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The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 1 day ago

This is what you said: "FRB is not printing money as such. It is limited by the reserves a bank has so it doesnt actually increase the amount of money." That is half wrong. FRB is limited by the reserves a bank holds, but it does create new money. If you get a bank loan, that money did not exist before - ie. it didn't come from another account -  it appeared out of nowhere as a number in a database. Every $1,000 deposited in a bank account has the potential of creating about $10,000 of new money. Just watch that 1 minute video above - it explains it much better than I could.

The problem with having your head glued to a textbook is that it can be difficult to see the bigger picture. Fiat money is limitless, but just printing money willy-nilly can be very problematic, which is why governments don't just print money willy-nilly. 

But there are times when printing money makes a lot of sense - like to fund FDR's New Deal that pulled America out of the Great Depression, or like paying rents to prevent 40 million people face eviction with all the knock-on effects that will entail.  https://edition.cnn.com/2020/08/07/economy/eviction-stimulus/index.html  Or is that just a "minor financial pressure".

The point I was making about FRB, is that in a normal healthy growing economy, money is effectively "printed" all the time and no one bats an eye lid. If you think that FRB does not create new money, then tell me where most new money comes from in a normal healthy growing economy. And why that 1 minute video above is wrong.

So the idea of printing money should not have the stigma that it does - because used wisely and creatively, it's an incredibly powerful tool. 

The issue is not how much money is available - because there actually is a magic money tree - but what use money is put to. I find it bizarre that it seems easy to fund a war, or a billionaire's tax break, but when it comes to preventing 40 million people face eviction, there's a problem. That's not a childish thought, it's the very essence.

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 2 days ago

Actually, there is a magic money tree. How do you think hyper inflation happens?

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 2 days ago

I didn't say FRB is limitless. I said it's limited by reserves (savings). You're getting sloppy again.

Fiat money is limitless. So the government can always pay the rent and prevent a homelessness crisis.

I also said that government paying the rent is just a different way of injecting new money into the economy. Just as getting a mortgage, or a bank loan, or UBI, or cancelling student debt ... they are also other ways of injecting new money into the economy. Do you agree with that?

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 2 days ago

FRB is not "the re-allocation of existing reserves currently held in a central bank". According to Wikipedia, it's "...the most common form of banking practised by commercial banks worldwide,..." https://en.wikipedia.org/wiki/Fractional-reserve_banking

This is a good video that explains how FRB creates new money. It's only 1 minute long.  https://www.youtube.com/watch?v=-09ap6zIB6I

Point is, fiat money is limitless and could be used to pay rents rather than evicting people and making the problem worse.

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 3 days ago

In the context of what we are talking about, "printing" money means changing numbers in a database. It is not literally printing dollar bills. I thought that was common knowledge.

FRB is limited by reserves, but "printing" money overall (including QE from central banks and any other ways I'm unaware of) is limitless.

There is no shortage of fiat money. Otherwise, how do you think hyper-inflation happens?

Inside Tesla's Gigafactory 3, Shanghai 64% Posted Sep 2020

Inside Tesla's Gigafactory 3, Shanghai

Comment: 10 days ago

This is why we need UBI.

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 10 days ago

Money is "printed" all the time. Every time someone gets a mortgage, that's new money (money that didn't exist before) injected into the economy. It's called fractional reserve banking. It's how commercial banks "print" money. Look it up. It really opened my eyes when I found out.

bolerhatman | Why can't Britain just admit that Brexit was a mistake? 62% Posted Sep 2020

bolerhatman | Why can't Britain just admit that Brexit was a mistake?

Comment: 11 days ago

We don't take control of our destiny by jumping off a cliff. Gravity takes control and the ground will decide our fate.

We control our destiny by playing a major role in one of the world's three superpowers. 

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 11 days ago

Scrap all those programs and replace with UBI - a beautifully simple 21st centrury solution that will come about through necessity.

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 11 days ago

Evicting these people only makes the problem worse and solves nothing. Landlords still miss their mortgage payments. Empty properties have an ongoing cost for security and maintenance which will overburden landlords not receiving any rental income. Landlords will be next on the streets and the poor banks won't get their money.

