2012-10-21 Warren Mosler about Bitcoin

[HostFat]

The most famose economist of the world, Warren Mosler, the father of the MMT (modern money theory) answer at a question about utility of cryptocurrency bitcoin system, at the economic summit -"NON ERAVAMO I PIIGS, TORNEREMO ITALIA" in Rimini -ITALY- 20/21-10-2012

http://www.youtube.com/watch?v=m_NePQAODv0

[istar]

Its amazing how someone so "famous" can be so utterly ignorant and downright stupid. Simply stunning.
I would not pay that guy the price of his pocket book to hear his advice.
In 10 years this will be gold





 

[Dusty]

The ignorance and stupidity of that guy is abysmal.

Or maybe he's just doing his job.

[hazek]

Never expect a man to understand what him getting his paycheck depends on him not understanding..

[koin]

damn, any way to mute the translator?

[jimbobway]

damn, any way to mute the translator?

Use headphones.  Original on the right ear.  Translation on the left ear.

[FreeMoney]

I'll do it, I'll volunteer to hold these 'worthless' credits on my computer. Eat that Mosler.

[Gabi]

Oh that was in Italy. Didn't even know that. Meh, in Italy and guess what? Tons of idiocies.

Oh and "NON ERAVAMO I PIIGS, TORNEREMO ITALIA" means "We weren't PIIGS, we will be again Italy"

[beckspace]

Its amazing how someone so "famous" can be so utterly ignorant and downright stupid. Simply stunning.
I would not pay that guy the price of his pocket book to hear his advice.
In 10 years this will be gold

The ignorance and stupidity of that guy is abysmal.
Or maybe he's just doing his job.

He's an expert in Charlatanism, I mean, Chartalism.

[HorseRider]

This Warren seems stupid.

[knight22]

I'll do it, I'll volunteer to hold these 'worthless' credits on my computer. Eat that Mosler.

+1

Oh wait! I can't! Mine worth about 11.60$ each...

[Gabi]

I'll buy it for 11.61$!

[Explodicle]

Oh that was in Italy. Didn't even know that. Meh, in Italy and guess what? Tons of idiocies.

Maybe when his economic predictions are wrong, they'll throw him in jail! 

[hazek]

Oh that was in Italy. Didn't even know that. Meh, in Italy and guess what? Tons of idiocies.

Maybe when his economic predictions are wrong, they'll throw him in jail! 

His economic predictions weren't wrong, the politicians just didn't do enough of what he prescribed, that's all!

[marcus_of_augustus]

He's a theorist .... not a practitioner.

So far his theories don't look all that 'famous'. But if people feel like giving him their 'real' money to speak, let him have it.

[AsymmetricInformation]

Woah woah don't freak out everyone...jeeze anyone who raises concerns about our project is insta-shunned, its madness I say.

He is actually just restating the Mises Regression Theorem (we all love Mises, right?)....the 'seed value' Mosler is looking for (ie the "final demand" or "the thing that you can only buy with BTC and nothing else"), exists in several places, namely low-cost/instant international payments, unfreezable accounts, inflation-proof, etc.

So the final demand would be for like a hypothetical "Bitcoin Co. International Payment Service Coupon" or whatever that is (somewhat confusingly) supplied BY Bitcoin (the software) and can ONLY be paid for with Bitcoin (the currency). He was even humble enough to say "which I've been unable to identify"...ie he would change his mind if he DID identify it.

I happen to think Mosler and his MMT are completely ridiculous, but the ridiculousness isn't expressed in the excerpt given here.

imho

[oseido]

Hi bitcoin world community.

Mi name is Giancarlo Algieri, and i'm the man that in the video do the question about bitcoin. I'm an Italian mmt activist from the democraziaMMT italian movement. I think that Warren Mosler is a great man and a big mind. It have made the modern money theory and this economic school is the last way for my country to exit from the economic abyss rappresented from EuroZone. In italy the situation is very bad. No Monetary Sovereignty (rappresented from the euro currency) have made : no work, no right, no hope...and economy is close to collapsing. Argentina in the 2002 was desperated, and mmt have do a miracle. The umkc university have do a great work, and in italy, The Journalist "Paolo Barnard" have write a paper that explain modern money theory to my people, and have organize in italy 2 of the most big economic summit of the world in february and october 2012 (1200 people cad)

So...if Mosler have not study bitcoin and hi's answer is no good, please , remember first that hi is and remain one great economist .

Tnx

Giancarlo Algieri, MMT activist.
Economic Summit -"NON ERAVAMO I PIIGS, TORNEREMO ITALIA" - Rimini -ITALY - 20/21-10-2012

[Dusty]

Hello Giancarlo,
Mosler wants a kind of money to be printable as much as he wish, so he will always dismiss and despise Bitcoin as it's his worst nightmare.

Bitcoin is a technology born with the express intent to crush movements like MMT, which aims to bring the economy to Zimbabwe style :-)

(Mugabe is applying MMT theory... you judge his success)

[marcus_of_augustus]

Hi bitcoin world community.

Mi name is Giancarlo Algieri, and i'm the man that in the video do the question about bitcoin. I'm an Italian mmt activist from the democraziaMMT italian movement. I think that Warren Mosler is a great man and a big mind. It have made the modern money theory and this economic school is the last way for my country to exit from the economic abyss rappresented from EuroZone. In italy the situation is very bad. No Monetary Sovereignty (rappresented from the euro currency) have made : no work, no right, no hope...and economy is close to collapsing. Argentina in the 2002 was desperated, and mmt have do a miracle. The umkc university have do a great work, and in italy, The Journalist "Paolo Barnard" have write a paper that explain modern money theory to my people, and have organize in italy 2 of the most big economic summit of the world in february and october 2012 (1200 people cad)

So...if Mosler have not study bitcoin and hi's answer is no good, please , remember first that hi is and remain one great economist .

Tnx

Giancarlo Algieri, MMT activist.
Economic Summit -"NON ERAVAMO I PIIGS, TORNEREMO ITALIA" - Rimini -ITALY - 20/21-10-2012

Thanks for asking Mosler that question, his shallow and dismissive answer was enlightening.

Have you considered the concept of free market money for saving Italy? Any small province in Italy could begin with trading with their own currencies for example., irrespective of what the ECB dictates.

The monopolistic nature of the modern money is what creates the massive market distortions, under/over supply, instability and etc.

http://monetaryfreedom.org/ (click on the "Resources" link to read more)

Good luck.

[oseido]

I think that there is a lot of confusion about the MMT economy theory.
“Modern Money Theory” or “The Kansas City Approach,” builds on the work of Abba P. Lerner, John Maynard Keynes, Hyman P. Minsky, Wynne Godley and other important figures of the past.
My opinion is that "Modern Money Theory" is the only way to retake the monetary sovereignty lost with the ECB system. ECB have imposed a not-sovereign currency (euro) to all state member of EU; and the possibility to strike coin  to belong to only from the European Central Bank (arbitrarily) , and not when a state ask it. But the true problem is that European Central Bank arbitrally decide to who "lend" money. This is a nightmare for the european member state. A state without the possibility to createand (not lend!) money for spend and taxes the people whit your fiat money, isn't a sovereign state. Italy is not more a sovereign state, since it entered in the European Money System. I suggest to all people to read the official website of University of Missouri-Kansas City (UMKC) http://cas.umkc.edu/ and the blog where all most important mmt theorist whriting http://neweconomicperspectives.org/p/about.html

Sorry for my bad english.

Giancarlo Algieri