"The struggle to get on the right side of publicly subsidized compounding interest rates, is a rat race that is both unnecessary and incredibly damaging."
ratedisparity.substack.com/p/noah-smith...

"Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits."

-Hyman Minsky

My book, The Deficit Myth, turns 5 today. t.co/Ia4xR9cezr

The Job Guarantee measures the bid for currency at minimum wage, and thus cannot accelerate the price level upward.

"The struggle to get on the right side of publicly subsidized compounding interest rates, is a rat race that is both unnecessary and incredibly damaging."
ratedisparity.substack.com/p/noah-smith...

Carl Sagan when asked, "Are you a Socialist?"

The age old contentions with marxism are important. The idea of a falling rate of profit is intended to motivate a fatalistic view of capitalism: it will fail

I think the best response is that capitalists can and do work hard!

I talk about this here: ratedisparity.substack.com/p/capitalist...

I would describe 2 paths for understanding MMT: one for lay people and one for academics.

The path for lay people is simple and well developed, read the deficit myth, learn the scorekeeper analogy.

For academics: sraffra, keynes, minsky, mehrling, you have to learn PK theory+Linear Programming

Since at least the time of Greek philosophers, many writers have discovered a deep, intuitive connection between walking, thinking, and writing.

Money is Like Rabbits: youtube.com/shorts/Lu1WJ...

This is really unfair to everyone who just voted for him for the racism.

Out here sharing some great quotes, this one from Mises @relearningecon.bsky.social

Jeff Snyder interviews George Gammon on the Eurodollar University Channel. Very excellent stuff:
youtu.be/tCCtGFcTovU?...

Mainstream interest rate theory is driven by the idea that real rates of return are accelerating: if people don't get enough of a yield on bonds and other dollar accounts, they will hold less $

What you won't hear, is that when you discount the currency, that implies a higher wage ask.

Why talk about MMT at all? The price level is a function of prices paid by government when it spends or collateral demanded when it lends.

The Job Guarantee, measures unemployment AT minimum wage. Bids matter people: JG is both a support/resistance level for wages @bengolub.bsky.social

Price Discipline Vs Monetary Scarcity
open.substack.com/pub/ratedisp...