1. We are not on the gold standard and thus the constraints imposed are no longer in play.

2. We have a sovereign, non-pegged, non-convertible fiat currency not backed by oil, gold, bees wax or chicken necks...

3. The Fed is a creature of CONGRESS not a private banking cartel
4. We aren't broke and can never go broke without an intentional act of congress. The debt ceiling is a garbage construct used for politics to force "tough decisions" and is a relic of the gold standard era.
5. The national debt is not debt as you and I know it at all but is instead savings accounts at the fed for people who want to save in US dollars. It's also can be thought of as the net money supply or the money not yet destroyed as a tax.
6. A balanced federal budget would in fact make us like Greece by taking away our ability to deal with shocks to the domestic or global economy.
7. Federal taxes do not fund spending but they are essential to maintaining the value of the US dollar
8. Taxation allows the US Government policy pace to provision itself.

9. Full employment comes before inflation.

10. Money growth does NOT cause inflation.

#MMT

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More from @sdgrumbine

24 Apr
Sorry, probably too heavy for most of you but this band and this video qualify as the most awesome in the world to me

@jinjerofficial
Read 4 tweets
23 Apr
Educate the masses about #MMT will do 1 of 2 things:

1. People will make demands, government will make incremental change and people keep pushing for more change or:

2. The government and media keep lying & they fuck around & find out what the radicalized will do to survive.
5 years ago a movement thought I was nuts saying "Taxes don't fund spending" and now we should all know that to be empirically true. The only apology required is why we are not United in demanding this truth guide policy NOW!
If we had a Federal Job Guarantee, Medicare for All, Free College, ending and cancelling all student loans and a Green New Deal with infrastructure, how much better off would we ALL be? #MMT
Read 4 tweets
21 Apr
So the plan is always to privatize as much as possible all in the name of creating markets.

This is neoliberalism.

It can only thrive based on lies.

Based on the idea that the government is broke, in debt to foreign nations or conspiracies like the Rothschilds etc.

1/x
It can only thrive as long as you believe that your "hard earned tax dollar" is paying for someone's bad decisions.

They can make the case repeatedly that we cannot afford to do nice things.
Worthlessly, many in the political sphere advance this lie and we believe them. We allow them to represent us with falsehoods.
Read 11 tweets
21 Apr
Those who keep fighting against Federal spending, spreading fearporn about the National Debt and bullshit about "reducing deficits" are the reason we have not simply nationalized payroll and had the government cover rent/mortgage/utilities and provide Medicare for All NOW.
So this is a bit of "Progressives" & "MAGA" NOT investing in learning how the damn economy works & failing to make the correct, SUSTAINED demands.
Most people ignored Bernie's Economic Advisor... Most ignored the subject for years. Even with the Deficit Myth!

Now people will die over it.

Think about how many already have.
Read 5 tweets
12 Apr
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.

@PatrickLovell1 gets it
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.
Read 18 tweets
22 Mar
The unfortunate thing is people on our own team listen to uneducated voices about economic solutions & perspectives and in desperation, they ignore the most important things. I mean absolutely VITAL things that are gonna really have far reaching & extremely negative consequences.
Never underestimate the power of an uneducated herd, galloping in precisely the wrong direction based on the absolute right sensibilities however with absolutely destructive consequences.

The #UBI or Universal Basic Income is a false promise.
I have long been a proponent of a Universal Basic Needs approach because the government can absorb any price shocks or costs that may be associated with a lack of production or dealing with gouging and hording.
Read 13 tweets

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