boss says. If it was a priority, you'd think he'd put some energy into it. That you fell for the con is stupendous.DHS, ICE and Border Patrol have all stated the wall works and is a positive.
That response is such a hodgepodge of disassociated elements it does not have a chance to coalesce into something rational. Apples, oranges, and orangutans are mixed into a medley salad that isn't even edible.That's funny. See.. here is the thing.. maybe.. just maybe.. that answers you seek are NOT in macro economics. You ever notice how often Macroeconomics theories.. never seem to predict the next crash? Where were the macroeconomic theories predicting the great recession? How did they predict that mortgage crisis?
Oh wait... ....
That response is such a hodgepodge of disassociated elements it does not have a chance to coalesce into something rational. Apples, oranges, and orangutans are mixed into a medley salad that isn't even edible.
We are not dealing with a serious thinker or student of macro and predictive theories. All one has to do to reveal the flaw in predicting the future is read The Black Swan. As for accuracy in predictions, if a model was created which could predict the future accurately and reliably, it would influence the future for those people who had access to this model. By knowing the future, a person today could make decisions that predict it for their own benefit thereby influencing the future. All one can do is understand the past, prevent known flaws in the system from artificially creating undue risk in the future and hope that none of us lives through another Black Swan event in our investing lifetimes.
LOL, sorry, no, not chasing you down that rabbit hole.Then you are advocating that the existing monetary policies of the entire world gets thrown down the toilet? Do you realize that MMT merely describes what is, it rarely ventures into what ought.
LOL, sorry, no, not chasing you down that rabbit hole.Then you are advocating that the existing monetary policies of the entire world gets thrown down the toilet? Do you realize that MMT merely describes what is, it rarely ventures into what ought.
How about the 100's of millions in bribes I mean for speeches.
Thats pennies compared to wealth redistribution.
What about humans? Or better yet, how about air? You can't have a boom and resulting crash without humans or air! :lamo
Actually yes. Actually that's a main element when it comes to predicting economic behavior. In fact..its really the study of economics... the behavior of humans. What motivates a human to decide to save money.. or motivates them to take out a loan they can't afford. Recognizing the human behavior is a HUGE factor in understanding the mortgage crisis. And in predicting future crisis. You are absolutely right Kush... the Human element is a huge factor and in reality is probably the determining factor.
I can see that you really have not spent any time listening or learning about MMT or you would not have posted this conclusion. Traditional economics misses the truth about money and macro policy because it ignores what is truly going on. If you pass right by the fundamentals of a financial system and go straight to predetermined outcomes, how can anyone have faith that these outcomes are based upon a solid foundation? MMT is shaking up the economics of the world because it challenges the lack of foundations in traditional macro. What ought to be is different then what is. If an economic theory starts with what ought to be and then looks for what is in order to justify its biases, then it is not economics, it is an ideology. This is why so many consider Mizes and Hayek and Ayn Rand to be quacks, they are rarely taken seriously.
Yep. Remove air and we can eliminate the human element altogether.
I know, this is an aside, but this post made me laugh out loud. "DHS, ICE and CBP all have "acting directors" because Trump hasn't nominated anyone. They can all be replaced at will, so of course whatever the boss says. If it was a priority, you'd think he'd put some energy into it. That you fell for the con is stupendous.
Nope. I am not saying by definition it leads to collapse or recession. In an of itself no it doesn't. However.. combined with the human element regarding greed/politics etc? I could see how it would be argued that it does.Are you saying that fractional reserve banking by definition leads to collapse or recession? T.
That is 100s of years worth of pay at the jobs salary.
america complains they are broke but instead we spend all the money in the wrong places, giving money to other countries, but instead of helping our own people i thought thats what we were trying to do "america first" we spend so much in the military and scared that if we take 1 dollar out that we will be defenseless, we dont have enough money but we have enough for a wall?
america complains they are broke but instead we spend all the money in the wrong places, giving money to other countries, but instead of helping our own people i thought thats what we were trying to do "america first" we spend so much in the military and scared that if we take 1 dollar out that we will be defenseless, we dont have enough money but we have enough for a wall?
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