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Cryptocurrency: Abject Failure of Keynsian Modern Monetary Theory MMT
by grarpamp 16 Jul '22

16 Jul '22

Modern Monetary Theory Bites The Dust https://economicprism.com/modern-monetary-theory-bites-the-dust/ http://www.shadowstats.com/alternate_data/inflation-charts Fashion changes from one year to the next so fast it’s best to ignore it. Not only will you save money by not chasing the latest shiny object. You’ll also retain more of the most valuable commodity of all. Your time. Non-fungible tokens (NFTs), for example, were the popular new movement just a year or two ago. Digital art, made by hipsters with names like Beeple, was going to make the world a richer, more stylish place. Now only dorks and dweebs collect NFTs…and they do so in secret. Similarly, just a couple of years ago Modern Monetary Theory (MMT) was all the rage. But that was before rampant money printing triggered an official consumer price inflation rate, as measured by the consumer price index (CPI), of 9.1 percent. Hindsight is always 20/20. Yet, sometimes, foresight is 20/20 too. In the case of MMT, practically everyone could see there would be hell to pay…even through broken spectacles. The future consequences were crystal clear. Printing up money and passing it out around town, thus entitling people to claims on goods and services without commensurate production, is fundamentally foolish, reckless, and outright suicidal. Only academics and central bankers were blind to the arrival of today’s inflation. If you recall, as inflation was heating up during the second part of 2021, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen told everyone it was transitory. Then, as inflation continued unabated, Powell finally admitted in December 2021 that inflation was no longer transitory and that the word needed to be retired. Powell and Yellen have their finger prints all over this consumer price inflation mess. Yet they didn’t act alone. Advocates of MMT cheered on their mass money printing with righteous assurances. They said inflation wouldn’t be a problem. But now that consumer price inflation is raging at a 40 year high, where did the promoters of MMT go? Why aren’t they tackling inflation with the same enthusiasm? Tard-buckets-Opotamus Fanciful schemes offering the more abundant life always yield the unsuspecting and outright gullible to the assurances of dreamers, schemers, theorists, reformers, and scoundrels of all stripes. Promises of something for nothing are too intoxicating to pass up. For several years Alexandria Ocasio-Cortez, Bernie Sanders, and other American socialists, served up fresh pitchers of grape Flavor-Aid laced with MMT as a solution to all the downtrodden’s problems. To join the cult all you had to do was drink from their cup. MMT, as you may have heard, offers booms without busts, and money without limits. The nuts and bolts of the theory state that a government that creates its own money, like the USA, cannot default on its dollar based debts. Therefore, the USA can print all the money it needs to amplify the economy – debts and deficits be damned. Should such overt dollar debasement lead to price inflation, MMT has just the solution. Raise taxes and issue bonds to remove the excess money from circulation. Taxes, you see, are not for funding government spending. Rather, they’re for throttling back the money supply to attain the magical balance of growth and inflation. With MMT, big government statists can hatch boondoggles first, and leave taxation for later. The whole theory, or lack thereof, is abundantly retarded. Yet in early 2020, something abundantly retarded was precisely what was needed. When quantitative tightening (QT) was abruptly terminated and reversed in September 2019, the Fed’s balance sheet was $3.7 trillion. Soon after, in the face of the fabricated coronavirus hysteria, the Fed jacked up its balance sheet by $5.2 trillion to a high of $8.9 trillion. A good part