Bill Goggin
@wgoggin
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Macro, Money, and Fiscal Policy Complete unknown, like a rolling stone.
Joined April 2013
Below identifies the most important barrier to achieving progressive goals — including addressing climate change:. The belief the US not only *must* borrow the savings of the rich in order to spend, but that it actually *does* borrow those savings. BOTH are demonstrably false.
"The United States does not borrow in order to have funds to pay its obligations. It pays its obligations by check (or electronic transfer) as specified by law. It then issues bonds. but it doesn’t have to. [it] pays its bills by issuing checks. What happens or doesn’t happen.
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RT @emptywheel: @JuddLegum No, it's far worse than that. They're gonna give her a deal so that she'll stop feeding WSJ stories. https://t….
emptywheel.net
Todd Blanche has now made clear how he intends to help Donald Trump out of his pedophile problem. Having fired the prosecutor competent to discuss cooperation with Ghislaine Maxwell, Blanche has...
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“… today’s central bank systems with floating exchange rate policies have followed fixed exchange rate (mostly gold standard) regimes. … Mainstream analysis of the U.S. ‘twin deficits’ is but one example of being ‘out of paradigm’ with respect to exchange rate policy.”. A BFD.
Do those who are loudly calling for the Fed to get completely out of the rate-setting business so that "market forces" can establish the fed funds rate know what they'd end up with? I somehow doubt it.
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While we piss away the future, wringing our hands over the “debt.”.
"The development of China is the master key, I think, to understanding modernity.". - Adam Tooze.
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The “trite ditty” is a structural directive to include the *benefits of imports* (and their effect on the nation’s standard of living and terms of trade) in the model. A methodological imperative, not trolling. The current version seems to have excluded those benefits.
@Riccard45524202 @MegasAlex2000 @RobertoBazzichi @olindocervi @wbmosler @Chini_Francesco @20XXMedioEvo Yes. They are arguing like trolls and think they're critiquing me. Dunning-KRuger lives. They can wait until I develop the dynamic monetary non-equilibrium investment-based theory of trade that MMT itself could have developed, were it not for this trite ditty from Mosler.
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Case in point:. If one’s dynamic systems approach to analyzing the effects of the US trade deficit: excludes the benefits of imports, assumes “money”.is destroyed, and concludes the nation’s standard of living is undermined, they’re doing it way wrong. Back to the drawing board.
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Not enough to have a shiny new model to brag about and sell. Important also to understand what the model is actually saying, and what the policy implications actually are. Especially before weaponizing the model against others.
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“ … trade does not create new net financial assets in the global system. It merely redistributes existing currencies between entities. This is fundamentally different from government deficit spending, which does create new net financial assets.”. Exactly.
Calling #MMT’s framework simplistic ignores its #sophistication. The #real oversimplification is Keen’s one-dimensional view of trade. #MMTtrade
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Searching for the new lie that “works.”.
What Trump is trying to do re Epstein is a perfect example of what Hannah Arendt said about totalitarian regimes:. “The totalitarian mass leaders based their propaganda on the correct psychological assumption that, under such conditions, one could make people believe the…. 1/.
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RT @samhaselby: Obama kicked 10 million American families out of heir homes, made Jamie Dimon a billionaire, and just bought a third luxury….
cnn.com
Former President Barack Obama issued a call to action for Democrats at a private fundraiser in New Jersey on Friday evening, urging those frustrated by the state of the country under President Donald...
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RT @VoteYesSept: PFI is a terrible idea, and public borrowing is a fraud, a relic of the gold standard era. Government issues the currency,….
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File under: Smear by “AKA”.
Same bullshit that the Australian government has pulled ever since Paul Keating and Bob Hawke introduced both the "First Home Buyers Grant" and wimped out on abolishing negative gearing. This is using the monetary power of the State (aka MMT) to sustain Ponzi schemes.
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Lastly, every MMT piece written over the last two decades describes the macro world we live in as PATH DEPENDENT: what happens today will impact often unpredictably what may happen tomorrow. To criticize MMT as “ergodic” invites the question: does one know what the term means?.
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What could be more “Dunning-Kruger”-like than deliberately misinterpreting a simple definition to be a design principle and policy prescription, while ignoring decades of research that clearly indicate otherwise. Difference of opinion is one thing, but dishonesty quite another.
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“The fault, dear Brutus, is not in our software, but in ourselves … “.
@tomfoster66 @Maze_s_Center @StephanieKelton I can prove the true aspects of MMT better than anyone Tom, because MMT has never developed anything like my Ravel software and its Godley Tables. MMT's other notion on trade is nonsense and I will happily call it out. And I've had enough of Dunning-Kruger comments on this.
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🎯🎯🎯.
@ProfSteveKeen @Maze_s_Center @StephanieKelton Maybe it gets clicks or plays well to your MMT-sceptic audience. But in the end, you’re doing the orthodoxy’s work for them. The irony!. /26.
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“… we might want to look at the national debt from a different perspective. In particular, it seems more accurate to view the national debt less as form of debt and more as a form of money in circulation.”.
Is the Fed Endorsing #MMT?.This article debunks the myth of public debt. - The government is not a household. - "Debt" is the net financial savings of the private sector. - Involuntary default is "impossible" for a sovereign state.
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He is so awful.
Maybe Obama should take his own advice. This man handed the country off to a fascist and then disappeared only periodically reappearing to kneecap the left populist movement which could have actually defeated MAGA's movement and ideology.
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Smarter, unless your ultimate governing goal is establishing an imperial unitary executive.
Instead of pressuring Powell to cut rates, which "may be counterproductive," economist James Galbraith writes, "A smarter move would be for Congress to move a resolution demanding lower interest rates." 1/.
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