Sean Foo: Panic and Collapse as the West's Economic War on China and Russia Backfires
Sean Foo is a financial analyst and a China expert. Foo discusses how the economic war against China and Russia is having a detrimental impact on Western economies. As industrial economies focused on the physical economy, China, Russia, and other BRICS countries are bypassing the middlemen in Western financialised economies.
Hello Glenn,
both yourself and Sean obviously do not comprehend the day to day operational detail of how national macroeconomic monetary systems actually function, which regrettably, unnecessarily undermines the validity of your otherwise cogent economic analysis.
I strongly recommend you read Warren Mosler's 'Soft Currency Economics' paper - first published way back in 1994. It has become the 'founding stone' of MMT macroeconomic analysis for very good reason - Mosler is 100% correct in his operational description of todays post Bretton Woods floating fiat monetary systems.
Over the 30 yrs since initial publication not one word or phrase has had to be changed - central bankers over the world have reviewed and discussed Mosler's document - not one has found inaccuracy in its detail.
Paper here: https://moslereconomics.com/wp-content/uploads/2018/04/Soft-Curency-Economics-paper.pdf
I have studied MMT for over a decade & I can tell you MMT analysis is not wrong - it is based on operational reality.
I challenge you to refute any part of Mosler's document - if you can't, it then follows that Mosler's operational descriptions are correct. Acceptance of that fact fundamentally changes one's view of national macroeconomics
Reality grounded macroeconomics is not too difficult to understand - the biggest problem for those accustomed to economic orthodoxy is un-learning the many groundless, anachronistic concepts presented as 'plain common sense' economics.
Happy to assist you understand MMT in any way I can,
Best wishes,
John Bloomfield
ps
Following is a comment posted earlier on your YT describing particular inaccuracies of detail presented during the YT commentary:-
@12m Sean Foo " ...So the big problem the US has right now is trying to find a consistent buyers for their debt - for their treasury bonds."
That is not a problem for the US - the US does not need to sell bonds - bond sales do not 'finance' US Govt. spending. Bond issuance has other functions that can be replicated if other forms of monetary measures - eg interest rate management can be effected by paying interest on excess reserves - fundamental MMT.
@42:40 Glen: "...no matter who sits on the throne in Washington it's still going to be unsustainable debt. It's still going to be a a dollar which is very vulnerable. It's still going to be technological dominance ... which has already been lost..."
The US debt is completely sustainable Glen - it is all denominated in USD and most of it is owed to domestic US entities (though the holder of the 'debt' is mostly irrelevant).
There is no level of USD denominated debt that the US cannot pay - again, fundamental MMT.
The real problem the US is facing is sustainability of domestic social cohesion/stability in the light of rising prices prices of consumer essentials due tariffs in combination with truly unsustainable private debt & deindustrialisation - ie lack of jobs & local industries to replace previously cheap imports.
The US is likely to find itself embroiled in such deep domestic dysfunction that ambitions of global hegemony will become obviously & practically impossible.
Suggest you invite Randall Wray on to properly explain the role of gold reserves in national/international macroeconomic systems.