Yes, it's always interesting to peruse the critics' bullet points. His Bonds briefs are showing big time in 5). Like nearly all of them, they often reveal quickly that they've not done the work to find out about Fed level fiscal and monetary operations. He doesn't even understand
... Greece is like NSW; it's a currency *user, not an issuer.
As soon as he compares US and Greece in same sentence he's looking like a chump. This is exactly the problem facing Italy and Spain in their CV-19 crises. Unless the Troika fund them properly (via 'bond issuance')...
As soon as he compares US and Greece in same sentence he's looking like a chump. This is exactly the problem facing Italy and Spain in their CV-19 crises. Unless the Troika fund them properly (via 'bond issuance')...
...they are at risk of becoming insolvent, and therefore contemplating return to Lira, peseta... but under terrible duress. The Troika deliberately allowed Greece to sink; a criminal act given the suicides and social distress it caused.
But back to 1)...2)...
But back to 1)...2)...
...1) MMT has never been 'partly based on the Phillips Curve'. It categorically disses the construct. But that can be goog'd, if anyone wants. Just that he's sunk into mud a bit further.
2) I don't think he understands fiscal issue by a fiat-currency FedGov. 'Printing money' is..
2) I don't think he understands fiscal issue by a fiat-currency FedGov. 'Printing money' is..
... a dated term which rolls off the tongue but rarely used with any applicable meaning. Certainly doesn't help explain fiscal spending (FedGov marking up non-Govt A/Cs), and so-called QE, (asset swaps *after the financing happens)...
... 3)/ 4)... Under the rubric of ZimbabZuelaWeimar.
Well, they always roll that out, as though the extreme cases somehow shed light on the fact of fiscal & monetary ops.
Here we go (again). Zimbabwe. White colonial rule, super exploited black workforce, predominently large...
Well, they always roll that out, as though the extreme cases somehow shed light on the fact of fiscal & monetary ops.
Here we go (again). Zimbabwe. White colonial rule, super exploited black workforce, predominently large...
... farming run by the elite. Capital flight, and the disclocation of production, isolation. Roll in the usual post colonial chaos, always shrugged off and walked away from by western powers.
... Venezuela. Well, has this guy bothered to look into US & European sanctions, and...
... Venezuela. Well, has this guy bothered to look into US & European sanctions, and...
... their effects? Nup, not evident. US oil giants, Pompeo, attempted coup sponsored by CIA; some nonentity resident in US (Guido) whom they tried to place in power... latter day Marshall Ky. They haven't succeeded... yet! But they'll be waiting. Talking about...
... 'inflation' as a wider inference, from that, is just plain dishonest; or stupid.
Weimar? Suggest Keynes' 'The Economic Consequences of the Peace'.
Inflation... I don't think he understands how far we are away from it, and how close we are to dangerous levels of deflation, ..
Weimar? Suggest Keynes' 'The Economic Consequences of the Peace'.
Inflation... I don't think he understands how far we are away from it, and how close we are to dangerous levels of deflation, ..
... in the immediate term. Sure, it's uncharted territory with supply chains, food production, and so on; med to long term, but it's the coming 6 months that will preoccupy us.
But 5) gives him away; not done the homework, like a swag of others like him.
/rant 😉
But 5) gives him away; not done the homework, like a swag of others like him.
/rant 😉
@threadreaderapp Unroll
I got blocked for having the temerity to post this in a reply thread.
Obviously offensive, countering bogus links on MMT.
No importa, as the Spanish say. 😄
Obviously offensive, countering bogus links on MMT.
No importa, as the Spanish say. 😄
Guaido...
