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Bernie's reply.

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    Inflation is a constraint. I don’t know how many times I’ve had to say that.

    All MMT recognizes is off the table are solvency concerns.

    The national debt is nothing more than savings accounts in special securities accounts that are functionally at the Fed. When they mature, the Fed debits the securities accounts and credits checking accounts. Every year trillions in securities many, many times more than the national debt outstanding (old securities) are redeemed and new securities auctioned (it’s not really an auction per se). This all goes on without a hitch. Interest rates have never spiked because of the national debt or annual deficit.

    Every example of hyperinflation ever observed came from supply shocks and the over spending came after.

    The question about the progressive things is whether we have the real resources to do them.

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    Carlitos Wrote:

    Inflation is a constraint. I don’t know how many times I’ve had to say that.

    All MMT recognizes is off the table are solvency concerns.

    The national debt is nothing more than savings accounts in special securities accounts that are functionally at the Fed. HWhen they mature, the Fed debits the securities accounts and credits checking accounts. Every year trillions in securities many, many times more than the national debt outstanding (old securities) are redeemed and new securities auctioned (it’s not really an auction per se). This all goes on without a hitch. Interest rates have never spiked because of the national debt or annual deficit.

    Every example of hyperinflation ever observed came from supply shocks and the over spending came after.

    The question about the progressive things is whether we have the real resources to do them.

    My position is a prosperous economy from goods and services will naturally solve all problems. An economy thrives or depresses by design. The actions to create a thriving goods and services economy would feature high taxes to influence money into jobs. Penalty/luxury taxes on lazy money. Revisiting trust laws to outlaw hibernating money. The purpose of money is to spend not deprive life. Money exists to facilitate trading goods and services. The USA maintains currency so the USA should benefit.
  • Are you sure you want to delete this post?
        
    Carlitos Wrote:

    Inflation is a constraint. I don’t know how many times I’ve had to say that.

    All MMT recognizes is off the table are solvency concerns.

    The national debt is nothing more than savings accounts in special securities accounts that are functionally at the Fed. When they mature, the Fed debits the securities accounts and credits checking accounts. Every year trillions in securities many, many times more than the national debt outstanding (old securities) are redeemed and new securities auctioned (it’s not really an auction per se). This all goes on without a hitch. Interest rates have never spiked because of the national debt or annual deficit.

    Every example of hyperinflation ever observed came from supply shocks and the over spending came after.

    The question about the progressive things is whether we have the real resources to do them.

    Yes, it works like the stock market with these "auctions", but because the whole world is involved and plays this game then it does not take much to have the wheels fall of the wagon. Several crashes in the past show that, especially if you get certain "dictators" ( like Trump, Maduro, Chi, Kim etc. who can upset the "cart") Most crashes followed wrong world "leaders" with wrong "money" management and caused WWI and WWII as well other wars. Sometimes you need "war(s)" to get things straighten out, with an clean slate (example Germany) Of course not everything in this world is related to "money" but it plays an big role related to having "power" . Just look at our elections in which "money" plays an huge role.

    It always will be be who has the power over the people; like castle lords over the "poor" ; guess on how the Catholic church got rich; have the poor built the cathedrals and don't give them food and steal the gold to plaster these cathedrals from the Inca's. Nothing has changed during the centuries. Only they steal on an more refined way. Indeed "debts" don't matter in this world if you drop "a couple of bombs "and the place is unlivable afterwards. (how about "debt" in Iraq?)

    Like I said "humans" and "money" does n't matter; one's you die who cares about "debt"?

    Thus Carlitos, your MMT is just an very narrow view of "money management" in the world and its economy's over time.

    The more the "system" is out of "balance", the more chance of "wars" or revolutions. ( exceptional "debts" may be one of the causes)

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    What is a matter of life and death, healthcare. I don't want to see or hear anything about gun legislation until the daily murdering of the sick by drug manufacturers stops.

    "Yes, People Die When They Don't Have Access To Health Care. One study in 2009 found 45,000 people died every year for lack of health insurance.May 8, 2017"

    Where are the wrongful death lawyers???

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    It’s just operations.

    And govt security auctions are nothing like stock IPOs.