@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.

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.

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, (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,
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@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,
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@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.

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