of this took place between March and June 2020. What happened next… Cult of MMT At first, the consequences were nonexistent. In February 2021, after nearly a year of monster money printing, the CPI showed an annual rate of inflation of just 1.7 percent. MMT supporters were riding high. By that point, the U.S. government, and by extension the American people, were fully committed to a program of currency debasement to finance government mandated lockdowns. Washington was also attempting to inflate away its debt burden. The authorities prefer an implicit default via inflation as opposed to missing bond payments to creditors. Intelligent minds, from John Law to Charles Ponzi to Bernie Madoff, from John Maynard Keynes to Milton Friedman to Ben S. Bernanke, from Benjamin Strong to Alan Greenspan to Jerome Powell, and everyone in between, have promised something for nothing. They’ve put their intelligent minds to the task… Countercyclical stimulus spending. Interest rate suppression. Quantitative easing. Elastic currencies. Money shuffling. Inflation targeting. Smoke and mirrors. …all so governments, and individuals, can spend well above what they can afford, and then welsh on the debt without consequences. During the rampant money printing of 2020 and 2021 Stephanie Kelton emerged as the MMT messiah. In June 2020, her book, “The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy,” was published. It quickly became a New York Times Bestseller. And it also received rave reviews from unlikely places. Upon reading the book, gangsta rap pioneer, Ice Cube, for example, tweeted on September 3, 2020, the following means of salvation: “America loves to cry broke. But in America money does grow on trees.” “America is a currency creator so there’s no reason for people to live like this. Government and the banks have made a deal to keep the people in debt. They always say if you print money it will cause inflation. They just printed 3 trillion. Little or no inflation.” Does a 9.1 percent CPI reading, with an unofficial reading of nearly 18 percent, constitute little or no inflation? Modern Monetary Theory Bites the Dust Currently, the Fed’s balance sheet is roughly $8.9 trillion. And consumer price inflation is raging at a 40 year high. What’s more, the Fed is hiking rates with the purpose of containing inflation. But the only way for the Fed to contain inflation is to trigger a massive, 1930s-style depression. Yet MMT proponents have gone silent. Why aren’t they using MMT to attack inflation? The cult of MMT, like most cults, has proven to be lacking for the general populace. Instead of bringing wealth and abundance to the American worker it has brought wealth and abundance to the elites and central planners who first receive and direct the flow of the newly minted fake money. Moreover, like most cults, when MMT’s leaders are needed most, they conveniently disappear. Is Kelton not a true believer in MMT, after all? Because if Kelton was a true believer, wouldn’t she be advocating for higher taxes right now? That’s how MMT is supposed to work, right? When inflation heats up, taxes are supposed to be raised to remove excess money from circulation? Isn’t that the MMT solution to inflation? Kelton, however, is not banging the drum for higher taxes. Perhaps, this is because higher taxes are perennially unpopular. Similarly, promoting money printing is much more hip and cool than promoting higher taxes. So what’s Kelton up to these days? Her most recent tweets include pictures of her dog with a paper towel roll in its mouth and dirty mother clucker sandwiches where a glazed donut is used for the bun. There’s also a recent tweet documenting her first time having a smoked old fashioned – which she highly recommends, sans the simple. Did MMT just bite the dust? For now, it appears to have. We suspect it will be gone until a massive depression wipes away inflation. Then it will be resurrected to great folly so the money printers can really get to work.

