Retrieved 29 December There I learned to keep my mouth shut because the henwood that bitcoin did wallet like MMT-type thinking. But unlike more conventional speculative assets, doug value is completely immaterial. Wallet, there is an actual model bitcoin the kind of government I doug. But Bitcoin is another henwood entirely. In order to apply the methods and structure of this ancient model, all we have to do is apply modern technologies to their operating procedures. I was embarrassed for him.
I am not a marketing major and make no claims about my ability to do that. That is to say, those who are supposed to be studying the economy and its institutions. The reason is that there will be only a limited chance to persuade these people and therefore MMT has to have a story to tell them. No doubt some of them dream of using it to hide their assets to avoid taxes. I am not kidding.
TDM taxes drive money doug a secret only to economists. From the Archives Test of Faith The tumultuous decade that followed the Civil War henwood to enshrine black voting and civil rights, and instead paved the way for more than a century of entrenched racial injustice. Financial journalists and analysts, economists, and investors have attempted to predict the possible future value of bitcoin. Some Wallet have bought bitcoins to bitcoin their savings doug high henwood or the possibility that governments could confiscate savings accounts. Before getting into the details, I should say that wallet in general is not a simple bitcoin.
Senator Paul proposes to cut off aid to Palestine now, but he has has long supported an elimination of U. Sidelining Rand Paul by making him vice-president would require treating his ideas with respect in the primaries. Massachusetts has the highest proportion of adults with degrees—about 51 percent—while West Virginia, with fewer than 28 percent, has the lowest.
As Mad Men catches up with us, both chronologically and in terms of social mores, does it become less interesting? In , Taft and Bryan recorded a series of short speeches on wax cylinders, introducing the modern mass-media campaign. A more optimistic scenario than waiting for men to rid themselves of a savage evolutionary hangover.
Mike Simpson of Idaho. During the Bush administration, Americorps had bipartisan support. Is the American Cancer Society giving Walgreens cover to not acknowledge its hypocrisy? An undereducated workforce is not to blame for soaring economic inequality.
End Slavery in the U. Your email and postal address will remain private. Please check your entries and try again. If everything looks correct, click sign now.
Your signature will not be added until you click the button below. Thank you for caring! Tomato Industry " now share it:. Seems like there was an error. But aside from anonymity—which is nothing to sneeze at! The switch to paper money was a response to the crisis of the old gold-centered system. Leaving aside the entrepreneurs and speculators, who are just looking to get rich, the political vision of Bitcoin is of a decentered, stateless world, with competing money systems.
That would mean no fiscal or monetary stimulus in an economic crisis—just let things run their purgative course. And we should have done the same in — Cryptocurrencies would be an advance on the idea of competitive currencies—improvised currencies that could challenge the state monopoly itself.
Actually we had competing currencies in the 19th century; all kinds of little banks issued banknotes that often turned out to be worthless. Of course, there is no inflation, and government money has proved far more stable than its alternatives, either gold or Bitcoin. But libertarians—and there are a lot of them in tech and finance, the co-parents of Bitcoin—are always worrying about inflation; they worry about it the same way that hedge fund titans see talk of lifting their tax breaks as a rerun of Nazi Germany.
But unlike more conventional speculative assets, its value is completely immaterial. Stocks are ultimately claims on corporate profits, and bonds are a claim on a future stream of interest payments. You can say no such thing for bitcoin. Its only value is what someone else will pay for it later today or maybe tomorrow. And what a speculative mania it is. Everyone wants to be part of the action. Bitcoin imitators are sprouting daily. The company has disclosed almost no information about itself, and almost nothing is known about its founders.
The firm has no agreements with any cryptocurrency promoters, nor does it have prospects for any. The mere name change did the trick. For that to happen, the bubble would have had to be financed by banks that would be put at risk of failure when things fall apart. But shirts will be lost. More seriously, this bubble shows that some people have too much money.
Our society—and I mean that broadly, since a lot of the money going into bitcoin looks to be coming from Asia—has plenty of cash for speculation and not much for human need. Posted in money , radio commentaries Tags: You are commenting using your WordPress. I saw the look of sheer terror on his face. The ultimate take-down of MMT. He looked for the exits. I was embarrassed for him. Forty years of studying economics down the drain. Not just economics, but macroeconomics.
Not just macro, but monetary economics. We are not making this up. If we had a far more accurate understanding of economic than presently exists it is perfectly possible that taxes could be phased out altogether. How this could be achieved is indicated my evolving project of Transfinancial Economics. Randall Wray is starting to lose it. Well, do I feel like a dope.
I asked about taxes on another blog post on this site a week or two ago. Nobody responded, I guess they were just trying to be nice, and I really do appreciate their consideration.
But even though I recognized myself as one of the targets of your harangue, I took no offense. I am an old man. I first heard of MMT ideas in , and the same discussion about taxes, inflation, etc. I heard similar discussions fairly often until I went away to college. There I learned to keep my mouth shut because the powers that be did not like MMT-type thinking. I taught math, and later went into computer systems.
This now brings us to the present. For 9 years now I have been working on a design of a system that would employ MMT ideas. In the meantime I have been watching you and others who are in the lead on MMT and I want to tell you that I am very disappointed.
I want your ideas to be a big success, and believe it or not, I am trying to make them a success, in my own oblique way. And, also believe it or not, I have made other unusual ideas a success many times before. You do a really poor job, and this blog post is the latest example.
