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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Geithner’s got it wrong re: China

Posted by WARREN MOSLER on May 29th, 2009


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This is what happens with an administration that does not understand imports are real benefits and exports real costs.

This is a proactive move that hurts our real terms of trade and real standard of living.

Geithner to Urge China to Boost Demand, Official Says

by Rebecca Christie

May 28 (Bloomberg) — Treasury Secretary Timothy Geithner
will urge China to boost domestic demand and loosen controls on
the yuan in his first trip to the nation since taking office,
while readying a defense on queries about sinking U.S. bonds.

In meetings with Chinese leaders in Beijing June 1-2,
Geithner will encourage China to move toward a more flexible
exchange rate, a U.S. Treasury official told reporters in
Washington. He will also answering any questions the Chinese may
have about the dollar or the U.S. budget deficit, the official
said on condition of anonymity.

While delivering a familiar U.S. message on reducing
China’s reliance on exports, the Treasury chief may meet an
unprecedented level of concern about the outlook for Treasuries.
China is the largest foreign holder of U.S. government debt,
which has handed investors the worst loss since at least 1977
this year as forecasts for federal budget deficits ballooned.

“We’re going to be flooding the world with debt for a
while,” said Tim Adams, a former U.S. Treasury undersecretary
for international affairs who helped lead the Bush
administration’s economic policy with China. “We’ve got to hope
that that the Chinese are willing to keep buying.”

China held about $768 billion in Treasury securities as of
March, according to U.S. government data.

U.S. Commitment

The U.S. is committed to reducing its budget deficit and
maintaining deep and liquid markets for government debt, the
official said in a briefing before Geithner’s May 30 departure.

To spur the U.S. economy, Geithner has said the
administration needs to run deficits in the short term. For the
fiscal year that ends Sept. 30, the deficit is projected to
reach a record $1.75 trillion, according to a Congressional
Budget Office forecast.

The widening gap has contributed to the tumble in
Treasuries, which have lost 5.1 percent, including reinvested
interest, so far this year, according to Merrill Lynch & Co.
index data. The dollar has also been hammered, with the Federal
Reserve’s trade-weighted Major Currency Dollar index sliding 3.2
percent so far this year.

Chinese Premier Wen Jiabao in March expressed concern about
the value of the nation’s U.S. investment. Also in March,
central bank governor Zhou Xiaochuan advocated a “super-
sovereign reserve currency” disconnected from any individual
nation, casting doubt about the long-term role of the dollar.

Wen, Hu Meetings

Geithner is set to meet with Wen during his trip, along
with President Hu Jintao and Vice Premier Wang Qishan. In
addition, Geithner will deliver a speech at Peking University on
U.S.-China economic relations and take part in an economic
development event that features U.S. companies.

The Treasury secretary is confident the U.S. dollar will
keep playing an important role as a reserve currency for a long
time, the official said today.

The Beijing talks will include the importance of open trade
and the need for both the U.S. and China to move toward balanced
long-term growth strategies, including a flexible currency
policy, the official said.

Since mid-2008, when China’s leaders began to take measures
to address an economic slowdown, the yuan has hovered around
6.84 per dollar. That rate was reached after a gradual
appreciation since July 2005 from a level of about 8.3 yuan, a
peg China had maintained since 1995.

So far this month, the yuan is little changed, closing
today at 6.829 per dollar.

‘Manipulating’ Label

Geithner has avoided a showdown over China’s currency
policy, declining to repeat comments he made in written remarks
to lawmakers after his Senate confirmation hearing in January
that China was “manipulating” its currency.

In its first semiannual report on foreign-exchange policies
since Geithner became secretary, the Treasury said April 15 that
while the yuan remains “undervalued,” it didn’t meet the
standard for illegal manipulation in the second half of 2008.

China will need to keep buying dollars if it plans to keep
the yuan tethered to the dollar, said Brad Setser, a former
Treasury official who is now an economist at the Council on
Foreign Relations in New York.

“If China insists on pegging to a now-depreciating dollar,
it isn’t clear that China will be doing anything other than add
to its dollar portfolio,” Setser said. “China’s public
expression of concern about its dollar holdings is somewhat at
odds with its policy of pegging to the dollar quite tightly.”

When notes and bonds of U.S.-backed companies such as
Fannie Mae and Freddie Mac are included, China’s holdings of
U.S. debt come to about $1.55 trillion, according to Setser.
“China will certainly raise its concerns in some form,” he
said.

