Friday, April 13, 2012

OMG, Stiglitz is Now an MMTer

Hey, the Fed will just print the money to pay it off the debt  says Joseph Stiglitz, bankster economist extraordinaire. Yeah, hey, it might cause some inflation but the debt will be paid off, says Stiglitz. (See the first two minutes of this clip)

Stiglitz also just retweeted this tweet which pretty much calls him an MMTer:

@deficitowl Stiglitz gets #MMT:"Does anybody believe the US is going to default? The fact is the gov can print money" http://is.gd/v7RWkh
Retweeted by Joseph E. Stiglitz


8 comments:

  1. Next! One only need to listen to the 2min mark to know he is clueless as everything he said would not happen has not only happen, but its far worse. As it turns out, the only irrationality was his thinking. I think the proper term to describe him is "an educated fool". Scary to think he is educating our youth.

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  2. It has always seemed to me that the government narrative was to purposefully obfuscate the nature of funny money dilution and the nature of inflation. Most people are under the impression that inflation is nothing but an inexplicable force of nature. We have failed to convince a significant percentage of the populace that it is purposeful government policy which allows for the purposeful shifting of wealth.

    I think that these explicit MMTer type calls for what is really a funny money dilution default can only help us explain to average people that our monetary system is truly dishonest and criminal. Average people are never going to understand the ABCT if they don't know that inflation is purposefully caused by the government. The explicit idiocy of the MMTers can only help in that effort to educate.

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  3. A couple of MMTers from UMKC recently put on a show in Italy that was moved to a basketball arena to hold the crowd of attendees. I guess when your economic theory offers solutions with no pain, politicians will flock to hear your schtick.

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  4. If it were possible to run cars on water, anyone with the slightest intelligence would assume oil executives would be against to due to the threat it would pose to their financial well being. Yet, when an academician, whose financial well being is dependent on government finance and interventionist policies discusses the merits of government planning and intervention, no one questions their motives or bias. If central planning does not work, then Stiglitz is out of a job and not to mention wasted nearly all his professional life espousing something as worthwhile as alchemy.

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  5. dollars can be printed off in any amount for whatever reason, its the consequences of doing so that should have all people wanting put an end to the frickin fed to begin with.

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  6. You dont have to be an MMT'r to belive that the government will try to print its way out of any debt problem. The key here is that MMT'r want you to believe its a good thing that the government inflates your wage and savings.

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  7. ... because you know, all great nations relied on a declining currency to help build them, and keep them strong.

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  8. The taxpayers are still liable for the interest on the money created by the Fed since the federal government borrows money from the Fed...no?

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