Our federal government doesn’t need revenue. So why the chatter...
DEBUNKING - Quick Reference Links
Taxation
Real Progressives Resources
This paper, from Oeconomicus, Volume V, Winter 2002, explores the...
Accepting cryptocurrency is more like accepting stocks.
Government spending is nothing like a household. The government’s job...
Critics of MMT often say, “but it’s only ‘chartalism’”—as if...
Beardsley Ruml wrote in 1946 that taxes for revenue are...
Related links
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- Stephanie (Bell) Kelton’s paper Can Taxes and Bonds Finance Government Spending?
- The Dangerous Myth of Taxpayer Money on Splinter News by Raul Carillo & Jesse Myerson
- https://www.ssa.gov/history/Gulick.html – This is proof FDR knew taxes do not fund spending and his decision to protect Social Security “With those taxes in there, no damn politician can ever scrap my social security program. Those taxes aren’t a matter of economics, they’re straight politics.”
Inflation / Hyperinflation
Real Progressives Resources
A first-person narrative of a truck driver with 20 years...
Regardless of what the media tries to tell us, there...
In this article, we dispute the mainstream view that the...
Quite frankly… you are not worth the effort. Come back...
On October 21st, 2022, President Biden made an address regarding...
The inflation hawks have a point: inflation is genuinely destabilizing....
Related links
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- Modern monetary theory and inflation – Part 1 from Bill Mitchell’s blog
- You can’t debase the US dollar – tweet from Joe Weisenthal
- MNC podcast Episode 152 – Understanding Inflation with Fadhel Kaboub
- Rapid Money Supply Growth Does Not Cause Inflation by Richard Vague
Social Security
Real Progressives Resources
Only the name has changed, the policies haven’t.
“The fact we are still under a national public health emergency...
Let’s start telling the truth about Social Security. We are...
These were my proposals back in March. Now, with 20-20...
People will not fight for what they do not believe...
Sixty-one million people receive social security benefits, forty-four million people...
Related links
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- QUESTION: If we maintain the myth that FICA taxes pay for Medicare and Social Security, then we can claim that we “paid into” the mythical “trust fund,” right? Doesn’t that make it harder for politicians to cut both programs?
ANSWER: No, the myths make it easier. The Big Lie lets politicians falsely claim that Medicare and Social Security must be cut (or privatized) because more people are “drawing from” the programs than are “paying into” the programs. In this way politicians can divide and conquer (on behalf of Wall Street) by setting young people against their “thieving” parents.
Save us from our friends: “Social Security Works.org” edition by Rodger Malcolm Mitchell, Mythfighter
- QUESTION: If we maintain the myth that FICA taxes pay for Medicare and Social Security, then we can claim that we “paid into” the mythical “trust fund,” right? Doesn’t that make it harder for politicians to cut both programs?
Petrodollars / World Reserve Currency
Real Progressives Resources
From the definition of a dollar as a unit of...
“As far as what specifically would happen if the world...
If government spending is just “printing money” then taxing is...
Your kids are not strapped with debt. Just the debt...
Related links
- Wray on the dollar as world’s reserve currency. https://www.youtube.com/watch?v=yioWPf-vud8&t=58s
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Mosler debunking the Petrodollar on RT. https://www.youtube.com/watch?v=ICSdZbEMZd0&t=14s
Universal Basic Income / UBI / Job Guarantee
Real Progressives Resources
A Federal Job Guarantee is real progress. A UBI advances...
Raul Carrillo argues for permanent, non-discretionary funding of income, healthcare,...
Most think of the UBI from a national perspective but...
UBI is both an important topic in its own right...
Instead, we should look to stabilize our national economy with...
“Give a man a fish, and he will eat for...
Related links
- Pavlina Tcherneva’s FAQ Page
- FJG vs UBI by Iain Dooley
- MNC podcast with Dr. Tcherneva on Nationalizing Payroll and a Federal Job Guarantee
Socialism / Communism
Real Progressives Resources
If capitalism were so successful at eliminating poverty, the United...
These attacks do not exist in a vacuum. They are...
Politicians and media pundits like to use the term democracy,...
The world lost a great one in 1895.
Comrade Rosa Luxemburg’s antiwar masterpiece
Socialism, communism, and fascism are terms that are often misused....
Fiat Currency
Real Progressives Resources
Government spending is nothing like a household. The government’s job...
This may sound like the plot for a Dickensian novel...
Enables a sovereign government to spend whatever fiat currency is...
What I am going to imagine here is an argument...
Modern fiat money, once it becomes a “visible reality” for...
Ayn Rand might be dead wrong, but that hasn’t stopped...
Cryptocurrency, Bitcoin
Real Progressives Resources
In a piece titled “Cryptocurrency: Don’t Blame the Medium for...
Grey briefly discusses the history and nature of various money...
Accepting cryptocurrency is more like accepting stocks.
For Bitcoin – very little. For El Salvador’s Economy –...
A transformation of enormous global significance has just begun, and...
Related links
- Macro N Cheese Podcast Episode 207 – A Crypto, MMT Retrospective with Rohan Grey
- Macro N Cheese Podcast Episode 123 – Defining the World of Crypto and the Digital Commons with Rohan Grey
Federal Reserve
Real Progressives Resources
It is up to academics and informed lay-people alike to...
Jared Bernstein, longtime economic advisor to Joe Biden asked the...
The US financial system is extremely complicated and this series...
Given that the concept of leverage will be used often...
The post studies how the Fed is involved in fiscal...
This post answers some FAQs about monetary policy and central...
Related links
- The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States.
Debt, Deficits & Borrowing
Real Progressives Resources
We need to slash our obscenely large and lethal military,...
Beautifully simple are a sovereign nation’s sectoral balances. They readily...
On October 21st, 2022, President Biden made an address regarding...
The years is 2012, an MMT Economist writes about the...
Discussions of inflation are often laden with an air of...
If you can solve this riddle, you’ll know you can’t...
Related links
- Stephanie Kelton (nee Bell) from 1998 – https://mikenormaneconomics.blogspot.com/2012/05/stephanie-kelton-on-why-us-doesnt.html
- Aren’t we financial slaves to China?! – [YT Video] Per Mosler, they have three options. They can choose to leave the money alone in the reserve (checking) account, move it to a securities (savings) account, or spend it by purchasing goods and services from other nations with USDs.