Geithner, 47, will need to “say all the right things”
about the U.S. fiscal shortfall, said Adams, who accompanied
former Treasury secretaries John Snow and Paul O’Neill on trips
to China. “There’s enormous concern about the size and
intractability of the deficit,” said Adams, who is now a
managing director at the Lindsey Group, an investment consulting
firm in Fairfax, Virginia


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17 Responses to “Geithner’s got it wrong re: China”

  1. Jim Baird Says:

    What are your thoughts on the bond market? Will rates come back down once the market figures out the fed isn’t going to raise rates anytime soon?

    Reply

  2. warren mosler Says:

    Yes there should be a pretty good correction

    It’s also oversold due to downgrade fears and dollar collapse fears

    Due to errant understandings of qe policies and what if no one buys th

    e debt fears.

    Yes market functioning is returning along with flat gdp but the output gap is continuing to widen

    Reply

  3. zanon Says:

    Agreed with you re: the bond market. I think higher rates net subtract from AD as people cannot refi to lower mortgages.

    do you think S&P will fall again also?

    Reply

  4. Dissenting Comments Encouraged Says:

    “The U.S. is committed to reducing its budget deficit and
    maintaining deep and liquid markets for government debt,”

    Reducing the deficit? no no no, sole and mia want to keep those student loans going, they need that free government money to keep the shopping trips funded. They also need to continue to extract equity from their homes so they can get that new hairdo and nail job!! They need lots of stimulus checks so they can buy crack rock and oxycodone! Is this government NUTZ? Have you ever seen a pissed off crackhead with a broken nail and no money for new shoes? Holy Jesus – there will be a reckoning of unimaginable scale if we don’t keep giving that free money! Please someone slap these idiots who want to reduce the deficit, the social chaos from kids coming back home to mommy and daddy because the college daycare is closed will screw up our whole modern society!

    Deep and liquid markets? HUH!? There is no financial crisis deep enough that we can’t spend ourselves to the point that China will PAY someone to take US debt off thier hands just to get out of the administrative costs of carrying that garbage!

    The private companies needing access to “productive” uses of cloud computing/data center resources are going to be squeezed out by USELESS/POINTLESS government stimilus crowding out of these same data centers – GO GO STIMULUS! Shoot your nose off to spite your face.

    http://hardware.slashdot.org/story/09/05/29/2010202/Credit-Crunch-Squeezing-Data-Center-Space?art_pos=4

    The situation is already becoming critical for companies with large space requirements, as indicated by a flurry of leasing recently in northern Virginia, where the remaining space may be quickly absorbed by government stimulus projects.”

    Reply

    barton Reply:

    I sense a great deal of resentment in your post. Why don’t you actually try to understand what this website is all about and post some constructive, reasoned crticism?
    Mocking the reduction of the deficit shows you don’t understand what it means in real economic terms. Mocking the depth and liquidity of the US Treasury market surely shows you don’t have a clue about how that market works. It is the most liquid market in the world and has been for years. And just why is government stimulus useless and pointless? You just rant, but offer nothing.

    Reply

    Dissenting Comments Encouraged Reply:

    “I sense a great deal of resentment in your post.”

    How can you do that on a communication medium that loses so much context? I am laughing and happy. ;)

    ” Why don’t you actually try to understand what this website is all about and post some constructive, reasoned crticism?”

    What an INSULT! Equating my dissenting comments with a lack of understanding, I understand ALL TOO WELL and just simply do not agree with the macro outcome that certain memes here lead too. I have been reading this particular website for many many years now, before it was in it’s new modern format. I have been following the inventor of mosler’s law even longer. What did your mother teach you about ASS U ME ing things? What did buddha teach you about those taking offense doing more damage than those you assume give it? How many religions and philosophies have you deeply studied or practiced personally? I have offered many constructive criticisms over the years, one being the unjust gender biased legal system in the USA that makes men into mules who simply will not jump for any carrot. That the financial incentives to lawyers to destroy everything from families to companies to governments for the profit motive makes the meme of adam smith’s invisible hand seem very ugly to me. That having the majority of congress and now our president from this “lawyer” cesspool is going to be a great trajedy on the american future.

    “Mocking the reduction of the deficit shows you don’t understand what it means in real economic terms.”

