Danny Windham - Mitchell is Not dispelling anything but telling lies himself. Only the ignorant would believe him. Ignorant of the historical facts and ignorant of how to spot tell are being lied to because of their inability to connect the facts and see the fallacies.
@@wolframdebris8102 - Too funny. Chances are you have never met a Marxian economist . Broaden your horizons and go meet with one and they will tell you MMT is not Marxian. The Marxian economists will tell you you have missed the "Marx" - LOL . Some reading for you : Barnes and Noble Routledge Classics set: Can "It" Happen Again? (Vol. 149) 1st Ed. by Hyman Minsky ISBN-13: 978-0873322133 ISBN-10: 0873322134 ISBN-13: 978-1138641952 ISBN-10: 1138641952 1a. Book arriving 05 NOV 2019 : The Case for the Green New Deal By Ann Pettifor 1b. Book arriving 12 NOV 2019 : A Planet to Win: Why We Need a Green New Deal By Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, Thea Riofrancos, Naomi Klein (Fwd) 1c. A Global Green New Deal: Rethinking the Economic Recovery - 7 JUN 2010 By Edward B. Barbier 1d. This Changes Everything: Capitalism vs. The Climate - 16 SEP 2014 By Naomi Klein 1e. On Fire: The (Burning) Case for a Green New Deal - 17 SEP 2019 By Naomi Klein 1f. The Green New Deal: Why We Need It And Can't Live Without It - And No, It's Not Socialism! - May 12, 2019 By Larry Jordan 1g. The Green New Deal: Why the Fossil Fuel Civilization Will Collapse by 2028, and the Bold Economic Plan to Save Life on Earth - 10 SEP 2019 By Jeremy Rifkin 1h. H.Res.109 - Recognizing the duty of the Federal Government to create a Green New Deal By Alexandria Ocasio-Cortez 2. DIAGRAMS & DOLLARS by J D Alt 3. THE MILLENNIAL's MONEY : Why the Next Power Generation CAN Afford to BUILD a Better World by J D Alt 4. Can We Avoid Another Financial Crisis? (The Future of Capitalism) By Steve Keen 5. Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? By Steve Keen 6. eCONcomics: Taking the CON Out of Economics By Steve Keen 7. Fighting Bob La Follette: The Righteous Reformer By Nancy C Unger 8. Bullshit Jobs: A Theory By David Graeber 9. Debt - Updated and Expanded: The First 5,000 Years By David Graeber 10. ...and forgive them their debts: Lending, Foreclosure & Redemption From Bronze Age Finance to the Jubilee Year (THE TYRANNY OF DEBT) By Michael Hudson 11. Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy By Michael Hudson 12. J IS FOR JUNK ECONOMICS: A GUIDE TO REALITY IN AN AGE OF DECEPTION By Michael Hudson 13. Essentials of Organizational Behavior: An Evidence-Based Approach By Terri A. Scandura 14. The Complacent Class: The Self-Defeating Quest for the American Dream By Tyler Cowen 15. The Oxford Handbook of Meaningful Work By Ruth Yeoman & Catherine Bailey & Adrian Madden 16. Leading Lives That Matter: What We Should Do and Who We Should Be By Mark R. Schwen & Dorothy C. Bass 17. Austerity: The History of a Dangerous Idea By Mark Blyth fivebooks.com/best-books/how-worlds-political-economy-works-mark-blyth/ 18. The Ponzi Factor: The Simple Truth About Investment Profits By Tan Liu 16. The New Confessions of an Economic Hit Man 2016 By John Perkins 19. The 7 Deadly Innocent Frauds of Economic Policy By Warren Mosler 20. Soft Currency Economics II By Warren Mosler 21. MACROECONOMICS MMT textbook - tinyurl.com/yycy82pw or czcams.com/video/RxSL5fazA5s/video.html ISBN-13: 978-1137610669 ISBN-10: 1137610662
The reason I have never read a Marxist economist is because Marx was not an economist, his crackpot theories have been refuted time and time again, and most of you guys who tout the drivel have never read a word of it either, so why don’t all you guys just go and live in a commune ? Nobody would stop you, buy a strip of land and live your dream. Maybe if others see it working it would encourage them to buy into it , why do you always feel you have to resort to violence?
