If there must be a gop controlled senate I would actually prefer trump to run it. Just for the stimulus bill though

Do you know much about MMT?

Politicians have to get their grift on.

Does someone have a keyword searchable version of the 5,593 page relief bill? I want to check this....

I don't really believe in it, no.

I think it is pretty compelling and they have about 40 years of data now to back it up.

versus what? thousands of years of those advocating hard money? ... even Paul Krugman is not convinced of MMT (see even I can Google something) and he's as in favor of fiat currency as anyone

https://www.businessinsider.com/economist-survey-alexandria-ocasio-cortez-modern-monetary-theory-2019-3

I don't think it's compelling at all.

To be fair there are a few economist who teach that endorse the idea. To be equally fair no one likes them.

Oh lol I see, we are mid convo here. 😂

``` Thirty-six percent of economists disagreed, and 52% strongly disagreed with the statement "Countries that borrow in their own currency should not worry about government deficits because they can always create money to finance their debt." (Two percent had no opinion.)
Twenty-six percent of economists disagreed, and 57% of economists strongly disagreed with the statement "Countries that borrow in their own currency can finance as much real government spending as they want by creating money." (Seven percent had no opinion.)```

This is the equivalent of being a climate change denier in the science field.

but somehow if you don't know about it, you're an idiot when it comes to economic theory

I mean if you go forth with MMT you give government unlimited power to fund itself, unlimited power to tax you and run a high risk of inflation. Also the world will not use the dollar as a reserve currency. Reserve means safe. It’s not safe if the price levels are not stable.

@Maw it's simple if your country relies on imports/exports of goods and services and you overheat your money printing relative to GDP growth such that your imports outweigh your exports it's game over, thanks for playing ... or something like

Yeah... I can't listen to his analysis on election cases any more. He unable to hide his bias, which makes me doubt the completeness of his arguments and, more importantly, his sincerity. He is absolutely aware of the opposing arguments and now completely ignores them or, at most, gives them 20-30 dismissive seconds.

At this point, I am left to conclude that he is either prostituting his integrity in order to cater to the MAGA crowd in the hopes of boosting his number of views. Or he never was interested in a balanced, complete legal analysis. Either way, if I wanted to listen to partisan nonsense, there are plenty of options out there.

https://youtu.be/gUOIMFCbcs8

wondering when you would get to looking into that can-of-worms I opened

Economy is never simple.

Do you think his arguments are weak? Because who can we agree with everything on.

I used a lot words to make it seem so ... point taken which why we shouldn't trust that those with their hands on the money printing dial won't screw it up (simple enough?)

Do you guys even have a plan for existing bonds and the like? People have a lot of federal debt and gain interest on it. Imagine if all these people cashed out in a wave.

China is cashing out and Federal Reserve is taking up the slack to push/keep interest rates to the floor ... we rollover the existing debt over and take on more ... rinse and repeat ... till we can't do anymore

My dude, we're already close to that limit.

You couldn’t cash out you could only sell the bond on the market, but MMT would still have to print their checks.

Where is your ancom meter today?

Still the same as always.

I imagine bonds that are currently marketable would be grandfathered.

It’s an awful idea. It only sounds good because we think the politicians would use restraint, well they have showed no restraint thus far.

@TaLoN132 back to our conversation ... yeah sometimes I can't tell with Robert whether he is just taking the plaintiffs side when he's reading their petition or he really believes it himself ... he does seem to think that the Supreme Court hasn't been clear on this but I think he's wrong ... @Uncivil Law helped me to understand about the standing issue and that it wasn't a mere technicality. It's a legitimate part of the law and the court is making a statement in its dimissal.

I have no idea what they would do. Besides bankrupt the economy.

Politicians that believe in MMT are more scary to me than anything because that's directly going against the idea of restraint.

we don't know where the limit is but we are certainly closer to it than we were yesterday

It will be awesome when money is worthless. It’s what all my anarchist friends have been wishing for all this time. Now the only currency is cigarettes, water and bullets. So much better

Generally when you cannot actually manage to dent your debt is when I'd say the ceiling is reached.

This happens to people all the time.

When they borrow too much money.

It’s not even the ceiling that’s the issue, it’s the faith in money that will destroy the economy. If inflation is at 10% and ever increasing you’re in trouble. Imo

that happened sometime ago ... maybe Nixon when he took us off the gold standard or later when Greenspan ushered in the era where deficits don't matter ... thing is the US has a money printing machine ... so it's like an ordinary person taking up counterfeiting, everything works out until folks realizes the money you're printing is fake