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Albert Pinto Profile picture
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Feb 6 • 8 tweets • 4 min read
Kelton on MMT: Image
MMT on managing inflation with multiple tools
"Whether it's businesses raising profit margins or passing on costs...there are a range of sources of inflation that aren’t caused by the general state of demand & aren’t best regulated by aggr demand policies"
ft.com/content/539618…
Balanced critique of Kelton's book "The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" ht @JWMason1
prospect.org/culture/books/…
US rebound is remarkable. Rapid & bottom-up jobs+wages growth. Progressives in House (jayapal turning caucus into an effective vote block) and Senate (Bernie is budget chair) are reason why Congress bills had pro-worker provisions and scale (over $5 trillion) ht @calculatedrisk Image
1) US corporate profits surge

2) Corona relief bills ~ $5000 Billion (25% GDP) saved people's lives & livelihoods by running deficits

1&2 are linked.
Must read "Where do profits come from?
A Guide to the Kalecki-Levy Profits Equation" ht
@NathanTankus
nathantankus.substack.com/p/where-do-pro…
This
unexpectedly Larry summers likes marxism more than MMT Image
This is wise. There were many parents for the greatest economic boom in postwar history. Everyone wants to claim US jobs and wage growth but inflation is an orphan. policytensor.substack.com/p/the-making-o…

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More from @70sBachchan

Albert Pinto Profile picture
Jan 21
Economists who don't pay attention to details of production are not economists. Production of cars, oil and meat was disrupted because they are "just-in-time" and bottlenecks in production or transport (like shipping/ports/trucks) hurt.
Thread
2/ Started the thread here 2 years ago, as it became clear that coronavirus would shock the world economy. The shock of E Asia shutting down was immediate to markets & commodities and our "just-in-time" fossil-fueled systems #CoronavirusImposesCarbonTax
3/ The idea of #CoronavirusImposesCarbonTax thread was to understand structure by exploring how a shock propagates across the world economy. Economists find out in 2021 that bottlenecks caused inflation in sectors of OIL, CARS and MEAT.
Read 20 tweets
Albert Pinto Profile picture
Dec 6, 2021
Oilman T Boone Pickens on Bob Dole.

Pickens hated Dole & Agribusiness love of Corn ethanol. Told Dole, its a fuel that requires more energy (and oil+subsidies) to produce than it delivers at the pump.

Dole:math is 21 farm states =42 Senators

Result?
features.propublica.org/palm-oil/palm-…
2/Witnessing the disaster in Indonesia in 2015 was devastating. Most ppl outside Midwest don't know that 2007 RFS mandate replaced 10% of each gallon of gas sold in the US with corn ethanol. It was pushed by all major envtl group then. Horrifying impact.
3/ Corn: US's leakiest oil pipeline. Hated by Oil companies, but such is power of Agribusiness.

Fossil fuel goes into tractors & fertilizers & comes out as corn-ethanol, that is put back into....cars, tractors. 10% of every gallon of gas in the US is corn ethanol. Thank Dole.
Read 4 tweets
Albert Pinto Profile picture
Nov 9, 2021
#NoContextGreenTransition photos from around the world thread (1/n)
ht @climatevisuals climatevisuals.org/collections/
#NoContextGreenTransition photos from around the world (2/n)📸: @bvdbrug latimes.com/environment/ne…
#NoContextGreenTransition photos from around the world (3/n)
Barcelona. theguardian.com/world/commenti…
Read 8 tweets
Albert Pinto Profile picture
Oct 21, 2021
Pentagon just unclassified its Climate report to the National Security Council.

Department of Defense wants you to know climate change is a "threat multiplier". What are all our poor bases in shithole countries going to do?
#GeopoliticsOfGHGs
media.defense.gov/2021/Oct/21/20…
US defense technocrats will now include Climate in prioritizing threats; in strategies for countering threats; in planning missions of the armed forces; in what weapons to develop and five-year plan for investments that support strategy #GeopoliticsOfGHGs
media.defense.gov/2021/Oct/21/20…
gotta love the big nerd brain energy in Pentagon planners.

Guys guys this climate change thing that our scientists are telling us about for 50 years? What if, like, its too hot for planes to take off or, get this, wildfire smoke makes bombing harder?
media.defense.gov/2021/Oct/21/20…
Read 13 tweets
Albert Pinto Profile picture
Oct 21, 2021
US- Russia a thread

Worlds largest oil and gas producers? ✅✅
Military budgets many times larger than green investment? ✅✅
Grains in drought?✅✅
Massive forests going up in smoke? ✅✅
Massive chutzpah to create carbon offsets with said forests? ✅✅
bloomberg.com/news/articles/… ImageImage
2/“You wouldn’t always know it, but it went up every year I was president. That whole, suddenly America’s like the biggest oil producer & the biggest gas — that was me, people"-@BarackObama

Energy Independence/Dominance is a hell of a drug in both US (green line) & Russia (blue) Image
3/ Biden's infrastructure bill is now ~$2 Trillion over 10 years. Sounds like a lot right? $200 billion each year. But just about $30B each year is for Climate

US spends ~$750B p.a on the military,25 TIMES more than all climate programs #GeopoliticsOfGHGs Image
Read 6 tweets
Albert Pinto Profile picture
Oct 19, 2021
US Power Sector emissions alone "exceeds GHG emissions of all but seven countries". US is the largest oil & gas producer on the planet.

Fight in US Congress is a big deal. If Biden can't do it with legislation, he will face opposition on regulations from GOP dominated courts
The N American oil complex has raised ~$1000 Billion from banks & pension funds to frack oil & gas over next 5 yrs.

At UN's #COP26, developing countries haggle over a symbolic $100 Billion from rich countries for climate wri.org/blog/2018/11/n…
Useful to zoom out. What makes climate action hard in the US?
1 It became the worlds LARGEST producer of Oil & Gas over last decade.
2. The Oil & Gas industry employs 10 million people across a dozen states that are overrepresented in Senate
ht @HelenHet20 newstatesman.com/world/americas…
Read 5 tweets

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