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113 - Postgame ft. Nando Vila (Patreon)

Published:
2019-11-06 02:18:48
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2026-06
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Postgame - 113 - ft. Nando Vila

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Bijou Smith

OK debunk as usual. But damn, Ben could smoke these neoliberal wonks if he understood MMT from a Marxist leftist spiritual and moral perspective (all the good things). Thing is, when you have the full power of the public purse, there are only three basic limits to government spending, non of them monetary. These are: (1) resource constraints --- you cannot pay for what is not available (and ought not to buy what is harmful or non-sustainable), (2) inflation --- you cannot cause instability in prices if you are interested in stability, (3) zero unemployment --- you cannot create new jobs with spending if everyone is already employed. In short: sicne Medicare for All adn Debt cancellation are niether resource deplatin,s not inflationary, nor reducing unemployment, the Federal governemtn can totally afford to issue sovereign money to get these programs done. No taxes required. Federal government is It's own source of money, money is issued whenever Congress approves spending. The idea you need to wait for tax "revenue" is obsolete, a hold-over form limited money supply gold standard thinking. And frankly, that sort of thinking that money is scarce for the currency issuer is immoral and leads to private debt and deaths. That's the real moral hazard, it is not form spending too much, it is form spending too little. Government debt is dollar for dollar private savings. Warren thinks the opposite, she still thinks in gold standard terms, and that's ignorance and immorality rolled into one, she thinks she need s taxes to pay for things, and she is just plain wrong.

Bijou Smith

@16:20 we catch Ben in an outright falsehood. He says "Wealth tax is fine for revenue..." That's just dead wrong. Taxes are not revenue for the currency issuer. Fed gov/Congress are the sole US $ issuer. They do not need revenue. Government is not funded by anything other than congressional approvals to spend. The IRS could burn all tax money (if it was still collected in paper notes) and nothing bad would happen. It is not worth any gold or anything material. The value of the US dollar is precisely determined by the tax liability. Moreover, Government "borrowing" from banks is also unnecessary, it is borrowing back dollars it created in the first place. Bonds and Treasury securities could be scrapped, all they amount to is a very ineffective monetarist policy (interest rate control), without them we'd get ZIRP, and again, nothing bad would happen, in fact a lot of good would happen, we'd be giving less welfare to the already rich (that's what interest on bonds are, welfare for the rich).

Bijou Smith

Love Nando, love Maradona, thanks Brooksy. Awesome postgame.

RubbishBinMan
>>28720120

so true dude i was just at the store and i tried to pay but the guy said "sorry this money was taxes once"