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Most people think reducing the federal budget deficit is a good thing. Makes sense, right? I mean, if I’m broke & have bills, that’s bad! But there’s a problem: The analogy between my finances and those of a currency-issuing government is false. Wrong. Illogical. So why do so many people keep getting it wrong? Turns out, they’ve been misled—by economists! 1/3

#TheFederalDeficitIsOurMoney #TheDeficitMyth #Deficit #Economics #DoubleEntryAccounting #BothSidesOfTheStory #MMT #PostKeynesianEcon

# orderedItems[].contentMap.en
Most people think reducing the federal budget deficit is a good thing. Makes sense, right? I mean, if I’m broke & have bills, that’s bad! But there’s a problem: The analogy between my finances and those of a currency-issuing government is false. Wrong. Illogical. So why do so many people keep getting it wrong? Turns out, they’ve been misled—by economists! 1/3

#TheFederalDeficitIsOurMoney #TheDeficitMyth #Deficit #Economics #DoubleEntryAccounting #BothSidesOfTheStory #MMT #PostKeynesianEcon

# orderedItems[].content
RE: https://mastodon.social/@FluentInFinan ce/115970297280530554

It gets even wilder when people learn that approx. 90% of money creation is not the fiat dollars that the gov't creates, but rather the ones created by bank lending!
That's right; as Prof. Steve Keen says, "Bank lending creates money."
You don't learn that in your college econ 101class (if it's teaching Neoclassical economics, as most are).
So one of the dumbest things done in my lifetime was bank deregulation.
#economics #moneycreation #bankloanscreatemoney #ProfSteveKeen #BankDeregulation

# orderedItems[].contentMap.en
RE: https://mastodon.social/@FluentInFinan ce/115970297280530554

It gets even wilder when people learn that approx. 90% of money creation is not the fiat dollars that the gov't creates, but rather the ones created by bank lending!
That's right; as Prof. Steve Keen says, "Bank lending creates money."
You don't learn that in your college econ 101class (if it's teaching Neoclassical economics, as most are).
So one of the dumbest things done in my lifetime was bank deregulation.
#economics #moneycreation #bankloanscreatemoney #ProfSteveKeen #BankDeregulation

# orderedItems[].content
If you're not calling out the hollowing-out of the working class over the course of the last four decades, and the neglect of same by politicians entrusted to resist/correct it - or, worse, their complicity in it - you're not doing it right.

#USPolitics #HowDidWeGetHere #WorkingClassBetrayed #Neoliberalism

# orderedItems[].contentMap.en
If you're not calling out the hollowing-out of the working class over the course of the last four decades, and the neglect of same by politicians entrusted to resist/correct it - or, worse, their complicity in it - you're not doing it right.

#USPolitics #HowDidWeGetHere #WorkingClassBetrayed #Neoliberalism

# orderedItems[].content
Prof Steve Keen exposes the drastic harm of climate policies based on spurious economics.

This 17- min yt debunks the execrable climate work of Prof Wm Nordhaus, author of a paper savaging The Limits to Growth (on deceptive premises) shortly after its 1972 publication.

We have all been paying for policies, laws, and practices dismissive of the effects of global heating ever since. It's bad, folks!

#SteveKeen #GlobalHeating #Econ #ClimateScience
#ScienceBasedEconomics

https://youtu.be/QGfaqALkc40

# orderedItems[].contentMap.en
Prof Steve Keen exposes the drastic harm of climate policies based on spurious economics.

This 17- min yt debunks the execrable climate work of Prof Wm Nordhaus, author of a paper savaging The Limits to Growth (on deceptive premises) shortly after its 1972 publication.

We have all been paying for policies, laws, and practices dismissive of the effects of global heating ever since. It's bad, folks!

#SteveKeen #GlobalHeating #Econ #ClimateScience
#ScienceBasedEconomics

https://youtu.be/QGfaqALkc40