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Economy

mbperrin

(7,672 posts)

19. I see now. It's the rather old fashioned notion that money is meant to be a store of value.

Reply to jtuck004 (Reply #18)

Sun Jan 22, 2012, 02:51 AM

Jan 2012

More modern take is that it is a claim for goods and service, no more. The goods and services are the actual savings of any economy, but money received without productive activity on the part of the holder robs the rightful owners of their claims.

These are the folks who call themselves post-Keynesians. No, I would not have studied them any more than I would waste time on gold bugs, nor the Illuminati.

But thanks for the info - it did jog a few brain cells. It's just a really old idea, never really mainstream. But thanks.

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Debt Is (Mostly) Money We Owe to Ourselves [View all] phantom power Dec 2011 OP

Well, correct me if I'm wrong, but Tansy_Gold Dec 2011 #1

I own not one dime of government securities, which is how we finance the national debt. mbperrin Dec 2011 #2

Well, that's pretty much what I meant Tansy_Gold Dec 2011 #3

You've said it well, and flawlessly. mbperrin Dec 2011 #4

The Federal Government does not have to obtain money (American dollars) from any one. Sam1 Jan 2012 #6

Please cite the economist and formula that shows that government debt creates savings in the private mbperrin Jan 2012 #10

You have a degree in economics and have never heard (or studied) the chartalist perspective? jtuck004 Jan 2012 #18

I see now. It's the rather old fashioned notion that money is meant to be a store of value. mbperrin Jan 2012 #19

Yep, goods and services much more modern. Better go round up some goats jtuck004 Jan 2012 #20

Didn't read a word, did you? The money is a CLAIM for goods and services. mbperrin Jan 2012 #21

What really has value is human potential, not goods and services, and not jtuck004 Jan 2012 #22

I posted this in response to someone else. JDPriestly Jan 2012 #9

This is a little different because Tansy_Gold Jan 2012 #12

Money from the Social Security Trust Fund which was created because JDPriestly Jan 2012 #14

Exactly. And furthermore, Tansy_Gold Jan 2012 #15

So, if you can afford it, invest for yourself also. JDPriestly Jan 2012 #16

If you have paid your payroll taxes -- your Social Security taxes -- your old-aged JDPriestly Jan 2012 #8

I pay the Teacher Retirement System of Texas. mbperrin Jan 2012 #11

Repudiate the national debt and let the chips fall where they may. Or Blue Hen Buckeye Jan 2012 #5

I wonder what portion of the debt is owed to the Social Security Trust Fund. JDPriestly Jan 2012 #7

About 27-30% from memory dmallind Jan 2012 #13

SSA Trust fund = $2.6 trillion - total debt now over $15 trillion banned from Kos Jan 2012 #17