Lower Costs for Working People

@DennisFran74713 @BonkDaCarnivore The mayor of Southlake’s voters stayed home and were not going to save the seat for the crazy W last name lady, she’s a b—— and they went scorched earth against him. Southlake is one of most affluent areas in America. They are done with the clowns.

@CarlitosMMT @BonkDaCarnivore It is really interesting that they both basically had the same # of votes (within about 2500) in both the general and runoff. 19k voters, presumably R, just disappeared in the runoff

The amount of rationalization I've read from people about the reddest district in Texas suddenly electing a Democrat for the first time in over 3 decades is off the charts. And most of it is "there was an ice storm!" Bro, if that was the case, all you're saying is that Texas Republicans are such soft baby back bitches that all it takes is a little ice to not vote. You're not making it sound better. Or, and hear me out: Maybe, just maybe, losing the Hispanic vote with your jackbooted ICE BS cheerleading is a bigger deal than you thought, your MAGA BS isn't as popular as you think it is and all of the conservatives you've been calling RINOs have finally had enough of your shit.

@LoganMohtashami He’s got all the federal financing agencies and their credit controls. Could make it impossible to get a non-private mortgage (w/ private being few and far between). This would break the credit expansion and put us in an overtaxation budget position breaking the economy.

A sitting president doesn't have the power to bring down nominal home prices in any meaningful way nationally; the last 3 years were a good lesson for those calling for big nominal home price crashes or mad at what Trump says off-key at events

@tarpara @TheStalwart @TheStalwart you should have Warren back on for this and to ask him about his upcoming campaign for Territory Gov in USVI and his plan for a citizen dividend using withholding tax on FEMA payments and debt refinancing using his Mosler bonds.

@TheStalwart Sounds like a good time to invite Warren Mosler back to remind people, yet again, how monetary operations actually work

"Shrinking the balance sheet has had only a modest impact on financial conditions because quantitative easing has proven to be not very powerful in providing stimulus to the economy."

@Yolo_Baggins9 @ArmandDoma I’m sorry your parents hurt you but there are other things you can do with your life than run your mouth on the internet.

@CarlitosMMT @ArmandDoma I love when kids like yourself take one college course and then think you know anything about how the world works Gotcha, we should make our steel industry uncompetive. Im sure no country will use that as leverage against us Just briandead, childish understanding of economics

not a single Trump tariff defender has reckoned with the fact that manufacturing employment and investment keeps going DOWN after tariffs were implemented. now all they talk about is how economy didn’t collapse (because Trump backed off the biggest tariffs) as if that’s a win

@Yolo_Baggins9 @ArmandDoma Steel tariffs hurt the auto industry, which you don’t need tariffs to defend. Which one of your parents dropped you on your head as a baby?

@CarlitosMMT @ArmandDoma Lol... Yes, simply raising prices on foreign goods to protect national security industries such as steel and autos is so cumbersome You kids are so embarrassing, why do you midwits act like you know anything? Let's get you back to anime now

@Yolo_Baggins9 @ArmandDoma They have enormous transaction costs and there are more direct, effective ways to achieve worthy industrial policy and nat sec goals. Tariffs are lazy and indirect mental midget foolishness.

@CarlitosMMT @ArmandDoma Found the retard lol Never? Lol

@ericwallerstein @moorehn Miran is an intellectual lightweight and total fraud who has got every major question wrong since at least 2023, has learned nothing of his mistakes, and has contributed nothing. We are all dumber for his input. He also works for a Pedophile.

The biggest Fed news of the day: Today is my last day at the Board of Governors! Grateful to Dr. Miran for having me as his advisor, both while he was CEA Chairman and as a Fed Governor. I’ll share more about my next steps soon.

@HalSinger He’s a fucking sock puppet and has the rate thing backwards like all the rest.

Given Warsh's M&A background, I suspect that he, like Powell, could never recognize seller-driven inflation. Also note how Warsh tried (and failed, thankfully) to combine Goldman and Citigroup during the 2008 crisis--as if we don't have enough consolidation in the banking industry. These kind of appointments feed the anti-oligarch sentiment and cement the view that the Fed is acting at the behest of Wall Street.

@greg_ip That doesn’t begin to make sense. The concept of financing is inapplicable. Buy securities doesn’t make the dollar strong. foreign CBs selling their own currency to buy dollars to effect exchange rates does.

