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MayDaze commented on the diary post MMT – Job Guarantee and Employer of Last Resort – We’re back, You Moneterist!! by Synoia.
…if there is too much money in circulation, it does lose its value. That’s called inflation, yes?
You may find this article of interest: Money Growth Does Not Cause Inflation! Harvey does a pretty good job of dispelling that myth.
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MayDaze commented on the diary post MMT – Job Guarantee and Employer of Last Resort – We’re back, You Moneterist!! by Synoia.
Interesting post, great chart. Rec’d. I think the resource shortages you mention will be a source of continued commodity price increases (as the developing world increases demand). Whether this will cause inflation (overall increase in prices and wages) depends on the ability of labor to demand wage increases. That’s more problematic in the current climate [...]
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MayDaze commented on the diary post Alternatives to Capitalism: an Open Thread by wendydavis.
I thought this might be topical (or at least entertaining):
“Capitalism never solves its crisis problems; it moves them around geographically”
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MayDaze commented on the diary post Alternatives to Capitalism: an Open Thread by wendydavis.
Very ambitious post. Haven’t read all the links yet but just a couple of thoughts: Your phrase
the economic model effectively IS our government now
and some of the quote from WelshTerrier brought to mind some of the Marxist theory I learned long ago: “The superstructure dictates the substructure.” Superstructure meaning the economic system and the [...]
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MayDaze commented on the diary post WaPo Liberal Admits: I Need the Republicans by E. F. Beall.
I find Cohen’s concept of relying on the GOP to “keep the Democrats honest” to be quite humorous as it implies that the oligarchic crazies are keeping check on the oligarchic apologists. As blueokie says, the Dems need the GOP to keep moving the Overton Window to the right. It is interesting to watch the [...]
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MayDaze commented on the blog post The Roundup for March 27, 2013
There was a large protest in Chicago about the school closings there. There was a march and about 150 protesters sat in the street and were then arrested. It was on twitter: #CPSClosings
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MayDaze commented on the blog post The Roundup for March 26, 2013
Kevin posted recently on this very topic. Whether a warrant is required for GPS tracking is currently being adjudicated.
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MayDaze commented on the blog post Bank Holiday In Cyprus Extended To Thursday For Fear Of Bank Runs
FWIW:
CNBC @CNBC
BREAKING: Sr. bank debt of non-viable Cypriot banks likely to take losses; Eurogroup encourages protection of depositors under €100k-sources -
MayDaze commented on the diary post Austerity by Any Other Name by wigwam.
I think the aversion to “the printing of money” is caused by the popular idea (thanks at least in part to the media) that increasing the money supply creates “runaway inflation.” This article – Money Growth Does Not Cause Inflation! – contains a good rebuttal to that idea. I have been following the platinum coin issue [...]
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MayDaze commented on the diary post Austerity by Any Other Name by wigwam.
Rec’d.
Thanks for posting the link to Turner’s paper on OMF. Greater exposure of the concept of simply creating money for deficit financing may eventually allow discussion of deficits without the tiring invocation of household finance and the morality play aspects of such.
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MayDaze commented on the diary post Sequestration? by wigwam.
Well said. (Rec’d) This nonsense of interminable “crises” may even finally be getting through to the masses; it appears that the dreaded sequester has been pretty much met with a yawn (as well it should). Obama and the other corporate shills will have another go at it with the next scheduled contrived fiasco, the latest [...]
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MayDaze commented on the blog post Projected Medicare Spending Already Came Down by Half a Trillion
Just shows how wildly inaccurate long-term budget projections are. They’re useful to manipulate public opinion, that’s the only reason they exist. In 2000 they were projecting budget surpluses for years. No one should take them seriously.
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MayDaze commented on the blog post What the Sequester Fight Shows about the Bipartisan Fetish
I thought they were for spending cuts?
In theory but not in practice. They like to bitch about gummint spending but they like to do it, too (just not on poor folks). Typically hypocritical politicians.
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MayDaze commented on the blog post Frontline Exposes DOJ’s Failure To Prosecute Wall Street
By a strange coincidence (?), Lanny Breuer is leaving the DOJ.
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MayDaze commented on the diary post The Small Ball Trillion Dollar Coin Seigniorage Exception by letsgetitdone.
The law requires that the Social Security Trust fund be invested in interest-bearing federal securities (and I think it’s safe to assume most, if not all, other similar federal funds share such a requirement). That having been said, the proceeds of coin seignorage could be used to buy bonds owned by the Fed, as you say, [...]
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MayDaze commented on the blog post FDL Book Salon – Your thoughts to my desk
Just want to express my appreciation for these salons and the effort that goes into them. I rarely comment but read nearly all of them. As far as subject matter: politics, economics, environment – basically what you’ve been doing.
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MayDaze commented on the diary post Krugman Goes Platinum! by letsgetitdone.
Well, I guess that confirms that he’s not a lawyer. ;)
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MayDaze commented on the diary post Krugman Goes Platinum! by letsgetitdone.
Well, here’s a naysayer for you.
Shorter Kevin Drum: It can’t possibly be legal. And, oh yeah, IANAL.
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MayDaze commented on the diary post Movemental Politics, Institutional Politics, and Electoral Politics by TarheelDem.
Persuasion, moral superiority, brute strength are sources of authority…
I recall from my college days that “Authority is power cloaked in legitimacy.” If that’s true, then brute force, obviously a source of power, would not itself confer authority. I think OWS (and by extension, most leftist movements) can be seen as an attempt to delegitimize the [...]
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MayDaze commented on the blog post Boehner To Reid “Go F– Yourself”
I’ve seen a number of comments on various threads saying “capital gains would have reverted to regular income tax rates” with the expiration of the Bush cuts. It’s not true. Dividends would have done so absent a deal, but capital gains would have reverted to 20%, exactly where they ended up in the deal.
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