There's plenty of money around - repaying the money can come from a % of share dividends, or a one-off wealth tax, or a cut in the military budget, or a robot tax ... I'm sure you can think of other ways.

Or it may not be necessary to even pay it back. After all, the government printing money to pay someone's rent is just a different way of injecting new money into the economy.

It would be better to pump in new money at the bottom - give money to people directly - like UBI, rather than pump new money in at the top with quantitive easing and hope banks will lend more.

Introduce UBI, invest in new jobs transforming the country for a green future (like the Green New Deal), cancel student debt (so that students spend the money they save straight into the economy) and the US economy will boom.

But first you have to get rid of Trump.

The Rational National | CNN segment highlights eviction crisis 75% Posted Sep 2020

The Rational National | CNN segment highlights eviction crisis

Comment: 13 days ago

Evicting these people makes no sense. Who is going to move in? The propertiies will stay empty and landlords won't be able to make their mortgage payments. Much better for the government to pay the rents so the chain of renter-landlord-bank is not broken. The money can be paid back later - there's plenty of money around, the stock market is soaring.

CNBC | Why Tesla's full self-driving feature is taking so long 56% Posted Jul 2020

CNBC | Why Tesla's full self-driving feature is taking so long

Comment: 51 days ago

Maybe "doing one thing" isn't the best use of words. Surely self-driving is within the realm of narrow AI - ie. AI that has one purpose, in this case driving. 

Narrow AI is like a super human driver, whereas general AI is like a super human.

CNBC | Why Tesla's full self-driving feature is taking so long 56% Posted Jul 2020

CNBC | Why Tesla's full self-driving feature is taking so long

Comment: 52 days ago

As a non-engineer, I thought self-driving was narrow AI - ie. AI that was good at doing one thing - in this case, driving.

Autopilot isn't going to play chess, or compose music.

Big Think | Should conscious AI have rights? 47% Posted Jul 2020

Big Think | Should conscious AI have rights?

Comment: 67 days ago

The problem is that at some point we humans will have no say in the development of AI, because AIs will be developing the new AIs.

Aperture | The real meaning of life 50% Posted Jul 2020

Aperture | The real meaning of life

Comment: 71 days ago

I'm the centre of the universe and when I die it will cease to exist. Same goes for you.

How Toyota plans to outsell Tesla 44% Posted Jun 2020

How Toyota plans to outsell Tesla

Comment: 80 days ago

Toyota is not moving to hydrogen. They are not investing any significant money into that. They are focusing on hybrids. But hybrids are a transition technology, and we're transitioning to BEVs really quick. 

Battery technology is getting really good. Tesla is about to announce the one million mile battery, necessary for robotaxis.

How Toyota plans to outsell Tesla 44% Posted Jun 2020

How Toyota plans to outsell Tesla

Comment: 80 days ago

Correct ... if you wrote this 5 years ago.

How Toyota plans to outsell Tesla 44% Posted Jun 2020

How Toyota plans to outsell Tesla

Comment: 81 days ago

Range anxiety won't be a thing for battery electric cars before long. But it will be for fossil fuelled cars. "Where's the next petrol station?" will haunt people who buy a new fossil fuelled car today. Petrol stations will become rarer and rarer as electric cars, vans and trucks become normal.

And when you're fed up with trying to find a petrol station everytime you want to drive more than 30 miles, you'll want to sell your car. But it will be worth nothing because no one else wants one.

And the cost of petrol will rocket as demand plummets.

IMO, Toyota is making a huge mistake.

RoF | Trump thinks he's "the most perfect person" 42% Posted Jun 2020

RoF | Trump thinks he's "the most perfect person"

Comment: 83 days ago

"A friend of mine said..." He lied. His only friend is a mirror.

The Lincoln Project | Shrinking 46% Posted Jun 2020

The Lincoln Project | Shrinking

Comment: 87 days ago

I think these Lincoln ads are very effective. They are aimed at swing Trump worshippers - those who idolise the man rather than his policies. Nobody wants to idolise a loser. 

The ‘constructive debate’ approach doesn’t work with typical Trump supporters. If it did, they would have ditched him years ago.

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