@@wolframdebris8102 i'm about halfway through Capital. Marx was making a sincere effort at scientific analysis of the economy. From what i can tell much of the arithmetic was /is correct. Capital will accumulate and concentrate as surplus value of labour value is appropriated by the owners of capital over long run/multiple production cycles. This isn't really saying much. This is how the wealth of a country progresses. I'm not sure why everyone has such a visceral reaction to it.
Graham Towers, the first governor of the Bank of Canada, pointed out that federal debt is a private sector asset. Bill points out here that it is corporate welfare. The finance minister of Canada during WWII then mused that if the debt is a private sector asset, how do you make it an asset for the people.
To be ultra pedantic: Bill is not quite right. It is correct to say, "When we go to MMT it will be chaos..." in the sense, when people realise MMT is not MM Theory but rather MMD (modern money dynamics) there will be hell and chaos when the reactionaries and neoliberals realize their time is up pulling the wool over our eyes. The "going to" is not in monetary operational terms, but in the psychological sense of realizing MMT/MMD is how things actually have been working for 50 years and being abused by fiscal conservatives and that workers will realize... sh*t we were so stupid...
Yes, people knowing the reality could result in "revolution before tomorrow morning", as Henry Ford is credited with saying. I looked into corruption and believe It is CRUCIAL for us to know the EMBEZZLING SCAM the US has done in all countries it takes over. The overview/exposé below - just 6 paragraphs - shows us what is behind the curtain of lies they dupe us with, and that the corrupted governments absolutely know about governemnt money but want kept hidden. Information is power, and knowing what the scammers hide from us will mean we can do good OFFENSE, be effective in fighting the corrupt liars, not just keep reacting as the sociopaths keep doing their tyranny and taking everything from us. Here is what the US criminals have done all over the world, since WW2: 1. Take over a country by coup, assassination, lies about government being corrupt or by threat or invasion so they can... 2. Implement their EMBEZZLING scam of "privatization", taking over government services & systems and national assets so the corrupt liars can handle fiat government money & BILL THE GOVERNMENT ANY AMOUNT for running such things; they provide themselves with massive exec salaries and insanely high profits, becoming oligarchs and billionaires. 3. Lie to the public ENDLESSLY to keep us duped. 4. Praise leaders who submit to US corruption & demonize leaders who RESIST or reverse it - like Putin, who reversed the US plundering done under US puppet Yeltsin, like Chavez and Maduro in Venezuela, like Gaddafi wanting things nationalized and government money going to THE PEOPLE, like Morales in Bolivia, like Assad who said NO to a US pipeline through Syria, and so on. The demonization of both Russia and China is part of the multipronged US sabotage of the BRICS coalition since 2006. The greedy sociopathic money ADDICTS hate that those two countries are doing fair deals with other countries and helping them escape US control, corruption, privatization and loansharking. Also, vax co's & digital ID systems to control & subjugate us are "privatized" (as are quarantine camps). The scheme was to get TRILLIONS from many govts FOREVER while arranging to squash us so we could never rise up to stop their corruption, tyranny and inhumanity. They tried many pandemics previously to enrich themselves with government money, this was the most coordinated one - and used the most coercion. More specifics re "privatization" embezzling: Yes, in general a government can issue ANY AMOUNT OF MONEY for anything that is physically possible; the corrupt know this and have used that knowledge to scam the public and embezzle government money. They take over government services, conning the public about "saving money" and being "more efficient", but those are lies. The costs actually become higher because the corrupt liars overbill the govt for everything, billing ANY AMOUNT, providing massive exec salaries and insanely high profits. And they give us REDUCED services, because their sociopathic greed and money addiction means they take more for themselves and do not supply what they are supposed to supply for us. Basically, the US has built a global corruption cartel, taking over countries (and their media) to EMBEZZLE from their governments. The UK, Australia, Canada and New Zealand were coopted and corrupted in the 70s; the massive embezzling that ensued by taking over the many dozens of government services, support systems, assets and resources they had is what gave rise to the billionaire class in the 80s! We need a successful INTERVENTION on the lunatic money addicts in power who lie, destroy and KILL for more "money fixes". They are totally UNFIT TO GOVERN and should face charges of dereliction of duty, violating the Constitution, embezzling federal money, crimes against humanity, war crimes and more.