    I assure you young grasshopper, I understand the shopping machine princess that modern american society has created far better than in your wildest dreams. From the education, socialization, legalization, depravation, spoilization and ruination. Whitney houston sang the children are our future then snorted some crack in front of them :(

    “Mocking the depth and liquidity of the US Treasury market surely shows you don’t have a clue about how that market works.”

    You just don’t like what I am saying or my humor, because perhaps it touches a little too close to a reality you don’t want to admit exists harrison bergeron. I know many many college kids in school taking one class so that they never graduate and keep the student loans from coming due. They are useless shopping machines who think the pinnacle of life is who has the latest gucci bag and the winner of american idol. They don’t care that poisonous melamine from china infects their babies milk formula, or that chinese drywall is emitting vapors that infects thier babies too, wait hold up, they don’t care about that because they aren’t having babies, let someone do that awful laborous chore in the third world, imports are a benefit, exports a cost. Better to let someone else birth the babies and raise them and then import them here to be exploited by our government.

    They don’t care the USA will be renting space delivery from Russia and China because we can’t afford our own programs right now. They don’t want to hear that we need smaller cars that drive slower, after all then they couldn’t get to the mall as fast or stuff it with as much chinese merde while they sip thier starbucks. Besides, one of their shopping machine clones might be driving a hummer and who wins when the hummer and the 2 seater smart car have a head on collision? I know I want to be in the big hummer.

    “It is the most liquid market in the world and has been for years.”

    Empires come and go, liquidity comes and goes, I can’t vote for government representatives in china but now they are influencing many of my governments financial decisions – and I am not just talking about the asian lobbying efforts that bought off the clintons from years ago, how is that fair to you or me as mere voting citizens of the USA?

    ” And just why is government stimulus useless and pointless? You just rant, but offer nothing.”

    That is crap, how lazy and unintellectual of you, if you would READ the link I provided above to slashdot.org the article cleary goes into why government stimulus spending for already bloated government IT projects are going to crowd out data center/cloud computing in the private sector. Admit it, did you bother to fully read and comprehend the link I provided above, don’t be guilty of what you are trying to accuse me of, that is hypocritical.

    Large companies will simply go overseas to fill their need, way to go USA. Promote all these policies that we are going to let the third world have the crap jobs while we get the high end high tech jobs, but if you will open your eyes harrison begeron and look around you – you will see some big macro trends. First new york is losing the crown as the financial center of the world – our exchanges are losing thier crown as the best places to trade all kinds of securities and commmodities, our dollar is plummeting, our education sytem is too costly for shopping machine princess, the daycare will have to come to an end and princess will have to pile back in on mommy and daddy. Our high end tech and science are on the way out. US kids have such a coddled life as toddlers they are far above so many other countries, but by the time they hit college, they don’t have nearly the science/engineering education that the other nations do per capita. Our nation’s ability to take these very well supported toddlers and turn them into progressive teenager and young adults is a total failure. I asked warren many years ago on the old board how are we going to take these UAW guys who know how to screw in a door panel on a crappy car and re-educate them to build nasa hubble telescopes or biomed education to make life extending drugs.

    Spain sent conquerors to the new world to get some gold, they got a lot of gold, they built beautiful palaces and immaculate tiled gardens, but what does that do for the advancement of humanities knowledge and science? Nothing, just like some of the policies here will do, keeping the shopping machine princess lifestyle going doesn’t make the world better from what I can tell. Even your leader Mr. Mosler has let slip several times now he doesn’t really want the american way of life for all those indians and chinese, what does he know that you don’t? If it isn’t good for all 7 billion humans, it isn’t good for one, policies that try to put 1 humans imports and exports equation over the rest, as he often talks about, is EVIL and against everything I learned from my preacher in church. We can criticize japan for keeping zombie banks open, but do the same things ourselves, hypocrites are so silly and discredited.

    Reply

  5. Dissenting Comments Encouraged Says:

    Barton, you queried me about constructive criticism, so this is especially for you, stop thinking about monetary units and fiscal packages for a moment, take an hour of your time and watch the VOD (video on demand) video below. I want some comments from you after you watch the video, don’t be a hypocrite.

