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Joe Weisenthal
@TheStalwart
, 3 tweets, 2 min read Read on Twitter
I still haven't gotten over this story. Marco Rubio putting out a paper citing multiple obscure left-wing economists, including one of the developers of MMT bloomberg.com/news/articles/… via @BenHollandDC
@BenHollandDC Rubio even cited an article titled '“Corporate Power and the Self-Destruction of Neoliberalism,"
Like it's not really surprising to see Republicans denounce mainstream American style capitalism these days. Tucker Carlson does that on TV. But citing folks like Minsky, Wray, Godley, @JWMason1, @JoMicheII, @MazzucatoM and JK Galbraith still seems highly unusual.
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Joe Weisenthal
@TheStalwart
The new Odd Lots is out, and it's really fascinating. @tracyalloway and I talked to @HmalikH about the Russian revolution through the lends of the sovereign bond market bloomberg.com/news/articles/…
@tracyalloway @HmalikH I learned a ton of stuff, including the fact that prior to the revolution, Russian sovereign bonds were seen as a safe-haven asset, and were a bread-and-butter component of retail investor portfolios across Europe in the early 1900s.
Also, by some estimates, the size of the Russian default was $1 trillion in today's dollars (though that seems to be ambiguous, as it might have been as small as $300 billion, which is still gigantic).
Read 4 tweets
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Joe Weisenthal
@TheStalwart
This @Neil_Irwin piece on the end of deficit alarmism has me thinking about something @teasri tweeted the other day. How much of this change is about the idea battle vs how much is generational battle nytimes.com/2019/02/23/ups…
Here's the @teasri tweet
This whole thread actually
Read 6 tweets
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Joe Weisenthal
@TheStalwart
This piece by @MattBruenig makes the same error that @jbarro made in his critique of, which is the assertion that since MMT prescribes higher taxes as a possible way to combat inflation, that it just gets you back to the classical view of taxes as a means of funding spending...
But if the government undertakes a major new spending endeavor (say, expanding childcare), then taxing some totally unrelated areas (yachts, plane travel, etc) won't do anything to combat inflation, even if the dollar amounts were to match up.
The conventional view would be that as long as the dollar amounts raised from taxes roughly equal the new spending, then that would suffice to contain inflation. But the MMT claim (taxes don't fund spending) points to why this is a problematic assumption.
Read 4 tweets

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Grant LaFleche
@GrantRants
I am sharing this again because the stats tell a story that everyone should be paying attention to. (journalism thread)

Warren Buffett sees newspapers dying. But PR jobs are booming bloomberg.com/news/articles/… via @markets
The numbers here say there are 6.4 public relationship people to every working journalist. This is a startling number that should concern any citizen, although for more journalists it is confirmation of what we experience daily.
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Values, believing, independent thinking, teamwork
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Padre Gaël Giraud è già una star, giovane economista di grido, passato dal mondo delle banche e della finanza alla Compagnia di Gesù. Sacerdote, non ha smesso di ragionare sulle crisi passate e presenti, individuando una soluzione globale che investe l’economia e la politica,
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Edwin Hayward🦄🏹🗡️
@uk_domain_names
Brexit's already having a massive impact on the UK, even ahead of our official departure from the EU. Here are 250+ fully-sourced examples of Brexit's effects. Jobs going, investment drying up, companies moving assets to the EU, or redomiciling. Project *fact* not project fear.
The Government has spent £4.2 billion pounds on Brexit preparations (£2.2 billion in previous Budgets, plus an additional £2 billion in the most recent Budget.) 1/254
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Friend or Foe?
@starknightz
1.) Jan 14, 2019 pm News ~ Californians fume after learning lawmakers partied in Maui with utility execs as wildfires raged foxnews.com/politics/calif…

#News #Trump #Qanon @realDonaldTrump #WWG1WGA
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#News #Trump #Qanon @realDonaldTrump #WWG1WGA
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I Want the Truth!
@DougieFreshii
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Ben Wikler
@benwikler
One of the nastiest things the Trump administration has cooking: a new rule that, for tipped workers who get paid minimum wage, their employers can *steal their tips.* 1/
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To be clear: the system built around tipping absolutely sucks. Current minimum wage for tipped workers? $2.13 an hour. Learn more about why the current system is the worst:
vox.com/2014/7/17/5888…
Terrific activists like @SaruJayaraman of @rocunited have been fighting for #1FairWage—a $15 minimum wage for all, not including tipped workers. They're making headway!
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