Michell's advice on Ireland in 2010 :- For anyone thinking of taking his advice:- Conclusion In this blog from July 2010 :- The Celtic Tiger is not a good example - I noted that Ireland’s growth was coming from the modest growth in the US economy. As the Euro depreciated against the US dollar, Ireland’s exports (pharmaceuticals, software, food and services) became increasingly cheaper and more attractive to its two major trading partners Britain and the US. Exports were driving Ireland’s growth. I noted then that with the UK economy now being deliberately whiteanted by its own government (via the very harsh budget cuts) and the US economy slowing again, the Irish recovery will be stopped in its tracks. The lack of any spending recovery in the domestic components and the rising unemployment will take care of that. That is what has happened. Austerity begets austerity and trade is one way that the transmission occurs. The REALITY:_ Average GDP per capita up from $22,000 to $75,000. Annual Growth rate higher than any country in the EU an one of the highest in the world with some years the highest. Unemployment down from 14.6 % to 6.7 % . Average inflation rate under 1% per year.
I'm not so sure I agree completely with Warren's contention that a trade deficit is a good thing. If a country has a lot of oil and not much else, for example, it might be able to produce a lot more oil than it can possibly use, and to keep its people and resources fully employed, it might need to export more than it imports. Modern industry and agriculture are so productive that no country's economy can keep everybody employed purely on the strength of its internal market. Ever since the US has been in chronic balance of trade deficit, the US share of global consumption may have expanded, but US inequality has also grown. That may be a purely distributional phenomenon unrelated to the current account, but my instinct says not.
There should be no fiscal rule other than that there must be full employment (no spending gap) in the economy at all times for 99% of the time in countries like the UK that will mean deficits. And that is fine.
That wool price stabilisation scheme was complete failure that cost more than it was projected to fix. Why would anyone besides a financial incompetent idiot want to repeat the same again. Answer because they are financially incompetent.
At 24:33 Mitchell starts his rant about exports. He says" Since when is it a good thing to give away productive resources to someone else and get less back in return? " This illustrates the stupidity of his understanding since there is no 'giving away' of productive resources when one exports. It is selling goods for a return of overseas currency that a country needs to buy goods from other countries. Besides very fee exports are "productive resources". Foreign financial assets in the form of money are gained from export sales. For instance if one can sell one's oil to Japanese companies getting Japanese Yen in return and buy Japanese cars for import to your own country which is not possible if you don't export enough to pay for imports.
Mitchell tries to have it both ways. - Claiming deficits produce savings for the private sector when he wants to use that line and saying that deficits in the 1980's under Reagan poduced the opposite. he says on his blog of July 23 2019 :- "But the decline in Net Saving as a percent of GDP was almost all to do with the rising fiscal deficit at the Federal level." How can that be so if MMT claims savings in the private sector are a result of deficits in the government sector.
I come across you below every MMT related video. Do you have a dedicated blog where you deal with what's wrong about MMT in detail? I'd be very interested because Mitchell's theory seems too good to be true.
@@peregrinedalziel4999 It is easy to put across a false idea if you leave out relevant facts which I explain below. You have missed the point of his idea which is that deficits produce saving for the private sector and this is what is false because it omits the impact of how deficits are funded which is by borrowing and that borrowing creates a debt (not a debt for the government sector) because the it is the private sector that it must fund maturing treasury securities that initially funded the deficits so government could spend more.
The great Bill Mitchell dispelling the myths and lies about our monetary system. Thank you sir
Danny Windham - Mitchell is Not dispelling anything but telling lies himself. Only the ignorant would believe him. Ignorant of the historical facts and ignorant of how to spot tell are being lied to because of their inability to connect the facts and see the fallacies.
@@Rob-fx2dw - You always type something funny , Rob
@@thomasd2444 You can't address reality so you hide behind fantasy again. Dream on.
Superb, as ever, from Bill Mitchell :)
Brilliant stuff as usual Bill - love your straight no nonsense talk - just reality based undecorated truths.
