Thank you for the superb, informative and inspiring talk.The revolutionary insight offered by MMT is important,and explained very well here in this talk.Bravo! Thank you Professor.Wray. And thank you Professor Schneider and all who put these talks together and posted them here.
Honestly you must be able to a see the poor observations and loose use of terms and the obvious fallacies of this MMT talk. It is just poor thinking and pitiful.
@@Rob-fx2dw , you just lack the skill of reading comprehension. Choose another subject to try to understand until you can take a class & learn with the help of a teacher / professor .
@@thomasd2444 No. It is you who don't understand that MMT is full of flawed concepts that are proven to be so. If you disagree then for a start explain why the MMT idea that taxes put value into the money can be possibly true when taxes did nothing to put any value into the money in countries where inflation led to worthless money- examples :- Zimbabwe, Hungary, the Weimar republic. Also explain why MMT says all money comes from the government and the government must spend first before it can tax when the reality is most money in the economy is created by private banks when they lend to their customers and do not get that money from government. They are private entities who create new money to lend it at their own risk and are not government itself and not government agencies. Explain why MMT's verso ion of money creation differs from the explanations of government institutions and reserve banks who also actually create new money. Examples are the Bank of Canada and the Bank of England both of whom explain their role which contradicts what MMT economists say. W Explain why MMT economists say the national debt does not have to be paid off and is not a burden for the future when the money shown as the national debt is treasuries that were sold to either the public or the reserve bank and all of which mature in time and have to be paid out through taxes.
Both inflation and raising interest rates to fight inflation are a transfer of assets from ordinary people to the wealthy. The focus by the fed, politicians, economists is too often on the liability side of the inflation balance sheet while ignoring the asset side. This leads to increased inequality as Banksters, energy corporations and rentiers have a growth in their assets.
This qustion is made in belive that any state can constrole inflation. But that comes from how people values goods not what any state wants. A state can only try to influence the consumer valuation of items compared to the value of monny
Inflation is not about the price level, it is the amount of money units in circulation that is inflating, not prices. Prices is a second order effect. If you wanted zero inflation you'd ban counterfeiting, disallow fractional reserve banking (~90% of money was lent into existance and is this type of bank ledger money) and never print any new money other than to replace what is destroyed/worn out/lost.
@@soylentgreenb so i was thinking abit... And all you sayd is right but... possession is 9/10 of the law and so People that realise that monny lost 30 % of its value over covid will raise prices on there items for sale or rent. And no amount of cash piles in any banking system will stop them as thos piles allso lost 30% value. Big systems only hold so mutch power over the action of people....
As long as you don't print so much money that you cause inflation, printing money to cover the imbalance between federal expenditures and tax revenue, doesn't seem to be a problem.
Randall Wray's fantasy idea says "you have to put the currency into existence before you receive it back " then says "the central banks makes and receives all payments through private banks." The reality is the central banks does Not make and receive all payments though private banks. The idea is absurd because the private banks create new money whenever someone is approved for a loan. It is not existing money they lend. It is new fiat credit money that once created. This process is clearly explained in a pdf from the Bank of England which is titled "Money creation in the modern economy" written by Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate. It is available on line. If anyone cannot understand this reserve bank's explanation they need to do more study of what happens and stop believing some wayward economist with a vested interest like Randal Wray who can't address when questioned why he tells another story about it despite the excellent explanation by an actual creator of new money tells how it is done.
The federal govt has its own bank and creates the money it - the govt - spends just like the private banks create the money you borrow and spend. The difference is that you do not own the private banks. You need to read Money for Beginners. but you won’t because you likely cannot tolerate the cognitive dissonance that the facts in the book will create vs your ideology.
The federal govt has its own bank and creates the money it - the govt - spends just like the private banks create the money you borrow and spend. The difference is that you do not own the private banks. You need to read Money for Beginners. but you won’t because you likely cannot tolerate the cognitive dissonance that the facts in the book will create vs your ideology.
@@herbwiseman9084 And might I add that only through the power and authority of Uncle Sam does money within circulation have any purchasing power. Sounds like OP hasn't read his books!
The “actual creator of new money” used to tell us a different story. It is because of MMT and people like Ranney Wray that the Bank of England finally got around to telling a new story. And the former Governor of the Bank of England at the time the 2014 story was released still tells a different story in his book Values.
@@herbwiseman9084 What you have just shown is you were unable to differentiate the truth between what you were previously told and what you are now told. MMT now tells you and what their version of reality (the truth) is so what were the processes you used to now choose one explanation over another? i.e. how have you found out whether one institution is telling you or another? What is your method. What strategies have you used?
The essence of MMt's economic argument that federal government politicians should have "Policy Space" to spend in excess of it's income for what it considers is better for the economy. The same in their minds great theory that talks about the evil of inequality but when it comes to the reality only politicians should have "Policy Space" when everyone else like the average person and those on less than average incomes should be restrained and have no "Policy Space" to spend more than it's income. Not you, not anyone else but politicians.
I haven't watched it yet but have been looking for a recent mmt vs the recent inflation to see what they have to say but can't find any. Have you found any?
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊
Excellent! Thanks.
