Provincial governments don’t create the currency

So if you want them to pay for big things, then they need to use sub federal public institutions to create parallel community currencies. Which I think is a very good idea anyway

MMTers always say that nobody fully understands inflation

I kinda like that humility

And also think MMT has the most well thought out approach to inflation

The small group with @moneyontheleft.bsky.social is doing great work on community created public money which I think is very important

I agree with you.

Which is why I tend to focus on reclaiming FDR’s Economic Bill of Rights.

And emphasizing that when our government pays for our economic rights (healthcare, education, etc) we don’t have to take out bank loans to do so.

Including by reducing bank lending, targeted price controls, issuing non-negotiable household savings bonds, etc.

ftalphaville.ft.com/2019/03/01/1...

Actually, MMT says evaluate every spending proposal for its potential inflationary impacts & include appropriate tax in the legislation if needed.

But, eg, since single payer healthcare is deflationary, you don’t need to increase tax.

Also, lots of other ways to address inflationary pressures ….

Well, we really should increase taxes on the wealthy because democracy

And we should properly regulate banks to help regulate inflation

Dollar printer goes brrrr…….

No tax payer money involved

2/. In my opinion we’re seeing the attempt at power consolidation among a few corporations

All they have to do is give Trump a gold trinket.

I don’t know enough Japanese history. But I keep meaning to read more because my assumption about how the military just decided to try to take over large sections of China is maybe tied to the power of corporations

But I really don’t know

Trump admin:….

I actually like the concept of “inverted totalitarianism” - assuming corporate power really does control government.

Versus governments writing laws that corporations must obey

Demand for bank credit largely determines the level of government spending

Either governments deficit spend enough to keep the private sector solvent as a matter of course

Or you get a bank crash & then governments have to decide who to bail out by deficit spending

Mostly it ignores the fact that Fascism was presented as an alternative to socialism.

The economics of Fascism are too often ignored

Probably because neoliberalism is just a close cousin

Mussolini defined Fascism as the marriage of state & corporation. And said that it’s better called “corporatism”.

But maybe what we have is actually more like Wolin’s inverted totalitarianism:

en.wikipedia.org/wiki/Inverte...

There’s a reason Pete called single payer healthcare “radical”.

Yes, the text book that taught what he later said is just the “balanced budget myth” that is necessary to keep the masses from asking for nice things from their government.

But he actually understood that government deficits = Private net savings.

Paul Samuelson: The balanced budget myth is “necessary” because it acts as Old Time Religion to keep the Little People in their place:

youtu.be/4_pasHodJ-8?...

Paul Samuelson: The balanced budget myth is “necessary” because it acts as Old Time Religion to keep the Little People in their place:

youtu.be/4_pasHodJ-8?...