He is a fraud as usual,its just Marxism in a new dress
@@wolframdebris8102 - Too funny.
Chances are you have never met a Marxian economist . Broaden your horizons and go meet with one and they will tell you MMT is not Marxian.
The Marxian economists will tell you you have missed the "Marx" - LOL
.
Some reading for you :
Barnes and Noble Routledge Classics set: Can "It" Happen Again? (Vol. 149) 1st Ed. by Hyman Minsky
ISBN-13: 978-0873322133 ISBN-10: 0873322134 ISBN-13: 978-1138641952 ISBN-10: 1138641952
1a.
Book arriving 05 NOV 2019 : The Case for the Green New Deal
By Ann Pettifor
1b.
Book arriving 12 NOV 2019 : A Planet to Win: Why We Need a Green New Deal
By Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, Thea Riofrancos, Naomi Klein (Fwd)
1c.
A Global Green New Deal: Rethinking the Economic Recovery - 7 JUN 2010 By Edward B. Barbier
1d.
This Changes Everything: Capitalism vs. The Climate - 16 SEP 2014 By Naomi Klein
1e.
On Fire: The (Burning) Case for a Green New Deal - 17 SEP 2019 By Naomi Klein
1f.
The Green New Deal: Why We Need It And Can't Live Without It - And No, It's Not Socialism! - May 12, 2019 By Larry Jordan
1g.
The Green New Deal: Why the Fossil Fuel Civilization Will Collapse by 2028, and the Bold Economic Plan to Save Life on Earth - 10 SEP 2019 By Jeremy Rifkin
1h.
H.Res.109 - Recognizing the duty of the Federal Government to create a Green New Deal By Alexandria Ocasio-Cortez
2.
DIAGRAMS & DOLLARS by J D Alt
3.
THE MILLENNIAL's MONEY : Why the Next Power Generation CAN Afford to BUILD a Better World by J D Alt
4.
Can We Avoid Another Financial Crisis? (The Future of Capitalism) By Steve Keen
5.
Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? By Steve Keen
6.
eCONcomics: Taking the CON Out of Economics By Steve Keen
7.
Fighting Bob La Follette: The Righteous Reformer By Nancy C Unger
8.
Bullshit Jobs: A Theory By David Graeber
9.
Debt - Updated and Expanded: The First 5,000 Years By David Graeber
10.
...and forgive them their debts: Lending, Foreclosure & Redemption From Bronze Age Finance to the Jubilee Year
(THE TYRANNY OF DEBT) By Michael Hudson
11.
Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy By Michael Hudson
12.
J IS FOR JUNK ECONOMICS: A GUIDE TO REALITY IN AN AGE OF DECEPTION By Michael Hudson
13.
Essentials of Organizational Behavior: An Evidence-Based Approach By Terri A. Scandura
14.
The Complacent Class: The Self-Defeating Quest for the American Dream By Tyler Cowen
15.
The Oxford Handbook of Meaningful Work By Ruth Yeoman & Catherine Bailey & Adrian Madden
16.
Leading Lives That Matter: What We Should Do and Who We Should Be By Mark R. Schwen & Dorothy C. Bass
17.
Austerity: The History of a Dangerous Idea By Mark Blyth
fivebooks.com/best-books/how-worlds-political-economy-works-mark-blyth/
18.
The Ponzi Factor: The Simple Truth About Investment Profits By Tan Liu
16.
The New Confessions of an Economic Hit Man 2016 By John Perkins
19.
The 7 Deadly Innocent Frauds of Economic Policy By Warren Mosler
20.
Soft Currency Economics II By Warren Mosler
21.
MACROECONOMICS MMT textbook - tinyurl.com/yycy82pw or czcams.com/video/RxSL5fazA5s/video.html
ISBN-13: 978-1137610669 ISBN-10: 1137610662
@@thomasd2444 Neither have I ever eaten a shit sandwich to know that is exactly what it is,and I'm not a cordon blue chef
The reason I have never read a Marxist economist is because Marx was not an economist, his crackpot theories have been refuted time and time again, and most of you guys who tout the drivel have never read a word of it either, so why don’t all you guys just go and live in a commune ? Nobody would stop you, buy a strip of land and live your dream. Maybe if others see it working it would encourage them to buy into it , why do you always feel you have to resort to violence?
