Stephanie Kelton appears on UP with Chris Hayes

Adam (ak) Reply:
January 12th, 2013 at 4:21 pm

@ESM,
One of the segments starts here:
http://www.nbcnews.com/id/49263362#50441090
If you want more, go to the left hand-side tab under “Shows” and select “Up with Chris”. A second tab would appear on the left, select one of the segments you want to watch.

I will be more than happy if the “platinum coin” meme does its job – helps dismantling a “Treasury View”/Neo-Classical illusion that the government has to borrow pre-existing money in order to spend and is subjected to financial (not real) constraints. We should go back to Abba Lerner’s ideas and start a debate about real, not imaginary issues.

Monica Smith Reply:
January 12th, 2013 at 4:24 pm

@ESM, It makes no sense to argue that the public corporation, which produces money manifest as electronic bites in a computer, has no money and has to collect some from the populace. The only reason to collect taxes on the federal level is to keep the currency moving. But, that means what comes in has to go out again. Rationing or reducing the amount available to the real economy by giving a “cut” to the financiers to play with does not keep it moving. Evidence is to be found in the fact that the velocity of the dollar has shrunk over the last twenty years. And the data reflect that the quality of life has decreased, as well. Our population is less healthy, less long-lived, less educated and less well fed than it used to be. Part of the deterioration of health is a consequence of industrial contamination in the past — contamination that was also driven by the “fact” that there was never enough money to clean up after themselves. Using a shortage of money as an excuse not to do what people don’t want to do is a long-standing habit. It’s a convenient excuse also favored by spouses who left their pay at the pub instead of paying the tab at the grocer’s.
That adults have an obligation to care for the subsequent and the preceding generation is a real hang up. And the longer people live, the worse it gets. So resentment grows. Using money to let somebody else provide the care at least ameliorates the antagonisms genetic relationships sometimes generate. But, it only works, if there is enough money. People who deprived themselves in order to save for their old age and then see those moneys squandered by con men are naturally distressed. Because they were conned and our lawmakers played a part. But then, the law was used from the start to deprive the majority of most of their rights.
The law as deprivator-in-chief is a marvelous invention. No body whose head can be offed.