Fox Video


This entry was posted in Deficit, GDP, Government Spending and tagged , , , , , . Bookmark the permalink.

69 Responses to Fox Video

  1. Chris Hicks says:

    I’m behind you Warren but your interview was weak! If you are going to change the world, which is no less than your intentions, you have to be punchier. Can’t say thinks like, “We can’t guarantee it.” Also Charles made a good point about investment spending on infrastructure projects. He and the interviewer made you sound like MMT is free money for all. Put it in a giant fan and blow it all about. While those of us who have put a lot of time reading and deciphering the cryptic vernacular of your papers know this is not true, the half-interested public probably heard things the wrong way.

    Reply

    WARREN MOSLER Reply:

    have a look at the more recent ones, thanks.

    Reply

  2. Nanette says:

    Dear Warren – I am sorry to see that the TV interview was Way too short to make any headway – especially with all the interruptions. I am still digesting “The 7 Deadly…” and sharing with my friends. Today I am feeling much better about the federal economy than yesterday. Thanks for the education. I will continue to share.

    Reply

    WARREN MOSLER Reply:

    Good to hearbit thanks!

    Reply

  3. Vassilis Serafimakis says:

    Warren Mosler says all the right things but comes on as flustered, cornered and nervous –i.e. as someone who has no idea what he’s atlking abiut, a fake! That’s just too bad.

    Reply

    WARREN MOSLER Reply:

    thanks! vs saying all the wrong things but knowing what I’m talking about…

    Reply

    Ankur Patel Reply:

    Well, thanks for getting my head out of gold standard thinking, but I wanted to ask two things: Are banking reserves the sum of all deposits and cash available to a bank to spend and loan (and if I’m wrong, what are bank reserves?)? And finally, do you think Chartalism/MMT is politically feasible? While I agree with it entirely, I am not sure how politically feasible it really is. One of my friends told me he would “explain how our money works”. The first words out of his mouth literally were: “You see our government has bits of gold for our money”. When I and another friend explained to him that we weren’t on the gold standard, he was dumbstruck. Then, I tried to explain why we weren’t revenue constrained, and I believe he thought I was Mugabe.

    Reply

    Tom Hickey Reply:

    @Ankur Patel,

    Bank reserves are liabilities of the central bank (Fed in US) used for interbank settlement of accounts. For example, when a check drawn on bank A is deposited in bank B, the check clears when the reserves are transferred from bank a to bank B on the Fed’s spreadsheet. This is reflected in the customer’s deposit account at bank A being charged and the counterparty’s deposit account at B credited. These transactions are recorded on the books of the respective banks. Reserves stay in the interbank system and are never loaned out. They enter the economy as FRN and coin through a bank exchanging some of its reserves at the Fed for the currency to meet demand at the cash window. The import thing to keep in mind is that fina settlement transactions that are not settled intrabank are settled either through cash transactions or by interbank clearing using bank reserves. Banks create credit money through extending loans — loans create deposits. Reserves only come into play later to meet reserve requirement and for settlement.

    MMT/Chartalism describes the current monetary system.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>