Tickerguy w/Bill Still
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2024-12-01 07:00 by Karl Denninger
in Podcasts , 182 references Ignore this thread
Tickerguy w/Bill Still
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Come and get it!  Recorded yesterday morning.

Well, the last part of this was rather interesting.  Note the cuts -- and the post-hoc adding in the last section of this interview, with no capacity to rebut.

But here's the problem: Bill is right that Congress has the control of the system.  However, it is Congress that has created the entire inflationary process, not the bankers.  Further, Bill is claiming that "money" is the same as credit and this is always and everywhere false.  You need look nowhere beyond my short segment on MMT back when Lauren Lyster was on RT with myself as a guest where I demonstrated the idiocy of the idea that you can simply print up all the money you want and its all good.  BULLSHIT!

Money is the economic surplus you have after you produce something and pay all of the expenses of its production, including your personal maintenance as an individual.  If you go to work for $20/hr, work 40 hours in a week ($800 gross) and between rent, food, the power, heat and water bills and taxes which fund things like the road you drive on to get to the work, all of which have to be paid for, you have $100 left that's your money.  If you spend another $500 on top of it that's credit.

Conflating the two is fraud and the idea that government can simply emit whatever it wants sounds good except for the fraud part.  The original Coinage Act in the United States, which mandated death by hanging for tampering with the money supply and thus conflating money and credit, came about for this exact reason.  It is all well and good to advocate for "the US Government simply issuing US notes" but only if the penalty for issuing more of them than is taxed first is the instant hanging of every single person so-involved because fraud is STILL a crime.

When you borrow there is a clear indication -- in the form of the debt instrument -- that you did so.  When a sovereign exercises its seigniorage privilege you might think that's superior to a "hidden" (not really) cabal of bankers but the last four years should have instantly disabused you of this, because in fact what Treasury did was issue unbacked credit and without an external pushback all you have left is a violent revolution to stop it as nobody, which you can see, hanged for doing it.

PS: Don't know why the video on your end was that horrible on the half coming to you, but it was. Bandwidth issues on your internet connection perhaps?  Don't know; Zoom is what it is, and both you and I were perfectly clear both video and audio during the hit itself on this end.