the FT doesn’t believe in your MMT hogwash.
you are the one suffering economic illiteracy
Ukraine counter offensive
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you are the one suffering economic illiteracy
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Old Duffer is a Putin apologist and is spreading dishonest misinformation.
You heard that from Zeitgeist?
ha ha ha
you think you are ever so clever pushing MMT tosh on this forum
have a read, you might learn something:
1. MMT has a flawed model of inflation that overestimates the importance of economic slack.
MMT argues that “slack,” the amount of resources not being used at a given time, is what determines inflation. This is partly based on an economic model called the Phillips Curve, which argued there is a tradeoff between inflation and unemployment (more of one will lead to less of the other). However, simultaneously high inflation and unemployment in the 1970s showed that this model was flawed. Rather, it is monetary policy, not slack, that determines the path of inflation.2. It overestimates the revenue that can be earned from money creation.
A government can earn revenue from printing money if the cost of printing is less than its value. For example, if a $100 bill costs roughly six cents to print, then it yields a $99.94 profit. However, assuming the government does not pay interest on that money, it will be quickly spent by the public. The result is high inflation for not much added revenue. In fact, one study found that the maximum sustainable amount of revenue from money creation is roughly four percent of GDP, which would generate annual inflation at 266 percent!3. It overestimates the potency of fiscal policy while underestimating the effectiveness of monetary policy.
MMT argues fiscal policy is more important than monetary policy in determining inflation, so raising taxes is the solution to high inflation. However, this is not the experience of the United States. In the 1960s, President Lyndon Johnson followed this logic by raising taxes and balancing the budget, but high inflation persisted. In fact, inflation only fell in the early 1980s when Fed Chair Paul Volcker reduced the growth of the money supply, despite high budget deficits under President Reagan during the same period.The fiscal policy explanation for inflation is true in places like Venezuela and Zimbabwe, where the central bank’s monetary policy decisions are highly political. However, in these places, the government is so wasteful and irresponsible that monetary policy has to support fiscal policy.
4. It overestimates the ability of fiscal authorities to control inflation.
Politicians, who are charged with determining fiscal policy in most countries, adjust tax and expenditure policies in response to their constituents’ interests. How likely does it seem that Congress and the president would be likely to raise taxes during a period of high inflation when the public is already upset at rising prices? Not very likely, especially given the political gridlock in Washington, DC.5. It contains too few safeguards against the risks of excessive public debt.
Debt that might look manageable in one economic environment may become unsustainable in another, as Greece learned during the Great Recession. While the United States is unlikely to default on its debt, high debt can cause other problems, including either higher taxation or higher inflation in the future. Either of these problems can stifle future growth and prosperity. Furthermore, while the US is not in danger of becoming like Greece in the near future, history tells us that circumstances change. If the US continues to accumulate massive amounts of debt, there is no guarantee we will always be able to easily pay it off.Sponsored Links
facts are the final arbiter
Old Duffer posts stuff with zero evidence to back it up, tosh about Nazis in the Ukraine, he or she is a blatant Putin apoligist
yeah but what does that have to do with Ukraine?
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It is looking like Kiev is a little shell shocked. Maybe they didn't believe that there would be any repercussions for their acts as Russia is so weak and has no resources remaining.
Ukrainian expectations defy reality: We can smash your infrastructure at any times, but you may not touch ours
Maybe they thought with the west helping them they were invincible. What a difference two days can make. Just two days before they were celebrating blowing up the Crimea bridge they even made a postage stamp and now they are crying.
I would take out the rest of their power grid and bomb their water supplys, just like they did to Crimea!
Ukrainian expectations defy reality: We can smash your infrastructure at any times, but you may not touch ours
Maybe they thought with the west helping them they were invincible. What a difference two days can make. Just two days before they were celebrating blowing up the Crimea bridge they even made a postage stamp and now they are crying.
I would take out the rest of their power grid and bomb their water supplys, just like they did to Crimea!
I think I'm in love with your mind
yeah, but what does it have to do with Russia?
Seems Kyiv had 3hrs of missiles. Some are saying direct hit of the glass bridge but clips don't show things clearly. The towns that have been hit other then the city of Zap.... seem to me more of the usual. Zap.......... is getting them daily and that started before Putin had problems with his bridge.I heard Putin say it was a mistake for the missiles to hit the glass bridge in Kyiv, he was aiming for Odessa.
Seems the attacks are a mix of cruise and drones and mostly after power sources. 20 cities mentioned.
Turkey is trying to sort talks between Biden and Putin at the G20. Russia seems to be saying OK.
Turkey is having deep grief
Inflation in Turkey surges to 83%
Independent experts estimate that rates could actually be closer to 186%.
www.bbc.co.uk
Not helped by Saudi banning Turkey's exports a while ago following them complaining about the bloke that they chopped up in Turkey.
Forgot - Germany sending air defences - no mention of what.
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did he call you or did he tell a bloke down the pub to tell you?I heard Putin say it was a mistake for the missiles to hit the glass bridge in Kyiv, he was aiming for Odessa.
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if you were allowed access to Russian TV you would not have to guess. rumble or odysee work if you can't use TORSeems Kyiv had 3hrs of missiles. Some are saying direct hit of the glass bridge but clips don't show things clearly. The towns that have been hit other then the city of Zap.... seem to me more of the usual. Zap.......... is getting them daily and that started before Putin had problems with his bridge.
Seems the attacks are a mix of cruise and drones and mostly after power sources. 20 cities mentioned.
Turkey is trying to sort talks between Biden and Putin at the G20. Russia seems to be saying OK.
Turkey is having deep grief
Inflation in Turkey surges to 83%
Independent experts estimate that rates could actually be closer to 186%.www.bbc.co.uk
Not helped by Saudi banning Turkey's exports a while ago following them complaining about the bloke that they chopped up in Turkey.
Forgot - Germany sending air defences - no mention of what.
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Russia's talk track is stop attacking our land. Ukraine's talk track is we haven't
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