GhostOnTheHalfShell

GhostOnTheHalfShell, 5 days ago (edited 5 days ago) to Economics

@economics@a.gup.pe #SteveKeen #mmt #economics

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, 16 days ago (edited 15 days ago) to random

@economics@a.gup.pe

#mmt #SteveKeen

"When the Swedish Central Bank awarded its fake "Nobel" in Economics (Offer and Söderberg 2016) to Ben Bernanke, for a model of banking in which bank loans don't create money, the so-called "Scientific Background" paper for his Prize did not even cite the Bank of England's contrary declaration about bank lending (Committee for the Prize in Economic Sciences in Memory of Alfred Nobel 2022)."

🧵

https://profstevekeen.substack.com/p/puncturing-the-hubris-of-economics

GhostOnTheHalfShell, 19 days ago to random

@economics@a.gup.pe

#mmt

I have one big critique of economists: it's the absurdity and questionable analytical results arrived upon depending on where analysis starts in the system.

What ecologist demands a description of a bug's life cycle must begin at one stage of their life cycle, and that the model constructed depends on that choice? Which comes first, the aphid or its egg?

🧵

https://www.cambridge.org/core/books/monetary-theory-of-production/A813BE586E79CDF0DE7C3D930DBF632F

GhostOnTheHalfShell, 9 days ago (edited 9 days ago) to random

@economics@a.gup.pe
#SteveKeen #mmt #economics

"Before I show why he fails, I want to clarify what it means to say that banks create money “out of nothing” (Schumpeter 1934, p. 73). It definitely does not mean that banks create money via magic. What it means instead is that there is no other account from which a bank loan is financed, whereas there is such an account for a non-bank loan."

🧵
https://profstevekeen.substack.com/p/selgins-hot-air-on-bank-money-creation

GhostOnTheHalfShell, 22 days ago to random

@economics@a.gup.pe

This is punching back after 50 years of mainstream grift. Cory plays economic observer:

"You know: supply and demand. ... The employer has overheads (rent on the shop, inventory, advertising and administration) that they have to pay out of their end of that surplus. But workers also have overheads: commuting costs, child-care, a professional wardrobe, and other expenses the worker incurs just so they can make money for their boss."

🧵

https://pluralistic.net/2024/04/19/make-them-afraid/#fear-is-their-mind-killer

GhostOnTheHalfShell, 12 days ago (edited 12 days ago) to random

#climatechange #mars #permaculture #STEM

Let me disabuse you of the idea that a Martian colony is the way to save mankind.

Survival on Mars is 1000x more difficult with no free flowing water, no atmosphere, no ozone, no magnetosphere, much less solar radiation to power anything including biological life.

Choosing Mars is picking the absolute worst probability to beat gambler's ruin.

Even a 3' warmer Earth is better.

The first IQ test is to stop pursuing stupid ideas as a magic bullet.

🧵

GhostOnTheHalfShell, 11 months ago to random

I have to wonder if the the frontier of conservative insanity will be insisting on work requirements to collect SS after 65.

That or the age goes up to 89.

GhostOnTheHalfShell, 9 months ago to Weather

jul 15

Unwilling And Unready | It's evolutionary crunch time for the developed world

15 min video

Just about everything we depend on in the developed world is not ready for the heat.

https://youtu.be/1Trp6H-QnGk

#climatechange #heatwaves #floods #weather

GhostOnTheHalfShell, 1 month ago to climate

The essence of our predicament.

The party at the switch are billionaires, the large group of people is the world’s population and the individual on the track is billionaire wealth (not a person, unless we substitute a corporation, then SCOTUS treats it like human embryo).

The billionaires have welded the switch to “kill world population”

The Trolley problem is meant to tease out moral instincts in impossible situations

https://en.wikipedia.org/wiki/Trolley_problem

#climatechange #ExtinctionRebellion #economics

GhostOnTheHalfShell, 19 days ago to random

#audacity #askfedi

So they've posted an update, but I wanted to ask around here, because audacity had taken some problematic steps in the past.

Is it radioactive or not?

GhostOnTheHalfShell, 25 days ago to random

@FantasticalEconomics

I don’t know if the following topic fits in your bailiwick, but a channel I follow has been covering the ever shift circumstances of certain regions in India. DownToEarth is produced in India, and the topic they covered is the plight of rural farmers as rivers change course much more frequently. People flee and rebuild only to have the river shift its course yet again.

In a world where this becomes normal, existing ideas over property become unfit for purpose.

🧵

GhostOnTheHalfShell, 3 months ago to Economics

#WhatCapitalism

Feb 8

16 min video

Conservatives are incompetent. I think critics of capitalism should point that out.

https://youtu.be/6_fZgytwmcM

#economics #uspol #conservatives

GhostOnTheHalfShell, 26 days ago (edited 26 days ago) to random

@economics@a.gup.pe #SteveKeen

Adding prices into macro. Why do I have the sense neoclassicals are in for even more pain? :ablobcatpopcorn:

"The original Neoclassical (and Austrian) explanation for inflation is that it is caused by "too much money chasing too few goods", with government money creation being the culprit, .."

