“Debt” Ceilings for Dummies
Beautifully simple are a sovereign nation’s sectoral balances. They readily demonstrate that the government’s negative is the public’s positive, and vice versa.
Beautifully simple are a sovereign nation’s sectoral balances. They readily demonstrate that the government’s negative is the public’s positive, and vice versa.
It is up to academics and informed lay-people alike to alter the understanding of banking in the public consciousness.
Admit that taxes don’t “pay for” anything and that all government spending is paid for in one way and one way only—the Federal Reserve credits the appropriate bank accounts.
It is certain that no government anywhere, ever, has committed so much to benefit so few.
This is Part 1 of a six part series in which we deal with critics of MMT. As readers of this blog know, our critics continually raise the same old tired critiques of MMT.
Not “believing in” the insights coming from the MMT lens is denying the institutional reality of how money is created and operationalized.