To be clear, our national debt problem is due to revenues insufficient to cover expenditures. More than anything else, for the past 40 plus years, this accumulated deficit is due to Republican opposition to tax increases coupled with their eagerness to cut taxes on the wealthy given the opportunity to do so. Most, if indeed not all, currently serving Republican US Senators and Representatives, and State legislators have signed a pledge to never vote...

"Money for all" concept explained

Earlier this week (April 25, 2023), I saw a Twitter exchange that demonstrated to me two things: (a) some mainstream media commentators are now understanding some of the principles of Modern Monetary Theory (MMT) and relating that knowledge to practical matters that concern them (lens being applied to values); and (b) high profile financial market players still command a platform in the media but have little understanding of what MMT is and consistently issue false statements. A lot of...

 Are Home Sales Bottoming? – by New Deal democrat For the past few months, I have speculated that home sales were bottoming. This morning’s report on March new home sales put an exclamation mark on that idea.New home sales increased 57,000 in March (from a February level downwardly revised by -17,000) to 683,000 annualized (blue in the graph below). The increasing trend in sales from the bottom of 543,000 last July at this point seems crystal...

Llyod Alter formerly of Treehugger was the one I would always read on Treehugger. I would say this goes back a couple of decades. I was writing my stuff in the comments section of Slate’s Moneybox or The Best of the Fray. Somehow Treehugger became associated with Slate and I picked up on them and Lloyd. In a most unceremonious way Lloyd was riffed out of Treehugger after many years. For all of his years at Treehugger Lloyd was let go in a rather...

What is this thing called Bayesianism? A major, and notorious, problem with this approach, at least in the domain of science, concerns how to ascribe objective prior probabilities to hypotheses. What seems to be necessary is that we list all the possible hypotheses in some domain and distribute probabilities among them, perhaps ascribing the same probability to each employing the principal of indifference. But where is such a list to come from? It might...

 When I was a world traveler in my twenties back in the 60s, I was struck by the prevalence of Japanese cars and pickup trucks with US cars owned almost exclusively by the elite and no US pickups visible. The rest is history. China may be in a similar position now.Zero HedgeChina Is Quickly Becoming One Of The Largest Automobile Exporters In The WorldTyler Durden

Thoughts about this channel and trying to grow. Not happening. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.pitbulleconomics.com/mmt-trader/?s2-ssl=yes Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://www.pitbulleconomics.com Understanding the Daily Treasury Statement video course. https://www.pitbulleconomics.com/understanding-daily-treasury-statement-video-course/?s2-ssl=yes

Tit for tat. Not quite, yet.The [Kremlin] spokesman [Dmitry Peskov] added that the move “mirrors the attitude of Western states towards foreign assets belonging to Russian companies.”“The main goal of the step is to create a compensation fund for potential use in tit-for-tat measures in response to the expropriation of Russian assets abroad,” Peskov said. He added that a number of states systematically carry out a rapid transition from temporary administration to actual confiscation..The...

Video and transcript.Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismBalancing Individualism with EgalitarianismMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University