Countdown to Extinction: The 2016 Presidential Election

[Florestan]

Mmmm...this written in a thread where people from all over the world comment on the politics of the US? Strange...

US politics is one thing (and it has consequences all over the world), US Constitution is quite another thing.

[drogulus]

Of course they do.  You are peddling MMT like it's something other than a theory not embraced by the economics profession as a whole, and stating it is part of explaining deficit financing.  Deficit financing has been around for half a millennium.  It's basics are well known.  I get it, you're a convert, and you are earnest and enthusiastic in your support of your preferred theory.  There's nothing wrong with that, but it doesn't make MMT something more than it is. 

     It explains deficit spending well, but not in a way off limits to sensible economists in general. Yes, pretty much everything MMT says has been known for a long time. Calling it a theory is something the proponents didn't do. Randall Wray wanted to call it neochartalism, which is sensible and historically valid. The name stuck, though. Try not to read too much into it. Actually, I see you don't when you make the point that it's functional analysis draws on earlier formulations. I don't see why this would be a point against MMT. For me it's a point in favor. There shouldn't be much innovation in economic thought, as MMT itself shows, there's not much reason for it. Drawing on the good points of actual theories and practices strikes me as a good thing.

      I found a neochartalism Wiki that helps:

      Modern Monetary Theory synthesises ideas from the State Theory of Money of Georg Friedrich Knapp (also known as Chartalism) and Credit Theory of Money of Alfred Mitchell-Innes, the functional finance proposals of Abba Lerner, Hyman Minsky's views on the banking system and Wynne Godley's Sectoral balances approach.[4]

      So, it's a theory, an old theory, a synthesis of theories, whatever.

[Madiel]

Do you imply that there is a now and a context for truth? Do you imply that there are truths which it is inconvenient to state now and in this context?

If my stating that two plus two equals four would result in someoone being put to death, should I refrain from stating that two plus two equals four?

Yes, and yes.

The difference between being a young know-it-all and a functioning adult is understanding that there is a time and a place for opening your mouth, and the time and place and method for stating the truth makes a colossal difference to its impact and how it's received.

If you want to see the consequences of getting your timing and context wrong, the plays of Shakespeare and many others should provide you with illustrations. Heck, I'm sure there are TV shows that provide illustrations. Only a true fool thinks that their job is to pipe up and blab the truth anywhere any time, without thought of the consequences.

But hey, it seems maybe you're so self-centred that your need to speak the truth is more important than another person's execution.

[Florestan]

But hey, it seems maybe you're so self-centred that your need to speak the truth is more important than another person's execution.

Granted, that was a rather stupid example. Of course I would keep my mouth shut in such circumstances, which are purely speculative anyway.

[Todd]

Trump finds giant stash of fairy dust.

[drogulus]

    Trump couldn't eliminate the national debt in 8 centuries, nor would anyone else. What would function in its place, asteroids full of gold? Can we monetize asteroids instead of creating new debt? It's a lot of trouble to go to for the purpose of replacing our "fiat asteroids". So long as dollars pay taxes they'll be accepted. It's a matter of governing price/quantity. Even conventional economists know this, via what they do, and a few even say so.

     The significance of MMT for the election is that one of its leading lights is advising Bernie Sanders. I doubt he could be made to understand, given his "old socialist" roots. The left tends to be disturbed by Post-Keynesian thought as much as the right. The left/right tussle is about guns versus butter more than big/small rhetoric would indicate. To the extent Kelton would weigh in on that, Sanders would not like what he'd hear.

[drogulus]

     

     It's Probably First Ballot Or Bust For Donald Trump At The GOP Convention

     Trump's delegate problems stem from two major issues. One is his lack of organization: Trump just recently hired a strategist to oversee his delegate-selection efforts; Cruz has been working on the process for months. The other is his lack of support from "party elites." The people who attend state caucuses and conventions are mostly dyed-in-the-wool Republican regulars and insiders, a group that is vigorously opposed to Trump. Furthermore, some delegate slots are automatically given to party leaders and elected officials, another group that strongly opposes Trump, as evident in his lack of endorsements among them.

     Trump recently hired a delegate selection strategist? That's pitiful....does he have a strategy strategist?

[Florestan]

[Pat B]

You guys don´t get it at all, do you? You are a US citizen, North Star is a Finnish citizen. On what grounds are you two qualified to object to a constitutional amendment adopted by the freely and democratically elected parliament of a sovereign nation other than your own? The Hungarian Constitution applies to, and concerns, solely and exclusively the Hungarian nation.

For the record: Brian initially claimed some similarities between Orban and Trump. You specifically asked him for his opinion on Orban's constitution. He answered. Then you shot this how-dare-you-answer-my-question indignance at him.

[Mirror Image]

I don't like making comments in political threads but....I REALLY wish Donald Trump would shut his ever-loving pie-hole!

[Todd]

Trump reveals how he will make Mexico pay for the wall!  It kinda looks like extortion, but I'm no lawyer, so it is probably OK.  One thing for is certain, if The Donald gets elected and attempts what he proposes, it will be smooth sailing.

[drogulus]

     I support the wall, with lots of guard towers staffed with former prison inmates convicted of minor drug offenses. Mexico doesn't need to pay, it's infrastructure.

     Hmmm, what about a deal? Kongressional Kranks get a wall in exchange for big projects that are economically useful, like fixing and replacing everything that's broken, falling apart, obsolete....

     But wait, maybe we should demand Mexico pay, and when they don't, the wall isn't built, the druggies get real jobs in a booming economy from increased public and private investment, and everybody wins except the Klowns.

[Brian]

Trump reveals how he will make Mexico pay for the wall!  It kinda looks like extortion, but I'm no lawyer, so it is probably OK.  One thing for is certain, if The Donald gets elected and attempts what he proposes, it will be smooth sailing.

For those interested, here's a direct link to Trump's memo explaining his plan.

[drogulus]

 
     The big story according to 538 is Cruz getting 49% of the vote.

[Todd]

     The big story according to 538 is Cruz getting 49% of the vote.

Bring on an open convention! 

[(poco) Sforzando]

Why I won't vote for Boinie:
http://tinyurl.com/zotx2lv

As I mentioned a few weeks ago, my vote in the general election doesn't matter in the slightest, because New York state will go Democrat no matter what (unless of course a tidal wave thanks to global warming submerges all of New York City and its 8 million residents sometime before November). But my vote in the state primary on April 19 may make a small difference in helping decide the Democratic nominee, and I was on the fence between Boinie and Hillary up to now. No more. I fear that Boinie is the Democratic counterpart to Trump, offering lots of big talk and pie-in-the-sky revolutionary changes without the slightest idea how or even if they can be implemented.

[Todd]

I fear that Boinie is the Democratic counterpart to Trump, offering lots of big talk and pie-in-the-sky revolutionary changes without the slightest idea how or even if they can be implemented.

Ya think?

[Karl Henning]

The Year of the Flawed Candidate

[(poco) Sforzando]

Ya think?

Yes, Todd, I know this will come as a shock to you, but you are not the only person on this forum who is capable of rational thought.

[Todd]

Yes, Todd, I know this will come as a shock to you, but you are not the only person on this forum who is capable of rational thought.

Rational people knew long before the Daily News interview.