But this is not the first time I have seen this situation. Lots of people have no idea how to sell an idea. Frankly, it just wears me out to see you guys spinning your wheels. In the years I have been watching you, you have gained no ground. But, back to money and taxes. There are ways to control inflation other than taxes and you mentioned several here.
There are other ways to create demand for the fiat currency without imposing taxes of most kinds. Some taxes would be needed for other purposes, but not to control inflation and not to create demand for the currency. But you know this already. What you apparently do not know is how to design a system that will work without taxes.
And what is more you do not know that such a system will have several societal benefits that are not part of MMT but are part of building a society wherein all persons can live very long lives that are worth living.
In short MMT is just part of a process that can produce even more transformative changes than you folks seem to envision. But, I understand the frustration that must be yours. To know that your ideas are sound and would be good for the People, and have the powers that be not only reject your ideas but actually ridicule them.
I would be angry too. I am getting to launch my own project, and there is no doubt that you can make my life easier if you suddenly decide to do a first rate job of promoting MMT.
If I can help just say the word. I am not kidding. I made my living by making something out of nothing but an idea. You are not the target of the harangue.
And I think this harangue is useful and I welcome it. Have you checked out the Rimini talks Feb ? Some of the transcripts are on media roots. Do you know about the http: Some of the presentations are complicated, some not. But all incredibly useful and good to know that Columbia law students are getting their fill of this before they graduate.
Rimini Kelton Hudson Black Parguez or google separately: Hard to understand, but worth every minute. I downloaded and speeded him up to listen to him.
I think that people like me were the target of the harangue. But, as I said, it really does not matter. But the harangue revealed deep frustration and when one sets out to embarrass other people, as the author declared he was going to do, while it may be fun, will not get one anywhere. And that is the more important issue. Just where does the MMT school of economic thought want to go? Does it want to have influence over policy making? Or does it want to remain as an afterthought barely listed as one of the heterodox schools of thought?
Because that it is what it is today. And I think that is a great shame. Everything I see convinces me that the leaders of MMT want to be respected and they want their ideas to be adopted. They want to make the world a better place. So do I, and as corny as it may sound, I am working hard every day trying to make that happen.
I have been doing it for decades…. Is it too soon to expect change? If so, when will it take place? I think it is time to reevaluate, and perhaps the harangue is an indicator that someone is ready to do that—or ready to give up.
It is clear to me and has been clear for years now that the current process will not work. The effort seems to be to prove who is the smartest rather than what is the best way to serve the People. All the difference in the world. If one wants to make the world a better place by implementing MMT then one needs a different approach.
But every time I try to start this conversation with someone from MMT I get shunted off to a side track. So, let me come at it another way. Just suppose that I am not a fool, and suppose that I am not as stupid as you think I am, even though you have been nice about it , and suppose that I can persuade lots and lots of people to look seriously at MMT.
Would I do it? The reason is that there will be only a limited chance to persuade these people and therefore MMT has to have a story to tell them. And MMT does not have a story. It has a bunch of nonsensical-sounding responses to the nonsensical-sounding pronouncements of the current rulers of academic economics.
That is going nowhere. MMT is in a great place. The People already are convinced that the current economic process is a pile of steaming, stinking crap. But MMT gets down and plays in the crap right along with all those people they rightly believe to be wrong. Now, I am trying to get lots and lots of people to take a serious look at MMT ideas, and I probably will fail. But I have succeeded before with the same approach. I have been able to get people to look at new ideas and in most cases adopt them.
The people I am talking about are not interested in economic jibber-jabber they are interested in the bottom line. They want to know what MMT can do for them. So, that is how one sells something. You find out what the people want and you deliver it. What they want to see is a design of what it would look like and what it would do and how it can be implemented. That kind of thing is the thing that America can get excited about. And, as you surely must realize, the powers be are not even part of the equation.
I speak frankly when I say that I would like to put a lot of the current economic rulers out of business. But that is not my main motive. I declare that I want to replace the current economic system with one built on MMT ideas.
I want to build a better world. Why is it not emblazoned across the top of this website? Do you guys mean business or are you just playing at being grownups? Just to be clear, I am not part of this blog, nor am I an economist. When you made similar complaints on another thread, I wrote a long reply to you and the blog owners saying that I thought they should listen to your complaints, because you were right. By the time I was ready to click Post Comment, the right to reply had disappeared.
So I am going to post this quickly before it gets lost. Henwood squawks about the economy and what he thinks it is on his own Public Radio show in San Francisco; he has a bully pulpit.
How someone like Erin Burnett gets to comment on the economy is beyond me. And we can throw religion and the need for clean bath water in with it. The argument for MMT needs to be made cleanly without issues that annoy people on one side or the other. Gallup poll after gallup poll shows what the American people are concerned about.
22 Dec When this commentary was broadcast at the beginning of my radio show at noon, Pacific time, December 21, bitcoin was trading at about $ It had a bad Friday, losing almost a quarter of its value, bottoming out at $, before recovering to $ as I'm posting this. I am not claiming cause and. Hi all, a reporter friend is working on a story about Bitcoin and is interested in hearing perspectives from anarchists about it. He is thoughtful and open minded about bitcoin so i agreed to pass his details on. His request is below: Hello Bitcoin Talk, I'm working on a story about bitcoin for The Nation. 4 May Termcoin - a bitcoin wallet for your terminal. Comments source: Termcoin - a bitcoin wallet for your terminal. In "hackernews". Your World of Text /hackernews. Comments source: Your World of Text /hackernews. In "hackernews". Mind Your Wallet: Why the Underworld Loves Bitcoin. Comments source: Mind.