45 Comments

Thank you for this post. I'm glad to learn more about the long-term benefits ($trillions!) and, especially, about the connection to "Big Immigration."

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The dark side of “big immigration” is many of the newly arrived are undocumented and subject to predatory wage discrimination and shakedowns for housing, job transportation. Living in California lately you can see it firsthand with the “gardeners” cleaning up yard debris and parking lots keeping everything looking nice. Semi-skilled construction workers hanging out in the parking lots of Home Depot/ Lowe’s hoping to pick up day work for cash. If you don’t speak English then someone who does will be happy to help- for a piece of your earnings. Same as it ever was……

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That's a govt problem. US could provide shelter for them. Tho with the crazy GOP majority in the House it won't get done cuz they are unfit to govern. Need more competent people in there

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so it's a social democratic pov vs selfish liberal issue? :)

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Gov supposed to promote the public good.

Their end of the bargain that we are coerced to pay taxes for one.

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Put a pair between your legs and call yourself what you are, a libertarian, free market BS artist:)

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The US has been screwing the global south and China with its neighborhood since the turn of the 20th century

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124 yrs ago

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And that has to do with my point (immigration) how?

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The US has been screwing every country they can in the Global South, especially South America & Africa, so as we've economically exploited every country we can, it's no surprise to me that the US and Europe have stupendous immigration issues, especially illegal, undocumented workers which is a self-inflicted problem.

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what mother would want to raise her babies in a war-zone?

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The US border is secured by whom? There is no border security anywhere north and south. We the People need to have our borders secured..

Apparently, you think US unsecured borders are a global right?

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On a more positive note, score one for MMT spending into existence big sums to grow domestic industry, especially chip fabrication and the ‘knock on’ benefits to new manufacturing- high and ‘low’ tech. Ditto for transportation improvements- especially mass transit as personal cars become less affordable- population densities can be eased if folks can get to work or school or market affordably. Over time these additional trillions can be taxed back into extinction. Easy peasy, no?

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Here's my current main issue with MMT. Even I understand that if one has a sovereign.fiat currency, so long as one doesn't exceed the productive capacity ie human & natural resources, including commodities and utilities like, public banking it's acceptable.

My issue is, my pov, that's what big money interests are now doing, BUT they are assuming ALL the worthwhile benefits, with none of the downside, as they control their pawn politicians.

So what can/should be done NOW by so-called folks that believe MMT has a lot of facility to do good but is being exploited by liberal-democracies ie self centered folks vs social-democracies ie those concerned about the greater good?

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You so-called brainiacs need to look into Mearsheimer's definition of liberalism in his Grand Delusion.

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I resemble that remark. In my 20s, (45+ yrs ago) I took a Mensa-proctored IQ test that ranked me in the 99th percentile. BFD. The more you learn, the less you know. I remember visiting Austin TX in the 80s and was puzzled by clubs that advertised themselves as “liberal bars” until I realized that it was Texas speak for homosexual or “gay”. YMMV.

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In a nutshell, do away with the (privately owned!) Federal Reserve. As long as they are keeping interest rates well above inflation (almost down to 2%) the fat cats and their wannabe pawns will leverage the spread and the banks are happy to create the additional dollars (loan debt) - for the “right price” of course. While We the People are told to “bend over and take the pain”.

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I agree say goodbye to the privately owned fed. Then What? I would suggest we listen to what michael hudson, stephanie kelton and other MMT'rs around the globe like Pavlina, Randy, billl and warren have to say as they've been in the trenches for decades as well as and other folks from the MMT universe? Then let's chat:)

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Excellent job Stephanie K! You’ve done superb work getting the MMT lens out to the masses in the most consumable I encountered. I use your words to advocate for MMT to my Federal colleagues continually to some success. When’s the new book coming out?

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Mar 1·edited Mar 1

Bipartisan Infrastructure? Are you attempting some humor? This is corporate socialism on steroids, of course they like to call it subsidies, tax incentives, etc.

