With the video of the Chairman of the Economic Council stuttering over borrowing vs printing, the MMTers are crowing...

I thought I would trot out an article I wrote in 2015.

snbchf.com/gold-standard/…

Steve Keen told me that politicians resemble my heroine (Ayn Rand). As if...

Jon Luke nails it. Even the so called 'right wing' want a vast welfare state plus govt roads, trains, mail, harbors, airports, electric grid, water, sewer, schools... and a central bank to pay for it.

Is she wrong, Dr. Steve Keen?

Most politicians are socialist-lite Keynesians.

The MMTers are more serious about their socialism. But they are glib (and wrong) about the monetary system.

Their deepities make them look more serious than the blatherings of the politicians.

First comment: MMT is the magical thinking side of socialism.

Second comment: this guy doesn't understand the monetary system. Neither does Stephanie Kelton (who gets a brief clip in this video).

But he is the Chair of the Council of Economic Advisors!

x.com/RnaudBertrand/…

'Whole generations can retire by betting on the price of an asset.'

They believed this during the time of John Law.

Crude oil (WTI) has a 7 handle.

Notwithstanding all the 'inflation fuh-ev-ah, oil will never be below $80 again!' people...

My answer to this picture is... another picture.

Bitcoin is the only store of value that can leak 10% of the value it stores--in a day.

Don't tell me about the dollar. The dollar takes years to lose that much--and it's designed to go down. No one calls it a 'store of value'.

George Gammon George, I explain the mechanics in fulsome detail.

monetary-metals.com/when-gold-back…

The root of it is envy: not merely wanting to take something for yourself but wanting others not to have.

It's why people vote to tax the rich, regulate businesses, etc. Not much you can do that about.

But in your personal life, you can distance yourself from enviers.

Moral of the story: the US govt owns its citizens, and you must pay them to get your papers of manumission.

yahoo.com/tech/bitcoin-j…

<Keith> Hey ChatGPT I have a question.

[150 milliseconds]

<ChatGPT> Please ask

<Keith> what's worth more, a million dollars or a million dollars worth of bitcoin?

[1.4 seconds]

<ChatGPT> 943 thousand of bitcoin is worth less than a million dollars

Really interesting to see this phenomenon. 100.000% conviction.

If bitcoin were headed to its final destination, some people would buy at $16,000.

Wen 42,000,000

Reasonable people: it's going to cost a trillion dollars to 'cancel' student debt

MMT Deepity'ers: there is no cost, learn about MMT

At best they're missing the cost, by seeing the form but not the substance of dollar issuance in the scheme of the Treasury and the Fed.

Galbraith assumes that they all owe it to the US.

Plus assumes lending to somebody is imperial. Plus assumes communism and state owned everything.

If you're not giving them the Rods of the Five Wizards and the keys to Orthanc, you're doing this wrong!

Giving them your wallet is so Fourth Age!

MMTers: MMT is just science, just accounting
MMT Godfather Warren Mosler: the Fed should administer zero interest rates.

Just accounting, my ass--this is unabashed Keynesian long-runism (i.e. we're all dead)!

Almost as if hiking interest rates, hikes the hurdle rate of return higher. Almost as if return on capital rises with cost of capital (R > I).

They think it fights inflation, but actually they're disincentivizing borrowing to build capacity, to add to supply.

h/t Luke Gromen