Posted on 01/20/2021 9:04:34 PM PST by weston
Thanks, gub. 😉
Are you listening? He has said more in 5 minutes than most people say in 5 hours! He’s getting out a lot of info about the cancel culture of My Pillow.
He is a great guy & very passionate.
I caught the last few minutes.
Agree...he says more, in five minutes, than most do in a normal segment.
I’m glad Mark let Mike have at.
Good interview. And, he’s exactly right about the cancel culture.
This man fights!
I'm pretty sure Mark couldn't stop him if he wanted to.
“The Smartest Thing We Can Do Is Act Big”
Today, Treasury Secretary-nominee Janet Yellen addressed the Senate Finance Committee during her confirmation hearing.
In her statements, she argued that major fiscal stimulus is justified to support the economy while the pandemic still rages.
She stressed the need to address income inequality and pledged support for the incoming Biden administration’s climate change policies.
In other words, she plans to support large amounts of government spending to stimulate the economy.
She acknowledged that debt is a potential problem. “But,” she added, “right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”
Let’s just say that’s wishful thinking.
We cannot spend our way out of a debt trap. As I’ve explained before, fiscal policy is not stimulus because the U.S. debt-to-GDP ratio is now over 130% and rising quickly. Extensive research shows that at debt-to-GDP ratios above 90%, the multiplier on new debt is less than one.
This means we’re in a debt trap (in addition to a liquidity trap caused by Yellen’s previous organization, the Fed).
But Janet Yellen has no real understanding of money and monetary economics. Her tenure at the Fed proves it.
The Fed and Congress may try to stimulate the economy, but they will fail. We’re likely heading for another crisis. I won’t specifically predict when, but you can see the pieces falling into place.
Yellen’s nomination greases the skids for a disastrous policy that could lead to a monster crisis down the road — Modern Monetary Theory (MMT).
The Specter of MMT
Putting former Fed Chair Janet Yellen as the new Secretary of the Treasury is a clear sign that MMT is what a Biden administration plans to do.
MMT calls for merging the Fed and the Treasury into a single spending/monetization entity.
This theory says that the U.S. can directly stimulate the economy and pay for a raft of new social spending. Unlike quantitative easing, which mostly enriched Wall Street, MMT would help real Americans.
Its advocates argue MMT could fund Medicare for all, free tuition, free child care, guaranteed basic income and aggressive climate action.
MMT has three basic tenets. The first, as mentioned, is to treat the Treasury and the Fed as a single entity with a single balance sheet. Legally the two institutions are completely separate, but MMT insists that the government can operate as if they were one. This means merging Treasury and Fed operations into a single engine for spending, borrowing and printing.
The second idea is that citizens must accept dollars (whether they like it or not) because you need dollars to pay taxes, and if you don’t pay taxes, you’ll go to jail. In effect, the dollar is supported by the barrel of a gun, to paraphrase Mao Zedong.
The third idea is that there is no practical limit to how much debt the U.S. can issue
You can operationally merge the Fed and Treasury, but once it becomes apparent to markets that you are monetizing all the new debt, confidence will erode, rates will climb and this pyramid scheme will collapse.
And once confidence is lost, citizens can turn to land, gold, silver, natural resources and other hard assets as dollar alternatives. You don’t owe taxes on unrealized gains, so the MMT tax police will have nothing to keep them busy.
MMT is a disaster in the making (although it may take a few years to play out). It could end in hyperinflation and the destruction of the dollar as a viable currency.
Eventually, you end up with default, inflation, higher interest rates, higher taxes or all of the above. The U.S. will go broke.
It’s not quite the rosy scenario that the MMT crowd would have you believe. Still, it may be coming. And, a clueless Janet Yellen will supervise the entire operation.
Got gold?
Regards,
Jim Rickards
https://dailyreckoning.com/the-smartest-thing-we-can-do-is-act-big/
A disaster. Classic redistribution of wealth.
The smartest thing we can do is open up the economy. But of course, with all the jobs they are killing & mass illegal immigration, even opening up the economy wouldn’t produce the results it did under Trump.
@MillerStream
· 21h
If you see anybody from Biden’s Cabinet in a restaurant, in a department store, at a gasoline station, you get out and you create a crowd. And you push back on them. And you tell them they’re not welcome anymore, anywhere.
:-)
Thx for posting this.
Sickening what we’re witnessing.
YouTube strips rising media company Epoch Times of ability to monetize video content
“This is the latest example of big tech suppression of free speech, a step on the road to communist-style censorship’ - publisher Stephen Gregory.
By Carrie Sheffield Updated: January 26, 2021 - 2:17pm
FTA
YouTube, the video platform service that is a Google subsidiary, has banned The Epoch Times, a rising, conservative-leaning media outlet, from earning money off its videos.
“YouTube demonetized the Epoch Times and related accounts last week,” Stephen Gregory, publisher of The Epoch Times confirmed to Just the News on Tuesday in an email. “This is the latest example of big tech suppression of free speech, a step on the road to communist-style censorship.”
A YouTube spokesperson acknowledged Tuesday in an email to Just the News that the company had demonetized the publication’s channel and affiliated channels and had suspended them from the YouTube Partner Program (YPP) – over issues related to harmful or sensitive content.
“All channels on YouTube need to comply with our Community Guidelines, and in order to monetize, channels must comply with the YouTube Partner Program policies, which include our Advertiser-Friendly Guidelines,” the spokesperson also said. “Channels that repeatedly violate these policies are suspended from our partner program.”
The spokesperson noted that channels removed from its partner program are able to appeal the decision or reapply to YPP in 30 days, provided the underlying issues that led to suspension have been addressed to YouTube’s liking.
The move by YouTube follows Twitter earlier this month de-platforming former President Trump and some conservative users, and the app Parler being denied web hosting services by Amazon.
Texas Attorney General Ken Paxton on Jan. 13 issued civil investigative demands to Google, Facebook, Twitter, Amazon Web Services, and Apple, asking the companies for their policies and practices regarding content moderation and, more specifically, for information related to Parler, a social media application popular among conservatives that was recently terminated or blocked by Google, Amazon, and Apple.
On Thursday, a federal judge denied Parler’s request to have Amazon immediately restore its web service, saying she rejects “any suggestion that the public interest favors requiring AWS to host the incendiary speech.”
Larry Elder, a prominent, African-American conservative filmmaker who hosts a video series for The Epoch Times, confirmed during an interview with the “Just the News AM” television program that the de-monetization hit him personally, reducing his income.
“We have to build our own infrastructure, our own social media platforms,” Elder said, pointing to alternative social platforms like Gab.com and video service Rumble.com. “The only answer is not to bitch, moan and whine about how how unfairly we’re being treated, not to run to the government to pass more regulations. The answer is to build our own platforms. And we have been asleep at the switch.”
I agree with you.
Will never go back to ‘back-stabbing’Fake Fox News.
Any/all conservative outlets should be posting someplace else, besides YT.
Bitchute? Rumble?
Not sure, but.....they need an alternative platform, for their vids.
Yes, Hank Aaron was great. Unfortunately, I didn’t get to see him that much. The Atlanta Superstation TBS didn’t come around until later & started showing all of the Braves games. By then Aaron was retired.
I only got to seem him on the Saturday NBC Game of the Week & some of the Cubs games (again before WGN started showing every Cub game),
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