tag:blogger.com,1999:blog-6245381193993153721.post6976751136636755161..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Robert Murphy at Sea on MMTLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6245381193993153721.post-79063139936549815792013-11-16T14:05:20.602-08:002013-11-16T14:05:20.602-08:00I guess I was wrong about Murphy, he is no better ...I guess I was wrong about Murphy, he is no better than Schiff<br />http://en.wikipedia.org/wiki/Robert_P._Murphy#Inflation_prediction<br />"According to Paul Krugman, Murphy "has been predicting double-digit inflation for years but remains absolutely committed to his framework" despite the predictions being unfulfilled.[2]<br /><br />In 2009, Murphy discussed various economic policies of the Bush and Obama administrations, which he called "incredible assaults on the private sector from the central government". He stated that the policies of Federal Reserve chairman Ben Bernanke and President Obama would lead to double-digit inflation with high unemployment and could facilitate the abandonment of the US Dollar by the end of the Obama Presidency. Murphy warned that soaring prices for gasoline and imported products sold at Wal-Mart might be blamed by Obama Administration officials on "an attack on the Dollar by foreign speculators" and used by them to replace the Dollar with the Amero or some other currency "issued by a supranational organization". Murphy urged investors to purchase an "emergency stockpile" of physical gold and silver, and predicted double-digit inflation."<br /><br />I guess they are all zombies not to be taken seriously. They do have zero understanding of economics. It is Bob Roddis repeating slogans about economic calculation in LK's blog and MNE, that's all tey are capable of doing. I went to Murphy's blog before this comment and in the comments section I found ignoramuses discussing how FDIC really didn't have any money in case you thought your money was insured. What can you say? Nothing really.Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-10801888432694278652013-11-16T08:56:21.682-08:002013-11-16T08:56:21.682-08:00"Murphy demonstrates his ignorance of monetar...<i>"Murphy demonstrates his ignorance of monetary matters"</i><br /><br />Not to mention administered pricing.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-1908003181270195762013-11-16T08:52:35.773-08:002013-11-16T08:52:35.773-08:00I think you are right Peter, there is no point of ...I think you are right Peter, there is no point of engaging with him right now. Instead of giving MMT credit for educating him, he is trying to justify the mistakes he has made in the past. Austrian econ is really going down if the smartest academics are doing this. I consider him one of the smarter ones since most of them are Peter Schiff types. <br /><br />Murphy demonstrates his ignorance of monetary matters here:<br /><br />http://mises.org/daily/3933<br /><br />"My reason for expecting large-scale price inflation is fairly straightforward: I see no coherent strategy for Bernanke to remove the excess reserves from the banking system....<br /><br />.....After reviewing the evidence and the theories offered by the two camps, I still believe that Bernanke's unprecedented infusions of new reserves will lead to rapid price increases. These increases may not show up in the price of US financial assets, but they will rear their ugly heads at the gas pump and grocery checkout."<br /><br /><br />He lacked the very basic understanding of how our current monetary system operates as late as 2009. So if Austrian theory doesn't teach him that and preaches about some other universe where It would be applicable, then so be It. In a fairy tale.Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-28615152700205107252013-11-15T11:18:40.309-08:002013-11-15T11:18:40.309-08:00I think he is in a position of cognitive dissonanc...I think he is in a position of cognitive dissonance. Our character steers us towards some ideological positions and his steers him into libertarianism, but he is a smart guy, he got MMT and he cannot refute it, he just says he *doesn't like it*. That is why his attacks are so weak, he hates the fact that he gets MMT.PeterPhttps://www.blogger.com/profile/02032621777697914182noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-3170903178408832112013-11-15T09:15:32.213-08:002013-11-15T09:15:32.213-08:00Perhaps you guys might like to contribute to my di...Perhaps you guys might like to contribute to my discussion with Bob Murphy on this subject:<br /><br />http://consultingbyrpm.com/blog/2013/11/tom-woods-talks-mmt-with-me.html#comment-78817P Jamesnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-62574165321183611202013-11-15T07:38:30.094-08:002013-11-15T07:38:30.094-08:00Murphy will say anything to appeal to his fanbase....Murphy will say anything to appeal to his fanbase. He's almost worse than Schiff in that regard. Both of them treat economics as a stand-up act. But I'm not convinced that Murphy even believes the stuff he says. If he does I'd be even more concerned, of course.Philip Pilkingtonhttp://fixingtheeconomists.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-8175566362036294892013-11-15T04:34:01.876-08:002013-11-15T04:34:01.876-08:00A man's got to earn his bread, y'know. Som...A man's got to earn his bread, y'know. Sometimes it just requires some moral flexibility. <br /><br />"There's a demand<br />You're the supply<br />Dry your tears<br />That's why" (c)Anonymoushttps://www.blogger.com/profile/13978734648230292076noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-15610871508893487292013-11-15T04:06:57.042-08:002013-11-15T04:06:57.042-08:00I think Warren's comment in his debate with Bo...I think Warren's comment in his debate with Bob sums thinks up nicely:<br /><br /><br />"Austrians are trying to use a VCR manual to determine how to use a DVD player."<br /><br /><br />NeilWhttps://www.blogger.com/profile/11565959939525324309noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-19736899032192253602013-11-15T03:16:20.401-08:002013-11-15T03:16:20.401-08:00So, so strange. Murphy is a reasonable guy with nu...So, so strange. Murphy is a reasonable guy with nuanced views but he just repeats ideas that he himself disagrees with!<br /><br />I'm going to be charitable and say there is surely an explanation, but he needs to spend more time telling us what it is.Unlearningeconhttps://www.blogger.com/profile/13687413107325575532noreply@blogger.com