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By Narayana Kocherlakota, former Fed governor.

Money quote: “The gov’t can borrow as much from taxpayers as it wants.”

If you don’t see that every country on Earth is revving up for massive fiscal spending programs, you’re just not paying attention. bloomberg.com/opinion/articl…
Like all MMTers, Kocherlakota sees taxation as the brake on inflation.

LOL.
Seems like a good time to repost this.
epsilontheory.com/the-long-now-p…
I am so freakin’ weary of Sophists like Kocherlakota and @neelkashkari and @paulkrugman lecturing us on freakin’ nat’l accounting identities like they’ve invented the freakin’ wheel.

bloomberg.com/opinion/articl…
Presenting a tautological accounting identity like “gov’t debt is an equivalent national asset” as if it means ANYTHING is sheer sophistry.

It’s an intentional distraction from how their policies would DISTRIBUTE assets and incomes and taxes and prices.
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Ben Hunt
@EpsilonTheory
Our ultimate goal is to reshape social choice theory and transform both economics and political science.

For now, though, we'll settle for understanding the Democratic primary.

Forget the median voter theorem. This is the median narrative theorem.

epsilontheory.com/stuck-in-the-m…
We're publishing a two-fer of long-form notes, where we focus the Narrative Machine on the Democratic primary ahead of the Iowa caucuses.

Here's the first.

epsilontheory.com/stuck-in-the-m…
And here's the second.

epsilontheory.com/the-curious-ca…
Read 3 tweets
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Ben Hunt
@EpsilonTheory
Kobe Bryant Dead, Dies in Helicopter Crash tmz.com/2020/01/26/kob…
I don't understand why this isn't on ESPN, etc. I mean ... TMZ Sports?
33 years later, and I still remember *exactly* where I was and what I was doing when I heard that Len Bias had died. This isn't quite like that ... less of a cautionary tale, less of a projection (I'm the same age as Bias) ... but it's VERY similar.
Read 3 tweets
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Ben Hunt
@EpsilonTheory
Today there is a global political effort to convey vast new powers to central banks in order to "fight" climate change.

This is not about climate change. This is about narrative. This is about power.

This is about the road to serfdom.
epsilontheory.com/a-new-road-to-…
Swear to god we didn’t coordinate the release of our note on climate narrative with Christine.

They’re. Not. Even. Pretending. Anymore.

The totalitarian impulse of Trump and his know-nothing bully boys is identical to the totalitarian impulse of Lagarde and her Renfields.

The ends are different but the impulse is the same.

I reject them both.

AND I support policies of great sacrifice to combat climate change.
Read 3 tweets

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David Jensen
@RealDavidJensen
@threadreaderapp Repo mkt has been in trouble since Sept 16.

Looking @ US banks w/ rate sensitive derivatives, the chart of Goldman Sachs looks the worst.

Goldman also has the largest interest rate derivatives book @ $42.3 T.

ibanknet.com/scripts/callre…
#fintwit #gold @ForexStopHunter
After a decade of loose money suspending debt bubble economy & mkts, #Fed central planners chop Money Supply to 2008 collapse level.

Rate increases of 2% on $72T of debt drive need for added $1.4T cash for interest payments ea. year w/ time.

#fintwit
...And, interest rate increases put some of the $210T of Bank-held interest rate derivatives in-the-money compounding cash demand in a market/economy already starved for cash.

Inter-bank lending dries, Repo borrowers begging for cash.

#fintwit #gold
Read 16 tweets
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Caitlin Long 🔑
@CaitlinLong_
1/ The Senate Banking Comm staff reached out last week regarding @Facebook @Libra pursuant to my @ForbesCrypto article. During a conf call they indicated interest in receiving formal testimony from me. Here it is + summary follows 👇: forbes.com/sites/caitlinl… @DoWithCare
2/ Big takeaway--politicians that weaponize the US banking system (blocking access to disfavored industries/countries) are modern-day Herbert Hoovers bc these barriers block both unlawful & LAWFUL commerce, & these barriers caused the invention of #stablecoins in the first place.
3/ (OK, I didn't actually call them modern-day Herbert Hoovers the testimony, but I digress...) If Congress isn't happy about @facebook @Libra, it can immediately make #stablecoins irrelevant by letting #banks bank the #crypto industry (& I give v specific recommendations here:
Read 19 tweets
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David Jensen
@RealDavidJensen
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan BRICS nations for years openly discussing trade w/ "parallel" monetary system including gold trade settlement.
Saudi put in place RippleNet alt. to SWIFT that allows bank-to-bank real-time settlement in any medium of trade.
Italy signalling ready to go.
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan More to the point - #gold seems to be the focal point of new trade settlement system.

“Fiat money, in extremis, is accepted by nobody. Gold is always accepted." Alan Greenspan.

realnoevremya.com/articles/2075-…
@Halsrethink @RemainSovereign @TFMetals @BullionStar @jameshenryand @michaellebowitz @dlacalle_IA @DA_Stockman @RonPaul @RonPaulInstitut @MarkTOByrne @MarkYusko @ErikSTownsend @AndrewBellBNN @realDonaldTrump @LouDobbs @Varneyco @MariaBartiromo @gatewaypundit @JeffSnider_AIP @TruthGundlach @epomboy @PaulCraigRobert @LanceRoberts @TheBubbleBubble @POTUS @TayTayLLP @ronanmanly @jimiuorio @MoneyMetals @stranahan When a central banker or economist mentions 'stimulus', they are talking about diluting the currency through debt currency issuance - to create REAL GROWTH.

This is the insanity & silly talk promoted by central bankers globally.

Nobody asks the question.

#centralbanking #gold
Read 55 tweets
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pippocamminadritto
@guado77
...provano a mostrare che questo sia un "mondo" meraviglioso quanto più possono...Eurodollar timidamente si porta a sostegno di #ES_F ma #FED Fund Futures segnalano ancora ZERO chance di un rate hike e sono ancora in negativo per il 2019!!!
...occhio qui ...liquidità dal Tesoro US...si partiva da 403, siamo 363...arrivo a 320 a marzo e 300 a giugno...è tutta liquidità che arriva al sistema, alla fine sulle riserve delle banche commerciali e che sostiene gli asset finanziari...#ES_F
...aggiornamento sulla liquidità globale,come detto il miglior indicatore di volatilità=liquidità lo avete dalla differenza tra max e min sul ticks Index US,serve uno "spread" >2.500 stabile altrimenti "no party"
CBs e Trump Boys sono in controllo totale, establishment brinda...
Read 594 tweets
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Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets
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Lars Pellinat
@Lars9596
@cjjacobsJacobs @CDU @JuliaKloeckner @annewill 1. Various questions need to be asked:
a) Is the #earth getting warmer? Answer Yes (but was ven warmer in the past)
b) Human impact on climate (CO2)? A: Yes, but science differ on size of impact.
@cjjacobsJacobs @CDU @JuliaKloeckner @annewill 2.
c) #Germany produces 2% of all CO2 - So if we all live in tents tomorrow & only ride bicycles will it make a big difference? A: No, but the Chinese & Americans won't stop laughing!
#AnneWill #Klimawandel #ClimateChange
@cjjacobsJacobs @CDU @JuliaKloeckner @annewill 3.
So I like a debate on points a) to c) purely based on #science (and "a consensus of paid lobbyscientists" is not science, but politics) & come up with workable solutions.
PS: Currently #China produces around 26% of all man-made CO2.
Read 7 tweets

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