28 Sep 2011

MMT Reporter

Federal Reserve, Gold, MMT 23 Comments

This is making the rounds on Facebook.

23 Responses to “MMT Reporter”

  1. Zack A says:

    Wow really? Are investors really confident about the dollar because its “backed” by the Fed, with a mad man like backstop Benny running the printing press? Does this woman actually think that makes investors feel “confident” knowing that their dollars can be devalued at will?

    Isn’t the whole point of having fiat money is that it’s not “backed” by anything, and isn’t this why MMT’ers run around reminding people that we are not operationally constrained in our ability to create dollars? What scares me the most is why they think this is so cool. Truly bizarre.

    • MamMoTh says:

      A fiat currency is backed by taxes. It’s just a tax credit.

      That’s a fact, it doesn’t matter if you find it cool or not.

      • Joe says:

        Fiat currency isn’t backed by taxes. It’s backed by force, like taxes.

        • MamMoTh says:

          Fiat currencies are backed by taxes regardless of what your moronic ideas about it are.

          • Zack A says:

            The fact fiat currencies are “backed” by taxes does not make me feel any more confident about holding them. You can raise taxes all you want but that won’t undo all the inflation the FED has done overtime.

            Just because people have to use dollars to pay taxes to the government does not give them value; just ask Zimbabwe if raising taxes would give their dollar value again. Because It sure as hell won’t.

        • David S. says:

          Do you see a gold standard anywhere in the world? Yet, we’ve had the greatest spread of freedom and capitalistic prosperity since its abandonment in the US in all of history, by far.

          You have no idea what you’re talking about.

          • David S. says:

            That is, we’ve had the greatest spread of freedom and prosperity the world over.

          • Bob Murphy says:

            You mean, not counting the Holocaust and World War II, right? And if we don’t count the millions of people who could only die when the gold standard was first dropped in early World War I?

            • David S. says:

              lol Wow. Even for you, that’s ridiculous. Was the abandonment of the gold standard responsible for the World Wars?

              The fact is, for the last half century we’ve seen the liberalization of markets and world-wide economic growth like never before. This is especially true since 1971. Even a total whack job like you should see that.

      • konst says:

        I think what MamMoTh meant to say or maybe imply is that a fiat currency is backed by slavery.

        • MamMoTh says:

          No, just by taxes.

          Hopefully a 4 words sentence will be easy enough for you to understand it.

          • David S. says:

            What do you expect from people who want a stone age, pre-mathematical, anti-scientific approach to economics?

            • konst says:

              David S.:

              What do you expect from people who want a stone age, pre-mathematical, anti-scientific approach to economics?

              So reducing 300 million people’s decisions times an incalculable prefence scales of those people to a few simple aggregates is what you call mathematical??

              You have it backwards. It’s not the Austrians who are unscientific and unmathematical, it’s the Keynesians and their voodoo economics that are in the stone age. Maybe you should go back to school and learn what it means for a quasi-mathematical problem not to have solution.

              • David S. says:

                Right, which is why you guys are always right, have great models, and why all the finest university economics departments in the world are full of Austrian economists.

            • MamMoTh says:

              I expect them to be as entertaining as the Flintstones.

              • konst says:

                David S.
                Right, which is why you guys are always right, have great models, and why all the finest university economics departments in the world are full of Austrian economists.

                So you just totally ignored the content of my comment and replied with a total
                non sequitur.

  2. Bridget's Love Interest says:

    Yeah, okay. First Wenzel’s site and now Murphy’s.

    Leave Bridget alone. She’s doing a fine job.

  3. J Cortez says:

    This video leaves me speechless.

  4. David S. says:

    On your last post about gold prices during last week’s meltdown, you actually said Krugman’d been wrong with his model that has falling negative real rates driving up gold prices. Then, you took a data blip and declared his idea wrong, though to your credit at least you admitted you’re wrong.

    Well, apparently you again ignore the obvious, which was the supply/demand data from the Gold Council I showed you which reveals that retail and industrial demand in China, India, and elsewhere in the emerging world have been a factor. China’s PMI data and other data indicating a slowing was released within 24 hours before that drop in gold prices during US trading, which obviously would negatively affect the price.

    This isn’t rocket science, and for someone who claims to be an economist to miss something so obvious, especially after having been shown some data on the supply/demand dynamics in the emerging world obviates the need for me to comment further.

  5. Tel says:

    I’d love to meet her speechwriter.

    Funny when you finish the video you get a link to “Trader on the BBC says Eurozone Market will crash”, and the guy is dreaming about how much he will make by buying into US treasury bonds, and there’s also a link to “Bitcoins EXPOSED!!! The currency of stupid people!” trying to get people to ignore alternative currencies.

    Bit of an underground campaign to boost up the US dollar. Wonder who is behind it?

  6. Bob Roddis says:

    This is nothing but normal everyday Canadian chick news. And I believe this is their private network, CTV. Par for the course.

  7. Driganx says:

    BWAAAAAAAhahhahahhahahahhahhahaha!!!! That is all.

  8. Bharat Chandrasekhar says:

    I wish Ben Bernanke managed my gold…

    Wow my online correction-dictionary is trying to replace ‘Bernanke’ with ‘Banker’.