Henric Contini @HenricCont
“Il faut cultiver notre jardin” linkedin.com/in/henric-cont… London & Monaco Joined April 2018-
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Spot on. It's funny how MMTers cannot understand this simple fact. They don't recognize opportunity cost yet claim they "account for" scarcity. It's much like eating a cake and having it too. When there really is no cake.
Spot on. It's funny how MMTers cannot understand this simple fact. They don't recognize opportunity cost yet claim they "account for" scarcity. It's much like eating a cake and having it too. When there really is no cake.
Don't have plans for the last evening of your weekend? Invite that special someone over to discuss Part 1 of my MMT takedown. infineo.ai/articles/mmt-a…
@BobMurphyEcon It is striking how often new MMTers will take over the[ir] flag in discussions where previous flag-holders were forced on the run. And the new ones always claim the previous ones weren't 'real' MMTers, didn't get it, or simply weren't smart enough. 🤷♂️
@robox1234 @PerBylund Ms Kelton gave up immediately after she herself raised the challenge. Sounds like even "real" MMTers can't defend their position against even mild criticism.
Let's have a chat about MMT. It's clearly the case that you have to be severely economically illiterate to subscribe to the claims (not the mere descriptions) that MMT makes. And the standard for argumentation appears to be to stack deepities on each other. This screenshot…
There is always this weird disdain view of economic freedom from the MMT camp.
There is always this weird disdain view of economic freedom from the MMT camp.
The probing logic of MMT that gives us "but can the government run out of currency if it makes it?" also presents the nugget of wisdom that the government contracts with suppliers. Who would've known?
The probing logic of MMT that gives us "but can the government run out of currency if it makes it?" also presents the nugget of wisdom that the government contracts with suppliers. Who would've known?
#MMT is, per their own admission, the belief that more currency magically undoes the limitations of real-world scarcity.
@ohaller7 @PerBylund MMT is more about religious belief than Austrian economics can ever be.
@sioneill @CDuBois76 There’s no dual meaning. MMT is simply wrong. Stocks are liquid financial assets that can be instantly transferred to cash for consumption. They are explicitly financial assets as the Fed shows.
MMT's endgame: Heaven, hyperinflation, or ... communism? The latter could happen inadvertently as the MMT plan unfolds. Here are the stages: Initially, the Fed is eliminated and Congress legislates the printing of new money to solve all the world's problems. 1/4
@clintballinger Sure seems like MMT ideas are no different from the way authoritarian (from communist to dirigiste to New Deal to fascist) govts handled fiscal & monetary policy during the 20th century. Govt experts develop & execute top-down spending plans & 'print' the money to fund them.
There’s no “How are you going to pay for it” lie: the question generally implies the qualifier, “without resorting to inflationary finance.” Too often MMT pretends to have a bold new theory when the true innovation consists of misrepresenting what other economists think. 1/2
There’s no “How are you going to pay for it” lie: the question generally implies the qualifier, “without resorting to inflationary finance.” Too often MMT pretends to have a bold new theory when the true innovation consists of misrepresenting what other economists think. 1/2
Ironically, the most "a priori" economists out there are the MMTers. They have a framework for money, and force empirical facts and the historical record into their narrative, because "if you think about it, it has to be like this..." This guy is smart, btw, I'm not mocking him.
Ironically, the most "a priori" economists out there are the MMTers. They have a framework for money, and force empirical facts and the historical record into their narrative, because "if you think about it, it has to be like this..." This guy is smart, btw, I'm not mocking him.
I recently argued with a stormtrooper-level MMTer (i.e. not Vader and not even one of those red guys who guards the Emperor) when he claimed that if the government paid off the debt, there would be no more US dollars. Ironically, half the MMTers jumped in saying the guy was…
The typical MMT fanboy is unable to understand basic economics, disagrees with it on political grounds, and therefore rejects it for some invented reason.
The typical MMT fanboy is unable to understand basic economics, disagrees with it on political grounds, and therefore rejects it for some invented reason.
Capitalism is falling out of favor. From the United States to Europe, from the left to the “new right,” an increasing number of people agree that free markets and globalization have failed. @johanknorberg's latest book shows how wrong they are. humanprogress.org/capitalism-the…
Despite decades of apocalyptic claims from the environmental movement, resources continue to become more abundant. "Humans create more than they consume, and the planet is not about to run out of anything."
@LynAldenContact MMTers know how to use the press, they just continue to skip all chapters in the manuals regarding production of a good or service and what happens if new money is created without new goods and services.
@LynAldenContact I call MMT financial populism
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@HenricCont @fflorescpa @DavidjoyAd1 The real question to ask is can you be fired from a "guaranteed" job
@jamesdean0770 @HenricCont MMT stands for "Magic Money Tree"
London has a housing crisis (like most major cities) The UK as a whole has a wage crisis
@HenricCont Just fools who think they can get something for nothing, that wishing currency into existence magically increases production.
Spot on. It's funny how MMTers cannot understand this simple fact. They don't recognize opportunity cost yet claim they "account for" scarcity. It's much like eating a cake and having it too. When there really is no cake.
No matter what MMT tries to claim the real tax is paid when gov spends, by transfer of goods and service from private to public. The rest is just funding. If gov issue money and the money gets its value from taxation then its the tax payer. If the issue more, then devaluation.
@BobMurphyEcon It is striking how often new MMTers will take over the[ir] flag in discussions where previous flag-holders were forced on the run. And the new ones always claim the previous ones weren't 'real' MMTers, didn't get it, or simply weren't smart enough. 🤷♂️
Don't have plans for the last evening of your weekend? Invite that special someone over to discuss Part 1 of my MMT takedown. infineo.ai/articles/mmt-a…
@Davejones0305 @Matthew_Wright There's no magic net worth tree though, and that's what's really important.
@DavidjoyAd1 @robert19pearson @MAESTRADE David, what do you think an IOU is, if not evidence of a loan? Banks’ deposits at the Fed are loans to it just as ordinary persons’ deposits at commercial banks are loans to those banks. bpi.com/how-the-federa…
@DekkerFraser1 @HenricCont @Resist_05 Doesn't matter Hamas will be back to their same shit in a year even if this were to happen.
@MPrinParr First principles For any progress you need cheap energy and skilled people Europe chose expensive energy and cheap labour
😂🤣
Apparently in 2010 the US Mint accidentally created the ultimate credit card points arbitrage opportunity lol
Portugal not fucking around
Portugal's government said on Saturday it refuses to initiate any process to pay reparations for atrocities committed during transatlantic slavery and the colonial era, contrary to earlier comments from President Marcelo Rebelo de Sousa.
@HenricCont @robert19pearson There's no constraint on gov't _spending_: on that score the MMTs are correct. The constraint is on the gov'ts access to real resources, which depends on (1) the extent of unemployment and (2) the extent to which the private sector can be prevented from using current output.
Printing has consequences It may not happen right away, but it happens eventually
NEW: 🇯🇵 Japanese Yen crashing. Their debt to GDP is ~250%. It’s over.
When does this fallacy end?! @NewmanJ_R
btw guys the Fed actually has 3 mandates, the one never spoken of is to have "moderate long-term interest rates" just mentioning - in case any president thought rates were too high. federalreserve.gov/aboutthefed/se…
@HenricCont @FredTheLobster I am fairly certain the lobster is just a troll. I unblocked everyone on my block list about 2 days ago. He is getting muted now, clearly is just noise, no signal.
Interesting fact Since 1960, the S&P 500 has only posted back to back losses for a calendar year 3 times: 1973-74, 2000-01, and 2001-02.
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