From a friend in the euro zone public financial sector

“The problem is that in Europe you have 2% of people, acting in bad faith, that pursue the agenda that Alain Parguez has denounced several times and who are also unfortunately in top decision making positions. Then there is the 0.001% of people who understand the problems and try to solve them, but in general they have limited influence. Finally the 98% majority, composed of perfect idiots, is mostly influenced by the first group and thinks the second group is made of marginal people and dangerous side-liners.”

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35 Responses to From a friend in the euro zone public financial sector

  1. Teresa says:

    Teresa likes the above post and discussion.

    Reply

  2. Colin says:

    Warren–the human race has limited resources and is about to hit a population of 7 billion. Additionally, we are stupid and selfish. I suggest you take that magnificent mind of yours and also meditate on the super-long term. Perhaps artificial intelligence will save us…? I believe that IBM is taking the correct approach to AI. If we are going to brute force the problem, we might as well take the mathematical/statistical approach. Also, I’m drunk.

    Reply

    Tristan Lanfrey Reply:

    @Colin,

    Ah! drunk posts :)

    AI will save us, although corporations would turn it into a (short-term) money making kind of AI, not into the savior of mankind.

    I’m sure that MMT already includes this AI saving us all thing. It would most likely spawn from the public purpose intended (and government funded) education and research.

    Reply

    WARREN MOSLER Reply:

    Maybe we could ask one of those ai machines about balancing the budget

    Reply

    WARREN MOSLER Reply:

    I just want to live a few years in a good economy
    :(

    Reply

    Teresa Reply:

    @WARREN MOSLER,
    A good economic plan is necessary part of the equation. The other part is the field support to implement it.Quantum Economics includes both, that’s where MMT belongs, in a broader frame. I am talking from experience.
    Now, look at the practical effect of the (now already precedented) approach, the exemplary 12 months transition:

    *1992 the poorest country in the world,the lowest GNP per capita, a dragging civil war with 600,000 death toll.

    *1993(12 months)- violence terminated permanently,20% drop of crime rate right after the war, 19% economic growth.

    *2000 stable economic growth at 12.4%, the world’s fastest growing economy.

    The precedent of the approach happened in Africa. One does not have to wait long.It is a push-button operation.

    Reply

  3. Robert Kelly says:

    @beowulf,
    I meant the lay-up would be Warren solving Lord Wolfson’s euro problem for 250,000 quid. But I’m sure he would never collect for semantic reasons of some sort or other.

    Reply

    WARREN MOSLER Reply:

    Will have a go at it and post it on the blog as well

    Reply

  4. RJ says:

    These are the sorts of deficit hawk clowns that MMT have to contend with (I’m already banned from his forum so can’t reply but Karl is beyond help)

    http://market-ticker.org/akcs-www?post=196248

    Cullen Roche: Smackdown Of The Day

    I am usually reasonably polite in Tickers. (I am often less-so in commentary on the forum.)

    This time, I’m not going to be particularly nice as I’ve about had it with the “MMT” look-alikes running around peddling trivially-provable false impressions through the use of half-statements and arm-waving.

    So I’m going to do exactly that (prove the impression he wants to leave you with false) and in doing so issue a well-deserved smackdown to this author.

    Reply

    RJ Reply:

    @RJ,

    Although he is advertising MMT. But to a readership that will not know that Karl is confused on this subject.

    Reply

    Senexx Reply:

    @RJ, Just point them to John T. Harvey’s article at Forbes about the velocity of money – that should dispel the myths perpetuated at this ticker

    Reply

  5. Robert Kelly says:

    Didn’t Warren offer $100 million if anyone could prove he was wrong about US Government solvency? This challenge should be a lay-up. Interested to see if he pays.

    Reply

    beowulf Reply:

    @Robert Kelly,

    Its a sucker’s bet, you can only prove he’s wrong by the US falling into Weimar-style hyperinflation. By the time Warren is proven wrong and must pay up, $100 million will buy you a case of Snapple (but as it happens, Warren’s not wrong).
    :o)

    Reply

    WARREN MOSLER Reply:

    And I’m not wrong. :)

    Reply

    WARREN MOSLER Reply:

    Yes, see my press release on this website

    Reply

  6. Tristan Lanfrey says:

    Dear Warren,

    Would a £250,000 prize be of interest to you?

    http://www.bbc.co.uk/news/business-15366828

    I’m sure you already have something ready to submit.

    Regards,

    Reply

    WARREN MOSLER Reply:

    hope to get to it later today

    Reply

    rvm Reply:

    @Tristan Lanfrey

    There is no other macroeconomic theory better equipped to solve this task than MMT – no doubt about it.

    There will be probably only one problem – the judges have to speak MMT language in order to understand the MMT proposition. :-(

    Anyway an MMT wining would be of great PR value!

    Reply

  7. Kaiser says:

    I object to being called a perfect idiot. In fact I think the 98% are more in tune to the problems than the 0.001% enlightened few he so generously counts himself among.

    We realise that ‘Economics’ and with it ‘Economists’ are just the Ideological bulwark of the wealthy and the priests preaching the Religions respectively.

    Reply

    WARREN MOSLER Reply:

    it’s the source of the comment that makes it the more interesting

    Reply

    SG Reply:

    @WARREN MOSLER,

    who is the source of the comment?

    Reply

    WARREN MOSLER Reply:

    said all i could, sorry

  8. FerdinandAlx says:

    Who is Alain Parguez and what agenda does he denounce?

    Reply

    WARREN MOSLER Reply:

    A french econ prof, ‘father’ of the circuit theory, outspoken critic of the institutional structure in Europe

    Reply

  9. jrbarch says:

    Dear Warren,

    Off-topic, but John Quiggin (Aus) made another attempt to get his head around MMT recently if anyone can help him out: Money for Nothing

    Thanks,
    jrbarch

    Reply

    Unforgiven Reply:

    @jrbarch,

    Arrgh! I can’t make heads nor tails of what that guy is talking about. But then, I’m a HS grad…

    Reply

    Senexx Reply:

    @Unforgiven, To be fair, the blog post seems to be about the popular representation of MMT, not actual MMT.

    However, if you read his facebook note, which is just a copy of his blog post where he engages Pavlina Tcherneva and others, he seems to go around in circles.

    Reply

    jrbarch Reply:

    @Senexx,

    Yeah, but the thing about JohnQ is, it’s more spirals than circles – so direction is important. He seems to keep coming back to it and wondering which way to go?

    WARREN MOSLER Reply:

    just replied. pretty good article, seems like he’s come around to mmt. just used ‘money supply’ where it would have been better to use ‘net financial assets’ and ‘spending’

    Reply

    Senexx Reply:

    @WARREN MOSLER, When you have the time could you give Quiggin’s post on MMT a quick look over again.He also a discussion on Facebook with some of us: https://www.facebook.com/notes/john-quiggin/money-for-nothing/10150356753824659

    I ask because Quiggin coming over to MMT doesn’t seem to be the collective view.

    Sorry for being off-topic but a named Australian economist coming around to MMT means something to me.

    Reply

  10. pebird says:

    The problem is that the fractions of European population add up to more than 100%.

    Reply

    WARREN MOSLER Reply:

    underground economy…

    Reply

  11. Jim Thomson says:

    Thank goodness this occurs only in Europe.

    Reply

  12. Dan Furlano says:

    That says it all. Perfect.

    Reply

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