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What Bailey fails to understand is that what he is calling "printing money" is not more inflationary than running bond sales the way we do now. In fact, the opposite is almost certainly the case.
If he disagrees, then he is disagreeing with a lot of people (MMTers and non-MMTers alike). @stf18 and I laid it out here ftalphaville.ft.com/2013/12/12/172…
Non-paywall version here neweconomicperspectives.org/2013/12/krugma…
@paulkrugman did it here krugman.blogs.nytimes.com/2013/12/09/hel…
@LHSummers says it here
Other links, @stf18 ? Borio? Kocherlakota? I know there are others. Bailey can protest all he wants, but his current rationale doesn't hold water.
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Stephanie Kelton
@StephanieKelton
How I see it:
We have Covert Monetary Financing (CMF) now.
Primary dealers take up all newly-issued Treasuries, and the Fed backstops primary dealers. Ergo, the Fed is *already* directly coordinating with fiscal all day, every day. 1/2
Circumventing primary dealers by having the central bank purchase bonds *directly* from Treasury robs PDs of some profiteering but otherwise changes nothing. Just makes it all more transparent so that the covert becomes overt. 2/2
So anyone who says we are "moving toward MMT" or whatever is missing the point entirely. MMT has always been about describing the institutional framework and the monetary operations *as they currently exist.*
Read 5 tweets
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Stephanie Kelton
@StephanieKelton
THREAD
Throughout the primary debates, Democrats missed a huge opportunity to talk with people about what it means to "pay for" your spending proposals. Now that Congress is preparing to spend ~$2 trillion without "paying for" it, we should talk about what that means.
First, what does it mean to say that Congress is "paying for" its spending? I worked in the Senate, and the phrase has a concrete meaning in the budget world. When a member of Congress drafts a bill, staffers often shop it around, looking for support from other members.
Inevitably, the first question that staffer gets is, "What's your pay for?" So, for example, if you have a $1 trillion infrastructure bill, they want to know how you plan to fully offset that spending so it won't add to the deficit. That's what it means to "pay for" spending.
Read 16 tweets
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Stephanie Kelton
@StephanieKelton
Rather surreal watching pundits field the “where is all of this money going to come from?” question with ease now that we’re talking about an existential crisis unlike, I dunno, climate change.
Universal agreement among panelists on Don Lemon, moments ago, was: if not government then who? And also: think of the costs of inaction! Deficit spending was just accepted as a matter of course. Some muddled thinking about borrowing costs, but overall on track.
Here’s a little-known secret...It all comes from the same place. 😱 Sometimes, Congress votes to offset some of its spending with higher taxes. At other times, it decides to spend new money without offsets. But it ALL comes from the same place. #RedPill
Read 3 tweets

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