@malcolm_reavell @cafreiman It's a fair point. If we had a fairer system it would be a lot harder to become a billionaire.
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Squirrel Patrick
14.5K posts
Squirrel Patrick
@PatrickSquirrel
Data Scientist / Macroeconomics Fiat is a claim for value against society https://t.co/B5gvpotbHz
Katılım Mart 2022
1K Takip Edilen527 Takipçiler
@PatrickSquirrel @cafreiman 74% of billionaire wealth is from rent-extraction, inheritance, & finance markets, rather than work—production of goods & services. Extreme wealth is not derived from traditional economic means, or “the market”.
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Actually, both billionaires and immigrants are good for economy. Anti-billionaire and anti-immigration beliefs tend to result from the mistaken view that there’s a fixed sum of wealth.
Pramila Jayapal@PramilaJayapal
They said immigrants were taking jobs. They said immigrants were causing crime. They said immigrants were the problem. They were lying. Billionaires rigged the economy. Immigrants built it.
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@malcolm_reavell @cafreiman Does that not depend on how they are earning their money? I'd believe many of the billionaires actually provide much more in economic value. Doesn't mean that the system could not be fairer, but people play it as it stands.
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@cafreiman Billionaires cause poverty, they don’t fix it. The money supply is infinite but so is the possibility of obscene wealth in a system that permits billionaires. They aren’t a benefit, they’re a cancerous symptom of exclusion and extraction, of appropriation and exploitation.
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@clintballinger @wgoggin Respectfully it would take me far longer than 10 minutes to digest this article, and I consider my understanding on the subject to be pretty decent already. That claim doesn't help
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@wgoggin And all they have to do is work through this and they would understand.
10 minutes of focus.
But they all refuse. For 30 years.
heteconomist.com/exercising-cur…
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Bottom line:
The system appears to make it “illegal” for government to spend beyond tax revenue by creating new money.
Well, it fucking DOES.
THAT’S what MMT is saying.
Clint Ballinger@clintballinger
Still doesn’t get that the underlying accounting shows the outcome is the same with those laws of without. That is the actual interesting point of MMT that seems like most can’t get their head around
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@georgesiew1984 @ProfSteveKeen That is a local credit relationship and is arguably money, but the issue is that person 3 is going, I don't have confidence in this token. Why should he accept it?
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@ProfSteveKeen Forget private banks. It just takes 2 willing participants to mint new money. One to create a token and another to offer real money for said token. Even if hence forth only those 2 trade that token back and forth. It looks just like real money to the whole system.
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90% of money created since 2000 was created by private banks. Not the government.
And between 1980 and 2000, the government was actually destroying money while monetarists were blaming it for inflation.
In my latest video, I show exactly how private debt acceleration drives asset price booms, how financial equity works like a seesaw that always tilts against the non-bank sector, and why the obsession with cutting government deficits is making all of this worse.
You'll find more details in the comment section.
#PrivateDebt #FinancialInstability #EconomicReality #PostKeynesian #SteveKeen
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@ProfSteveKeen But we can eliminate bonds and simply ensure similar fiat is introduced into the economy to avoid this problem. Could even be a UBI.
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@MarioNawfal They know
They are better tuned than we are
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When a cat vanished during its vaccinations at the vets, it took them a while to find it
Something tells me it's not coming down without a fight
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@malcolm_reavell Put another way: bonds are not required in a modern fiat economy. To hijack an MMT phrase - they are a policy choice, not an economic necessity.
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Fiscal rules are the reason there is poverty and homelessness. The pursuit of a balanced budget is known to cause recession and depression.
It is the economic equivalent of medieval bloodcletting
BBC Radio 4 Today@BBCr4today
"I think you'll find our fiscal rules are having a positive impact on the fundamentals of our economy right now." Business and Trade Secretary Peter Kyle defends government borrowing, which increased by more than expected last month, blaming Liz Truss' mini budget.
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@malcolm_reavell It is quite possible. The CB can create fiat as it wishes. It may simply credit the account. This is how bond interest is paid. Instead of introducing it into the economy through bond interest, why not bypass the bonds entirely?
