World War II Mobilization as a Proxy for Modern Day Fiscal Policy stan...and I stan HARD
Mar 9, 2022 • 6 tweets • 1 min read
No one will want to hear this but there’s one big, fast way to solve everything from high gas prices to the conflicts at the center of the fossil fuel industry to climate change:
Western governments should nationalize the fossil fuel industry and completely unwind them 1/5
What would this mean?
1. Setting gas prices that are affordable but don’t spur too much demand 2. Supporting all fossil fuel workers at the current compensation plus pensions and placement in new industries 2/5
Oct 6, 2021 • 9 tweets • 2 min read
I was having an internal chat discussion about the Debt Limit with my co-workers and I laid this all out for them so now it has be a STEINERNOMICS THREAD ON THE DEBT LIMIT!! 🎃 👻
ENJOY BWAHAHAHA
1/9
So an important thing we've learned over the last 10 years and that's become pretty apparent is that a government that issues its own currency by fiat and in turn issues debt in that free floating, unpegged currecny cannot be compared to a business or household.
2/9
Jun 29, 2021 • 5 tweets • 1 min read
Conservatism only has any gravitas at all because Paul Volcker intentionally put millions of Americans out of work in the early 1980s
For those needing a longer explanation..,
Volcker intentionally caused a recession by raising the Fed Funds Rate to 20% and it ultimately crushed inflation at the expense of millions of jobs…
Jan 2, 2021 • 6 tweets • 4 min read
If politicians oppose the $2,000 checks because it will give money to upper middle class people who don’t need it, wait until someone tells them about the Mortgage Interest Deduction, Child Tax Credit, Health Savings Accounts, 401K/IRAs and Employer Sponsored Insurance!
Related...
It’s important to understand where income streams are coming from with public servants to be sure...but the assumption that who or whatever is paying those fees is getting something in return directly from that public servant isn’t so cut and dry.
Remember that Wall Street counterparties don’t love banks and brokers. They are often skeptical and distrustful and treat them as a necessary evil. Wall Street counterparties actually like she care what a Yellen or Frank or Clinton have to say at these things...
Nov 5, 2019 • 5 tweets • 1 min read
Facebook MMT legend w/o a Twitter handle, Charles Hayden, asked me to tweet this and tag some folks... please share:
Honorable Madam Speaker Pelosi,
The facts have led us to the conclusion that your chamber should target inflation..
... rather than budget balance outcomes. Obama proved that deficits do not cause interest rates to rise or inflation and that the govt cannot run out of US dollars as it is the monopolist supplier of them. Trump has only added confirmation of these facts.
Feb 26, 2019 • 22 tweets • 4 min read
I'm not going to say this statement is a fact, but I will say it with 80% confidence:
New Federal spending programs should be entirely deficit-financed up until a point.
What is that point? Let's do a back of the envelope calculation...(1/22)
For 2019, the Federal budget deficit is projected to be $1 Trillion or 4.7% of GDP.
The largest the US budget deficit in history was in 1944 at 22.2%. Now that budget deficit resulted in high inflation (but nowhere near hyperinflation) (2/22)
Nov 5, 2018 • 5 tweets • 1 min read
If you point to some Democrats, even prominent ones, taking a picture with Louis Farrakhan or Hillary Clinton hugging Robert Byrd as a counterfactual to Grand Wizard of the KKK, David Duke, whole-heartedly endorsing President Trump's immigration agenda (1/5)
and the lie-filled stump speeches and TV ads that frame them, you have to provide this to me:
1. Louis Farrakhan's specific preferred anit-Semitic policies and the Democrats who are trying to make them into reality. (2/5)