    Our congress, and governments from the national, state, and even local level are polluted with the idiots that the video’s below ridicule. MIT and Harvard idiots to boot! Now who do you want to sail into the future with on your jefferson starship? The dumb lawyers running governments in the USA or the smart engineers running governments in places like china? Mosler economic policies that keep the status quo going are not fixing the root of the problems.

    http://www.learner.org/resources/series26.html

    1. Can We Believe Our Eyes?
    Why is it that students can graduate from MIT and Harvard, yet not know how to solve a simple third-grade problem in science: lighting a light bulb with a battery and wire? Beginning with this startling fact, this program systematically explores many of the assumptions that we hold about learning to show that education is based on a series of myths. Through the example of an experienced teacher, the program takes a hard look at why teaching fails, even when he uses all of the traditional tricks of the trade. The program shows how new research, used by teachers committed to finding solutions to problems, is reshaping what goes on in our nation’s schools.

    VOD2. Lessons From Thin Air
    Just about everyone will agree that trees are made from sunlight, water, and soil the trees suck up from their roots. But the surprising truth is that trees are made from air! Trees are solar-powered machines that convert air into wood. Why is it that, despite the fact that photosynthesis is one of the most widely taught subjects in science, so few people really understand the central idea underlying this system? Starting with this question, program two explores why something taught in school can go unlearned and shows that we often teach without regard to what children actually need to know.

    Reply

    Mike S Reply:

    Dissenting,

    The problem is that you do not seem to want to understand that Warren does not want the status quo to continue. He routinely calls for things like outlawing the use of LIBOR as a benchmark and spending with the expressed purpose of creating full employment.

    These ideas are radical departures from the status quo. Then, his plan to limit all road speeds to 30mph or less makes brings him dangerously close to crackpot territory. The power of his basic insights into the money creation process demand that you take his other ideas seriously. It is a non-trivial insight and widespread understanding of his ideas would greatly improve our world.

    and would be impossible to implement in todays political environment.

    Reply

    Matt Franko Reply:

    Mike,
    I think Warrens reasons for the 30 mph is to reduce levels of imported oil. He thinks its important and I have come to believe the same as I think it generally reduces the purchasing power of the dollar IMO.
    One of the more interesting things I have learned here is Warren has pointed to natural gas deregulation in the late 70s (I have never read this anywhere else) as breaking the oil cartel control of the oil market by reducing our net dependence on foreign oil for electricity generation, and assisting in turning things around in the 81 recession. Its probably a good policy to pursue now also. I think there are other ways to accomplish this without the speed limit reduction. I would advocate alternative fuels (alcohol/Nat Gas/Li-Ion Batteries) instead of the 30 mph as more politically acceptable.
    Resp,

    Reply

    Mike S Reply:

    Hi Matt,

    I knew why Warren is recommending the speed reduction. Let’s face it, the reasoning is valid and we should be taking drastic action on our energy problem. However, if you just come to this site for the first or second time and you see one of Warren’s posts where he says some of these radical proposals and it is a reasonable conclusion to think that Warren might be crazy or something even worse – a crackpot.

    I was just trying to address this guy above as he spends lots of time here. I think he is sincere in his dislike of Warren because he thinks Warren is about maintaining the status quo.

    K Ackermann Reply:

    Do you know why the yield curve looks the way it looks right now?

    The Fed is in quite a pickle. It looks like QE has gone as far as it’s going to go. It’s now going to be a choice of deflation, or high interest rates.

    Which do you want?

    Credit expansion is gone. The only reason the trade deficit widened was because our exports fell faster than our imports, but make no mistake on the direction.

    Even if there was credit, which thank God there isn’t, the frugal mindset has already set in. Most people are now asking, “do I really need this cheap piece of crap in my hands, or should I save the money?”

    I’m going with the deflationary scenario, because we can always build shelters for all the homeless. The other scenario blows up the bond market, and then we can’t build shelters. We’ll be lucky to get seeds.

    We are way past worrying about LIBOR.

    Reply

    Mike S Reply:

    The yield curve looks pretty good to me.

    Note that if we wanted to go to Warren’s zero natural rate of interest in the long side, we should spend a few trillion and then have the fed buy long term treasuries.

  6. Dissenting Comments Encouraged Says:

    “The problem is that you do not seem to want to understand that Warren does not want the status quo to continue.”

    Then he should not have aligned himself with the democrats and told me he was going on their ticket – what am I to think from that action? Remember how initially he was praising all that money he was going to make under a “populist” administration with the PPIP and I warned him it was a general Ackbar Trap. Then Warren wised up and seems to lately have recanted his hope and sees little positive to the power grab the Obamacrats have grasped. Renault was taken over by the french government 60 or so years ago, and they still own some of it, have you ever owned a renault? I have never heard anyone speak positively of them.

