Profile picture
Deficit Owls 🦉
@DeficitOwls
, 3 tweets, 1 min read Read on Twitter
April 27, 1942: with prices rising due to war conditions, Roosevelt lays out a 7-point plan to fight inflation. It includes heavy taxes, price ceilings, wage and farm price control, war bond drives, rationing, and credit curtailment. Inflation fell from 11% in 1942 to 2% by 1944.
In my view, this invalidates the view that politicians cannot possibly get their act together to deal with inflation if it becomes a problem. During the war, inflation was taken very, very seriously.
The full text of Roosevelt's 1942 announcement of policy to fight inflation is here: archive.org/details/492659…
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Deficit Owls 🦉
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @DeficitOwls see all

Profile picture
Deficit Owls 🦉
@DeficitOwls
What possible tools could we use to fight inflation besides interest rates and taxes? Hmm, what do you think, book from 1951?
And this is from a book that repeatedly insists that "The fundamental cause of inflation... has been the printing of money or its modern counterpart the creation of bank credit..." Clearly they have more imagination than the Monetarists did.

For anybody who's wondering, this is "The Economics of Armament Inflation," by Jules Backman (NYU), 1951.
Read 3 tweets
Profile picture
Deficit Owls 🦉
@DeficitOwls
MMTers rightly point out that "the burden of the national debt" is largely a myth for a nation like the US. But I don't think enough attention has been paid to the difference between peacetime debt and wartime debt. This will become important for a Green New Deal. (1/n)
(With the caveat that this thread is about a total war like WW2, not the kind of smaller ongoing wars that the US has been engaged in the last few decades) (1.5/n)
In normal times, basically everything the commentariat says about national debt is wrong, but in an economy completely mobilized for waging a war (or waging a GND), some of it becomes (almost) true. (2/)
Read 21 tweets
Profile picture
Deficit Owls 🦉
@DeficitOwls
Here's a fun fact to help you remember that the politics around cutting Social Security today are a complete charade:

During WW2, when the gov was spending more and had a larger debt than anybody had ever seen, the gov seriously proposed *expanding* SS. Why? (1/3)
To prevent inflation: payroll taxes would kick in immediately but the benefits would not be paid out until far in the future, exerting a net deflationary force on the economy. (2/3)
The government is the currency-issuer, it can never run out of dollars. Unless we're talking about inflation, then the problem with Social Security is imaginary. (And even then, it still might be imaginary.) (Fine)
Read 3 tweets

Related threads

Profile picture
Filomena Rocha
@Filomen03258997
27 - Attempted coup in Venezuela with support from the US - 2019

#Venezuela #AttemptCoupInVenezuela #War #Warlords2019 #TheWorldWithVenezuela #ElMundoEstaConVenezuela #ElMundoEstaConVzla #Democracy #HumanRights #dignity #Peace #Love #Freedom #UNCharter
1 to 24 - Attempted coup in Venezuela with support from the US - 2019
threadreaderapp.com/thread/1124734…
25 - Attempted coup in Venezuela with support from the US - 2019
threadreaderapp.com/thread/1125031…
Read 126 tweets
Profile picture
Jim Baird
@JimBair62221006
I think we can all agree that food is pretty important for survival.

Climate Change is already impacting food security- it is not a distant, ambiguous concern: 

More than 1 million acres of US cropland ravaged by floods

reut.rs/2Uly0eC

#ClimateActionNow #foodsecurity
Cascading impacts of deadly flooding around the world includes "food supply shocks"
bit.ly/2OVoGZN

"A “whiplash” between very dry periods, followed by very wet periods, is exactly what we can expect from climate change"

#foodsecurity #ClimateChange #agriculture
...North America is not immune - bit.ly/2OVphL1

Already ‘There’s bleeding going on’ in U.S. farm economy, ag lender says, due in part to extreme weather

A prolonged downturn “has impacted farmers of all ages, experience levels and sizes”

#extremeweather #farming #farm
Read 16 tweets
Profile picture
Alexander Valchyshen
@AlexValchyshen
@INETeconomics By a chance, the article saying #MMT "theorists ignore how their policies could hurt developing countries" places #Ukraine currency #hryvnia (notes of 20 hryvnia's) as its cover picture.

