Yesterday, CNN’s Chief Congressional Correspondent, Manu Raju, shared a draft letter that is being circulated by a coalition of House members, including Reps. Josh Gottheimer (D-NJ), Jared Golden (D-ME), Kurt Schrader (D-OR), Vincente González (D-TX), Ed Case (D-HI), and Filemon Vela (D-TX). The letter calls on Speaker Pelosi to bring the
It's critical the citizenry learn the truth about our politicized and wrong headed fiscal policies relative to our currency. Republicans are much bigger liars about it than most democrats., especially "Progressive" democrats.
Stephanie is the very person with the understanding and will to show this reality to those who don't know, and show up those liars who do know, but wish to deny it to the rest of us.
Thanks Stephanie. This is only indirectly related to this article you wrote here concerning Govt spent/created currency & infaltion fears , but what about Private Bank created money (Credit Creation Process when a private bank makes a loan)?
Professor Richard Werner deals with this. Why do MMTers not talk of this, or how much of each economy is made of of Bank Created Money??
Have you also read his book "Princes of the Yen"? I would love your view on it - it influenced me a lot. I think it explains the mistrust of Central Banks and thus MMT indirectly too by some people (not me, regarding the latter). It is basically about how his own work experience showed him that the Central Bank of Japan wanted to disempower the Treasury & it's own economy to fail for selfish reasons (it's own staff admitted this in private); and apparently some central banks like the ECB seem to be doing similar things.
Lost in the glowing MMT cloak being drawn around fiscal reality here is the very real and lawful fact that only the declaration of a national emergency for the COVID Pandemic facilitated all this falsely-claimed MMT fiscal-finance (actually plain vanilla deficit-financing to pay for spending), being an emergency that suspended the debt-ceiling - among other things - an emergency that allowed some $5 or $6 Trillion in new debt to be rolled out un-challenged.
While it's uncertain when that 'emergency' law will change, Her Treasury Meister Yellin has already informed Congress that Treasury is implementing emergency measures to keep paying some Bills and not others until the end of the Fiscal year.
No Economic Emergency equals No Borrowing by the Guv.
And why should Guv borrow in the first place when the Constitution grants Congress the money creation and issuing powers now usurped by private Fed bankers - who create new money from nothing and lend it to that government ??
Why does MMT not support THAT debt-free self-financing option?
I guess we had to put our big girl dress on today and stop pretending there's any 'keystroking' to be had to pay for stuff - now it's just BORROW !, BORROW !! BORROW !!!.
Whatever happened to BONDS can not finance spending ? LOL.
Thanks, MMT, for nothing …. But ……. Perennial Debt and confusion.
Thanks, MMT, for nothing.
.
So, in other words, Dr. Kelton is faking that MMT has driven these 'emergency' outcomes of piling on the debt that must be repaid by taxing incomes, as it was rather the outcome of the Pandemic's economic emergency.
It's funny that the interstate highway system is always cited as a good thing. They destroyed dozens of urban cores, displaced millions of people, poisoned the remaining population for generations, and set the course for what seems like irrevocable climate change. I can't think of a 20th century government expenditure with a worse track record.
I'm a big fan Dr Kelton!! An 87 year old, double average citizen, who happened on to MMT about 3 years ago trying to better understand gov't budget,fiscal,monetary operations .Bottom line, MMT just makes so much common sense and needs to be introduced and promoted widely.The LENS is an excellent beginning and will be spread by all your readers to their circles and such. You are so effective in presenting the essence of MMT to the general public that it's important for all of your followers to not only inform their circles, but effort greatly to get you on national television news MSNBC.CNN etc.The essence of MMT presented directly and clearly to the general
public as you do so well ,could have a huge effect to support the enormous needs of this critical time in our history.A livable future for our grands and great grands is definitely on the line. Keep up your great work dear Doctor !!--Ron Sisk
Thanks for the nuanced insights from the inside.
Obviously the MMT you are promoting isn't accepted as legitimate by all.
