Tuesday, 15 July 2014

Recent tweets by MMTers.

Mike Norman:

1. The desire by other nations to "net save" in dollars is what drives our current account deficit. It is neither good nor bad

2. Domestic demand can always be stimulated to ensure full output and employment. You don't need exports to do that.

3. For a currency to be the global reserve currency the issuing nation (that would be U.S.) MUST run trade deficits by definition.

4. Time to review: Government spending in its own currency is not "unsustainable." There is no limit. That's not subject to dispute.

5. Time for review: There's only one way for Gov't to balance its budget, it must take back its currency from the non-government. That's good?

6. Time to review: Interest paid on sovereign money when the sovereign is the issuer of that money is welfare and it's mostly rich who get it.

Stephanie Kelton:

1. It was June 7, 2012 when Bernanke essentially told Congress, "Don't make me do this." QE3 was announced Sept. 13.

2. Think of austerity as a big shiny bag of crystal meth, and D.C. elites as a bunch of jittery speed freaks.

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