tag:blogger.com,1999:blog-3758330678390419129.post1092752504236073416..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: The New York Times Publishes Op-Ed by a Crazed "Government Deficits Don't Matter" EconomistRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-3758330678390419129.post-58412662026009513432017-10-15T18:41:31.929-04:002017-10-15T18:41:31.929-04:00It will be interesting to know if, on reading the ...It will be interesting to know if, on reading the comments here, that the author will understand his errors and change his story. The correspondents are a lot more on the money than Wenzel.<br />Actually deficits do matter. In the annual accounts the government has to deficit spend so the economy can grow. which is that money withdrawn in taxes is less that the sum the government can spend into John Doylehttps://www.blogger.com/profile/16988949252372053378noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-84427596664854858712017-10-15T02:33:28.835-04:002017-10-15T02:33:28.835-04:00The government does and always has had the authori...The government does and always has had the authority. Article 1, Section 8 of the Constitution states that Congress has the authority to spend for the public good. The U.S. dollar is a fiat currency issued by the United States government. There is no gold standard nor any other finite resource limiting our ability to spend dollars into existence. Taxes do not fund federal spending. Taxes Anonymoushttps://www.blogger.com/profile/00791911758238629287noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-76785072999389692252017-10-13T09:27:45.904-04:002017-10-13T09:27:45.904-04:00No, taxes are needed. Read MMT.No, taxes are needed. Read MMT.Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-87902861700816242002017-10-13T09:26:48.980-04:002017-10-13T09:26:48.980-04:00"MMTers such as Kelton are proposing that the..."MMTers such as Kelton are proposing that the government treasury (not an independent central bank) should have authority to create virtually unlimited funny money out of nothing simply by “spending” it into existence." <br /><br />No, they don't propose that government should have that authority, they say government already has that authority. Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-17617521553786752012017-10-13T09:20:26.761-04:002017-10-13T09:20:26.761-04:00He knows nothing about our monetary system. This i...He knows nothing about our monetary system. This is not unusual, most of the opposition to MMT are ignoramuses. Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-18284422546778140942017-10-13T09:16:27.817-04:002017-10-13T09:16:27.817-04:00"If true (duh) then why would the creator of ..."If true (duh) then why would the creator of the US dollar need to borrow what it and oonly it cans create?!"<br /><br />It doesn't, It is a leftover from gold standard. Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-6425377904349375272017-10-13T05:47:06.172-04:002017-10-13T05:47:06.172-04:00Almost all Treasury bonds are purchased from exist...Almost all Treasury bonds are purchased from existing reserve accounts, which is just a matter of shifting dollars from checking to savings. I hardly think that sub 1% returns are going to "crowd out" other investments. MMT is nothing more than an accurate description of our monetary system. It also lays out why taxation is not a revenue source and shouldn't be considered as such. oldandgrumpyhttps://www.blogger.com/profile/06250969050783191700noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-32065473837975682802017-10-13T05:26:04.635-04:002017-10-13T05:26:04.635-04:00The main premise the author opposes Professor Kelt...The main premise the author opposes Professor Kelton on is wrong. He states: "Money borrowed by the government squeezes out private sector borrowing. That is savings are used to fund the government bureaucracy instead of the creative, competitive private sector." In a sentence: Government deficit spending borrowing crowds out private lending.<br /><br />This is absolute hooey as banksAnonymoushttps://www.blogger.com/profile/06656349504815848053noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-29487697202610562002017-10-13T05:18:22.315-04:002017-10-13T05:18:22.315-04:00The main premise the author opposes Professor Kelt...The main premise the author opposes Professor Kelton on is wrong. He states: "Money borrowed by the government squeezes out private sector borrowing. That is savings are used to fund the government bureaucracy instead of the creative, competitive private sector." In a sentence: Government spending crowds out private lending.<br /><br />This is absolute hooey as banks do not need Anonymoushttps://www.blogger.com/profile/06656349504815848053noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-37088563861549413002017-10-12T23:35:49.188-04:002017-10-12T23:35:49.188-04:00Please enlighten me as to whom a sovereign Monetar...Please enlighten me as to whom a sovereign Monetary Nation w/ the power to create it's own inconvertible Fiat Currency, would borrow it from???<br />Sergeant Marshmallowhttps://www.blogger.com/profile/08156333661608786229noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-79309049461308684852017-10-12T23:35:07.175-04:002017-10-12T23:35:07.175-04:00Why would a Sovereign Monetary Nation borrow money...Why would a Sovereign Monetary Nation borrow money from anyone, when we create our own inconvertible, free-floating, Fiat Currency? That's just silly!Sergeant Marshmallowhttps://www.blogger.com/profile/08156333661608786229noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-24632305197756990512017-10-12T23:32:12.751-04:002017-10-12T23:32:12.751-04:00Please enlighten me as to whom a sovereign Monetar...Please enlighten me as to whom a sovereign Monetary Nation w/ the power to create it's own inconvertible Fiat Currency, would borrow it from???