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Darrell Blakeway's avatar

As a student of comparative religion, I see MMT as a sort of esoteric teaching, i.e. that which is reserved for a few qualified aspirants vs the exoteric teachings which are for the entire religious community. An example would be Hesychasm in Orthodox Christianity vs the teachings for the entire community of Orthodoxy. When MMT is spoken of publicly, it strikes the "masses" as heresy. I suspect many Congressmen and other public officials understand MMT, and have for a long time, but chose not to talk about it publicly, for fear of appearing foolish. E.g., Rep. Wright Patman of Texas and Ben Bernanke (drop money from helicopters) hesitated to speak publicly of it, because it sounds so strange. Some Sufi sages talked publicly about the esoteric teachings and were crucified for it (Al-Hallaj). It is difficult to understand the economics of a sovereign government that issues fiat currency, since it's so different from that of individuals and organizations without that ability. Even those public officials who do understand find it easier and politically safer to pretend they don't. I appreciate you are trying to educate the general public, and think it can be done. But it's not easy as long as those who already understand choose to remain silent about it.

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Dick Swartley's avatar

Thanks for your excellent participation on the NPR panel today. I sent the following email to NPR for the panel.

15 May 2023

To: NPR panel

From: Dick Swartley, Jacksonville FL

What am I missing here?

In reality, there is no debt limit crisis. There will be no X date, when the U.S. government runs out of money to pay its obligations. The U.S. government can never run out of money. The U.S. government has the unique and exclusive power to issue U.S. dollars under the Constitution to pay its bills. "Uncle Sam can always pay!" “There’s nothing to prevent the federal government from creating as much money as it wants and paying it to someone.” Alan Greenspan. The Deficit Myth, Stephanie Kelton. 

Uncle Sam does not have to borrow (issue Treasury notes and bills) to cover a deficit. No law or anything else requires it. So, pay all debts and expenditures as law and the Constitution require, funded by issuing currency (credits to Fed reserve accounts) for payments as usual. The checks will clear, as usual. Choose not to borrow to cover a deficit, and avoid exceeding a stupid debt limit. Keep calm & carry on.

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