    The thing about power and money, it makes you do things you may really not want to do and it is hard to let go of it once you have it. Warren is like the modern day ben franklin, but if ben franklin had said well hum, I think I will align with one of the parties in the british parliament to get more exposure, instead of revolt against all that political garbage, where would we be today?

    “He routinely calls for things like outlawing the use of LIBOR as a benchmark and spending with the expressed purpose of creating full employment.”

    Let me ask you the question Warren never answered that I asked years ago. How do you retrain these UAW workers who screw in screws in door panels if you keep the factory line working? Only if you close that factory, send unemployment through the ROOF, will those folks have the TIME to LEARN new things that are more beneficial to the future. So many CEO’s on wall street complain they can’t take on long term research and development, they can’t retrain thier workers efficiently. The whole “beat the street by a penny” quarter by quarter earnings season short term goals are leading us all over the cliff like lemmings.

    It’s hard to read bioscience textbooks about genetic life extension research when you spend all day lifting door panels on A Gm hummer and screwing in screws to it eh?

    A lot of talk of this stimulus I have heard is repairing roads and bridges and filling in potholes, good lord! Nasa already has space ports authorized in many cities in the USA, and the moeller 900 air car flies and we could be working on transportation infrastructure like that, but instead we are just going to try and repeat the highway buildout we did 50 years ago – that is progress? Where can I go in the USA and ride a 200mph high speed mag lev train? Where are the flying zeppelins using helium that can move bulk goods cheaply all over the globe? Pathetic the lack of vision I see everywhere!

    At least the USA had the latest and greatest in MILITARY technology, but read this:

    http://globaleconomicanalysis.blogspot.com/2009/05/drone-wars-coming-as-japan-prepares-to.html

    The huge engineering and technological might of Japan may be poised for a new lease of life as the country prepares to ditch a self-imposed ban on arms exports that was introduced in the mid-1970s.

    The controversial decision, which is likely to encounter bitter opposition from the country’s mainly pacifist middle classes, could deliver significant economic benefits to Japan and lead to a realignment in the global defence industry.

    A ruling party MP said that the greatest significance would be the conversion of Japan’s robotics industry from civilian to military use as the world’s defence spending is directed to remote-control hardware, such as drone aircraft.

    “These ideas are radical departures from the status quo. Then, his plan to limit all road speeds to 30mph or less makes brings him dangerously close to crackpot territory.”

    My friends in europe who drive the autobahn never understood 55MPH speed limits all over the USA, but it makes perfect sense to me. Old ways die one scientist/politician funeral at a time. It is a travesty that in an energy starved world we put highly inefficient engines burning gasoline as the center of our transportation network. How pathetically stupid, how doubly stupid that intelligent ideas like warren’s have to put him into crackpot territory. Most of the world though the earth was flat at one point too and round earthers were crackpots.

    “The power of his basic insights into the money creation process demand that you take his other ideas seriously.”

    I try, but then I ask anyone here to tell me why fort knox is gaurded with extreme security and not the data centers that house all the knowledge of wikipedia, I know one is far more valuable to me. If all the gold in fort knox vaporizes tomorrow, my life will continue, but if the internet vaporizes tomorrow, how do we all ridicule each other back and forth here? How do we all click buttons on a bloomberg terminal back and forth to make zeroes at the end of our portfolios grow? Disgraceful!

    “It is a non-trivial insight and widespread understanding of his ideas would greatly improve our world.”

    I have watched orzag, goolsby, summers, rubin, etc etc etc constantly embarrass themselves and the harrison bergeron sheeple just don’t care. Let me ask you, from the VOD link I provided above, why is it good policy to turn out Harvard and MIT graduates who can’t remember 3rd grade science? This is not just a science education problem, econ grads also suffer from this same failed educational system. I thought the peter principle was to eliminate stupidity at the highest levels, not populate every office in our government with morons.

    “and would be impossible to implement in todays political environment.”

    I used to ask people how bad would things have to get before they would say ENOUGH and do something. Let me ask you, how bad would things have to become before you say NO MORE. Have you even CONSIDERED the threshold where you would openly outcry for a revolution against the current political regime?

    If you can’t even define that, you have no measure for when you should rally yourself and your peers into action. How much boot stomping are you going to take before you take no more? Very few people can answer this question for me, they are like those ceo’s, only thinking of making it through the next day, they have not defined how restrictive their personal liberties would have to become before they actively revolted. Don’t be like them, give me a definite answer, how bad do things have to get before you say no more?