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@paulb3rd @Guyverjay12 yeah I'm struggling with this explanation. Surely he just lost the muscle he'd gained - inefficiently compared to the fat gain.
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@Guyverjay12 Increased leverage from all the fat and water weight.
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So, he does a two-year dirty bulk. Puts on fifty pounds of body weight. Sets all sort of new lift PRs.
Then he decides to diet down and the net result is ZERO new muscle.
I can’t tell you how many times I’ve seen this play out.
Getting fat doesn’t usually equal significant new muscle.
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@Evanschizzy9708 @adrenaIinIendnz "World's Strongest Man" tournament winner, 2018
might have something to do with it
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@adrenaIinIendnz World strongest man really?? Who even gave him that title??? Is strength all about having muscle and being tall?? Please call him the strongest man in his country not world strongest man please
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Boksör, dünyanın en güçlü adamından tek yumruk yediği an.
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@malcolm_reavell Has it occurred to people to pay off the debt but make sure that you do not crash the money supply in doing so?
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Many economists have pointed to the consequences of fiscal rules intended to achieve a balanced budget.
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@bearsingh88 @kingkapoor72 I'm sorry but no. We cannot have citizens openly walking the streets with daggers whatever their faith.
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It's not surprising you would call for a ban on the kirpan being that you're not actually a Sikh. You are a brand and your entire image is built on making a mockery of Sikhs.
The kirpan is inseparable from the Sikh faith and you know it. You're taking advantage of a tragedy in order to cause further harm to the Sikh community. This is intentional.
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Vickrum Digwa admitted that when speaking to police on the night of the incident, “I did not mention the full truth and that I had stabbed him.”
The prosecution said to Digwa: “Whilst he’s saying he can't breathe, you’re explaining that you have a swollen eye.”
The jury heard Nowak’s final words before going silent: “Please brother, I can’t breathe.”
Henry Nowak died at the scene.
The prosecution also read evidence from a conversation Digwa had with his brother while in custody, where his brother asked him, “Why did you use the kirpan?” and he replied, “I am a fool, I am an idiot.”
Fake Sikh Digwa denies all charges.
Justice for Henry Nowak
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@ric94401913 @RupertLowe10 You want to keep Starmer in office?
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What a day in Makerfield. The enthusiasm and support on the ground is possibly even stronger than in Great Yarmouth, it is quite remarkable. I did not expect it to be that level, to be honest.
250 locals at our branch meeting last night with standing room only. We barely even advertised it. Just to members because of limited space. Rebecca gave a great speech, went down so well.
Out meeting local campaign groups, community centres, pubs - support right across Makerfield. Simply amazing.
These people want their country back, and we are giving them a genuine democratic alternative.
Thousands and thousands of local patriots are going to take it.
Restore Britain is going to make history in Makerfield.
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Release Letby!! This is well overdue now.
Miscarriages Of Justice@UKinjustice2025
In November 2016, Dr Christopher Green, Director of Pharmacy at University Hospital of South Manchester, carried out a formal internal investigation into Lucy’s removal from the unit. His findings were very significant: •There was no clinical evidence against Lucy Letby. •The only thing the consultants had was a “gut feeling” from Dr Stephen Brearey. •He slammed the hospital for treating Lucy appallingly, not being open and honest with her, and failing to follow their own values and behaviours. thirlwall.public-inquiry.uk/wp-content/upl… Read the report for yourself but if you don’t have time here is just one quote; “there does not appear to be any information that suggests LL is in any way responsible for what has happened on the unit” He went on to recommend that her grievance be upheld and that she should be allowed back to work on the neonatal unit. This report was never shown to the jury. Can everyone please answer these questions honestly… 1)Do you think the jury not seeing this report was just an oversight? 2)Do you think the report was deliberately withheld to increase the chances of conviction? 3)Do you trust the justice system in this country? Please share if you believe Lucy Letby is completely innocent, has been scapegoated and is the victim of a shameful miscarriage of justice. #LucyLetby #FreeLucy #MiscarriageOfJustice #JusticeReform
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@worstall @DLRogKingston Bank runs happen precisely because banks don’t hold enough fiat to cover their liabilities. The banking system creates money ex-nihilo when it lends. It’s circular nonsense to claim loans are funded by the bank’s own created credit, that's "turtles all the way down".
