There is an existential threat that has been lurking in the minds of some deranged progressives for a long time. It's a dream of a future where capitalism is obsolete. And it's coming for us now.
Stumbled on to this -- great read. Unfortunately, this MMT rubbish is only gaining traction. Seems like people are unwilling to accept the simple fact that you can’t solve tough problems with money printed out of nothing.
Tennessee is one of the few state that 1) has no real State income tax, sales tax is suppose to be the main source of revenue, of course you have Fees which are taxes, Business licenses, Liquor, etc. If it moves, tax it. 2) BALANCED BUDGET is in the State Constitution. And our Legislature only meets 6 months every term, which is 2 years. We went RED a few years ago, our governors since have been moderate do nothings, or like Don Sundquist try and shove a middle of the night State Income tax on use. That failed, big time, 3 days of protesting, the usual liberal lies to bring out Jack Booted Thugs on peaceful demonstrators. I ought to know I was one of them. Lots of signs, shouting, horn honking, but no violence, that was purely made up.
Rino Rep Beth Harwell forced through a second Progressive Gas Tax. Many Blue cities added a little to the sales tax. Many added things like a Rat Abatement tax on utilities.
I grew up when there were No Government Safety Nets. So you learned to give up luxuries to put food on the table, look for another job. Under FJB that is becoming more impossible. Ford is laying off 8,000 people, banks are nervous, stock market nose dives on a rumor. No one sees the BIDEN GREAT DEPRESSION 2 AS SERIOUS, UNTIL IT EFFECTS THEM. There are food shortages that would have caused riots, and what food there is is of lesser quality.
No all the young want are a Cellphone, laptops, iPads, and pizza, as they have NO marketable skills, and for the Feds to pay for their useless educations. $3 TRILLION IN DEBT AND CLIMBING DAILY. BABY FORMULA DISASTER STILL NOT SOLVED, BORDER CRISIS IS LETTING IN THOUSANDS OF CONVICTED CRIMINALS FROM 160 NATIONS, HE PLANS TO FEED, HOUSE, CLOTHE, GIVE CELLPHONES, DL'S AND GREEN CARDS, KISS YOUR JOB GOODBYE. ALONG WITH THE DISEASE THEY CARRY. Plus fund a war between two communist nations. With borrowed money from China, or just printed out of thin air. BIDEN GREAT DEPRESSION 2, WILL BE WORSE THAN HOOVER/FDR'S AS WE HAVE LITTLE MANUFACTURING LEFT IN THE USA. DRIVEN OUT BY HIGH TAXES, STUPID UNPROVABLE ENVIRO RULES.
This essay by David Stevenson of the Caesar Rodney Institute Center for Energy & Environment appeared in May, but I just ran across it today. It analyzes data from the PJM electrical grid, America's largest, between 2019 and 2021. This comparison of actual regional grid carbon dioxide (CO2) emissions between 2019 and 2021 show that increased use of wind and solar did not reduce emissions. Wind and solar electric generation are
"Adam Smith, in The Wealth of Nations examined the experience of tax-backed fiat currency in British North America... he said the quantity of paper money “was in all the colonies very much above what could be employed in this manner.”
I think that we are conflating separate things as though they were one.
What we are virtually ignoring is that the US speculatory markets collapsed spectacularly - multiple times - during recent decades, and only continued in existence due to forced recapitalization sustained upon the public credit..
This is a different sort of bird than what Smith et al reference as relates to consumer economics.
In effect, the entire, vaunted, US 401k system imploded and was wiped out, due to episodes of speculation-induced GDP pumping, fake profit taking and subsequent market collapse.
The alleged 401k retirement 'profits' that exist today, are a God that failed - entirely the result of creating artificial funding against the general public credit to prop up a supposedly 'private' system that had gone down for the count.
To pretend that the problem consists entirely or even largely of handouts to the general public or currency printing to enable consumer purchases, ignores the multiple catastrophic episodes of the non-market participants being forced to recapitalize purely speculatory markets that -
produce nothing, extract the lions share of value, and have been prioritized for rescue when their own criminal activities actually brought about a global economic disaster.
Smith's treatise refers to sound currency policies, not what we currently face which is not specifically a failure of public policy but is instead capture of public policy by private interests that have developed a system to ensure the losses are socialized while the supposed profits are privatized.
If the Fed were willing to continue endless QE, you would maintain an appearance of normalcy, until the next meltdown. The captured 'markets' are not rebelling in favor of sound money policies, but against the milk and honey spigot being turned off.
Public monetary policy cannot repair private capture of rigged markets, but the former can and always will be subjugated by the latter - which Smith cannot address.
Stumbled on to this -- great read. Unfortunately, this MMT rubbish is only gaining traction. Seems like people are unwilling to accept the simple fact that you can’t solve tough problems with money printed out of nothing.
