GhostOnTheHalfShell

GhostOnTheHalfShell, 19 days ago (edited 19 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, 13 days ago (edited 13 days ago) to random

@economics@a.gup.pe

#mmt #SteveKeen

The remarkable aspect of mainstream economists is their persistence treating values in (digital) ledgers as actual instances of banknotes (physical paper) as their mental model, then selectively dropping the model.

And they refuse to submit to accounting rules.

https://profstevekeen.substack.com/p/why-you-cant-win-an-argument-with

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GhostOnTheHalfShell, 1 month ago (edited 29 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, 23 days ago (edited 23 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."

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

GhostOnTheHalfShell, 12 days ago to Economics

@economics@a.gup.pe

#SteveKeen #economics

“ One look at this chart should be sufficient to understand why the Great Crash of 1929 was both great, and a major cause of the Great Depression which followed it, and why levered speculation, rather than rational calculation, dominates the behaviour of asset markets.”

https://profstevekeen.substack.com/p/your-margin-and-your-life

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GhostOnTheHalfShell, 8 days ago (edited 8 days ago) to Economics

@economics@a.gup.pe

#SteveKeen #economics

Hot off the presses. The next serialized chapter of his book.

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https://profstevekeen.substack.com/p/why-are-economists-trying-to-hide

GhostOnTheHalfShell, 26 days ago (edited 26 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.

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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, 1 month 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?

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

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, 10 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, 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, 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, 27 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, 4 days ago to Economics

@economics@a.gup.pe

#inflation #Economics #mmt

An inflationary spiral based on expectations. It is a very different one from a deflationary one.

In the case of supply chain disruption (think floods and drought) it's a supply shock and at best businesses have to scramble to adapt (invest etc) to get around the problem. But hammering COL demand is perverse.

In all cases, messing around with interest rates is largely an exercise in futility.

🧵

https://youtu.be/eX4Sh1sq6HU?si=8NUW_83dz4sfUDtE

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 (edited 16 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, 10 days ago to random

#strandbeest #neeto

@notjustbikes

Definitely cool factor..

An evolution of strandbeest

https://youtu.be/V3Lai0lZsWI

GhostOnTheHalfShell, 1 month 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, 18 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, 1 month 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."

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

GhostOnTheHalfShell, 11 days ago (edited 11 days ago) to Economics

@economics@a.gup.pe

#SteveKeen #economics

Toothsome 1995 paper.

Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis"

Minus the math, which can be skipped over, for his discussion, the paper lays out the basics of modern economics wrt to economic cycles and labor v capitalist v creditor (banks) income.

It’s the basic model to reason about our economy and its state.

https://keenomics.s3.amazonaws.com/debtdeflation_media/papers/JPKE1995PageImage9509152794.pdf

also on JSTOR

https://www.jstor.org/stable/4538470

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GhostOnTheHalfShell, 21 days ago (edited 21 days ago) to academicchatter

@academicchatter @economics@a.gup.pe

18 min

More or less spot on about the cost of housing and higher education. One aspect is “we” is misplaced. The Koch network intended this fate. They’ve worked to this end for 50 years.

• hilarious presentation even if I quibble over some of it.

Billionaires hate us, that is why they are pulling apart the republic and democracy all over the world. It’s them or us. They want tyranny and we want our lives.

https://youtu.be/qEJ4hkpQW8E

GhostOnTheHalfShell, 29 days ago to random

The vast international cabal trying to rule the world are checks notes billionaires, and checks notes they were forced to.

"[B]oth the U.S. and Soviet governments are controlled by the same furtive conspiratorial cabal of internationalists, greedy bankers, and corrupt politicians. If left unexposed, the traitors inside the U.S. government would betray the country's sovereignty to the United Nations for a collectivist New World Order, managed by a 'one-world socialist government'."

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GhostOnTheHalfShell, 13 hours ago to random

#askfedi
Is there any way to filter following list to find someone?