@@wolframdebris8102 i'm about halfway through Capital. Marx was making a sincere effort at scientific analysis of the economy. From what i can tell much of the arithmetic was /is correct. Capital will accumulate and concentrate as surplus value of labour value is appropriated by the owners of capital over long run/multiple production cycles. This isn't really saying much. This is how the wealth of a country progresses. I'm not sure why everyone has such a visceral reaction to it.
Graham Towers, the first governor of the Bank of Canada, pointed out that federal debt is a private sector asset. Bill points out here that it is corporate welfare. The finance minister of Canada during WWII then mused that if the debt is a private sector asset, how do you make it an asset for the people.
To be ultra pedantic: Bill is not quite right. It is correct to say, "When we go to MMT it will be chaos..." in the sense, when people realise MMT is not MM Theory but rather MMD (modern money dynamics) there will be hell and chaos when the reactionaries and neoliberals realize their time is up pulling the wool over our eyes. The "going to" is not in monetary operational terms, but in the psychological sense of realizing MMT/MMD is how things actually have been working for 50 years and being abused by fiscal conservatives and that workers will realize... sh*t we were so stupid...
Yes, people knowing the reality could result in "revolution before tomorrow morning", as Henry Ford is credited with saying.
I looked into corruption and believe
It is CRUCIAL for us to know the EMBEZZLING SCAM the US has done in all countries it takes over. The overview/exposé below - just 6 paragraphs - shows us what is behind the curtain of lies they dupe us with, and that the corrupted governments absolutely know about governemnt money but want kept hidden. Information is power, and knowing what the scammers hide from us will mean we can do good OFFENSE, be effective in fighting the corrupt liars, not just keep reacting as the sociopaths keep doing their tyranny and taking everything from us.
Here is what the US criminals have done all over the world, since WW2:
1. Take over a country by coup, assassination, lies about government being corrupt or by threat or invasion so they can...
2. Implement their EMBEZZLING scam of "privatization", taking over government services & systems and national assets so the corrupt liars can handle fiat government money & BILL THE GOVERNMENT ANY AMOUNT for running such things; they provide themselves with massive exec salaries and insanely high profits, becoming oligarchs and billionaires.
3. Lie to the public ENDLESSLY to keep us duped.
4. Praise leaders who submit to US corruption & demonize leaders who RESIST or reverse it - like Putin, who reversed the US plundering done under US puppet Yeltsin, like Chavez and Maduro in Venezuela, like Gaddafi wanting things nationalized and government money going to THE PEOPLE, like Morales in Bolivia, like Assad who said NO to a US pipeline through Syria, and so on.
The demonization of both Russia and China is part of the multipronged US sabotage of the BRICS coalition since 2006. The greedy sociopathic money ADDICTS hate that those two countries are doing fair deals with other countries and helping them escape US control, corruption, privatization and loansharking.
Also, vax co's & digital ID systems to control & subjugate us are "privatized" (as are quarantine camps). The scheme was to get TRILLIONS from many govts FOREVER while arranging to squash us so we could never rise up to stop their corruption, tyranny and inhumanity. They tried many pandemics previously to enrich themselves with government money, this was the most coordinated one - and used the most coercion.
More specifics re "privatization" embezzling: Yes, in general a government can issue ANY AMOUNT OF MONEY for anything that is physically possible; the corrupt know this and have used that knowledge to scam the public and embezzle government money. They take over government services, conning the public about "saving money" and being "more efficient", but those are lies. The costs actually become higher because the corrupt liars overbill the govt for everything, billing ANY AMOUNT, providing massive exec salaries and insanely high profits. And they give us REDUCED services, because their sociopathic greed and money addiction means they take more for themselves and do not supply what they are supposed to supply for us.
Basically, the US has built a global corruption cartel, taking over countries (and their media) to EMBEZZLE from their governments. The UK, Australia, Canada and New Zealand were coopted and corrupted in the 70s; the massive embezzling that ensued by taking over the many dozens of government services, support systems, assets and resources they had is what gave rise to the billionaire class in the 80s!
