Deficit Owls 🦉

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Deficit Owls 🦉

Deficit Owls 🦉

@DeficitOwls

Citizens supporting full employment and price stability. Pushing back on deficit hysterians. Modern Money Theory (MMT). @OwlReserveArmy and @ModernMoneyMeme

All fiat currency governments. شامل ہوئے Ağustos 2016
952 فالونگ5.5K فالوورز
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
In time for the holidays, the Deficit Owls shop has been revamped and we've got new designs. And they're on sale for the next 2 weeks, 15% off! Buy MMT clothes and accessories to encourage conversations about fiscal reality (at no profit to us)! shop.spreadshirt.com/deficit-owls/
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Deficit Owls 🦉 ری ٹویٹ کیا
UMKC Econ Club
UMKC Econ Club@UMKC_Econ_Club·
Earn a Master’s or PhD in Economics at the forefront of finance research and Modern Monetary Theory. UMKC offers a pluralist economics education taught by a diverse and engaged faculty. Study an economics that can face up to society's urgent challenges. cas.umkc.edu/areas-of-study…
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Robin Brooks
Robin Brooks@robin_j_brooks·
At the root of #MMT lies a contradiction. To do #MMT, you need to be a monetary sovereign. But you only become one after decades of fiscal restraint & conservative monetary policy, like the G10 (blue) did. Total opposite of massive debt run-ups & monetization #MMT advocates...
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James Adams
James Adams@WaffleStreet·
@DeficitOwls If memory serves, said faulty semantics led you to believe that the Fed held $20 more trillion of Treasurys on its balance sheet than it actually does. Bad semantics drive misunderstanding.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet Every part of “cyberspace” has a physical correspondence where the data is physically located. Data isn’t just “out there” in the ether. It’s on hard drives, which are in computers, which are generally inside buildings.
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James Adams
James Adams@WaffleStreet·
@DeficitOwls If you believe that "cyberspace" is a "physical location," that's on you. My semantics differ.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet I have never encountered anybody who had this confusion, so it’s actually a complete non-issue. It’s just you playing word police.
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James Adams
James Adams@WaffleStreet·
@DeficitOwls The point is that you, Mosler, et al are fostering a gross misunderstanding about the relationship between Fed and Treasury by semantic slight of hand.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet I don’t really see the point of this debate if we all agree about the substance here but you’re just mad that we refuse to use your personal definition of the word “at.” So, I’m going to bow out then. You have a great day.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet “Since the registry is electronic, they're not physically located anywhere.” That’s not actually how computers work, James. Every piece of data is physically located somewhere. Nobody is saying they’re on the Fed’s balance sheet. You’re just insisting on hearing it anyway.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
Government spending happens FIRST and it only happens with money. Later, as that money filters into people’s savings, the government sells bonds in order to change those savings into forms that savers prefer, i.e. bonds instead of money.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
So can you see why the Trillion Dollar Platinum Coin proposal would not be inflationary even though it’s “printing money?” Levels of government spending and taxing would be the same in either case. We’re only talking about what form savers hold their savings in. #MintTheCoin
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
If prices were going to rise, it would have happened earlier in the story: either when the government bought goods and services, potentially bidding resources away from other uses by offering a higher price; or when private actors spent that money, before it ended up in savings.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet the Fed then he would have said “they are a liability of the Fed” but of course that’s not true so he didn’t say that.
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet At the level of institutional realism, it is simply 100% true that they are “an account at the Fed.” You do not dispute that they are “an account,” and you do not dispute that they are physically located “at the Fed.” End of story. If he had wanted to say they are a liability of
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Deficit Owls 🦉
Deficit Owls 🦉@DeficitOwls·
@WaffleStreet You just completely conceded Mosler’s point. He never said that Treasury securities were a liability of the Fed. It’s about institutional realism here.
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James Adams
James Adams@WaffleStreet·
@DeficitOwls Unless, of course, you own said currency and you find the unapologetic creation thereof and attendant dilution of its purchasing power somewhat nettlesome.
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