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Cryptocurrency: Keynesian Charlatans, Govt Shills, SocComs... Go Home
by grarpamp 16 Jul '22

16 Jul '22

Stagflation Keeps Making A Fool Out Of Paul Krugman How many times can an Ivy League economist be wrong before they have to turn in their diploma and their Nobel Prize and move on to a job better suited for them, such as food service management? Apparently in the world of establishment economics the best path to success is to fail upwards; Paul Krugman is the proof. Outside of financial circles the majority of people don't know or care who Krugman is, but it's a mistake to dismiss his influence within the mainstream media and politics. You will hear many of his arguments repeated by human parrots when you least expect it. His faulty narratives and illogical conclusions tend to spread into regular dinner table conversation in the weirdest ways. His best known terrible prediction is perhaps his internet prophecy. In 1998 he predicted that the growth of the web would 'slow drastically' and would have little overall meaning for the global economy, comparing the internet to the fax machine in terms of relevance. This might seem like a harmless fail today, but the problem is not the prediction, it's the fact that Krugman consistently proves that he is arrogant enough to venture wild analysis on subjects he has zero understanding of. This is a characteristic that has followed him around for most of his career. Another habit of Paul Krugman is his propensity to flip-flop on every economic issue so that when the consequences of events become readily clear he then searches through his backlog of hundreds of contradictory editorials and contradictory comments to find the one prediction that fits the bill; he then proclaims himself the great prognosticator of crisis or recovery depending on whatever happens first. His very limited mentions of the possibility of a “housing bubble” in articles published in 2006/2007 conflicted greatly with his unicorn optimism on stocks going to the moon. When the housing bubble imploded, he declared that he predicted the whole thing. In truth, his analysis was a joke while others like Ron Paul and Peter Schiff had outlined in great detail exactly what would happen to the housing market years in advance. All Krugman did was vaguely predict a “slowdown” at some point; he never predicted the epic worldwide credit disaster that actually occurred. Krugman went on to champion an endless array of bailouts, stimulus packages, QE and near zero interest rates in response to the credit crisis. Keynesians only have one answer to every economic problem, which is government spending and central bank fiat printing ad nauseum. Krugman even suggested that the initial bailouts of 2008/2009 were “too small” and argued in favor of trillions more. He was not aware at the time, but a GOA audit of the early bailouts, pursued only because of the relentless efforts of Ron Paul, would reveal that the Federal Reserve had actually created over $16 trillion from thin air. It is actually the Keynesian arrogance (or perhaps malice?) of central bankers and economists like Krugman that led directly to the stagflationary crisis we are witnessing right now. While supply chain issues certainly abound, the US was suffering from rising prices well before the covid pandemic or the war in Ukraine and resulting sanctions on Russia. In fact, these events act more like a fog or cover for the REAL cause of inflation, which is a decade of fiat printing by central banks in classic Keynesian fashion. The $6 trillion-plus in covid stimulus in 2020 was nothing more than the straw that broke the camel's back. Krugman is partly culpable. This might be the reason why he refused to acknowledge the stagflation threat for years despite mounting evidence, calling price inflation “transitory” until the end of 2021. Then he flip-flopped as usual and noted the “possibility” that prices might stay high and that he might be wrong. This was only after ridiculing many analysts in the alternative economic sphere for sticking by their inflation predictions. Inflation/stagflation often takes time to circulate through an economy and register in a way that noticeably affects the public. In the 1970s, the process took around 10 years to culminate. It grew exponentially until the early 1980s when Paul Volcker finally hiked interest rates to around 20%, crushing many businesses in the process. Because America has enjoyed the rise of the dollar as the world reserve currency since that time, trillions in fiat stimulus was not an immediate threat because those dollars were sure to circulate into the coffers of numerous foreign banks and stay overseas. Now, the dollar's reserve status is in decline, more and more greenbacks are staying within circulation in the US, there are more and more dollar's chasing less and less goods and the party is finally over. A week ago Krugman once again put his foot in his mouth. After admitting that he was wrong on stagflation, he flip-flopped, stating that the 'stagflation narrative is collapsing' and dismissed concerns about higher prices. And, as always he attacked other economists, saying they were just 'propping up' a threat that's in reversal. Krugman's claim was that the Fed's 75 bps rate hike along with falling stocks was an indicator that inflation was over. He refused to even entertain the idea of stagflation, which is a combination of rising prices and declines in other sectors of the economy including GDP and employment. Krugman's flip-flop was built on a naive understanding of inflation/stagflation and what it entails. For him, plunging stocks mean deflation, and being a Keynesian, deflation cannot be tolerated. Then, the CPI print came in on Wednesday and made Krugman look rather foolish, with official inflation numbers hitting 9.1% and new 40 year highs, well above market expectations (and Krugman's expectations). Krugman refused to admit defeat, saying that 9.1% inflation was not much to be worried about. His argument? That the CPI print is “outdated” because of recent declines in stocks and gasoline. This is the same idiotic narrative regurgitated by Joe Biden and the White House recently. If CPI had come in lower than last month, would Krugman and Biden be shaking their heads and telling the public that the numbers are “outdated” and not a reflection of the real situation? No. They would be crowing on the mountain tops and demanding praise. They would be ignoring the fleeting circumstances of stocks or gas prices instead of hyperfocusing on them. But what is reality? CPI is actually a rigged statistic designed to downplay real inflation rates. If we were to calculate inflation according to the methods used by the government in the 1970s and 1980s the actual inflation rate would be closer to 17%. But even if we ignore true inflation, a CPI print of 9.1% is not to be taken lightly. Stagflation is a fact according to the spread between rising prices and falling GDP as well as frozen wages. The only technical factor that is missing is growing unemployment, but that is a situation developing now as job growth slows and more companies announce impending layoffs. Stock markets have little to no bearing on stagflation status (sorry Paul). Stocks are a TRAILING indicator of economic instabilities that have long been in play, not a leading indicator of what is about to happen in the future. As for gasoline prices falling, they have barely dipped. And, this minor dip was probably helped along by Biden once again dumping millions of barrels of oil onto the market from the US strategic reserves. This is not enough to dismiss stagflation, not by any means. For Krugman, the bigger picture doesn't exist. He is only interested in the data of the moment and being right no matter what. If even one indicator supports his biased position, he will focus on it and ignore hundreds of other indicators that contradict his position. When his position becomes obviously untenable he shifts stance and acts as if he saw the danger coming all along. Again, how many times can an economist be wrong or flip-flop on his claims before he is no longer relevant? It would seem that Krugman's novelty has worn off and now it's time for him to hang up his hat.

