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That statement proves you know next to nothing about it.Crypto is generally a scam.
That statement proves you know next to nothing about it.Crypto is generally a scam.
I'm hooked on this show. This is (again) a brilliant discussion on Modern Monetary Theory, sparked by a Twitter discussion.
"But how do you pay for it?" (the phrase Jake Tapper employs against every progressive policy agenda)
He's an article if you don't want to watch the clip: https://www.businessinsider.com/modern-monetary-theory
Main tenets of Modern Monetary Theory
The main tenets of Modern Monetary Theory are:
- Government deficits aren't inherently bad. According to the MMT theory, deficits don't matter as much as we think they do and aren't necessarily a signal of a shaky economy. If the government can simply create more money, then the government deficits can be easily fixed. This concept is a hallmark of MMT and one of the most controversial aspects of the theory.
- Governments can create more money without threat of economic collapse. Given the fact that money is no longer backed by gold and is more theoretical in the sense it can be created at any time, many MMT supporters believe that money can be created without tanking the economy. In 2005, former Federal Reserve Chairman, Alan Greenspan, followed that line of thought: "There's nothing to prevent the federal government creating as much money as it wants."
- Because the government is the creator of the currency, it doesn't need to adhere to the same individual budgeting principles. As individuals we know that our expenses shouldn't exceed our income or it'll lead to debt. Proponents of MMT say that the government doesn't need to abide by such standards since it's also the creator of the money and theoretically can create more.
- A federal jobs guarantee program is possible. Again, given the core tenet that the government can create more money, MMT theorists support the idea of a federal job guarantee as a way to stabilize the economy and put money toward human capital.
- The Federal Interest rate should be at 0%. Many MMT supporters believe that the "natural rate of interest is zero" and there should be no bond sales. On top of that, MMT supporters want to do away with the increasing and lowering of interest rates as they're ultimately not that relevant when it comes to growth and long-term business decisions.
He is ideologically opposed to government, except as a means to facilitate a transfer of wealth to the super-rich.
Money itself is, at its core, an illusion -- sustained by the power of the government. Just as property is. Libertarians will insist that property and money have an intrinsic value beyond government, beyond time and space.
To which I laugh in their face, and generally force them off the forum for a few weeks out of sheer humiliation. Capitalism is an exercise in government power, and the notion that a capitalist system can exist outside of government (and therefore replace government) is the mindset of a BABY.
We know that the right-libertarian solution for everything is privatization.
I find libertarians to be a mix of nihilists and utopians, it really makes no sense except as an exercise in heckling.
Government doesn't have any wealth of its own.
The only resources the state has is what it has stolen from the taxpayer.
Nothing has intrinsic value, all value is subjective.
Well why not? We know private schools are superior to public schools, private housing is superior to public housing, private cars are superior to government-built cars, etc. Other than national defense and a few other public goods, the market is vastly superior to the state, so why not privatize everything?
Government doesn't have any wealth of its own. The only resources the state has is what it has stolen from the taxpayer. Since the rich and politicians are in bed together, you are correct that the state does transfer a lot of money to the rich:
Nothing has intrinsic value, all value is subjective.
It's pretty easy to show how this claim is false. Consider the enormous markets for illegal drugs, prostitution, or illegal construction work to name a few. The means of producing and distributing all three is totally private. Not only do they exist outside of the state, they exist and thrive even with the state actively trying to destroy them.
But you ain't seen nothin yet. When crypto use becomes widespread, you're going to see black markets in everything.
Well why not? We know private schools are superior to public schools, private housing is superior to public housing, private cars are superior to government-built cars, etc. Other than national defense and a few other public goods, the market is vastly superior to the state, so why not privatize everything?
On the contrary, what's utopian is to expect a bunch of scumbag politicians to not put their own personal interests ahead of what's best for the country as a whole.
Money itself is, at its core, an illusion -- sustained by the power of the government. Just as property is. Libertarians will insist that property and money have an intrinsic value beyond government, beyond time and space. To which I laugh in their face, and generally force them off the forum for a few weeks out of sheer humiliation. Capitalism is an exercise in government power, and the notion that a capitalist system can exist outside of government (and therefore replace government) is the mindset of a BABY.
You value (see previous quote) private schools, etc.
Other than national defense and a few other public goods, the market is vastly superior to the state, so why not privatize everything?
Why not: Because at this point in societal evolution (devolution?) we need a balance of powers between individuals, governments, businesses, powerful, "powerless," Nature, industry, etc, etc, etc. You come at politics with your often false and rigid right-libertarian ideas and try to fit society into them. Try to start thinking outside of the right-libertarian box.
Government doesn't have any wealth of its own.
The only resources the state has is what it has stolen from the taxpayer. Since the rich and politicians are in bed together, you are correct that the state does transfer a lot of money to the rich:
Nothing has intrinsic value, all value is subjective.
It's pretty easy to show how this claim is false. Consider the enormous markets for illegal drugs, prostitution, or illegal construction work to name a few. The means of producing and distributing all three is totally private. Not only do they exist outside of the state, they exist and thrive even with the state actively trying to destroy them.
But you ain't seen nothin yet. When crypto use becomes widespread, you're going to see black markets in everything.
Well why not? We know private schools are superior to public schools
private housing is superior to public housing
private cars are superior to government-built cars, etc. Other than national defense and a few other public goods, the market is vastly superior to the state, so why not privatize everything?
