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Started By
Message
Steve Forbes Offers His Explanation Why America Is Rocketing Toward A Financial Cliff
Posted on 5/10/21 at 9:31 pm
Posted on 5/10/21 at 9:31 pm
I recorded it for you.
“There’s a new crazy theory out there called moderate monetary theory and it’s one the Biden Administration is clutching to. And that’s the ideal that money does not matter anymore. If you want something from the government, you just say bring it to me, I’ll print the money for it and there will be no consequences. It ignores 4000 years of financial history when you do that kind of nonsense, whether it’s with coin, paper money, digital currency, whatever.
So they think because of 2008 and thereafter when the Fed did print a ton of money, but that money in effect was put in a deep freeze. The Fed and the banks held the money. They paid interest to the banks so it never entered the economy in full. It just propped up the banks. That is not the situation we are headed into now.
This money is going into the economy. That’s one reason why prices are rising, that’s one reason why interest rates will have to go up, and that’s a reason why we are going to have serious trouble down the road. And a lot of people are oblivious to it or just don’t care.”
Your thoughts?
On Rob Schmitt tonight, Newsmax.
“There’s a new crazy theory out there called moderate monetary theory and it’s one the Biden Administration is clutching to. And that’s the ideal that money does not matter anymore. If you want something from the government, you just say bring it to me, I’ll print the money for it and there will be no consequences. It ignores 4000 years of financial history when you do that kind of nonsense, whether it’s with coin, paper money, digital currency, whatever.
So they think because of 2008 and thereafter when the Fed did print a ton of money, but that money in effect was put in a deep freeze. The Fed and the banks held the money. They paid interest to the banks so it never entered the economy in full. It just propped up the banks. That is not the situation we are headed into now.
This money is going into the economy. That’s one reason why prices are rising, that’s one reason why interest rates will have to go up, and that’s a reason why we are going to have serious trouble down the road. And a lot of people are oblivious to it or just don’t care.”
Your thoughts?
On Rob Schmitt tonight, Newsmax.
11
Posted on 5/10/21 at 9:33 pm to LuckyTiger
MMT is going to collapse the dollar because it has a real naive view of how efficiently taxation can remove liquidity from the markets and drastically overestimates the central bank’s ability to slow inflation down once it runs too hot.
Posted on 5/10/21 at 9:34 pm to LuckyTiger
Oh don’t worry. Granny Yellum got dis.
Posted on 5/10/21 at 9:34 pm to LuckyTiger
Easy way to fix the problem
Stop paying all government workers and make them pay back into the country all of their net negative taxes.
If they are unable to do so in 5 years, kill them.
Stop paying all government workers and make them pay back into the country all of their net negative taxes.
If they are unable to do so in 5 years, kill them.
Posted on 5/10/21 at 9:35 pm to LuckyTiger
quote:
that’s one reason why interest rates will have to go up,
When someone says this they have to explain how interest rates have to go up.
If the Fed keeps buying treasury bonds to fund congressional spending that no one else will buy the interest rates will remain low.
Posted on 5/10/21 at 9:36 pm to Ross
quote:
drastically overestimates the central bank’s ability to slow inflation down once it runs too hot.
And the Fed won't be able to slow it down because congress will demand that they buy their debt with too few buyers.
Posted on 5/10/21 at 9:37 pm to LuckyTiger
MMT is heterodox econ “theory” that is terrible as shite.
Posted on 5/10/21 at 9:37 pm to Giant Leaf
quote:
If they are unable to do so in 5 years, kill them.
Posted on 5/10/21 at 9:39 pm to LuckyTiger
Buy food and things you'll need.
Utility holds its value no matter what.
Markets are ignoring fundamentals, if they even have any. Cryptos only have value because they're trendy.
If Dogecoin can lose 30% during an SNL broadcast because of what Musk says, that should tell you all you need to know.
Utility holds its value no matter what.
Markets are ignoring fundamentals, if they even have any. Cryptos only have value because they're trendy.
If Dogecoin can lose 30% during an SNL broadcast because of what Musk says, that should tell you all you need to know.
Posted on 5/10/21 at 9:40 pm to GumboPot
Yeah I think he was implying it’s unsustainable.
Posted on 5/10/21 at 9:43 pm to TerryDawg03
quote:
If Dogecoin can lose 30% during an SNL broadcast because of what Musk says, that should tell you all you need to know.
Yep. It only takes world govts to outright ban crypto to kill the entire industry.
Posted on 5/10/21 at 9:43 pm to GumboPot
That’s the thing...at some point the Fed will have to raise interest rates...but they can’t. And then...
The damage will be done at that point.
The damage will be done at that point.
Posted on 5/10/21 at 9:45 pm to Ross
quote:
MMT is going to collapse the dollar because it has a real naive view
Is it naive or intentionally insidious
Posted on 5/10/21 at 9:47 pm to LuckyTiger
Yep. Only way to dampen inflation is to raise rates but when the government can’t sustain a raise in rates to remain solvent well......it won’t be pretty.
Posted on 5/10/21 at 10:10 pm to TigerDog83
..... all by design
Posted on 5/10/21 at 10:13 pm to LuckyTiger
We knew they were proponents of modern monetary theory but the left will burn the whole country to the ground for the sake of social issues.
Honestly I blame politicians for continuing to promise crazy shite.
Honestly I blame politicians for continuing to promise crazy shite.
Posted on 5/10/21 at 10:15 pm to TerryDawg03
quote:
If Dogecoin can lose 30% during an SNL broadcast because of what Musk says, that should tell you all you need to know.
if you are completely ignorant of the market, sure. Dogecoin doesn't have a use case, other cryptocurrencies do. It doesn't have a scarcity component, which is probably one of the single most important aspects to the dominant proof of work crypto operating in the same space as Doge, which is BTC.
Doge was created as a joke and adds 5 billion coins to its supply every year. It was going to zero eventually, and in the meantime it is a pump and dump scheme. Using the market dynamics of a pump and dump as a barometer to compare other legitimate projects with legitimate use cases seems really unfair.
Posted on 5/10/21 at 10:20 pm to GumboPot
quote:
And the Fed won't be able to slow it down because congress will demand that they buy their debt with too few buyers.
I think the idea is that they don't need buyers of treasury bonds. The Federal Reserve will buy the treasury bonds and as long as a government has a monopoly on its currency and doesn't borrow money from another nation, it can print as much money as it wants with impunity and if inflation runs hot money can be removed from the economy via taxation.
The stopping of inflation with taxation seems laughable to me, as does keeping a monopoly on currency in a global marketplace.
Posted on 5/10/21 at 10:27 pm to Giant Leaf
Well it looks like we have at least 1 government employee that reads this forum!
Posted on 5/10/21 at 10:41 pm to LuckyTiger
They can send out BILLIONS of dollars with computers in a few days into bank accounts all over the country, nah, money supply is fine...
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