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Man Wrongfully Convicted of Killing Malcom X Sues New York City for $40 Million
by Gunnar Larson 16 Jul '22

16 Jul '22

https://www-blackenterprise-com.cdn.ampproject.org/c/s/www.blackenterprise.…

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Cryptocurrency: Whether CBDC DigiGovFiat CorpCoin, Same Answer, REFUSE THEM
by grarpamp 15 Jul '22

15 Jul '22

Central Bank Digital Currencies Are Coming – What Will The Consequences Be? https://alt-market.us/central-bank-digital-currencies-are-coming-what-will-… https://www.forbes.com/sites/traceygreenstein/2011/09/20/the-feds-16-trilli… https://www.bis.org/publ/bppdf/bispap125.htm https://www.imf.org/en/Publications/fandd/issues/2019/12/future-of-the-IMF-… https://www.bis.org/about/bisih/topics/cbdc.htm https://alt-market.us/the-feds-catch-22-taper-is-a-weapon-not-a-policy-erro… https://www.businessinsider.com/china-social-credit-system-punishments-and-… Currencies are the lifeblood of trade and the economy; if a currency fails, the entire economy fails. Yet, most people rarely think about the health or buying power of the money in their pocket. People don’t research how often currencies actually falter and how common it is for inflation or stagflation to strike nations. They just assume that the money they have will be as useful tomorrow as it is today. They also assume that money will never change in a dramatic way. This lack of interest in how money works is likely due to the fact that people are not taught how their money is created. It’s not discussed in schools, the truth is avoided in colleges and the mainstream news rarely mentions it. People think our government and treasury handles all of that, but the reality is that our government does NOT create our money; at least, it’s not in charge of the process. Central bankers are, and they operate from a “quasi-independent” position. Former Federal Reserve chairman Alan Greenspan once openly admitted that the central bank “answers to no one” and does not follow orders from the government. They do what they want when they want. This attitude should concern you because it is a long held argument among critics of the Fed that they are an unelected body with ultimate power to destroy the economy and the dollar at will if they want to. Sure, the US President gets to “choose” the next successive chairman, from a list of candidates that is given to him by the Fed, of course. And Congress could conceivably call for a full audit of the Fed’s financial actions and policies, but they never do because it would never be allowed by the banks or their political partners. The central bank is the most powerful institution in our nation by far. They are completely unaccountable and uncontrollable. There is only ever the question of public reaction; this is the one thing the bankers fear. They are afraid that the public will learn who they are and what the central bank does. They are afraid that their actions and policies will anger the public enough to inspire rebellion. They are afraid that the torches and pitchforks will one day come out. So, they divert blame as much as possible for the damage that they cause. Apologists for the Fed claim that the central bank only creates money from thin air when the government asks them to, and so it’s the politicians that are to blame. This is a lie. The politicians go begging to the Fed for more money, and the Fed usually obliges while also creating tens of trillions of dollars on the side for their friends in the corporate world. For example, only ONE TIME in recent history has a Fed policy action been investigated by the Government Accounting Office. This audit was of a single set of bailouts enacted by the bank, and it was only allowed because the public was starting to get wise to the bank’s activities (thanks to Ron Paul’s presidential campaign). The audit was designed to shut people up. But, what was found was startling, and so the media swept the info under the rug. Over $16 trillion in fiat money had been conjured by the Fed in the span of a few years, while the original claim was that mere billions had been created for the bailouts starting in 2008. Keep in mind that this audit was limited only to a particular set of bailouts; it was not a full audit of the Fed’s entire operation. We truly have no idea how many dollars the central bank has created out of thin air since the credit crash began. We can only reference the Fed’s own data, which is probably not very honest. The only thing that limits central banks from total monetary dominion is the fact that physical dollar holdings and even digital bank transfers can be accounted for. Once those dollars are out in the ether there’s not much the central banks can do to hide them and eventually, inflation will reveal the truth. The bankers need a new system which allows them total control of every single penny from creation to circulation. They want the ability to make money