ok this really is truly last one
the publisher is palgrave. i don’t know their policy on ebooks. check the publisher’s site……
Yes thx to all, esp to bill for hosting and bev for running the thing and to others for comments
come on over to NEP and GLF some time.
i have some hungry kids (I’m in NY at it is past dinner time)
it was fun.
Yes, it is like you put your spouse’s IOUs in the cookie jar and that somehow solves the “problem” that your household is running a deficit.
to be clear, it is not a problem at all that USA govt is running a deficit. but the socsec trust fund changes nothing. what matters is the overall govt balance.
and the deficit is a good thing now! don’t raise payroll taxes!
i think mistrust plays some role. but the bigger reason corps are not spending is because they doubt we are really going to recover. they are right.
I can guarantee you they don’t understand money. I’ve talked with many of them. They buy the whole idea that US govt is running out.
Bev: I don’t recognize that website. my 2 websites are:
great leap forward at economonitor
new economic perspectives at UMKC
just google–you’ll find them!
Sorry, no. States are not sovereign. they need federal govt help.
States can try to issue their own “currency” (local currency units–Ahnold tried it). Problem is you need taxes to drive it, and Gresham’s law can work against you (people pay taxes with your local currency and hoard the fedgovt dollars).
Argentina went thru all this with patacones,.
NYFed now says it was higher multiplier.
Hi those are not books. You can prob get both of those online at http://www.levy.org.
the modern money primer is at amazon on sale. sorry to be a salesman…..
much of it is free as a series of blogs at NEP. Not as good as the real thing, but you can get much of this there.
I know. I was so amazed that they fought tooth and nail against the payroll tax holiday–which had a multiplier of at least 1.5. Now we took that away and will lose above 2% of GDP and a million jobs. The progressives are now happy, i suppose.
Of course, and absolutely. the big 12 banks are massively fraudulent and massively insolvent. They will cause another GFC. The only question is when.
Agree with bill. specifically happened in europe all over the place. a disaster.
need strong consumer protection. Go elizabeth warren!
the problem was bank fraud–over here and over there. consumers had little idea of what they were doing.
but if GM wants to issue euro-denominated debt, i would not make that illegal.
So payroll taxes today take income away from workers. Do we need to do that to leave something for granny?
of course not. we have 25m without jobs. give them jobs. we all can have more, including granny.
No. Trust fund = govt owes itself. In any case sovereign govt can always meet all commitments as they come due, inc socsec.
when should we tax in order to take care of seniors 75 years from now?
Not NOW!!! Maybe in 75 yrs.
why do you tax? so workers cannot consume all their output. to leave something for granny.
Read my piece from earlier this week on leaping over the fiscal cliff at my GLF blog. Yes deficits and debt are sustainable.
And why do we slash education and infrastructure?
because if we spent more it would burden future workers with debt!!!
so they will have to work without being educated and with a crumbled infrastructure in order to support us old geezers.
Boy what a brilliant way to reduce their burden.
I long ago wrote a paper in Journal of Economic Issues on the problem with robots. we won’t need workers so won’t have consumers, so the only profitable activity will be speculation in Martian Ocean Front Condo Futures.
Hey, we’re half way there!
Yep, not to mention we are an aging society and the only things that last long enough to take care of elderly in the future are: infrastructure and education of our kids who will be the workers of the future.
so what do we do? slash spending on both.
Only talking about govt. If you as a firm or household issue debt in foreign currency and cannot come up with it to service debt, you default. No big deal, happens every day.
Not saying it is politically easy to push ELR/JG. Been trying for almost 20 yrs. Hyman Minsky tried in 1960s as alternative to War On Poverty–which he argued would fail. It did.
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