1/n
@INETeconomics Btw, another time when #MMT-related literature opted by a mere chance to associate itself with #Ukraine's currency was the book 'Can "It" Happen Again?' written by Hyman Minsky (2nd ed published in 2016).

This time there is a jar of coins 5 kopecks each (5 #копійок).

2/n
@INETeconomics I am #Ukrainian, having a 22-year experience in the Ukraine's financial sector (1995-2017) and working full-day jobs first as bank officer doing debts/credits and then as research economist. I worked in the banking sector as well as in the non-banking financial sector.

3/n
Read 31 tweets
Profile picture
♰🇺🇸🕵 A Anon ⭐⭐⭐
@AAnon_QArmy
🕵Q's Army🕵

Do you #think #QsArmy is just a bunch of #people sitting at the #computer doing nothing?💻

Do you think #DigitalSoldiers are #stealing #valor?🎖

Do you think #QSoldiers are wasting their #time, not doing anything to #help?🕰

If so then please read #thread.
💊💊⤵
The first thing you have to #understand is the #RippleEffect. When you find a #Fact, you share it. Now the #information has a starting point. #Everyone is a starting point for #someone.

👥 👥
👥👥 👥👥
👥👥🕵👥👥
👥👥👥👥
👥👥

We call it #RedPilling. 💊
It can take a long time to find all the #facts. Hours of #digging.

#Imagine if you were being told #lies by the #news and no one was willing to take time out of their day to #find the #Truth. No #Opposition! No one watching [them].

#WeAreTheNewsNow. The protectors of truth.⤵
Read 17 tweets
Profile picture
🕇🇺🇸 A Anon 🕵💯
@AAnon_QArmy
(1)QARMY🕵So you #think the #QArmy is just a bunch of #people sitting at the #computer doing nothing?

You dont think of us as #DigitalSoldiers?

Do you think we are wasting our #time and not doing anything to help?

If so then please keep reading this #Thread

⬇READ ALL or 🤐⬇
(2)🕵The first thing you have to understand is the #RippleEffect. When you find a #Fact, you share it. Now the #information has a starting point. Everyone is a starting point for someone.

👥 👥
👥👥 👥👥
👥👥🕵👥👥
👥👥👥👥
👥👥

We think #info is important!⬇
(3)🕵It can take a very long time to find all the facts about something. Hours and hours of digging.

#Imagine if you were being told #lies about everything going on and no one was willing to take time out of their day to #find the #Truth. No #Opposition! No one watching them!⬇
Read 16 tweets
Profile picture
*
@BhagwaanUvacha
A series of tweets on the oil price hungama coming up+
There has been quite a bit of hullabaloo on why fuel prices are so high. The primary contention is that why hasnt Modi reduced fuel prices even though international crude prices had come down to US$30/bbl in 2016 (a Congtard quoted this number to me. Well allow me to elaborate+
+ First of all, this is the average crude Price for the basket that India buys. It has never reached US$30/bbl, the lowest it reached wasUS$46/bbl in FY16, that also due to sudden fall in 2HFY16. The 1HFY16 price was closer to US$60/bbl.+
Read 16 tweets

Trending hashtags

#sobrexplotación #RippleEffect #desaladoras #Veteran #Intel #multiple #ríoSegura #EmbassyProtctionCollective #KremlinCaucus #RegadíoTradicional #vidéo #Brazil #corporations #SayNoToWar #civils #Casas #Moldova #CallOfDuty #Agronegocios #MOAB #Scotland #money #Raising #PatriotsUnited #battle
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!