On reflection, I’ve decided it isn’t the right approach after all. What we really need to do is rescue the 1%.
All this talk about the 99% versus the 1%? I say the easiest—and likely the most useful—thing to do is just forget the 1%. Write them off.
Paul Krugman has a new post that explains why the debate over money- vs. bond-financing of government deficits is really much ado about nothing. In it, he essentially echoes longstanding MMT-core principles, as we will show below. Indeed, MMT blogs have written as much many times previously (for example, see here, here, here, and here).
OK, I’m flabbergasted.
I came across, and commented on, a piece by Scott Sumner a few days ago. (DID SCOTT SUMNER FIND MMT’S ACHILLES’ HEEL? ) He claimed he had proof MMT is wrong:
Our deficit hysterians love to raise the specter of China. Supposedly Uncle Sam is at the mercy of the Chinese, who have a stranglehold on the supply of dollars necessary to keep the US government above water. If the Chinese suddenly decided to stop lending those scare dollars, Uncle Sam would be forced to default.
The blogosphere and Twittershpere are buzzing over today’s NYT article on Warren Mosler and the proponents of Modern Money (or Monetary) Theory (MMT). This isn’t the first time MMT has been featured by a high-profile mainstream media outlet (see here, here, here) and, as usual, there are some editorial inaccuracies.
By William K. Black (Cross posted from Benzinga.com) Robert Reich has written a column entitled “Why this is the Worst Recovery on Record.” It’s an odd title because the article makes no reference to this being “the worst recovery on … Continue reading →
This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. By William K. Black Barry Eichengreen’s and Tim Hatton’s January 1988 paper entitled “Interwar Unemployment in International Perspective” is a useful starting point for any effort to compare unemployment during the Great Depression and the Great Recession.…
This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. By William K. Black On March 18, 2013, Lawrence O’Donnell stated that John Boehner’s admission that the U.S. faces no current debt crisis vindicated Paul Krugman, who O’Donnell described as “a lonely voice opposing austerity.” It is…
This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. Our Fiscal Anorexia By J.D. Alt Many years ago, I had occasion to spend a long weekend at Ramuda Ranch in Arizona—a rehab facility where young women are helped to learn how to want to eat food…