So US Gov't needs to get US$ from us in order to spend? RT : We have ability to collect taxes, unlike some countries.
Because they have it, we must tax it? Need economic reason. Inflation? RT : Because sectors have extraordinary cash flow..
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I'd like that. I'm stuck home teaching. My good friend and fellow NEP blogger Marshall Auerbeck is there. You should meet him
"The Wall St. Journal's War on Real Science". New From Bill Black. http://neweconomicperspectives.org
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It is hopelessly flawed. Flat Earth. Gold Standard. Wrong. RT : That is the progressive view. What is your beef with it?
He's been to Levy events, so yes. RT Do you know if he's conversant with Godley/Lavoie's work? You should ask him.
Program begins on p.40 for those in the Houston area. Lots of UMKC grad students presenting. That explains why I've gotten so much done 2day
"It" is financed by paying US$. Not on gold standard. No further obligation. RT disagree on whether it must be financed
Yes, it removes a degree of freedom when currencies don't float. RT : especially in an economy with a pegged exchange rate.
Flassbeck is the best economist in Germany. Norbert was appalling.
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The issuer of the currency doesn't need to "search" for "revenue" RT : In the Search for More Revenue, Start at the Top
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Prof Hans Voth: Social unrest: like lighting cigarette in forest. If its too dry, conflagration sudden, e.g. London summer 2011. #INETBerlin
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Opportunity cost =0 if no 1 else wants the resources. #JG Oppose Buffet rule as ploy to deal with deficit "problem". :
No,Stawman, I did not. RT You say deficits have no cost, not bad, in fact good.Tax preparation waste of productive capacity
Stiglitz is back to balance sheets and importance of understanding role of current account balance and public sector balances. #MMT
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Trick is that big trade deficits require big government deficits to keep private sector in surplus. Unsustainable for currency users. #MMT
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1/2 of my department is in NY for the Minsky conference. Other 1/2 is at AFIT conference in Houston. I'm in KC preparing for class. #lonely
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Tony Lawson about to speak at INET conference. I never took his course, but I did attend his seminars at Cambridge Univ http://ineteconomics.org/conference/berlin/live…
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Pun for my Keynesian followers: just emailed me, "In the long run, we're all read". Is that only amusing b/c #CabernetSauvignon
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"Green Slime Drives our Financial Crises". NEW from
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Paul Davidson and bout to take the stage at the #INET conference in Berlin. LIVE: http://bit.ly/HFosie
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Joe Stiglitz: "If you're going to give advice to countries, it has to be consistent with global international identities". #inetberlin
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