@GhostOnTheHalfShell@masto.ai avatar

GhostOnTheHalfShell

@GhostOnTheHalfShell@masto.ai

opinionated lurker of the intarwebs.

Used to write code, still do. c/c++, java, php, js, c#, gdscript, gnawed on sql, sparql, unix/windows etc etc billions of years ago.

tech, graphics, anything STEM
anything anthropology, history, linguistics
anything blender, gimp (although i scream using it), audacity
prefers not to be run over by cars

I drink Philz.

I do a (non-monetized) video or so a week on yt.

Tyranny and poverty are everywhere a mainstream economics phenomenon.

This profile is from a federated server and may be incomplete. Browse more on the original instance.

ajroach42, to random
@ajroach42@retro.social avatar

The problem with federated alternatives to centralized services (and also one of the main problems with centralized services which lead people to look for an alternative) is Discovery.

Etsy and Twitch and YouTube provide an audience, supposedly. With the right pitch (and the right advertising dollars) you can get your own slice of that audience. (For as long as the algorithm graces you, and as long as you're willing to stomach the other things your viewers will be algorithmically suggested.)

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@ajroach42

Good question. I think a means to tip and transact fluidly, especially in the fediverse is a missing element. Tricky when payment comes into play, but it’s as essential to a digital world as commerce and press freedom is in its physical equivalents.

GhostOnTheHalfShell, (edited ) to Economics
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

File this under the heading economics is not even a dismal science, because mainstream economics isn’t even science. Economics could actually be a rigorous discipline, if orthodoxy can be kicked out.

“ In contrast to its attitude to private debt, which it ignores, mainstream economics obsesses about government debt. But this volte-face doesn't besmirch its record of being 100% wrong.”

https://profstevekeen.substack.com/p/its-a-mixed-credit-fiat-world-e3f

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

"The analysis in this chapter is entirely derived from accounting identities, and it is also completely consistent with the analysis of "Modern Monetary Theory" as laid out by Stephanie Kelton in The Deficit Myth (Kelton 2020). What this chapter adds to MMT is firstly a proof that MMT's analysis of government money creation is derived from a correct application of the rules of accounting, and is therefore better called "Modern Monetary Fact" as a result. "
🧵

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe

"Secondly it enables an integrated analysis of both fiat and credit money creation, which the MMT movement itself has not as yet provided, while mainstream Neoclassical economics ignores credit completely."

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

It goes beyond that and doesn’t need game simulation (although it’s a great teaching tool).

has modeled macro from accounting identities which follow closely empirical economic behavior and has debunked mainstreamers for 50 years (as others have).

The mainstream’s refusal has as much to do with an the established thinkers refusing to budge as it does the immense ideological interests of wealth that uses them to legitimize their dominance.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

In other words, it take more than proof, which has been on offer for decades, but social mobilization to cast out the mainstream. This is why Keen seeks to rally academics from a broad range of fields to subject economists to academic review, especially on climate.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

Applied MMT does forward market casting using MMT and machine learning.

https://www.youtube.com/@MMTMacroTrader

Accepting proof is not a given.

"A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die and a new generation grows up that is familiar with it ..."

Non Orthodox economists have contended with this for a half century and longer.

https://en.wikipedia.org/wiki/Planck%27s_principle

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@msbellows @economics@a.gup.pe

I can try, but you'll have to specify what about Keynes is correct or not.

The reason I ask is MMT authors like Graziani, picks out parts of Keynes that hold water and other parts that do not.

GhostOnTheHalfShell, (edited )
@GhostOnTheHalfShell@masto.ai avatar

@msbellows @economics@a.gup.pe

Ah yes. OK.

Keynes was wrong in this sense: government deficits are private deposits.

So there should be no surplus because government is deleting the credit potential of the economy; taxes deletes fiat currency and a surplus is a state shrinking private wealth.

That said, spending when the economy is bad is creating credit.

