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I hate when I see leftist politicos ignorantly reference either the US $ as the "world reserve currency" or the petrodollar as to why we can Deficit spend. Someone needs to check out other Monetary sovereigns like the UK, Japan, Australia & many others. Stop saying dumb shit. 1/x
"#MMT argues that a sovereign government that issues its own “nonconvertible” currency cannot become insolvent in terms of its own currency. It cannot be forced into involuntary default on its obligations denominated in its own currency...
...It can “afford” to buy anything for sale that is priced in its own currency."

neweconomicperspectives.org/2014/02/mmt-ex…
There is no harm in saying "I don't have a clue what I am talking about" if a leftist doesn't understand the macro economy.

The idea is simple.

realprogressivesusa.com/news/economic-…
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Austerity is Murder🌹☭
@sdgrumbine
If I ask you how the next war will be funded, the answer is: Congress will vote on a defense bill and authorize spending.

Not taxpayer dollars

1/x
So if I ask you how will we pay for Medicare for All... What do you suppose is the answer????

The answer is: Congress will vote on a Medicare for All bill and authorize spending.

Not taxpayer dollars
If I ask you how we will keep the states out of bankruptcy & keep paychecks coming in for every working American & Basic Income paymts for those w/out, how will that be funded???

The answer is: Congress will vote on a Nationalize Payroll bill & authorize spending. Not taxpayer $
Read 9 tweets
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Austerity is Murder🌹
@sdgrumbine
If I may... A moment of honesty.

This crisis has STILL NOT taught many (if not most) of our fellow country men and women that we can have nice things and prevent massive pain and suffering.
1/x
They still have no clue that the nation creates its own currency every single time Congress authorizes spending. They still haven't tied the billions of Military Spending and the simultaneous tax cuts together... That light bulb moment still hasn't happened.
They still can't figure out how reconcile the nation suddenly has trillions to give corporations and citizens without raising taxes. They still think we "borrow money from China". From program to program this message has not stuck... Even with most progressives... .
Read 10 tweets
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Austerity is Murder🌹
@sdgrumbine
I am surrounded by people in real life and the virtual world that think the Federal Government should be run like a household budget even now. It's debilitating.
1/x
This probably doesn't resonate with anyone other than myself and probably is going to die along with me... But I am still suffering intensely from the last global financial crisis. So I turned my pain into activism and education.
All these years later I see the same people saying the same dumb stuff about taxes and "bankrupting the nation" even as the nation creates its own currency. Every single day. Every single dollar spent by the Federal Government is new money. Every single dollar.

Yet here we are.
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