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GhostOnTheHalfShell

@GhostOnTheHalfShell@masto.ai

opinionated lurker of the intarwebs.

Used to write code, still do. c/c++, java, php, js, c#, gdscript, gnawed on sql, sparql, unix/windows etc etc billions of years ago.

tech, graphics, anything STEM
anything anthropology, history, linguistics
anything blender, gimp (although i scream using it), audacity
prefers not to be run over by cars

I drink Philz.

I do a (non-monetized) video or so a week on yt.

Tyranny and poverty are everywhere a mainstream economics phenomenon.

This profile is from a federated server and may be incomplete. For a complete list of posts, browse on the original instance.

GhostOnTheHalfShell , to economics-that-works group
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Live stream 9am PST tomorrow (Saturday)

UBI + Job Guarantee discussion might make an appearance.

https://www.youtube.com/live/0rir3uSkJfI

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works


3 min

With 500k in Brazil stripped of their homes and livelihoods and this in Mexico, I understand why Biden decided to crack down on asylum. BigOil has destroyed these people’s lives, brought ruin to their nations, and sent them fleeing.

Exxon and the lot must make these people whole. Koch and his lot must make these people whole. Instead they are getting away with their murder project.

https://youtu.be/XDl_kGW1Wq4

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@economics-that-works


I tend now to classify mainstream, orthodox schools, the neoclassical and Austrian schools, as conservative economics. It's a more concise and meaningful characterization.

These schools are intimately tied to a particular political outlook, the right wing version of libertarianism proselytized by the .1%. They indoctrinate themselves and those passing through economics courses in high school and college.

https://profstevekeen.substack.com/p/conclusion-future-economics-and-a

GhostOnTheHalfShell OP ,
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@economics-that-works

""Equally, rogue fossil fuel usage will be likely: a country that sees millions of its citizens die because of insufficient air conditioning, or the failure of the electricity grid, is likely to ramp up rather than reduce fossil fuel usage—if it can secure supplies.""

Here I differ from Keen because climate refugees torn from the global economy. They have no place to live or work. Nature will keep destroying them.

🧵

GhostOnTheHalfShell OP ,
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@economics-that-works

There won't be a there, there to ramp fossil fuel up for and outside a few short years or a decade, the global infrastructure to extract, process and sell hydrocarbons will unravel.

Climate change makes large scale and long term infrastructure economically unviable.

GhostOnTheHalfShell , to economics-that-works group
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@scottsantens
@dlakelan

Considered Useful

https://mastodon.sdf.org/@dlakelan/112587502062095325

dlakelan ,
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@GhostOnTheHalfShell
M2 is like $70k/capita, so imagine on your first birthday you get an account with $70k in trust just granted to you, and if the govt wants more liquidity it just adds equal amount to everyone's account, and banks can sell CDs to get funds, etc
@economics-that-works @scottsantens

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works @scottsantens

Oh YOOU and that silly idea.

GhostOnTheHalfShell , to economics-that-works group
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Tomorrow 9am PST

Should be interesting as Selgin is Mr Cato institute and also banks are intermediaries and when they are not it's the gubnit's fault.

https://www.youtube.com/live/jbXcvv4_548

You can read the most stunning paper imaginable. :ablobwink:

https://www.cato.org/working-paper/banks-are-intermediaries-loanable-funds

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works

The discussion was quite good. They actually agreed more, although I don't think Selgin knew it.

My main issues with his paper is 10-20 pages of ad hominem fluff, then he shifts to real comments around page 30.

Here, it's clear he hasn't run through the math.

In remarks made after show, he mentioned Twitter breeding acrimony. He is 100% correct because that's what those platforms encourage.

🧵

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works

But per Graziani, reserves matter less the more deposit market share a bank has.

The larger they are, the more likely transfers occur endogenously, but beyond that an environment of large whales is very different than one of minnows.

Consider also that in our digital world, all transactions occur electronically. "Money" never leaves banks. They collect rent on every transaction.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works @dlakelan

stat nerd love, right?

