An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
I'm really afraid that this is what passes for 'debate' today. The guy just kept screaming, so that no one could hear what your were saying or understand it. I haven't turned on CNBC in 3 years, this reminded me why.
Gotta say couldn't hear a lot of what Mike was saying when Santelli was carrying on with his theatrics including the thanksgiving remark and drumstick remark. It did seem a whole lot more applicable to the man that was saying it than whom he was saying it to.
I'll provide an affidavit from an independent point of view. Santelli does not seem to understand MMT and he would not let Mr. Norman talk. Why did he have him on as a guest if he won't let him talk? Why talk over a guest?
Exactly. There seems little reason for discord between Austrian philosophers & MMT operationalists. The supposed differences are entirely orthogonal to everyone's expressed goals.
As a metaphor, you can argue endlessly about what guns should & shouldn't be used for, and when.
Yet when it comes to a war, the people who can disassemble/reassemble their weapons in their sleep ... they will be the survivors. When the time comes, know how to optimally use whatever you are going to use. It's that simple.
And all policy is adaptive, evolutionary war by other means.
What'd Gen. Patton say? ..."Never tell people HOW to do things. Tell 'em what needs to be done, and let them amaze you with their ingenuity."
The whole point of policy is to stay the hell out of the real-time dynamics of local tactics - and vice versa.
Any Austrian philosopher criticizing MMT analysis of accounting operations is a Policy wonk dabbling in tactics, and displaying too much hubris to admit the mal-utility of the whole exercise. The philosophy of policy only works if practitioners retain the willingness to learn operational details - which I salute you for Rob.
"And, of course, any MMT person rushing into Policy - rather than simply pointing out policy Options - is also misusing their tool."
Right, that's tactics best left to the operations people. Theoreticians aren't necessarily skilled in ops, but ops people need the policy direction that theory provides.
7 comments:
I can't decide which of these guys is more deserving of prison time. Prolly the old guy.
I'm really afraid that this is what passes for 'debate' today. The guy just kept screaming, so that no one could hear what your were saying or understand it. I haven't turned on CNBC in 3 years, this reminded me why.
Gotta say couldn't hear a lot of what Mike was saying when Santelli was carrying on with his theatrics including the thanksgiving remark and drumstick remark. It did seem a whole lot more applicable to the man that was saying it than whom he was saying it to.
I'll provide an affidavit from an independent point of view. Santelli does not seem to understand MMT and he would not let Mr. Norman talk. Why did he have him on as a guest if he won't let him talk? Why talk over a guest?
I personally think MMT should be discussed.
@Bob Roddis
Exactly. There seems little reason for discord between Austrian philosophers & MMT operationalists. The supposed differences are entirely orthogonal to everyone's expressed goals.
As a metaphor, you can argue endlessly about what guns should & shouldn't be used for, and when.
Yet when it comes to a war, the people who can disassemble/reassemble their weapons in their sleep ... they will be the survivors. When the time comes, know how to optimally use whatever you are going to use. It's that simple.
And all policy is adaptive, evolutionary war by other means.
What'd Gen. Patton say?
..."Never tell people HOW to do things. Tell 'em what needs to be done, and let them amaze you with their ingenuity."
The whole point of policy is to stay the hell out of the real-time dynamics of local tactics - and vice versa.
Any Austrian philosopher criticizing MMT analysis of accounting operations is a Policy wonk dabbling in tactics, and displaying too much hubris to admit the mal-utility of the whole exercise. The philosophy of policy only works if practitioners retain the willingness to learn operational details - which I salute you for Rob.
And, of course, any MMT person rushing into Policy - rather than simply pointing out policy Options - is also misusing their tool.
"And, of course, any MMT person rushing into Policy - rather than simply pointing out policy Options - is also misusing their tool."
Right, that's tactics best left to the operations people. Theoreticians aren't necessarily skilled in ops, but ops people need the policy direction that theory provides.
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