Gary gives it a rip

I stand duly reprimanded as the elitist empty headed asshole that I am. Thanks for the reminder Gary.

For what it’s worth department – not much – in the past I’ve watched a fair amount of your videos and am one who agrees with many if not all of your views on people and society. You and Nick have apparently enjoyed banter and intellectual sparring for years now. That speaks volumes about both of you. Intellectual giants! ( That should draw a fuck you, you empty headed moran – at minimum. )

Elitist. Yes – my fundamental cynicism and general irreverance certainly could rightly be felt and described as snobbery. On the other hand there is no short supply of impudence in the midst.I’ve never offered any pretense here about understanding at depth much of what is discussed. I’m just trying to learn a little and maybe hum a few bars. Don’t really give a shit about the lyrics.

On the other hand, I’ve watched many long winded disertations by leading scholars on economics. And when I get up early in the morning and find someone trying to educate us on the entire ball of wax so to speak, by an impromtu scratching on a piece of paper… well… believe it or not I actually have somewhat of what is often referred to as “a life”.  Lots of friends, a successful business, a wife and 5 cats and I actually help real people in real life in many ways – including financial support.

OTP is essentially a little entertainment of sorts where I might occasionally learn something. I find there’s some pretty nice and respectable people here and I easily acquiesce to and respect their inherent intelligence.

Even if I am in fact an empty headed arrogant low life piece of shit who needs to work on getting an icon.
I’ll attend to that soon. NOT!

I’m more of an observer of people and life.  I observe a lot more going on here than just economics.

I didn’t want to hear him rip into me, so I stopped listening fairly early on.

I do know that in feeling that I had a general grasp of a few things (both new to me over the past couple of years, and both working to break from convention), I had neglected the nitty gritty fundamental operations of them, both with MMT and with what I took as a basic banking statement of Keens (and others) that banks create loans and deposits and look for reserves later.  He also wanted to point out that it’s incorrect to look at banks simply as facilitators for the “patient person” (with a deposit of money in the bank that he is in no hurry to use) and the “inpatient person.”

And much of what he went on to present (in various presentations and formats) was making a lot of sense to me about how much the inflation in the money supply due to this private debt, say, in comparison to the federal govt. debt, is playing a far more significant role (even though we mostly only hear the conventional stuff — that I’ve been learning from the likes of MMTers, is just not correct — about the govt. debt that’s “going to bring us all down;” that we’re just like Greece, etc.).  And because this private debt *requires* repayment/unwinding (very different than govt. debt), it’s clearly going to be the cause of tremendous turmoil as it unwinds, which it must (a process that has certainly started, but as Keen makes clear, still has a very long way to go). 

And I was enjoying just “going with that,” and the further stuff I was learning from him, and I guess I still can to some extent, whether or not I have a grasp of the fundamental operations, of how it works.

Yep, I have become very much like a 5 year old (why not stay with 5s?) in starting with the very basics of banking operations and balance sheets (which I have next to no experience with), and nope, that isn’t very comfortable, especially when I manage to struggle with it.  But so be it.  That’s where I am.  I’m not going to pretend that I understand something that I know I don’t, even if an average 5 year old should, ;-).

But I also know that when I do get a better grasp of this nitty gritty fundamental level of things, I’ll feel a lot better about the “higher level” of the stuff I’m learning (and am, frankly, of course, far more interested in).

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I will say this, though, I respect Gary’s way of expressing that he is upset with someone(s) far more than I respect what the resident “imposter” had been doing lately.  In comparing the two, I’d take Gary’s way any day.  Gary had some stuff he wanted to say, and he made a video on his own channel, which people could watch or not watch.  And he expressed very directly what he wanted to complain about.  And hey, I, too, took part in a mocking post, so it’s not surprising to me that Gary wanted to hit back.  (And I’m sure Mystic wasn’t too happy with being mocked originally by Gary.)

Posting Gary’s response today, though, was done with a clear change of tone.  In that, it seems like it wasn’t done as a way to mock Gary, but as a way to let him have his say in response to yesterday’s post.  So with that, maybe we can begin to move on, at least beyond the “getting personal” stuff of these exchanges.

Linda

I like the concept that company’s do not pay their employees, the customer does.  That requires all of us to think alittle !