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This discussion is so twisted with incorrect and downright offensive to proper reasoning rhetoric. Please look up modern monetary theory. Stephanie Kelton expla

by ianai 8y ago

This discussion is so twisted with incorrect and downright offensive to proper reasoning rhetoric. Please look up modern monetary theory. Stephanie Kelton explained modern governmental finance very well in a pod cast on Tuesday last week with Chris Hayes. Basically, if the government runs a deficit then there is a surplus somewhere in the economy that otherwise wouldn’t be. The recent trillion dollar tax cuts and lack of resulting inflation underscore their point. The US and world economies are enumerated with USD - a fiat currency. The government says “you may pay your debts with our currency” and only they supply it. Which means all money comes from the government and only the government.

pinhead 8y ago
Link to the podcast in reference, very excellent episode: https://www.nbcnews.com/think/opinion/debunking-deficit-hysteria-stephanie-kelton-podcast-transcript-ncna1003301 https://www.nbcnews.com/think/opinion/debunking-deficit-hyst...
- ianai 8y ago
  Thank you for the reference and transcript!
AnimalMuppet 8y ago
You seem to be assuming that MMT is The Correct Theory. That's... well, at a minimum, it's not an assumption that you should expect your readers to automatically recognize as correct as soon as you state it. In fact, it might take more than one podcast to convince people. For that matter, even Paul Krugman (a great friend of government spending freely) thinks MMT is very wrong.
- ianai 8y ago
  I made a claim and supplied a reference for defense of the claim. Their claim is much closer to the true operations of government finance than the prevailing perceptions. They discuss Paul Krugman’s and Larry Summers’ criticisms in the podcast. multiple political cycles have been dominated by demonstrably false claims and those claims have been used to refute proper understanding and progress. It’s important to refute and push back against such dismissive rhetoric.
  - AnimalMuppet 8y ago
    > Their claim is much closer to the true operations of government finance than the prevailing perceptions. Um... yeah, I want to see a bit more than a podcast as evidence of that assertion. > multiple political cycles have been dominated by demonstrably false claims and those claims have been used to refute proper understanding and progress. It’s important to refute and push back against such dismissive rhetoric. It takes a lot more than you have supplied to push back. That's not "dismissive". That's reality. And, "demonstrably false claims"? Absolutely, there have been a bunch, from a bunch of different sides. All the more reason we should want a bit more evidence than a podcast from last week before we believe MMT.

by ianai 8y ago

pinhead 8y ago

Link to the podcast in reference, very excellent episode: https://www.nbcnews.com/think/opinion/debunking-deficit-hysteria-stephanie-kelton-podcast-transcript-ncna1003301 https://www.nbcnews.com/think/opinion/debunking-deficit-hyst...

ianai 8y ago
Thank you for the reference and transcript!

AnimalMuppet 8y ago

You seem to be assuming that MMT is The Correct Theory. That's... well, at a minimum, it's not an assumption that you should expect your readers to automatically recognize as correct as soon as you state it. In fact, it might take more than one podcast to convince people. For that matter, even Paul Krugman (a great friend of government spending freely) thinks MMT is very wrong.

ianai 8y ago
I made a claim and supplied a reference for defense of the claim. Their claim is much closer to the true operations of government finance than the prevailing perceptions. They discuss Paul Krugman’s and Larry Summers’ criticisms in the podcast. multiple political cycles have been dominated by demonstrably false claims and those claims have been used to refute proper understanding and progress. It’s important to refute and push back against such dismissive rhetoric.
- AnimalMuppet 8y ago
  > Their claim is much closer to the true operations of government finance than the prevailing perceptions. Um... yeah, I want to see a bit more than a podcast as evidence of that assertion. > multiple political cycles have been dominated by demonstrably false claims and those claims have been used to refute proper understanding and progress. It’s important to refute and push back against such dismissive rhetoric. It takes a lot more than you have supplied to push back. That's not "dismissive". That's reality. And, "demonstrably false claims"? Absolutely, there have been a bunch, from a bunch of different sides. All the more reason we should want a bit more evidence than a podcast from last week before we believe MMT.