PragCap reader?
Sent from my SCH-I535 using Tapatalk 2
PragCap reader?
Sent from my SCH-I535 using Tapatalk 2
Fairness leads to extinction much faster than harsh parameters.
Great primer on the mechanics of our monetary system. You can also visit the site at www.pragcap.com.
The point of his paper is that we (the people and our representatives) cannot make good policy if we do not understand how our own monetary system works. He debunks (correctly, in my opinion) common myths...like "we need to balance our budget" or "we collect taxes to fund our government" or "we issue bonds to fund our debt". This paper is a "must read" in my business. Lots to argue about....
the link should allow you to download his paper:
http://papers.ssrn.com/sol3/papers.c...act_id=1905625
Understanding the Modern Monetary System
Cullen O. Roche
Orcam Financial Group, LLC
August 5, 2011
Abstract:
This paper provides a broad understanding of the workings of the modern fiat monetary system in the United States. The work is primarily descriptive in nature and takes an operational perspective of the modern fiat monetary system using the understandings of Monetary Realism.
Number of Pages in PDF File: 40
working papers series
Just for the record, MMR is different than MMT, but probably not enough to change your point of view.
No disrespect intended, for you may be very familiar with our monetary system and fiat currency in general. But it is my experience that 95% of the people, including our politicians don’t know how our currency system works. Typically, people just parrot what they have heard…”MERICA NEEDS TO GET ITS HOUSE IN ORDER AND STOP SPEND’N MORE THAN IT MAKES”.
There is some pretty thoughtful analysis that suggests if you balance the US budget for 10 consecutive years, unemployment would likely be over 50%! Not a good thing.
The most interesting thing to me regarding the “Balanced Budget debate” is how similar it is to the anti-gun debate. It is all largely based on misinformation and misunderstanding.
Oh math, it's hard, especially when using Excel.
I know all of you have heard about this Thomas Herndon guy and his refutation of R&R, but this is the best (meaning funniest) version of the story:
http://www.businessinsider.com/steph...-rogoff-2013-4
This is why peer review means something. Maybe the media should go after global warming alarmists the way they went after R&R.
Fairness leads to extinction much faster than harsh parameters.
Sad when comedians are truly the only people reporting on facts...well at least more than the MSM accomplishes on any given year
http://www.thedailyshow.com/watch/we...he-golden-rage
Fairness leads to extinction much faster than harsh parameters.