On the contrary, what's utopian is to expect a bunch of scumbag politicians to not put their own personal interests ahead of what's best for the country as a whole.
Crypto absolutely destroys MMT as a viable alternative.
Crypto is generally a scam.
That statement proves you know next to nothing about it.
AKA Capitalism.
Illegal drugs are purchased how?
Crypto is a ponzi scheme fueled by hype. If that hype was gone, there'd by thousand if not millions of people left holding and empty bag, without a government guarantee. In fact, when there's a large crypto theft, the first place the victims run to is the government. They don't run to John Galt for help.
Rich schools are better financed than poor schools, sure.
Yes, mansions are better than the bare minimum of housing.
Rather than being served by politicians who are bought by American oligarchs, you prefer to be ruled directly by the oligarchs. I guess there's some level of integrity in wanting to cut out the middle man and the pretense of a democracy.
All other currencies, including fiat money systems, are still based on a mechanism of exchange where goods and services are purchased with something.
U.S. government spending IS investment...in the people, goods, and services, they spend on. It fuels our economy, similar to consumer spending.I've heard that slogan for decades. Investments pay returns and yet debt just keeps piling up and very little gets better. And politician keep talking more "investments". Even some spending that might be considered "investments" is usually bastardized for political gain. Example, the billions Biden wants to spend to correct "racist" bridges and roads.
Our system requires selling more things to more people all the time. It grinds to a halt otherwise.I've heard people claim that capitalism needs to expand, but I don't see how it's true.
U.S. government spending IS investment...in the people, goods, and services, they spend on.
Taking money from one person to give to someone else isn't investment it's buying votes.U.S. government spending IS investment...in the people, goods, and services, they spend on. It fuels our economy, similar to consumer spending.
When you invest in the public, they in turn spend that money on other goods/services, and the economy goes round and round. Just like when a private business pays people...that too goes back into the economy primarily as spending.
Logical and controlled spending on infrastructure can be an investment if done correctly - spending an amount equal to the entire federal budget is not.When you invest in infrastructure, that's also investment in that it facilitates quality of life, trade, transportation, health, etc.
You've got the tripe and mantras down pat. Even working "Citizens' United" into your ramble.If you want money out of politics, that's a different animal, that's a Republican effort you have to stop...the citizens united ruling. Thanks to the Republican-biased SCOTUS.
Back legislation that gets big money out of politics...please.
Crypto can be, and is used to purchase good and services. The problem is that right now, crypto is a big pain in the ass to use. But that's nothing but an engineering problem, and as sure as the sun will come tomorrow, it will be solved.
That is completely incorrect and shows you dont really know how crypto works. The value of crypto is determined purely by market forces, and the currency is bought and sold just like the fiat currencies that governments issue. The reason why crypto prices have been skyrocketing is that there is more demand than there is supply- crypto is created by mining, and the more people trying to invest into them brings prices up due to their limited availability.Apologies @PoS, we agree on quite a few things but this is not one of them.
Crypto currencies obtain their value damn near entirely on the next set of people to buy into the currency at a valuation higher than the previous set.
That is completely incorrect and shows you dont really know how crypto works. The value of crypto is determined purely by market forces, and the currency is bought and sold just like the fiat currencies that governments issue. The reason why crypto prices have been skyrocketing is that there is more demand than there is supply- crypto is created by mining, and the more people trying to invest into them brings prices up due to their limited availability.
So to even claim that this is some sort of ponzi scheme shows a twisted misunderstanding of what crypto really is. I would suggest you study up on it.
Nonsense. 30% of GDP is federal spending alone. You need to learn some things and give up these silly right wing talking points.Taking money from one person to give to someone else isn't investment it's buying votes.
So what?Nonsense. 30% of GDP is federal spending alone. You need to learn some things and give up these silly right wing talking points.
And back to LW mantras and slogans.If you're serious about wanting to remove money from politics, you need to not support Republicans, it's not that difficult. They promote big business in politics, big money in politics, and they stacked the SCOTUS to support it.
Capitalism is private property in the means of production.
Please explain how rich people and politicians in bed together has anything whatsoever to do with capitalism.
If illegal drugs, prostitution, and illegal construction work were purchased with crypto, would you then agree that capitalism doesn't need the state?
In just 13 years crypto has a total market cap of over 2 trillion dollars. Even hedge funds are now moving into the space.
I don't blame you one bit for hating it. It's an absolute nightmare for the political left.
The Baltimore public school system spends 18k per year per kid. The results for all that money? Zero students proficient in math.
Here we have the government spending roughly 17k per year per kid for 12 years (about 200k total) to produce an illiterate, innumerate, adult. How much more of a failure could it be?
Of course people like you don't care about results, you only care about increasing the number of government employees, hence you will support government-run schools no matter what.
You also like the idea of creating a giant, ignorant, permanent underclass.
Which do you support more:
1. Building public housing projects for poor people.
2. Giving poor people section 8 vouchers so they can rent private housing.
Jeff Bezos is super rich. How much power does he have over you?
Not just me. Virtually all parents would prefer to send their kids to a private school instead of a government-run school.
1. This does not even come close to answering the question. If you believe government produced goods and services are superior to those produced by the market, then you need to provide some real world examples.
2. There can never be any sort of "balance of power" between the state and the individual, because the state declares a monopoly on the use of force and violence.
Yup.Do you know how "crypto mining" works?
Yup.
Do you know what a ponzi scheme is?It is an algorithm based guessing game, only kicked off when the next set wants to buy into the ponzi scheme.