Daily Archives: February 19, 2017

Let’s Talk About Bernie’s Capitulation To The Democratic Establishment

Newslogue has the article Let’s Talk About Bernie’s Capitulation To The Democratic Establishment. The article has many positive things to say about Bernie Sanders, but it also wants us to be aware of this critique.

… Bernie is not our leader. He isn’t. The extent to which the establishment has sunk their talons into him proves that we can’t afford to allow him to lead us. They will use him to steer us in unwholesome directions and guide us away from our desire to destroy their sick institutions. “Bernie says” should not be received with any more authoritative weight than “Noam Chomsky says,” “Julian Assange says” or “Caitlin Johnstone says”; it should always be taken as data about someone’s opinion, never as gospel truth.

There are a number of interesting quotes from authorities about the danger of just trusting to authorities. Maybe that makes their quotes to be paradoxes, but I think they are right.

Remember Greenberg’s Law of Reverence.

Principles are not great because a revered person spoke of them. A person is revered because he or she spoke of great principles.

Greenspan: “There is nothing to prevent the government from creating as much money as it wants.”

There is the YouTube video Greenspan: “There is nothing to prevent the government from creating as much money as it wants.”

You can see in the way that Paul Ryan nods at Alan Greenspan’s answer that this is going in one ear and dribbling right out of the other. Given as Greenspan says, that the government cannot possibly run out of money to pay social security beneficiaries, and given that anything in the private sector can run out of money, then private investment accounts are obviously much less secure than federal government operated social security.

Why Not Answer The Inflation Question?

Bloomberg has the interview Can the U.S. ‘Print Money’ to Pay Down the National Debt?

L. Randall Wray, a professor of economics at Bard College and a senior scholar at the Levy Economics Institute, discusses the U.S. national debt and inflation with Bloomberg’s Joe Weisenthal on “What’d You Miss?”

The trouble with this interview is that Wray never addresses what the government would and should do if inflation ever got out of hand. When he just says can’t happen or unlikely to happen, the skepticism is not allayed. He sounds like he is evading the question. Why can’t he just talk about how an inflation problem would be solved? There are good answers, why does he fight so hard to avoid giving them?

In my previous post Establishing The Validity Of The Modern Money Model I suggested that a direct answer to the questions of inflation would go a long way in quelling the doubts of the skeptics. If you are a skeptic, please read that previous post and tell me if it helps.