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Peter Drubetskoy
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Peter Drubetskoy

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courtesy of everyone's friend, the NSA?
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Peter Drubetskoy

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Some really good old post from heteconomist! Wow:

Note this in particular:

[...]the argument is that saving now does not in itself enable society to consume more in the future. It is investment (whether public or private) that does that. Third, if society invests now, the resulting savings – and claims on future output – impose less of a real burden on future generations, because those claims are accompanied by an enhanced productive capacity that future generations receive as a “gift” from earlier generations. Fourth, the typically unequal distribution of claims on future output (in the form of accumulated savings) produces and reproduces, via inheritance, a rentier class that imposes a burden on the productive members of society, and this raises additional policy considerations.
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Peter Drubetskoy

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Great, great Harvard International Review interview with Bill Mitchel. Explains Modern Monetary Theory in a nutshell. Read it!!!
http://hir.harvard.edu/debt-deficits-and-modern-monetary-theory
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Peter Drubetskoy

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What, no ability to format posts on Google+? You know, like bold, italics, indentation... What the hell?
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Ahh, there is a way. Unintuitive and restrictive (what the hell, Google?) but at least something:
Bold: Any text between two asterisks (*) becomes bold when you post
Italic: To make a piece of text italic, put it between two underscores (_).
Strikethrough: Text between two hyphens (-) gets the strikethrough effect.
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Peter Drubetskoy

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Nice comment:
"If the message is that the only way for the Palestinians to find peace is by declining to stand up for themselves, constantly backing down in the face of aggression, and capitulating to their enemies at every turn, I can't imagine a better messenger to deliver that message than a man who lives it every day, President Barack Obama."

http://community.nytimes.com/comments/www.nytimes.com/2011/09/22/world/obama-united-nations-speech.html?permid=1#comment1
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I am not sure it is meaningless... It might turn out to be, but I don't think it will
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Peter Drubetskoy

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This is important stuff!
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Peter Drubetskoy

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Another great exposition of MMT! I have to admit it's getting better, a little better all the time!
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Warren Mosler again explains the folly of deficit hysteria that's gripping the nation...
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Peter Drubetskoy

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Nice one from Krugman, who gets more and more frustrated:

"How obsessive are these people? So obsessive that when the financial doom they predict fails to materialize, they consider this a bad thing: punishment must be administered, so what are the markets waiting for? Here’s Alan Greenspan a while back:

Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is fostering a sense of complacency that can have dire consequences.

Gosh, it’s regrettable that the markets aren’t confirming my warnings! And today Ronald McKinnon laments, yes, laments the failure of the invisible bond vigilantes to show themselves — they’re supposed to be “disciplining the government”, so why aren’t they here?"

(http://krugman.blogs.nytimes.com/2011/09/30/defeatism/)

Krugman, unfortunately, fights the fight with one hand tied behind the back, as our friend TC likes to say (pragcap.com/krugman-still-doesnt-understand-mmt/comment-page-1#comment-69803):

"I think PK and MMT are very close in one way, and very far apart in another. Paul Krugman is a bond vigilante. He believes the same thing as a bond vigilante - that is, the U.S. can go broke. He might be the worlds kindest bond vigilante that's been a traitor to the cause, but he's still a bond vigilante. As a result, he always needs to hedge his statements with -well, we do have to worry about the long term deficit. MMT says this is wrong. MMT says we cannot go broke. So any concerns about the long term deficit are not just stupid, they are actively counter productive. MMT says that the only things to worry about are unemployment and inflation. We have tools and techniques we know work to combat inflation and unemployment."

For what is MMT:
http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
http://pragcap.com/resources/understanding-modern-monetary-system
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