Host of podcast @ActivistMMT.
I also sing: @seejeffsing
Sometimes host of @historic_ly.
Dem primary nonsense: @PBernardSanders.
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.
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)
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.
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.
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.
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?"
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.
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.
🎶 = 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.
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:
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…