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Coronavirus is just an MMT test, yknow…

Tim’s explanation for here

11 thoughts on “Coronavirus is just an MMT test, yknow…”

  1. I’m in the large scale inflation crowd.

    How is the BlueLabour idiot going to print his way to a re-start of the production goods and services–when dentist –and lots of others obliged to see 1/3 clients in same time?

    Even if Blojo drops the lockdown and the new East Germany crap handouts can’t cut it. Classic inflation –state spends money at nearest to face value but it loses value as it goes around.

    Anybody think more cash printing would revive Zimbabwe or Venezuela now?

  2. @Mr Ecks

    +1 Pubs, hairdressers, theme parks can open; schools, gyms & nail bars can’t

    Football is safe; Cricket is dangerous – whut?

    Boris has lost the plot and floundering

    Then school bully, snitch and teachers pet Kindergarten Gruppenführer Hancock issues orders:

    Health Secretary Matt Hancock warns beaches could be shut if rules aren’t followed

  3. Beach full of people relaxing=major incident and much telling off of public
    Violent protests and property destruction=largely peaceful and please try to be safe

  4. Pcar-Hancock makes a lot of noise. Twitter suggests there is no shortage of people ignoring edicts. Some ignoring the crap about wearing dangerous masks. On trains at least.

  5. Well, we already know how this’ll turn out as we’ve tried it many times before. The one that comes to mind is that of Gaykhatu, the Il Khan of Persia.

    The idea was that all the plebs would use paper and let Gaykhatu have all the gold and silver.
    Reminds you of the Zim government wanting to monopolise all the foreign currency doesn’t it.

    The bloke who killed him and took over emphasised that it was to stop this wicked innovation.

  6. No mask does much to stop virus. The best density masks are described as trying to stop midges with a chain link fence (I might have seen that line on this blog somewhere–I forget) But do become reservoir of heat/moisture for which all manner of germs will be grateful . OHSA- I think is the acronym- have said exactly that.

  7. I’ve been thinking about this for a while now and I’ve come to a conclusion. The whole ‘Print your way to Wealth’ has a lot more rope before it hangs itself when implemented in the fiat currency global trade world than in the old days when printing money meant actual banknotes, and countries largely produced what they consumed. That is to say the scarce resources that the printed money would bid up the price of were a far smaller pot than exists today, in the world of instant global trade, and indeed mass migration. The point is that the amount of resources a country can utilise today is no longer just what exists within its boundaries, and maybe close by, now any country can draw on the resources of the entire world. As such the only constraint on money printing in the short to medium term is the willingness of the foreigners to accept your money in return for their goods and services. which given every currency is fiat will be surprisingly resilient.

    Thus I posit that MMT will ‘work’ in the short to medium term, and everyone will say ‘See, we were right!’. But the fly in the ointment is that the longer the process continues, the closer you get to a catastrophic drop in the value of the currency, as everyone decides they won’t accept your money any more. Which could literally happen overnight, and everyone is suddenly 50% poorer. So my theory is that MMT won’t cause inflation slowly over a relatively long period of time, it will cause it suddenly, instantaneously, when no one expects it. It will work, until suddenly it doesn’t.

  8. @Mr Ecks

    Most* masks do little to protect the wearer, but they stop (or at least significantly reduce) a potentially infected wearer from spreading their germs around when they sneeze, cough or simply speak.

    * except the ones intended as PPE for medical professionals – but that’s not what most of the public would be wearing

  9. The real goods for electrons (as it is nowadays)plan has to have limits Jim.

    You are a Farmer–so I pay you for the contents of your storage barn–and that is ok so long as the electrons I give you–you can redeem for some solid real goods you want from elsewhere.

    Sounds like an electronic game of musical mugs–and someone somewhere is going to be the mug left holding enough lecky to electrocute a mouse maybe–and nothing else.

    And once the chain is broken…. Maybe you are right but…we’ll know soon enough.

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