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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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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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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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Peter Drubetskoy

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Eloquent stuff from Roger Waters
Tonight Scarlett Johansson will roll out her support for an Israeli settlement project with a Super Bowl ad for SodaStream (which even the Financial Times says is stilted and off). Meantime, Neil Y...
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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.
Saving as a Burden on Future Generations. It is common to hear claims that public debt imposes a burden on future generations – a claim that is nonsensical in a sovereign nation with a flexible exchan...
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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
Harvard International Review. Home; Magazine; Regions; Topics; Blog; Subscribe. Features; Perspectives; The Pulpit; Interviews; Spotlight. Current Issue; Browse By Section; Archive. Africa; Middle Eas...
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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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thanks for the info

-Emma_
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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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When I was told that there is a low cost art school that does not demand any entrance exams and has a flexible pay-as-you-go schedule, where you could choose to study anything with any instructor, I could not believe my luck. When I also discovered that Arts Students League is, to boot, one of the most famous art schools in the country (and even the world!), with a list of alumni and instructors that looks like who-is-who in the art world of the last 100+ years, this sounded too good to be true. And so here I am, 4 years later, a member of the League and cannot recommend this place enough to anybody who wants to study art on their own schedule and to their own budget with the best of the best.
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