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Stephanie Kelton interviewed
An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Wednesday, June 9, 2021
'Every deficit is good for someone' — Stephanie Kelton interviewed
The question is, cui bono? Under the present system, the financial benefit flows to the top, although other derive some economic benefit as a result of the flow. Fiscal injection (government spending) eventually flows either to saving or taxation. When tax policy is progressive, the flow is largely to taxation. Otherwise, the stock of savings increases. This increase in the stock of savings increases distributional asymmetry aka "inequality." That is to say, in the later case there is a systemic bias owing to institutionalized asymmetry.
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But if the current people at the bottom got it then they would be on the top then you would complain about them even though they would be the same people you were just not complaining about…. ????
ReplyDeleteChina bono that’s for sure…
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ReplyDeleteMike Norman (from his last podcast): It's double entry bookkeeping. They know it at Treasury and the Fed, and that goes for Yellen, too, but they don't apply it.
ReplyDelete