Question: I'm interested to know whether a CBDC can acheive the benefits that modern monetary theory proposes. ( Noting I'm not a fan of the centeral control and lack of privacy of a CBDC and don't know if MMT can work)
IMO, CBDC's will achieve whatever the fascist government in power says it achieves when coupled with dis-miss-information laws about to send us all on a path to 1984
Breathe. Your Mind-set requires NEW focus edited MON 14 AUG 2023 @ 17 : 06 hrs (GMT + 5) away from Post WW2 Austerity Taking Governments toward Abundant governments Affordable-Providing & Affordable-Maintaining Governments Admit it, sounds oxymoronic as you read it Covid-19 required most Decision-making paid workers & Decision-following paid workers in For-Money-Profit firms to stop working in physically-close work stations in order to prevent person-to-person virus transmission . Had each person in a country a Central Bank Account, then their need for paid work to live could have Provided & Maintains by their Currency-Source-Government which could have hired them to work in ways which kept them both physically distant & digital-socially connected : Hired as Emergency Decision-following Public Health Employees Next BIG EVENT : EMERGENCY CLIMATE PRESERVATION DECISION-FOLLOWING PAID WORKERS
50:17 - Mainstream schools of economics which are taught today in accredited higher EDU institutions are _________ NEVER going to produce a NEW [or ACCURATE , REALISTIC] school of economic knowing 50:40 - Why is that , Steve ?
Steve's comments on focusing on the large impact of climate change makes alot of sense. Eg. Canadian wildfire. 25 million acres burnt so far. Damage to oil and gas infrastructure affecting oil price, forestry, tourism, air travel and damaging widespread health consequences for Canada and some of North America. Southern Europe also has wildfires. The 4 hottest days on record have been this year. Obviously it significant effects on economies.
54:40 - But once it's [ fictional, neoclassical , economic teaching is learned & stored in ] there , the people who push this stuff -- & these are my fellow economists ; & most of them are nice people ; they're not doing it for the money -- they do it because they believe in it .
54:50 - My favorite example of that was , I set up a guy from what's called the productivity commission . He didn't realize this . He spoke in front of employers & unions for the food processing industry . And they ripped shreds off him . And he was in total shock . And then , at a bar later , I sat down [with him] , just feeling sorry for the guy . And he finally said to me , "Look , you're an economist . Help me convert those people."
First Principle Observation and analysis of historical cycles shows how the MMT Provisioning strategies progress from simple mixed farming to military empire, to piratical colonies and military industrial complex predation on the home population after they have been herded into a false sense of insecurity by judicious betrayal of government promises to underpin civil transactions required to operate the economy.., ie it's self-defining consistency in cyclic destruction for privatisation profits, Control Fraud, ungoverned criminal degeneracy by stages of militarized corruption lost in Orwellian language. It's in our nature.
Would a mass debt relief through governments giving everyone money (earmarked for repayment of private debts) have any inflationary effects? Banks make their money from debts of others. If most private debt is suddenly paid off, bank profitability would immediately drop (at least on paper), although their systemic risk would ALSO drop. Wouldn't they just invent new ways to try increase their profits again?
Thank you for your concern for the living-wage workers employed in all departments of all For-Money-Profit Lending firms. Think "New Bank" excited to make a "FIRST LOAN" as a post Jubilee event. Firms which earn profit lending money can, again, lend when those who need to borrow for productive reasons are, again, able
Always a pleasure to have Steve Keen on!
Great content :)
Question: I'm interested to know whether a CBDC can acheive the benefits that modern monetary theory proposes. ( Noting I'm not a fan of the centeral control and lack of privacy of a CBDC and don't know if MMT can work)
IMO, CBDC's will achieve whatever the fascist government in power says it achieves when coupled with dis-miss-information laws about to send us all on a path to 1984
Breathe. Your Mind-set requires NEW focus edited MON 14 AUG 2023 @ 17 : 06 hrs (GMT + 5)
away from Post WW2
Austerity Taking Governments
toward
Abundant governments
Affordable-Providing & Affordable-Maintaining Governments
Admit it, sounds oxymoronic as you read it
Covid-19 required most Decision-making paid workers & Decision-following paid workers in For-Money-Profit firms to stop working in physically-close work stations in order to prevent person-to-person virus transmission .
Had each person in a country a Central Bank Account, then their need for paid work to live could have Provided & Maintains by their Currency-Source-Government which could have hired them to work in ways which kept them both physically distant & digital-socially connected :
Hired as Emergency Decision-following Public Health Employees
Next BIG EVENT :
EMERGENCY CLIMATE PRESERVATION DECISION-FOLLOWING PAID WORKERS
50:17 - Mainstream schools of economics which are taught today in accredited higher EDU institutions are
_________ NEVER going to produce a NEW [or ACCURATE , REALISTIC] school of economic knowing
50:40 - Why is that , Steve ?
Steve's comments on focusing on the large impact of climate change makes alot of sense. Eg. Canadian wildfire. 25 million acres burnt so far. Damage to oil and gas infrastructure affecting oil price, forestry, tourism, air travel and damaging widespread health consequences for Canada and some of North America. Southern Europe also has wildfires.
The 4 hottest days on record have been this year. Obviously it significant effects on economies.
54:40 - But once it's [ fictional, neoclassical , economic teaching is learned & stored in ] there , the people who push this stuff -- & these are my fellow economists ; & most of them are nice people ; they're not doing it for the money -- they do it because they believe in it .
54:50 - My favorite example of that was , I set up a guy from what's called the productivity commission . He didn't realize this . He spoke in front of employers & unions for the food processing industry . And they ripped shreds off him . And he was in total shock . And then , at a bar later , I sat down [with him] , just feeling sorry for the guy . And he finally said to me , "Look , you're an economist . Help me convert those people."
First Principle Observation and analysis of historical cycles shows how the MMT Provisioning strategies progress from simple mixed farming to military empire, to piratical colonies and military industrial complex predation on the home population after they have been herded into a false sense of insecurity by judicious betrayal of government promises to underpin civil transactions required to operate the economy.., ie it's self-defining consistency in cyclic destruction for privatisation profits, Control Fraud, ungoverned criminal degeneracy by stages of militarized corruption lost in Orwellian language.
It's in our nature.
Would a mass debt relief through governments giving everyone money (earmarked for repayment of private debts) have any inflationary effects?
Banks make their money from debts of others. If most private debt is suddenly paid off, bank profitability would immediately drop (at least on paper), although their systemic risk would ALSO drop. Wouldn't they just invent new ways to try increase their profits again?
Thank you for your concern for the living-wage workers employed in all departments of all For-Money-Profit Lending firms. Think "New Bank" excited to make a "FIRST LOAN" as a post Jubilee event. Firms which earn profit lending money can, again, lend when those who need to borrow for productive reasons are, again, able
It all gets worse from here on in.