Thanks for putting out these videos, Mike. I used to believe people like Peter Schiff. Now, I realize that they don't understand the money system at all. The truth is counterintuitive but eventually sensible people will get it.
@AustrianEconomics101 You are obviously someone who believes in Austrian Economics, something that no reputable school of economics teaches. Peter Schiff is not an economist although he frequently pretends to be one. He obviously has no clue as to how the money system works. LOL.
@707hoser Social Security is a Ponzi Scheme that relies on taxpayer's money to fund someone's benefit. Technically, it's a wealth redistribution scheme that take money from one side to another. This is not what American Founding Fathers wants.
@ltmikepowell If you call a program that you pay into with the expectation of collecting later a Ponzi Scheme, I suppose it is. It does not take from one side to give to another, you pay into it and you collect when you retire. It doesn't rely on taxpayer money, it is self-sufficient.
@707hoser Did you know all the taxpayers' money paid is to fund the CURRENT retirees and disabled?
The Social Security's money that you pay by your tax is not for you. It's for other person to use. Those Social Security Trust Fund money is buying government bonds and resupply with taxes, which means taxpayers' might get taxed till the hilt. Technically, it's a Ponzi Scheme.
Mr. Norman, if you could, please explain to me- why do I need to pay taxes at all?
It doesn't make sense to me...if they have an infinite amount, why do they need my production? they take $170.00 per pay period from me (probably not a lot for you, but it's a whole lot for my family), why can't they cut themselves a check instead?
@PestControl02 Taxes serve other economic purposes... Mainly to create a demand for the currency, control inflation, discourage undesirable behaviors (sin taxes).. Google "Taxes for Revenue are Obsolete" to hear it from the old NY Fed chair's mouth.
Technically, the government can fund all its operations with new money creation, but it doesn't come free. It raises prices when at full economic capacity.
The problem is, do you want politicians to be back in charge of the money supply, rather than the Fed? Yes, the Fed is far from perfect, but countries with more or less independent central banks have much better economic records than countries without them.
Thanks for putting out these videos, Mike. I used to believe people like Peter Schiff. Now, I realize that they don't understand the money system at all. The truth is counterintuitive but eventually sensible people will get it.
707hoser 2 months ago in playlist More videos from mikeydoggy
@707hoser Yes, you rather believe someone who has been wrong and ig,ore the one who has been right. You are really something LOL.
AustrianEconomics101 1 month ago in playlist Uploaded videos
@AustrianEconomics101 You are obviously someone who believes in Austrian Economics, something that no reputable school of economics teaches. Peter Schiff is not an economist although he frequently pretends to be one. He obviously has no clue as to how the money system works. LOL.
707hoser 1 month ago
@707hoser Social Security is a Ponzi Scheme that relies on taxpayer's money to fund someone's benefit. Technically, it's a wealth redistribution scheme that take money from one side to another. This is not what American Founding Fathers wants.
ltmikepowell 1 month ago
@ltmikepowell If you call a program that you pay into with the expectation of collecting later a Ponzi Scheme, I suppose it is. It does not take from one side to give to another, you pay into it and you collect when you retire. It doesn't rely on taxpayer money, it is self-sufficient.
707hoser 1 month ago
@707hoser Did you know all the taxpayers' money paid is to fund the CURRENT retirees and disabled?
The Social Security's money that you pay by your tax is not for you. It's for other person to use. Those Social Security Trust Fund money is buying government bonds and resupply with taxes, which means taxpayers' might get taxed till the hilt. Technically, it's a Ponzi Scheme.
ltmikepowell 1 month ago
Not only can the USA create as many dollars as they want, they can create as many counerfeit dollars as they want, too. Watch this...
watch?v=lQf-u2nCVSw
The whole thing is worth watching, the 13 minute mark will hit the "supernote".
Cheers!
tyronebiggums3 2 months ago
Keep up the great vids. These are GOLD!
helpendthefed 2 months ago
@helpendthefed Actually they are CRAP.
AustrianEconomics101 1 month ago in playlist Uploaded videos
Hi Mike,
What books would you recommend for an educated layperson (ie non-economist) who wants to learn more about MMT?
jetmanisme 2 months ago
@jetmanisme Google "Fiscal Sustainability" torrent. I filled it with all the essential MMT reading and videos.
sparc5 2 months ago
Mr. Norman, if you could, please explain to me- why do I need to pay taxes at all?
It doesn't make sense to me...if they have an infinite amount, why do they need my production? they take $170.00 per pay period from me (probably not a lot for you, but it's a whole lot for my family), why can't they cut themselves a check instead?
What part am I not getting?
PestControl02 2 months ago
@PestControl02 Taxes serve other economic purposes... Mainly to create a demand for the currency, control inflation, discourage undesirable behaviors (sin taxes).. Google "Taxes for Revenue are Obsolete" to hear it from the old NY Fed chair's mouth.
sparc5 2 months ago
@PestControl02
Technically, the government can fund all its operations with new money creation, but it doesn't come free. It raises prices when at full economic capacity.
The problem is, do you want politicians to be back in charge of the money supply, rather than the Fed? Yes, the Fed is far from perfect, but countries with more or less independent central banks have much better economic records than countries without them.
AntiSchiff 2 months ago
Alan Greenspan; there is someone to take advice from.
Whether Social Security is broken or bankrupt is an irrelevant question...the relevant question being "Is Social Security moral?"...
No.
Theft is not moral...stealing from me, to give to another is immoral...period.
Sure...create all the dollars you want...due to the finite resources that these dollars chase; inflation here we come!!!
helltrackrider 2 months ago
Comment removed
sparc5 2 months ago
@helltrackrider Right, too much spending can create inflation. That's what spending cuts and tax increases are for.
sparc5 2 months ago