We need a successful INTERVENTION on the lunatic money addicts in power who lie, destroy and KILL for more "money fixes". They are totally UNFIT TO GOVERN and should face charges of dereliction of duty, violating the Constitution, embezzling federal money, crimes against humanity, war crimes and more.
Michell's advice on Ireland in 2010 :- For anyone thinking of taking his advice:-
Conclusion
In this blog from July 2010 :-
The Celtic Tiger is not a good example - I noted that Ireland’s growth was coming from the modest growth in the US economy. As the Euro depreciated against the US dollar, Ireland’s exports (pharmaceuticals, software, food and services) became increasingly cheaper and more attractive to its two major trading partners Britain and the US.
Exports were driving Ireland’s growth. I noted then that with the UK economy now being deliberately whiteanted by its own government (via the very harsh budget cuts) and the US economy slowing again, the Irish recovery will be stopped in its tracks. The lack of any spending recovery in the domestic components and the rising unemployment will take care of that.
That is what has happened.
Austerity begets austerity and trade is one way that the transmission occurs.
The REALITY:_
Average GDP per capita up from $22,000 to $75,000.
Annual Growth rate higher than any country in the EU an one of the highest in the world with some years the highest.
Unemployment down from 14.6 % to 6.7 % .
Average inflation rate under 1% per year.
I want to see a Mitchell Varoufakis debate
They don't agree?
@@steshaw3 they disagree on Brexit and I would be interested to hear Mitchell's views on Varoufakis Eurobonds idea.
@@tottifan6979 Thanks
I'm not so sure I agree completely with Warren's contention that a trade deficit is a good thing. If a country has a lot of oil and not much else, for example, it might be able to produce a lot more oil than it can possibly use, and to keep its people and resources fully employed, it might need to export more than it imports. Modern industry and agriculture are so productive that no country's economy can keep everybody employed purely on the strength of its internal market. Ever since the US has been in chronic balance of trade deficit, the US share of global consumption may have expanded, but US inequality has also grown. That may be a purely distributional phenomenon unrelated to the current account, but my instinct says not.
There should be no fiscal rule other than that there must be full employment (no spending gap) in the economy at all times for 99% of the time in countries like the UK that will mean deficits. And that is fine.
05:02 -
That wool price stabilisation scheme was complete failure that cost more than it was projected to fix. Why would anyone besides a financial incompetent idiot want to repeat the same again. Answer because they are financially incompetent.
At 24:33 Mitchell starts his rant about exports. He says" Since when is it a good thing to give away productive resources to someone else and get less back in return? "
This illustrates the stupidity of his understanding since there is no 'giving away' of productive resources when one exports. It is selling goods for a return of overseas currency that a country needs to buy goods from other countries. Besides very fee exports are "productive resources".
Foreign financial assets in the form of money are gained from export sales. For instance if one can sell one's oil to Japanese companies getting Japanese Yen in return and buy Japanese cars for import to your own country which is not possible if you don't export enough to pay for imports.
Rob can always make someone with the accurate model of how money works Laugh Out Loud
@@thomasd2444 Nothing intelligent to say again Thomas D.
Mitchell tries to have it both ways. - Claiming deficits produce savings for the private sector when he wants to use that line and saying that deficits in the 1980's under Reagan poduced the opposite. he says on his blog of July 23 2019 :- "But the decline in Net Saving as a percent of GDP was almost all to do with the rising fiscal deficit at the Federal level." How can that be so if MMT claims savings in the private sector are a result of deficits in the government sector.
I come across you below every MMT related video. Do you have a dedicated blog where you deal with what's wrong about MMT in detail? I'd be very interested because Mitchell's theory seems too good to be true.
Thats how percentages work. The denominator increased more than the numerator.
@@peregrinedalziel4999 It is easy to put across a false idea if you leave out relevant facts which I explain below.
You have missed the point of his idea which is that deficits produce saving for the private sector and this is what is false because it omits the impact of how deficits are funded which is by borrowing and that borrowing creates a debt (not a debt for the government sector) because the it is the private sector that it must fund maturing treasury securities that initially funded the deficits so government could spend more.