Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #93182 is a reply to message #93154] Mon, 22 February 2021 09:25 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 480
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st Degree)
Another fine article by BillyBob, Bill Mitchel, principal author of the MMT textbook. He explains how the neoliberal paradigm, the New Keynesian's monetary principals have co opted our legislative bodies to do the bidding of what satisfies the financial markets. The markets are the fantasy built into neoliberal ideology. We're all compromised as a result. The news from Texas this last week is a glaring example. Public trust's held hostage to the markets.

http://bilbo.economicoutlook.net/blog/?p=46942
Re: Modern Monetary Theory [message #93194 is a reply to message #93182] Tue, 23 February 2021 11:09 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 480
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st Degree)
Our one party system. They bicker and play tug-o-war in Washington. Committees investigate, houses legislate. Politicians pontificate. But the status quo is whom bears the burden. Guess who? Take away the pretense of what either of your political party's can do for you. It's been captured and held for conspicuous consumption.

https://michael-hudson.com/2021/02/the-democrats-role-in-distracting-with-identity-politics/
Re: Modern Monetary Theory [message #93222 is a reply to message #93194] Sun, 28 February 2021 10:12 Go to previous message
Rusty is currently offline  Rusty
Messages: 480
Registered: May 2018
Location: Kansas City Missouri
Illuminati (1st Degree)
The 1.9 Trillion covid relief passed the House recently. On to the Senate it goes, along with the usual doom that accompanies any spending by the government. Unless it's military spending. As a matter of due course, figures show the USA spends more than the spending of the top 8,9 or 10 countries on this planet combined. This begs looking again at what MMT economist Eric Tymoigne writes about the subject of our National Debt. It never has, nor ever will be needed to be paid back. It's a number on a spreadsheet for the cumulative amount of debt spent by the federal government since this country has existed.

The debt is not like a commercial bank debt. Ask yourself what is the federal government for? What and who does it serve? The MMT principals are merely the understanding of what and how the workings of our federal government and monetary system actually work. Irrespective of economic models that are "popular" during a historical period. It's there regardless.

As he says. In other words, fiscal deficits are a normal state of affairs for the US government. They have been so for decades. This is the norm in the United States and throughout the world. Get over it.

Eric Tymoigne
http://neweconomicperspectives.org/2019/02/what-you-need-to-know-about-the-22-trillion-national-debt-the-alternative-short-interview.html#more-11409
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