What You've Never Been Told About the Economy - MMT For Conservatives Part 2
Quantitative Easing does nothing. Quit saying it's "printing money"!
MMT for Conservatives Part 2 - What You've Never Been Told About the Economy
Dylan Moore of the Volitional Science Network and Nima Mahjour of EconomicsJunkie.com go over the basics of MMT: what you've never been told about the economy.
- The concept of Credit Money and the Statist origins of money
- Sectoral Balances: how foreign trade can affect money supply and economic conditions
- Floating vs. Fixed Currency Systems: the arbitrariness of the gold standard
- Why do governments sell bonds? Do they actually fund spending? No. They are essentially risk-free assets for rich people.
- What do federal reserve interest rates do? Nothing.
- If interest rates do nothing, why does the Fed control them?
- What does Quantitative Easing do? Turns out it's nothing to worry about.
- The basics of the private banking system
-Dylan Lawrence Moore
@volsci
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Links:
MMT for Conservatives Part 1 - Introduction:
Real Progressives Steven Grumbine interview with Nima Mahjour: https://tinyurl.com/y9qtu9o8
Debt: The First 5000 Years by David Graeber: https://www.amazon.com/Debt-First-5-000-Years/dp/1612191290
How Government Surpluses Can Cause Economic Depressions: http://www.economicsjunkie.com/government-budget-surpluses-can-cause-economic-depressions/
Capacity Utilization: Total Industry https://fred.stlouisfed.org/series/TCU
well done. keep going my friend :)
Thanks!
I think the corporate welfare that’s handed out via interest on reserves and government securities is worth highlighting to libertarians.
Floating vs. fixed exchange rate regimes - treating floating currency environments as though they’re the same as fixed has caused major problems for society.
Good points. We're definitely not saying that the whole thing isn't a scam that benefits those who are "in-the-club". In fact, in other videos Nima has argued that government bonds/US treasuries are simply a basic income for the rich. Risk-free guaranteed interest that only pays enough if you have a ton of money to begin with.
On the floating vs. fixed: ABSOLUTELY. That's one of the key myths we're working to dispel.
You could also say that UBI is basic income for the rich. Most people seem to miss that.
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