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New rule: If you don't know and can't explain how the checks clear in the US banking system, SHUT UP ABOUT DEFICIT REDUCTION
! I about vomited my dinner 3 times tonight. Obama went on for 10 minutes about deficit reduction. Then the Republicans went on to literally propose the destruction of our economy via a balanced budget amendment. The USG is the ISSUER OF THE CURRENCY
. HOW DO POLITICIANS NOT UNDERSTAND WHAT THAT MEANS? The USG spends the dollar and then we can pay our taxes and buy government securities. Government deficit=non government surplus
. Government debt is our equity, and it's that equity that supports the private credit structure. The debt clock is a savings clock
. I don't care what any politician or so-called economist tells you, they literally do not understanding basic double-entry book-keeping.
Government does not pick a number and say, that's what we want as our deficit. THE NON GOVERNMENT DECISION TO NET-SAVE IN US DOLLARS DETERMINES THE SIZE OF THE FEDERAL GOVERNMENT'S DEFICIT
. It floats. Let it. All these Republicans talking about "free markets" and how "government is the problem" and it's they in their capacity as elected officials who literally don't want to LET MARKETS WORK!
The party that supposedly champions "free markets" and "capitalism" is the greatest threat to our economy that we have EVER FACED!
Obama and the Democrats should not follow these idiots in their depravity. As John Kennedy said, "a mistake is not a mistake until you refuse to correct it."
If Obama wants to get his SOTU wish list done he needs to bring MMT'ers on staff at the White House, and he needs to let MMT'ers get out there and fight for him. ENOUGH OF THIS MADNESS
. MMT can kick some REPUBLICAN ass! Let us!