— if you want to support work like this, drop by his substack for the whole chapter (open access) and/or toss a coin his way.
🧵
https://profstevekeen.substack.com/p/what-about-prices

GhostOnTheHalfShell, 17 days ago to random

#ThomHartmann #uspol #gop

GOP governors swing into action:
“In America, we respect our workforce and we do not need to pay a third party to tell us who can pick up a box or flip a switch. No one wants to hear this, but it’s the ugly reality. … The experience in our states is when employees have a direct relationship with their employers, that makes for a more positive working environment. They can advocate for themselves and what is important to them without outside influence. …"

:srofl:

GhostOnTheHalfShell, 11 months ago to random

The essence of conservative piety:

Cast the first stone and double down slapping cheeks.

It’s a bit of an experience picking up bits of the Bible and realizing just how deeply Christian conservatives suffer a massive reading compression deficit. Like Otto from A Fish Named Wanda.

https://en.wikipedia.org/wiki/Turning_the_other_cheek#Scriptural_references

I have to wonder what would happen if people read this at Walsh and the rest when they spew their defamation and violate of the 9th (not to bear false witness).

GhostOnTheHalfShell, 13 days ago to climate

#climatechange

8 min

The heat index that kills. I fear this year will be the year where heat index will cause food crises or derail the world’s factory for months. Not only the phones, tvs, toasters, ans washing machines, but the manufacturing machines and all their components in production and maintenance.

Will it be a trigger point that causes a major shutdown of the world economy for months on end?

https://youtu.be/9_IQ-Odcv1U

GhostOnTheHalfShell, 26 days ago to robotics

#BostonDynamics

4 min of cute

Because they know how to make robots
https://youtu.be/-9EM5_VFlt8

#robotics #tech #neeto

GhostOnTheHalfShell, 3 days ago (edited 2 days ago) to climate

#climatechange #groundwater #agriculture #uspol

8 min

Before aught else, they must drink. It’s not like it will last. The midwest will stop only when they can’t draw water.

https://youtu.be/DdNtraY6HhQ

GhostOnTheHalfShell, 29 days ago to writing

#writing #askfedi

I need to have a writing version of what IDE's supply to programmers because my damn ideas are scattered over several .txt documents. I have contesting ideas for specific sections of text.

And I am not proficient in text, just programming.

I am half inclined to just pop open Eclipse for this purpose, but its more than that, I'd like to have a merge view.

GhostOnTheHalfShell, 1 month ago (edited 1 month ago) to science

#SabineHossenfelder @academicchatter @academicsunite

@pluralistic

14 min video

Sabine describes commodified research, not merit but profit. Is this even science?

Maybe mainstream economists’ ideas of how to run everything is BAD. Is science served by universities converted into paper generating factories based on graduate slave labor?

And they think 4c warming is inconsequential to humanity.

Maybe it’s time to unshittify academia|economics.

https://youtu.be/LKiBlGDfRU8

#economics #SteveKeen

GhostOnTheHalfShell, 17 days ago to academicchatter

@economics@a.gup.pe

@academicchatter

#SteveKeen

"This article is valuable, not for its insights, but for highlighting the rampant hubris of mainstream "Neoclassical" economics at the apogee of its influence. It opened with the declaration that "Economics is not only a social science, it is a genuine science" (p. 99). ...

🧵
https://profstevekeen.substack.com/p/puncturing-the-hubris-of-economics

GhostOnTheHalfShell, 24 days ago (edited 24 days ago) to Economics

@economics@a.gup.pe

#economics #mmt

Applied MMT's view on gold fever. They dissect the holes in general thinking.

"So what does all this have to do with gold? For whatever reason, central banks around the world (including the Fed) hold gold on their balance sheet. ... In practice, this creates an artificial scarcity ... restricting the supply in circulation and thus supporting its price. It's functionally a public subsidy for the gold industry."

https://appliedmmt.com/golds-recent-run/

🧵

GhostOnTheHalfShell, 17 days ago (edited 17 days ago) to Economics

@economics@a.gup.pe

#SteveKeen #economics

Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.

🧵

https://annpettifor.substack.com/p/how-money-flows-uphill

GhostOnTheHalfShell, 4 days ago to Economics

#askfedi #RealEstate #economics

This is what I think is a basic question. When a bank sells a home loan it's selling the total value of the loan, which is principal and expected total interest paid minus payments so far, right?

In other words, the sale value is close to

Value = Principal

• TotalOverLifeOfLoan

• PaymentsMadeSoFar

https://en.wikipedia.org/wiki/Freddie_Mac

GhostOnTheHalfShell, 27 days ago to random

The largest mistake those who oppose conservatives, largely the left, make is to think the wealthy are driven only by greed, and ignore that hatred and contempt apply in equal or greater measure in their thinking.

They will sacrifice profits to them. Understand this point.