lee wrote on Dec 14
th, 2021 at 4:30pm:
[quote]Consensus is not merit based either.
With a defined goal, it is. The most able are chosen by consensus and they take advice from the most qualified.
Companies and political parties use consensus within their organisations; no reason why a one-party meritocracy cannot use the same mechanism, to govern a nation.
Quote:And because they didn't he was right for all the wrong reasons?
No, because they didn't predict the GFC, whereas he did, while correctly identifying the private debt binge as the cause.
Quote:Another fail. you didn't even know about his multitude of predictions that would cause a recession. And tried to pretend they were post-GFC
Irrelevant, Keen was merely one of several MMT economists who predicted the private debt binge would end badly, requiring capitalism to be bailed out by the public sector...AGAIN...
Quote:One lonely writer. And no economist.
"Das received bachelor's degrees in Commerce and Law from the University of New South Wales followed by an MBA from the Australian Graduate School of Management.[1]"
So not an economist...which explains why he hasn't studied MMT and hence incorrectly concluded MMT isn't the solution.
His comments were recently refuted in Bill Mitchell's MMT blog.
Quote:MMT'ers like to claim it.. But they haven't shown they can control the economy
The mainstream can't control it, and MMT has explained why; it's time for a new approach. Nice to know that governments don't actually have to go broke because of covid debt, or force their populations to choose between starving or dying of covid because the government has "run out of money" ...as Bolsanaro ridiculously claimed in Brazil last year.
Quote:Too significant? How are they significant?
Tonight's TV report on the Antartic ice sheet decline?
Quote:According to the World Meteorological Organisation (WMO), Climate is merely 30 years of weather. They originally said 30 years was the best data available. And yet organisations reckon they know a global temperature to 1/100 of a degree. Global temperatures according to Gavin Schmidt can only be estimated to 0.5C and I have doubts about that.
What if heat is being absorbed by the oceans, before showing up as atmospheric temp. rises?
Quote:"According to the Energy and Climate Intelligence Unit’s Net Zero Tracker, Canada, Denmark, the EU, France, Germany, Hungary, Japan, the Republic of Korea, Luxembourg, New Zealand, Spain, Sweden, and the U.K. have signed net-zero commitments into law, with Germany and Sweden aiming to reach carbon neutrality already by 2045. Chile, Fiji, and Ireland have proposed net-zero legislation. Forty-five countries, including major emitters such as China and the U.S., have net-zero goals reflected in policy documents,
[highlight]and almost 80 are considering targets[/highlight]."
https://www.pv-magazine.com/2021/11/24/cop26-and-solar-satellites-for-net-zero-e... OOPS. India by 2070. China by 2060. But we are told it is an "existential" crisis. Surely the big emitters, which is NOT Australia, should be doing it now.
Like I said, the private sector is too conflicted to move, and governments are too beholden by mainstream economic orthodoxy, so are reduced to pointing fingers at one-another for "not doing enough". And obviously governments do NOT believe it is an 'existential' crisis; if they did, all factories would immediately be commandeered by the government for production of green infrastructure, in a type of planned 'war' economy...
Quote:Proof on the smart grid?
Patience, it will be wondrous in your lifetime.
Quote:They want a fair return. Which is more than Solar and wind - they get paid when there is too little or too much
The private sector fossil industry wants to keep gouging consumers.
Quote:Seeing as you can't tell your a*se from your elbow - I'm off - Bye.
That will certainly be a relief for at least one reader of this thread, who I hope - using the links I supplied - can now explore the significance of what the BIS itself said:
"Central banks might have to buy the fossil industry. "