On Fri, 3 Oct 2014 08:29:57 -0400, "Jim Wilkins"
wrote:

"Martin Eastburn" wrote in message
...
On 10/2/2014 12:11 PM, Jim Wilkins wrote:
"Ed Huntress" wrote in message
...

...
National debt is one of the strangest aspects of the whole thing.
There is no way to sort it out by common sense because common
sense
has proven to be wrong, time after time. Common sense is based on
experience and we have little experience with the amounts of debt
that
we're talking about here. It's like the old story about personal
debt:
If you owe the bank $10,000, you have a problem. If you owe the
bank
$10 million, the bank has a problem....
--
Ed Huntress

Do you agree with this?
http://en.wikipedia.org/wiki/Modern_Monetary_Theory

It seems a logical and well written explanation to me, though I
don't
know enough to find flaws in its speculations.

-jsw


hocus pocus is a lot of it - this is a massively changed document
that is in flux as I type.
(I'm an editor / corrector on one of wiki's pages. )
Look at the page and then see the TALK button on top - flip open
that page. Discussions that are still on-going beating it up and
trying to
get it changed. Eco college page. Then look at the view history -
wow a lot of changes - and whoa - a lot by one ?? Back on the main
page, there are a lot of good (quality unknown) end-notes.

Tricky - might be a page of a doctoral student who is taking inputs
from professors, students, you, me, self proclaimed...

It is only one of many theories. See the bottom of the page -
hyperlinks.

Martin Eastburn

I do realize that Economics has no more solid theoretical basis than
Climatology and that both arrogantly demand the respect they envy in
the hard sciences, which their results do not justify.

The strength of economics is in its empirical studies, not in theory.
As for the hard sciences: when physics figures out "dark energy" and
integrates general relativity with quantum mechanics, they, too, will
actually have a sound theoretical basis. g


When I was in school Biology was just emerging from the level of
collecting data into successfully interpreting, integrating and
extrapolating from it, and Geology was still mired in myths to avoid
association with Nazi Science. Economics hasn't yet found its DNA or
Plate Tectonics foundation.

I accept that we have inflated the size of our economy by borrowing
from the future, and that the system is based on faith in future
productivity or the continuing value of precious metals. Faith in the
future value of real estate, plus American loans, rescued Weimar
Germany.
http://en.wikipedia.org/wiki/German_Rentenmark
http://en.wikipedia.org/wiki/Dawes_Plan
"5. Germany would be loaned 800 Million Marks from the USA"

So far the useful examples of peacetime economic failures have been in
less powerful nations like Greece, Brazil and Argentina where they
don't play the game as well as we think we do.
http://countrystudies.us/brazil/68.htm

-jsw