Who gets upset about deficits and debt? Thieves, if they have any conscience at all. That’s because the alternative to debt, to owing something for what you took, conflicts with their desire to get something for nothing. Also, I suspect that for some people who have no skills or talents anyone else can use — i.e. nothing to trade or exchange — theft is the default mode of sustenance. Of course, if they’re not good at that and get caught, they eventually end up in jail where they are sustained for free.
It would probably be more efficient to just take care of incompetents to begin with.
Then too, the threat of deprivation is a source of some vicarious pleasure for a cadre of mean-spirited people who sublimate their predatory impulses. Why humans prey on their own kind has been a puzzlement ever since Cain dispatched Abel. Having them do it vicariously is probably less socially disruptive.
Pretty good. CFAs could use a good MMT primer too.
13 – “The government neither has, nor doesn’t have dollars in an account somewhere” Huh?
15 – “private sector cannot create net ﬁnancial assets” Mosler business cards, Buckaroos, etc. disprove this claim, don’t they? Unless they mean to imply sovereign-currency denominated NFAs.
18 – “Sacriﬁced control of interest rates” And/or forex reserves, and/or exchange rates. And in a crisis, all three.
22 – “Everything changed! Except the textbooks” Nice!
34 – “All sectors cannot spend more than they take in” If credit is expanding, can’t they? Just can’t do it indefinitely?
36 – On a side note, re “Minsky’s Financial Instability Hypothesis,” isn’t that moniker sort of like calling mechanical physics “hypothetical?” Financial leverage seems about as obvious as a simple lever or pulley.
46 – “Deﬁcits do matter” Amen! Too many people associate MMT with Cheney’s reported claim (from Paul O’Neill’s memoirs?) that they don’t.