I CALLED IT! #915702
"Hold onto your hats and clutch your pearls, because Musk and his team have just exposed a huge scandal.""Hold onto your hats and clutch your pearls, because Musk and his team have just exposed a huge scandal."
(sarcasm)
Also, I don't have access (will not subscribe to ms. Kelton), and don't know a way around Substack paywall.
Actually, Not so sure I want to read what she says. I read the book; I engage with the MMTers back in the day. (here, or here or here). I find them very uninteresting
I don't understand the scandal. Doesn't everyone know that dollars are printed up out of thin air?
Maybe these computers are a previously unrevealed source of money printing, but why is that so important?
the government is supposed to borrow by issuing treasury bills/notes. but maybe that's what was happening behind the scene, and doge monkeys just did not see the whole story.
Ok, but either way it’s money creation out of thin air.
Not quite. It puts the burden to repay on the next administration. )))
Yes, but the Fed created the money to buy the bills/notes/bonds. They're obviously different monetary policies, but it's not like printing money out of thin air is novel.
There's a decent chance you're right about the DOGE folks just not understanding what they found. The Treasury does still produce actual specie. Perhaps what they found is related to that process.
I mean, no — by far not enough.
It sounds like they've misunderstood a few of their bombshells by multiple orders of magnitude.
We'll see. There is something like $3T of spending that's unaccounted for.
From Understanding Money Mechanics:
yes, new money is new debt. so it is accounted for. creating out of thin air, like what doge presumably has found, would leave no trace.
It's a scandal because if there is no scandal then there is nothing to distract you with.
MMTers are so weird. They are like a kid discovering something for the first time and telling everyone about it, despite everyone else already knowing about it.
YES WE KNOW THE GOVT DOESN'T TECHNICALLY NEED TO BRING IN MONEY TO SPEND MONEY... THAT'S NOT THE REASON WE OBJECT TO IT
Truly
MMTers are the televanglists of the econ world. God bless them.