Skip to main content

View Diary: Why deficits don't matter - the reality of government finance (116 comments)

Comment Preferences

  •  More and better democrats - Sandy refugees (0+ / 0-)

    There are at least a million people right now that don't want to hear about wonky voodoo math. We don't want them to learn from their hardship that government is the problem.

    There are a whole lot of progressive democrats in the Occupy Sandy Relief effort, who may not call themselves progressive democrats (YET!). When we support them now, they may join us later.

    Red Cross sends a truckload of blankets to Occupy Sandy – NYTimes

    Occupy Sandy Relief started their main hub in the Rockaways with a solar powered generator from Greenpeace.  Before long, the National Guard was relying on OccupySandy to distribute food and water.  The slow motion Red Cross sent a truckload of blankets on Thursday night, 10 full days after the storm. But hey, late is better than not at all.

    Occupy Sandy's direct action, with their motto of "Solidarity, Not Charity" and their ability to organize boots on the ground, is breaking down walls that have been used to divide us. This is community organizing. It is apolitical and non-religious. Greenpeace, NY National Guard, and the Red Cross are now supporting Occupy Sandy along with a long list of local organizations.

    •  Occupy needs MMT. Really, really bad. We all (3+ / 0-)
      Recommended by:
      jellyyork, LilithGardener, psyched


      •  What is MMT? nt (1+ / 0-)
        Recommended by:
        Roger Fox
        •  This diary is MMT -- Modern Monetary Theory.... (3+ / 0-)
          Recommended by:
          jellyyork, LilithGardener, psyched

          an economic school which 1) describes our current monetary and national accounting realities and 2) thinks about the policy implications of those realities.

          The main reality is that we are no longer on the gold standard.  We now have a fiat monetary system.  The US, being sovereign of it's money cannot go broke, and thus has a broad range of policy options -- cuz it can afford to do anything, though doing some things are smart while doing other things are stupid.

          In other words, money is never in short supply for the federal government.

          Occupy needs to learn this lesson very, very well.

          •  I've always thought the idea (0+ / 0-)

            that the US could default on its debt ridiculous.  The US dollar is the world's reserve currency. Do people really think there is a viable alternative for a currency standard? For all the hope in the Euro, it's not going to replace the dollar any time soon.

            They are not a sovereign entity, can't raise taxes for example...

            Thank you for the explanation.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site