We have been able to find the details of Romney’s $5 Trillion tax plan. The details are available by clicking here.
That was deceptive. I’m done with this blog.
Brilliant. Just as slippery as his logic of how to cut rates by 20%, eliminate estate taxes, reduce corporate taxes, and balance the budget through mythological tax cuts. Of course, the most interesting thing about the Romney paradox is that by MMT, the cure to the entire problem is simple. The deficit doesn’t matter, and the FED can, on a wonderful whim, restore the American economy to a functional status. So, the Romney plan, although a non-starter for sure, is simply a loud election noise, much ado about nothing.
MMT rots ! When I read the part about “all money begins as debt”, I was all done with them. Money should start as assets or labor period. Now, just who gets to print/own/lend/spend/hoarde money or put it into circulation is the real problem….the government is the only one who should be able to do that…with STRICT controls to prevent overprinting/inflation by the states with their powers of nullification, etal. methods to keep the fed’s on their toes and only printing or taxing as part of the plan to balance the budget. A fiat GNP USD is what I favor, so that the better the country does…the more the money is worth and the more of it is in circulation !
Your comment: “MMT rots ! When I read the part about “all money begins as debt”, I was all done with them. Money should start as assets or labor period.”,
well deserves a challenge. Perhaps you have a different opinion of “What Is Money?”
However you do have some great points about -what you get for the SOMETHING before you can get ANYTHING.
I believe MMT has got a lot right. But I love the way Frederick Soddy expressed , what is money.
“Money now is the NOTHING you get for the SOMETHING before you can get ANYTHING.”
And by the way, “money is the distribution system of all the goods and services of the community (nation)”.
Why not reply after reading “The Role Of Money” written in 1926,1933 by Soddy is fascinating.
Funny, funny, funny. 😀
I can not believe that this post would be shouldbe allowed on this site.
Why would it allow the posting of such a “dirty trick”.
Isn’t this a site, “This website offers policy advice and economic analysis from a group of professional economists, legal scholars, and financial market practitioners . We started this blog in order to weigh in on the serious challenges facing the global economy following the financial meltdown in 2007. We aim to provide an accurate description of the cause(s) of the current meltdown as well as some fresh ideas about how policymakers — here and abroad — should address to the continued weakness in their economies. Our approach, which has been dubbed “Modern Money Theory” or “The Kansas City Approach,” builds on the work of Abba P. Lerner, John Maynard Keynes, Hyman P. Minsky, Wynne Godley and other important figures of the past. Above all, we are careful to provide analyses and policy recommendations that are applicable under a modern, fiat money system.”
What if instead there was a post that addressed the possibility of both Obama and Romney having a solution to the way and means of , (as stated on ” 60 minutes” (12/11/11)”
President Obama said,”You can’t raise revenues by lowering taxes unless you get the money from somewhere else.” ?
And as Gov. Romney stated many times,” Lower taxes and not increase deficit spending”
KEYNES AND MINSKY AGREE:
Separate private for- profit banking from a government that has the interest of the general welfare of its people.
Challenge, improve, clarify, correct, :
“We can lower federal income taxes to zero for everyone, while we increase revenue by using that “somewhere else”, that is charging interest on the issuance of “our unlimited currency”.
May God continue to bless America and allow “social media” to help us correct where we went wrong.
Why isn’t “paying interest instead of income taxes” a principle of “Theories of Money and Banking” ,
“Modern Money Theory”.
Not only Keynes and Minsky, but how about William Black’ s thoughts about banks and financial institutions, put togetther with Michael Hudson’s thoughts about compound interest.
Why would this site then not post “that which could benefit all mankind”. Why just walk away from possible properity for all and our children?
OMG What if, “The Wealth of a Nation is in How It Redistributes its Wealth.”
by justaluckyfool can be corrected and found to be beneficial?
re:”I can not believe that this post would be shouldbe allowed on this site.”
I think this site has been very clear that neither Romney nor Obama understand macroeconomics.
As to why it should be allowed here? Almost everyone thinks they are a good driver and have a sense of humor. Most have one or both wrong.
To see a link to a DNC ad posted here is beyond disappointing.
Yes, it is clever, and I saw it well before coming across the link here, BUT WHY IS IT POSTED HERE?
Holy smokes, that was funny. I had to cover my mouth at work.
Click images to view details
Subscribe in a reader