🧵

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@msbellows @economics@a.gup.pe

It's only off in the act of generating a surplus will cause a crisis.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@mike805 @economics@a.gup.pe

Applied MMT or at least Doug doesn't operate that way. It'd tell you how to position in the market wrt to the economic cycle and it only forecasts a few months out.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics@a.gup.pe

If I understand correctly, MMT and Keen by his math, would say that reducing the deficit removes money (credit) from the system, not a good thing if commerce is fading.*

Here, raising interest could be an option, but I'd say helicopter money into people's pockets.

  • note here I do not think growth should be necessary, because Bractaete system doesn't need, but we don't have it and monetary system needs interest and inflation to "work".
GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics@a.gup.pe

The first thing to know is where inflation is coming from. Why is business failing to meet demand, or why is demand so?

Profiteering has driven the last few years of inflation, under the cloak of supply chain disruptions.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@dlakelan @msbellows @economics

First ask why is active low?

paninid, to random
@paninid@mastodon.world avatar

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@paninid

The most useful courses project management and meetings..

actually yes

stux, to Cats
@stux@mstdn.social avatar

. Destroyers of worlds

Cats and their accidental destruction habits

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@stux planned obsolescence

LALegault, to random
@LALegault@newsie.social avatar

This was the most true moment of the last eight months: the Israeli Ambassador shredding the charter, as Gadaffi once did.

The Israeli ambassador shredding the UN charter with a tiny shredder

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@LALegault

A real piece of work, him.

Something to remember Israel by, Always.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@LALegault

Appropriate for Halloween.

rbreich, to random
@rbreich@masto.ai avatar

Wondering if wealth inequality is out of control?

Well, Jeff Bezos made over $7.9 million an hour last year.

In just 13 minutes, he made the equivalent of what a typical person earns in a lifetime.

Don't tell me that the rich can't afford a wealth tax.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@rbreich

Don’t tell me he earned any of it.

GhostOnTheHalfShell, to random
@GhostOnTheHalfShell@masto.ai avatar

@economics


9 min

5 year old video Dr. Wolff summarizes MMT in a slightly different way, nicely explaining in concrete terms how the gov could retire its own debt.

https://www.youtube.com/watch?v=IUusyHRBRuA

chris, to Bloomscrolling
@chris@mstdn.chrisalemany.ca avatar

This azalea has gone bonkers. So thick with blossoms you can't see any leaves!

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@chris

Scandalous, flagrantly showing off its private parts like that!

cybeardjm, to movies
@cybeardjm@masto.ai avatar

Who remembers this movie?

The Gods Must be Crazy ("Les dieux sont tombés sur la tête" in French) released in 1980, with N!Xau (est. 1944-2003) a San from the Kalahari Desert.

GhostOnTheHalfShell,
@GhostOnTheHalfShell@masto.ai avatar

@cybeardjm yup

GhostOnTheHalfShell, to random
@GhostOnTheHalfShell@masto.ai avatar

3 min

1+ atta boy GOP. Keep it up, we’ll even love your for it.

https://youtu.be/m-aRPnb5_B0

GhostOnTheHalfShell, to climate
@GhostOnTheHalfShell@masto.ai avatar

@economics@a.gup.pe



12 min

Risk assessment needs a revamp.

https://youtu.be/8A8YIc6Ru6g

Tim Lenton and Steve collaborated on another report for which those with pensions or those who have those with pensions can press their funds to respond to. It's their fiduciary responsibility to accurately assess risk (see pdf below)

https://profstevekeen.substack.com/p/loading-the-dice-against-pension

GhostOnTheHalfShell, (edited ) to random
@GhostOnTheHalfShell@masto.ai avatar


May 12

The show returned this Saturday, and despite the internet throwing curveballs at the guest, it went well with the spiffy new host.

I have fun at Steve's expense. ;)

A riff on Kimmel's mean tweets was trialed. It has potential with a little work.

https://youtu.be/fSv-NUywEMg

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