MMT vs. Austrian School Debate
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Channel: ModernMoneyNetwork
Views: 202,489
Rating: 4.8439665 out of 5
Keywords: MMT, Modern Money Theory, Modern Monetary Theory, Austrian, Austrian Economics, Austrian School, Macroeconomics, Debate, Monetary Economics (Literature Subject)
Id: cUTLCDBONok
Channel Id: undefined
Length: 118min 21sec (7101 seconds)
Published: Wed Jun 19 2013
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I think Bob too easily accepted or let Mosler get off with his recurring argument that his theories work given fiat money.
If I was an ordinary dude(ie. not read AE) in the audience it would seem to me that Bob is just not accepting that, he isnt saying excatly why that isnt true.
The reason it isnt true, is that even though fiat money is unlimited, resources, human effort and knowledge is not. But has to be economized or in the case of knowledge, acquired.
1:21:40 - excellent question that Warren didn't answer. His analogy of needing a card to get out of the room doesn't seem to work either in my opinion. He is saying that there are loads of jobs available to work for barter goods, just not enough Federal Reserve notes? Whatο»Ώ is the evidence for that?
He also didn't answer Bob's question about why a CEO cannot print money to pay the pensions. Warren's answer was "it's against the rules", but would it not be good for the economy according to him?
1:07:10 - Mike Norman strikes again! I thought after Peter Schiff schooled him in 2006 he would've retired from economics and looked for another profession: http://www.youtube.com/watch?v=8ObTkJxityo
You can tell that Mosler's somewhat of a bullshitter looking for a cheap stylistic victory.
I don't think Bob was ready for that.
But yeah, he nailed him in the closing remarks.
Huge LOL at the first guy to comment afterward. LOLOL
Market money beats government issued fiat money any time: It happens without coercion.
Murphy got schooled. He reverts to cheap libertarian rhetoric at the end in a desperate attempt to sound profound. What a clown.