Trump's dollar policy could be summed up as: "Sell cars, not bonds." A trade deficit is financed by selling IOUs such as bonds. Past presidents prioritized confidence in bonds and the U.S. financial system and therefore a strong dollar. Trump prioritizes reducing the trade deficit and rejuvenating manufacturing and therefore a weak dollar. wsj.com/finance/curren…

@scottlincicome This effects beer prices too

Bc of tariffs, US manufacturers in advanced industries (aerospace, automotive, energy, etc) now pay MUCH more than their global competitors so that a few well-connected cronies can make windfall profits & a few US politicians can cut a ribbon at a factory we don't actually need

@LoewyLawFirm The first people making characterizations were the administration.

I used to handle police shooting cases, so yes I understand the excessive force analysis is focused on the events leading up to and the shooting itself. This case to me looks like a bad shoot, much much worse than Good. But this guy’s prior actions as shown below completely negates the media portrayal of him as some sweet and kind nurse. Do most people spit and kick at law enforcement? It’s unhinged behavior. He was clearly looking for confrontation. The media yet again does an abysmal job of immediately deifying people in these situations.

@mikejz @HalSinger We imported a bunch of eggs, bird flu eased, and there were regulatory threats raised against oligopolist egg sellers.

@HalSinger If you're right and he is wrong, why did egg prices do this?

This line from Powell's press conference today reveals a fundamental misunderstanding of pricing and from where price increases come. Powell thinks that any inflation not explained by tariffs must be demand-driven. But an outward shift in the demand curve is not the only pathway by which prices rise. Prices can also rise due to a unilateral (think one dominant seller) or coordinated drawdown in supply. And prices can rise through a coordinated price hike (think a cartel or a common pricing algorithm), which would entail a dampening of the demand elasticity as opposed to an outward shift in demand. Basically, Powell has ruled out any seller-driven inflation, and puts the entire onus for inflation on consumers, which is very convenient for corporations. I would hope that he would surround himself with some (non-corporatist) economists who can conceive that sellers can also contribute to inflation. uk.finance.yahoo.com/news/powell-sa…

@ChrisShaver64 @pseudostokastic @MMTmacrotrader It’s a central bank meme stock. They believe tit gives them credibility w/ the public(s).

@pseudostokastic @MMTmacrotrader It’s not a barbarous relic?

The dollar is collapsing because the rest of the world no longer cares to suppress their currencies against it to encourage exporting to the US. Decoupling is the real debasement trade. This might be fine if the US was investing in real productive output, but were not.

@MondoVicium @BobMurphyEcon I mean “money” is in eye of beholder and it could be anything. You can narrow it with debatable definitions or requirements but like none of what MOST economist use to define really explain why state cuttency is what we use for exchange.

@BobMurphyEcon Fiat by algorithm. Still not sure about it being money. Maybe there are places where I can use it to pay for a dinner out, but they don't seem to be plentiful enough for me to encounter them.

This might help: The USD is fiat money because the government declares by fiat *what counts as a dollar*. It's not that the government declares by fiat *that Americans use dollars as money*. Once you see that distinction, you can understand why I claim that in Mises' framework, Bitcoin is a fiat money, not a commodity money. (And it's clearly not a credit money, the only other option.)

@BobMurphyEcon Bitcoin would be like voluntary digital fiat created by private parties and all that stuff about value derived from confidence/circular reasoning/the “bigger fool” would be valid. The U.S. dollar is a coercive tax driven instrument of state power by which govt commands output.

@CptAncapistan @BobMurphyEcon Legal tender means if you sue me and win damages and I owe, the liability for damages is priced and payable in US dollars (unless we work out arrangement). You the victim can’t be like well I want Euro or Crypto. Court can’t order me to satisfy my liability that way.

@BobMurphyEcon I might be doing the “what if you didn’t eat breakfast?” thing here, but is that not what a legal tender law is? That we have to use dollars as money? Or is this going back to when the dollar was a weight in gold/silver?

@ericadyork It’s all about what the foreign CBs do ie support or not support their exporters. And there’s no guarantee that removing Trump tariffs results in that support coming back. Trump may have murdered the goose that lays the golden egg and permanently reduced our real terms of trade.

"If agents expect tariffs not to persist, the appreciationary effect of tariff levels can be dampened. Conversely, if tariff volatility is persistent rather than transitory, its depreciationary effect can be amplified."