Tennessee is one of the few state that 1) has no real State income tax, sales tax is suppose to be the main source of revenue, of course you have Fees which are taxes, Business licenses, Liquor, etc. If it moves, tax it. 2) BALANCED BUDGET is in the State Constitution. And our Legislature only meets 6 months every term, which is 2 years. We went RED a few years ago, our governors since have been moderate do nothings, or like Don Sundquist try and shove a middle of the night State Income tax on use. That failed, big time, 3 days of protesting, the usual liberal lies to bring out Jack Booted Thugs on peaceful demonstrators. I ought to know I was one of them. Lots of signs, shouting, horn honking, but no violence, that was purely made up.
Rino Rep Beth Harwell forced through a second Progressive Gas Tax. Many Blue cities added a little to the sales tax. Many added things like a Rat Abatement tax on utilities.
I grew up when there were No Government Safety Nets. So you learned to give up luxuries to put food on the table, look for another job. Under FJB that is becoming more impossible. Ford is laying off 8,000 people, banks are nervous, stock market nose dives on a rumor. No one sees the BIDEN GREAT DEPRESSION 2 AS SERIOUS, UNTIL IT EFFECTS THEM. There are food shortages that would have caused riots, and what food there is is of lesser quality.
No all the young want are a Cellphone, laptops, iPads, and pizza, as they have NO marketable skills, and for the Feds to pay for their useless educations. $3 TRILLION IN DEBT AND CLIMBING DAILY. BABY FORMULA DISASTER STILL NOT SOLVED, BORDER CRISIS IS LETTING IN THOUSANDS OF CONVICTED CRIMINALS FROM 160 NATIONS, HE PLANS TO FEED, HOUSE, CLOTHE, GIVE CELLPHONES, DL'S AND GREEN CARDS, KISS YOUR JOB GOODBYE. ALONG WITH THE DISEASE THEY CARRY. Plus fund a war between two communist nations. With borrowed money from China, or just printed out of thin air. BIDEN GREAT DEPRESSION 2, WILL BE WORSE THAN HOOVER/FDR'S AS WE HAVE LITTLE MANUFACTURING LEFT IN THE USA. DRIVEN OUT BY HIGH TAXES, STUPID UNPROVABLE ENVIRO RULES.
This essay by David Stevenson of the Caesar Rodney Institute Center for Energy & Environment appeared in May, but I just ran across it today. It analyzes data from the PJM electrical grid, America's largest, between 2019 and 2021. This comparison of actual regional grid carbon dioxide (CO2) emissions between 2019 and 2021 show that increased use of wind and solar did not reduce emissions. Wind and solar electric generation are
https://www.powerlineblog.com/archives/2022/07/more-evidence-of-the-pointlessness-of-wind-and-solar.php
Electric Bus Catches on Fire at Bus Depot in Hamden, Conn. – NBC Connecticut
BURNED 12 HOURS POLLUTING THE AIR.
https://www.nbcconnecticut.com/news/local/electric-bus-catches-on-fire-at-ct-transit-bus-depot-in-hamden-fd/2837679/
WHILE TOXIC WAST SPILLS INTO OUR WATER SUPPLY.
And the younger people have never had to give up a thing to maintain their life style. Government to the Rescue.
"Adam Smith, in The Wealth of Nations examined the experience of tax-backed fiat currency in British North America... he said the quantity of paper money “was in all the colonies very much above what could be employed in this manner.”
I think that we are conflating separate things as though they were one.
What we are virtually ignoring is that the US speculatory markets collapsed spectacularly - multiple times - during recent decades, and only continued in existence due to forced recapitalization sustained upon the public credit..
This is a different sort of bird than what Smith et al reference as relates to consumer economics.
In effect, the entire, vaunted, US 401k system imploded and was wiped out, due to episodes of speculation-induced GDP pumping, fake profit taking and subsequent market collapse.
The alleged 401k retirement 'profits' that exist today, are a God that failed - entirely the result of creating artificial funding against the general public credit to prop up a supposedly 'private' system that had gone down for the count.
To pretend that the problem consists entirely or even largely of handouts to the general public or currency printing to enable consumer purchases, ignores the multiple catastrophic episodes of the non-market participants being forced to recapitalize purely speculatory markets that -
produce nothing, extract the lions share of value, and have been prioritized for rescue when their own criminal activities actually brought about a global economic disaster.
Smith's treatise refers to sound currency policies, not what we currently face which is not specifically a failure of public policy but is instead capture of public policy by private interests that have developed a system to ensure the losses are socialized while the supposed profits are privatized.
If the Fed were willing to continue endless QE, you would maintain an appearance of normalcy, until the next meltdown. The captured 'markets' are not rebelling in favor of sound money policies, but against the milk and honey spigot being turned off.
Public monetary policy cannot repair private capture of rigged markets, but the former can and always will be subjugated by the latter - which Smith cannot address.