Via @boes_ & my guy @naufalsanaullah, #LearnMMT may be an interesting hashtag to keep an eye on.

Oh man the first question out the gate from @TheStalwart is good. "Is wealth tax more about revenue or something else" #LearnMMT

#LearnMMT

I despise Tony Dekoupil, but here... https://www.cbsnews.com/video/economists-on-whether-the-national-debt-is-cause-for-concern/ #LearnMMT

@HardBeingGreen
The government issues it (See Australian Constitution) - the Gold Standard died decades ago

The Australian Government can afford anything that is denominated in AUD (its money)

The better question is: Where are the resources coming from and what resources are needed by (infrastructure, people, minerals, water, etc)

#learnmmt

Howard on #BBCLauraK said all that money that was spent on covid has to be paid back

#FFS

A state's economics is not the same as household economics

The pound is sovereign currency
The Bank of England is internationally respected

How many more times do we have to say this?

#LearnMMT

There is nothing wrong with high levels of National Debt. It is in many respects an abstract concept, and trying to reduce it will only cause direct economic harm to a country's citizens

#LearnMMT

Some days I think I should rejoin Twitter/X just to be able to engage with some who make foolish claims thereabouts.

Yeah, I'm talking about Josh Barrow on this occasion. #LearnMMT

@harriettmb it's the lack of imagination that gets me.

I have painted my living room in a shade of magnolia. I shall ALWAYS paint my living room in a shade of magnolia

There are 1000s of different shades

#LearnMMT

XXX

When discussing tbe #autumnstatement, Fiona Bruce asked the #bbcqt audience to put their hands up if they felt confident about the future

Only 1 hand was raised.

That person said how debt incurred from covid and the Ukraine war has to be repaid.

Household economics are not the same as a nation's economics.

How many more times do we have to say this!

#LearnMMT

My latest is up, newsies! (this is also my 95th article) https://realprogressives.org/student-debt-derailing-lives/ #mmt #StudentDebt #biden #student #learnmmt #rail

THE CORE IS: There is an elaborate institutional structure in place to obsfucate the true nature of these transactions. But in an accounting sense, when there is a budget surplus, then base money and/or private wealth is destroyed. The opposite is the case for budget deficits. #MMT #DiscoverMMT #LearnMMT

The credits do not “come from anywhere”, as, for example, gold coins would have had to come from somewhere. It is accounted for but that is a different issue. Likewise, payments to government reduce reserve balances. Those payments do not “go anywhere” but are merely accounted for. #DiscoverMMT #MMT #LearnMMT

This understanding reinforces why the pursuit of government budget surpluses will be contractionary. Pursuing budget surpluses is necessarily equivalent to the pursuit of non-government sector deficits. They are two sides of the same coin. #MMT #DiscoverMMT #LearnMMT

Some may retort that government bond purchases provide the private wealth-holder with cash. That is true but the liquidation of wealth is driven by the shortage of cash in the private sector arising from tax demands exceeding income. The cash from the bond sales pays the Government’s net tax bill. The result is exactly the same when expanding this example by allowing for private income generation and a banking sector. #DiscoverMMT #MMT #LearnMMT

So it is clear that the government surplus has two negative effects for the private sector: (a) the stock of financial assets (money or bonds) held by the private sector, which represents its wealth, falls; and (b) private disposable income also falls in line with the net taxation impost. #DiscoverMMT #MMT #LearnMMT

“Taxes pay for government spending”. Unless, of course, your government creates its own money - and imprisons any entrepreneur that tries to counterfeit it … #LearnMMT #StephanieKelton #BBCReels #thedeficitmyth

https://www.bbc.co.uk/reel/video/p08jbbry/why-we-need-to-debunk-the-deficit-myth-

We absolutely should heavily tax the rich to reduce inequality, and to limit their corrosive influence over politics, which they typically use to block all progressive change. But the left really need to wrap their heads around the fact that money doesn't grow on rich people: there isn't less of it because rich people have more, and taxing their wealth away won't raise additional revenue for social expenditure. That's simply not how public finance works.

If your government isn't spending in ways that benefit society, that's because they've made a political decision to avoid doing so, not because billionaires have all the money! This PAYGO model of public finance makes taking action on anything - including existential threats such as climate change - impossible. Until progressives realise that the government can always spend any amount, immediately, society will continue to hurtle towards disaster.

We do not need the rich to help us solve our problems.

#LearnMMT

#learnmmt

@MaryAliciaZiff @flexghost The “debt ceiling” is a scam. The government budget is not a household budget. But, if you want to cut the budget deficit, cut military spending and increase taxes on billionaires and large corporations. #mmt #learnmmt