SCOTT PELLEY: Is that tax money that the Fed is spending? BEN BERNANKE: It’s not tax money. the banks have — accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. So it’s … Continue reading The Revolutionary Potential of Modern Money Theory
Reagan proved deficits don’t matter. Dick Cheney Who the hell cares about the budget? We’re going to have a country. Donald Trump In Part 1, we looked at UBI as the new primary purpose of government, the only way out of the immediate predicaments of underemployment, collapsing labor value, and the political explosiveness generated by the resulting economic deprivation. Then in Part 2, we explored … Continue reading Last Chance Moonshot – Part 3: Modern Money Theory
The difficulty lies not so much in developing new ideas as in escaping from old ones. John Maynard Keynes New House Speaker Kevin McCarthy has been engaged in talks with the White House over the past couple weeks, in an effort to prevent the US government from ‘defaulting’ on its debt later this year. As has happened many times over the last few decades, the … Continue reading Does the Debt Ceiling Matter? Yes and No (and probably not the way you’re thinking)
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