[FEE] Weaning the government and the Fed off spending and printing will be a lengthy and agonizing process. But it needs to happen.
Modern Monetary Theory (MMT) is essentially an offshoot of Keynesianism in that government can spend ad nauseam and commensurately print money without any ill effect.
by David Sukoff
In the late 1960s Milton Friedman clarified his famous quip by stating that “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian.”
Continued on Page 49
#1
My Dad always argued against Keynesian Economics (and the Wharton School's constant push for it).
I never disagreed.
Posted by: Mullah Richard ||
01/06/2023 7:18 Comments ||
Top||
#2
Remove the ability to give money to non-producers, be they individuals or organizations, and the political power associated with gummint redistribution drops to nothing.
Posted by: M. Murcek ||
01/06/2023 8:08 Comments ||
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#3
Like all horrible ideas, this will never die. You will believe the power grid can run on unicorn farts and the money presses magically create wealth with no dire consequences.
While this will never die, you can happily laugh and point at people who sprout this drivel, treating them like the insane wackjobs they are.
[AntiWar.com] In my eclectic reading, I came across a couple of references to ChatGPT, an experiment in artificial intelligence (AI). You ask the AI bot a question, or give it a task, and it spits out an answer, and I must say a pretty good one judging from the task I gave it.
My task to the AI bot: "Write a critical essay on the military-industrial complex." Here’s what it generated:
The military-industrial complex refers to the relationship between a country’s military and the defense industry that supplies it, seen together as a vested interest which influences public policy. This relationship has been a source of concern for many people, who argue that it can lead to an unnecessary expansion of military budgets and an over-reliance on military solutions to problems.
One of the main criticisms of the military-industrial complex is that it can result in the waste of taxpayer money. Military contracts are often given to a select group of companies, which can result in overcharging for goods and services. Additionally, the military often purchases weapons and equipment that are unnecessary or not well-suited for the tasks at hand. This can lead to a tremendous amount of waste and inefficiency, as resources are poured into projects that do not provide much value.
Another concern is that the military-industrial complex can distort foreign policy decision-making. Countries with a strong military-industrial complex may be more likely to engage in military action, even when diplomatic solutions would be more appropriate. This can lead to an escalation of conflicts and an increased risk of war.
The military-industrial complex can also have negative impacts on domestic policy. It can divert resources away from other important priorities, such as education and healthcare. Additionally, the influence of the defense industry on policy decisions can lead to the prioritization of the needs of military contractors over the needs of the general public.
Some have argued that the military-industrial complex represents a threat to democracy, as it can give undue influence to a small group of powerful interests. This can lead to a lack of transparency and accountability in decision-making, as well as a distorted political process.
In conclusion, the military-industrial complex is a complex and multifaceted issue that has the potential to have negative impacts on both domestic and foreign policy. It is important for citizens to be aware of the potential dangers of this relationship and to hold their elected officials accountable for ensuring that military spending is responsible and transparent.
Not bad! Firstly, I’m glad I’m no longer a professor actively teaching and grading papers. Something tells me more than a few students might be reaching for help from the AI bot on their assignments. Often, I was able to catch plagiarism (the giveaway was an essay written too well with too many "big words" used correctly) by searching for certain phrases or sentences that struck me as more than odd or much too advanced, but now with these AI programs I’m guessing it’s going to be a lot harder to ensure students do their own work.
Anyhow, the AI bot essay on the military-industrial complex makes some good points, don’t you think? Though there’s still room for a human here (at least I hope so).
So what does this human intelligence (that’s me) have to say?
#3
You'll be amused (though not surprised) to learn that Scott Horton - the main spokesman for antiwar.com - was branded a "far right extremist" by both the SPLC and on salon.com the week of the last Libertarian national convention in 2022. Because that's what the military indusrial complex calls it's opponents at this point.
[IsraelTimes] A slowdown in oil imports from Iran, a plunging currency and spiraling inflation means many can’t afford to commute to work or buy basic goods — surviving on remittances and aid
Syria’s economy has hit its lowest point since the start of its civil war nearly 12 years ago, with spiraling inflation, a currency plunge and severe fuel shortages in both government-run and rebel-held areas.
Life in Damascus has come to a near standstill. Streets are almost empty of cars, households receive a few hours a day of electricity at best, and the cost of food and other essentials has skyrocketed.
Continued on Page 49
Posted by: trailing wife ||
01/06/2023 00:00 ||
Comments ||
Link ||
[11127 views]
Top|| File under: Govt of Syria
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
