Daily Reading #221

People are endlessly creative in producing spectacles. I also watched some owl videos, they seem like nice pets :

This is a historic day. Today Google presented George Webb’s videos to me for the first time without my searching. Phase I in the war between Google and its products and Facebooks and its products has been decisively won by the products. Both companies have backed off saying some news sources are worthier than others because people didn’t believe the company’s evaluations of articles, FB’s ‘possibly fake news’ flag made people read them and all of alt-media, much of which is Progressive, had lost a majority of their daily traffic.

This article is propaganda and frame, always emphasizing FB’s power to sway opinion and nefarious acts, e.g. FB’s embedded people with the Trump campaign.  Same as it does for all large advertisers, no doubt the Clinton campaign also.

But, our Stasis Quo MUST control the meme flow, or it loses its war of propaganda, so Phase II has already commenced :

http://www.nybooks.com/daily/2018/01/23/facebooks-fake-news-fix/

The drip, drip, drip eroding the entire Stasis Quo’s Deep Black Swamp foundations continues. 10 years Trump and his successors will rule the news cycle, with the elites of both parties on the defensive wrt their involvement in or failure to notice the corruption that surrounded them :

https://www.zerohedge.com/news/2018-01-24/too-big-believe-massive-scandal-brewing-fbi

George Webb lays out the flows of money through Congress and the Pentagon :

https://www.youtube.com/watch?v=x0XPKgg3kNU

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

Jake Morphonios has a good overview of the forces for continuing war in the ME. Those are easily fitted into a framework of oil money using various ideologies and ethnic divisions to overthrow the entire ME. We need a new source of energy, that will rob the oil ecosystem of resources :

https://www.youtube.com/watch?v=RMWQ9xQQjmE

I had not previously tried to understand Modern Monetary Theory. I am very sorry I wasted my mind on it, but it didn’t take long. So the idea is that the government creates all money, and therefore it has no restrictions on spending. It argues that all taxes are money previously created by government, and thus spending precedes taxation, and thus government need not be restricted in spending by taxation. In this view, taxation is entirely a means of controlling the wealthy and keeping inequality within reason.

MMT is warmed over Keynes, precisely the kind of insanity we should expect to arise in these end times, when the government needs reasons to inflate the currency much faster than inflation or the CPI, thus diluting out all government obligations in real value. At which point the government renorms the currency, say 1 Billion dollars to one New US Dollar (NUSD, probably will soon just be ‘the dollar’ again) and the cycle can continue. MMT is the newest rationalization for that process.

Just in case you don’t see the flaw, wealth, the real goods that make our world work, and money, an intermediary of value in the creation and distribution of wealth are different things with different origins and dynamics. Governments or private entities can create money, but those mechanisms are entirely separate from creating wealth by providing services such as sewers, roads, ambulances, schools and hospitals or goods such as food, water or homes. The fact that government both creates money and provides services and goods obscures the fact that money is a different concept. Short-term, an individual’s local view is that goods are priced in dollars, so wealth and money are synonymous. Long-term, an investor’s global view is that dollars are priced in wealth.

The article has a section that tries to deal with that, but continues to confuse value and wealth with money. Money makes it easier, but Great Britain’s economy worked on IOUs of money and goods before they reformed the mint and private banks produced gold coins. Money definitely makes commerce easier, but it is not necessary, commerce and markets existed before money. It also tries to deal with inflation, and says that taxing the money back from the wealthy will control that. The arguments are qualitative, not quantitative. Handwaving vaguely is their major argument, cynic that I am.

The article complains about money being loaned into existence, but IOUs do that, there is no way to stop it. Fractional reserve banking is just IOUs, measured in money. Gold- or silver-standard money is the decision to tie the value of the currency to a relatively-unchanging commodity. Fiat money is the decision.

MMT is ideology, not reality :

https://www.counterpunch.org/2018/01/22/behind-the-money-curtain-a-left-take-on-taxes-spending-and-modern-monetary-theory/

No kidding, when your society’s death rate increases, a bunch of you are doing something wrong :

https://theconversation.com/us-life-expectancy-just-dropped-for-the-second-year-in-a-row-lets-stop-the-trend-now-88608

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