When does AOCs seat go back up for election?

Wrong; taxation takes money mainly from the rich, regardless of which system you are talking about.

Exactly. And who is going to ensure the necessary quality AND quantity of "teaching efforts to motivate the youth"?

Answer: government. But you have failed to identify another important issue, namely the monetary/fiscal arrangements of government whether socialist or capitalist. ie how government is funded.

And how to create real full employment, which is not possible in a neoliberal economic system which posits NAIRU dogma as its chief method of inflation control.

 

And you don't think that's a problem for a system that depends on confidence in a monetary union - and the Euro currency?

Meanwhile how's that German legal case brought against the European parliament progressing?

We shall see......
And now Macron is threatening to veto a possible Brussels-UK brexit agreement over fishing rights....another example of the cracks appearing in the EU.

For my part I like the concept of the EU ....after centuries of warfare...
But it requires a genuine monetary union with an ECB that is independent of German preoccupations with budget surpluses.

Which gets us back to AOC and MMT, for the US.

 

No, that is the EU, 27 countries, bitching, thats what the EU is all about. Its good.
They fight and bitch about each other but in the end they find a common ground.
Every time they do that they strength the EU.
Its not about France, Germany, Italy and so on, its about the growing pains of the EU.

 

There's just no explaining to you how economists actually see MMT. Oh, well...

What economists are saying, including the Fed Chair, is that Congress should spend more money. Now.

 

To your last point, we both agree; but will Mitch agree with Powell (in the event the Repubs hold the senate)?

But I know why orthodox economists don't accept MMT.
OTOH, you don't like being accused of pandering to vested interests...but that's what you are doing, you just can't see it.

The inflation concern is a red herring. You just don't want to exercise your brain beyond what you were taught in vested-interest- supported schools.

 

I doubt it because you don't seem to understand why they're concerned about inflation, or how people will perceive handing out money.

Egads.

 

You omitted my last point. Here it is again for your convenience:

"The inflation concern is a red herring. You just don't want to exercise your brain beyond what you were taught in vested-interest-supported schools".

As for people's perceptions, perhaps you could teach them the difference between their own household budgets, and the budgets of sovereign currency- issuing governments.

Meanwhile, if Biden doesn't win the senate and the Repubs play wreckers.........

 

I had already commented that you don't seem to understand why economists are concerned about inflation.

My economics students learned about money.

Biden has staked out the political center. Republicans will be risking a lot if they refuse to compromise.

 

Just so you know it's long working hours. You'll need to get up early in the morning. Lots of paperwork.

 

I understand it alright, and they are mistaken about inflation...as they have been since the GFC. They don't understand the issue is primarily about managing the resources and productive capacity of the nation, not primarily about managing the quantity of money (which can be created and destroyed as appropriate) in the economy.

They didn't learn it is created ex nihilo, and likewise can be destroyed by taxation; and that it is an instrument to establish government sovereignty.

Indeed.

Nevertheless I'm glad I will be able to observe the political fun and games at a distance.

 

If economists don't understand inflation, how did they manage above?

"Managing ... productive capacity" means what? Who manages it? How?

You're claiming economists don't know money is created by the banking system? Really?

There's no way you can explain who your version of MMT works.

 

By abandoning the commitment to full employment, as exemplified by creation of the evil NAIRU dogma.

1) What is the NAIRU? NAIRU stands for the Non-Accelerating Inflation Rate of Unemployment, and the idea is that inflation will accelerate if the unemployment rate falls below the NAIRU level. In some sense, the basic idea is very old, but this particular formulation is owed to Milton Friedman.Nov 14, 2014

The government manages resource development and allocation as required to maintain real full employment (not the fictitious employment number you use) to supplement insufficient/destructive resource allocation by the private sector.

No. I'm claiming economists are refusing to allow the public sector to join in the fun.....

My version of MMT.?

1. Nations are primarily restricted by the availability of resources and productive capacity.
2. Nations are not primarily restricted by money.

Full stop. Basic MMT.

 

Dear Santa...........

 

Santa's not real, I know that. But the resources to enable free college education ARE real; you just can't see it.

 

(Link below)

Why the Fed Needs Public Banks | WEB OF DEBT BLOG (ellenbrown.com)

"As explained by Prof. Joseph Huber, chair of economic and environmental sociology at Martin Luther University of Halle-Wittenberg, Germany, we have a two-tiered money system. The only monies the central bank can create and spend are “bank reserves,” and these circulate only between banks. The central bank is not allowed to spend money directly into the economy or to lend it to local businesses. It is not even allowed to lend it directly to Congress. Rather, it must go through the private banking system. When the central bank buys assets (bonds or debt), it simply credits the reserve accounts of the banks from which the assets were bought; and banks cannot spend or lend these reserves except to each other. In an article titled “Repeat After Me: Banks Cannot And Do Not ‘Lend Out’ Reserves,” Paul Sheard, Chief Global Economist for Standard & Poor’s, explained:" etc

 

So, economists don't understand inflation and what has happened since 1980 is an accident?

