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  1. JohnfrmClevelan

    MMT to the rescue!

    Congress is considering a number of measures to deal with COVID-19's effects on the economy, the most novel being direct cash payments to individuals, paid for by deficit spending (at least in the short term). We are talking about amounts in the $1-3 trillion range. For example, giving 100...
  2. JohnfrmClevelan

    Circular Flow of Income theory

    Circular flow of income - Wikipedia GDP = C (consumption) + I (investment) + G (government spending) + (X - M) (net exports, positive or negative) Production = national income = potential demand. If you have a $15 trillion economy, the national income is $15 trillion. If we spent 100% of...
  3. JohnfrmClevelan

    Financing the Green New Deal

    The Green New Deal: How We Will Pay For It Isn't 'A Thing' - And Inflation Isn't Either The rest of the article makes a pretty convincing case that the GND is very feasible. The author of this piece, Robert Hockett, is a respected professor of law who has previously worked for the IMF and the...
  4. JohnfrmClevelan

    Great Moments in Irony, Healthcare Edition

    Rand Paul to have hernia surgery in Canada Let's sharpen up those anti-universal healthcare arguments, cons. Explain away your hero's choice of hospitals.
  5. JohnfrmClevelan

    Let's get the basics correct, already!

    Lately I have seen a few misinformed claims on various things that end up as tangential sub-threads in other posts, so I thought a good, basic, economics-minus-the-politics thread was in order. So I will start off with a few points for consideration, and maybe debate (if you consider them...
  6. JohnfrmClevelan

    Do you think you know more about economics than the Deputy Secretary of the Treasury?

    "We don't have to have high unemployment anymore. We don't have to have uncontrolled financial crises. We don't have to have all the bad things that go along with a recession. We have the ability,... we have the tools necessary to resolve all those things. ...And the reasons people have for...
  7. JohnfrmClevelan

    Overt Monetary Financing

    For those of you who worry about our national debt, hyperinflation, etc. - here is something that should ease your minds: OMF is when the govt. simply issues dollars without debt. The Case for Monetary Finance – An Essentially Political Issue It's a long PDF, but we have already talked about...
  8. JohnfrmClevelan

    U.S. Debt is a Myth

    "It (the U.S.) could spend in any amount that it wants to. The only only real issue here, the only thing that we have to consider, is whether or not that spending, at some point, leads to an inflation. And the only way that's going to happen is when the governnment spends beyond the capacity...
  9. JohnfrmClevelan

    The thread where Jaeger explains banking in detail and takes your questions

    I'll start the ball rolling with a quote; Please explain, and don't spare the details.
  10. JohnfrmClevelan

    Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did

    ....and four of them are MMTers. Five, if you include Wynne Godley. And they should have counted Bill Mitchell, too. Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did - Bloomberg Business Maybe there is something to this "monetary sovereignty" thing... The basis of...
  11. JohnfrmClevelan

    3 Theories on How Banks Create Money - this time, with some accounting.

    I came across a paper that compares the three main theories of money creation by banks. The Financial Intermediation Theory posits that banks are merely intermediaries that facilitate lending between borrowers and lenders. They collect deposits, then they lend them out. The Fractional Reserve...
  12. JohnfrmClevelan

    And now, some good news! MMT goes to Washington.

    Sanders names 'deficit owl' his chief economist "A prominent advocate of bigger deficits and unconventional economics will be Sen. Bernie Sanders’ chief economist when he becomes the ranking member of the Senate Budget Committee in January. Stephanie Kelton, a self-described “deficit owl” and...
  13. JohnfrmClevelan

    What's so bad about federal deficits and/or the national debt?

    I asked this question many times in other threads, and I never have received a coherent answer, so let's try it again. What are the negative aspects of running federal deficits? What are the positive aspects of running federal surpluses? What are the negative aspects of government debt? What...
  14. JohnfrmClevelan

    What makes the stock market go up or down?

    While discussing privatizing Social Security, I started to think about what would happen if such a law forced bunches of dollars into the stock market, and how disconnected stock prices seem to be from the company that originally issued the stock. So my question is simple: What makes the stock...
  15. JohnfrmClevelan

    Is "wasteful" government spending really harmful?

    This isn't a new article, but it's an interesting one. A few years back, the Chinese built a city, and (almost) nobody came. People scoffed at the wastefulness of the whole thing, and the obvious stupidity of such a project...
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