Writing Exchange

16 posts9 participants6 posts today

DrALJONESThe US can *never* run out of USD.All Americans could have universal healthcare, housing, education, transport, etc. And such strategic fed spending can actually lower inflation, not increase it*Important debate on whether reducing the national debt a fiscal priority (hint, it's not):Stephanie Kelton at Arizona State, April 16 (livestream at 8 pm ET)<a href="https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore</a>* <a href="https://www.youtube.com/watch?v=lN12lOC5qGk " rel="nofollow noopener noreferrer" translate="no" target="_blank">https://www.youtube.com/watch?v=lN12lOC5qGk </a><a href="https://mastodon.social/tags/USEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USEconomy</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/uspol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#uspol</a> <a href="https://mastodon.social/tags/filmfindingthemoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#filmfindingthemoney</a> <a href="https://mastodon.social/tags/thedeficitmyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#thedeficitmyth</a> <a href="https://mastodon.social/tags/stephaniekelton" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#stephaniekelton</a> .

Austrian<a href="https://mastodon.social/@DrALJONES" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@DrALJONES</a> In fact, government spending is constrained by people's attitudes toward money, not by finances or resources. If the government creates huge amounts of money to cover its huge spending, people will simply reject this kind of plunder, they will reject money. MMTists are wrong when they try to convince people that there are no pitfalls to government spending. <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a>

Austrian<a href="https://mas.to/@RichardJMurphy" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@RichardJMurphy</a> You write: "if we removed the government debt, there would be no government-created money in use to actually pay our tax." No. A balanced budget doesn't mean that there is no money and/or taxes. Money can be created by the market or the government, but it will still have value and can be used to pay taxes. <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a>

Austrian<a href="https://mas.to/@RichardJMurphy" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@RichardJMurphy</a> You write: "It is literally the money that's put into circulation, which gets its value because it could be used to pay tax." Money acquires value long before taxes are paid. The government accepts money because it already has value. Money gets value in the marketplace; it obeys the law of supply and demand. <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a>

Austrian<a href="https://mastodon.social/@DrALJONES" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@DrALJONES</a> I don't need to watch the video. Fadhel Kaboub himself admits that "The risk of <a href="https://mastodon.social/tags/inflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#inflation</a> remains under control so long as government spending does not outpace the economy’s real productive capacity—the availability of physical resources, skilled labor, equipment and technical know-how." And he doesn't take into account at all that people can and will reject the money, if the government goes too far with its printing press. <a href="https://denison.edu/academics/economics/wh/129585" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://denison.edu/academics/economics/wh/129585</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a>

AustrianMMTists state: "As Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods." From this fallacious statement they conclude that "Money is always debt; it cannot be a commodity from the first proposition because if it were that would mean that a particular good is buying goods." That's also a fallacious statement. If you build the theory on false prepositions, you won't be able to get a correct theory. <a href="https://neweconomicperspectives.org/2012/06/mmp-51-conclusion-the-nature-of-money.html" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://neweconomicperspectives.org/2012/06/mmp-51-conclusion-the-nature-of-money.html</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a> <a href="https://mastodon.social/tags/science" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#science</a>

John Francis 🦫🇨🇦🍁💪⬆️<a href="https://pnw.zone/@felix" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@felix</a> <a href="https://mstdn.chrisalemany.ca/@chris" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@chris</a> war spending is a great example of MMT. But also remember that MMT is describing the current monetary system, not something that would need to be adopted in the future. <a href="https://cosocial.ca/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#MMT</a> describes what we already have whenever a currency issuer is spending on anything. Spending is first, taxing is later. Taxes are not for collecting money to have so that it can be spent. Federal govt bonds of all kinds should just be abolished.

DrALJONESThe US can *never* run out of USD.All Americans could have universal healthcare, housing, education, transport, etc. And such strategic fed spending can actually lower inflation, not increase it*Important debate on whether reducing the national debt a fiscal priority (hint, it's not):Stephanie Kelton at Arizona State, April 16 (livestream at 8 pm ET) <a href="https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore</a>* <a href="https://www.youtube.com/watch?v=lN12lOC5qGk " rel="nofollow noopener noreferrer" translate="no" target="_blank">https://www.youtube.com/watch?v=lN12lOC5qGk </a><a href="https://mastodon.social/tags/USEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USEconomy</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/uspol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#uspol</a> <a href="https://mastodon.social/tags/filmfindingthemoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#filmfindingthemoney</a> <a href="https://mastodon.social/tags/thedeficitmyth" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#thedeficitmyth</a> .

DrALJONESDebate: "Should the federal government make reducing the national debt a fiscal priority?"Stephanie Kelton (No case) vs Stephen Moore (Yes case) at Arizona State, April 16Attend in person or join thousands of others watching the livestream at 8 pm (ET).<a href="https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore</a><a href="https://mastodon.social/tags/USEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USEconomy</a> <a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/uspol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#uspol</a> <a href="https://mastodon.social/tags/filmfindingthemoney" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#filmfindingthemoney</a> .

DrALJONES<a href="https://mastodon.social/@Minnesota411988" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@Minnesota411988</a> Bank of EnglandThe "govt creates new money... when it undertakes expenditure, rather than spending being financed by taxation from, or debt issuance to, the private sector".<a href="https://www.ucl.ac.uk/bartlett/public-purpose/publications/2022/may/self-financing-state-institutional-analysis" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://www.ucl.ac.uk/bartlett/public-purpose/publications/2022/may/self-financing-state-institutional-analysis</a><a href="https://mastodon.social/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://mastodon.social/tags/usfed" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#usfed</a> .

Leftist LawyerPop some corn and grab a beverage.What with March Madness in the air, Stephanie Kelton dunking on Stephen Moore promises to be fun.<a href="https://kolektiva.social/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#MMT</a> <a href="https://kolektiva.social/tags/econ" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#econ</a> <a href="https://kolektiva.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a> <a href="https://kolektiva.social/tags/uspol" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#uspol</a> <a href="https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://stephaniekelton.substack.com/p/my-upcoming-debate-with-stephen-moore</a>

52 Fighters<a href="https://mindly.social/@cazabon" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@cazabon</a> Payroll taxes go direct to the IRS. That said, you have a fundamental misunderstanding of what federal taxes do. They do not finance government spending, they regulate the supply of dollars. Check out <a href="https://rcsocial.net/tags/MMT" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#MMT</a> for more information.

GhostOnTheHalfShell<a href="https://a.gup.pe/u/economics-that-works" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@economics-that-works</a> <a href="https://mastodon.online/@blair_fix" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@blair_fix</a> <a href="https://climatejustice.social/@SmithWillSuffice" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@SmithWillSuffice</a> 23 minSo many people may know, I agree with heterodox economics, but have developed a little daylight between their modeling and what I consider to be reality.Gary, here is traditionally trained, but his working class background makes him acutely aware of wealth inequality and the consequences of it. He’s been remarkably accurate in his predictions. … <a href="https://www.youtube.com/watch?v=CivlU8hJVwc" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://www.youtube.com/watch?v=CivlU8hJVwc</a><a href="https://masto.ai/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a> <a href="https://masto.ai/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a>

GhostOnTheHalfShellAnd worse, the funds they cut off is is the government issues and pays into the economy to make it run.This is the great lie of mainstream economics. That currency sovereign like the United States or the UK finances its national government through taxes. This is bullshit. Taxes remove money from the economy and national government spending adds money to the economy.The only question is where does that money end up?We all know what the answer is.<a href="https://masto.ai/tags/mmt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#mmt</a> <a href="https://masto.ai/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a> <a href="https://masto.ai/tags/politics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#politics</a>

Félicien Breton 🍉 🔻 🌱The liberal legacy political parties had votes drop to 60 percent (from 76 percent in the previous parliamentary election three years earlier). Just before parting, the representatives passed a law that may double the national debt.'After fifteen years of German legacy political parties lecturing their citizens that the Swabian hausfrau was the sole paradigm for government spending and that “our grandchildren” could not be burdened by today’s profligacy, the same German political parties have abandoned “fiscal responsibility”, having voted over one trillion euros in new debt, defying not only its own debt brake, but the one it imposed on the rest of the EU.'Mathew D. Rose: <a href="https://braveneweurope.com/mathew-d-rose-germany-has-sealed-its-own-demise" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://braveneweurope.com/mathew-d-rose-germany-has-sealed-its-own-demise</a><a href="https://a.gup.pe/u/germany" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@germany</a>, <a href="https://a.gup.pe/u/eu" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@eu</a><a href="https://climatejustice.social/tags/corruption" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#corruption</a> <a href="https://climatejustice.social/tags/retribution" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#retribution</a> <a href="https://climatejustice.social/tags/change" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#change</a> <a href="https://climatejustice.social/tags/changeManagement" class="mention hashtag" 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