government finance

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Cartoon: All In the Family

This cartoon contains the essence of the difference between the the neo-classical, kleptocratic phoney economic and Modern monetary economics. The person on the lleft is the neo-classical shill, the person on the right is describing MMT.

Summers's View on Monetary Policy Not So Hidden Jeff Madrick, NND, Jul 31, 2013 Jeff Madrick

Though some have claimed Larry Summers's views on monetary policy are unclear, his time in public service reveals a history of accomodating Wall Street over Main Street.

The reason Larry Summers has become a leading candidate for Federal Reserve chairman is because President Obama is now leaning his way. No, I don’t have direct proof of that, but some journalists claim they have heard this from insiders. And the reason this is credible is that Obama is a centrist on economic issues.

America’s Main street economy versus the Wall Street By Duane Catlett July 29, 2013 Independent Record

There is no connection today between Wall Street (the financial industry) and the Main Street economy (jobs and disposable family income) as evidenced by the fact that the stock markets are at an all-time high but job growth remains stagnant. In this economy, those jobs that are being created tend to be lower paying with fewer benefits than the jobs that are being lost through Congressional budget cuts, and most destructive of all the wealth gap continues to accelerate.

Michael Hudson Shreds Obama’s Orwellian Speech on Middle Class Prosperity From Yves Smith of Naked Capitalism

Michael Hudson was so incensed by what he called a “Blairesque” speech by Obama on Wednesday that he took it upon himself to comment on its all-too-frequent sleights of hand and outright fabrications. However, you’ll also notice that the speech contained so much bullshit (in the Harry Frankfurter sense of indifference to the truth ) that eventually Hudson’s comments thin out a bit.

"A Plan for All the Detroits Out There" By Marshall Auerback, Stephanie Kelton and L. Randall Wray UMKC, N.E.P.

Should the federal government bailout Detroit? That’s the question everyone is debating. We think the discussion should be expanded well beyond this narrow question. Detroit is the canary in the coal mine, but it’s symptomatic of a bigger problem, which is the lack of jobs and decent demand in the economy.

Elizabeth Warren Tackles Wall Street by William Greider, The Nation

Senator Elizabeth Warren has introduced what I would call a seismic proposition, one very likely to disturb the sleep of complacent politicians. Why, she asks, should the Federal Reserve lend money to banks at an interest rate of less than 1 percent when the government intends to charge students 6.8 percent interest on their college loans? The senator posted an amusing billboard on her official website: Want to borrow money from the government? Don’t be a student. Be a bank.

The Rise of Rafael Correa and Ecuador, an interview with William Black, UMKC

This is a great ramble by William Black, he seems to be speaking on an extemporaneous basis. He also generally omits any reference to MMT as a ongoing alternative to the Ricardian colonial/mercantilist perspective. He is well practiced at speaking and his fairly lucid writing.

Labour's forgotten jobs guarantee By Philip Pilkington, The Guardian Friday 7 June 2013

This week we have seen two interventions from Labour that mirror the current government's taste for austerity: Ed Miliband's commitment to copying the coalition's benefits cap; and shadow chancellor Ed Balls's call for "iron discipline" with regard to the fiscal deficit. This seems like a far cry from January, when Balls advocated a jobs guarantee programme to help the long-term unemployed get back to work. Yet with interest rates on government debt still at record lows, a jobs guarantee programme is exactly what Britain needs. And it's hardly an idea without foundation either.

Sword Drops On Food Stamps The Nation Alert!!!!


IF NOT, IT IS MASSIVELY STUPID AND MEAN. SNAP aka in the US "Food Stamps" is not dependent upon taxes, it is a form of fiat currency.

Washington 'Spends' More on Tax Breaks Than on Medicare, Defense, or Social Security::Taxation spending is the $1 trillion nudge

Tax expenditures are funny, They're not taxes, exactly, because they save us money. They're not spending, exactly, because the dollars are never actually spent. They're somewhere in between. So think of it as tax spending.

Or just think of it as the ultimate nudge. The carrot hiding behind the tax code's big stick, tax spending guides us by making certain behaviors and actions cheaper. We encourage employers to provide health care by taxing wages and not taxing health benefits. We encourage investing by making a dollar earned from dividends cheaper than a dollar earned from a salary.

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