Key sentence in a story that is interesting on many levels.
"But the dollar is a fiat currency, which means that its value does not depend on the backing of any assets the government owns."
Failure to understand this is the foundation of the #DeficitMyth, the convenient excuse for destroying the US government.
What's the deficit myth besides being expedient?
See L. Randall Wray's "Making Money Work for Us" or the very compact "Money for Beginners."
"Le mythe du déficit" de Stéphanie Kelton #deficitmyth
Une autre façon de voir les choses. Même des économistes reconnu.e.s (pas par tous, il est vrai) ne sont plus d'accord de la dictature du "l'État ne doit pas s'endetter"...
https://bcu-lausanne.cantookstation.eu/resources/605aee022357944cb79d75c3
A timely reminder from Stephanie Kelton about those government deficits that Chancellor Rachel Reeves is banging on about, to excuse her from spending on the things that matter.
#DeficitMyth #RachelReeves #Labour #UKPolitics #Economics
#MMT
Policy makers still wanting to prioritize the few over the many again and again: “Losing the revenue part of the budget equation and focusing only on spending cuts seems to reflect a society like the one the late-nineteenth-century industrialists embraced, in which a few wealthy leaders get to decide how to direct the nation’s wealth.”
#History #Politics #Taxation #FederalBudget #ProgressiveTaxation #SocialSafetyNet #DeficitMyth #LettersFromAnAmerican
#GOP = Government Of Putin
#Russia #Traitors #Republicans #Ukraine #Funding #Congress #DeficitMyth #MMT #Democracy #Freedom
@rbreich
Highly recommend everyone read a couple of books:
The Deficit Myth by Stephanie Kelton @StephanieKelton
Let There Be Money by Scott Santens @scottsantens
Taxes do not pay for things, they just take the money out of circulation.
Deficit Myth: Social Security needs to be self funded
This is just the way that Congress has set it up currently - that the trust fund must be self sustaining.
Actually, the US as a sovereign currency country can fully fund Social Security without any associated taxes if it wants to.
Federal Taxes are only needed to deal with inflation and inequality.
State Taxes are only needed because states are not funded by the federal government.
Planet Money: When The U.S. Paid Off The Entire National Debt
Fast Forward: 3 amazing kids, who appreciate & challenge me. Watch out: I’m old but I know stuff & still learning! (BTW, anyone wanna show me how to work this consarn’ Linux CLI?): #Climate, #StopOil, #WereAllGonnaDie, #GreenNewDeal, #GND, #Gaia, #Love, #Solidarity, #CapitalismKills, Anti-Capitalism, #FreeSoftware, #GNULinux, #M4A, #FederalJobsGuarantee, #FJG, #DeficitMyth, #MMT ,#HeterodoxEcon, #Commons, #Socialism, #DSA 2/2
@BettinaStruff
“The Curious Case of “We Can’t Afford It” “
No massive amount of hand-wringing over these eye-watering sums. No attempt to pretend the transactions had be funded by tax payers, in advance, as is the case with every socially beneficial programme, ever.
The deficit myth is never trotted out when conservatives spot an opportunity to grift.
#LearnMMT #StephanieKelton #DeficitMyth
https://www.bbc.co.uk/reel/video/p08jbbry/why-we-need-to-debunk-the-deficit-myth-
Stephanie Kelton’s lecture on using money for the public good. Never be stymied by. “How do we pay for it?” again!
Just sharing two videos I watched during my morning commute:
1) The »how will you pay for it« scam – by Carlos Maza – https://youtu.be/MCKeXhta3H0 #mmt #deficitmyth
2) Redesigning Oslo’s transit diagram – by T2norway – https://youtu.be/tHQ5fOJkI-g #transitdiagram #design
