Heterodox economist Prof Steve Keen likens the mainstream’s knowledge level to Ptolemaic astronomy (Earth as the center of the solar system). Accounting-aware economists are out there, but they struggle to break through the babel. The Deficit Myth, by Prof Stephanie Kelton, is a good starting point to learn more. (BTW, every major federal budget reduction in US history was followed by a recession or a depression.) 3/3
#TheFederalDeficitIsOurMoney #TheDeficitMyth #Deficit #Economics #MMT
The dominant economics paradigm of our time (the “mainstream”) gets many things wrong; one of the worst is that it ignores double-entry accounting. Meaning what, exactly? Well, the federal budget deficit is only the debit side of the currency-creation ledger; the asset side is the supply of US dollars! And mainstream economics doesn't understand this—or teach it! 2/3
#TheDeficitMyth #TheFederalDeficitIsOurMoney #Deficit #Economics #DoubleEntryAccounting #BothSidesOfTheStory #MMT
Most people think reducing the federal budget deficit is a good thing. Makes sense, right? I mean, if I’m broke & have bills, that’s bad! But there’s a problem: The analogy between my finances and those of a currency-issuing government is false. Wrong. Illogical. So why do so many people keep getting it wrong? Turns out, they’ve been misled—by economists! 1/3
#TheFederalDeficitIsOurMoney #TheDeficitMyth #Deficit #Economics #DoubleEntryAccounting #BothSidesOfTheStory #MMT #PostKeynesianEcon
Just a reminder of which US political party has historically been the most fiscally responsible — in case you’ve forgotten. #USPol #USPolitics #politics #economy #NationalDebt #Deficit #TheDeficitMyth
@LarsHenriksen Jeg overvejer om begrebet om det økonomiske råderum er skabt af politiske økonomer der er lidt interessert i konklusionerne fra Modern Monetary Theory (MMT) men ikke tør, eller vil, forkaste de økonomske teorier deres karriere bygger på.
#2Guys1Cup #deathSexAndMoneyPodcast #everyoneRelaxNetwork #podcast #rebelWithoutACrew #recordStoreDayPodcast #robertRodriguez #stephanieKelton #steveConte #theDeficitMyth #theDorkForestPodcast #watchAfl
https://evilgeniuschronicles.org/b/35m
On this show I play a new song by Steve Conte; I understand my child’s antipathy for a classmate; Death Sex and Money looking for a new organization is the same dynamic as searching for a sugar daddy; I don’t understand what there is for all these people working on the pro podcasts to actually do; I really enjoyed the book Rebel Without a Crew; I popped for a month of the Watch AFL app; I started with Wilosophy and stuck around for much of the Everyone Relax feed; I am enjoying the 2 Guys 1 Cup podcast on footie; the fight in They Live is the weirdest 20 seconds of cinema; I am no longer that interested in cryptocurrency; moving assets from Kraken to Coinbase was a true drag; Kraken UX is kind of terrible; I have been trying to reconcile cryptocurrency and MMT since I learned about each; how exactly is it that we repay national debt;
Here is the direct MP3 download for the Evil Genius Chronicles podcast, March 15 2024.
Links mentioned in this episode:
You can subscribe to this podcast feed via RSS. To sponsor the show, contact BackBeat Media. Don’t forget, you can fly your EGC flag by buying the stuff package. This show as a whole is Creative Commons licensed Attribution-NonCommercial 4.0 Unported. Bandwidth for this episode is provided by Cachefly.
http://evilgeniuschronicles.org/audio/egc-2024-03-15.mp3Podcast: Play in new window | Download
@davidreinertson @DemocracyMattersALot Taxation has several functions. First, and foremost, is that it is what creates the value of a currency. The US govt will only accept payment of the tax liabilities it imposes in US dollars, therefore we need them. (If I were to create my own currency, otoh, no one would have any reason to want it.)
This is all clearly explained in Prof Stephanie Kelton's book "The Deficit Myth," which I highly recommend.
“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-
Highly recommended audiobook from Libro.fm. #deficits #TheDeficitMyth #MMT #economics #Librofm #audiobooks #books #StephanieKelton
This is great for two reasons. First, most importantly, the content. Clear and well-written as usual. #debt #deficit #economics #mmt
But a 2nd selfish reason: a 10yr-old video from her grad students, a classic must-watch explanation of how pervasive #TheDeficitMyth is.
I spent considerable time yesterday searching for this video. Bookmark to New Economic Perspective => 404. Even searched internet archive. And today here it is! An auspicious coincidence!
https://stephaniekelton.substack.com/p/the-deficit-myth-is-hanging-on-for
@rbreich
The Debt Ceiling is arbitrary.
Everyone should read The Deficit Myth by Prof Stephanie Kelton.
#TheDeficitMyth @StephanieKelton
This is an excellent episode about #MMT with #economics professor Stephanie Kelton author of #TheDeficitMyth
If you're curious about MMT or if you don't have any idea what MMT is but are concerned about #debt #deficit #DebtLimit #politics, this is the podcast episode for you. It is truly entry level, presumes no prior knowledge of economics or MMT.
The show: https://pods.link/i/1531192509 Episode 252
“Once we overcome the myths and accept that federal deficits are actually good for the economy, we can pursue fiscal policies that prioritize human need and public interest. We have nothing to lose but our self-imposed constraints.”
@StephanieKelton@twitter.com in #TheDeficitMyth
Reading @StephanieKelton@twitter.com’s #thedeficitmyth. Here in Australia, I suspect the biggest obstacle to benefiting from this new way of thinking about the economy is the commitment the LNP has made to the “debt and deficit” narrative over many years.
