I rarely pick fights. But every once in a while there is such a falsehood, propaganda, or outright lie that comes about it cannot go unanswered. And this is one of those cases.
A client hired me to address an article a man by the name of Mike Norman wrote about how debts and deficits don't matter. I was hoping for a cogent argument, but it was so poorly written and so blatantly false, I along with many others couldn't let it go unanswered.
Mike received such a backlash, that he disabled the comments on the article AND put together a response video to his detractors, presenting an equally cogent counter-argument of "you're all just fucking stupid." (the comments are depressing as it shows you just how easily sheeple believe you can print off more money, certainly vote down the sycophants' upvotes)
I find this odd (but confirming) because the man has a masters in economics and 30 years experience. I was hoping to find an argument that I wouldn't necessarily agree with, but at least a cogent one where I could "see where he was coming from." Sadly the "you're fucking stoopid if you don't get this" counter argument confirms my suspicions most people in the economics professor simply don't know what they're doing if this 4th grade "I know you are but what am I" type response is all we get.
Regardless, the video I compiled for my client I think you'll find valuable because it addresses the issue as to whether or not debts and deficits matter. Unfortunately, because it was in response to Mike's article, it was couched in, and therefore has to cut through, all the smoke and mirrors of purist-Keynesian self-delusion in his article. Still, let this be a valuable lesson.
Reserve currency or not.
Central bank printing presses or not.
Borrowing from Bob to pay Bill or not.
All debts, to have value, must inevitably be paid off with the requisite amount of economic production.
And to contend otherwise is simply lying to, and further endebting, younger generations so people today can live off of the children of tomorrow.
Enjoy the decline!
Mr. Norman has responded with a counter argument (see below) that in intellectual honesty I wanted to share with you all. It's somewhat of a complicated and nuanced argument that for those of you without degrees in economics may not understand. However, I believe this higher level debate has shown some light onto Mr. Norman's position on MMT and hyper inflation. Again, if you don't understand the argument, I can break it down into layman's terms for you. Additionally, I wanted to thank Mr. Norman for further expounding on his position so we can all progress towards a higher understand of economics: