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That depends on what the money is used for. If it''s used to prop up speculation like the current Fed's interventions in the Repo market, negative consequences will result.Because fiat money, does not have any inherent value, by printing more money, you are devaluing the money
That is indeed a trillion dollar questionDoes it not seem odd to you that if your MMT system worked, that governments would still be borrowing money? Why would they do this? Why would any government anywhere in the world borrow so much as a penny, if they can simply print all the money they need?
Your link:Besides, they did.
Venezuela Merges Nationalised Banks to Form New Bicentenary Bank
Happened back in 2009.
"Bolívar, Central and Confederado Banks were among eight banks taken over by the government in late November as a result of a mini banking crisis that prompted the arrest of a number of prominent bankers for violation of banking regulations.
"As a result of the merger of the three banks with the already state-owned bank, Banfoandes, it is estimated that the Bicentenary Bank now holds nearly 20% of all deposits in Venezuela."
What about the other 80% of bank deposits?
Were they held in private banks?
That depends on what the money is used for. If it''s used to prop up speculation like the current Fed's interventions in the Repo market, negative consequences will result.Because fiat money, does not have any inherent value, by printing more money, you are devaluing the money
On the other hand, if the money is used to fund millions of productive jobs, the resulting boost to consumption will produce positive consequences.
https://www.quora.com/What-is-included-everything-in-the-national-GDP
Can you acknowledge the existence of Communist dictatorships or are you too far gone?Marxist-Leninists create dictatorships supposedly to end exploitation, but in the end deliver the worst exploitation: tyranny, famine, and gulags.
Analysis | 10 Things You Should Know About Socialism
"Socialism is an economic system very different from capitalism, feudalism, and slavery.
"Each of the latter divided society into a dominant minority class (masters, lords, and employers) and a dominated majority (slaves, serfs, employees).
"When the majority recognized slavery and feudal systems as injustices, they eventually fell."
Not really.Capitalism comes from slavery.
In Europe there was a feudal interlude; however, in MAGA-land, capitalism came directly from the enslavement of millions of Africans and the mass murder of millions of Native Americans.
You call that "great."?
Don’t believe lying politicians.Why not MAGA?Why not move to Zimbabwe, North Korea, or Venezuela? You needn’t worry about capitalist exploitation in those countries.
Analysis | 10 Things You Should Know About Socialism
Okay but much of the New Deal is still in place not to mention Great Society and other programs. So why are you complaining?"5. Thank American socialists, communists, and unionists for the 1930s New Deal
"FDR’s government raised the revenue necessary for Washington to fund massive, expensive increases in public services during the Depression of the 1930s.
"These included the Social Security system, the first federal unemployment compensation system, the first federal minimum wage, and a mass federal jobs program.
"FDR’s revenues came from taxing corporations and the rich more than ever before."
What the relevancy of nationalizing all banks to implementing socialism?Your link:Besides, they did.
Venezuela Merges Nationalised Banks to Form New Bicentenary Bank
Happened back in 2009.
"Bolívar, Central and Confederado Banks were among eight banks taken over by the government in late November as a result of a mini banking crisis that prompted the arrest of a number of prominent bankers for violation of banking regulations.
"As a result of the merger of the three banks with the already state-owned bank, Banfoandes, it is estimated that the Bicentenary Bank now holds nearly 20% of all deposits in Venezuela."
What about the other 80% of bank deposits?
Were they held in private banks?
Doesn't look like it, at least not 80%. Again, I don't know why it matters. When you own everything, what difference does it make who holds the accounts?
If I own your house, does it really matter who owns the mortgage? No. Because I own the house, no matter who has the mortgage.
That said, from what I've read, out of the largest banks in the entire country, two of the largest are state owned:
Banco Bicentenario Banco Universal
and
Banco de Venezuela
Both of these banks, appear to have roughly 1/5 of the market.
That means at best 3/5 of the deposits in the market are with private institutions.
However, those banks are much smaller than the government run banks. Spanish to english translations pages are not perfect, but it appears the next largest bank is just 7% of the market... compared to the 40% for the state run institutions.
However, even ignoring that state control and ownership of the means of production is key to your argument, the reality is, none of the banks matter. None of them do.
You can't get $1 out of the bank in Venezuela. I tried.
What difference does it make, when none of the banks, state owned, or privately owned, have any money?
Totally irrelevant to the discussion.
Read the whole article: Methane & Fracking: What You Need to Know
Primarily because over the course of my lifetime (72), I've seen the "money interests" that FDR took on mount a sustained, bipartisan attack on much of the New Deal:Okay but much of the New Deal is still in place not to mention Great Society and other programs. So why are you complaining?
What you’re missing is that the money interests love big government.Primarily because over the course of my lifetime (72), I've seen the "money interests" that FDR took on mount a sustained, bipartisan attack on much of the New Deal:Okay but much of the New Deal is still in place not to mention Great Society and other programs. So why are you complaining?
The US supreme court has taken a sledgehammer to the New Deal | Heather Cox Richardson
"Since the 1930s, when then president Franklin Delano Roosevelt promised to break the hold of moneyed men on the government and broker 'a new deal for the American people', a cabal of reactionaries resolved to destroy the new government Democrats created.
"Roosevelt’s New Deal regulated business, protected social welfare and promoted national infrastructure on the principle that the role of government was not simply to protect the property of the wealthy, but rather was to promote equality of opportunity for all."
The New Deal played a key part in creating the greatest middle class in history, something the richest one percent wasted no time in destroying.
Historical Changes in U.S. Income Inequality - Sociological Images
Fracking has the benefit of reducing greenhouse gas emissions, but that's only one consideration as far as its effects on the environment are concerned:Read the whole article: Methane & Fracking: What You Need to Know
I have no problem condemning the terror inflicted by Stalin and Mao. I wonder if you have any concern for the dictatorship of capital that rules this county?Can you acknowledge the existence of Communist dictatorships or are you too far gone?
What the relevancy of nationalizing all banks to implementing socialism?Your link:Besides, they did.
Venezuela Merges Nationalised Banks to Form New Bicentenary Bank
Happened back in 2009.
"Bolívar, Central and Confederado Banks were among eight banks taken over by the government in late November as a result of a mini banking crisis that prompted the arrest of a number of prominent bankers for violation of banking regulations.
"As a result of the merger of the three banks with the already state-owned bank, Banfoandes, it is estimated that the Bicentenary Bank now holds nearly 20% of all deposits in Venezuela."
What about the other 80% of bank deposits?
Were they held in private banks?
Doesn't look like it, at least not 80%. Again, I don't know why it matters. When you own everything, what difference does it make who holds the accounts?
If I own your house, does it really matter who owns the mortgage? No. Because I own the house, no matter who has the mortgage.
That said, from what I've read, out of the largest banks in the entire country, two of the largest are state owned:
Banco Bicentenario Banco Universal
and
Banco de Venezuela
Both of these banks, appear to have roughly 1/5 of the market.
That means at best 3/5 of the deposits in the market are with private institutions.
However, those banks are much smaller than the government run banks. Spanish to english translations pages are not perfect, but it appears the next largest bank is just 7% of the market... compared to the 40% for the state run institutions.
However, even ignoring that state control and ownership of the means of production is key to your argument, the reality is, none of the banks matter. None of them do.
You can't get $1 out of the bank in Venezuela. I tried.
What difference does it make, when none of the banks, state owned, or privately owned, have any money?
Totally irrelevant to the discussion.
List of nationalizations by country - Wikipedia
"Venezuela[edit]
- "1916, nationalization of the Puerto Cabello and Valencia railway under the rule of Juan Vicente Gómez.[86]
- 1976, foundation of PDVSA with the nationalization of the Venezuelan oil industry under the presidency of Carlos Andrés Pérez.
- 2007 On May 1, 2007, the government stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects, a controversial component in President Hugo Chávez's nationalization drive.
- 2008 On April 3, 2008, Chávez ordered the nationalization of the cement industry.[87]
- 2008 On April 9, 2008, Chávez ordered the nationalization of Venezuelan steel mill Sidor, in which Luxembourg-based Ternium currently holds a 60% stake. Sidor employees and the Government hold a 20% stake respectively
- 2008 On August 19, 2008, Chávez ordered the take-over of a cement plant owned and operated by Cemex, an international cement producer. While shares of Cemex fell on the New York Stock Exchange, the cement plant comprises only about 5% of the company's business, and is not expected to adversely affect the company's ability to produce in other markets. Chávez has been looking to nationalize the concrete and steel industries of his country to meet home building and infrastructure goals.[89]
- 2009 On February 28, 2009, Chávez ordered the army to take over all rice processing and packaging plants.[90]
- 2010 On January 20, 2010, Chávez signed an ordinance to nationalize six supermarkets under the system of retail stores of a French company because of increasing price and speculation hoarding illicit.[91]
- 2010 On June 24, 2010, Venezuela announced the intention to nationalize oil drilling rigs belonging to the U.S. company Helmerich & Payne.[92]
- 2010 On October 25, 2010, Chávez announced that the government was nationalizing two U.S.-owned Owens-Illinois glass-manufacturing plants.[9
- 2010 On October 31, 2010, Chávez said his government will take over the Sidetur steel manufacturing plant. Sidetur is owned by Vivencia, which had two mineral plants appropriated by the government in 2008.[93]
- 2015 Venezuelan President Nicolás Maduro promises to nationalize food distribution."
Primarily because over the course of my lifetime (72), I've seen the "money interests" that FDR took on mount a sustained, bipartisan attack on much of the New Deal:Okay but much of the New Deal is still in place not to mention Great Society and other programs. So why are you complaining?
The US supreme court has taken a sledgehammer to the New Deal | Heather Cox Richardson
"Since the 1930s, when then president Franklin Delano Roosevelt promised to break the hold of moneyed men on the government and broker 'a new deal for the American people', a cabal of reactionaries resolved to destroy the new government Democrats created.
"Roosevelt’s New Deal regulated business, protected social welfare and promoted national infrastructure on the principle that the role of government was not simply to protect the property of the wealthy, but rather was to promote equality of opportunity for all."
The New Deal played a key part in creating the greatest middle class in history, something the richest one percent wasted no time in destroying.
Historical Changes in U.S. Income Inequality - Sociological Images
I have no problem condemning the terror inflicted by Stalin and Mao. I wonder if you have any concern for the dictatorship of capital that rules this county?Can you acknowledge the existence of Communist dictatorships or are you too far gone?
Either you own property or you become property; there is nothing else in a property-based world.
Bourgeois Elections and the Dictatorship of Capital
"As the presidential primary circus kicks off, America’s rulers tout this country’s political system as a model of democracy.
"The First Congress of the Communist International in 1919 contrasted the fraud of bourgeois democracy, a fig leaf for the class dictatorship of capital, to the system of proletarian rule in the form of soviets (councils) in the early workers state established through the 1917 October Revolution in Russia."
Your link:
Can you condemn Lenin as well?I have no problem condemning the terror inflicted by Stalin and Mao. I wonder if you have any concern for the dictatorship of capital that rules this county?Can you acknowledge the existence of Communist dictatorships or are you too far gone?
Either you own property or you become property; there is nothing else in a property-based world.
Bourgeois Elections and the Dictatorship of Capital
"As the presidential primary circus kicks off, America’s rulers tout this country’s political system as a model of democracy.
"The First Congress of the Communist International in 1919 contrasted the fraud of bourgeois democracy, a fig leaf for the class dictatorship of capital, to the system of proletarian rule in the form of soviets (councils) in the early workers state established through the 1917 October Revolution in Russia."
