Thursday, September 16, 2021

MMT: The big myth of government deficits

  Stephanie Kelton

NYT Bestseller POLITICO 50 (2016); Bloomberg 50 (2019); World's Top 50 (2020) Prospect Magazine; Barron's 100 Women in Finance (2021)

The big myth of government deficits

Killer whale attacks continue on ships in the waters of Cadiz EuroWeekly (Ignacio). Ignacio writes:

I think it was in september or october 2020 [2020-09-16 –lambert] that NC reported attacks by killer whales to ships in the coasts of Spain and Portugal. This year the attacks have been more frequent and geographically expanded from Gibraltar to Galicia. According to a friend of mine I was dining with yesterday 170 attacks have been reported so far this year. Killer whale pods develop cultural behaviours and it seems these can spread fast within populations in a large area.

They frequently attack and destroy the rudders. My friend told me that two large killer whales or orcas would usually sweem at each side of the ship while other smaller individuals attacked the rudder. An English sailor told my friend that they stop doing this if he shifted to reverse gear. Near Gibraltar it is not recommended sailing with sailboats that are less than 15m in length.

 When will all those who think the economy is going well smell the coffee?

The Guardian business newsletter is not good news for all those who think that the economy is going just fine ..

Tax and modern monetary theory

I noted yesterday the criticisms that can entirely appropriately be made of those who suggest modern monetary theory (MMT) is dangerous, and even wrong because
Read the full article…

The Crime of the Crime Narrative

  • Contrary to the media narrative, overall crime decreased in 2020 compared to 2019.
  • A spike in homicides in 2020 is unique to homicides and is an outlier when compared to all other crimes.
  • There appears to be no difference in crime trends between Republican-led and Democrat-led states.
  • There appears to be no difference in crime trends between states that enacted police reforms and those that did not…”

Climate change risks triggering catastrophic tsunamis, scientist warns FT

Outrage: the hidden cost of solar panels The Architectural Review

World Economy Like a Patient on Experimental Drugs, Says Tooze Bloomberg

The Fed Is Deep in Uncharted Waters. Danger Ahead. Barrons. “The Greenspan put should get the shove.” Or the waters are all-too-well charted

Afflicted Powers: The State, the Spectacle and September 11 New Left Review. From 2004, still well worth a read. It’s NLR, so fire up your espresso machine.

11 September London Review of Books. October 4, 2001. Eleven writers, many letters. Frederic Jameson:

Historical events, however, are not punctual, but extend in a before and after of time which only gradually reveal themselves. It has, to be sure, been pointed out that the Americans created bin Laden during the Cold War (and in particular during the Soviet war in Afghanistan), and that this is therefore a textbook example of dialectical reversal. But the seeds of the event are buried deeper than that. They are to be found in the wholesale massacres of the Left systematically encouraged and directed by the Americans in an even earlier period. The physical extermination of the Iraqi and the Indonesian Communist Parties, although now historically repressed and forgotten, were crimes as abominable as any contemporary genocide. It is, however, only now that the results are working their way out into actuality, for the resultant absence of any Left alternative means that popular revolt and resistance in the Third World have nowhere to go but into religious and ‘fundamentalist’ forms.

Interesting thesis. Fast-forward to a present day restatement: