[Cross-posted under a different title at Naked Capitalism -- lambert]
(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post) Read more about Coin Seigniorage: A Legal Alternative and Maybe the President's Duty
Adrian Fenty was the only city council member who voted against the deal for the baseball stadium. He ran as a reform candidate and carried every single precinct. Read more about The politics of race in the District of Columbia
Jonathan Schwarz drags the memory hole like no one else in the blogoverse. He consistently comes up with gems highlighting the absurdity of current day political events. Here's the latest one he's hooked (be sure to note the dateline before reading the article): Read more about Dragging the memory hole.
I don't have enough foul language for this letter to Obama at Bernie Sanders's website:
Everyone understands that over the long-term we have got to reduce the deficit - a deficit that was caused mainly by Wall Street greed, tax breaks for the rich, two wars, and a prescription drug program written by the drug and insurance companies. It is absolutely imperative, however, that as we go forward with deficit reduction we completely reject the Republican approach that demands savage cuts in desperately-needed programs for working families, the elderly, the sick, our children and the poor, while not asking the wealthiest among us to contribute one penny.
I've written a lot about jumbo coin seigniorage as a way of getting around the debt ceiling problem over the past 7 months, and others here, Read more about Coin Seigniorage, the Debt Limit, and the President's Duty
Broke-Ass Grouch describes what she likes about America, by contrast.
Oh, say -- can you see, by the dawn's early light? Broke-Ass can, though when her electricity gets turned off tomorrow, that's about the only light by which Broke-Ass and the crew at the Rancho will be seeing anything. God Bless America!
Today, the MSM noticed that there's an issue of constitutionality related to the debt ceiling. Ryan Grim and Samuel Haass report that some Democratic Senators, including Chris Coons and Patty Murray, have begun to discuss. Read more about The Debt Ceiling Is Not Unconstitutional, Right Now!
In a comment on another post of mine, Kelly Canfield, a blogger and commenter at FDL, asked me for the following.
What I would appreciate is a simple, 3,4 bullet point method as to why I should support, and more importantly, tell others that MMT is superior to the Keynes theories which I have pointed out and illustrated to others before this current situation.
I can easily explain that the private sector is not providing demand, and that the Fed sector should, and people would be better off with demand stimulus.
Explain to me how I EXPLAIN that MMT is superior to that basic premise, if it is?
Not sure I want to do that in three or 4 bullet points. But what I will do is to state what I think are some differences that are very significant for policy activism between a Keynesian approach employed by people like Paul Krugman, Brad DeLong, and Robert Reich and a Modern Monetary Theory (MMT) approach employed by people like Warren Mosler, L. Randall Wray, Bill Mitchell, Jamie Galbraith, Stephanie Kelton, Marshall Auerback, Scott Fullwiler, and Pavlina Tcherneva. So, here are some contrasts between the two approaches on seven important issues. Out of these contrasts, there should be much material for short explanations about why MMT is superior to Keynesian approaches. [Readers? -- lambert] Read more about Keynesian Deficit Doves vs. MMT Deficit Owls
Today, Fred Griesbach, AARP Campaigns sent me one of those unsolicited e-mails telling me all about AARP's wonderful work in defending Social Security and Medicare, and then asking me for a donation, so they could continue working their magic. Here's my reply.
I know about AARP's willingness to compromise on Medicare and Social Security for the sake of deficit reduction, and I'm Mad As Hell About it! Read more about AARP: I Know What You're Doing