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@DLRogKingston Sigh. A bank must attract a deposit to finance its loan book by the end of that banking day. If it doesn't it's bust. If you doubt this explain how a bank run can happen.
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Not entirely true. Yes banks create money with loans since they do not loan deposits. But U.K. government creates money any time it spends. It does not rely on taxation. BofE has confirmed that fact.
CorribEconomics@CorribEconomics
@DLRogKingston (1) is false. Money [by that I mean deposits in M1] is created in the commercial banking system, by the normal process of receiving deposits and making loans. The CB may also make money by engaging in QE.
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@AlzualdeAlfredo @Lavozgalactica I don't think that's true in terms of actual match performance. Beckham's FK scoring percentage was the greater.
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@Lavozgalactica Roberto Carlos era mejor cobrador de tiros libres que Beckham, incluso había otro Brasileño mejor que Beckham de otro equipo 👇,
Juninho Pernambucano, ufff, el el Madrid estába Zidane, Figo, o Guti...pero siempre se lo daban a la princesa Beckham.
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Que no se olvide cuando Roberto Carlos le robó un tiro libre a David Beckham e hizo esto.
Estuvieron 5 meses sin hablarse. 🤯
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@KateEvansMeow @MarioNawfal They just want to be friends and give you a great big bear hug 🤗🐻
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@PatrickSquirrel @MarioNawfal Maybe they’re friendly 🤔 when they know you 😉 but if I run into a bear I don’t know 🤭 all thoughts of friendliness go out the window the moment I start running away 😂
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Guy walks into his garage and finds a BEAR inside.
The bear charges. He stands his ground.
That's exactly the textbook response.
Bears bluff charge constantly. Running confirms you're food.
Standing still confirms you're not. He did it right.
Mario Nawfal@MarioNawfal
😂 Metal Parrot just dropped the greatest cover of 2026. Your favorite metal vocalist just got mogged by a parrot. African Grey goes full screamo on Bring Me The Horizon - Can You Feel My Heart and absolutely bodies it.
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@KateEvansMeow @MarioNawfal Imagine they are friendly and just super excited to greet you?
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@MarioNawfal That all makes sense 🤔 but how do you remember all that in the heat of the moment and not just run away? 😉
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@ClarkeMicah @ShaunSummersgil The question of whether drug use is criminal is orthogonal to the question of whether it is medication.
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.@shaunsummersgil. Use of the expression ‘self-medicate’ is unbelievable, irresponsible stupidity. Many prescribed drugs are questionable, but the ingestion of unprescribed unmeasured quantities of an illegal poison is not ‘medication’ . It is crime.
Shaun Summersgill 🇺🇦@ShaunSummersgil
@ClarkeMicah @AubreeAdams4 Ppl with pre existing mental illnesses self medicate with #cannabis . Correlation doesn’t mean cause. There, fixed it for you. #ReeferMadness
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YouTube
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@ahmedsohail When is Christianity ridiculed?
Is anyone burning their bibles, vandalising their churches, hold events where people chant who the F is jesus? Disrupt their prayers? Intimidate Christian preachers on stalls
And I don't mean one offs.
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Why is it a hate crime when 'our' religion is ridiculed, but not when Christianity is ridiculed?
Do you not support the fundamental British value and right to free speech, which includes the freedom to satirise religious beliefs?
+ not every Muslim agrees burqas are Islamic.
Ayoub Khan MP@AyoubKhanMP
I will be writing to the MET police seeking that the speakers and actors on the stage of this anti-Muslim /Islamaphobic performance are investigated under public order and hate crime legislation! middleeasteye.net/news/stop-isla…
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