why do libs act like I gotta memorize their whole fucking wiki just to have a seat at the table
does quantitative tightening help fight inflation? maybe! will reserve requirements and savings bonds help? I don't know! does pissing on a fire help put it out? maybe?!
do you know? no you don't! you're just repeating shit you heard from more credentialed libs! who are usually doing the exact same! and if you follow this chain of deference all the way to the top you'll probably land on some sort of bank executive! so cringe! no thanks!!
sometimes making things simpler also makes them more correct. minecraft your tyrants. that is all thank you for listening
Monetary policy is actually an incredibly powerful tool of class oppression. I think it’s worth learning a bit about. Like for instance the explicit goal of raising interest rates is to raise unemployment and thus keep wages down. Essentially engineering recession to reduce the power of labor relative to capital. They say it’s to combat inflation, and that is true in a sense, but only because it destroys demand by impoverishing people, thus eliminating any theoretical benefit a worker would derive from inflation going down in the first place. Central banks being ostensibly independent and apolitical, while having explicitly pro capital anti labor mandates is also a good lesson in how liberal ideology hides the ball. You’re right that it’s all bullshit of course. But I think it’s useful to know how they use that shit to screw us over.
Literally every mainstream economist believes what Marx said about the unemployed being a reserve army of labour, even though they don't admit it and think it's a good thing
Precisely. The wild part is that if you listen to Jerome Powell talk, he basically DOES admit this, going on about the actual GOAL of getting unemployment up to a level acceptable for capital. It is widely reported in the financial press but tends to be mysteriously unreported and unquestioned in the more liberal mainstream press outlets.
do you know? no you don't! you're just repeating shit you heard from more credentialed libs!
I'll have you know that I've read over a dozen books by such luminaries as Milton Thurgood, Raf Cortex, Theodore Oxfordshire, and Benjamin Blorkszvorth.
They each have over a dozen degrees from the Cambridge Economics Club Harvard Studies Department on Tokyo, and any one of them can tell you that raising the tax on transcontinental carbon futures during the third quarter will decrease marginal GDP by as much as .26 basis points.
You come in here with your utterly debunked Labor Theory of Value, when you couldn't name even one of the 62 Axioms of Equitable Trade Law. Nevermind the history of Norfolkshire on the Thames, which serves as the case study for a distributed fee-based remunerations cap.
Get back with me when you've made it through even the first 500 pages of the Investor's Almanac and can explain how gross capital gains increase the estimated caloric intact of the Jorgan Cohort.
Then we can talk about who knows what.
This is as good an explanation of neoclassical economics as I’ve seen. It’s more akin to alchemy or religion than a science. It has basically zero predictive power because it is based on assumptions everyone knows are not true. But because it pretends to be HIGHLY scientific, and HIGHLY complex, it insulates itself from critique by hiding behind an insurmountable wall of false technocracy and credentialism. It puts monetary policy outside the control of the political system, because we wouldn’t want the rabble fiddling with all this complex machinery and mucking things up with foolish notions like equality and so forth. They would surely break something, and the whole economy would collapse. It’s a caste of high priests protecting us from ourselves.
It’s a caste of high priests protecting us from ourselves.
Its funny to see all the neocons and MAGA-heads insisting "The company went bankrupt because it was too woke!" when its really not far off from what their neoliberal peers genuinely believe.
Treating the Rules of Acquisition
as irrefutable fact, not as a bit.
The only thing you need to know about monetary policy is that it's all fake. Money is fake, we made it up.
