Sunday, January 22, 2023

These Are the Times that Try Men's Soul's. And mine too. — Stephanie Kelton

Stephanie Kelton traces the problem to misunderstandings resulting from a poor choice of terms in which to talk about government finance, modeling it conceptually on household and firms finance, even when the former is the monopoly issuer of its currency and all that implies financially and economically, whereas firms and households are users of the currency that must obtain the currency, e.g, to pay taxes, since the government is the sole supplier. Consequently, it's a mess that those in a position to profit from can exploit. She suggests adopting a terminology that fits operational realities based on existing institutional arrangements instead of continuing to use terms that promote a fantasy.

The Lens
These Are the Times that Try Men's Soul's. And mine too.
Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

9 comments:

Matt Franko said...

“ suggests adopting a terminology”

Can’t just be another figure of speech… will never work …

Peter Pan said...

We were so unlucky that confusion regarding economic terminology ended up benefiting the top end of town. Murphy's Law strikes again.

/sarcasm

Matt Franko said...

How is defaulting on US govt securities benefiting the “top end of town” (figure of speech) ?

All the “top end of town” people are saying is that they want the 2 political sects to form a synthesis of their opposing theses…

That’s why we should be praying for a default……

Matt Franko said...

Any qualified/competent Science degree person should be advocating for a default by these Art degree morons..,

Peter Pan said...

Default is one step, a job guarantee is a follow up step.

Which is why it won't happen.

More than one myth to be disposed of.

Matt Franko said...

It’s not a myth..,

Peter Pan said...

Of course its a myth...

And ten years from now you'll still be praying for a default.

Matt Franko said...

You’re using the word “myth” as a figure of speech..,

It’s not a myth..l

Peter Pan said...

Myth as in mythology. Or script as in movie script.