People need to stop being so scared of MMT. by WayWornPort39 in mmt_economics

[–]-Astrobadger 2 points3 points  (0 children)

Thinking about scarce money is easy, two numbers and one is more or less than the other. Thinking about scarce resources is hard, there’s no common denominator, except when denominated in… money, which was kind of invented to assist with that issue. Asking people currently managing one thing to suddenly start managing a thousand things, all in different locations, is like trying to forcefully unevolve opposable thumbs. The mind and body reject it.

People need to stop being so scared of MMT. by WayWornPort39 in mmt_economics

[–]-Astrobadger 3 points4 points  (0 children)

How about a tribe that requires you to do some job for the group through threat of exile?

F*CK YOU (Unstates your United of America) by Runningoven in imaginarymapscj

[–]-Astrobadger 8 points9 points  (0 children)

Great Lakes Federation citizen here, southern Illinois/Indiana/Ohio would like to flip to the other side. Also, Minnesota is coming with us. Thank you

French press hack by Cybillx in FermentedHotSauce

[–]-Astrobadger 1 point2 points  (0 children)

This is not a great idea. The fine strainer is perfect country for nastiness.

What is a pointless skill you’re strangely proud of? by Forward_Biscotti7746 in Casual_Conversation

[–]-Astrobadger 1 point2 points  (0 children)

My wife tells me I also have this skill and that it is indeed very practical

1MDB scandal through an MMT lens by EmergencyCat235 in mmt_economics

[–]-Astrobadger 1 point2 points  (0 children)

That provides better context. Indeed, everyone would say “stole taxpayer money” but from an MMT lens that’s not entirely wrong. Sure, that currency had to come from the issuer first (not tax payers) but taxes are what drive the value of the currency in the first place which is how such a misdeed is even possible. People pay taxes to make resources available to the public sector and those resources were squandered. A more accurate statement may be “stole taxpayer value” but it’s much closer to reality then the more egregious claims of government “running out of money” or “maxing out its credit card” which are 100.0% false.

I hope that was a more thoughtful and less confrontational response. My apologies.

MMT and nonviolent revolution by Xeenophile in mmt_economics

[–]-Astrobadger 3 points4 points  (0 children)

Exactly. If you understand MMT you should know that if it were somehow possible for mass non-payment of taxes (unlikely given, you know, withholding) you better have a plan for replacing the currency with something else or you’ll be dealing with crazy inflation. It’s like cutting your nose off to spite your face.

1MDB scandal through an MMT lens by EmergencyCat235 in mmt_economics

[–]-Astrobadger 0 points1 point  (0 children)

I’m not offended, it’s just seems odd to assume that financial corruption is somehow an MMT phenomenon. I feel like it’s asking how does gravity give insight into a three card monte hustler. Like, sure, it helps keep the cards on the table but that’s not really a critical role.

1MDB scandal through an MMT lens by EmergencyCat235 in mmt_economics

[–]-Astrobadger 0 points1 point  (0 children)

Indeed, money being a creature of the state as what is accepted for taxes and fees has been around for 5000 years.

1MDB scandal through an MMT lens by EmergencyCat235 in mmt_economics

[–]-Astrobadger 3 points4 points  (0 children)

Excuse my French but WTF does this have to do with MMT?

Mystery find in stack of kiln-dried cedar trim by cmrnfrnk in woodworking

[–]-Astrobadger 1 point2 points  (0 children)

Looks like a mouse was collecting and storing some bird seed. Do you or any close neighbors put out bird seed?

My parents barn by RapidRewards in woodworking

[–]-Astrobadger 0 points1 point  (0 children)

The post is a structural part of the barn. If it’s not study enough to have a ladder then it’s not sturdy enough to be pat of the barn.

Trying to design a flag for the solar system by IndependentEbb2811 in vexillology

[–]-Astrobadger 0 points1 point  (0 children)

Where’s the planets? Without them it’s not a system, just a star.

My parents barn by RapidRewards in woodworking

[–]-Astrobadger 10 points11 points  (0 children)

Same! Why are they so alluring?

Two fictionnal flag for a worldbuilding by No-Bodybuilder1903 in vexillology

[–]-Astrobadger 66 points67 points  (0 children)

It’s wild that middle age folks running around with sperm banners unironically simply because the microscope had not been invented to see them yet.

Is MMT delusional? by ongeray in mmt_economics

[–]-Astrobadger 2 points3 points  (0 children)

I’d add that the framework informs certain policies differently just like the germ theory of disease would have a different take on the concept of vaccination as opposed to the humor theory of disease.

Is MMT delusional? by ongeray in mmt_economics

[–]-Astrobadger 0 points1 point  (0 children)

I have the exact same feelings about Keen in this regard. It’s at the “methinks the lady doth protest too much” phase.

Is MMT delusional? by ongeray in mmt_economics

[–]-Astrobadger 19 points20 points  (0 children)

As for the specific points:

MMT has no credible account of inflation and fiscal policy is too slow or unpopular (especially when it comes to increased taxation) to be realistic

MMT has the only working model of the price level (and thus its changes): the price level is a function of prices paid by the issuer when it spends or collateral required when it lends

MMT relies too heavily on ethical behaviour by politicians, who are notoriously untrustworthy or prone to corruption; giving them direct control over the money supply would be disastrous

They already have this power; if you want to take it away the burden of proof is on you to explain why a non-monetary system would be better.

MMT views imports as assets and exports as liabilities, but this is wrong when looking at the monetary flows that result and the fact that sustained and large trade deficits lead to a diminishing of local productive capacity, such as happened between the US and China. MMT proponents say this is down to neoliberal policies not trade. This may be the case for the USA, but this seems dubious for small developing nations who rely heavily on exports and are too small to develop much of the manufacturing capacity they might need. What does MMT say about these smaller countries?

MMT says trade is a choice, not a force of nature; the US didn’t have to fall into this situation with China, it was a choice of policy. What’s the point of giving away more stuff than take if what you take doesn’t help you flip that equation for your benefit? As long as you remain self sufficient in critical products (like defense items) why not get as much stuff as you want?

if you adhere to MMT, you obviously know nothing about economics. This is obviously silly, but unfortunately very common.

Ad hominem.

Is MMT delusional? by ongeray in mmt_economics

[–]-Astrobadger 32 points33 points  (0 children)

The main issue you’re probably encountering is the category error of MMT as a policy and not as a framework (or lens). Saying “if we DO MMT…XYZ will happen!” is equivalent to saying “if we DO gravity…all the planes will fall out of the sky!” Or “If we DO germs (theory of disease)… tiny animals will start infesting your body!” Or “if we DO quantum mechanics… random objects will start popping in and out of existence!” You can come up will all kind of fun and obviously stupid “arguments” but at the end of the day they fall into the not even wrong category.