@nerd4cities

18 min

https://youtu.be/NJ4T_BHFgt0

dlakelan ,
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@GhostOnTheHalfShell
My grandparents lived in San Jose, built their house there in early 50s. Talked about orchards all the time but they were already mostly gone when I was a kid. But definitely a few around the fringes. Bay area really changes shortly after I moved to Pasadena area. Housing crash then QE and such for 15 years... Every time I visit it's crazy traffic and people tearing houses to the ground to put up mcmansions
@economics-that-works @nerd4cities

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works

Sounds about right. In some way I am glad I moved to the city, but it suffers its own insanity.

The peninsula towns used to have the remnants of orchards in them, but also suburbia has sprawled outwards, like some skin disease into the central valley.

I cannot imagine the economic crater that will be left when this bubble comes to an end.

GhostOnTheHalfShell , to economics-that-works group
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@economics-that-works

Jun 6

15 min

https://youtu.be/Uwwd3c3Ur-k

GhostOnTheHalfShell , to economics-that-works group
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@ineteconomics

13 min

part 2 on their series on China and its leaders.

https://youtu.be/Qg7MEWXyMmo

GhostOnTheHalfShell , to economics-that-works group
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#SteveKeen

Consider the stakes; climatologists &scientists have a moral imperative to repudiate economists.

‘Their review finds no critical tipping elements with a time horizon less than 300 years until global temperatures have increased by at least 3°C.k (Nordhaus 2013, p. 60. Emphasis added)
—
“Pardon me for stating the obvious, but Nordhaus's reading of this paper is almost the exact opposite of what the paper actually said.”

https://profstevekeen.substack.com/p/neoclassical-economics-and-the-demise-4a6

GhostOnTheHalfShell , to economics-that-works group
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@dlakelan

#mmt

The Monetary Theory of Production is a hoot in Chap 6 (up to 6.3). Why? because it details the interplay of bank interest, securities interest (return). But also wages don’t effect real income of industry in aggregate and interest rates of banks tend to be inflationary. Higher interest incurs inflation

I come away from these sections thinking interest and banking is mental. interest competition is at interferes with aggregate prosperity

dlakelan ,
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@GhostOnTheHalfShell @economics-that-works

It makes more sense to me in a world where money is made of physical stuff, like gold, that interest would be important... You need to pay people to use gold as money instead of as ... jewelry or conductive plating or whatever. But where money is completely arbitrary numbers... it makes so less sense.

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@academicchatter

May 30

10 min

The discipline that made academic life Hell. They're pretty good at destroying everything they touch.

https://youtu.be/BCzUU_pbLaM

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@ineteconomics

18 min

https://youtu.be/uq39i84l8MU

GhostOnTheHalfShell , to economics-that-works group
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1 hr 43 min

Doug and Ritik Goyal comment on Murphy's critique of MMT. It can largely be treated as a podcast; the video is not terribly relevant.

https://www.youtube.com/live/cpOvpzCAC4E?si=aa6lNu6RcqOADLsz

GhostOnTheHalfShell , to economics-that-works group
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#SteveKeen #climatechange #economics

"Though I have been interested in ecological economics ever since I read The Limits to Growth (Meadows, Randers, and Meadows 1972), E.F. Schumacher (Schumacher 1973, 1979) and Hermann Daly (Daly 1974) in the early 1970s, and I have been a critic of Neoclassical economics for just as long, I didn't start critiquing the Neoclassical approach to climate change until 2019."

https://profstevekeen.substack.com/p/capitalism-with-friends-like-these-797

dlakelan ,
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@GhostOnTheHalfShell
We can substitute between forms of food for example, but we can't substitute for calories. If caloric output drops by 30% the world will be devastated. We can substitute between different building materials but if wood products overall decline 30%... Yikes
@economics-that-works

GhostOnTheHalfShell OP ,
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@dlakelan @economics-that-works

that may be a reality we have to face.

GhostOnTheHalfShell , to economics-that-works group
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#economics
#mmt

Deficits DO matter, just not the way textbook economics says.

Because federal debt, the credit it has created, is the money in our bank accounts.

Deficits and debt does matter.

Please disabuse conservatives that MMT doesn't care about deficits.

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