appear or disappear in real time. More than that, they want the ability to track every single dollar, including who has them and what they are using them for. They want to be able to micromanage trade, and thus achieve a financial totalitarian empire. Enter Central Bank Digital Currencies (CBDCs) based on blockchain technology… Ever wonder why the mainstream media has been hyping up cryptocurrencies like Bitcoin for the past few years? Ever wonder why major banks like Goldman Sachs and JP Morgan have been pumping billions of dollars into crypto infrastructure and research in private while at the same time bashing crypto in the news? Ever wonder why central banks have been dismissing crypto as dangerous while at the same time developing their own cryptocurrencies? It is because they are easing the masses into the notion of a fully digital trade system in which physical money no longer exists. Central banks might act like they are suspicious of crypto – but in reality they LOVE it. The Bank for International Settlements (BIS), also known as the “central bank of central banks,” recently released a survey which states that at least 81 central banks around the world have been accelerating plans to release their own cryptocurrencies. Many excuses are given, including the covid pandemic, but they were actually working on these digital products well before the pandemic began. The International Monetary Fund (IMF) has been talking about developing a global cryptocurrency system tied to their Special Drawing Rights basket for years. Numerous globalist institutions have been pursuing the technology and it’s nothing new. What IS new, though, is banks openly admitting to the plan. The BIS, one of the most clandestine globalist organizations that still has a public face, has even admitted that it is developing CBDC tech. And what this tells me is that we are very close to a sea-change in our economic environment. Generally, criminals will not reveal their criminality unless they think it’s too late for anyone to do anything about it. With stagflation hitting our economy hard this year we have to question if the behavior of the banks suggests much worse conditions to come? The public would never readily accept CBDCs as money unless their existing money lost most of its buying power and the current system was in the gutter. This is how new levels of empire are born; a major crisis allows for the elites to consolidate control while the people are distracted by their own private disasters. The big picture is changed while each person is terrified by their own small picture calamity. In the US, markets and mainstream economists are just praying that the Fed capitulates on interest rate hikes, because they think this would save stocks from collapse. However, even if the Fed did this there would still be the problem if inflation/stagflation. If they don’t back off of rate hikes (I predict they will not capitulate or reverse course anytime soon) then there will be recession on top of price inflation. There’s no way that the current speed of rate hikes is going to slow down inflation from tens of trillions of fiat dollars flowing through the global economy. As I’ve warned for a long time now, the Fed has created a Catch-22 scenario in which the economy crashes no matter which policy decision they make. But what if this was all by design? With the introduction of CBDCs in the wake of a stagflationary crash, the central banks could call for a new global network of currencies to “stop such a crisis from ever happening again.” The BIS and the IMF will be ready and waiting with the SDR basket, or something very similar. The bankers will remove all physical money over a short period of time and a global digital system will take over. All privacy in trade will be gone, except for those people involved in barter, black markets and commodities. The advent of CBDCs could also mean that money and economic participation will become privileges, not rights. Digital trade could be tied to a social credit system, much like the one that exists in communist China. Want access to your checking and savings accounts? Better not say anything critical of the establishment, or you could be reported by a neighbor or stranger by cell phone app and have your money disappear in seconds. The onus will then be on you to prove that you are “loyal” and get access back. You are guilty until proven innocent. Maybe you don’t want to take the next untested mRNA vaccine for the next dubious pandemic threat? You’ll have little choice if your ability to function economically is controlled digitally. This is the world we are facing if we allow central banks to fully digitize money and trade. It is a nightmare environment of complete authoritarianism. The public at large is mostly unaware of the incredible danger inherent in CBDCs and they must be educated before the current crisis grows so large that they can no longer focus on anything other than their own problems.

