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JackRiddler wrote:You do not have to think it's interesting
In which society is it easiest to get rich? Contrary to common belief, it is not countries like the US or the UK that create the highest number of rich people per capita, but Nordic social democracies like Norway and Sweden. Counter intuitive as it may sound, high taxes, generous welfare states and strong unions makes a better environment for the people who wants to earn huge amounts of money, than free markets, low taxes, and minimal government intervention. Harald Eia is a trained sociologist who works in television with comedy and documentaries.
Jamie Dimon: The US economy has been 'fundamentally anti-poor'
"Kids aren't getting the education they need to get a job," Dimon said. "And I'm talking about a real job."
Dimon pointed to an overemphasis among employers on candidates with four-year college degrees, and said more value should be given to those who graduate from community college, or receive other types of training. Some positions shouldn't require college degrees at all, he added.
Such programs are most effective when companies can work with local government and education systems, according to Dimon.
He generally expressed skepticism of the federal government's ability to manage money, and said Democrats and Republicans need to do more to justify spending decisions. This should be part of the broader political conversation about increasing individual tax rates, he said.
War bonds are debt securities issued by a government to finance military operations and other expenditure in times of war. In practice, modern governments finance war by putting additional money into circulation, and the function of the bonds is to remove money from circulation and help to control inflation.
Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments [BZZZZZZT]. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply [DING DING] in the open market operations of non-US central banks.
"When our Federal Government, that has the exclusive power to create money, creates that money and then goes into the open market and borrows it and pays interest for the use of its own money, it occurs to me that that is going too far. I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money...
The Constitution of the United States does not give the banks the power to create money. The Constitution says that Congress shall have the power to create money, but now, under our system, we will sell bonds to commercial banks and obtain credit from those banks. I believe the time will come when people will demand that this be changed.
I believe the time will come in this country when they will actually blame you and me and everyone else connected with this Congress for sitting idly by and permitting such an idiotic system to continue. I make that statement after years of study.”
Wright Patman, Chairman of the House Committee on Banking and Currency
September 29, 1941, as reported in the Congressional Record of the House of Representatives (pages 7582-7583).
Experience, more prevalent than all the logic in the world, has fully convinced us all, that it (paper money issued directly by government) has been, and is now of the greatest advantages to the country.
Benjamin Franklin, Busybody #8, March 24, 1729
Grizzly » Mon Mar 25, 2019 9:44 pm wrote:https://www.metafilter.com/180068/Who-Gets-What-Economics-as-Religion-Once-More-Unto-the-Breach
A Beginner's Guide to MMT (Modern Monetary Theory) - "MMT
"MMT proposes that a country with its own currency, such as the U.S., doesn't have to worry about accumulating too much debt because it can always print more money to pay interest.
https://twitter.com/videotroph/status/1 ... 7226677249
MMT: X is actually Y.
Skeptics: X isn’t Z it’s just X.
MMT: But we said Y not Z.
Skeptics: How come you claim Z, though?
MMT: We never do. Read our 20 plus years of literature. Can we debate whether X is Y or X, now?
Skeptics: Baffling! MMT is an attitude, not a model!
https://www.bloomberg.com/news/features ... er-s-guide
March 21, 2019, 3:00 AM PDT
Warren Buffett Hates It.
AOC Is for It.
A Beginner’s Guide to Modern Monetary Theory
An overview of a once-fringe school of economic thought that’s suddenly of the moment.
By Peter Coy, Katia Dmitrieva, and Matthew Boesler
Elvis » Tue Mar 26, 2019 9:45 am wrote:This looks pretty good —
kudos to Bloombergdotcom for running this kinda thing....
Elvis » 23 Sep 2018 22:57 wrote:Late one night dialing the radio, I caught a European economist (wish I knew who it was) saying that major social programs (a UBI in this case) could be funded by the state issuing the necessary money then simply writing it off — not treating it as a debt. The important thing was to get money into people's hands and circulating into a real economy.
It seems the only real objectors would be the Fed: "You can't do that in our system."JackRiddler wrote:Taxation circulates it back to the source, where it ceases to exist. Spending by the issuer (or extension of credit by financial entities licensed by the issuer) creates money, which is then exchanged for labor and goods and services. Taxation and paying debt subtracts money from the total supply.
Wombaticus Rex » 24 Sep 2018 12:34 wrote:Even if they understand it perfectly at their dinner parties, it's a bit unspeakable in the ring.
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