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Stephanie Kelton @StephanieKelton
, 3 tweets, 2 min read Read on Twitter
Almost 20 yrs ago (1999), Randy Wray, @mattybram, @ptcherneva and I brought the Center for Full Employment & Price Stability to #UMKC. For two decades, we hosted conferences, advised policmakers, and published volumes of research on the #JobGuarantee.
Our doctoral program produced dozens of students who wrote their dissertations on some aspect of the #JobGuarantee. People like @FadhelKaboub now run their own Institutes with the #JG at the core.
Point is, we’ve been at this a for a very long time. Sometimes it felt like a losing battle. But here we are today with #JG in the headlines every day.
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The entire point of MMT/Functional Finance is to balance the risks of accelerating inflation against the benefits of full employment. It is about analyzing resource constraints (ex ante) and *avoiding* stimulus beyond those limits.
The budgeting process itself must take into account capacity constraints. If you're writing about MMT and complaining it will be hard to raise taxes to fight *ex post* inflation, you're assuming into existence a problem that MMT/Functional Finance explicitly combats *ex ante*.
There are plenty of ways to tackle inflation, should it accelerate, but you also have to know what's driving it. You can't just assume that the source of any future inflation problem will be the result of excessive budget deficits.
Read 5 tweets
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#PayGo in simple terms:
Means the government must demonstrate that it will *subtract* a 💵 from the economy for every 💵 it intends to *add*.
Why on 🌎 would we want a rule to prohibit *net* 💵 contributions to the economy?
Without #PAYGO, Congress is free to put more 💵 into the economy than it subtracts away. That money could rebuild infrastructure, fund cancer research, etc. We call it “deficit spending,” which is unfortunate. B/c it all becomes part of the financial surplus *outside* government.
The relevant questions are: (1) Why is that 💵 being spent—i.e. does the spending improve the human condition? & (2) Who ends up with the 💵 surplus—i.e. are you exacerbating or reversing inequality? All deficits improve *someone’s* balance sheet. Ask why and for whom.
Read 3 tweets
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If you can't bring yourself to reject Thatcher's dictum, maybe you're not all that progressive.
Me rejecting Thatcher's dictum and explaining how public money works.
“There is public money.”
Go ahead. Say it.
Read 4 tweets

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Roberto Unger's quote, "We are torn between dreams that seem unrealizable and prospects that hardly seem to matter," pretty perfectly describes about 92% of the young ministers I know.
I've seen so many of my friends get burned out or run out of their churches within the first 5 years of graduating seminary.
And it seems to me like the big difference is young ministers that think we are in a real crisis situation that requires some pretty radical changes and an establishment that's hoping to hold onto things as they have been for just a few more years.
Read 16 tweets
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where our media and opposition id crying that " democracy under threat " or latha Vankatesh and others talking of how FII will pull out money after Urjit Patel Resignation. Here are the facts all over the world
1. US

Just in the past month, Trump said he’s “not even a little bit happy” about his choice of chairman, and called the Fed a “much bigger problem than China.” The central bank has raised interest rates eight times since Dec 2015, from near-zero, and is teeing up another hike
2.TURKEY
Turkish President Recep Tayyip is at forefront of attacks on central-bank independence, loudly and frequently proclaiming his unorthodox views. He’s called for lower interest rates for years, saying -- in contradiction to textbook economics -- that would curb inflation
Read 11 tweets
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How The Job Guarantee Debunks Mainstream Economics- By Neil Wilson

Mainstream Economists believe they can reach full employment with price stability simply by adjusting a single interest rate. Time to put that claim to the test.
They prioritise monetary policy over fiscal policy because they believe that output is only ‘optimal’ when you mess around with interest rates.
Ever increasing private debt, personal and corporate, lunges the economy further and further towards instability. This culminates in a “Minsky Moment”, as we saw the 2007 banking collapse.
Read 8 tweets
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We demand the establishment of an independent and sovereign republic in the Pacific Northwest, wherein only White persons shall reside or hold citizenship.
This Northwest American Republic shall be a free and sovereign nation whose government and citizens shall exercise full control over their internal affairs, their economy, their culture, and their foreign relations.
No person who is not of unmixed, non-Semitic, Caucasian European ancestry shall reside anywhere within the Northwest American Republic.
Read 46 tweets
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1/ Great article, though it forgets that the Fortnite phenomenon has a much more subtle history (thread)
2/ Call of Duty, Halo, etc had very similar features. 5-10 yrs ago, friendships were forged remotely over private lobbies, zombies, boosting, team-based S&D, deathmatch, co-op story mode, etc. You'd leave school alone (or with one friend for split-screen) and meet friends online
3/ So Fortnite's 'hangout spot' effect is really nothing new. What makes it (very very) special, in my view, is three-pronged:
- seamless cross-platform functionality
- relatively simple mechanics
- better customization with skins, emotes, etc
Read 11 tweets
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Welcome to the #Metpolice

justlivewithit.co.uk/metpolice/blog…

#skynews #TargetedIndividual #bbcnews #coverup #c4news #worldnews #euronews #conspiracy #news #ukgov #theresamay #LBC
It's a criminal offence to falsifying a legal instrument. But if the #MetPolice / #LBRUT do it, then there is not even an investigation. 12 years of silence. Evidence to prove it - ukcoverup.com/search-warrant-

#skynews #lbc #theresamay #uk #bbcnews #coverup #c4news #worldnews #ukgov
Welcome to the #Metpolice who also changed & falsified my arrest details. Have a look at the evidence here ukcoverup.com/arrest-details as it's all easy to prove & that's why it's never addressed

#R4today #corruption #coverup #leadership #values #corevalues #bbcnews #skynews #itvnews
Read 97 tweets

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#southampton #itv #manchester #DistributedWork #eveningstandard #EE #FOS #Chemotherapy #Independent #robotics #exclusive #Careers #Winning #businessnews #mortgage #hampton #dailymail #holborn #Westminster #bbcbreakfast #LondonMayor #mi5 #Bild #HBOS #corporatelaw

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