You might try reading this:

https://www.investopedia.com/terms/n/non-accelerating-rate-unemployment.asp

https://www.investopedia.com/terms/m/milton-friedman.asp

The government decides how capital is allocated? What about the stock market? Banks? You're writing off the free enterprise system.

This doesn't make sense.

Whatever this means.

My, how easy to understand. Two points. Totally explained.

As I said, you can't explain how it works .. because socialism doesn't work.

 

Is this your explanation of how your version of MMT works?

 

I haven't read those links yet; but I will say I'm not interested in a rehash of your orthodox dogma.

But re inflation: no, orthodox economists DON'T understand, that's why underemployment (especially youth underemployment) has been consistently higher since Friedman's fantasies became accepted as the way to dealing with inflation.

Plain common sense: the nation has sufficient available resources and (potential) productive capacity to employ every able-bodied working age citizen at above poverty level. (ie The Job Guarantee of MMT)

What part of that plain common sense don't you understand?

Well.. who'd have thought .....the "free enterprise system" doesn't work., or only for the lucky few..Gee, pity about that...

Like all survival of the fittest ideologues - which by definition is what you are when you support the current "free enterprise system" based on NAIRU to control inflation - you are incapable of understanding how private sector individual enterprise can be combined with public sector oversight, to produce an economy that works for all. You are wedded to the TINA fallacy.

Of course not. It's Ellen Brown's citation of the inadequacies of current orthodox central banking arrangements.

The fact I need to point out that simple fact makes me wonder about your teaching ability...

 

The ACA was a start, but it needs fixing. A public option where people could buy into medicare would be a great fix. A system where patients don't know the costs until they receive ridiculous bills, and where losing your job means losing your healthcare, and paying whatever hospitals decide to charge with no regard to actual costs is ridiculous.

 

The public option would just make the ACA and most private insurance obsolete pretty quickly. So let's just admit it: the ACA is not going to work, we need the public option.

 

They control the money supply to control inflation. It works.



You don't like how they control inflation, but what's happened is no accident.

This is where your approach falls apart. You can't explain what you do with the excess production no one is willing to buy, or why you would make it in the first place. Business wouldn't make what they can't sell, so government will either have to buy what private business can produce--become the consumer--otherwise turn producer. Either way, free markets are being set aside.

The concern is around the wellbeing of the unemployed. There are other ways to help them.

Your selling what you can't explain as "common sense?"

The "free enterprise system" does work, but it has to be harnessed for the people.

Contrived nonsense about economists. For one, most economists prefer truly free markets and business connives to manipulate them.

Oh, please ... don't get nasty because you can't explain how MMT might work in practice.

 

MMTers dispute that, but let's move along:

(Note my inserted numbers)

At least in this paragraph you are looking at the REAL issues, rather than dogma re inflation.

1. A Job Guarantee is not about excess production at all. It is about the delivery of services desired by the community which the private sector is not interested in providing, because there is no profit to be had. eg assisting the elderly in their own homes; or teaching skills outside of the standard schools curriculum (but still in the classroom).

2. Businesses ONLY make what they can sell at a profit, and often they need considerably less of the available workforce to achieve that output.

3. Free markets are NOT being set aside by the Job Guarantee which acts as a public-sector-funded supplement (or complement) to the free market, given point 2, above.

No there are not. Welfare ("sit down money") doesn't work. It's a cop-out - an admission the economy is failing to build on everyone's participation/ability to contribute, an absolute necessity for individuals' morale deriving from a sense of contribution to the community and the resulting sense of community cohesion (from all having skin in the game).

It's well known that common sense is remarkably uncommon..."no shortage of resources and productive capacity" ...oh, never mind.

But yes, we agree the free enterprise system has to be harnessed by the people. But I can tell you, Biden won't be able to increase the size of the middle class which has been shrinking since the 70's , and certainly won't eliminate youth underemployment that has been elevated since the GFC.

But truly free markets will NEVER create jobs for all. How hard is that to understand?

Explained above. Admittedly my exasperation with your lack of common sense - and with neoliberal economic orthodoxy in general, is showing.

Repeat after me: there is no shortage of resources or productive capacity that would preclude contribution to the nation's prosperity, according to ability, by all citizens.

You want me to teach you MMT? You will need to go back to school to learn MMT.

But in any case, MMT has identified the currency-issuing capacity of the sovereign government, thereby enabling direct spending into the economy (without taxing or borrowing from the private sector), as a possible mechanism for harnessing the free enterprise system for the people.

Alternatively, if you reject MMT out of misplaced ideological dogma re inflation, how about exercising your own brain to come up with an economy that works for all (with real full employment), given there is no shortage of resources etc as already emphasized above, and therefore no necessity for inflation merely as a result of real full employment.

 

and modest too

 

You have to register to run in a primary.

Contact your local Young Democrat's Club, tell them what you want to do, and ask them how to go about it.

Since you don't live in AOC's district they may not back you as they are not a governmental body subject to the Constitution but a party functionary, but you should ask them

And with all due respect, you should stop going on about the Illuminati and being of Royal Blood. People don't like Royal Blood in America and mentioning the Illuminati as a factor makes you sound like some sort of nut.

What Royal Blood are you anyway?

 

Peter the Great.