tag:blogger.com,1999:blog-2761684730989137546.post5139979249068084199..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: Romney's possible V.P. running mate, Marco Rubio, is broke and he wants all of us to join him!mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2761684730989137546.post-51287309137001803192012-06-15T21:40:14.357-04:002012-06-15T21:40:14.357-04:00JK,
You can watch the daily "income statemen...JK,<br /><br />You can watch the daily "income statements" here:<br /><br />http://www.fms.treas.gov/dts/index.html<br /><br />They have the TGA TTL accounts there. Total withdrawals and deposits, etc...<br /><br />tspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-5983135060871375702012-06-15T21:00:34.911-04:002012-06-15T21:00:34.911-04:00Ugh!
the third line should say.. "How can a ...Ugh!<br /><br />the third line should say.. "How can a currency issuer…"JKnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-62989927071854290432012-06-15T20:59:32.118-04:002012-06-15T20:59:32.118-04:00Matt,
Of course the U.S.Government can't run ...Matt,<br /><br />Of course the U.S.Government can't run out of money! To claim otherwise would be like to deny infinity in the realm of numbers :) How can't a currency issuer, that creates currency out of thin air, run out? Makes no sense.<br /><br />When I ask about operational realities I want to know the 'mechanisms' of how government fiannce "operates"..<br /><br />Does that make sense? I'm not talking about theory, I'm talking about "what happens" between Congress, the Treasury, the Fed, commercial financial institutions etc. when the U.S. goernment spends and taxes.<br /><br />It's simple to say spending must come first, which makes logical and intuitive sense. But the "operations" are clearly more complicated.<br /><br />Does that help clear up what I'm interested in?<br /><br />btw, thanks for looking out.JKnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77354944137270713012012-06-15T20:26:04.794-04:002012-06-15T20:26:04.794-04:00"Money Creation" would be limited and pe..."Money Creation" would be limited and perhaps easier to explain or lead you to resources that would explain just that aspect....<br /><br />What do you mean by "operational realities" can you be specific?<br /><br />Do you not believe that the govt cannot 'run out of money'?<br /><br />rsp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-13400372737050584132012-06-15T18:41:16.733-04:002012-06-15T18:41:16.733-04:00Matt,
Im interested in a lot of things:)
One of ...Matt,<br /><br />Im interested in a lot of things:)<br /><br />One of them is the "operational realities" of government finance and it relates to macroeconomic polcy options.<br /><br />Why do you ask?JKnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-45055249390169774822012-06-15T16:13:29.886-04:002012-06-15T16:13:29.886-04:00JK,
Are you only interested in the process of '...JK,<br />Are you only interested in the process of 'money creation?<br /><br />rspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-86169939524225990992012-06-15T15:53:31.780-04:002012-06-15T15:53:31.780-04:00Tom,
Thanks. I appreciate the thoughts and links....Tom,<br /><br />Thanks. I appreciate the thoughts and links.JKnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-29862495192934153812012-06-15T15:30:52.209-04:002012-06-15T15:30:52.209-04:00JK, I don't think that there is a better infor...JK, I don't think that there is a better informal source than JKH, although unfortunately, his comments are scattered over many blogs stretching over some time. I wish I had had the foresight to evernote them when reading them, but, alas, I didn't. JP Koning had the foresight to create a a <a href="http://jpkoning.blogspot.com/" rel="nofollow">blog</a>just to record his comments at other places.<br /><br />JKH does his best to break down accounting complexities into simple to understand models, and he has become very good at it. He could write an introductory book on central banking and Treasury procedure for ordinary folks that would be a great contribution.<br /><br />Heretofore, there just hasn't been all that much interest in these arcane topics outside of the specialists who work in the field. Most economists haven't delved into it either. <br /><br />To gain a good grasp of it seems to me to require a good understanding of financial accounting. Then one has to study the cb accounting manuals and familiarize oneself with the various reports that are published periodically. That's a big commitment unless one is working in a field in which there will be pay back.<br /><br />However, some people who do know their way around in this labyrinth are willing to answer intelligent and informed questions, so jump into some reading and ask JKH, Scott, Warren, etc., who are available on the blogs.<br /><br />Here are links to some US manuals. All governments publish them.<br /><br /><a href="http://ebookbrowse.com/modern-money-mechanics-pdf-d110210248" rel="nofollow">MODERN MONEY MECHANICS — A Workbook on Bank Reserves and Deposit Expansion — Federal Reserve Bank of Chicago </a><br /><br /><a href="http://www.federalreserve.gov/monetarypolicy/files/BSTfinaccountingmanual.pdf" rel="nofollow">Financial Accounting Manual for Federal Reserve Banks</a><br /><br /><a href="https://fms.treas.gov/tfm/index.html" rel="nofollow">Treasury Financial Manual (TFM)</a>Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11234470513576890122012-06-15T15:15:13.160-04:002012-06-15T15:15:13.160-04:00Matt,
I did last summer when I first came accross...Matt,<br /><br />I did last summer when I first came accross MMT. I'll go back and read it again.JKnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-2377832946539927812012-06-15T14:52:41.870-04:002012-06-15T14:52:41.870-04:00JK,
did you read "Soft Currency Economics&qu...JK,<br /><br />did you read "Soft Currency Economics" by Warren Mosler at moslereconomics.com yet?<br /><br />rspMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-79292545518154457452012-06-15T14:27:12.938-04:002012-06-15T14:27:12.938-04:00I've been reading MMT blogs for a year now and...I've been reading MMT blogs for a year now and I still find the operational details of money creation confusing. (partly because we call different things: money, money things, Bank money, Reserves, M1, M2, etc etc). There are lots of different terms people use depending on what they are talking about.<br /><br />Can anyone recommened the most thorough and comprehensive writing on this? Also, the more reader friendly the better. <br /><br />Even though it's not MMT, JKH's piece Treasury and the Central Bank: A Contingent Institutional Approach was very good. In one of the comments section here Scott Fullwiler linked one of of his older papers on this topic and it was much more dense and less explanatory than JKH's.<br /><br />What is the MMT equivalent of JKH's essay?JKnoreply@blogger.com