I sent you an email sometime ago asking is MMT only possibly valid in the USA or can it be applied say in Africa or South America?
It would be nice to get an answer.
Thanks. It seems so clear to me. Why isn’t it to , for example, Larry Summers or Paul Krugman ? They’re no shlemiels.
So sage, Dr. Kelton. Let's hope more people start reading you.
It's critical the citizenry learn the truth about our politicized and wrong headed fiscal policies relative to our currency. Republicans are much bigger liars about it than most democrats., especially "Progressive" democrats.
Stephanie is the very person with the understanding and will to show this reality to those who don't know, and show up those liars who do know, but wish to deny it to the rest of us.
Thanks Stephanie. This is only indirectly related to this article you wrote here concerning Govt spent/created currency & infaltion fears , but what about Private Bank created money (Credit Creation Process when a private bank makes a loan)?
Professor Richard Werner deals with this. Why do MMTers not talk of this, or how much of each economy is made of of Bank Created Money??
Have you also read his book "Princes of the Yen"? I would love your view on it - it influenced me a lot. I think it explains the mistrust of Central Banks and thus MMT indirectly too by some people (not me, regarding the latter). It is basically about how his own work experience showed him that the Central Bank of Japan wanted to disempower the Treasury & it's own economy to fail for selfish reasons (it's own staff admitted this in private); and apparently some central banks like the ECB seem to be doing similar things.
Thanks
Lost in the glowing MMT cloak being drawn around fiscal reality here is the very real and lawful fact that only the declaration of a national emergency for the COVID Pandemic facilitated all this falsely-claimed MMT fiscal-finance (actually plain vanilla deficit-financing to pay for spending), being an emergency that suspended the debt-ceiling - among other things - an emergency that allowed some $5 or $6 Trillion in new debt to be rolled out un-challenged.
While it's uncertain when that 'emergency' law will change, Her Treasury Meister Yellin has already informed Congress that Treasury is implementing emergency measures to keep paying some Bills and not others until the end of the Fiscal year.
No Economic Emergency equals No Borrowing by the Guv.
And why should Guv borrow in the first place when the Constitution grants Congress the money creation and issuing powers now usurped by private Fed bankers - who create new money from nothing and lend it to that government ??
Why does MMT not support THAT debt-free self-financing option?
https://www.youtube.com/watch?v=2HRt6sSXpOQ
I guess we had to put our big girl dress on today and stop pretending there's any 'keystroking' to be had to pay for stuff - now it's just BORROW !, BORROW !! BORROW !!!.
Whatever happened to BONDS can not finance spending ? LOL.
Thanks, MMT, for nothing …. But ……. Perennial Debt and confusion.
Thanks, MMT, for nothing.
.
So, in other words, Dr. Kelton is faking that MMT has driven these 'emergency' outcomes of piling on the debt that must be repaid by taxing incomes, as it was rather the outcome of the Pandemic's economic emergency.
It's funny that the interstate highway system is always cited as a good thing. They destroyed dozens of urban cores, displaced millions of people, poisoned the remaining population for generations, and set the course for what seems like irrevocable climate change. I can't think of a 20th century government expenditure with a worse track record.
I'm a big fan Dr Kelton!! An 87 year old, double average citizen, who happened on to MMT about 3 years ago trying to better understand gov't budget,fiscal,monetary operations .Bottom line, MMT just makes so much common sense and needs to be introduced and promoted widely.The LENS is an excellent beginning and will be spread by all your readers to their circles and such. You are so effective in presenting the essence of MMT to the general public that it's important for all of your followers to not only inform their circles, but effort greatly to get you on national television news MSNBC.CNN etc.The essence of MMT presented directly and clearly to the general
public as you do so well ,could have a huge effect to support the enormous needs of this critical time in our history.A livable future for our grands and great grands is definitely on the line. Keep up your great work dear Doctor !!--Ron Sisk
Her Modern Monetary Theory book- The Deficit Myth, should be mailed to every person in Congress right now for required reading.