Thank you for the superb, informative and inspiring talk.The revolutionary insight offered by MMT is important,and explained very well here in this talk.Bravo! Thank you Professor.Wray. And thank you Professor Schneider and all who put these talks together and posted them here.
Glad you enjoyed it!
Honestly you must be able to a see the poor observations and loose use of terms and the obvious fallacies of this MMT talk. It is just poor thinking and pitiful.
@@Rob-fx2dw , you just lack the skill of reading comprehension. Choose another subject to try to understand until you can take a class & learn with the help of a teacher / professor .
@@thomasd2444 No. It is you who don't understand that MMT is full of flawed concepts that are proven to be so.
If you disagree then for a start explain why the MMT idea that taxes put value into the money can be possibly true when taxes did nothing to put any value into the money in countries where inflation led to worthless money- examples :- Zimbabwe, Hungary, the Weimar republic.
Also explain why MMT says all money comes from the government and the government must spend first before it can tax when the reality is most money in the economy is created by private banks when they lend to their customers and do not get that money from government. They are private entities who create new money to lend it at their own risk and are not government itself and not government agencies.
Explain why MMT's verso ion of money creation differs from the explanations of government institutions and reserve banks who also actually create new money. Examples are the Bank of Canada and the Bank of England both of whom explain their role which contradicts what MMT economists say.
W Explain why MMT economists say the national debt does not have to be paid off and is not a burden for the future when the money shown as the national debt is treasuries that were sold to either the public or the reserve bank and all of which mature in time and have to be paid out through taxes.
@@Rob-fx2dw There is a strong correlation between ability to compose a coherent sentence and ability to understand MMT.
Excellent Teaching
Both inflation and raising interest rates to fight inflation are a transfer of assets from ordinary people to the wealthy. The focus by the fed, politicians, economists is too often on the liability side of the inflation balance sheet while ignoring the asset side. This leads to increased inequality as Banksters, energy corporations and rentiers have a growth in their assets.
This qustion is made in belive that any state can constrole inflation. But that comes from how people values goods not what any state wants. A state can only try to influence the consumer valuation of items compared to the value of monny
Inflation is not about the price level, it is the amount of money units in circulation that is inflating, not prices. Prices is a second order effect. If you wanted zero inflation you'd ban counterfeiting, disallow fractional reserve banking (~90% of money was lent into existance and is this type of bank ledger money) and never print any new money other than to replace what is destroyed/worn out/lost.
@@soylentgreenb so i was thinking abit... And all you sayd is right but... possession is 9/10 of the law and so People that realise that monny lost 30 % of its value over covid will raise prices on there items for sale or rent. And no amount of cash piles in any banking system will stop them as thos piles allso lost 30% value. Big systems only hold so mutch power over the action of people....
As long as you don't print so much money that you cause inflation, printing money to cover the imbalance between federal expenditures and tax revenue, doesn't seem to be a problem.
Randall Wray's fantasy idea says "you have to put the currency into existence before you receive it back " then says "the central banks makes and receives all payments through private banks."
The reality is the central banks does Not make and receive all payments though private banks.
The idea is absurd because the private banks create new money whenever someone is approved for a loan. It is not existing money they lend. It is new fiat credit money that once created.
This process is clearly explained in a pdf from the Bank of England which is titled "Money creation in the modern economy" written by Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate. It is available on line.
If anyone cannot understand this reserve bank's explanation they need to do more study of what happens and stop believing some wayward economist with a vested interest like Randal Wray who can't address when questioned why he tells another story about it despite the excellent explanation by an actual creator of new money tells how it is done.
The federal govt has its own bank and creates the money it - the govt - spends just like the private banks create the money you borrow and spend. The difference is that you do not own the private banks. You need to read Money for Beginners. but you won’t because you likely cannot tolerate the cognitive dissonance that the facts in the book will create vs your ideology.
The federal govt has its own bank and creates the money it - the govt - spends just like the private banks create the money you borrow and spend. The difference is that you do not own the private banks. You need to read Money for Beginners. but you won’t because you likely cannot tolerate the cognitive dissonance that the facts in the book will create vs your ideology.
@@herbwiseman9084 And might I add that only through the power and authority of Uncle Sam does money within circulation have any purchasing power. Sounds like OP hasn't read his books!
The “actual creator of new money” used to tell us a different story. It is because of MMT and people like Ranney Wray that the Bank of England finally got around to telling a new story. And the former Governor of the Bank of England at the time the 2014 story was released still tells a different story in his book Values.
@@herbwiseman9084 What you have just shown is you were unable to differentiate the truth between what you were previously told and what you are now told. MMT now tells you and what their version of reality (the truth) is so what were the processes you used to now choose one explanation over another? i.e. how have you found out whether one institution is telling you or another? What is your method. What strategies have you used?
The essence of MMt's economic argument that federal government politicians should have "Policy Space" to spend in excess of it's income for what it considers is better for the economy.
The same in their minds great theory that talks about the evil of inequality but when it comes to the reality only politicians should have "Policy Space" when everyone else like the average person and those on less than average incomes should be restrained and have no "Policy Space" to spend more than it's income. Not you, not anyone else but politicians.
Clickbait title.
I haven't watched it yet but have been looking for a recent mmt vs the recent inflation to see what they have to say but can't find any. Have you found any?