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Kevin Muir (MMT, Inflation, Stock Market Bubble, Japan)
Communist countries had guarantied jobs. Productivity was low.
problem with trump is that he is lowering taxes on rich people only – they still want to use taxes to control people – like a ring thru a bulls nose. this guy though is the only one I have heard yet talking about debt in an MMT world, which we are clearly in – thanks!!!
If we live in a globalist world, guaranteed jobs allow people to specialise and then travel to other parts of the world with that specialism.
Yeah appreciate the diversity of guests and points of view. However also left confused by the debt problem, or lack of it from the guest, as he seemed pretty MMT to me. Am I wrong in thinking that debt eventually catches up with you and eventually there is a point it cannot be serviced anymore? I thought this was the plan of a fed coin to create the velocity of money to provide inflation, have I got it all wrong???
George's face when Kevin suggests there wont be any fed coin or replacement fed dollar. Lol.
There are more guns in the US ever in its history! Chew on that….
George, do you agree with Kevin that commercial banks' lending is not restricted by their reserves at the Fed but by their consideration of the health of their balance sheets and capitals? Thank you.
Wait what did he do with bitcoin? Lost money during the last 5 years?
The confusion of the right policy for the government and central bank is based on the assumption that they have the interests of the people in mind. Once you take the opposite assumption, everything makes perfect sense. Wake up!!
I think that people forget that when a lightbulb implodes, the force creates a resulting explosion. Bottom line is that the shit is coming. Whether it is from the right or left, it’s coming.
Can’t believe this guy is highly rated. Are we all that dumb to not see his errors??
He doesn’t see debt as a problem??!?? He is also ignorant of the fact that capex spending drops are due more to economic outlook rather than interest rates. Given a stable economy, all folks who need to borrow desires lower rates.
Is he an idiot or what? The economy is, was, and will be shit. Where does he live and who is he speaking to in general life?? I’ve seen the economy going down since the GFC.
This whole topic of trying to create “inflation “ is soooo stupid. Inflation is bad, period. There are different types of inflation, some less harmful than others. Half decent inflation is the “result “ of economic overheating. The economy is booming and the competition for resources drives up prices. Money printing induced inflation is like fixing a flashing warning light in the car by bashing the bulb. It’s artificial inflation and not the result of something positive. There is also a third version of price inflation due to the currency falling vs other currencies. The money being worth less is driving higher costs.
The guy has some decent points, BUT I disagree that government can just continue to create money and spend. The main difference between private entities and governments is that the private party has a pretty clear idea where exactly is the limit, whereas government excess is not a clear line UNTIL you cross it. As that line is a combination of “faith” and alternatives, the current deeds of the US is “tolerated “ simply because other choices are not yet ripe in people’s mind. (Other central banks are equally crappy or even worse). This will not end well except for those well connected to the central bank person who will push the detonation button. Or, at one point, all countries will run from the dollar. Whether we have Inflation or deflation of assets is irrelevant, the deflation of living quality is guaranteed.
Y'all two did a great job in making this a must see interview for us financial do it yourselfers, thanks!
I agree with him when he says the USA trade is too crowded!! Im from Colombia and even average people there including family members would take their pesos and go to a currency exchange to get paper dollars to put under the mattress… I believe people even in those scenarios will find an alternative simply given by the markets
No inflation? Just look at house prices, auto prices… the money is going into financial assets. This is one of your worst interviews yet.
I'm so confused
Brilliant, so good to hear a fresh perspective on MMT, inflation and the Federal Reserve.
What is “long 5’s short 30’s” I presume bonds… how do you run that trade?
I am strongly disagree! We, Millenials don't need inflation!
What we needed is, what I wouldn't like to see is asset price deflation(so my generation will be able to afford housing) and no inflation! Of course after this 2 decades long pump its would be tremendously painful. But sooner or late we have to take the medicine and not just then pain killer!
This guest seems to contradict everything this channel is saying. This channel should be called "dr. doom"
The discussion/argument between the possibilities of inflation or deflation rest in the measure of the dollar.
Can we have this conversation when the measure itself, the dollar, is likely to be the ultimate casualty?
The other point I can’t help but think was missed in this discussion is that of the US centric attitude. What makes so many North American commentators fail to understand that the fate of the USD is not necessarily in US’s hands. The US in no longer an exporter, unless you count debt. Therefore, when the rest of the world finally decides that the USD is worthless the game is up. How will MMT work then?
Thanks George and Mike, great theory in practice talk. Enjoyed greatly
His smoke detector battery needs changing.
Ugh…. I think he is looking at this from a too simple view. When you follow this down the rabbit hole imbalances eventually causes huge problems. Fundamentals are large population retiring.. oil difficult and expensive to get and then you have the reality of war caused by squeezed countries
The US Treas Dept and Federal Reserve manipulates up the market and when it's the people's money doing this to greatly help the top one percent, it hurts just about everyone else. Stock market inflation moves to housing inflation and more homeless people result. The standard of living is going down for most people. Large and mid-caps 4X overpriced and small caps 8X overpriced per historical measures for an economy in the toilet. Real GDP growth per capita using a non-contrived inflation rate has not been positive for the past 15 years.
The economy has not been reflated and that would be such a difficult thing to do. What has been reflated and then some is the bloated stock market and it being up HURTS this country, not helps it.
My Kinda realistic Outlook. I feel like we've been already doing this for years in Japan.
Bonds: Just keep in mind, guys, that primary dealers (i.e. large banks which are shareholders of the fed) are massively long bonds. Hedge funds, which have the largest bond short position in history, are going to get slaughtered.
Eectrical vehicles: I am not sure if this guy understands physical laws. Governments all around the world don't understand it either. There is simply not enough energy in the grid to power 100% electric vehicles. There will come the day when people finally realize that fact. Ok, we could build a bunch of fossil fueled power plants and use them to charge our vehicles. I think that is some of the most stupid ideas out there.
No, there won't be enough jobs.
I don't see MMT working in the long run because the entire system is based on the idea that tax receipts can pay for the government largess that's used as the base for the money printing of the central bank. Therefore, as soon as people starting doubting the government's ability to make a return on bonds then the system will begin to collapse. They can stave off the collapse for a time by requiring financial institutions to maintain a certain percentage of their reserves in the bonds but as the assets begin to become increasingly discounted they will add to the overhead of the financial institutions, which means the cost must be passed on to their customers in some form. As this cost becomes ever more burdensome, those customers will refrain from utilizing banking services.
Essentially, MMT is the idea that you can have your cake and eat it too but as we know, there is a limit to all things.
Please get 'Steven Van Metre' on the rebel capitalist show 👍
Hi, Kevin!
You are simply wrong, when you say that taxes in a country will destroy the economy.
First: nobody enjoys paying taxes, but if it does good, most rational people will agree to them.
Just ponder this relationship: the Scandinavian countries, together with its' north European neighbors pay the highest taxes in the world, and also belong to the ten richest countries in the world.
In Denmark, for example, nearly all services are for free, and especially during Covid-19 we see how important this is.
I suspect you belong to a third-world, war-mongering Bantu-state, the USA, where workers are being robbed blind by "private interests".
Suit yourselves!😁