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House Republicans challenge Dems to MMT debate

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    Republicans on the House Budget Committee want an MMT debate with Democrats.

    All House Democrats need to do is play the video of Alan Greenspan telling Paul Ryan that the government can create unlimited dollars and the real problem is creating real assets (which implies that inflation is the limit).
    Secondly, they can remind the Republicans and explain to the American people that the origins of MMT begin in a steam room with Donald Rumsfeld and the publishing support of Art Laffer. The Democrats should absolutely call on Warren Mosler and Stephanie Kelton to testify. MMT is a general theory about how the monetary system works. It is not a socialist plot. It does arrive at the conclusion that an employed buffer stock of labor is better than an unemployed buffer stock of labor. And employed or unemployed, the buffer stock of labor is a part of the size of government.

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    Carlitos, forget it. The ship will sink regardless. Also your idea to "print" more "paper" money will not be an solution. Hitler tried it; you know the result. Trump loaned plenty of money also and is ripping off this country now; success assured.

    To have such "debate" in these times is useless; the "political drama has to play out first" and then the "laws" should be adapted to the times. So they have an plate full of things to do. As well the "trillions" in deficit only will get bigger thanks to Trump and will bankrupt this country; 1932 is again around the corner. Lets start another war with Iran or Venezuela that will help the war industry as well sucks the "money" out of the budget for the "people" themselves here. So prepare yourself for the "bread" lines. Yes the Titanic did sink!

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    I doubt that you will ever hear a discussion of MMT in a presidential debate, as very few people actually understand what money actually is. I'm not talking about paper money or coins. I'm talking about the various types of money, commonly called M1 and M2. The article below goes into more detail about a topic that many people would have trouble grasping.

    At the bottom of the page, you'll see a German man wheeling a wheelbarrow loaded down with worthless Deutschmarks in 1923, visual proof that simply printing more money is not a good solution. Since Germany was destitute in 1923, how in the world did the country have enough money to have the best army in the world in 1940? For that answer, you'll have to go a little bit to the East, to Switzerland.

    The Bank for Internal Settlements was established in Basel, Switzerland. BIS was formed in 1930, largely to process the World War I reparations required of Germany. It also performed the function of providing liquidity to European governments, which were struggling with economic instability, currency fluctuations and the Great Depression. Central banks of most large European countries joined to create the BIS. (The U.S. Federal Reserve did not join until 1994, although its allotted shares were held by American banking interests.) Basel, in neutral Switzerland, was a natural headquarters pick.

    A detailed story of how Germany grew to be very wealthy can be found in the book, "The Tower of Basel".

    If you would like a shorter version, Harvard University's Center for Ethics published a synopsis in 2013.

    Adolf Hitler took advantage of Germany's precarious financial situation in June of 1921, when he founded the Nazi Party. Two years later, he and his followers tried to overthrow the government in the "Beer Hall Putch", and was sent to prison in May of 1924. He was later released from prison in December of the same year.

    The stock market in the United States crashed on 24 October 1929. The impact in Germany was dire: millions were thrown out of work and several major banks collapsed. Hitler and the NSDAP (National Socialist German Workers Party) prepared to take advantage of the emergency to gain support for their party. They promised to repudiate the Versailles Treaty, strengthen the economy, and provide jobs. He probably said something like " I alone can fix this" to attract more followers.

    The NSDAP rose from obscurity to win 18.3 per cent of the vote and 107 parliamentary seats in the 1930 election, becoming the second-largest party in parliament. In July of 1932, Hitler announced his candidacy for president. Although he was defeated, Hindenburg appointed him as chancellor in January of 1933. Hitler's complete history can be found in the link below, but the real secret to his success is that he was helped a great deal by a secretive Swiss bank and a LOT of stolen gold. The bank, incidentally, still exists today.

    Like Mike Pence, Hitler was raised as a Catholic, and actually considered becoming a priest. Like Donald Trump, he espoused the belief that God was on his side (Got mit uns could be found on Nazi belt buckles), and early in his life he developed German nationalist ideas.

    Does history repeat itself?


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    Arizona, compliments; finally someone who "completely" understands the "whole" picture. Compliments again! we should drink some great french champagne some day together. Your research is excellent!!! Rob.