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BKC Tactical Instructor
6.2K posts
BKC Tactical Instructor
@BkcNick
Founder of Bare knuckle charting (BKC) All it takes is price movement to read a chart properly.
Beigetreten Ekim 2018
12 Folgt53 Follower
@StephanieKelton We should have never invented the shovel & the pickaxe. We would have "full employment" today.
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This is partly why LBJ's War on Poverty wasn't more successful. Training people for jobs that don't exist won't quell social unrest in a worst-case AI scenario. Training and apprenticeships aren't enough. You'll need a program to directly transition the unemployed back into jobs. @RoKhanna has the right idea.
Semafor@semafor
@CaptMarkKelly on jobs and AI, to @CBSNews’s @costareports: “Our job here in government – and I look at it as my job – how do we guide this, put the guardrails in place to get to the right outcome?” “And what that outcome is – is that millions of people do not lose their jobs, and if they do, we provide resources so they can be retrained for existing jobs or jobs of the future.”
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@paul_d_stevens Why do deficits rise when tax revnues falls?
You are clearly not a monetary expert.
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“A sovereign government does not spend your money. It does not wait around for taxes or borrowings to “fund” itself. That’s not how modern monetary systems operate.”
Ashish Barua/आशिष बरूआ #MMT (INDIA) 🍉@barua_ashish
You will never catch Milton Friedman explaining how monetary operations actually work between a central bank and its own government, because once you understand that reality, the entire mainstream narrative collapses. What we’ve been fed for decades is nothing short of economic gaslighting in broad daylight. The idea that the government is “spending taxpayers’ money” is one of the biggest myths ever sold. It sounds intuitive, it sounds responsible, and it is completely false. A sovereign government does not spend your money. It does not wait around for taxes or borrowings to “fund” itself. That’s not how modern monetary systems operate. Government spending comes first; it is created through keystrokes, through the coordinated operations of the treasury and the central bank. Taxes and bonds come later, serving entirely different purposes: managing demand, controlling inflation, maintaining interest rate targets, not financing spending. So let’s be absolutely clear: The government is not a household. It is not constrained like you or me. And it does not spend someone else’s money. Repeating that lie over and over doesn’t make it true; it just keeps people confused while bad policy continues. #LearnMMT
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@Chini_Francesco @litewhisperer You didn't answer my question.
How does Gov spend from nothing to produce something?
0-1=0 not +1
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@Vinodh_Rag @wbmosler Why is r a problem for MMT if sovereign debt is supposedly just safe government liability issuance?
If interest expense is only accounting (aftwe the fact to show where claims settled), why should r ever matter?
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But the r>g is not an MMT problem. r > g is a general property of modern economies with fixed financial claims. Stability depends not on eliminating this wedge, but on the presence of mechanisms that bound its cumulative effect.
That said MMT is actually correct when it comes to a closed economy but there is this wishing away of without rigorous analysis or framework of what the “productive capacity” in a real economy is. Just keep spending till inflation hits. So generally it’s reactive and it does not apply to any non reserve currency countries in the real world
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Thanks to Professor Armstrong for taking on my critics...
;)
gimms.org.uk/2026/04/10/mod…
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@Chini_Francesco @litewhisperer And? How does spending a liability in a currency symbol on a ledger that shows where claims settleted after the fact translate into something real?
0-1=0
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@BkcNick @litewhisperer My evaluation is that you are not aware
of some parts of #MMT, especially where it is explained that the whole economic system needs to be directed torward the improvement of the real terms of trade:
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@Vinodh_Rag @wbmosler Yes. Sovereignty survives legally. Fiscal space dies economically.
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Does the savings desire framing account for what happens to the sovereign’s fiscal space as the accumulated stock compounds at r > g? At some point the servicing requirement on the external liability stock starts to dominate the productive circuit the currency issuer depends on. Isn’t that when monetary sovereignty becomes more constrained than the base case suggests?
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@Chini_Francesco @litewhisperer Mosler and MMT want
Poll tax liability
9mm Gun
Gulag Job Guarantee
That does not create wealth, value, or productive output. Only obedient servants of the state.
This is not a theory of wealth creation & prosperity. That's Soviet economics with a PhD attached.
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@BkcNick @litewhisperer Yeah,
so this (ie the "hut tax") was a non-existent historical event, right?
#MMT
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@litewhisperer @Chini_Francesco No Poll tax. So?
This is not a win for “taxes drive money.” It’s evidence of coercion. A colonial hut and poll tax forced people into the state’s payment system under threat of forfeiture. That can create compliance. It does not create wealth, value, or productive output.
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@roberthorrocks @litewhisperer All debt is debt. Don't bother listening to this guy.
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@litewhisperer It’s about one fifth of total wealth as far as I can make out. The central bank only controls the short rate “at will”. The yield on bonds is subject to other, powerful, influences.
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"Flat-Earthers of the economy.
