Archive for MMT
Krugman Promises to Reconcile Himself at a Date TBD
Ah, I’m glad to see some people are apparently busting Krugman in the comments of his blog about an apparent inconsistent (dare I say Kontradiction?). For a while Krugman has been ripping on the people worrying about deficits, by pointing to other countries that have higher debt-to-GDP ratios than the US does. Here’s a good [...]
Read morePotpourri
Lots of links have been piling up here… * You know how Keynesians liked that one journal article showing that businesses were more worried about bad sales than regulations? Well, when a survey shows the exact opposite, they still take it as further evidence that the demand-side story is right. (Note that I’m not saying [...]
Read moreQuick Question for the MMTers
For those of you intrepid (foolish?) enough to wade through the comments on this blog, you will note that–contrary to perhaps your initial perception–the Modern Monetary Theory (MMT) proponents do not actually say that the issuer of a fiat currency can’t become insolvent. Rather, they qualify it in the following way: To qualify for the [...]
Read moreMore MMT Wisdom on How Debt Works
Somebody in the comments a while back sent me this Mike Norman piece, in which he argues that the federal government paid off the national debt 4 times already…this year! The phony debt crisis facing the United States is kept alive by this one, stupid, soundbite: “How are we gonna pay it back?” The subtext, [...]
Read moreDid I Ever Predict Hyperinflation?
[Ironic UPDATE below.] One of the standard criticisms of guys like Peter Schiff (and lesser mortals such as me) is that we’ve been falsely calling for hyperinflation for a few years now. For example, Krugman repeatedly rips Schiff on this score, and links people to a Google search of “Peter Schiff hyperinflation 2009.” (Incidentally, I [...]
Read moreI’m Sorry, I Still Fail to See Why We’re In a Deflationary Trap
Apparently taking Krugman’s side in the inflationista/deflationista debate, MMTer regular MamMoTh in the comments points us to this chart: Like I said, MamMoth seems to think the above chart should somehow embarrass the Austrians worried about inflation. I have to confess, I’m not seeing how soaring commodities, with silver and gold at the head of [...]
Read morePotpourri
* Aristos sends this video of a policeman telling people he’d pulled over that he should have executed them. It’s true that the offense (threatening to kill them) isn’t as bad as in plenty of other videos we’ve showcased, but this one makes the cut because the people are being fairly cooperative. (I.e. in the [...]
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