Talk About Tennis 2.0

Mean ol Joe Biden! The other guy used to just give us money we could use any way we wanted and now we have to account for it?! How dare he!

ti-amie wrote: ↑Wed Mar 17, 2021 6:27 pm Mean ol Joe Biden! The other guy used to just give us money we could use any way we wanted and now we have to account for it?! How dare he!

Don't forget the unaccounted paper towel during hurricane season!!

So they have votes to kill filibuster now?

Suliso wrote: ↑Mon Mar 22, 2021 6:14 pm So they have votes to kill filibuster now?

That's the question. IF they do they're holding their cards close to their vest.

If state never had to "pay for anything" then why not just print 20k for every American? Unfortunately there are actually complications with that... Even US dollar can't be stretched to eternity.

Suliso wrote: ↑Mon Mar 22, 2021 6:19 pm If state never had to "pay for anything" then why not just print 20k for every American? Unfortunately there are actually complications with that... Even US dollar can't be stretched to eternity.

Slate Money did an interesting podcast last year I think on MMT (Modern Monetary Theory) that says just that. It's a fascinating listen.

https://slate.com/podcasts/slate-money/ ... ary-theory

It doesn't make any sense. Taking this to an extreme - why do we need to pay any taxes at all? The state could just produce new money to pay our pensions, welfare, infrastructure etc. I'm no economist, but even I can tell where that would end - Venezuela style inflation...

Suliso wrote: ↑Mon Mar 22, 2021 6:49 pm It doesn't make any sense. Taking this to an extreme - why do we need to pay any taxes at all? The state could just produce new money to pay our pensions, welfare, infrastructure etc. I'm no economist, but even I can tell where that would end - Venezuela style inflation...

The sole difference is the currency. Let's remember the Greek crisis, triggered solely because the Greek debt reached a 1:1 ration with its GDP.
The American debt right now far surpasses that ratio; China's too. So it is completely as you say. The sole reason why the USA and China are not in declared bankruptcy, and their bonds and financial instruments are "worth" something is because of politics.
Your Venezuela example is spot on. But a lesser known one: Colombia. The GOV here gave a small COP300,000 assistance to people at the start of the pandemic, and the peso immediately went from 3,400/$ to around 3,900/$. Real economics, when you are dealing with us "other" countries.

Yes, it's more extreme with weaker currencies. However, even dollar, euro or yuan is not infinitely elastic. In the case of a dollar you won't get it to collapse against other currencies easily, but you will get significantly larger inflation. It did happen in 70-ties so there is already proof it can happen.

GOP wants Biden to reverse that Keystone Pipeline decision and handle the immigration crisis because Mr Rioter had that under control.