With so much dunking & claptrapping going on, should be interesting to see how this movement will ever fight against the state by state race to the bottom. So many of our states are in the red and slashing services. The movement has a responsibility to be steadfast in that fight
Wish I didn't know this stuff. Oh to be of the unburdened mind...
Happy to have ANYONE that disagrees with this explain in non-emotional terms and with understanding what I get wrong. Or.. A rare admission that I am correct.
The average person doesn't have a fucking clue about the difference between states and the Fed and all manner of bad decisions stem from that ignorance.
The movement has a responsibility to learn how and why this is happening. I absolutely HATE bursting bubbles after people decide they don't need to know, understand or analyze with an MMT framework. They miraculously think they know more and cannot be bothered.
State based funding is a losing proposition
I wish I was here... But seeing would be allies ignore the truth is too much to bear.
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There is no money "laying around" by cutting spending. Spending is always a decision. But it doesn't have any impact on affordability. The US, as with the UK, Australia, Japan and China, creates currency every time it spends and deletes currency every single time it taxes.
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At some point, the issue comes down to do we have the real resources or not?
Do we have the political will to do it?
Do we have the ability to do whatever it is we are attempting to prioritize.
Cutting the military budget is great for moral reasons but affordability must absolutely NEVER be the fake excuse for doing it.
That false paradigm keeps us from a Green New Deal. It keeps us from Medicare for All... and it keeps us from ever shedding the burden of student debt.
If a politician at the Federal Level asks "how are we gonna pay for it?" they are a murderer. There is absolutely no excuse for ignorance at this point. They are not just "ignorant", they are a traitor and a terrorist.
It is a tool to ensure we are incapable of survival. Physics does not negotiate and their insistence on austerity will leave us dead.
Are there some GENUINELY just not aware? Sure, but it is few and far between. The vast majority fully know and refuse to move forward in defense of humanity
Argentina has foreign denominated debt. What does MMT say about a currency issuing nation?
That it cannot go broke on debt denominated in its own currency.
Clearly that means Argentina is not the death blow against MMT.
You'd have to be an idiot to say that.
Argentina is pegged 3 to 1 to the US Dollar.
A pegged currency isn't free floating as MMT will suggest provides maximum policy space and I would say it is just as stupid to peg to another currency as to peg to a commodity.
External constraints can be a real disaster. Pegging you can ur currency to a commodity or another currency is a bone headed move.
QE is absolutely NOT printing money. It is swapping forms of debt. To quote @wbmosler, "it is effectively a tax" .
The Federal Reserve is not just randomly "printing money". That is literally NOT how it works.
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The Federal Reserve is a score keeper and they manage interest rates. They manage private indebtedness. They manage bank lending and clearing payments. They are not Willy Nilly printing money. That is called monetary policy.
When you are talking new money creation in the form of net financial assets, not loans, you are talking fiscal policy and ONLY Congress can authorize that. That means new money creation out into our economy through government spending.
For anyone who thinks MMT (Modern Monetary Theory) is a subject that can be put off or ignored.
1. Because of that mindset we do not have healthcare in the USA.
2. Children are burdened with 1.6 trillion in student debt
3. We do not have relief payments to families in the midst of a pandemic. No nationalized Payroll. No job guarantee. 4. Families are breaking up over Economic insecurity 5. We have no right by law to an education 6. We do not have paid family and medical leave.
7. We have no job guarantee 8. Banks are putting us in private debt because the Federal Government isn't spending on the people 9. Million die from hunger, exposure, preventable illnesses, unemployment and suicide