<br />Sergeant Marshmallowhttps://www.blogger.com/profile/08156333661608786229noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-45645822325456447442017-10-12T22:37:06.914-04:002017-10-12T22:37:06.914-04:00Federal taxes don't fund federal spending. PE...Federal taxes don't fund federal spending. PERIOD.Anonymoushttps://www.blogger.com/profile/09506952951470448204noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-85310436129091460652017-10-12T20:46:54.893-04:002017-10-12T20:46:54.893-04:00You neoliberal hackYou neoliberal hackSDGhttps://www.blogger.com/profile/01380183214244733128noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-55207801565940443332017-10-12T18:43:07.004-04:002017-10-12T18:43:07.004-04:00"Hayek believed that his economic vision prov..."Hayek believed that his economic vision provided the foundation for his support for free markets, but a careful reading of The Road to Serfdom (1944) suggests that he advocated minimal government involvement in economic activity because he saw hierarchical and collectivist political systems as a threat to individual liberty, not because his economics per se had demonstrated the superiority Unknownhttps://www.blogger.com/profile/15546760699295286199noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-20166989132252962852017-10-12T18:22:56.267-04:002017-10-12T18:22:56.267-04:00"Money borrowed by the government squeezes ou..."Money borrowed by the government squeezes out..." How does that work? Does it raise interest rates at all? Doesn't the government choose the interest rate at which it is borrowing? It is raising interest rates then that does this and if the Fed thought raising then we're a problem it wouldn't do it. Right?Anonymoushttps://www.blogger.com/profile/08261416662436377123noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-15534315293501610002017-10-12T16:50:05.633-04:002017-10-12T16:50:05.633-04:00Bill Black: "There’s something invigorating a...Bill Black: "There’s something invigorating about people freaking out about modern monetary theory (MMT). They treat MMT as akin to the Ark of the Covenant in the first Indiana Jones movie. They are petrified that knowledge of the financial equivalent of the 'holy of holies' will be released to normal people because they project their greatest terrors onto the possibility that the Unknownhttps://www.blogger.com/profile/15546760699295286199noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-82490612886037159682017-10-12T16:42:54.390-04:002017-10-12T16:42:54.390-04:00Is the us gov. The monopoly issuer of the gov. Mon...Is the us gov. The monopoly issuer of the gov. Money called the US dollar? If true (duh) then why would the creator of the US dollar need to borrow what it and oonly it cans create? So now run around screaming about inflation as Japan runs deficits of 250% of it's entire GDP for 40 yrs. And still have a problem with deflation? Anonymoushttps://www.blogger.com/profile/13049800082753744461noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-91780824402821142252017-10-12T16:26:42.440-04:002017-10-12T16:26:42.440-04:00The Federal Reserve does not have the authority to...The Federal Reserve does not have the authority to "print" money. That is a power given by our Constitution to the members of the House of Representatives. They hold the purse strings. Basic government 101.Dea Hagalazhttps://www.blogger.com/profile/17778105376657251007noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-71079388881188412582017-10-10T10:00:01.037-04:002017-10-10T10:00:01.037-04:00Your specific objections to her article has been r...Your specific objections to her article has been refuted in various papers by all the MMT economists, and also by Alan Greenspan. Check out MMT, you guys, it is the only economic view that allows any sort of progress whether you're Republican or Democrat. The money system is accurately described in her article, there is no opinion about that, just good accounting.Glint Westwoodhttps://www.blogger.com/profile/10516143182903157880noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-43407749693095465302017-10-06T12:53:42.854-04:002017-10-06T12:53:42.854-04:00The MMT thinkers are increasingly serving as part ...<i>The MMT thinkers are increasingly serving as part of a broader progressive effort, as the breadth of the panels at the conference shows.<br /><br />What I found to be the most exciting and important initiative is the way the Modern Money Network, a law-school focused group, has grown. The MMN explicitly intends to counter the law and economics movement, which was a well-orchestrated campaign Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-91996006581530708432017-10-06T12:22:42.609-04:002017-10-06T12:22:42.609-04:00Back in 1979 in “Libertarian Review”, Ralph Raico ...Back in 1979 in “Libertarian Review”, Ralph Raico wrote about Lenin and Trotsky, the idiot central planners:<br /><br /><i>In State and Revolution, written just before he took power, Lenin wrote,<br /><br />“The accounting and control necessary [for the operation of a national economy] have been simplified by capitalism to the utmost, till they have become the extraordinarily simple operations ofBob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-85397544572387787692017-10-06T11:39:50.168-04:002017-10-06T11:39:50.168-04:00Therefore, we should demand that ANY taxation shou...Therefore, we should demand that ANY taxation should stop RIGHT NOW!Charleshttps://www.blogger.com/profile/05417810805625984670noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-51665053473310884682017-10-06T10:48:43.192-04:002017-10-06T10:48:43.192-04:00It's hard to argue with an economist whose voc...It's hard to argue with an economist whose vocabulary doesn't include "productivity". Mike Branchhttps://www.blogger.com/profile/06544555913564233705noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-28020206911909612052017-10-06T09:29:20.117-04:002017-10-06T09:29:20.117-04:00MMTers such as Kelton are proposing that the gover...MMTers such as Kelton are proposing that the government treasury (not an independent central bank) should have authority to create virtually unlimited funny money out of nothing simply by “spending” it into existence. The “deficit” is merely the difference between what the government spends and takes in via taxation and is essentially irrelevant. Alternatively, the “deficit” is a “surplus” to Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.com