Raw, Insightful, Authentic Econ. Like, followp, subscribe if you want to trade with #MarketReality not fantasy! #FinancialEducation #Investing #RiskManagement
Philadelphia, PA
Joined November 2011
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@realmacroecon🇺🇦🇪🇺 retweeted
When will the leading "scholars" of MMT start acting like real scholars? We've produced the critiques, they're peer reviewed and published. We're waiting for your responses.
If you're not aware of @StephanieKelton's embarrassing failure, it's summarized here (with links) mises.org/mises-wire/stephan…
Listen to #MMT's Natasha Kelton embarrassing herself worldwide.
Gov can't legally, mathimatically, or operationally spend a libaility of NOTHING 1st!
There can be no deficit or surplus of NOTHING! 0-1=0
She completely skipped wealth-creation & Funding to "Spending" NOTHING!🤡
"There will come a day when #trump is gone. But you're dishonor will remain"
👇
vt.tiktok.com/ZSpFnDQLc/
Richard is an account that pretends to be an economist, pushing #MMT fantasy economics that no one recognises as anything more than politcal bullschitt!
Out-of-control Gov borrowing and spending is NOT Neoliberal. It's the opposite!
Is neoliberalism reaching its tipping point? US election results might hint at that, but there is something much bigger going on. youtu.be/PW-rKVmFYqM?si=PNQx…
@realmacroecon🇺🇦🇪🇺 retweeted
The function of Taxes is to fund Gov.
$100 bln taxed from the private sector for gov to spend back to the private sector and creditors. Net $0 from or to the private sector.
Taxes changes who gets to spend the $s Gov or You!
No bank conjurs up money. It is illegal for a bank to self fund.
Only a creditworthy borrower can create a loan that creates a deposit when spent it becomes income/profit/savings to someone that Gov then taxes/borrows from.
#MMT is a political movement masquerading as economics
If creating new money doesn't cause inflation, why is counterfeiting illegal? If new money doesn't affect the economy, why can't anyone just print as much as they want?
Banks conjure money from nothing, and you pay the interest on that conjuring. This is fractional reserve banking: your deposit of $1,000 becomes the legal basis for the bank to lend out $9,000 it doesn't possess, collecting interest on the full sum while you earn 0.4% on your savings account.
This mechanism is elegant fraud, if you're generous. The bank holds reserves, say 10%, and lends the remainder. That lent money gets deposited elsewhere, becoming reserves for another round of lending. One dollar of base money fans outward into a pyramid of credit. Murray Rothbard calculated that a 10% reserve ratio allows a single $1,000 deposit to support $10,000 in total deposits across the system.
This expansion creates purchasing power that competes with your existing dollars. Your savings are diluted as surely as a counterfeiter working in your neighborhood. Prices rise. You feel poorer because you are poorer.
The Federal Reserve, established in 1913, backstops the entire structure. Banks lend recklessly because the Fed stands ready to bail out the system with freshly printed reserves. Privatized profits, socialized losses. The 2008 crisis saw the Fed expand its balance sheet from $900 billion to over $2 trillion within months, and you bore the inflationary consequences.
@realmacroecon🇺🇦🇪🇺 retweeted
Backwards. #MMT puts the cart before the horse.
Gov can't spend wealth that doesn't exist. Private-sector wealth creation comes first.
You contradict yourself: Gov spends first, then blame inflation on the private sector real resources for failing to keep up spending?? 😂
Its all im plain sight and yet no one picks up on it. They run off to argue some stupid schitt instead of nailing them with MMT dies at inception!
Gov can't spend a liability of nothing! 0-1=0!
There is no legal, mathimatical, or operational way for Gov to spend a designation!
The biggest trick #MMT 🎪 pulls is starting with government SPENDING.
Why? To skip wealth creation, taxes, borrowing, and funding the TGA BEFORE spending—exposing the debt taxpayers must service.
Magic money! Something for nothing!
Don't be fooled by the political movement.
The biggest trick #MMT 🎪 pulls is starting with government SPENDING.
Why? To skip wealth creation, taxes, borrowing, and funding the TGA BEFORE spending—exposing the debt taxpayers must service.
Magic money! Something for nothing!
Don't be fooled by the political movement.
@realmacroecon🇺🇦🇪🇺 retweeted
Today, I sent a letter putting New Jersey’s port and terminal operators on notice: importing Russian diesel violates federal law and could carry serious civil and criminal consequences.
New Jersey will not stand by while Donald Trump supports Vladimir Putin at the expense of Americans. Instead of lowering costs, these imports help finance Putin’s war against Ukraine and a campaign of violence and terror that endangers our servicemembers abroad.
As a Navy veteran, I cannot let that stand unchallenged. Our ports must not be complicit.
#MMT 🤡
If borrowing from the private sector "paid it for itself" the US wouldn't be $40 trillion in debt.
Minor oversight on his part for sure. 🤡👌
How government spending can pay for itself: the multiplier effect explained. This one is important because so few politicians seem to understand it, and we are all paying a heavy price for that. youtu.be/iw0JYSRveq8?si=Cp_G…