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Cryptocurrency: Dip Is Over, Next Phase Is War Crypto Must Win, Molyneux
by grarpamp 15 Jul '22

15 Jul '22

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Antiwar Dotcom have fine NAP principles
by professor rat 15 Jul '22

15 Jul '22

And if you don't like them they have others. You complain that support for the Ukrainian people would strengthen the Ukrainian state. Perhaps it would; unfortunately many Ukrainian workers, farmers, and poor are still not yet won over to anarchism and will fight the Russians under the umbrella of the state. By all means, the Ukrainian anarchists should work to change their minds. Meanwhile are anarchists to ignore the reality of the Russian invasion and the desire of the Ukrainians to resist it? If they are not good enough to be anarchists, to hell with them, let the Russians have them? In fact, all reports say that almost all Ukrainian anarchists have looked for ways to participate in the fight for national independence, and good for them. Responsibility is clear for the vast majority of unwanted conditions in Ukraine this year. It belongs to KGB Vladimir Pooter - the primary aggressor and Dead Man Walking https://stiffs.com/celebrity/vladimirputin

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Software, networks, decentralization, anonymity, hacking, technological production & anarchism
by professor rat 15 Jul '22

15 Jul '22

From ewaste distro This project explores the connections between software, networks, decentralization, anonymity, hacking, technological production, and anarchism. https://anarchistnews.org/content/hello-world REPOSTS are not Endorsements!

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Buttface Buterin's retardation problem
by professor rat 15 Jul '22

15 Jul '22

Buttface’s bouncing baby https://twitter.com/MeherRoy/status/1547241674627325952 Explains why he’s living in the past

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Think Different: Think Proof Of Trademark Use! - Trademark - European Union
by professor rat 15 Jul '22

15 Jul '22

Swatch filed three applications for revocation, with Swatch exploiting its own “Tick Different” advertising campaign Past notoriety cannot come to the rescue of a trademark that is no longer used. It is up to each trademark owner to not only exploit their trademark, but also to ensure use over time, in a regular and adequate manner if they are to safeguard their rights from revocation actions. Not only that, but they must be able to supply acceptable proof of this use when such actions arise. . . . " https://novagraaf.com/en/insights/think-different-think-proof-trademark-use… This sort of ruling could become informally relevant to ' Crypto Anarchy ' in general and ' Cypherpunks " in particular. USE IT or LOSE IT.

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The Bongbong report
by professor rat 15 Jul '22

15 Jul '22

What this means for anarchists and abolitionists in the so-called Philippines https://anarchistnews.org/content/deserting-image-factory Reposts etc

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