I'm looking forward to when you finally take the gloves off!

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That's the way it is. You shld be happy it's not a Trump dystopia! Anyway we can't all go back to living off the grid either.

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I love your Walter Cronkite quote he said at the end of all his news broadcasts... and that's the way it is...:)

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Cronkite is known for his departing catchphrase, "And that's the way it is", followed by the date of the broadcast. Cronkite died at his home in 2009, at the age of 92, from cerebrovascular disease.

Walter Cronkite - Wikipedia

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O yeah. I remember. Not that it makes it right. Just gotta be real as to where to start.

Yeah immigration has come home to roost. Just heard a recent saying from immigrants..."We're here cuz you were there"

Our colonial ways from the past created disenfranchisement refugees at our door

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Tho we are letting them in to do the work our native workforce shuns. So good and bad

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Roger, I'm guessing your someone who loves cheap labor regardless of the perils they faced getting here.

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spoken like a true libertarian con artist who I believe infiltrate truth revealing sources like Stephanie's to spew their bs

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Thanks for going on CNBC with the twits. :)

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Good news that comes from solid analysis in an excellent theoretic framework. My deepest respect for engaging the media whose bent is corporate and downright silly. Intelligence must be combined with great patience and good humor and you have delivered both. And yet, the border is in crisis, and the economy is somehow going badly. Your courage is admirable.

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Thanks Stephanie for this. It certainly seems under reported. The fear mongering GOP house seems to think only cartel gangs are coming across the border!

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Stephanie and Michael are the best my pov!

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Thank you for these great insights. Especially German politics could learn a lot. Instead of Big Fiscal we have Big Austerity and dull discussions on debt brakes and immigration limits.... The results are impressively reflected in the chart...

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Steohanie Kelton keeps selling an idea that has long since fallen into irrelevance. Deficits may be essential for a growing economy, but this economy is actually shrinking. The commercial real-estate market is about to implode. Stock buybacks are a sign of shrinking corporations even when financed by a growing money supply. When are MMT proponents actually going to apply the theories that they are promoting? What is the point of growing the manufacturing side of the economy while shrinking the purchasing side of the economy?

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Commerical Office Real Estate property values down 25% since the pandemic AND 20% of Commercial Office properties have sold for less than their previous sale price.

Yet we still have lazy, corrupt or stupid local politicians like in St Petersburg FL, where they're selling 64 downtown acres at a $500 Million discount, providing infrastructure $ and giving a sweetheart public financing deal, WHILE allowing the Tampa Bay MLB Rays to do what they want with the property ie sell or develop it pretty much at their whim.

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So are you saying the US can actually nail a soft landing this time and no recession ahead sooon? 🤔

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Absolutely correct my pov. The fed should be privately owned without compound interest rates. Michael Hudson is a global guru regarding the absurdity of compound interest!

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The BRICS New Development Bank should work out no compound interest rates. I think islam/koran has no interest rate solutions, but of course they've been corrupted by the moneyed interests.

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This “brainiac” (your term, btw) would like to suggest that your obsessive stream of comments and smug name-dropping are seriously damaging the signal-to-noise ratio of this comment thread. Try not to wear out your welcome any further, please!

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BTW what names am I dropping other then folks that published stuff. Adam I think you need another class on critical thinking, I'd suggest CT 101

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sadly i don't know any of the names you say i dropped

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i'll consider the source, thx

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generally i only obsess on stuff i think is important which of course is subjective. I'm guessing you had a lot that i disagreed with, so no promises

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Roger, the US is the biggest war criminal on the face of the earth, my pov. Israel and the Saudi's are in the running the the #2 spot.

The US has messed up more than 1/2 of the countries in our hemisphere and boatloads in Africa with our colonial buddies in Europe.

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I paid to read this blog because the internet not understanding MMT has driven me mad. Thank you for the write up.

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