tag:blogger.com,1999:blog-3758330678390419129.post8315109415496230727..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Denninger Serves Up a Monetary Policy WhopperRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-3758330678390419129.post-90276139243319376932011-12-28T10:13:59.411-05:002011-12-28T10:13:59.411-05:00Amendment 14.4
"4. The validity of the public...Amendment 14.4<br />"4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United El Gordohttp://www.secretme.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-7276179923480356342011-12-21T17:29:47.196-05:002011-12-21T17:29:47.196-05:00Something I never realized before: The Mike Norma...Something I never realized before: The Mike Norman who mocked Peter Schiff for predicting a collapse in housing prices in the famous 2006 video is the very same Mike Norman who runs “The number one MMT site on the web!”<br /><br />http://www.youtube.com/watch?v=1G0tfb8ZefA&feature=youtu.be<br /><br />http://mikenormaneconomics.blogspot.com/2011/12/ron-paul-now-leads-in-iowa.htmlBob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-18526997260640922952011-12-21T16:53:57.922-05:002011-12-21T16:53:57.922-05:00Joe Fetz:
I think you are right. The MMTers are g...Joe Fetz:<br /><br />I think you are right. The MMTers are generally meticulous and anal about describing the minutiae of central bank and banking operations. They just don't understand economics and/or are "economics deniers" all the while insisting that their familiarity with the minutiae is a substitute for understanding economics.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-22350792633920631242011-12-21T15:03:55.354-05:002011-12-21T15:03:55.354-05:00Am I missing something?
Denninger's appears t...Am I missing something?<br /><br />Denninger's appears to be akin to the 'Peggy' plan in the popular Discover Card commercial.<br /><br />Let's see,<br /><br />Denninger wants to:<br />- Retire 'Debt Backed' Federal Reserve Notes (FDN) with (backed) Treasury Notes (TN) <br /><br />(backed by....????)<br /><br />Of course, to buy or sell outside the US whatever the "El Gordohttp://www.secretme.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-76148872914181038152011-12-21T13:43:39.780-05:002011-12-21T13:43:39.780-05:00So how can you pay down Treasuries with US Notes a...So how can you pay down Treasuries with US Notes and not have inflation? That's simple -- right now there are credit Federal Reserve Notes that exist and were created to purchase those Treasuries (most of them electronic, not physical, incidentally.) Those go away and are exchanged. So for each emitted dollar of a US Note one debt-backed dollar disappears<br /><br />The US publicly held Matt@Occidentalism.orghttps://www.blogger.com/profile/02395220402283030311noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-27177059815539848212011-12-21T13:20:09.971-05:002011-12-21T13:20:09.971-05:00I get it; it's that "we'll just owe o...I get it; it's that "we'll just owe ourselves" nonsense, isn't it?JFFnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-542877989305561072011-12-21T12:16:44.303-05:002011-12-21T12:16:44.303-05:00These Neo-Quasi-Chartalists are coming out in forc...These Neo-Quasi-Chartalists are coming out in force everywhere! They are supporters of the idea that The State can and does impart value and yet since their idea is to replace Federal Reserve Notes wth so-called "debt-free" United States Notes the we can assume that the new notes, being piggy-backed on the FRNs, will therefore, retain the same pitiful purchase value of the FRNs...a few Republicaehttp://militantjeffersonian.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-39379883537435773292011-12-21T12:11:32.210-05:002011-12-21T12:11:32.210-05:00Roddis,
Interestingly, it is the more intelligent...Roddis,<br /><br />Interestingly, it is the more intelligent of the Greenbackers that support the MMT argument. I know that sounds paradoxical, but it is true. <br /><br />Most Greenbackers that I have talked to are actually under the impression that if the Treasury issues the money then there is no need to tax (just print money and the goods will flow). Obviously, they aren't familiar Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-33046617245938558772011-12-21T11:51:24.884-05:002011-12-21T11:51:24.884-05:00Bob Murphy has previously addressed Denninger her...Bob Murphy has previously addressed Denninger <a href="http://consultingbyrpm.com/blog/2011/07/does-karl-denninger-understand-how-central-banks-inflate-nowadays.html" rel="nofollow"> here.</a>Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-51417356519361092662011-12-21T11:28:52.866-05:002011-12-21T11:28:52.866-05:00Inexplicably, Vox Day has taken Denninger's si...Inexplicably, Vox Day has taken Denninger's side on this one. I really don't get it.<br /><br />http://voxday.blogspot.com/2011/12/explaining-deflation.htmlDifsterhttp://difster.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-55988548813309258232011-12-21T11:28:23.792-05:002011-12-21T11:28:23.792-05:00If you want to make philosophical arguments about ...If you want to make philosophical arguments about the Reconstruction amendments then one could easily argue they are null and void being that the South was forced to ratify them "literally" at the point of a gun. I wouldn't get your hopes up that that defense would work however for not paying down US debt.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-78534413874494078052011-12-21T11:27:15.954-05:002011-12-21T11:27:15.954-05:00This just sounds like more pure MMT nonsense. The...This just sounds like more pure MMT nonsense. The government just spends money into existence which isn't a problem at all because it then just taxes it away to cure inflation. Cantillon Effects simply do not exist. That'll work, right?Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-52341893916800818502011-12-21T10:56:45.698-05:002011-12-21T10:56:45.698-05:00The only way for a Treasury money system to be abl...The only way for a Treasury money system to be able to tighten money supply is through taxation, which should give any libertarian reason for pause. <br /><br />I don't know a single libertarian that supports central banking. However, supporting a system that must use taxation as a means of implementing monetary policy, well that certainly isn't a position that is consistent with Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-56912272521924634792011-12-21T10:43:48.326-05:002011-12-21T10:43:48.326-05:00I'm with Rothbard on this one. Repudiate. If t...I'm with Rothbard on this one. Repudiate. If the money was borrowed in pursuit of unconstitutional ends (and I don't care what the black-robed deities say, I can read the Constitution), then it's irrelevant that the 14th amendment says the debt should not be questioned.Shimshonhttps://www.blogger.com/profile/04158609487960587917noreply@blogger.com