Curious That Physical Scientists Can Grasp Fiat Currency Operations ... While Most Economists Can't, Don't or Won't

   (Commentary posted by Roger Erickson: hat tip to Warren Mosler)



Maybe it's the mist?

Federal budget process: What did Leon Panetta mean? 

"Like most Washington public servants, Mr. Panetta holds the old-fashioned view that federal budgets should be balanced and the magnitude of deficits is an important metric for the economy. This view is appropriate for households and businesses that have limited financial resources. However, the federal government issues the nation’s currency and is not constrained by financial resources. It has all the financial resources it needs and is constrained only by the nation’s productive resources. 

Both political parties are dominated by the false view that the federal budget must be balanced. The only difference is that conservatives think the government has a spending problem and liberals think it is a revenue problem. Both are wrong and it is hurting America’s competitive global advantages."

The authors of this article?

Duane Catlet, retired career Ph.D chemist & materials technology manager.
Dan Metzger, retired Ph.D physicist & engineering manager

Brain Drain Hits USA. Negative Selection Begins to Leave Only Political Party Members Behind.

Commentary by Roger Erickson

Where do research scientists go if their country doesn't want to allow enough Aggregate Demand to support cutting edge, basic research?

China, at the moment.

"close to 1 in 5 [US] scientists have considered moving overseas for better funding opportunities"

“People are wasting so much time writing grant applications over and over again and not getting anywhere,”

Heck, since Wall St. has been misapplying so many math and physics majors, why not send health scientists to Congress, to explain reality to dimwit politicians and lobbyists? That presumably couldn't hurt, since the levels of discussion at the highest levels of government are lower than you could possibly imagine.