The "national debt" hit $30 trillion.
I have your book & I reckon it should be on every High School ‘required reading’ list, along with a ‘Politics & Economics’ Basics class. If voters weren’t politically illiterate we would have a much better public debate around politics. They would know that calling Biden or any Dems “Communists” is ridiculous and, along with more similar political idiocy, makes the US a laughing stock around the world. (I currently reside in the U.K.) We really do get the politicians we deserve.
Enjoyed seeing the article about you in the NYT this morning. Thanks for leading the charge and shaping the national dialogue on needed expenditures.
Implement a 50% discount to consumers at retail sale all of which discount is rebated back to the retailer by the FED and you will be able to shut the mouth of the Manchins etc. of the world about inflation....forever...because you will have integrated beneficial price and asset deflation into profit making economic systems. Ending any possibility of inflation we then will also be able to fund all of the social and infrastructure changes needed as well as the kind of mega projects necessary to confront climate change.
It's maddening to hear incredibly brilliant respected people miss the simplicity of the MMT lens, ref, your discussion with the Congressman you write in The Deficit Myth. His response, "I can't say that..." and not accept MMT's explanation that USG deficits illustrate the amount of currency in the market. When I discuss MMT with my military colleagues they get it quickly and remain disgusted/paralyzed with our budget process to create new capabilities. It feels very nefarious that leaders only care about shareholders and everyone else should just pull themselves up "by their bootstraps." BS! I'm open to ideas to spread MMT to the masses to improve American true excellence.
In the game of Monopoly, the bank issues game currency. When the players are in agreement, the bank can issue more currency until the game runs out of printed money. Then there can be agreement that the banker can write its own script until one player chooses to end the game by not accepting the banker's script. What happens in the real world of international finance when the players choose an alternative to the dollar as the reserve currency or start to discount the dollar?
After just reading "Super Imperialism" I realize that most MMT proponents don't give international trade as much attention as they should. In the "Super Imperialism" book, Michael Hudson doesn't even mention what he has learned from MMT. That is a real shame. Putting my own knowledge of MMT into my reading, I begin to realize that the USA international trade negotiators believe in MMT for other countries when it comes to accepting the USA dollar as a reserve currency to replace gold. They just don't want the USA domestic audience to apply the same thinking in the USA.
The national debt is only $23.5 T, not $30 T. The last $6.5 T is what various govt agencies owe each other, viz, what the government owes itself. Please don't feed erroneous right-wing claims.
Hi Stephanie, Arliss Bunny here.
We go back quite a ways. I was wondering how you see the resource, especially commodities, jump with respect to global growth?
What are the ramifications for domestic growth visa-vie mmt framework, along with the rising (even protectionist) costs of various production inputs?
Thanks for your comments. Any insights on how the Swedish economy could be like where currently we have 8% unemployment, 30% government debt and 7% raising housing prices of central Stockholm partly driven by very low interest rates ensuring that anybody below the age of 26 can never buy a property in central Stockholm unless they are in the top 5% of earners and even then it might not be feasible.