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Austerity is Murder🌹#MMT🧨 Profile picture
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Feb 9 • 8 tweets • 2 min read
If you see someone talking about petrodollars... and they aren't just pulling your leg... and they are really serious and say really dark gloomy things...
1/x
Imagine going to Chuck E Cheese... and they only use Chuckbucks to pay for games, and all you have is US dollars... is that a crisis??? Uh .. no?

So why would agreeing to use dollars for transactions of oil mean anything either?

It doesn't
What matters is the currency nations want to save in.
How about being the world reserve currency? How big of a deal is that?

It isn't.

So why do so called progressive activists and media personalities talk about it like a reichwinger and fan flames about this?

Stupidity?

Need for drama?

Ignorance?

An innocent fraud?
I dunno. I suppose it is a case by case basis we have to evaluate this stuff on...

One thing is for sure...

They couldn't be more wrong.
They conflate convenience of exchange for some apocalyptic crisis and that shameful error has prevented people from having healthcare, green energy, free college and a federal job guarantee and it is time to put an end to economic illiteracy for good.
Petrodollars are NOTHING but the agreed upon medium of exchange.

Nothing more.

Stop the fear porn.

For more information
End of Reserve Currency?
mythfighter.com/2012/10/25/muc…
Petrodollars?

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More from @sdgrumbine

Austerity is Murder🌹#MMT🧨 Profile picture
Jan 29
Neoliberalism is the art of privatization, globalization and financialization of economies.
The push to private credit vs state spending allows the Wall Streets of the world & massive multinational corporations to suck the GDP out of the hands of the people...
trade deals pushed by the neoliberals of both parties facilitate this while simultaneously pushing the 99% to unsustainable private debt. This is their means of enslaving a planet... not just a country.
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Austerity is Murder🌹#MMT🧨 Profile picture
Jan 14
Our Federal Government doesn't need revenue. Taxes serve as a gas pedal or brake for an economy. They drive the need for currency. They stave off inflation and can be used to break up pooled concentrations of wealth that are destructive to a functioning democracy and economy.
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So what's the fuss about marginal income tax rates and "fair share"? Why the chatter about how will the government get money to fund its operations?
First we must decouple the idea that spending and taxing are linked. Taxes are not a financing operation at the federal level. In fact, taxes are destroyed upon receipt.
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Austerity is Murder🌹#MMT🧨 Profile picture
Jan 8
I am skeptical that we can reform or vote our way to Equality or even significantly improve the material conditions of the working class because our system makes dissemination of meaningful information too challenging.
1/x
Especially given the narratives that make up social media "big deals" (largely activist Westside Story) and our ability to do more than randomly rage. We are unable to effectively communicate and plan. We are clique-y and often so cynical deeper truths are elusive.
The question of reform or revolt has never been more valid to ask... What is it that we would need to do either?
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Austerity is Murder🌹#MMT🧨 Profile picture
Jan 3
There is something that's been eating me inside and out and I have not been able to articulate this until now, but I am gonna try because I think it is very important. At least to me it is. The sickness of our neoliberal world impacts both the middle class and the poor.
When you see generational poverty, it is easy to see it outright. It's extreme. It's often hopeless to the individual. It's bleak and the political space uses poverty as a political tool. One for explaining "bad choices" and one that exploits it as "immoral". But it's a veneer.
It's used as a political football. Two angles: you are a bad person and undeserving or my goodness this is so tragic we must save you with a pittance... Charity ... Hand outs... No structural change... No real change.
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Austerity is Murder🌹#MMT🧨 Profile picture
Jan 2
I worry that folks boil class down to simply dollars and cents & not about access, privilege, snobbery & condescension. Class is a much bigger deal that involves access & precarity. Not financial precarity alone, but access to circles & opportunities. In particular opportunities.
People born on third base thinking they hit a triple and all the underlying assumptions & elitism that goes with it... The lottery of birth & the blessings from the Ivory Tower that allow some to be absolute assholes yet simultaneously get away with it because of that privilege.
It skews social mobility more so than financial mobility. It is a gate keeping system that really collects privilege whilst simultaneously bludgeoning those not in the club, silencing them from the same opportunities & stations afforded to privileged people. No idea how to fix it
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Austerity is Murder🌹#MMT🧨 Profile picture
Jan 2
FYI lockdowns only hurt the people economically becuz people believe the government is broke & the Neoliberal assholes in office allowed that ignorance to be a rally cry. When you know what could be done to make people whole & still keep the vulnerable safe, it changes everything
Here is an explanation
Follow @ptcherneva
realprogressives.org/podcast_episod…
And this gem
@ProfSteveKeen

realprogressives.org/podcast_episod…
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