Jeff Epstein 🌹🌎 Host of @ActivistMMT 🦉 Profile picture
Host of podcast @ActivistMMT. I also sing: @seejeffsing Sometimes host of @historic_ly. Dem primary nonsense: @PBernardSanders.
Ed Service Profile picture 3 added to My Authors
Feb 21, 2020 25 tweets 10 min read
1/ Up until now, Bernie & Warren refused super PACs in the primary. Warren, however, openly stated she'd take it in the general – but not Bernie. Today's she changed her mind. She WILL take it in the primary because all the other candidates are doing it. 2/ This is based on the false notion that grassroots organizations such as @OurRevolution and @sunrisemvmt are super PACs. They're nothing of the sort. readsludge.com/2020/02/10/fac…
Sep 2, 2019 10 tweets 3 min read
Here is economist @SandyDarity’s thread criticizing @AndrewYang’s Freedom Dividend. The original thread was disconnected at multiple points so I’m reproducing it here in whole.

Aug 31, 2019 8 tweets 5 min read
1/ Federal taxation is the destruction of money. This is not an option or a choice, there is no other way for it to be. @StephanieKelton (then Bell) in her 1998 paper, "Can Taxes and Bonds Finance Government Spending?” (levyinstitute.org/pubs/wp244.pdf)

[#LearnMMT THREAD v.1] @StephanieKelton 2/ Federal taxation is the destruction of money. This is not an option or a choice, there is no other way for it to be. Eric Tymoigne (@tymoignee) in his 2014 paper, "Interrelations between the Treasury and the Central Bank” (levyinstitute.org/pubs/wp_788.pdf)
Aug 5, 2019 28 tweets 11 min read
1/ To me, this is the core of the FJG v UBI debate 👇. (I expect this will change, but these are my thoughts after two absolutely massive debates with UBIers that I've had in the past weeks.)

[#LearnMMT thread v.2] 2/ A major objection UBIers have to the FJG is that in the hands of our corrupt government and their for-profit bribers, the FJG would be outright slave labor. Here is a leading UBI advocate, evoking the Nazi holocaust.
Aug 4, 2019 19 tweets 6 min read
1/ To me, this is the core of the FJG v UBI debate 👇. (I expect this will change, but here are my thoughts after two absolutely massive debates with UBIers that I've had in the past weeks.)

[#LearnMMT thread v.1] 2/ A check will undoubtedly help millions. My concern, a primary concerne of government and SOCIETY, is the collective. UBI will harm the collective, which in turn will harm citizens, starting of course with the most vulnerable.
Jul 16, 2019 7 tweets 5 min read
1/ @DougHenwood's [COUGH] critique of #MMT, and three responses by MMT economists and scholars.

[#LearnMMT THREAD]

Henwood's piece: jacobinmag.com/2019/02/modern… 2/ #MMT Economist @ptcherneva: "Henwood is tethered to the wealthy by an imaginary umbilical cord. Time to cut the cord. MMT has a profound emancipatory power. jacobinmag.com/2019/02/mmt-mo…
May 30, 2019 9 tweets 4 min read
1/ We must tax the rich, but it is **not possible** to use their money to “pay for” federal programs.

[#LearnMMT THREAD]

All federal spending is and has always been financed with created currency. 2/ This is true because of the realities of reserve accounting.
May 9, 2019 23 tweets 9 min read
"Inflation the Boogeyman"

versus

Inflation in reality

[#LearnMMT THREAD v1]

WARNING: Just by **reading this thread** you (yes you) are causing a tidal wave of inflation that no plumber can ever fix.

Good job. 👍 2/ Those who do not understand #MMT, or do not want you to understand MMT, will say things like:

"Creating money causes inflation. Creating it beyond that causes hyperinflation."

So, creating one dollar 👉Inflation!

Daring to create that second dollar 👉 **hYpERinFlATiOn**!!!
Apr 6, 2019 7 tweets 3 min read
1/ Currency users are constrained by the money in their bank accounts. Currency issuers are constrained by their domestic supply of real resources*.

Issuers also set the BOUNDARIES of constraints for its users. If they want their citizens to be constrained more, they spend less. 2/
(*raw materials, labor, technology, and time)

The more citizens are constrained, the more they are dependent on the whims and BEGRUDGING GENEROSITY of the privileged few – those who happen to be sitting on an (effectively) infinite stockpile of money.
Apr 6, 2019 18 tweets 7 min read
1/ Imagine there's a billionaire with three children, but she only provides them with (just) enough food for two. They come to her to complain and ask for more, but she responds with, "I know, I know! But how‘re you gonna pay for it?"

