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Alejandro RS

I have been waiting for this since 2012. Many things have changed since then. Awareness is one of them. Many thanks to you all from The Futurist, especially to Mr. Imran Khan, for his words, which gave us wisdom amid certainly dark years.

Thank you.

Palmasailor

Yes I am here / I have been waiting for this.

Happy new year

YangYouToo

I am really excited and grateful to be part of this community. May we all prosper and grow in the new year.

Optimistbot

Hi Guys,

This has nothing to do with this post but I hope it finds someone well.

So Some Dude on Twitter told me to read this white paper about technological deflation. I read it and I felt much of the analysis of monetary operations and QE was questionable and incorrect. In addition, I found a lot of vaguely fascist rhetoric - talk of "autolysis" of "dysfunctional groups" in society.

In any case. You all need to learn about MMT.

<http://bilbo.economicoutlook.net/blog/?p=31626>
<http://bilbo.economicoutlook.net/blog/?p=661>
<http://bilbo.economicoutlook.net/blog/?p=37422>

I don't doubt the significance of technological change. But I do doubt the prescriptions and the predictions of ruin if we don't enact the policy prescriptions presented in the kartik garda white paper.

It's important not to fall into the trap of "loanable funds" and it's also important to question the blindly ideological free market rhetoric and *economic darwinism* of Frederick Hayek. QE is *not* at all similar to UBI in its macroeconomic implications.

It's also very clear to me that slowed inflation could be caused by a number of factors. Most notably the legislated slowed growth of safety net programs, namely medicaid and medicare. (It's no wonder that doctors don't like medicare and medicaid and loathe the thought of medicare for all! The payouts are not great for bad reason!)

<https://www.frbsf.org/economic-research/publications/economic-letter/2017/november/contribution-to-low-pce-inflation-from-healthcare/>

The current ways in which deficit spending has been done over the past 20 years hasn't been efficient at creating core inflation and has functioned merely to widen inequality.

Also troubling is the disdain for income taxation. It does function as a superior negative feedback automatic stabilizer that doesn't get in the way of economic recovery for various regions compared to consumption taxes.

When you assume that Core inflation has come and always came from central bank interest rate targets and not from fiscal policy - non-discretionary transfer growth rates and otherwise - the apparent lack of efficacy of central bank interest rate targeting around the world could lead everyone to believe that there is something deeply amiss in regard to the economic progression of society. "The central bank isn't working! Therefore we must be rapidly approaching post-scarcity" The central bank never was driving the train in the inflation direction, only in the deflation direction. Interest rate hikes in general are a destructive and chaotic measure - like a meteor that causes mass extinction of organisms not fit for survival. The free market ideologue would assume that this destruction is for the best, the raising stakes on survival trim the fat and push us into a future in which only robust enterprise exists - but this is not so. The elimination of some of these firms is undesirable for many communities and has led us to a situation of city slums, towns and cities incapable of recovery and dependent on corporations like Wall-Mart that siphon local money velocity (and thus local wealth), communities deprived of basic services and amenities due to local governments rendered impotent by tax incentives to corporations for job creation i.e. "races to the bottom", and with it the rise of mass incarceration as well as white nationalism in deprived rural areas.

I hope that makes sense.

Palamas

The bot above may have some interesting ideas there, but the last several sentences read like a political (rag) manifesto.

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