Public debt is nothing other than the accumulated savings of families and businesses. The interest rate is controlled by central banks at will."
Eduardo Garzón@edugaresp
Terraplanistas de la economía. La deuda pública no es otra cosa que el ahorro acumulado de familias y empresas. El tipo de interés lo controlan los bancos centrales a voluntad.
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If this energy crisis goes on longer we will eventually see a depression.
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This fake knowledge presented by macroeconomics by the IMF has far more dire consequences for the economies than any war, because this fake knowledge rips apart the masses daily, makes lives miserable and makes them struggle for even necessities unnecessarily for no mistake of theirs. This is not even remotely close to macroeconomics in reality!
IMF@IMFNews
With debt high and borrowing costs rising, governments can no longer defer hard fiscal choices. Trust is now essential to reconciling competing priorities, Era Dabla‑Norris and Rodrigo Valdes write in F&D magazine. imf.org/en/publication…
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@JamesRobichaux If you can't unsersrand Gov can't spend a liability
0-1=0
Than you won't understand Taxes fund gov. Only the pvt sector can crete the (+1) Gov taxe/borrows.
There is no magic money tree that produces claims on real output.
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@BkcNick No kidding that government cannot spend what has not first been produced and funded. Why even mention that?
We weren't talking about any "MMT".
You refuse to stick to the actual topic.
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There is no "common pot" that we "pay into" when we pay currency in tax payments to our sovereign governments, and that entire narrative is a conservative-libertarian moral framework that reinforces the idea that the individual precedes the community.
jamesarobichaux.substack.com/p/the-collecti…
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@JamesRobichaux Gov cannot spend what has not first been produced and funded. MMT skips wealth creation, skips funding, and hides the gap with accounting.
0-1=0 not +1
Accounting can't account for what doesn't exist. Entries on ledgers of what?
MMT has no wealth creation mechanism.
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@BkcNick How is it impossible? You haven't explained such.
Why do you mention that government can't spend a liability, as if that is even being debated here?
You think that there is no such thing as a claim on real output?
What creates the thing that governments tax and borrow?
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@JamesRobichaux No it doesn't. Its impossible.
Gov can't spend a liability.
0-1=0
Gov can't create claims on real output from nothing first. That's why it must tax/borrow (+1) before spending.
It's Pre-k Math.
Gov can't destroy a claim on output that's why it runs surplus of +1...
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@BkcNick Governments issue and destroy claims all the time.
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@GeorgeSelgin “Accommodate money demand” is just elegant language for “we think we can fine-tune the money stock without distorting anything.” That confidence is the weak link.
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And those who suppose that my apologizing is necessarily a defense of discretionary central banking must somehow have missed my work explaining how a market-based monetary system can approximate the ideal money stock behavior I defend.
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I’m proud to “apologize” for monetary expansion insofar as it serves to accommodate growth in real money demand (and not necessarily all of that growth, as anyone familiar with my “productivity norm” arguments will know). It beats apologizing for recessions and depressions! 1/2
Tokita Ohma@thetigersvessel
@BobMurphyEcon @GeorgeSelgin But with gold this “cantillon” distortion would be short lived as new entrepreneurs would enter the sector. Making it less of a windfall to gold producers. But this doesn’t happen with fiat money and bank credit expansion (selgin is an apologist for these practices).
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@barua_ashish That chart is not “severely malnourished children.” It’s the age-standardized death rate from protein-energy malnutrition for the whole population. And bond yields matter because fiscal stress and borrowing costs hit poor families first. False choice.
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And the US government dares to focus on bonds yields and so-called national debt rather than severely malnourished children!
Russell@ATLCWorker
Socialism is when there’s no food. 🤡
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@litewhisperer Gov can't destroy a claim on output.
Neoliberalism is based on limited gov, fiscal responsibility, and free markets.
The opposite we have today.
You wrong on all counts. Carry on spreading false information that no one is listening to.
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"The definition of neoliberalism according to Bill Mitchell is believing that taxes fund public spending"
Rafel Carretero@RafelCarretero
La definició de neoliberalisme segons Bill Mitchell és creure que els impostos financen la despesa pública. Per tant, el Sr. Guillem López és neoliberal. @joanponsalzina @RedMMT @Jorge_Econopata
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@StephanieKelton Yeah this rediculous whether you agree with it or not. These people are crazy. The should be screaming impeachment!
But 3 pencils cost $3.
Turning $3 into $30 won’t give you 30 pencils—no matter how many resources exist..
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Five pencils, three dolls, and one vanilla protein matcha.
More Perfect Union@MorePerfectUS
Minnesota GOP Senate candidate: " Look, we've all been told that the word affordability is key... now here we are in a conflict in the Middle East, which is bringing gas prices up again. I know it's frustrating and I know it's hard for people... maybe you take one less trip to Starbucks and so that gas goes a little further until this thing is over and these gas prices come back down again. Let's just try to be Patriots about this."
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