(Yes, this thread *is* related to👇.) 2/ Of course, the children have no choice but to start fighting with each other. There's simply not enough food to go around, and eating is a biological necessity! Even though they are **brothers and sisters**, they have to be terrible to each other in order to survive.
Mar 18, 2019 9 tweets 7 min read
1/ Just went on @grahamelwood to discuss some new #MMT concepts. Video dropping soon. The main concept we discussed is called reserve accounting. Understanding it makes MMT and our economy much clearer and simpler. Links to things I mentioned are below. 2/ If we don’t start making big changes we may have cloudless skies by the end of the century. If that doesn’t scare you, it should. quantamagazine.org/cloud-loss-cou… @grahamelwood
Mar 18, 2019 22 tweets 7 min read
1/ #LearnMMT song parody: “I Am The Very Model of a Modern Monetary Theory. [THREAD v1]

Sung to the tune of “I Am The Very Model of a Modern Major General" from Gilbert & Sullivan's The Pirates of Penzance. Here’s a fantastic performance of the original: 2/ Notes: The full length verse is in the structure "main verse (long) 👉 chorus 👉 short verse." This parody mixes it up a bit.

Key:
🎶 = Start of main verse (long)
🎵 = Chorus
🎼 = Post chorus verse (short)

A crude version sung by me is at the end of this thread.
Mar 17, 2019 22 tweets 14 min read
1/ *Many* resources for getting started with #MMT.

[#LearnMMT THREAD v.2.01]

In a sentence: MMT is non-fiction macroeconomics. 2/ Here is an excellent single article explainer of #MMT by @StevenHailAus, economist and lecturer in Economics, University of Adelaide: theconversation.com/explainer-what… #LearnMMT
Mar 15, 2019 19 tweets 13 min read
1/ *Many* resources for getting started with #MMT, for those who know nothing about it.

[#LearnMMT THREAD v.2]

In a sentence: MMT is non-fiction macroeconomics. 2/ Here is an excellent single article explainer of #MMT by @StevenHailAus, economist and lecturer in Economics, University of Adelaide: theconversation.com/explainer-what… #LearnMMT
Mar 10, 2019 14 tweets 6 min read
1/ What is money?

What gives the money value?

[#LearnMMT THREAD v.1] 2/ The purpose of a government is to

compel its people

to use the real resources at its disposal for the benefit of society (what they define as “beneficial”).

Money, such as the United States dollar in the US, is the incentive given to the people for doing so.
Mar 6, 2019 19 tweets 8 min read
1/ Where does money come from?

[#LearnMMT THREAD v.1]

Money: US: US Dollar
U.K.: British Pound
Australia: Austrailian Dollar
Canada: Canadian Dollar
China: Yuan
Japan: Yen
... 2/ In fiat currencies, there are two kinds of money:

1. High Powered Money (HPM), or "currency."
2. Bank loans, or "credit."

This current thread discusses only "currency." To learn about bank-created money (where banks are "franchised" by gov'ts):
Mar 5, 2019 6 tweets 4 min read
1/ Repositories of #MMT scholarship and academic papers.

[#LearnMMT thread v.1]

neweconomicperspectives.org/mmt-scholarship 2/ Repositories of #MMT scholarship and academic papers: By @GowerInitiative: gimms.org.uk/tools-and-reso… (direct link: zotero.org/groups/2251544…)
Mar 4, 2019 13 tweets 6 min read
1/ The #MMT designed Federal Job Guarantee (FJG): scholarship by MMT economists and experts, and the scourge of unemployment.

[#LearnMMT, THREAD v.1] 2/ The FJG is a “transition job.” If you unexpectedly become unemployed, you can transition into the FJG with a dignified wage instead of splatting onto the ground at $0/hour – until private industry is ready to hire you back. #MMT founder @wbmosler:
Mar 4, 2019 7 tweets 6 min read
1/ The Federal Job Guarantee (FJG) is not an “add on” to Modern Monetary Theory (#MMT), it is integral. As I understand it, the FJG is the only major policy prescription of MMT, which is otherwise a description of how our economy actually functions. Evidence 👇. 2/ #MMT core economist @billy_blog, at the nine-minute mark in this interview with @MMTpodcast hosted by @PatriciaNPino and @christreilly: “It’s not just an optional add-on policy preference, it’s a central core part of our theoretical structure." pileusmmt.libsyn.com/11-bill-mitche…
Mar 2, 2019 22 tweets 9 min read
1/ How are you going to pay for it?

[#LearnMMT THREAD]

Our federal representatives, media, and so-called experts incessantly tell us that it is

not
possible

to give us the things that would help us

not die,
suffer,
go bankrupt, or
be unemployed. 2/ Our representatives tell us that they

can't

give us these things, even though they

really

want to.

They can't because, they tell us, if they dared even try, it would cause

"out of control inflation,"
dramatically raised taxes,
"wasted taxpayer dollars,"
Feb 26, 2019 14 tweets 6 min read
1/ The

federal deficit

is the amount of money spent by the government in a single year, minus what it collects back in taxes.

$3 trillion 👈 spending
- $1.7 trillion 👈 taxed
———————————————
$1.3 trillion 👈 the federal deficit

[#LearnMMT THREAD v2] 2/ The *size* of the federal deficit is not what’s important. The only thing that matters is what our government

chooses to
do,
who they choose to do it
for,
and who they choose to
not
do it for.