An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Overall good message. The national debt misunderstanding is a huge obstacle. "We can't afford it."
Reorienting common understanding of the defcit, national debt, currency sovereignty etc.. IS THE KEY to unlocking the ability to pursue all the other progressive goals. Once that barrier is broken down, then the discussion can evolve to: "what do we want?" …because we can afford it.
US govt dollar liabilities = non-government NFA held in USD.
It is correct to call "money" the issuers liability, specifically tax credits, and confusing to call it debt. Tsys are interest bearing time deposits, or "certificates of deposit" held at the govt's bank.
Crake, MMT is made for them. Explain it clearly, and they will get it, just as it got me when I realized that there is no affordability problem and that sole constraint is availability of real resource.
I recall asking Warren that specifically shortly after I found MMT and was blown away by his succinct answer. The veil was lifted.
12 comments:
Generation We is on the right track, we just need to teach them MMT:
http://vimeo.com/2032854
Overall good message. The national debt misunderstanding is a huge obstacle. "We can't afford it."
Reorienting common understanding of the defcit, national debt, currency sovereignty etc.. IS THE KEY to unlocking the ability to pursue all the other progressive goals. Once that barrier is broken down, then the discussion can evolve to: "what do we want?" …because we can afford it.
Patriotic,
out of curiosity? How did you come accross this blog? And, are you affiliated with Generation We?
Until we stop calling it debt nothing will change.
Stop calling public 'debt' debt. Find something more appropriate.
JK: I think Patriotic was phishing, and looks like Tom gave him the hook.
Hmm. His message is gone now. Interesting. What do you mean by phishing? … a robot generated message?
Leverage… how's "U.S. Dollar World Savings" or "U.S. Dollar World Equity" ?
Do we need something shorter? Like, the U.S. National Not-Debt? :_
Yes, he flashed post to many posts here. I removed them all permanently as soon as I saw the RSS feeds and realized it was an attack.
MMT needs to reach them. Unlike their parents' generation, they should be more open to it, since they view government positively.
"This is why we must invest in ourselves!"
http://scienceblogs.com/startswithabang/2012/08/06/this-is-why-we-must-invest-in-ourselves/
US govt dollar liabilities = non-government NFA held in USD.
It is correct to call "money" the issuers liability, specifically tax credits, and confusing to call it debt. Tsys are interest bearing time deposits, or "certificates of deposit" held at the govt's bank.
Crake, MMT is made for them. Explain it clearly, and they will get it, just as it got me when I realized that there is no affordability problem and that sole constraint is availability of real resource.
I recall asking Warren that specifically shortly after I found MMT and was blown away by his succinct answer. The veil was lifted.
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