    I just got a traffic ticket from an automatic camera where the yellow light has been intentionally shortened to increase revenue. This has lead to rear endings at that light to increase by 27% as people slam on the brakes rather than roll through the light, it is no longer about helping citizens and promoting highway safety, it is about PROFIT!

    We have too few congressmen making the decisions for 300 million people. This makes each individual voter’s influence so MINISCULE that it doesn’t matter if warren or any good person gets elected, the influence of money and power concentrated down to so few will corrupt them all. Arnold Kling wrote an article I believe many years ago arguing our government will fail it’s citizenry unless we expand the number of congresspeople 10 fold, from roughly 500 to 5000. This would disperse the concentrated power, and make individual voter influence much greater.
    Why is the USA the only democracy with 2 parties? Every other democracy in the world has more than 2. I don’t care how many people learn about mosler economic policies, if we don’t disperse the concentrated power the corrupts absolutely, nothing will really change.

    http://www.tcsdaily.com/article.aspx?id=081505A

    Reply

  7. Mike S Says:

    As soon as you grokk the difference between:

    “. Old ways die one scientist/politician funeral at a time. ”

    and

    “Let me ask you, how bad would things have to become before you say NO MORE. Have you even CONSIDERED the threshold where you would openly outcry for a revolution against the current political regime?”

    Then we can begin to have a real conversation. I am nowhere near phrase 2 and fully understand that phrase 1 is the only real way that change happens.

    I’ve been converted to Warren’s paradigm. I’ve introduced it to about 20 people, some of whom will be mildly influentual in a few years.

    Reply

    Dissenting Comments Encouraged Reply:

    “Then we can begin to have a real conversation. I am nowhere near phrase 2 and fully understand that phrase 1 is the only real way that change happens.”

    The founding fathers are rolling in their grave. You have been gifted to live in a society handed to you because people in your past chose phrase 2 rather than wait a few centuries for phrase 1 to happen slowly. Let me ask again, how repressed would you have to become before you would want 5000 congresspeople in government instead of 500 corrupt crony congresspeople? You don’t wait for the hurricane to develop a hurricane safety strategy. We all agree, from warren, you, me, begotka that this government is pure crap and needs modernization. I hear NO talk of reforming the way the US government is structured save that regulations put in place in the great depression need to be re-implemented.

    “I’ve been converted to Warren’s paradigm. I’ve introduced it to about 20 people, some of whom will be mildly influentual in a few years.”

    Like I said already, your 20, even with the right ideas, going to a congress of 500, will corrupt even the most holy and devout Jesus Buddha Mother Theresa Mother Mary.

    Too much power concentrated too much. So you think sending 20 “in paradigm” people to congress with all the money and power their to corrupt them is better than expanding the representative congress to 5000 instead of 500?

    Reply

  8. Dave Begoka Says:

    “It is the most liquid market in the world and has been for years.”

    Dudes, It’s a Bear market rally by the controllers to squeeze the last few greedy suckers out of their money. 75 to 85% BUKAKA is right on this one!

    Ok think about this, cars today (on average) get the same fuel mileage that they did in the 30’s? With all of our “Modern Technology”? Could it be the same people selling the cars have something to do with the supply? THINK!

    Our social problems are engineered, follow the money from our entertainment industry!

    Is Warren a crack pot? Coming from somebody who has been to his house for dinner and worked for him for years, NO I don’t think so! He has enough resources to just cruse his boat and play with his toys to the end, However he chooses to get involved with the most corrupt government the world has ever seen and try to bring many big changes.

    As far as the 30mph thing, when I was younger I was nothing but SMOKE and Revlimiter, but what if we all had more time and cars that could navigate them selves? I still say the guys selling the oil are holding us back for profit!

    The smoke and revlimiter can be at the track driving technology.

    We have too few congressmen making the decisions for 300 million people.????

    DUDES! 75% of these guys are placed by the controllers and are evil! Look up how many have investments in the Military Industrial Complex and vote for WAR?

    If you think the voting system is not controlled YOU ARE THE CRACK POT!

    Reply

  9. warren mosler Says:

    My proposal for the tsy not issuing securities means the fed doesn’t have to buy them.

    and once there is a permanent 0 interest rate policy the long end will go towards 0 pretty quickly

    Reply

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