A Creature of Cryptography
The Computer Has to say yes
So Banks can issue Debt You see.
Adjusting the rate of Usury
Government Borrowing and Private debt
Add up to the money that you get
Commodity, Chartalist or Credit Theory
In Truth all Theories of the Merkel tree?
Are Based upon a Tautology, That´s MMT.
The Simple rhyme that you can sing is
and MMT say that you have to judge Government spending by its impact
on outcomes like employment, productivity, and price stability, and
that fiscal responsibility means getting good results in these areas,
whatever the debt numbers show. To
suggest that "high deficits," national debts, and
debt-to-GDP ratios over 90% are bad for a national economy is a
theory, and it is one that is not supported by empirical data. MMT is
saying don't do austerity based on a theory that is constantly
refuted in the real world, but
do use Government spending to try to end this recession, and watch
the outcomes. If we see inflation, then that's the time to do
austerity; but until we do we have no reason to back off our full
employment, productivity, and other public purposes.
Wall Street Owns The Country
A Speech by Mary Elizabeth Lease (circa 1890)
This is a nation of inconsistencies. The Puritans fleeing from oppression became oppressors. We fought England for our liberty and put chains on four million of blacks. We wiped out slavery and our tariff laws and national banks began a system of white wage slavery worse than the first. Wall Street owns the country. It is no longer a government of the people, by the people, and for the people, but a government of Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master. The West and South are bound and prostrate before the manufacturing East. Money rules, and our Vice-President is a London banker. Our laws are the output of a system which clothes rascals in robes and honesty in rags. The [political] parties lie to us and the political speakers mislead us. We were told two years ago to go to work and raise a big crop, that was all we needed. We went to work and plowed and planted; the rains fell, the sun shone, nature smiled, and we raised the big crop that they told us to; and what came of it? Eight-cent corn, ten-cent oats, two-cent beef and no price at all for butter and eggs-that's what came of it. The politicians said we suffered from overproduction. Overproduction, when 10,000 little children, so statistics tell us, starve to death every year in the United States, and over 100,000 shopgirls in New York are forced to sell their virtue for the bread their niggardly wages deny them... We want money, land and transportation. We want the abolition of the National Banks, and we want the power to make loans direct from the government. We want the foreclosure system wiped out... We will stand by our homes and stay by our fireside by force if necessary, and we will not pay our debts to the loan-shark companies until the government pays its debts to us. The people are at bay; let the bloodhounds of money who dogged us thus far beware.
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice:The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wishto form new combinations and the possessors ofproductive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in thename of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):